Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Mar. 03, 2017 | Jun. 30, 2016 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | MGP INGREDIENTS INC | ||
Document Type | 10-K | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Common Stock, Shares Outstanding | 16,708,742 | ||
Amendment Flag | false | ||
Entity Central Index Key | 835,011 | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Accelerated Filer | ||
Entity Well-known Seasoned Issuer | No | ||
Document Period End Date | Dec. 31, 2016 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
Entity Public Float | $ 487,505,243 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | Oct. 31, 2016 | Aug. 01, 2016 | Mar. 07, 2016 | Mar. 10, 2015 | Feb. 28, 2014 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |||
Income Statement [Abstract] | |||||||||||||||||||
Sales | $ 85,005 | $ 83,711 | $ 82,174 | $ 77,191 | $ 85,072 | $ 83,880 | $ 92,071 | $ 84,864 | $ 328,081 | $ 345,887 | $ 338,352 | ||||||||
Less: excise taxes | 3,860 | 3,820 | 1,782 | 356 | 3,563 | 3,552 | 6,717 | 4,451 | 9,818 | 18,283 | 24,949 | ||||||||
Net sales | 81,145 | 79,891 | 80,392 | 76,835 | 81,509 | 80,328 | 85,354 | 80,413 | 318,263 | 327,604 | 313,403 | ||||||||
Cost of sales | 63,560 | 64,770 | 64,861 | 59,789 | 65,754 | 68,466 | 67,826 | 67,025 | 252,980 | [1] | 269,071 | [1] | 284,972 | [1] | |||||
Gross profit | 17,585 | 15,121 | 15,531 | 17,046 | 15,755 | 11,862 | 17,528 | 13,388 | 65,283 | 58,533 | 28,431 | ||||||||
Selling, general and administrative expenses | 6,987 | 6,981 | 6,404 | 6,321 | 5,681 | 5,497 | 8,025 | 6,480 | 26,693 | 25,683 | 20,101 | ||||||||
Insurance recoveries (Note 16) | 0 | 0 | (8,290) | ||||||||||||||||
Other operating (income) costs, net | 0 | (3,385) | 0 | 0 | (3,385) | 0 | 1 | ||||||||||||
Operating income | 10,598 | 11,525 | 9,127 | 10,725 | 10,074 | 6,365 | 9,503 | 6,908 | 41,975 | 32,850 | 16,619 | ||||||||
Equity method investment earnings (Note 3) | 1,776 | 664 | 1,079 | 517 | 92 | 1,562 | 3,096 | 1,352 | 4,036 | 6,102 | 10,137 | ||||||||
Interest expense, net | (314) | (341) | (328) | (311) | (160) | (114) | (129) | (131) | (1,294) | (534) | (816) | ||||||||
Income before income taxes | 12,060 | 11,848 | 9,878 | 10,931 | 10,006 | 7,813 | 12,470 | 8,129 | 44,717 | 38,418 | 25,940 | ||||||||
Income tax expense (Note 6) | 3,775 | 2,316 | 3,570 | 3,872 | 3,527 | 1,042 | 4,599 | 3,059 | 13,533 | 12,227 | 2,265 | ||||||||
Net income | $ 8,285 | $ 9,532 | $ 6,308 | $ 7,059 | $ 6,479 | $ 6,771 | $ 7,871 | $ 5,070 | 31,184 | 26,191 | 23,675 | ||||||||
Income attributable to participating securities | 954 | 873 | 832 | ||||||||||||||||
Net income attributable to common shareholders and used in earnings per share calculation (Note 6) | $ 30,230 | $ 25,318 | $ 22,843 | ||||||||||||||||
Share information | |||||||||||||||||||
Diluted weighted average common shares | 16,643,811 | 17,123,556 | 17,305,866 | ||||||||||||||||
Basic and diluted earnings per share (in dollars per share) | $ 0.48 | $ 0.55 | $ 0.37 | $ 0.41 | $ 0.38 | $ 0.38 | $ 0.44 | $ 0.28 | $ 1.82 | $ 1.48 | $ 1.32 | ||||||||
Dividends per common share (in dollars per share) | $ 0.02 | $ 0.02 | $ 0.08 | $ 0.06 | $ 0.05 | $ 0.12 | $ 0.06 | $ 0.05 | |||||||||||
[1] | Includes related party purchases of $29,596, and $40,206, $37,007 for the years ended December 31, 2016, 2015, and 2014, respectively. |
Consolidated Statements of Ope3
Consolidated Statements of Operations (Parentheticals) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Statement [Abstract] | |||
Cost of sales, related party transactions | $ 29,596 | $ 40,206 | $ 37,007 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Net income | $ 31,184 | $ 26,191 | $ 23,675 |
Company sponsored benefit plans: | |||
Change in translation adjustment and post-employment benefits of equity method investments, net of tax benefit of $6, $36, and $37, respectively | (7) | 42 | (15) |
Other comprehensive income (loss) | 127 | 232 | (728) |
Comprehensive income | 31,311 | 26,423 | 22,947 |
Change in Pension Plans [Member] | |||
Company sponsored benefit plans: | |||
Change in pension plans and post employment benefits, net of tax expense | 0 | 244 | 133 |
Change in Post-employment Benefits [Member] | |||
Company sponsored benefit plans: | |||
Change in pension plans and post employment benefits, net of tax expense | $ 134 | $ (54) | $ (846) |
Consolidated Statements of Com5
Consolidated Statements of Comprehensive Income (Loss) (Parentheticals) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Change in translation adjustment on non-consolidating foreign subsidiary, tax expense (benefit) | $ (6) | $ (36) | $ (37) |
Change in Pension Plans [Member] | |||
Change in pension plans and post employment expense (benefits), tax | 0 | 160 | (155) |
Change in Post-employment Benefits [Member] | |||
Change in pension plans and post employment expense (benefits), tax | $ 90 | $ (41) | $ (6) |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Current Assets | ||
Cash and cash equivalents | $ 1,569 | $ 747 |
Receivables (less allowance for doubtful accounts: December 31, 2016, and 2015 - $24) | 26,085 | 30,670 |
Inventory | 78,858 | 58,701 |
Prepaid expenses | 1,684 | 1,062 |
Refundable income taxes | 2,705 | 0 |
Total current assets | 110,901 | 91,180 |
Property and equipment, net of accumulated depreciation and amortization | 92,791 | 83,554 |
Equity method investments | 18,934 | 18,563 |
Other assets | 2,710 | 1,013 |
Total assets | 225,336 | 194,310 |
Current Liabilities | ||
Current maturities of long-term debt | 4,359 | 3,345 |
Accounts payable | 20,342 | 20,940 |
Accounts payable to affiliate, net | 3,349 | 2,291 |
Accrued expenses | 8,945 | 10,400 |
Income taxes payable | 0 | 685 |
Total current liabilities | 36,995 | 37,661 |
Long-term debt, less current maturities | 16,218 | 7,579 |
Revolving credit facility | 15,424 | 22,536 |
Deferred credits | 2,978 | 3,402 |
Accrued retirement health and life insurance benefits | 3,604 | 4,136 |
Other non current liabilities | 393 | 79 |
Deferred income taxes | 3,432 | 2,757 |
Total liabilities | 79,044 | 78,150 |
Commitments and Contingencies – See Notes 4 and 7 | ||
Capital stock | ||
Preferred, 5% non-cumulative; $10 par value; authorized 1,000 shares; issued and outstanding 437 shares | 4 | 4 |
Common stock | ||
No par value; authorized 40,000,000 shares; issued 18,115,965 shares at December 31, 2016 and 2015; 16,658,765 and 16,681,576 shares outstanding at December 31, 2016 and 2015, respectively | 6,715 | 6,715 |
Additional paid-in capital | 14,279 | 12,383 |
Retained earnings | 142,652 | 113,531 |
Accumulated other comprehensive loss | (373) | (500) |
Treasury stock, at cost, 1,457,200 and 1,434,389 shares at December 31, 2016 and 2015, respectively | (16,985) | (15,973) |
Total stockholders’ equity | 146,292 | 116,160 |
Total liabilities and stockholders’ equity | $ 225,336 | $ 194,310 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Statement of Financial Position [Abstract] | ||
Receivables allowance for doubtful accounts (in Dollars) | $ 24 | $ 24 |
Preferred stock, percentage non-cumulative | 5.00% | 5.00% |
Preferred stock, par value (in Dollars per share) | $ 10 | $ 10 |
Preferred stock, shares authorized | 1,000 | 1,000 |
Preferred stock, shares issued | 437 | 437 |
Preferred stock, shares outstanding | 437 | 437 |
Common stock, par value (in Dollars per share) | $ 0 | $ 0 |
Common stock, shares authorized | 40,000,000 | 40,000,000 |
Common stock, shares issued | 18,115,965 | 18,115,965 |
Common stock, shares outstanding | 16,658,765 | 16,681,576 |
Treasury stock, shares | 1,457,200 | 1,434,389 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Cash Flows from Operating Activities | |||
Net income | $ 31,184 | $ 26,191 | $ 23,675 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 11,253 | 12,382 | 12,325 |
Gain on property insurance recoveries | (230) | 0 | (8,290) |
Loss (gain) on sale of assets | (872) | 0 | 38 |
Share-based compensation | 2,402 | 1,414 | 930 |
Excess tax benefits | 0 | 453 | 463 |
Equity method investment earnings | (4,036) | (6,102) | (10,137) |
Distribution received from equity method investee | 3,300 | 0 | 4,835 |
Deferred income taxes, including change in valuation allowance | 681 | 1,349 | 1,570 |
Changes in operating assets and liabilities: | |||
Receivables, net | 4,585 | 2,002 | (4,851) |
Inventory, net of assets acquired in acquisition | (20,106) | (24,260) | 476 |
Prepaid expenses | (622) | 117 | (331) |
Refundable income taxes | (3,390) | 1,073 | 78 |
Accounts payable | (3,178) | 3,653 | (5,928) |
Accounts payable to affiliate, net | 1,058 | (1,042) | 2,129 |
Accrued expenses | (1,407) | 2,351 | (373) |
Deferred credits | (424) | (697) | 174 |
Accrued retirement health and life insurance benefits | (477) | (703) | (699) |
Other, net | 0 | 481 | (272) |
Net cash provided by operating activities | 19,721 | 18,662 | 15,812 |
Cash Flows from Investing Activities | |||
Additions to property and equipment | (17,922) | (30,526) | (6,953) |
Proceeds from property insurance recoveries | 230 | 0 | 8,450 |
Proceeds from sale of property and other | 1,209 | 0 | 5 |
Acquisition of George Remus® | (1,551) | 0 | 0 |
Divestiture of DMI | 351 | 0 | 0 |
Net cash provided by (used in) investing activities | (17,683) | (30,526) | 1,502 |
Cash Flows from Financing Activities | |||
Payment of dividends | (2,066) | (1,087) | (907) |
Purchase of treasury stock | (1,518) | (15,408) | (672) |
Loan fees incurred with borrowings | (114) | (348) | (66) |
Principal payments on long-term debt | (2,346) | (1,641) | (1,555) |
Proceeds on long-term debt | 0 | 2,700 | 0 |
Proceeds from credit agreement | 27,184 | 26,092 | 62,146 |
Principal payments on credit agreement | (22,356) | (3,338) | (73,476) |
Net cash provided by (used in) financing activities | (1,216) | 6,970 | (14,530) |
Increase (decrease) in cash | 822 | (4,894) | 2,784 |
Cash, beginning of year | 747 | 5,641 | 2,857 |
Cash, end of year | $ 1,569 | $ 747 | $ 5,641 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders’ Equity - USD ($) $ in Thousands | Total | Capital Stock Preferred | Issued Common | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Treasury Stock | |
Beginning Balance at Dec. 31, 2013 | [1] | $ 81,603 | $ 4 | $ 6,715 | $ 9,755 | $ 65,659 | $ (4) | $ (526) |
Comprehensive income (loss): | ||||||||
Net Income (Loss) | 23,675 | 23,675 | ||||||
Other comprehensive income (loss) | (728) | (728) | ||||||
Dividends and dividend equivalents, net of estimated forfeitures | (907) | (907) | ||||||
Share-based compensation | 713 | 713 | ||||||
Excess tax benefits | 463 | 463 | ||||||
Stock shares awarded, forfeited or vested | 218 | 218 | ||||||
Stock shares repurchased for payment of taxes | (672) | (672) | ||||||
Ending Balance at Dec. 31, 2014 | 104,365 | 4 | 6,715 | 10,931 | 88,427 | (732) | (980) | |
Comprehensive income (loss): | ||||||||
Net Income (Loss) | 26,191 | 26,191 | ||||||
Other comprehensive income (loss) | 232 | 232 | ||||||
Dividends and dividend equivalents, net of estimated forfeitures | (1,087) | (1,087) | ||||||
Share-based compensation | 999 | 999 | ||||||
Excess tax benefits | 453 | 453 | ||||||
Stock shares awarded, forfeited or vested | 415 | 415 | ||||||
Stock shares repurchased for payment of taxes | (15,408) | (15,408) | ||||||
Ending Balance at Dec. 31, 2015 | 116,160 | 4 | 6,715 | 12,383 | 113,531 | (500) | (15,973) | |
Comprehensive income (loss): | ||||||||
Net Income (Loss) | 31,184 | 31,184 | ||||||
Other comprehensive income (loss) | 127 | 127 | ||||||
Dividends and dividend equivalents, net of estimated forfeitures | (2,063) | (2,063) | ||||||
Share-based compensation | 1,896 | 1,896 | ||||||
Excess tax benefits | 0 | 0 | ||||||
Stock shares awarded, forfeited or vested | 506 | 506 | ||||||
Stock shares repurchased for payment of taxes | (1,518) | (1,518) | ||||||
Ending Balance at Dec. 31, 2016 | $ 146,292 | $ 4 | $ 6,715 | $ 14,279 | $ 142,652 | $ (373) | $ (16,985) | |
[1] | See Note 1. Immaterial Error Corrections. |
Nature of Operations and Summar
Nature of Operations and Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Operations and Summary of Significant Accounting Policies | NOTE 1: NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The Company. MGP Ingredients, Inc. ("Registrant" or "Company") is a Kansas corporation headquartered in Atchison, Kansas. It was incorporated in 2011 and is a holding company with no operations of its own. Its principal directly owned operating subsidiaries are MGPI Processing, Inc. ("Processing") and MGPI of Indiana, LLC ("MGPI-I"). Processing was incorporated in Kansas in 1957 and is the successor to a business founded in 1941 by Cloud L. Cray, Sr. Prior to the Reorganization (discussed below), Processing was named MGP Ingredients, Inc. MGPI-I (previously named Firebird Acquisitions, Inc.) acquired substantially all the beverage alcohol distillery assets of Lawrenceburg Distillers Indiana, LLC ("LDI") at its Lawrenceburg and Greendale, Indiana facility on December 27, 2011. On January 3, 2012, MGP Ingredients, Inc. was reorganized into a holding company structure (the "Reorganization"). In connection with the Reorganization and to further the holding company structure, Processing distributed three of its formerly directly owned subsidiaries, MGPI-I, D.M. Ingredients, GmbH ("DMI"), and Midwest Grain Pipeline, Inc., to the Company. Processing’s other subsidiary, Illinois Corn Processing, LLC ("ICP"), remained a directly owned subsidiary of Processing and is now 30 percent owned. During the second quarter of fiscal 2010, through a series of transactions, the Company formed a joint venture by contributing its former Pekin, Illinois facility to a newly formed company, ICP, and then selling a 50 percent interest in ICP. In 2012, the Company sold an additional 20 percent interest in ICP. The Company purchases food grade alcohol products manufactured by ICP. Throughout the Notes to Consolidated Financial Statements, when "the Company" is used in reference to activities prior to the Reorganization, the reference is to the combined business, Processing (formerly MGP Ingredients, Inc.) and its consolidated subsidiaries, and when "the Company" is used in reference to activities occurring after the Reorganization, reference is to the combined business of MGP Ingredients, Inc. (formerly MGPI Holdings, Inc.) and its consolidated subsidiaries, except to the extent the context indicates otherwise. MGP is a leading producer and supplier of premium distilled spirits and specialty wheat proteins and starches. Distilled spirits include premium bourbon and rye whiskeys, and grain neutral spirits, including vodka and gin. The Company’s proteins and starches provide a host of functional, nutritional and sensory benefits for a wide range of food products to serve the packaged goods industry. MGP is also a top producer of high quality industrial alcohol for use in both food and non-food applications. The Company's distillery products are derived from corn and other grains (including rye, barley, wheat, barley malt, and milo), and its ingredient products are derived from wheat flour. The majority of the Company's sales are made directly or through distributors to manufacturers and processors of finished packaged goods or to bakeries. The Company has two reportable segments: distillery products and ingredient solutions. The distillery products segment consists primarily of food grade alcohol, and to a much lesser extent, fuel grade alcohol, distillers feed and corn oil. Distillers feed, fuel grade alcohol, and corn oil are co-products of the Company's distillery operations. The ingredient solutions segment products primarily consist of specialty starches, specialty proteins, commodity starches and commodity vital wheat gluten (or commodity wheat proteins). The Company procures textured wheat proteins through a toll manufacturing arrangement at a facility in the United States. During December 2011, through its wholly owned subsidiary, MGPI-I, the Company acquired the beverage alcohol distillery assets of LDI. The Company sells its products on normal credit terms to customers in a variety of industries located primarily throughout the United States and Japan. The Company operates facilities in Atchison, Kansas, and in Lawrenceburg and Greendale, Indiana. Use of Estimates. The financial reporting policies of the Company conform to accounting principles generally accepted in the United States of America ("GAAP"). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. The application of certain of these policies places significant demands on management’s judgment, with financial reporting results relying on estimation about the effects of matters that are inherently uncertain. For all of these policies, management cautions that future events rarely develop as forecast, and estimates routinely require adjustment and may require material adjustment. Principles of Consolidation. The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. Cash and Cash Equivalents. Short-term liquid investments with an initial maturity of 90 days or less are considered cash equivalents. Cash equivalents are stated at cost, which approximates market value due to the relatively short maturity of these instruments. Receivables. Receivables are stated at the amounts billed to customers. The Company provides an allowance for estimated doubtful accounts. This allowance is based upon a review of outstanding receivables, historical collection information and an evaluation of existing economic conditions impacting the Company’s customers. Accounts receivable are ordinarily due 30 days after the issuance of the invoice. Receivables are considered delinquent after 30 days past the due date. These delinquent receivables are monitored and are charged to the allowance for doubtful accounts based upon an evaluation of individual circumstances of the customer. Account balances are written off after collection efforts have been made and potential recovery is considered remote. Inventory. Inventory includes finished goods, raw materials in the form of agricultural commodities used in the production process and certain maintenance and repair items. Bourbon and whiskeys are normally aged in barrels for several years, following industry practice; all barreled bourbon and whiskey 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, or FIFO, method. Inventory valuations are impacted by constantly changing prices paid for key materials, primarily corn. Derivative Instruments. The Company recognizes all derivatives as either assets or liabilities at their fair values. Accounting for changes in the fair value of a derivative depends on whether the derivative has been designated as a cash flow hedge and the effectiveness of the hedging relationship. Derivatives qualify for treatment as cash flow hedges for accounting purposes when there is a high correlation between the change in fair value of the hedging instrument ("derivative") and the related change in value of the underlying commitment ("hedged item"). For derivatives that qualify as cash flow hedges for accounting purposes, except for ineffectiveness, the change in fair value has no net impact on earnings, to the extent the derivative is considered effective, until the hedged item or transaction affects earnings. For derivatives that are not designated as hedging instruments for accounting purposes, or for the ineffective portion of a hedging instrument, the change in fair value affects current period net earnings. Properties, Depreciation and Amortization. Property and equipment are typically stated at cost. Additions, including those that increase the life or utility of an asset, are capitalized and all properties are depreciated over their estimated remaining useful lives. Depreciation and amortization are computed using the straight line method over the following estimated useful lives: Buildings and improvements 20 – 40 years Transportation equipment 5 – 6 years Machinery and equipment 10 – 12 years Maintenance costs are expensed as incurred. The cost of property and equipment sold, retired or otherwise disposed of, as well as related accumulated depreciation and amortization, is eliminated from the property accounts with related gains and losses reflected in the Consolidated Statements of Income. The Company capitalizes interest costs associated with significant construction projects. Total interest incurred for 2016 , 2015 , and 2014 is noted below: Year Ended December 31, 2016 2015 2014 Interest costs charged to expense $ 1,294 $ 534 $ 816 Plus: Interest cost capitalized 198 297 107 Total $ 1,492 $ 831 $ 923 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 percent voting control, and is not considered the primary beneficiary. Under the equity method of accounting, the Company reflects its investment in non-consolidated subsidiaries within the Company’s Consolidated Balance Sheets as Equity method investments ; the Company’s share of the earnings or losses of the non-consolidated subsidiaries are reflected as Equity method investment earnings (loss) in the Consolidated Statements of 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. Earnings (loss) per Share ("EPS). Basic and diluted EPS is 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 declared and participation rights in undistributed earnings. Per share amounts are computed by dividing net income attributable to common shareholders by the weighted average shares outstanding during each year or period. Deferred Credits. Funding received by the Company in the form of grants and/or reimbursements related to specific assets are allocated to the associated assets and are included as deferred credits in the Consolidated Balance Sheets. As the related assets are depreciated, deferred credits are reduced with a credit to Cost of sales or Selling, general and administrative expenses in the Consolidated Statements of Income. Income Taxes. The Company accounts for income taxes using an asset and liability method which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. A valuation allowance is recognized if it is more likely than not that at least some portion of the deferred tax asset will not be realized. Evaluating the need for, and amount of, a valuation allowance for deferred tax assets often requires significant judgment and extensive analysis of all available evidence on a jurisdiction-by-jurisdiction basis. Such judgments require the Company to interpret existing tax law and other published guidance as applied to its circumstances. As part of this assessment, the Company considers both positive and negative evidence about its profitability and tax situation. A valuation allowance is provided if, based on available evidence, it is more likely than not that all or some portion of a deferred tax asset will not be realized. The Company generally considers the following and other positive and negative evidence to determine the likelihood of realization of the deferred tax assets: • Future realization of deferred tax assets is dependent on projected taxable income of the appropriate character from the Company's continuing operations. • Future reversals of existing temporary differences are heavily weighted sources of objectively verifiable positive evidence. • The long carryback and carryforward periods permitted under the tax law are objectively verified positive evidence. • Tax planning strategies can be, depending on their nature, heavily weighted sources of objectively verifiable positive evidence when the strategies are available and can be reasonably executed. Tax planning strategies are actions that are prudent and feasible, considering current operations and strategic plans, which the Company ordinarily might not take, but would take to prevent a tax benefit from expiring unused. Tax planning strategies, if available, may accelerate the recovery of a deferred tax asset so the tax benefit of the deferred tax asset can be carried back. • Projections of future taxable income exclusive of reversing temporary differences are a source of positive evidence when the projections are combined with a history of recent profits and current financial trends and can be reasonably estimated. Accounting for uncertainty in income tax positions requires management judgment and the use of estimates in determining whether the impact of a tax position is "more likely than not" of being sustained. The Company considers many factors when evaluating and estimating its tax positions, which may require periodic adjustment and which may not accurately anticipate actual outcomes. It is reasonably possible that amounts reserved for potential exposure could change significantly as a result of the conclusion of tax examinations and, accordingly, materially affect the Company’s reported net income after tax. Revenue Recognition. Except as discussed below, revenue from the sale of the Company’s products is recognized as products are delivered to customers according to shipping terms and when title and risk of loss have transferred. Income from various government incentive grant programs is recognized as it is earned. The Company’s Distillery segment routinely produces unaged distillate, and this product is frequently barreled and warehoused at a Company location for an extended period of time in accordance with directions received from the Company’s customers. This product must meet customer acceptance specifications, the risks of ownership and title for these goods must be passed, and requirements for bill and hold revenue recognition must be met prior to the Company recognizing revenue for this product. Separate warehousing agreements are maintained for customers who store their product with the Company and warehouse services revenue is recognized as the services are provided. Sales include customer paid freight costs billed to customers of $13,974 , $14,498 , and $16,209 for 2016 , 2015 , and 2014 , respectively. Excise Taxes. Certain sales of the Company are subject to excise taxes, which the Company collects from customers and remits to governmental authorities. The Company records the collection of excise taxes on distilled products sold to these customers as accrued expenses. No revenue or expense is recognized in the Consolidated Statements of Income related to excise taxes paid by customers directly to governmental authorities. Recognition of Insurance Recoveries. Estimated loss contingencies are recognized as charges to income when they are probable and reasonably estimable. Insurance recoveries are not recognized until all contingencies related to the insurance claim have been resolved and settlement has been reached with the insurer. Insurance recoveries, to the extent of costs and lost profits, are reported as a reduction to Cost of sales on the Consolidated Statements of Income. Insurance recoveries, in excess of costs and losses are included in Insurance recoveries on the Consolidated Statements of Income. Research and Development. During 2016 , 2015 , and 2014 , the Company incurred $916 , and $748 , $1,622 respectively, on research and development activities. These activities were expensed and are included in Selling, general and administrative expenses on the Consolidated Statements of Income. Long-Lived Assets and Loss on Impairment of Assets. Management reviews long-lived assets whenever events or circumstances indicate that usage may be limited and carrying values may not be fully recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of the asset to future undiscounted net cash flows expected to be generated by the asset. If such assets are determined to be impaired, the impairment is measured by the amount by which the asset carrying value exceeds the estimated fair value of the asset. Assets to be disposed are reported at the lower of the carrying amount or fair value less costs to sell. Fair value is determined through various valuation techniques, including discounted cash flow models, quoted market values and third party independent appraisals, as considered necessary. Goodwill and Other Intangible Assets. Goodwill is an asset representing the future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized. Indefinite-lived intangible assets are assets that are not amortized as there is no foreseeable limit to cash flows generated from them. Management reviews goodwill and other intangible assets whenever events or circumstances indicate that usage may be limited and carrying values may not be fully recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of the asset to future undiscounted net cash flows expected to be generated by the asset. If such assets are determined to be impaired, the impairment is measured by the amount by which the asset carrying value exceeds the estimated fair value of the asset. Assets to be disposed are reported at the lower of the carrying amount or fair value less costs to sell. Fair value is determined through various valuation techniques, including discounted cash flow models, quoted market values and third party independent appraisals, as considered necessary. Fair Value of Financial Instruments. The Company determines the fair values of its financial instruments based on a fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The hierarchy is broken down into three levels based upon the observability of inputs. Fair values determined by Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access. Level 2 inputs include quoted prices for similar assets and liabilities in active markets and inputs other than quoted prices that are observable for the asset or liability. Level 3 inputs are unobservable inputs for the asset or liability, and include situations where there is little, if any, market activity for the asset or liability. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the level in the fair value hierarchy within which the fair value measurement in its entirety falls has been determined based on the lowest level input that is significant to the fair value measurement in its entirety. The Company’s assessment of the significance of a particular input to the fair value in its entirety requires judgment and considers factors specific to the asset or liability. The Company’s short term financial instruments include cash and cash equivalents, accounts receivable and accounts payable. The carrying value of the short term financial instruments approximates the fair value due to their short term nature. These financial instruments have no stated maturities or the financial instruments have short term maturities that approximate market. The fair value of the Company’s debt is estimated based on current market interest rates for debt with similar maturities and credit quality. The fair value of the Company’s debt was $37,412 and $34,603 at December 31, 2016 and 2015 , respectively. The financial statement carrying value (including unamortized loan fees) was $36,001 and $33,460 at December 31, 2016 and 2015 , respectively. These fair values are considered Level 2 under the fair value hierarchy. Pension Benefits. In April 2015, the Company received approval from the Pension Benefit Guaranty Corporation to terminate its pension plans for employees covered under collective bargaining agreements. Benefit obligations at December 31, 2015 were zero, as $741 in termination liabilities was distributed to plan participants or transferred to an insurer during the quarter ended June 30, 2015, and was followed by the closing of the pension trust account in 2015. Prior to termination, the Company accounted for its pension benefit plan's funded status as a liability included in Other non current liabilities on the Consolidated Balance Sheets. The Company measured the funded status of its pension benefit plans using actuarial techniques that reflected management’s assumptions for discount rate, expected long-term investment returns on plan assets, salary increases, expected retirement, mortality, and employee turnover. Assumptions regarding employee and retiree life expectancy were based upon the RP 2000 Combined Mortality Table ("2000 tables"). Although the Society of Actuaries released new mortality tables on October 27, 2014, the Internal Revenue Service continued to use the 2000 tables through 2015. Because the pension benefit plan was being terminated, the actuarial valuation of the pension benefit plan assumed all remaining assets of the plan would be distributed to plan participants or transferred to an insurer during 2015, so the new mortality tables were not adopted. The funding by the Company to terminate the plans was $741 and was recognized when the pension plan settlement was fully executed, during the quarter ended June 30, 2015 . Post-Employment Benefits. The Company accounts for its post-employment benefit plan's funded status as a liability included in Accrued Retirement Health and Life Insurance Benefits on the Consolidated Balance Sheets. The Company measures the obligation for other post-employment benefits using actuarial techniques that reflect management’s assumptions for discount rate, expected retirement, mortality, employee turnover, health care costs for retirees and future increases in health care costs, which are based upon actual claims experience and other environmental and market factors impacting the costs of health care in the short and long-term. Assumptions regarding employee and retiree life expectancy are based upon the Society of Actuaries RP-2014 Mortality Tables using Scale MP-2015. The discount rate is determined based on the rates of return on high quality fixed income investments using the Citigroup Pension Liability Index as of the measurement date (long-term rates of return are not considered because the plan has no assets). Stock Options and Restricted Stock Awards. The Company has share-based employee compensation plans primarily in the form of restricted common stock ("restricted stock"), restricted stock units ("RSUs") and stock options, which are described more fully in Note 9. The Company recognizes the cost of share-based payments over the vesting period based on the grant date fair value of the award. The grant date fair value for stock options is estimated using the Black-Scholes option pricing model adjusted for the unique characteristics of the awards. Immaterial Error Correction. During the fourth quarter of 2016 , the Company identified errors in in the recording of its long term incentive compensation. The errors were due to an understatement of expense associated with share-based compensation awards for which the related expense was recorded prior to January 1, 2014. An immaterial error correction was made to the opening balances of the Company's Consolidated Statement of Changes in Stockholders' Equity as of December 31, 2013, whereby retained earnings was reduced by $1,027 with a corresponding increase to Additional paid-in capital of $1,027 . This immaterial correction had no impact on the Company's Consolidated Statements of Income, the computations of Basic and diluted EPS, the Consolidated Statements of Comprehensive Income, or the Consolidated Statements of Cash Flows for the years ended December 31, 2016 , 2015 , and 2014 . Recent Accounting Pronouncements. In December 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2016-19, Technical Corrections and Improvements, which amends a number of Topics in the FASB ASC. The ASU is part of an ongoing FASB project to facilitate Codification updates for non-substantive technical corrections, clarifications, and improvements that are not expected to have a significant effect on accounting practice or create a significant administrative cost to most entities. The ASU will apply to all reporting entities within the scope of the affected accounting guidance. Most amendments are effective upon issuance (December 2016). Certain amendments that require transition guidance are effective for: Public business entities, for annual and interim periods in fiscal years beginning after December 15, 2016 (for cloud computing arrangements); All other entities, for annual periods in fiscal years beginning after December 15, 2017, and interim periods in fiscal years beginning after December 15, 2018 (for cloud computing arrangements); and All entities, for annual and interim periods in fiscal years beginning after December 15, 2016 (for certain others, including the change to fair value measurement disclosures). Early adoption is permitted for the amendments that require transition guidance. The Company is evaluating the effect that ASU 2016-19 will have on its consolidated financial statements and related disclosures and is not planning to early adopt the new standard. In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash, which requires companies to include cash and cash equivalents that have restrictions on withdrawal or use in total cash and cash equivalents on the statement of cash flows. This ASU is effective for public business entities for annual and interim periods in fiscal years beginning after December 15, 2017. Early adoption is permitted, including adoption in an interim period. If an entity early adopts the amendments in an interim period, adjustments should be reflected at the beginning of the fiscal year that includes that interim period. The Company is evaluating the effect that ASU 2016-18 will have on its consolidated financial statements and related disclosures. In October 2016, the FASB issued ASU 2016-16, Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory, which requires entities to recognize at the transaction date the income tax consequences of intercompany asset transfers other than inventory. This ASU is effective for public business entities for annual and interim periods in fiscal years beginning after December 15, 2017. Entities may early adopt the ASU, but only at the beginning of an annual period for which no financial statements (interim or annual) have already been issued or made available for issuance. The Company is evaluating the effect that ASU 2016-16 will have on its consolidated financial statements and related disclosures. In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments , which addresses eight classification issues related to the statement of cash flows: Debt prepayment or debt extinguishment costs; Settlement of zero coupon bonds; Contingent consideration payments made after a business combination; Proceeds from the settlement of insurance claims; Proceeds from the settlement of corporate owned life insurance policies, including bank owned life insurance policies; Distributions received from equity method investees; Beneficial interests in securitization transactions; and Separately identifiable cash flows and application of the predominance principle. This ASU is effective for public business entities for annual and interim periods in fiscal years beginning after December 15, 2017. Early adoption is permitted, including adoption in an interim period. If an entity early adopts the ASU in an interim period, adjustments should be reflected as of the beginning of the fiscal year that includes that interim period. An entity that elects early adoption must adopt all of the amendments in the same period. Entities should apply this ASU using a retrospective transition method to each period presented. If it is impracticable for an entity to apply the ASU retrospectively for some of the issues, it may apply the amendments for those issues prospectively as of the earliest date practicable. The Company is currently evaluating the impact that the adoption of ASU 2016-15 will have on its consolidated financial statements and related disclosures. In June 2016, the FASB issued ASU 2016-13, Measurement of Credit Losses on Financial Instruments , which significantly changes the way entities recognize impairment of many financial assets by requiring immediate recognition of estimated credit losses expected to occur over their remaining life. This ASU is effective for public business entities that are SEC filers for annual and interim periods in fiscal years beginning after December 15, 2019, with early adoption permitted for annual and interim periods in fiscal years beginning after December 15, 2018. The Company is currently evaluating the impact that the adoption of ASU 2016-13 will have on its consolidated financial statements and related disclosures. In February 2016, the FASB issued ASU 2016-02, Leases , which aims to make leasing activities more transparent and comparable and requires substantially all leases be recognized by lessees on their balance sheet as a right-of-use asset and corresponding lease liability, including leases currently accounted for as operating leases. This ASU is effective for all interim and annual reporting periods beginning after December 15, 2018, with early adoption permitted. The Company is currently evaluating the impact that the adoption of ASU 2016-02 will have on its consolidated financial statements and related disclosures. At December 31, 2016, the Company had various machinery and equipment operating leases, as well as operating leases for 207 rail cars and one office space. In January 2016, the FASB issued ASU 2016-01, Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities, which will significantly change the income statement impact of equity investments, and the recognition of changes in fair value of financial liabilities when the fair value option is elected. The ASU is effective for public business entities for interim and annual periods in fiscal years beginning after December 15, 2017. The Company is evaluating the effect that ASU 2016-01 will have on its consolidated financial statements and related disclosures. In July 2015, the FASB issued ASU No. 2015-11, Simplifying the Measurement of Inventory (Topic 330) , which simplifies its current requirement that an entity measure inventory at lower of cost or market, when market could be replacement cost, net realizable value, or net realizable value less an approximately normal profit margin. |
Other Balance Sheet Captions
Other Balance Sheet Captions | 12 Months Ended |
Dec. 31, 2016 | |
Supplemental Balance Sheet Disclosures [Abstract] | |
Other Balance Sheet Captions | NOTE 2: OTHER BALANCE SHEET CAPTIONS Inventory . Inventory consists of the following: December 31, 2016 2015 Finished goods $ 14,002 $ 15,126 Barreled distillate (bourbon and whiskey) 50,941 28,278 Raw materials 4,274 6,675 Work in process 1,933 2,364 Maintenance materials 6,231 5,371 Other 1,477 887 Total $ 78,858 $ 58,701 Property and equipment. Property and equipment consist of the following: December 31, 2016 2015 Land, buildings and improvements $ 67,487 $ 56,143 Transportation equipment 3,253 5,417 Machinery and equipment 164,871 152,742 Construction in progress 10,608 15,612 Property and equipment, at cost 246,219 229,914 Less accumulated depreciation and amortization (153,428 ) (146,360 ) Property and equipment, net $ 92,791 $ 83,554 Property and equipment includes machinery and equipment assets under capital leases totaling $0 and $8,376 at December 31, 2016 and 2015 , respectively. Accumulated depreciation for these leased assets was $5,756 at December 31, 2015 . Accrued expenses. Accrued expenses consist of the following: December 31, 2016 2015 Employee benefit plans $ 820 $ 1,027 Salaries and wages 5,641 6,790 Restructuring and severance charges 124 517 Property taxes 824 784 Other accrued expenses 1,536 1,282 Total $ 8,945 $ 10,400 Deferred credits . Deferred credits consist of the following: Year Ended December 31, 2016 2015 USDA grant (a) $ 1,434 $ 1,949 LCD reimbursement (b) 959 1,042 Other reimbursement 313 411 Deferred incentive 272 — Total $ 2,978 $ 3,402 (a) In 2001, the United States Department of Agriculture developed a grant program for the gluten industry ("USDA grant") and the Company received nearly $26,000 of grants required to be used for research, marketing, promotional and capital costs related to value added gluten and starch products. (b) In 2012, the Lawrenceburg Conservancy District ("LCD") in Greendale, IN agreed to reimburse the Company up to $1,250 of certain capital maintenance costs of a Company owned warehouse structure that is integral to the efficacy of the LCD’s flood control system ("LCD reimbursement"). Certain capital maintenance activities were completed prior to December 31, 2012 and the remaining capital maintenance activities were completed during 2014. As of December 31, 2014 the Company had received a total of $1,236 in reimbursements. |
Equity Method Investments
Equity Method Investments | 12 Months Ended |
Dec. 31, 2016 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Equity Method Investments | NOTE 3: EQUITY METHOD INVESTMENTS As of December 31, 2016 , the Company’s investment accounted for on the equity method of accounting was a 30 percent interest in ICP, which manufactures alcohol for fuel, industrial and beverage applications. ICP Investment 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 . The Limited Liability Company Agreement grants the right to either member to elect (the "Electing Member") to shut down the Pekin facility ("Shutdown Election") if ICP operates at an EBITDA (as defined in the agreement) loss greater than or equal to $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 Shutdown Election and thereafter allocations revert to a 70 percent / 30 percent 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 percent / 20 percent 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 Shutdown Election on April 18, 2013. However, the Company withdrew its Shutdown 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 March 31, 2014. During 2014, management reassessed the most likely events that would result in a recovery of its investment in ICP and, as a result, the Company remeasured its cumulative equity in the undistributed earnings of ICP. The cumulative effect of this change in estimate resulted in a decrease in equity method investment earnings of ICP of $1,882 for the period beginning April 1, 2013 and ending March 31, 2014; a decrease in the earnings per share ("EPS") of $0.10 per share for the year ended December 31, 2014; and a decrease in the related equity method investment in ICP at December 31, 2014, of $1,882 . On December 3, 2014, the ICP advisory board recommended payment of a cash dividend distribution to its members. The Company received its portion of the distribution, $4,835 , on December 4, 2014. In addition, on February 26, 2016, the Company received a cash dividend distribution from ICP of $3,300 , which was its 30 percent ownership share of the total distribution (see Note 14). The cash dividend distributions received were a return on investment and, therefore, reduced the Company's equity method investment in ICP on its consolidated balance sheets by the distribution amounts in 2014 and 2016, respectively, and was a source of cash flow from operating activities in the amounts of the distributions in 2014 and 2016, respectively. On April 9, 2015, ICP obtained a $30,000 revolving credit facility with JPMorgan Chase Bank, N.A., which could be increased in the future by an additional $20,000 , subject to lender approval. The revolver matures on April 9, 2018. The Company has no funding requirement to ICP. DMI Investment On December 29, 2014, the Company gave notice to DMI and to the Company's partner in DMI, Crespel and Dieters GmbH & Co. KG ("C&D"), to terminate the joint venture effective June 30, 2015. C&D also provided notice to terminate DMI effective June 30, 2015. On June 22, 2015, a termination agreement was executed by and between the Company, DMI, and C&D to dissolve DMI effective June 30, 2015. Additionally, on June 22, 2015 a termination agreement was executed by and between the Company and DMI to terminate their distribution agreement effective June 29, 2015. Under German law, commencing on June 30, 2015, normal operations for DMI ceased and a one year winding down process began once the registration of resolutions, appointment of liquidators, inventory count, and publication of the notice to potential creditors was complete, which occurred on October 29, 2015. On December 23, 2016, the Company received its portion of the remaining DMI liquidation proceeds, which totaled $351 , as a return of its investment. Related Party Transactions See Note 14 for discussion of related party transactions. Realizability of investments No other than temporary impairments were recorded during 2016 , 2015 , and 2014 for the Company's equity method investments. Summary Financial Information Condensed financial information of the Company’s equity method investment in ICP is shown below: Year Ended December 31, ICP’s Operating results: 2016 2015 2014 Net sales (a) $ 177,401 $ 166,905 $ 236,486 Cost of sales and expenses (b) (163,837 ) (146,098 ) (196,551 ) Net income $ 13,564 $ 20,807 (c) $ 39,935 (a) Includes related party sales to MGPI of $27,675 , $38,941 , and $36,289 for 2016 , 2015 , and 2014 , respectively. (b) Includes depreciation and amortization of $3,030 , $2,634 , and $2,847 for 2016 , 2015 , and 2014 , respectively. (c) Includes business interruption insurance proceeds of $4,112 for 2015 . The Company’s equity method investment earnings (losses) are as follows: Year Ended December 31, 2016 2015 2014 ICP (30% interest) $ 4,069 $ 6,242 $ 10,098 DMI (50% interest) (33 ) (a) (140 ) 39 Total $ 4,036 $ 6,102 $ 10,137 (a) On December 23, 2016, the Company received its portion of the remaining DMI liquidation proceeds totaling $351 . Prior to receiving the proceeds, the Company's equity method investment was $384 . The difference of $33 was recognized as an equity method investment loss for the year ended December 31, 2016 . The Company’s equity method investments are as follows: December 31, 2016 2015 ICP (30% interest) (a) $ 18,934 $ 18,179 DMI (50% interest) — 384 Total $ 18,934 $ 18,563 (a) During 2016, the Company received a $3,300 cash distribution from ICP, which reduced the Company's investment in ICP. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Asset | 12 Months Ended |
Dec. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Asset | NOTE 4: GOODWILL AND OTHER INTANGIBLE ASSET The following table details the amounts recorded as goodwill and other intangible asset and are components of Other assets on the Consolidated Balance Sheets (including no accumulated impairment losses): Balance as of December 31, 2015 $ — Goodwill 1,500 Brand name (indefinite lived) 350 Balance as of December 31, 2016 $ 1,850 |
Corporate Borrowings and Capita
Corporate Borrowings and Capital Lease Obligations | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Corporate Borrowings and Capital Lease Obligations | NOTE 5: CORPORATE BORROWINGS AND CAPITAL LEASE OBLIGATIONS Indebtedness Outstanding . Debt consists of the following: December 31, 2016 2015 Credit Agreement - Revolver, 2.45% (variable rate) due 2020 $ 16,000 $ 23,172 Credit Agreement - Fixed Asset Sub-Line term loan, 2.86% (variable rate) due 2020 5,253 6,254 Credit Agreement - term loan, 2.86% (variable rate) due 2020 13,000 — Secured Promissory Note, 3.71% (variable rate) due 2022 2,324 2,670 Secured Promissory Note, 6.89% (variable rate), due 2016. — 36 Capital Lease Obligation, 2.61%, due 2017 — 1,964 Unamortized loan fees (a) (576 ) (636 ) Total 36,001 33,460 Less current maturities of long term debt (4,359 ) (3,345 ) Long-term debt $ 31,642 $ 30,115 (a) Loan fees are being amortized over the life of the Credit Agreement. On March 21, 2016, the Company entered into a Third Amended and Restated Credit Agreement (the "Credit Agreement") with Wells Fargo Bank, National Association. The Credit Agreement contains customary terms and conditions substantially similar to the Second Amended and Restated Credit Agreement (the "Previous Credit Agreement") and associated schedules with Wells Fargo Bank, National Association, except as described in the discussion that follows. Such terms and conditions include limitations on mergers, consolidations, reorganizations, recapitalizations, indebtedness and certain payments, as well as financial condition covenants relating to leverage and interest coverage ratios. The Company's obligations under the Credit Agreement may be accelerated upon customary events of default, including, without limitation, non-payment of principal or interest, breaches of covenants, certain judgments against the loan parties, cross defaults to other material debt, a change in control and specified bankruptcy events. The Credit Agreement added a $15,000 term loan to the Previous Credit Agreement's $80,000 revolving facility resulting in a $95,000 facility. The principal of the term loan can be prepaid at any time without penalty or otherwise will be repaid by the Company in installments of $250 each month, which commenced on May 1, 2016. Additionally, the Credit Agreement reduced certain restrictions on acquisitions. Under the Previous Credit Agreement, only acquisitions less than $1,000 individually and $7,500 in the aggregate were permitted. The Credit Agreement eliminated the individual dollar limitation and increased the aggregate limitation to $35,000 . The Credit Agreement also added an increased minimum fixed charge coverage ratio of 1.25 x (compared to 1.10 x in the Previous Credit Agreement) while the $15,000 term loan is outstanding. However, the minimum fixed charge coverage ratio is only tested if excess availability, after giving effect to such restricted payment, is less than 17.5 percent of the total amount of the facility. The Company was in compliance with the Credit Agreement covenants at December 31, 2016 . The amount of borrowings which the Company may make is subject to borrowing base limitations adjusted for the Fixed Asset Sub-Line collateral as described in the Credit Agreement. As of December 31, 2016 , the Company's total outstanding borrowings under the Credit Agreement (net of unamortized loan fees of $576 ) were $33,677 , comprised of $15,424 of revolver borrowing, $5,253 of fixed asset sub-line term loan borrowing, and $13,000 of term loan borrowing leaving $51,588 available. The average interest rate for total borrowings of the Credit Agreement at December 31, 2016 was 2.66 percent . Leases Capital Lease Obligation. On June 28, 2011, the Company sold a major portion of the new process water cooling towers and related equipment installed at its Atchison facility to U.S. Bancorp Equipment Finance, Inc. for $7,335 and leased them from U.S. Bancorp pursuant to a Master Lease Agreement and related Schedule. Monthly rentals under the lease were $110 (plus applicable sales/use taxes, if any) and continued until the Company exercised its option to purchase the leased property after 60 months in June 2016 for $1,328 . As described in Note 2, equipment under a capital lease is included in property and equipment. 4.90% Industrial Revenue Bond Obligation. On December 28, 2006, the Company engaged in an industrial revenue bond transaction with the City of Atchison, Kansas ("the City") pursuant to which the City (i) under a trust indenture, ("the Indenture"), issued $7,000 principal amount of its industrial revenue bonds ("the Bonds") to the Company and used the proceeds thereof to acquire from the Company its office building and technical innovations center in Atchison, Kansas, ("the Facilities") and (ii) leased the Facilities back to the Company under a capital lease ("the Lease"). The assets related to this transaction are included in property and equipment. The Bonds matured and the Lease expired December 1, 2016, and, accordingly, are no longer offset items at December 31, 2016 . (1) (2) (3) = (1) - (2) Gross Amounts of Recognized Assets (Liabilities) Gross Amounts offset in the Balance Sheet Net Amounts of Assets (Liabilities) presented in the Balance Sheet December 31, 2015: Investment in bonds $ 7,000 $ 7,000 $ 0 Capital lease obligation $ (7,000 ) $ (7,000 ) $ 0 Leases and Debt Maturities . The Company leases railcars and other assets under various operating leases. For railcar leases, the Company is generally required to pay all service costs associated with the railcars. Rental payments include minimum rentals plus contingent amounts based on mileage. Rental expenses under operating leases with terms longer than one month were $2,561 , $2,283 , and $2,241 for the years ended December 31, 2016 , 2015 , and 2014 , respectively. Minimum annual payments and present values under existing debt maturities are as follows: Year Ending December 31, Credit Agreement Long-Term Debt Total Debt 2017 $ — $ 358 $ 358 2018 — 372 $ 372 2019 — 386 $ 386 2020 34,253 400 $ 34,653 2021 — 416 $ 416 Thereafter — 392 $ 392 Total $ 34,253 $ 2,324 $ 36,577 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | NOTE 6: INCOME TAXES Income tax expense (benefit) from continuing operations is composed of the following: Year Ended December 31, 2016 2015 2014 Current: Federal $ 12,637 $ 8,954 $ — State 342 1,003 229 12,979 9,957 229 Deferred: Federal (254 ) 3,174 5,010 State 808 (904 ) (2,974 ) 554 2,270 2,036 Total $ 13,533 $ 12,227 $ 2,265 Income tax expense also included tax expense (benefit) allocated to comprehensive income for 2016 , 2015 , and 2014 , of $84 $83 , and $(198) , respectively (see the Consolidated Statements of Comprehensive Income). A reconciliation of income tax expense from operations at the normal statutory federal rate to the provision included in the accompanying Consolidated Statements of Income is shown below: Year Ended December 31, 2016 2015 2014 "Expected" provision at federal statutory rate $ 15,651 $ 13,446 $ 9,116 State income taxes, net 1,672 1,714 709 Change in valuation allowance (718 ) (2,385 ) (7,618 ) Domestic production activity deduction (1,247 ) (1,002 ) — Share-based compensation (a) (1,408 ) N/A N/A Federal and state tax credits (1,065 ) — — Other 648 454 58 Income tax expense $ 13,533 $ 12,227 $ 2,265 Effective tax rate 30.3 % 31.8 % 8.7 % (a) The Company elected to early adopt ASU No. 2016-09, Compensation—Stock Compensation (Topic 718) Improvements to Employee Share-Based Payment Accounting, in the quarter ended September 30, 2016 and, due to a required change in accounting principle, beginning that quarter, all excess tax benefits and deficiencies related to employee stock compensation are recognized within income tax expense in the Consolidated Statements of Income. The Company received a federal tax benefit of $1,408 and a state benefit of $163 for excess tax benefits in 2016 (see Note 9 for additional detail related to the ASU No. 2016-09 adoption). The tax effects of temporary differences giving rise to deferred income taxes shown on the Consolidated Balance Sheets are as follows: December 31, 2016 2015 Deferred income tax assets: Post-retirement liability $ 1,621 $ 1,848 Deferred income 1,176 1,343 Share-based compensation 1,313 2,247 Capital loss carryforwards 716 1,444 State tax credit carryforwards 3,204 2,653 State operating loss carryforwards 1,151 2,216 Inventories 2,560 1,684 Other 1,381 2,224 Gross deferred income tax assets $ 13,122 $ 15,659 Less: valuation allowance (726 ) (1,444 ) Net deferred income tax assets 12,396 14,215 Deferred income tax liabilities: Fixed assets (14,313 ) (16,050 ) Equity method investments (969 ) — Other (546 ) (922 ) Gross deferred income tax liabilities (15,828 ) (16,972 ) Net deferred income tax liability $ (3,432 ) $ (2,757 ) A schedule of the change in valuation allowance is as follows: Valuation allowance Balance at December 31, 2014 $ 3,829 Reductions 2,385 Balance at December 31, 2015 $ 1,444 Reductions 718 Balance at December 31, 2016 $ 726 During 2015 , the Company determined that it was more likely than not that it would realize a portion of its deferred tax assets. This determination was based on the Company's evaluation of the available evidence, both positive and negative, such as historical levels of income and future forecasts of taxable income, among other items. The Company's evaluation of the available evidence was significantly influenced by the fact that the Company was in a positive cumulative earnings position for the three year period ended December 31, 2015 . The Company recorded a net tax benefit of $2,385 in 2015 due to the release of a portion of its valuation allowance. The remaining valuation allowance as of December 31, 2015 , was associated with capital loss carryforwards. The Company determined that utilization of this tax attribute was not more likely than not as of December 31, 2015 . As of December 31, 2016 , the Company’s total valuation allowance was $726 relating primarily to capital loss carryovers. Capital loss carryovers remaining as of December 31, 2016 will expire between 2018 and 2020 if not utilized. During 2016 , the Company determined that it was not more likely than not that it would realize a portion of its deferred tax assets. Substantially all of the 2016 reduction in the valuation allowance represents capital loss carryovers that expired unused at the end of 2016 . The related deferred tax asset and valuation allowance associated with expired capital losses were eliminated as of December 31, 2016 . As of December 31, 2016 , the Company had $23,074 in gross state net operating loss carryforwards. As of December 31, 2015 , the Company had approximately $45,900 in state net operating loss carryforwards. Due to varying state carryforward periods, the state net operating loss carryforwards will expire in varying periods between calendar years 2017 and 2036. The Company has gross state tax credit carryforwards of $4,929 as of December 31, 2016 and $4,081 as of December 31, 2015 . State credit carryforwards, if not used to offset income tax expense in their respective jurisdictions, will expire in varying periods between calendar years 2020 and 2031. The Company treats accrued interest and penalties related to tax liabilities, if any, as a component of income tax expense. During 2016 , 2015 , and 2014 , the Company’s activity in accrued interest and penalties was not significant. The following is a reconciliation of the total amount of unrecognized tax benefits (excluding interest and penalties) for 2016 , 2015 , and 2014 : Years Ended December 31, 2016 2015 2014 Beginning of year balance $ 613 $ 613 $ 566 Additions for tax positions of prior years 2 — 8 Additions for tax positions of the current year 21 — 39 Reduction for prior year tax positions (48 ) — — Reductions for settlements (545 ) End of year balance $ 43 $ 613 $ 613 During the fourth quarter of 2016 , the Company reached a settlement with the Internal Revenue Service (“IRS”) with respect to a 2013 federal income tax examination. In connection with this examination, the IRS reviewed certain items open to review from prior tax years. No cash was paid to settle the examination. The Company recorded a tax benefit of $545 relating to the settlement. No significant amounts of accrued interest or penalties were impacted by the settlement. The Company is subject to examination for its state tax returns for years 2013 and forward, with the exception of certain net operating losses and credit carryforwards originating in years prior to 2013 that remain subject to adjustment. For each period presented, substantially all of the amount of unrecognized benefits (excluding interest and penalties) would impact the effective tax rate, if recognized. The Company reasonably expects that the amount of unrecognized tax benefit will not decrease by significant amount in the next 12 months. |
Equity and EPS
Equity and EPS | 12 Months Ended |
Dec. 31, 2016 | |
Equity [Abstract] | |
Equity and EPS | NOTE 7: EQUITY AND EPS Dividend and Dividend Equivalent information by quarter for 2016 , 2015 , and 2014 is detailed below: Dividend and Dividend Equivalent Information (per Share and Unit) Declaration date Payment date Declared Paid Total payment 2016 March 7, 2016 April 14, 2016 $ 0.08 $ 0.08 $ 1,378 August 1, 2016 September 8, 2016 0.02 0.02 344 October 31, 2016 December 8, 2016 0.02 0.02 344 $ 0.12 $ 0.12 $ 2,066 2015 March 10, 2015 April 21, 2015 $ 0.06 $ 0.06 $ 1,087 2014 February 28, 2014 April 9, 2014 $ 0.05 $ 0.05 $ 907 See Note 18 for a dividend declaration made in 2017. Capital Stock Common Stockholders are entitled to elect four of the nine members of the Board of Directors, while Preferred Stockholders are entitled to elect the remaining five members. All directors are elected annually for a one year term. Any vacancies on the Board are to be filled only by the stockholders and not by the Board. Stockholders holding 10 percent or more of the outstanding Common or Preferred Stock have the right to call a special meeting of stockholders. Common Stockholders are not entitled to vote with respect to a merger, dissolution, lease, exchange or sale of substantially all of the Company’s assets, or on an amendment to the Articles of Incorporation, unless such action would increase or decrease the authorized shares or par value of the Common or Preferred Stock, or change the powers, preferences or special rights of the Common or Preferred Stock so as to affect the Common Stockholders adversely. Generally, Common Stockholders and Preferred Stockholders vote as separate classes on all other matters requiring shareholder approval. On January 3, 2012, the Company reorganized into a holding company structure. In connection with this transaction, the new holding company was similarly structured in terms of number of shares of Common Stock and Preferred Stock, the articles of incorporation and officer and directors . The Reorganization did not change the designations, rights, powers or preferences relative rights to holders of the Company's Preferred or Common Stock as described above. Further, in connection with the Reorganization, the Company’s treasury shares were canceled, which also reduced the number of issued shares. The Company had historically used this treasury stock for issuance of Common Stock under the Company’s share-based compensation plans. With the retirement of these treasury shares, the Company reserved certain authorized shares for issuance of Common Stock under the share-based compensation plans that were active at that time. At December 31, 2016 , reserved authorized shares remaining for issuance of Common Stock were 331,000 employee unvested RSUs under the Stock Incentive Plan of 2004 (the "2004 Plan") (see Note 9). On September 1, 2015, the Company's Board of Directors authorized the purchase of 950,000 shares of common stock for $14,488 in a privately negotiated transaction with F2 SEA, Inc., an affiliate of SEACOR Holdings, Inc., pursuant to a Stock Repurchase Agreement. SEACOR Holdings, Inc. is the 70 percent owner of ICP, the Company's 30 percent equity method investment. EPS The computations of basic and diluted EPS is as follows: Year Ended December 31, 2016 2015 2014 Operations: Net income (a) $ 31,184 $ 26,191 $ 23,675 Less: Income attributable to participating securities (unvested shares and units) (b) 954 873 832 Net income attributable to common shareholders $ 30,230 $ 25,318 $ 22,843 Share information: Basic weighted average common shares (c) 16,643,811 17,123,556 17,305,866 Incremental shares from potential dilutive securities (d) — — — Diluted weighted average common shares 16,643,811 17,123,556 17,305,866 Basic and diluted EPS (e) $ 1.82 $ 1.48 $ 1.32 (a) Net income attributable to all shareholders. (b) Participating securities include 0 , 128,500 , and 278,900 unvested restricted stock for the years ended December 31, 2016 , 2015 , and 2014 , as well as 527,486 , 437,946 , and 413,288 RSUs for the years ended December 31, 2016 , 2015 , and 2014 , respectively. Participating securities do not receive an allocation in periods when a loss is experienced. (c) Under the two class method, basic weighted average common shares exclude outstanding unvested participating securities consisting of restricted stock awards of 0 , 128,500 , and 278,900 for 2016 , 2015 , and 2014 , respectively. (d) Potential dilutive securities have not been included in the EPS computation in a period when a loss is experienced. At December 31, 2016 and 2015 , the Company had 0 stock options outstanding and potentially dilutive, respectively. At December 31, 2014 , the Company had 4,000 stock options outstanding and potentially dilutive. (e) Basic and diluted weighted average common shares for 2016 and 2015 were affected by the September 1, 2015, purchase of 950,000 shares of common stock in a privately negotiated transaction with F2 SEA, Inc., an affiliate of SEACOR Holdings, Inc., pursuant to a Stock Repurchase Agreement. SEACOR Holdings, Inc. is the 70 percent owner of ICP, the Company's 30 percent equity method investment. Changes in Accumulated Other Comprehensive Income (Loss) by Component Pension Plan Items (a) Post-Employment Benefit Plan Items Equity Method Investment Translation Adjustment and Post-Employment Benefit Adjustment Total Balance, December 31, 2013 $ (377 ) $ 390 $ (17 ) $ (4 ) Other comprehensive income (loss) before reclassifications 218 (1,620 ) (15 ) (1,417 ) Amounts reclassified from accumulated other comprehensive income (85 ) 774 — 689 Net 2014 other comprehensive income (loss) 133 (846 ) (15 ) (728 ) Balance, December 31, 2014 $ (244 ) $ (456 ) $ (32 ) $ (732 ) Other comprehensive income (loss) before reclassifications (355 ) 47 (10 ) (318 ) Amounts reclassified from accumulated other comprehensive income 599 (101 ) 52 550 Net 2015 other comprehensive income (loss) 244 (54 ) 42 232 Balance, December 31, 2015 $ — $ (510 ) $ 10 $ (500 ) Other comprehensive income (loss) before reclassifications — 113 (14 ) 99 Amounts reclassified from accumulated other comprehensive income — 21 7 28 Net 2016 other comprehensive income (loss) — 134 (7 ) 127 Balance, December 31, 2016 $ — $ (376 ) $ 3 $ (373 ) (a) The Company's pension benefit plans were terminated as of the quarter ended June 2015. Reclassifications Out of Accumulated Other Comprehensive Income (Loss) Details about Accumulated Other Comprehensive Income Components Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) Affected Line Item in the Consolidated Statements of Income Post Employment Benefit Items: Amortization of prior service cost $ (338 ) (a) Recognized net actuarial loss 269 (a) (69 ) Total before tax 90 Tax expense $ 21 Net of tax Equity Method Investment Adjustment: Accumulated postretirement benefit obligation $ 13 (6 ) Tax benefit $ 7 Net of tax Reclassifications for 2016 $ 28 Total net of tax (a) These accumulated other comprehensive income components are included in the computation of net period post-employment benefit cost. See Note 9 for additional details. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | NOTE 8: COMMITMENTS AND CONTINGENCIES Commitments The following table provides information on all amounts and payments of the Company's contractual obligations/commitments at December 31, 2016 : Payments due by period Total Less than 1 year 1-3 years 4-5 years More than 5 years Long term debt $ 2,324 $ 358 $ 758 $ 816 $ 392 Interest on Long term debt 267 80 119 61 7 Operating leases 9,700 3,397 2,936 2,374 993 Post-employment benefit plan obligations 3,948 502 1,024 957 1,465 Purchase commitments 80,274 76,380 (a) 3,634 260 — Total $ 96,513 $ 80,717 $ 8,471 $ 4,468 $ 2,857 (a) Includes open purchase order commitments related to raw materials and packaging used in the ordinary course of business of $73,334 . The Company's future operating lease commitments at December 31, 2016 are as follows: Years ending December 31, 2017 $ 3,397 2018 1,611 2019 1,325 2020 1,287 2021 1,087 Thereafter 993 Total $ 9,700 Contingencies There are various legal and regulatory proceedings involving the Company and its subsidiaries. The company accrues estimated costs for a contingency when management believes that a loss is probable and can be reasonably estimated. • On December 21, 2016, the U.S. Environmental Protection Agency (“EPA”) issued a Notice of Violation to the Company alleging the Company commenced construction of new aging warehouses for whiskey at its facility in Lawrenceburg, Indiana, without first applying for or obtaining a Clean Air Act permit and without adequately demonstrating to the EPA that emissions control equipment did not need to be installed to meet applicable air quality standards. The Company notes that neither EPA nor the State of Indiana have required emission control equipment for aging whiskey warehouses and, to our knowledge, no other distillers in the U.S. have been required to install emissions control equipment in their aging whiskey warehouses. No demand for a penalty has been made in connection with the Notice of Violation, but the Company believes it is probable that a penalty will be assessed. Although it is not possible to reasonably estimate a loss or range of loss at the date of this filing, the Company currently does not expect that the amount of any such penalty or related remedies would have a material adverse effect on the Company’s business, financial condition or results of operations. • A chemical release occurred at the Company's Atchison facility on October 21, 2016, which resulted in emissions venting into the air. The Company reported the event to the EPA, OSHA and Kansas and local authorities on that date, and is cooperating fully to investigate and ensure that all appropriate response actions are taken. The Company has also engaged outside experts to assist the investigation and response. The Company believes it is probable that a fine or penalty may be imposed by one or more regulatory authorities, but it is currently unable to reasonably estimate the amount thereof since the investigations are not complete and can take several months and up to a few years to complete. Private plaintiffs have initiated, and additional private plaintiffs may initiate, legal proceedings for damages resulting from the emission, but the Company is currently unable to reasonably estimate the amount of any such damages that might result. The Company's insurance is expected to provide coverage of any damages to private plaintiffs, subject to a deductible of $250 , but certain regulatory fines or penalties may not be covered and there can be no assurance to the amount or timing of possible insurance recoveries if ultimately claimed by the Company. There was no significant damage to the Company's Atchison plant as a result of this incident. No other MGP facilities, including the distillery in Lawrenceburg, Indiana, were affected by this incident. • The TTB performed a federal excise tax audit of the Company’s subsidiaries, MGPI of Indiana, LLC and MGPI Processing, Inc., for the periods January 1, 2012 through July 31, 2015 and January 1, 2013 through July 31, 2015, respectively. TTB informed the Company that it would be assessing a penalty as a result of the audit, and the Company offered a settlement for the penalty. The settlement has been accepted in principle by the TTB and the expensed amount is insignificant to the Company’s financial results. |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Employee Benefit Plans | NOTE 9: EMPLOYEE BENEFIT PLANS 401(k) Plans. The Company has established 401(k) plans covering all employees after certain eligibility requirements are met. Amounts charged to operations for employer contributions related to the plans totaled $1,097 , $1,032 , and $1,029 for 2016 , 2015 , and 2014 , respectively. Pension Benefits. The Company and its subsidiaries provided defined retirement benefits to certain employees covered under collective bargaining agreements. Under the collective bargaining agreements, the Company’s pension funding contributions were determined as a percentage of wages paid. The funding was divided between the defined benefit plans and a union 401(k) plan. It was management’s policy to fund the defined benefit plans in accordance with the collective bargaining agreements. The collective bargaining agreements allowed the plans’ trustees to develop changes to the pension plans to allow benefits to match funding, including reductions in benefits. The benefits under these pension plans were based upon years of qualified credited service; however, benefit accruals under the defined benefit plans were frozen in 2009. In April 2015, the Company received approval from the Pension Benefit Guaranty Corporation to terminate the pension plans for employees covered under collective bargaining agreements. The funding by the Company to terminate the plans was $741 and was recognized when the pension plan settlement was fully executed, in the quarter ended June 30, 2015 . Post-Employment Benefits. The Company sponsors life insurance coverage as well as medical benefits, including prescription drug coverage, to certain retired employees and their spouses. During the year ended December 31, 2014, the Company made a change to the plan to terminate post-employment health care and life insurance benefits for all union employees except for a specified grandfathered group. At December 31, 2016 the plan covered 196 participants, both active and retired. The post-employment health care benefit is contributory for spouses under certain circumstances. Otherwise, participant contribution premiums are not required. The health care plan contains fixed deductibles, co-pays, coinsurance and out-of-pocket limitations. The life insurance segment of the plan is noncontributory and is available to retirees only. The Company funds the post-employment benefit on a pay-as-you-go basis, and there are no assets that have been segregated and restricted to provide for post-employment benefits. Benefit eligibility for the current remaining grandfathered active group ( 27 employees) is age 62 and five years of service. The Company pays claims and premiums as they are submitted. The Company provides varied levels of benefits to participants depending upon the date of retirement and the location in which the employee worked. An older group of grandfathered retirees receives lifetime health care coverage. All other retirees receive coverage to age 65 through continuation of the Company group medical plan and a lump sum advance premium to the MediGap carrier of the retiree’s choice. Life insurance is available over the lifetime of the retiree in all cases. The Society of Actuaries released its final reports of the pension plan RP-2014 Mortality Tables and the Mortality Improvement Scale MP-2014 on October 27, 2014. The impact of this change in assumed mortality on post-employment benefits liability was included in the Company's post-employment plan valuation for the year ended December 31, 2014. On October 8, 2015, The Society of Actuaries released an updated mortality improvement scale for pension plans that incorporates two additional years of Social Security mortality data that have been recently released. The updated scale - MP-2015 - reflects a trend toward somewhat smaller improvements in longevity. The impact of this change in assumed mortality on post-employment benefits liability was included in the Company's post-employment plan valuation for the year ended December 31, 2015. The Company’s measurement date is December 31. The Company expects to contribute approximately $520 , net of $18 of Medicare Part D subsidy receipts, to the plan in 2017. The status of the Company’s plans at December 31, 2016 , 2015 , and 2014 was as follows: Pension Benefit Plans Post-Employment Benefit Plan December 31, December 31, 2015 (a) 2014 2016 2015 2014 Change in benefit obligation: Beginning of year $ 2,016 $ 2,190 $ 4,681 $ 4,926 $ 4,827 Service cost — — 36 51 72 Interest cost 36 87 142 141 149 Actuarial loss (gain) (9 ) 35 (297 ) 45 1,632 Negative plan amendment benefit — — — — (1,183 ) Benefits paid (2,043 ) (296 ) (456 ) (482 ) (571 ) Benefit obligation at end of year $ — $ 2,016 $ 4,106 $ 4,681 $ 4,926 (a) The Company's pension benefit plans were terminated and paid as of June 2015. The following table shows the change in plan assets: Pension Benefit Plans December 31, 2015 (a) Fair value of plan assets at beginning of year $ 1,300 Actual return on plan assets 2 Employer contributions 741 Benefits paid (2,043 ) Fair value of plan assets at end of year $ — (a) The Company's pension benefit plans were terminated and paid as of June 2015. Assumptions used to determine accumulated benefit obligations as of the year end were: Pension Benefit Plans Post-Employment Benefit Plan Year Ended December 31, Year Ended December 31, 2015 (a) 2016 2015 Discount rate 3.65% 3.15% 3.20% Measurement date December 31, 2015 (b) December 31, December 31, (a) The Company's pension benefit plans were terminated and paid as of June 2015. (b) The measurement date was June 30, 2015 for termination liabilities in 2015. Assumptions used to determine net benefit cost for 2016 , 2015 , and 2014 were: Pension Benefit Plans Post-Employment Benefit Plan Year Ended December 31, Year Ended December 31, 2015 (a) 2014 2016 2015 2014 Expected return on Assets 7.00 % 7.00 % — — — Discount rate 3.58 % 4.11 % 3.20 % 2.99 % 3.95 / 3.39% (b) Average compensation increase n/a n/a n/a n/a n/a (a) The Company's pension benefit plans were terminated and paid as of June 2015. (b) The pension benefit plan was amended effective April 16, 2014 requiring a re-measurement valuation. The discount rate for 2014 was based on measurement dates of December 31, 2013 and April 16, 2014. The discount rate refers to the interest rate used to discount the estimated future benefit payments to their present value, referred to as the benefit obligation. The Company determines the discount rate using a yield curve of high quality fixed income investments whose cash flows match the timing and amount of the Company’s expected benefit payments. Prior to the plans' termination, the discount rate allowed the Company to estimate what it would cost to settle pension obligations as of the measurement date. In determining the expected rate of return on assets, the Company considers its historical experience in the plan's investment portfolio, historical market data and long-term historical relationships, as well as a review of other objective indices including current market factors such as inflation and interest rates. Components of net benefit cost are as follows: Pension Benefit Plans Post-Employment Benefit Plan Year Ended December 31, Year Ended December 31, 2015 (a) 2014 2016 2015 2014 Service cost $ — $ — $ 36 $ 51 $ 72 Interest cost 36 87 142 141 149 Expected return on assets (45 ) (104 ) — — — Amortization of prior service cost — — (338 ) (338 ) (369 ) Recognized net actuarial loss 25 21 269 278 18 Settlement losses 414 50 — — — Net benefit cost $ 430 $ 54 $ 109 $ 132 $ (130 ) (a) The Company's pension benefit plans were terminated and paid as of June 2015. Changes in plan assets and benefit obligations recognized in other comprehensive income are as follows: Pension Benefit Plans Post-Employment Benefit Plan Year Ended December 31, Year Ended December 31, 2015 (a) 2014 2016 2015 2014 Net actuarial (loss) gain $ (35 ) $ (92 ) $ 293 $ (35 ) $ (1,632 ) Settlement losses 414 50 — — — Plan amendment and curtailment — — — — 1,183 Recognized net actuarial loss 25 20 269 278 18 Amortization of prior service cost — — (338 ) (338 ) (369 ) Recognition of prior service cost due to curtailments — — — — (52 ) Total other comprehensive income (loss), pre-tax 404 (22 ) 224 (95 ) (852 ) Income tax expense (benefit) 160 (155 ) 90 (41 ) (6 ) Total other comprehensive income (loss), net of tax $ 244 $ 133 $ 134 $ (54 ) $ (846 ) (a) The Company's pension benefit plans were terminated and paid as of June 2015. Amounts recognized in the Consolidated Balance Sheets are as follows: Pension Benefit Plans Post-Employment Benefit Plan As of December 31, As of December 31, 2015 (a) 2016 2015 Accrued expenses $ — $ (502 ) $ (545 ) Accrued retirement benefits — (3,604 ) (4,136 ) Net amount recognized $ — $ (4,106 ) $ (4,681 ) (a) The Company's pension benefit plans were terminated and paid as of June 2015. The estimated amount that will be recognized from accumulated other comprehensive income (loss) into net periodic benefit cost during the year ended December 31, 2017 is as follows: Post-Employment Benefit Plan (a) Actuarial net loss $ (184 ) Net prior service credits 338 Net amount recognized $ 154 (a) The Company's pension benefit plans were terminated and paid as of June 2015. The assumed average annual rate of increase in the per capita cost of covered benefits (health care cost trend rate) is as follows: Post-Employment Benefit Plan Year Ended December 31, 2016 2015 Group Plan Lifetime Prescription Cost Medicare Supplement Group Plan Lifetime Prescription Cost Medicare Supplement Health care cost trend rate 7.50 % 9.00 % 5.00 % 7.50 % 9.00 % 5.00 % Ultimate trend rate 5.00 % 5.00 % 5.00 % 5.00 % 5.00 % 5.00 % Year rate reaches ultimate trend rate 2023 2024 2017 2024 2025 2017 A one percentage point increase (decrease) in the assumed health care cost trend rate would have increased (decreased) the accumulated benefit obligation by $124 ($116) at December 31, 2016 , and the service and interest cost would have increased (decreased) by $6 ($6) for the year ended December 31, 2016 . As of December 31, 2016 , the following expected benefit payments (net of Medicare Part D subsidiary for Post-Employment Benefit Plan Payments), and the related expected subsidy receipts that reflect expected future service, as appropriate, are expected to be paid to plan participants: Post-Employment Benefit Plan (a) Expected Benefit Payments Expected Subsidy Receipts 2017 $ 520 $ 18 2018 522 17 2019 534 15 2020 505 14 2021 479 13 2022-2026 1,509 44 Total $ 4,069 $ 121 (a) The Company's pension benefit plans were terminated and paid as of June 2015. (b) This expected pay out schedule considers the termination of the pension benefit plan during 2015. Share-Based Compensation Plans. As of December 31, 2016 , the Company was authorized to issue 40,000,000 shares of Common Stock and had a treasury share balance of 1,457,200 at December 31, 2016 . The Company currently has two active share-based compensation plans: the Employee Equity Incentive Plan of 2014 (the "2014 Plan") and the Non-Employee Director Equity Incentive Plan (the "Directors' Plan"). The plans were approved by shareholders at the Company's annual meeting in May 2014. The 2014 Plan replaced the 2004 Plan. See a detail of activities in both plans below. The Company’s share-based compensation plans provide for the awarding of stock options, stock appreciation rights, shares of restricted stock and RSUs for senior executives and salaried employees as well as outside directors. Compensation expense related to restricted stock awards is based on the market price of the stock on the date the Board of Directors communicates the approved award and is amortized over the vesting period of the restricted stock award. The Consolidated Statements of Income for 2016 , 2015 , and 2014 reflect total share-based compensation costs and director fees for awarded grants of $2,402 , $1,414 , $930 , respectively, related to these plans. The Company elected to early adopt the FASB issued ASU No. 2016-09, Compensation—Stock Compensation (Topic 718) Improvements to Employee Share-Based Payment Accounting. The provision of this ASU related to share-based compensation award forfeitures had no impact on the Company’s beginning of year retained earnings and no impact for the 2016 year since it elected to continue to estimate forfeitures, rather than account for them as they occur (see Note 6 for additional detail related to the ASU No. 2016-09 adoption). For long-term incentive awards to be granted in the form of RSUs in 2017 based on 2016 results, the Human Resources and Compensation Committee ("HRCC") determined that the grants would have performance conditions that would be based on the same performance metrics as the Short-Term Incentive Plan (the "STI Plan"). The performance metrics are operating income, earnings before interest, taxes, depreciation, and amortization ("EBITDA"), and EPS. Because management determined at the beginning of 2016 that the performance metrics would most likely be met or exceeded, amortization of the estimated dollar pool of RSUs to be awarded based on 2016 results was started in the first quarter over an estimated 48 month period, including 12 months to the grant date and an additional 36 months to the vesting date. The Consolidated Statements of Income for 2016 , 2015 , and 2014 reflects share-based compensation costs for grants to be awarded of $317 , $482 , and $0 , respectively. At the Company's annual meeting in May 2014, shareholders also approved a new Employee Stock Purchase Plan (the "ESPP Plan") with 300,000 shares registered for employee purchase. The ESPP plan is not active at this time. Randall M. Schrick, the Company's Vice President of Production and Engineering, retired effective December 31, 2015. Mr. Schrick is providing consulting services to the Company, as needed, under the terms of a consulting agreement entered into with the Company on June 23, 2015, and amended on September 1, 2015 (the "Consulting Agreement"). The initial term of the Consulting Agreement is January 1, 2016, to December 31, 2018, and, under the Consulting Agreement, Mr. Schrick provides consulting with respect to such business matters as he previously provided services as an employee. During the term of the Consulting Agreement and for an eighteen month period thereafter, Mr. Schrick is subject to customary noncompetition, customer and supplier nonsolicitation and employee nonsolicitation restrictions. In recognition of Mr. Schrick's service, the Company elected to continue the vesting of his shares of Restricted Stock and RSUs on their original vesting schedules, which extend beyond Mr. Schrick's intended retirement date. The Company determined that Mr. Schrick's retirement announcement resulted in a modification of his unvested equity awards. Accordingly, the recognition of the remaining associated compensation expense of $195 was accelerated and fully recognized over the period beginning with the measurement date of the modification, June 23, 2015, through December 31, 2015, Mr. Schrick's retirement date. Associated compensation expense is reflected in Selling, general and administrative expenses on the Consolidated Statements of Income. Mr. Schrick's unvested awards on the modification date were 16,500 shares of Restricted Stock and 29,941 RSUs. Remaining at December 31, 2016 were 29,941 RSUs. 2014 Plan The 2014 Plan, with 1,500,000 shares registered for future grants, provides that vesting occurs pursuant to the time period specified in the particular award agreement approved for that issuance of RSUs, which is to be not less than three years unless vesting is accelerated due to the occurrence of certain events. As of December 31, 2016 , 236,069 RSUs had been granted of the 1,500,000 shares approved for under the 2014 Plan. Directors' Plan The Director's Plan, with 300,000 shares registered for future grants, provides that vesting occurs pursuant to the time period specified in the particular award agreement approved for that issuance of equity. As of December 31, 2016 , 54,248 shares were granted of the 300,000 shares approved for grants under the Directors' Plan and all 54,248 shares were vested. 2004 Plan Under the 2004 Plan, as amended, the Company granted incentives (including stock options and restricted stock awards) for up to 2,680,000 shares of the Company’s Common Stock to salaried, full time employees, including executive officers. The term of each award generally was determined by the committee of the Board of Directors charged with administering the 2004 Plan. Under the terms of the 2004 Plan, any options granted were non-qualified stock options, exercisable within ten years and had an exercise price of not less than the fair value of the Company’s Common Stock on the date of the grant. As of December 31, 2016 , no stock options and no unvested restricted stock shares (net of forfeitures) remained outstanding under the 2004 Plan. As of December 31, 2016 , no future grants can be made under the 2004 Plan. In connection with the Reorganization, the 2004 Plan was amended to provide for grants in the form of RSUs. The awards entitle participants to receive shares of stock following the end of a five year vesting period. Full or pro-rata accelerated vesting generally might occur upon a "change in the ownership" of the Company or the subsidiary for which a participant performed services, a "change in effective control" of the Company or a "change in the ownership of a substantial portion of the assets" of the Company (in each case, generally as defined in the Treasury regulations under Section 409A of the Internal Revenue Code), or if employment of a participant is terminated as a result of death, disability, retirement or termination without cause. Participants have no voting of dividend rights under the awards that were granted; however, the awards provide for payment of dividend equivalents when dividends are paid to stockholders. As of December 31, 2016 , 331,000 unvested RSUs remained under the 2004 Plan. As of December 31, 2016 , no RSU awards were available for future grants under the 2004 Plan. On August 8, 2013, the Board of Directors approved modification of certain provisions related to vesting for all restricted stock and restricted unit awards that were awarded under the 2004 Plan. The modifications provided that a pro-rata portion of each restricted stock and RSU award granted under the 2004 Plan would, in addition to vesting in accordance with the terms previously provided therein, vest with respect to a pro-rata portion of such grant, upon the occurrence of the Employment Agreement Change in Control. The modification applies to all employee restricted stock awards and RSU holders, not just executive officers. The modification also provided that all restricted stock awards and RSUs previously awarded to employees shall vest, to the maximum extent provided under the terms of the prior restricted stock award and RSU award guidelines, upon the termination of employment by the Company without cause (as determined in the modification). Directors’ Stock Plan Under the Directors’ Stock Plan, which was approved by stockholders at the 2006 annual meeting, as amended, the Company could grant incentives for up to 175,000 shares of the Company’s Common Stock to outside directors. The plan allowed for grants to be made on the first business day following the date of each annual meeting of stockholders, whereby each non-employee director was awarded restricted stock with a fair market value as determined on the first business day following the annual meeting. The shares awarded became fully vested upon the occurrence of one of the following events (1) the third anniversary of the award date, (2) the death of the director, or (3) a change in control, as defined in the Plan. The HRCC could allow accelerated vesting in the event of specified terminations. In connection with the Reorganization, the Directors’ Stock Plan was amended to provide for grants in the form of RSUs instead of restricted stock. The awards entitled participants to receive shares of stock following the end of a three year vesting period. Participants had no voting or dividend rights under the awards that were granted; however, the awards provided for payment of dividend equivalents when dividends were paid to stockholders. By approval of the Company's Board of Directors on December 16, 2014, the vesting of all unvested RSUs was accelerated and occurred on that date. As of December 31, 2016 , no awards were available for future grants under the Directors’ Stock Plan. A summary of the status of stock options awarded under the Company’s share-based compensation plans for 2015 and 2014 is presented below: Year Ended December 31, 2015 2014 Shares Weighted Shares Weighted Outstanding at beginning of year 4,000 $ 10.45 10,000 $ 9.91 Granted — — — — Canceled/Forfeited — — — — Exercised 4,000 17.09 6,000 9.54 Outstanding at end of year — $ — 4,000 $ 10.45 At December 31, 2016 , the aggregate intrinsic value of stock options outstanding and exercisable was zero since there were no remaining stock options outstanding. Restricted Stock. A summary of the status of restricted stock awarded under the Company’s share-based compensation plans for 2016 , 2015 , and 2014 is presented below: Year Ended December 31, 2016 2015 2014 Weighted Weighted Shares Weighted Average Grant-Date Fair Value Unvested balance at beginning of year 128,500 $ 5.85 278,900 $ 6.28 569,296 $ 5.26 Granted — — 13,585 17.02 58,669 4.42 Forfeited — — (30,800 ) 6.27 (206,282 ) 4.59 Vested (128,500 ) 5.85 (133,185 ) 7.80 (142,783 ) 3.87 Unvested balance at end of year — $ — 128,500 $ 5.85 278,900 $ 6.28 During 2016 , 2015 , and 2014 , the total fair value of restricted stock awards vested was $752 , $1,038 , and $552 , respectively. As of December 31, 2016 there was no unrecognized compensation costs related to restricted stock awards. Restricted Stock Units. A summary of the status of RSUs awarded under the Company’s share-based compensation plans for 2016 , 2015 , and 2014 is presented below: Year Ended December 31, 2016 2015 2014 Units Weighted Average Units Weighted Average Units Weighted Average Unvested balance at beginning of year 437,946 $ 7.09 413,288 $ 5.09 371,502 $ 4.34 Granted 100,892 23.15 89,702 16.63 247,463 5.83 Forfeited (11,352 ) 11.55 (54,506 ) 6.15 (135,104 ) 4.60 Vested — — (10,538 ) 14.88 (70,573 ) 3.22 Unvested balance at end of year 527,486 $ 10.17 437,946 $ 7.09 413,288 $ 5.09 During 2016 , 2015 , and 2014 the total fair value of RSU awards vested was $0 , $157 and $227 , respectively. As of December 31, 2016 there was $1,879 of total estimated unrecognized compensation costs (net of estimated forfeitures) related to RSU awards. These costs are expected to be recognized over a weighted average period of approximately 1.7 years . Annual Cash Incentive Plan . Effective January 1, 2014, the Company adopted a new STI Plan to replace its 2012 Cash Incentive Program. The STI Plan is designed to motivate and retain the Company's officers and employees and tie short-term incentive compensation to achievement of certain profitability goals by the Company. Pursuant to the STI Plan, short-term incentive compensation is dependent on the achievement of certain performance metrics by the Company, established by the Board of Directors. Each performance metric is calculated in accordance with the rules approved by the HRCC, which may adjust the results to eliminate unusual items. For 2016, the performance metrics were operating income, EBITDA, and EPS. For 2015, the performance metrics were operating income, barreled distillate put away, and ICP equity. For 2014, the performance metrics were operating income, EBITDA, and EPS. Operating income for the performance metric was defined as reported GAAP operating income adjusted for certain discretionary items as determined by the Company's management ("adjusted operating income"). For 2014, adjusted operating income was determined to be operating income less insurance recoveries for property damage, net of the book value of property loss, received during the year. EBITDA and EPS were detailed in the Company's Proxy Statement for the 2016 annual meeting of shareholders. The HRCC determines the officers and employees eligible to participate under the STI Plan for the plan year as well as the target annual incentive compensation for each participant for each plan year. Amounts expensed under the STI Plan totaled $3,394 , $4,964 , and $3,166 for 2016 , 2015 , and 2014 , respectively. |
Concentrations
Concentrations | 12 Months Ended |
Dec. 31, 2016 | |
Risks and Uncertainties [Abstract] | |
Concentrations | NOTE 10: CONCENTRATIONS Significant customers . For 2016 , 2015 , and 2014 , the Company had no sales to an individual customer that accounted for more than 10 percent of consolidated net sales. During the years 2016 , 2015 , and 2014 , the Company’s ten largest customers accounted for approximately 36 percent , 42 percent , and 46 percent of consolidated net sales, respectively. Significant suppliers. For 2016, the Company had purchases from two grain suppliers that approximated 31 percent of consolidated purchases. In addition, the Company's 10 largest suppliers accounted for approximately 63 percent of consolidated purchases. For 2015, the Company had purchases from two grain suppliers that approximated 31 percent of consolidated purchases. In addition, the Company’s 10 largest suppliers accounted for approximately 75 percent of consolidated purchases. For 2014, the Company had purchases from one grain supplier that approximated 35 percent of consolidated purchases. In addition, the Company’s 10 largest suppliers accounted for approximately 70 percent of consolidated purchases. |
Operating Segments
Operating Segments | 12 Months Ended |
Dec. 31, 2016 | |
Segment Reporting [Abstract] | |
Operating Segments | NOTE 11: OPERATING SEGMENTS At December 31, 2016 and 2015 , the Company had two segments: distillery products and ingredient solutions. The distillery products segment consists of food grade alcohol and distillery co-products, such as distillers feed (commonly called dried distillers grain in the industry) and fuel grade alcohol. The distillery products segment also includes warehouse services, including barrel put away, barrel storage, and barrel retrieval services. Ingredient solutions consists of specialty starches and proteins, commodity starches and commodity proteins. Operating profit for each segment is based on net sales less identifiable operating expenses. Non-direct selling, general and administrative expenses ("SG&A"), interest expense, earnings from the Company's equity method investments, other special charges, and other general miscellaneous expenses are excluded from segment operations and are classified as Corporate. Receivables, inventories and equipment have been identified with the segments to which they relate. All other assets are considered as Corporate. Year Ended December 31, 2016 2015 2014 Net sales to customers: Distillery products $ 265,243 $ 270,225 $ 256,561 Ingredient solutions 53,020 57,379 56,842 Total $ 318,263 $ 327,604 $ 313,403 Gross profit: Distillery products 56,836 50,662 22,332 Ingredient solutions 8,447 7,871 6,099 Total $ 65,283 $ 58,533 $ 28,431 Depreciation and amortization: Distillery products $ 8,371 $ 8,900 $ 8,510 Ingredient solutions 1,655 2,111 2,316 Corporate 1,227 1,371 1,499 Total $ 11,253 $ 12,382 $ 12,325 Income (loss) before income taxes: Distillery products $ 53,583 $ 49,097 $ 28,701 Ingredient solutions 5,836 5,636 3,939 Corporate (14,702 ) (16,315 ) (6,700 ) Total $ 44,717 $ 38,418 $ 25,940 December 31, 2016 2015 Identifiable Assets Distillery products $ 161,059 $ 131,963 Ingredient solutions 27,109 24,023 Corporate 37,168 38,324 Total $ 225,336 $ 194,310 Revenue from foreign sources totaled $22,422 , $18,772 , and $16,306 for 2016 , 2015 , and 2014 , respectively, and is largely derived from Japan, Thailand, and Canada. There is an immaterial amount of assets located in foreign countries. |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 12 Months Ended |
Dec. 31, 2016 | |
Supplemental Cash Flow Information [Abstract] | |
Supplemental Cash Flow Information | NOTE 12: SUPPLEMENTAL CASH FLOW INFORMATION Year Ended December 31, 2016 2015 2014 Non-cash investing and financing activities: Purchase of property and equipment in accounts payable $ 4,364 $ 1,784 $ 574 Additional cash payment information: Interest paid 1,467 818 903 Income tax paid 16,409 9,393 146 |
Derivative Instruments
Derivative Instruments | 12 Months Ended |
Dec. 31, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments | NOTE 13: 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 Lawrenceburg and Atchison facilities permits the Company to purchase grain 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 grain under the terms of these contracts meet the normal purchases and sales exception as defined under ASC 815, Derivatives and Hedging , and has excluded the fair value of these commitments from recognition within its consolidated financial statements until the actual contracts are physically settled. The Company’s production process also involves the use of wheat flour and natural gas. The contracts for wheat 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 expected production process, the Company has determined that these contracts meet the criteria for the normal purchases and sales exception and have excluded the fair value of these commitments from recognition within its consolidated financial statements until the actual contracts are physically settled. See Note 8 for a discussion of the Company’s direct material purchase commitments. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2016 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | NOTE 14: RELATED PARTY TRANSACTIONS Information related to the Company’s related party transactions is as follows: Transactions with ICP and ICP Holdings The Company has various agreements with ICP and ICP Holdings, including a Contribution Agreement, an LLC Interest Purchase Agreement, and a Limited Liability Company Agreement. As of December 31, 2016 and 2015 , the Company recorded $3,349 and $2,291 respectively, of amounts due to ICP that are included in the Accounts payable to affiliate, net , caption on the accompanying Consolidated Balance Sheets and purchased approximately $29,596 , $39,738 and $35,254 respectively, of product from ICP during 2016 , 2015 , and 2014 , respectively, that are included in the Cost of sales caption on the Consolidated Statements of Income. On February 26, 2016, the Company received a cash dividend distribution from ICP of $3,300 , which was its 30 percent ownership share of the total distribution (see Note 3). On December 4, 2014, the Company received a $4,835 cash dividend distribution from ICP. |
Quarterly Financial Data (unaud
Quarterly Financial Data (unaudited) | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Data (Unaudited) | NOTE 15: QUARTERLY FINANCIAL DATA (UNAUDITED) Year Ended December 31, 2016 (a) (b) Fourth Quarter Third Quarter Second Quarter First Quarter Sales $ 85,005 $ 83,711 $ 82,174 $ 77,191 Less: excise tax 3,860 3,820 1,782 356 Net sales 81,145 79,891 80,392 76,835 Cost of sales 63,560 64,770 64,861 59,789 Gross profit 17,585 15,121 15,531 17,046 Selling, general and administrative expenses 6,987 6,981 6,404 6,321 Other operating income, net — (3,385 ) — — Operating income 10,598 11,525 9,127 10,725 Equity in earnings (Note 3) 1,776 664 1,079 517 Interest expense (314 ) (341 ) (328 ) (311 ) Income before income taxes 12,060 11,848 9,878 10,931 Income tax expense (Note 6) 3,775 2,316 3,570 3,872 Net income $ 8,285 $ 9,532 $ 6,308 $ 7,059 Basic and diluted EPS data $ 0.48 $ 0.55 $ 0.37 $ 0.41 Dividends per common share and per unit $ 0.02 $ 0.02 $ — $ 0.08 (a) Net income was positively impacted during the third quarter of 2016 by other operating income, net, of $3,385 related to a legal settlement agreement and a gain on sale of long-lived assets and by a lower effective income tax rate related to the implementation of ASU No. 2016-09, Compensation—Stock Compensation (Topic 718) Improvements to Employee Share-Based Payment Accounting . (b) Quarterly EPS amounts may not add to amounts for the year because quarterly and annual EPS calculations are performed separately. Year Ended December 31, 2015 (a) (b) Fourth Quarter Third Quarter Second Quarter First Quarter Sales $ 85,072 $ 83,880 $ 92,071 $ 84,864 Less: excise tax 3,563 3,552 6,717 4,451 Net sales 81,509 80,328 85,354 80,413 Cost of sales 65,754 68,466 67,826 67,025 Gross profit 15,755 11,862 17,528 13,388 Selling, general and administrative expenses 5,681 5,497 8,025 6,480 Operating income 10,074 6,365 9,503 6,908 Equity in earnings (Note 3) 92 1,562 3,096 1,352 Interest expense (160 ) (114 ) (129 ) (131 ) Income before income taxes 10,006 7,813 12,470 8,129 Income tax expense (Note 6) 3,527 1,042 4,599 3,059 Net income $ 6,479 $ 6,771 $ 7,871 $ 5,070 Basic and diluted EPS data $ 0.38 $ 0.38 $ 0.44 $ 0.28 Dividends per common share and per unit $ — $ — $ — $ 0.06 (a) Net income was positively impacted during the second quarter of 2015 by $460 as result of an insurance recovery. (b) Net income was positively impacted during the third and fourth quarters of 2015 by $1,908 and $477 , respectively, as result of a release of the valuation allowance related to deferred tax assets, |
Property and Business Interrupt
Property and Business Interruption Insurance Claims and Recoveries | 12 Months Ended |
Dec. 31, 2016 | |
Unusual or Infrequent Items, or Both [Abstract] | |
Property and Business Interruption Insurance Claims and Recoveries | NOTE 16: PROPERTY AND BUSINESS INTERRUPTION INSURANCE CLAIMS AND RECOVERIES During October 2016, the Company experienced a chemical release at its Atchison facility. The reaction resulted in emissions venting into the air. The appropriate regulatory agencies were notified and investigations continue. Injuries were reported and treated at area hospitals. The Company continues to work with its environmental insurance carrier on this claim (see Note 8). During October 2014, the Company experienced a fire at its Atchison facility. Certain equipment in the facility's feed drying operations was damaged, but repairable, and the Company experienced a seven day temporary loss of production. The Company reached final settlement with its insurance carrier to close this claim during the quarter ended March 31, 2015. During January 2014, the Company experienced a fire at its Lawrenceburg facility. The fire damaged certain equipment in the feed dryer house and caused a temporary loss of production. The fire did not impact the Company's own or customer owned warehoused inventory. In December 2014, the Company negotiated a final settlement with its insurance carrier to close this claim. As part of the settlement, the Company assumed the risk of all future business interruption until permanent repairs were completed. Detail of the activities related to the property and business interruption insurance claims and recoveries, as well as where the net impacts are recorded on the Consolidated Statements of Income, for 2015 and 2014 are as follows: Year Ended December 31, 2015 2014 Total insurance recoveries $ 460 $ 9,375 Insurance recoveries - interruption of business $ 460 $ 925 Less: out-of-pocket expenses related to interruption of business in Cost of Sales — 617 Net reduction to Cost of sales on the Consolidated Statements of Income $ 460 $ 308 Insurance recoveries - property damage $ — $ 8,450 Less: Net book value of property loss in insurance recoveries — 160 Insurance recoveries on the Consolidated Statements of Income $ — $ 8,290 |
Acquisition
Acquisition | 12 Months Ended |
Dec. 31, 2016 | |
Business Combinations [Abstract] | |
Business Combination Disclosure [Text Block] | NOTE 17: ACQUISITION On November 7, 2016, the Company acquired 100% controlling interest in the George Remus® brand business from Queen City Whiskey LLC in a taxable purchase transaction. The results of the George Remus® brand business since that date have been included in the Company's consolidated financial statements. As a result of the acquisition, the Company is expected to expand the distribution of the George Remus® brand products. It also expects to reduce costs through economies of scale. The goodwill and other intangible asset of $1,850 arising from the acquisition relates to the synergies and those cost reductions. The aggregate noncontingent portion of the purchase price was $1,551 and was paid in cash. The purchase price also included a contingent consideration arrangement with a fair value of $350 . This fair value was based on significant inputs that are not observable and are referred to as Level 3 inputs. The contingent consideration to be paid is calculated on the excess sales over a base level through 2020 and is not limited in amount. The following table summarizes the consideration paid for the George Remus® brand business and the amount of estimated fair value of the assets acquired at the acquisition date. Consideration: Cash $ 1,551 Contingent consideration arrangement (included in Other non-current liabilities on the Consolidated Balance Sheets) 350 Fair value of total consideration transferred $ 1,901 Recognized amounts of identifiable assets acquired: Inventory $ 51 Total identifiable net assets assumed $ 51 Goodwill and Brand name (indefinite lived) (included in Other assets on the Consolidated Balance Sheets) (see Note 4) 1,850 Total $ 1,901 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events | NOTE 18: SUBSEQUENT EVENTS Dividend Declaration On February 15, 2017, the Board of Directors declared a quarterly dividend payable to stockholders of record as of March 1, 2017, of the Company's Common Stock and a dividend equivalent payable to holders of RSUs as of March 1, 2017, of $0.04 per share and per unit. The dividend payment and dividend equivalent payment will occur on March 24, 2017. |
Nature of Operations and Summ28
Nature of Operations and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
The Company | The Company. MGP Ingredients, Inc. ("Registrant" or "Company") is a Kansas corporation headquartered in Atchison, Kansas. It was incorporated in 2011 and is a holding company with no operations of its own. Its principal directly owned operating subsidiaries are MGPI Processing, Inc. ("Processing") and MGPI of Indiana, LLC ("MGPI-I"). Processing was incorporated in Kansas in 1957 and is the successor to a business founded in 1941 by Cloud L. Cray, Sr. Prior to the Reorganization (discussed below), Processing was named MGP Ingredients, Inc. MGPI-I (previously named Firebird Acquisitions, Inc.) acquired substantially all the beverage alcohol distillery assets of Lawrenceburg Distillers Indiana, LLC ("LDI") at its Lawrenceburg and Greendale, Indiana facility on December 27, 2011. On January 3, 2012, MGP Ingredients, Inc. was reorganized into a holding company structure (the "Reorganization"). In connection with the Reorganization and to further the holding company structure, Processing distributed three of its formerly directly owned subsidiaries, MGPI-I, D.M. Ingredients, GmbH ("DMI"), and Midwest Grain Pipeline, Inc., to the Company. Processing’s other subsidiary, Illinois Corn Processing, LLC ("ICP"), remained a directly owned subsidiary of Processing and is now 30 percent owned. During the second quarter of fiscal 2010, through a series of transactions, the Company formed a joint venture by contributing its former Pekin, Illinois facility to a newly formed company, ICP, and then selling a 50 percent interest in ICP. In 2012, the Company sold an additional 20 percent interest in ICP. The Company purchases food grade alcohol products manufactured by ICP. Throughout the Notes to Consolidated Financial Statements, when "the Company" is used in reference to activities prior to the Reorganization, the reference is to the combined business, Processing (formerly MGP Ingredients, Inc.) and its consolidated subsidiaries, and when "the Company" is used in reference to activities occurring after the Reorganization, reference is to the combined business of MGP Ingredients, Inc. (formerly MGPI Holdings, Inc.) and its consolidated subsidiaries, except to the extent the context indicates otherwise. MGP is a leading producer and supplier of premium distilled spirits and specialty wheat proteins and starches. Distilled spirits include premium bourbon and rye whiskeys, and grain neutral spirits, including vodka and gin. The Company’s proteins and starches provide a host of functional, nutritional and sensory benefits for a wide range of food products to serve the packaged goods industry. MGP is also a top producer of high quality industrial alcohol for use in both food and non-food applications. The Company's distillery products are derived from corn and other grains (including rye, barley, wheat, barley malt, and milo), and its ingredient products are derived from wheat flour. The majority of the Company's sales are made directly or through distributors to manufacturers and processors of finished packaged goods or to bakeries. The Company has two reportable segments: distillery products and ingredient solutions. The distillery products segment consists primarily of food grade alcohol, and to a much lesser extent, fuel grade alcohol, distillers feed and corn oil. Distillers feed, fuel grade alcohol, and corn oil are co-products of the Company's distillery operations. The ingredient solutions segment products primarily consist of specialty starches, specialty proteins, commodity starches and commodity vital wheat gluten (or commodity wheat proteins). The Company procures textured wheat proteins through a toll manufacturing arrangement at a facility in the United States. During December 2011, through its wholly owned subsidiary, MGPI-I, the Company acquired the beverage alcohol distillery assets of LDI. The Company sells its products on normal credit terms to customers in a variety of industries located primarily throughout the United States and Japan. The Company operates facilities in Atchison, Kansas, and in Lawrenceburg and Greendale, Indiana. |
Use of Estimates | Use of Estimates. The financial reporting policies of the Company conform to accounting principles generally accepted in the United States of America ("GAAP"). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. The application of certain of these policies places significant demands on management’s judgment, with financial reporting results relying on estimation about the effects of matters that are inherently uncertain. For all of these policies, management cautions that future events rarely develop as forecast, and estimates routinely require adjustment and may require material adjustment. |
Principles of Consolidation | Principles of Consolidation. The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. |
Cash and Cash Equivalents | Cash and Cash Equivalents. Short-term liquid investments with an initial maturity of 90 days or less are considered cash equivalents. Cash equivalents are stated at cost, which approximates market value due to the relatively short maturity of these instruments. |
Receivables | Receivables. Receivables are stated at the amounts billed to customers. The Company provides an allowance for estimated doubtful accounts. This allowance is based upon a review of outstanding receivables, historical collection information and an evaluation of existing economic conditions impacting the Company’s customers. Accounts receivable are ordinarily due 30 days after the issuance of the invoice. Receivables are considered delinquent after 30 days past the due date. These delinquent receivables are monitored and are charged to the allowance for doubtful accounts based upon an evaluation of individual circumstances of the customer. Account balances are written off after collection efforts have been made and potential recovery is considered remote. |
Inventory | Inventory. Inventory includes finished goods, raw materials in the form of agricultural commodities used in the production process and certain maintenance and repair items. Bourbon and whiskeys are normally aged in barrels for several years, following industry practice; all barreled bourbon and whiskey 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, or FIFO, method. Inventory valuations are impacted by constantly changing prices paid for key materials, primarily corn. |
Derivatives Instruments | Derivative Instruments. The Company recognizes all derivatives as either assets or liabilities at their fair values. Accounting for changes in the fair value of a derivative depends on whether the derivative has been designated as a cash flow hedge and the effectiveness of the hedging relationship. Derivatives qualify for treatment as cash flow hedges for accounting purposes when there is a high correlation between the change in fair value of the hedging instrument ("derivative") and the related change in value of the underlying commitment ("hedged item"). For derivatives that qualify as cash flow hedges for accounting purposes, except for ineffectiveness, the change in fair value has no net impact on earnings, to the extent the derivative is considered effective, until the hedged item or transaction affects earnings. For derivatives that are not designated as hedging instruments for accounting purposes, or for the ineffective portion of a hedging instrument, the change in fair value affects current period net earnings. |
Property, Depreciation and Amortization | Properties, Depreciation and Amortization. Property and equipment are typically stated at cost. Additions, including those that increase the life or utility of an asset, are capitalized and all properties are depreciated over their estimated remaining useful lives. Depreciation and amortization are computed using the straight line method over the following estimated useful lives: Buildings and improvements 20 – 40 years Transportation equipment 5 – 6 years Machinery and equipment 10 – 12 years Maintenance costs are expensed as incurred. The cost of property and equipment sold, retired or otherwise disposed of, as well as related accumulated depreciation and amortization, is eliminated from the property accounts with related gains and losses reflected in the Consolidated Statements of Income. The Company capitalizes interest costs associated with significant construction projects. |
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 percent voting control, and is not considered the primary beneficiary. Under the equity method of accounting, the Company reflects its investment in non-consolidated subsidiaries within the Company’s Consolidated Balance Sheets as Equity method investments ; the Company’s share of the earnings or losses of the non-consolidated subsidiaries are reflected as Equity method investment earnings (loss) in the Consolidated Statements of 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. |
Earnings (loss) per Share | Earnings (loss) per Share ("EPS). Basic and diluted EPS is 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 declared and participation rights in undistributed earnings. Per share amounts are computed by dividing net income attributable to common shareholders by the weighted average shares outstanding during each year or period. |
Deferred Credit | Deferred Credits. Funding received by the Company in the form of grants and/or reimbursements related to specific assets are allocated to the associated assets and are included as deferred credits in the Consolidated Balance Sheets. As the related assets are depreciated, deferred credits are reduced with a credit to Cost of sales or Selling, general and administrative expenses in the Consolidated Statements of Income. |
Income Taxes | Income Taxes. The Company accounts for income taxes using an asset and liability method which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. A valuation allowance is recognized if it is more likely than not that at least some portion of the deferred tax asset will not be realized. Evaluating the need for, and amount of, a valuation allowance for deferred tax assets often requires significant judgment and extensive analysis of all available evidence on a jurisdiction-by-jurisdiction basis. Such judgments require the Company to interpret existing tax law and other published guidance as applied to its circumstances. As part of this assessment, the Company considers both positive and negative evidence about its profitability and tax situation. A valuation allowance is provided if, based on available evidence, it is more likely than not that all or some portion of a deferred tax asset will not be realized. The Company generally considers the following and other positive and negative evidence to determine the likelihood of realization of the deferred tax assets: • Future realization of deferred tax assets is dependent on projected taxable income of the appropriate character from the Company's continuing operations. • Future reversals of existing temporary differences are heavily weighted sources of objectively verifiable positive evidence. • The long carryback and carryforward periods permitted under the tax law are objectively verified positive evidence. • Tax planning strategies can be, depending on their nature, heavily weighted sources of objectively verifiable positive evidence when the strategies are available and can be reasonably executed. Tax planning strategies are actions that are prudent and feasible, considering current operations and strategic plans, which the Company ordinarily might not take, but would take to prevent a tax benefit from expiring unused. Tax planning strategies, if available, may accelerate the recovery of a deferred tax asset so the tax benefit of the deferred tax asset can be carried back. • Projections of future taxable income exclusive of reversing temporary differences are a source of positive evidence when the projections are combined with a history of recent profits and current financial trends and can be reasonably estimated. Accounting for uncertainty in income tax positions requires management judgment and the use of estimates in determining whether the impact of a tax position is "more likely than not" of being sustained. The Company considers many factors when evaluating and estimating its tax positions, which may require periodic adjustment and which may not accurately anticipate actual outcomes. It is reasonably possible that amounts reserved for potential exposure could change significantly as a result of the conclusion of tax examinations and, accordingly, materially affect the Company’s reported net income after tax. |
Revenue Recognition | Revenue Recognition. Except as discussed below, revenue from the sale of the Company’s products is recognized as products are delivered to customers according to shipping terms and when title and risk of loss have transferred. Income from various government incentive grant programs is recognized as it is earned. The Company’s Distillery segment routinely produces unaged distillate, and this product is frequently barreled and warehoused at a Company location for an extended period of time in accordance with directions received from the Company’s customers. This product must meet customer acceptance specifications, the risks of ownership and title for these goods must be passed, and requirements for bill and hold revenue recognition must be met prior to the Company recognizing revenue for this product. Separate warehousing agreements are maintained for customers who store their product with the Company and warehouse services revenue is recognized as the services are provided. |
Excise Taxes | Excise Taxes. Certain sales of the Company are subject to excise taxes, which the Company collects from customers and remits to governmental authorities. The Company records the collection of excise taxes on distilled products sold to these customers as accrued expenses. No revenue or expense is recognized in the Consolidated Statements of Income related to excise taxes paid by customers directly to governmental authorities. |
Recognition of Insurance Recoveries | Recognition of Insurance Recoveries. Estimated loss contingencies are recognized as charges to income when they are probable and reasonably estimable. Insurance recoveries are not recognized until all contingencies related to the insurance claim have been resolved and settlement has been reached with the insurer. Insurance recoveries, to the extent of costs and lost profits, are reported as a reduction to Cost of sales on the Consolidated Statements of Income. Insurance recoveries, in excess of costs and losses are included in Insurance recoveries on the Consolidated Statements of Income. |
Research and Development | Research and Development. During 2016 , 2015 , and 2014 , the Company incurred $916 , and $748 , $1,622 respectively, on research and development activities. These activities were expensed and are included in Selling, general and administrative expenses on the Consolidated Statements of Income. |
Long-Lived Assets and Loss on Impairment of Assets | Long-Lived Assets and Loss on Impairment of Assets. Management reviews long-lived assets whenever events or circumstances indicate that usage may be limited and carrying values may not be fully recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of the asset to future undiscounted net cash flows expected to be generated by the asset. If such assets are determined to be impaired, the impairment is measured by the amount by which the asset carrying value exceeds the estimated fair value of the asset. Assets to be disposed are reported at the lower of the carrying amount or fair value less costs to sell. Fair value is determined through various valuation techniques, including discounted cash flow models, quoted market values and third party independent appraisals, as considered necessary. |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets. Goodwill is an asset representing the future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized. Indefinite-lived intangible assets are assets that are not amortized as there is no foreseeable limit to cash flows generated from them. Management reviews goodwill and other intangible assets whenever events or circumstances indicate that usage may be limited and carrying values may not be fully recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of the asset to future undiscounted net cash flows expected to be generated by the asset. If such assets are determined to be impaired, the impairment is measured by the amount by which the asset carrying value exceeds the estimated fair value of the asset. Assets to be disposed are reported at the lower of the carrying amount or fair value less costs to sell. Fair value is determined through various valuation techniques, including discounted cash flow models, quoted market values and third party independent appraisals, as considered necessary. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments. The Company determines the fair values of its financial instruments based on a fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The hierarchy is broken down into three levels based upon the observability of inputs. Fair values determined by Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access. Level 2 inputs include quoted prices for similar assets and liabilities in active markets and inputs other than quoted prices that are observable for the asset or liability. Level 3 inputs are unobservable inputs for the asset or liability, and include situations where there is little, if any, market activity for the asset or liability. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the level in the fair value hierarchy within which the fair value measurement in its entirety falls has been determined based on the lowest level input that is significant to the fair value measurement in its entirety. The Company’s assessment of the significance of a particular input to the fair value in its entirety requires judgment and considers factors specific to the asset or liability. 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. |
Pension Benefits | Pension Benefits. In April 2015, the Company received approval from the Pension Benefit Guaranty Corporation to terminate its pension plans for employees covered under collective bargaining agreements. Benefit obligations at December 31, 2015 were zero, as $741 in termination liabilities was distributed to plan participants or transferred to an insurer during the quarter ended June 30, 2015, and was followed by the closing of the pension trust account in 2015. Prior to termination, the Company accounted for its pension benefit plan's funded status as a liability included in Other non current liabilities on the Consolidated Balance Sheets. The Company measured the funded status of its pension benefit plans using actuarial techniques that reflected management’s assumptions for discount rate, expected long-term investment returns on plan assets, salary increases, expected retirement, mortality, and employee turnover. Assumptions regarding employee and retiree life expectancy were based upon the RP 2000 Combined Mortality Table ("2000 tables"). Although the Society of Actuaries released new mortality tables on October 27, 2014, the Internal Revenue Service continued to use the 2000 tables through 2015. Because the pension benefit plan was being terminated, the actuarial valuation of the pension benefit plan assumed all remaining assets of the plan would be distributed to plan participants or transferred to an insurer during 2015, so the new mortality tables were not adopted. The funding by the Company to terminate the plans was $741 and was recognized when the pension plan settlement was fully executed, during the quarter ended June 30, 2015 . |
Post-Employment Benefits | Post-Employment Benefits. The Company accounts for its post-employment benefit plan's funded status as a liability included in Accrued Retirement Health and Life Insurance Benefits on the Consolidated Balance Sheets. The Company measures the obligation for other post-employment benefits using actuarial techniques that reflect management’s assumptions for discount rate, expected retirement, mortality, employee turnover, health care costs for retirees and future increases in health care costs, which are based upon actual claims experience and other environmental and market factors impacting the costs of health care in the short and long-term. Assumptions regarding employee and retiree life expectancy are based upon the Society of Actuaries RP-2014 Mortality Tables using Scale MP-2015. The discount rate is determined based on the rates of return on high quality fixed income investments using the Citigroup Pension Liability Index as of the measurement date (long-term rates of return are not considered because the plan has no assets). |
Stock Options and Restricted Stock Awards | Stock Options and Restricted Stock Awards. The Company has share-based employee compensation plans primarily in the form of restricted common stock ("restricted stock"), restricted stock units ("RSUs") and stock options, which are described more fully in Note 9. The Company recognizes the cost of share-based payments over the vesting period based on the grant date fair value of the award. The grant date fair value for stock options is estimated using the Black-Scholes option pricing model adjusted for the unique characteristics of the awards. |
Recently Issued Accounting Pronouncements | Recent Accounting Pronouncements. In December 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2016-19, Technical Corrections and Improvements, which amends a number of Topics in the FASB ASC. The ASU is part of an ongoing FASB project to facilitate Codification updates for non-substantive technical corrections, clarifications, and improvements that are not expected to have a significant effect on accounting practice or create a significant administrative cost to most entities. The ASU will apply to all reporting entities within the scope of the affected accounting guidance. Most amendments are effective upon issuance (December 2016). Certain amendments that require transition guidance are effective for: Public business entities, for annual and interim periods in fiscal years beginning after December 15, 2016 (for cloud computing arrangements); All other entities, for annual periods in fiscal years beginning after December 15, 2017, and interim periods in fiscal years beginning after December 15, 2018 (for cloud computing arrangements); and All entities, for annual and interim periods in fiscal years beginning after December 15, 2016 (for certain others, including the change to fair value measurement disclosures). Early adoption is permitted for the amendments that require transition guidance. The Company is evaluating the effect that ASU 2016-19 will have on its consolidated financial statements and related disclosures and is not planning to early adopt the new standard. In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash, which requires companies to include cash and cash equivalents that have restrictions on withdrawal or use in total cash and cash equivalents on the statement of cash flows. This ASU is effective for public business entities for annual and interim periods in fiscal years beginning after December 15, 2017. Early adoption is permitted, including adoption in an interim period. If an entity early adopts the amendments in an interim period, adjustments should be reflected at the beginning of the fiscal year that includes that interim period. The Company is evaluating the effect that ASU 2016-18 will have on its consolidated financial statements and related disclosures. In October 2016, the FASB issued ASU 2016-16, Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory, which requires entities to recognize at the transaction date the income tax consequences of intercompany asset transfers other than inventory. This ASU is effective for public business entities for annual and interim periods in fiscal years beginning after December 15, 2017. Entities may early adopt the ASU, but only at the beginning of an annual period for which no financial statements (interim or annual) have already been issued or made available for issuance. The Company is evaluating the effect that ASU 2016-16 will have on its consolidated financial statements and related disclosures. In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments , which addresses eight classification issues related to the statement of cash flows: Debt prepayment or debt extinguishment costs; Settlement of zero coupon bonds; Contingent consideration payments made after a business combination; Proceeds from the settlement of insurance claims; Proceeds from the settlement of corporate owned life insurance policies, including bank owned life insurance policies; Distributions received from equity method investees; Beneficial interests in securitization transactions; and Separately identifiable cash flows and application of the predominance principle. This ASU is effective for public business entities for annual and interim periods in fiscal years beginning after December 15, 2017. Early adoption is permitted, including adoption in an interim period. If an entity early adopts the ASU in an interim period, adjustments should be reflected as of the beginning of the fiscal year that includes that interim period. An entity that elects early adoption must adopt all of the amendments in the same period. Entities should apply this ASU using a retrospective transition method to each period presented. If it is impracticable for an entity to apply the ASU retrospectively for some of the issues, it may apply the amendments for those issues prospectively as of the earliest date practicable. The Company is currently evaluating the impact that the adoption of ASU 2016-15 will have on its consolidated financial statements and related disclosures. In June 2016, the FASB issued ASU 2016-13, Measurement of Credit Losses on Financial Instruments , which significantly changes the way entities recognize impairment of many financial assets by requiring immediate recognition of estimated credit losses expected to occur over their remaining life. This ASU is effective for public business entities that are SEC filers for annual and interim periods in fiscal years beginning after December 15, 2019, with early adoption permitted for annual and interim periods in fiscal years beginning after December 15, 2018. The Company is currently evaluating the impact that the adoption of ASU 2016-13 will have on its consolidated financial statements and related disclosures. In February 2016, the FASB issued ASU 2016-02, Leases , which aims to make leasing activities more transparent and comparable and requires substantially all leases be recognized by lessees on their balance sheet as a right-of-use asset and corresponding lease liability, including leases currently accounted for as operating leases. This ASU is effective for all interim and annual reporting periods beginning after December 15, 2018, with early adoption permitted. The Company is currently evaluating the impact that the adoption of ASU 2016-02 will have on its consolidated financial statements and related disclosures. At December 31, 2016, the Company had various machinery and equipment operating leases, as well as operating leases for 207 rail cars and one office space. In January 2016, the FASB issued ASU 2016-01, Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities, which will significantly change the income statement impact of equity investments, and the recognition of changes in fair value of financial liabilities when the fair value option is elected. The ASU is effective for public business entities for interim and annual periods in fiscal years beginning after December 15, 2017. The Company is evaluating the effect that ASU 2016-01 will have on its consolidated financial statements and related disclosures. In July 2015, the FASB issued ASU No. 2015-11, Simplifying the Measurement of Inventory (Topic 330) , which simplifies its current requirement that an entity measure inventory at lower of cost or market, when market could be replacement cost, net realizable value, or net realizable value less an approximately normal profit margin. Inventory within the scope of ASU 2015-11 should be measured at the lower of cost and net realizable value. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. ASU 2015-11 is effective for financial statements issued for fiscal years beginning after December 15, 2016, and interim periods within fiscal years beginning after December 15, 2017. The Company is evaluating the effect that ASU 2015-11 will have on its consolidated financial statements and related disclosures. In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606), which will replace numerous requirements in U.S. GAAP, including industry specific requirements, and provide companies with a single revenue recognition model for recognizing revenue from contracts with customers. The core principle of the new standard is that a company should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. The two permitted transition methods under the new standard are the full retrospective method, in which case the standard would be applied to each prior reporting period presented and the cumulative effect of applying the standard would be recognized at the earliest period shown, or the modified retrospective method, in which case the cumulative effect of applying the standard would be recognized at the date of initial application. In July 2015, the FASB approved the deferral of the new standard's effective date by one year. The new standard is effective for annual reporting periods beginning after December 15, 2017. The FASB will permit companies to adopt the new standard early, but not before the original effective date of annual reporting periods beginning after December 15, 2016, but the Company is not planning to early adopt the new standard. In 2016, the Company established an implementation team consisting of internal and external representatives. The implementation team is in the process of assessing the impact the new standard will have on the consolidated financial statements and assessing the impact on individual contracts in the Company's revenue streams. In addition, the implementation team is in the process of identifying, and will then implement, appropriate changes to business processes, systems and controls to support recognition and disclosure under the new standard. The implementation team will report findings and progress of the project to management and the Audit Committee on a frequent basis through the effective date. The Company will adopt the requirements of the new standard in the first quarter of 2018 and anticipates using the modified retrospective transition method. The Company has not yet determined the quantitative impact on its financial statements. |
Nature of Operations and Summ29
Nature of Operations and Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Property, Plant and Equipment | Depreciation and amortization are computed using the straight line method over the following estimated useful lives: Buildings and improvements 20 – 40 years Transportation equipment 5 – 6 years Machinery and equipment 10 – 12 years Property and equipment consist of the following: December 31, 2016 2015 Land, buildings and improvements $ 67,487 $ 56,143 Transportation equipment 3,253 5,417 Machinery and equipment 164,871 152,742 Construction in progress 10,608 15,612 Property and equipment, at cost 246,219 229,914 Less accumulated depreciation and amortization (153,428 ) (146,360 ) Property and equipment, net $ 92,791 $ 83,554 |
Interest Cost | Total interest incurred for 2016 , 2015 , and 2014 is noted below: Year Ended December 31, 2016 2015 2014 Interest costs charged to expense $ 1,294 $ 534 $ 816 Plus: Interest cost capitalized 198 297 107 Total $ 1,492 $ 831 $ 923 |
Other Balance Sheet Captions (T
Other Balance Sheet Captions (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Supplemental Balance Sheet Disclosures [Abstract] | |
Schedule of Inventory, Current | Inventory consists of the following: December 31, 2016 2015 Finished goods $ 14,002 $ 15,126 Barreled distillate (bourbon and whiskey) 50,941 28,278 Raw materials 4,274 6,675 Work in process 1,933 2,364 Maintenance materials 6,231 5,371 Other 1,477 887 Total $ 78,858 $ 58,701 |
Property, Plant and Equipment | Depreciation and amortization are computed using the straight line method over the following estimated useful lives: Buildings and improvements 20 – 40 years Transportation equipment 5 – 6 years Machinery and equipment 10 – 12 years Property and equipment consist of the following: December 31, 2016 2015 Land, buildings and improvements $ 67,487 $ 56,143 Transportation equipment 3,253 5,417 Machinery and equipment 164,871 152,742 Construction in progress 10,608 15,612 Property and equipment, at cost 246,219 229,914 Less accumulated depreciation and amortization (153,428 ) (146,360 ) Property and equipment, net $ 92,791 $ 83,554 |
Schedule of Accrued Liabilities | Accrued expenses consist of the following: December 31, 2016 2015 Employee benefit plans $ 820 $ 1,027 Salaries and wages 5,641 6,790 Restructuring and severance charges 124 517 Property taxes 824 784 Other accrued expenses 1,536 1,282 Total $ 8,945 $ 10,400 |
Deferred Credits | Deferred credits . Deferred credits consist of the following: Year Ended December 31, 2016 2015 USDA grant (a) $ 1,434 $ 1,949 LCD reimbursement (b) 959 1,042 Other reimbursement 313 411 Deferred incentive 272 — Total $ 2,978 $ 3,402 (a) In 2001, the United States Department of Agriculture developed a grant program for the gluten industry ("USDA grant") and the Company received nearly $26,000 of grants required to be used for research, marketing, promotional and capital costs related to value added gluten and starch products. (b) In 2012, the Lawrenceburg Conservancy District ("LCD") in Greendale, IN agreed to reimburse the Company up to $1,250 of certain capital maintenance costs of a Company owned warehouse structure that is integral to the efficacy of the LCD’s flood control system ("LCD reimbursement"). Certain capital maintenance activities were completed prior to December 31, 2012 and the remaining capital maintenance activities were completed during 2014. As of December 31, 2014 the Company had received a total of $1,236 in reimbursements. |
Equity Method Investments (Tabl
Equity Method Investments (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Condensed Financial Information of Equity Method Investment | Condensed financial information of the Company’s equity method investment in ICP is shown below: Year Ended December 31, ICP’s Operating results: 2016 2015 2014 Net sales (a) $ 177,401 $ 166,905 $ 236,486 Cost of sales and expenses (b) (163,837 ) (146,098 ) (196,551 ) Net income $ 13,564 $ 20,807 (c) $ 39,935 (a) Includes related party sales to MGPI of $27,675 , $38,941 , and $36,289 for 2016 , 2015 , and 2014 , respectively. (b) Includes depreciation and amortization of $3,030 , $2,634 , and $2,847 for 2016 , 2015 , and 2014 , respectively. (c) Includes business interruption insurance proceeds of $4,112 for 2015 . |
The Company's Equity in Earnings (Loss) of Joint Ventures | The Company’s equity method investment earnings (losses) are as follows: Year Ended December 31, 2016 2015 2014 ICP (30% interest) $ 4,069 $ 6,242 $ 10,098 DMI (50% interest) (33 ) (a) (140 ) 39 Total $ 4,036 $ 6,102 $ 10,137 (a) On December 23, 2016, the Company received its portion of the remaining DMI liquidation proceeds totaling $351 . Prior to receiving the proceeds, the Company's equity method investment was $384 . The difference of $33 was recognized as an equity method investment loss for the year ended December 31, 2016 . |
Schedule of Equity Method Investments | The Company’s equity method investments are as follows: December 31, 2016 2015 ICP (30% interest) (a) $ 18,934 $ 18,179 DMI (50% interest) — 384 Total $ 18,934 $ 18,563 (a) During 2016, the Company received a $3,300 cash distribution from ICP, which reduced the Company's investment in ICP. |
Goodwill and Other Intangible32
Goodwill and Other Intangible Asset (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets and Goodwill | The following table details the amounts recorded as goodwill and other intangible asset and are components of Other assets on the Consolidated Balance Sheets (including no accumulated impairment losses): Balance as of December 31, 2015 $ — Goodwill 1,500 Brand name (indefinite lived) 350 Balance as of December 31, 2016 $ 1,850 |
Corporate Borrowings and Capi33
Corporate Borrowings and Capital Lease Obligations (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments | Debt consists of the following: December 31, 2016 2015 Credit Agreement - Revolver, 2.45% (variable rate) due 2020 $ 16,000 $ 23,172 Credit Agreement - Fixed Asset Sub-Line term loan, 2.86% (variable rate) due 2020 5,253 6,254 Credit Agreement - term loan, 2.86% (variable rate) due 2020 13,000 — Secured Promissory Note, 3.71% (variable rate) due 2022 2,324 2,670 Secured Promissory Note, 6.89% (variable rate), due 2016. — 36 Capital Lease Obligation, 2.61%, due 2017 — 1,964 Unamortized loan fees (a) (576 ) (636 ) Total 36,001 33,460 Less current maturities of long term debt (4,359 ) (3,345 ) Long-term debt $ 31,642 $ 30,115 (a) Loan fees are being amortized over the life of the Credit Agreement. |
Offsetting Assets and Liabilities | The Bonds matured and the Lease expired December 1, 2016, and, accordingly, are no longer offset items at December 31, 2016 . (1) (2) (3) = (1) - (2) Gross Amounts of Recognized Assets (Liabilities) Gross Amounts offset in the Balance Sheet Net Amounts of Assets (Liabilities) presented in the Balance Sheet December 31, 2015: Investment in bonds $ 7,000 $ 7,000 $ 0 Capital lease obligation $ (7,000 ) $ (7,000 ) $ 0 |
Contractual Obligation, Fiscal Year Maturity Schedule | Minimum annual payments and present values under existing debt maturities are as follows: Year Ending December 31, Credit Agreement Long-Term Debt Total Debt 2017 $ — $ 358 $ 358 2018 — 372 $ 372 2019 — 386 $ 386 2020 34,253 400 $ 34,653 2021 — 416 $ 416 Thereafter — 392 $ 392 Total $ 34,253 $ 2,324 $ 36,577 The following table provides information on all amounts and payments of the Company's contractual obligations/commitments at December 31, 2016 : Payments due by period Total Less than 1 year 1-3 years 4-5 years More than 5 years Long term debt $ 2,324 $ 358 $ 758 $ 816 $ 392 Interest on Long term debt 267 80 119 61 7 Operating leases 9,700 3,397 2,936 2,374 993 Post-employment benefit plan obligations 3,948 502 1,024 957 1,465 Purchase commitments 80,274 76,380 (a) 3,634 260 — Total $ 96,513 $ 80,717 $ 8,471 $ 4,468 $ 2,857 (a) Includes open purchase order commitments related to raw materials and packaging used in the ordinary course of business of $73,334 . |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) | Income tax expense (benefit) from continuing operations is composed of the following: Year Ended December 31, 2016 2015 2014 Current: Federal $ 12,637 $ 8,954 $ — State 342 1,003 229 12,979 9,957 229 Deferred: Federal (254 ) 3,174 5,010 State 808 (904 ) (2,974 ) 554 2,270 2,036 Total $ 13,533 $ 12,227 $ 2,265 |
Schedule of Effective Income Tax Rate Reconciliation | A reconciliation of income tax expense from operations at the normal statutory federal rate to the provision included in the accompanying Consolidated Statements of Income is shown below: Year Ended December 31, 2016 2015 2014 "Expected" provision at federal statutory rate $ 15,651 $ 13,446 $ 9,116 State income taxes, net 1,672 1,714 709 Change in valuation allowance (718 ) (2,385 ) (7,618 ) Domestic production activity deduction (1,247 ) (1,002 ) — Share-based compensation (a) (1,408 ) N/A N/A Federal and state tax credits (1,065 ) — — Other 648 454 58 Income tax expense $ 13,533 $ 12,227 $ 2,265 Effective tax rate 30.3 % 31.8 % 8.7 % (a) The Company elected to early adopt ASU No. 2016-09, Compensation—Stock Compensation (Topic 718) Improvements to Employee Share-Based Payment Accounting, in the quarter ended September 30, 2016 and, due to a required change in accounting principle, beginning that quarter, all excess tax benefits and deficiencies related to employee stock compensation are recognized within income tax expense in the Consolidated Statements of Income. The Company received a federal tax benefit of $1,408 and a state benefit of $163 for excess tax benefits in 2016 (see Note 9 for additional detail related to the ASU No. 2016-09 adoption). |
Schedule of Deferred Tax Assets and Liabilities | The tax effects of temporary differences giving rise to deferred income taxes shown on the Consolidated Balance Sheets are as follows: December 31, 2016 2015 Deferred income tax assets: Post-retirement liability $ 1,621 $ 1,848 Deferred income 1,176 1,343 Share-based compensation 1,313 2,247 Capital loss carryforwards 716 1,444 State tax credit carryforwards 3,204 2,653 State operating loss carryforwards 1,151 2,216 Inventories 2,560 1,684 Other 1,381 2,224 Gross deferred income tax assets $ 13,122 $ 15,659 Less: valuation allowance (726 ) (1,444 ) Net deferred income tax assets 12,396 14,215 Deferred income tax liabilities: Fixed assets (14,313 ) (16,050 ) Equity method investments (969 ) — Other (546 ) (922 ) Gross deferred income tax liabilities (15,828 ) (16,972 ) Net deferred income tax liability $ (3,432 ) $ (2,757 ) |
Summary of Valuation Allowance | A schedule of the change in valuation allowance is as follows: Valuation allowance Balance at December 31, 2014 $ 3,829 Reductions 2,385 Balance at December 31, 2015 $ 1,444 Reductions 718 Balance at December 31, 2016 $ 726 |
Schedule of Unrecognized Tax Benefits Roll Forward | The following is a reconciliation of the total amount of unrecognized tax benefits (excluding interest and penalties) for 2016 , 2015 , and 2014 : Years Ended December 31, 2016 2015 2014 Beginning of year balance $ 613 $ 613 $ 566 Additions for tax positions of prior years 2 — 8 Additions for tax positions of the current year 21 — 39 Reduction for prior year tax positions (48 ) — — Reductions for settlements (545 ) End of year balance $ 43 $ 613 $ 613 |
Equity and EPS (Tables)
Equity and EPS (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Equity [Abstract] | |
Dividends Declared | Dividend and Dividend Equivalent information by quarter for 2016 , 2015 , and 2014 is detailed below: Dividend and Dividend Equivalent Information (per Share and Unit) Declaration date Payment date Declared Paid Total payment 2016 March 7, 2016 April 14, 2016 $ 0.08 $ 0.08 $ 1,378 August 1, 2016 September 8, 2016 0.02 0.02 344 October 31, 2016 December 8, 2016 0.02 0.02 344 $ 0.12 $ 0.12 $ 2,066 2015 March 10, 2015 April 21, 2015 $ 0.06 $ 0.06 $ 1,087 2014 February 28, 2014 April 9, 2014 $ 0.05 $ 0.05 $ 907 See Note 18 for a dividend declaration made in 2017. |
Schedule of Earnings Per Share, Basic and Diluted | The computations of basic and diluted EPS is as follows: Year Ended December 31, 2016 2015 2014 Operations: Net income (a) $ 31,184 $ 26,191 $ 23,675 Less: Income attributable to participating securities (unvested shares and units) (b) 954 873 832 Net income attributable to common shareholders $ 30,230 $ 25,318 $ 22,843 Share information: Basic weighted average common shares (c) 16,643,811 17,123,556 17,305,866 Incremental shares from potential dilutive securities (d) — — — Diluted weighted average common shares 16,643,811 17,123,556 17,305,866 Basic and diluted EPS (e) $ 1.82 $ 1.48 $ 1.32 (a) Net income attributable to all shareholders. (b) Participating securities include 0 , 128,500 , and 278,900 unvested restricted stock for the years ended December 31, 2016 , 2015 , and 2014 , as well as 527,486 , 437,946 , and 413,288 RSUs for the years ended December 31, 2016 , 2015 , and 2014 , respectively. Participating securities do not receive an allocation in periods when a loss is experienced. (c) Under the two class method, basic weighted average common shares exclude outstanding unvested participating securities consisting of restricted stock awards of 0 , 128,500 , and 278,900 for 2016 , 2015 , and 2014 , respectively. (d) Potential dilutive securities have not been included in the EPS computation in a period when a loss is experienced. At December 31, 2016 and 2015 , the Company had 0 stock options outstanding and potentially dilutive, respectively. At December 31, 2014 , the Company had 4,000 stock options outstanding and potentially dilutive. (e) Basic and diluted weighted average common shares for 2016 and 2015 were affected by the September 1, 2015, purchase of 950,000 shares of common stock in a privately negotiated transaction with F2 SEA, Inc., an affiliate of SEACOR Holdings, Inc., pursuant to a Stock Repurchase Agreement. SEACOR Holdings, Inc. is the 70 percent owner of ICP, the Company's 30 percent equity method investment. |
Schedule of Accumulated Other Comprehensive Income (Loss) | Changes in Accumulated Other Comprehensive Income (Loss) by Component Pension Plan Items (a) Post-Employment Benefit Plan Items Equity Method Investment Translation Adjustment and Post-Employment Benefit Adjustment Total Balance, December 31, 2013 $ (377 ) $ 390 $ (17 ) $ (4 ) Other comprehensive income (loss) before reclassifications 218 (1,620 ) (15 ) (1,417 ) Amounts reclassified from accumulated other comprehensive income (85 ) 774 — 689 Net 2014 other comprehensive income (loss) 133 (846 ) (15 ) (728 ) Balance, December 31, 2014 $ (244 ) $ (456 ) $ (32 ) $ (732 ) Other comprehensive income (loss) before reclassifications (355 ) 47 (10 ) (318 ) Amounts reclassified from accumulated other comprehensive income 599 (101 ) 52 550 Net 2015 other comprehensive income (loss) 244 (54 ) 42 232 Balance, December 31, 2015 $ — $ (510 ) $ 10 $ (500 ) Other comprehensive income (loss) before reclassifications — 113 (14 ) 99 Amounts reclassified from accumulated other comprehensive income — 21 7 28 Net 2016 other comprehensive income (loss) — 134 (7 ) 127 Balance, December 31, 2016 $ — $ (376 ) $ 3 $ (373 ) |
Reclassification out of Accumulated Other Comprehensive Income | Reclassifications Out of Accumulated Other Comprehensive Income (Loss) Details about Accumulated Other Comprehensive Income Components Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) Affected Line Item in the Consolidated Statements of Income Post Employment Benefit Items: Amortization of prior service cost $ (338 ) (a) Recognized net actuarial loss 269 (a) (69 ) Total before tax 90 Tax expense $ 21 Net of tax Equity Method Investment Adjustment: Accumulated postretirement benefit obligation $ 13 (6 ) Tax benefit $ 7 Net of tax Reclassifications for 2016 $ 28 Total net of tax (a) These accumulated other comprehensive income components are included in the computation of net period post-employment benefit cost. See Note 9 for additional details. |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contractual Obligation, Fiscal Year Maturity Schedule | Minimum annual payments and present values under existing debt maturities are as follows: Year Ending December 31, Credit Agreement Long-Term Debt Total Debt 2017 $ — $ 358 $ 358 2018 — 372 $ 372 2019 — 386 $ 386 2020 34,253 400 $ 34,653 2021 — 416 $ 416 Thereafter — 392 $ 392 Total $ 34,253 $ 2,324 $ 36,577 The following table provides information on all amounts and payments of the Company's contractual obligations/commitments at December 31, 2016 : Payments due by period Total Less than 1 year 1-3 years 4-5 years More than 5 years Long term debt $ 2,324 $ 358 $ 758 $ 816 $ 392 Interest on Long term debt 267 80 119 61 7 Operating leases 9,700 3,397 2,936 2,374 993 Post-employment benefit plan obligations 3,948 502 1,024 957 1,465 Purchase commitments 80,274 76,380 (a) 3,634 260 — Total $ 96,513 $ 80,717 $ 8,471 $ 4,468 $ 2,857 (a) Includes open purchase order commitments related to raw materials and packaging used in the ordinary course of business of $73,334 . |
Schedule of Future Minimum Rental Payments for Operating Leases | The Company's future operating lease commitments at December 31, 2016 are as follows: Years ending December 31, 2017 $ 3,397 2018 1,611 2019 1,325 2020 1,287 2021 1,087 Thereafter 993 Total $ 9,700 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Schedule of Defined Benefit Plans Disclosures | The status of the Company’s plans at December 31, 2016 , 2015 , and 2014 was as follows: Pension Benefit Plans Post-Employment Benefit Plan December 31, December 31, 2015 (a) 2014 2016 2015 2014 Change in benefit obligation: Beginning of year $ 2,016 $ 2,190 $ 4,681 $ 4,926 $ 4,827 Service cost — — 36 51 72 Interest cost 36 87 142 141 149 Actuarial loss (gain) (9 ) 35 (297 ) 45 1,632 Negative plan amendment benefit — — — — (1,183 ) Benefits paid (2,043 ) (296 ) (456 ) (482 ) (571 ) Benefit obligation at end of year $ — $ 2,016 $ 4,106 $ 4,681 $ 4,926 (a) The Company's pension benefit plans were terminated and paid as of June 2015. |
Schedule of Changes in Fair Value of Plan Assets | The following table shows the change in plan assets: Pension Benefit Plans December 31, 2015 (a) Fair value of plan assets at beginning of year $ 1,300 Actual return on plan assets 2 Employer contributions 741 Benefits paid (2,043 ) Fair value of plan assets at end of year $ — (a) The Company's pension benefit plans were terminated and paid as of June 2015. |
Schedule of Assumptions Used | Assumptions used to determine accumulated benefit obligations as of the year end were: Pension Benefit Plans Post-Employment Benefit Plan Year Ended December 31, Year Ended December 31, 2015 (a) 2016 2015 Discount rate 3.65% 3.15% 3.20% Measurement date December 31, 2015 (b) December 31, December 31, (a) The Company's pension benefit plans were terminated and paid as of June 2015. (b) The measurement date was June 30, 2015 for termination liabilities in 2015. Assumptions used to determine net benefit cost for 2016 , 2015 , and 2014 were: Pension Benefit Plans Post-Employment Benefit Plan Year Ended December 31, Year Ended December 31, 2015 (a) 2014 2016 2015 2014 Expected return on Assets 7.00 % 7.00 % — — — Discount rate 3.58 % 4.11 % 3.20 % 2.99 % 3.95 / 3.39% (b) Average compensation increase n/a n/a n/a n/a n/a (a) The Company's pension benefit plans were terminated and paid as of June 2015. (b) The pension benefit plan was amended effective April 16, 2014 requiring a re-measurement valuation. The discount rate for 2014 was based on measurement dates of December 31, 2013 and April 16, 2014. |
Schedule of Net Benefit Costs | The estimated amount that will be recognized from accumulated other comprehensive income (loss) into net periodic benefit cost during the year ended December 31, 2017 is as follows: Post-Employment Benefit Plan (a) Actuarial net loss $ (184 ) Net prior service credits 338 Net amount recognized $ 154 (a) The Company's pension benefit plans were terminated and paid as of June 2015. Components of net benefit cost are as follows: Pension Benefit Plans Post-Employment Benefit Plan Year Ended December 31, Year Ended December 31, 2015 (a) 2014 2016 2015 2014 Service cost $ — $ — $ 36 $ 51 $ 72 Interest cost 36 87 142 141 149 Expected return on assets (45 ) (104 ) — — — Amortization of prior service cost — — (338 ) (338 ) (369 ) Recognized net actuarial loss 25 21 269 278 18 Settlement losses 414 50 — — — Net benefit cost $ 430 $ 54 $ 109 $ 132 $ (130 ) (a) The Company's pension benefit plans were terminated and paid as of June 2015. |
Schedule of Defined Benefit Plan Amounts Recognized in Other Comprehensive Income (Loss) | Changes in plan assets and benefit obligations recognized in other comprehensive income are as follows: Pension Benefit Plans Post-Employment Benefit Plan Year Ended December 31, Year Ended December 31, 2015 (a) 2014 2016 2015 2014 Net actuarial (loss) gain $ (35 ) $ (92 ) $ 293 $ (35 ) $ (1,632 ) Settlement losses 414 50 — — — Plan amendment and curtailment — — — — 1,183 Recognized net actuarial loss 25 20 269 278 18 Amortization of prior service cost — — (338 ) (338 ) (369 ) Recognition of prior service cost due to curtailments — — — — (52 ) Total other comprehensive income (loss), pre-tax 404 (22 ) 224 (95 ) (852 ) Income tax expense (benefit) 160 (155 ) 90 (41 ) (6 ) Total other comprehensive income (loss), net of tax $ 244 $ 133 $ 134 $ (54 ) $ (846 ) (a) The Company's pension benefit plans were terminated and paid as of June 2015. |
Schedule of Amounts Recognized in Balance Sheet | Amounts recognized in the Consolidated Balance Sheets are as follows: Pension Benefit Plans Post-Employment Benefit Plan As of December 31, As of December 31, 2015 (a) 2016 2015 Accrued expenses $ — $ (502 ) $ (545 ) Accrued retirement benefits — (3,604 ) (4,136 ) Net amount recognized $ — $ (4,106 ) $ (4,681 ) (a) The Company's pension benefit plans were terminated and paid as of June 2015. |
Schedule of Health Care Cost Trend Rates | The assumed average annual rate of increase in the per capita cost of covered benefits (health care cost trend rate) is as follows: Post-Employment Benefit Plan Year Ended December 31, 2016 2015 Group Plan Lifetime Prescription Cost Medicare Supplement Group Plan Lifetime Prescription Cost Medicare Supplement Health care cost trend rate 7.50 % 9.00 % 5.00 % 7.50 % 9.00 % 5.00 % Ultimate trend rate 5.00 % 5.00 % 5.00 % 5.00 % 5.00 % 5.00 % Year rate reaches ultimate trend rate 2023 2024 2017 2024 2025 2017 |
Schedule of Expected Benefit Payments | As of December 31, 2016 , the following expected benefit payments (net of Medicare Part D subsidiary for Post-Employment Benefit Plan Payments), and the related expected subsidy receipts that reflect expected future service, as appropriate, are expected to be paid to plan participants: Post-Employment Benefit Plan (a) Expected Benefit Payments Expected Subsidy Receipts 2017 $ 520 $ 18 2018 522 17 2019 534 15 2020 505 14 2021 479 13 2022-2026 1,509 44 Total $ 4,069 $ 121 (a) The Company's pension benefit plans were terminated and paid as of June 2015. (b) This expected pay out schedule considers the termination of the pension benefit plan during 2015. |
Schedule of Share-based Compensation, Stock Options, Activity | A summary of the status of stock options awarded under the Company’s share-based compensation plans for 2015 and 2014 is presented below: Year Ended December 31, 2015 2014 Shares Weighted Shares Weighted Outstanding at beginning of year 4,000 $ 10.45 10,000 $ 9.91 Granted — — — — Canceled/Forfeited — — — — Exercised 4,000 17.09 6,000 9.54 Outstanding at end of year — $ — 4,000 $ 10.45 |
Schedule of Nonvested Restricted Stock Units Activity | A summary of the status of restricted stock awarded under the Company’s share-based compensation plans for 2016 , 2015 , and 2014 is presented below: Year Ended December 31, 2016 2015 2014 Weighted Weighted Shares Weighted Average Grant-Date Fair Value Unvested balance at beginning of year 128,500 $ 5.85 278,900 $ 6.28 569,296 $ 5.26 Granted — — 13,585 17.02 58,669 4.42 Forfeited — — (30,800 ) 6.27 (206,282 ) 4.59 Vested (128,500 ) 5.85 (133,185 ) 7.80 (142,783 ) 3.87 Unvested balance at end of year — $ — 128,500 $ 5.85 278,900 $ 6.28 |
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity | A summary of the status of RSUs awarded under the Company’s share-based compensation plans for 2016 , 2015 , and 2014 is presented below: Year Ended December 31, 2016 2015 2014 Units Weighted Average Units Weighted Average Units Weighted Average Unvested balance at beginning of year 437,946 $ 7.09 413,288 $ 5.09 371,502 $ 4.34 Granted 100,892 23.15 89,702 16.63 247,463 5.83 Forfeited (11,352 ) 11.55 (54,506 ) 6.15 (135,104 ) 4.60 Vested — — (10,538 ) 14.88 (70,573 ) 3.22 Unvested balance at end of year 527,486 $ 10.17 437,946 $ 7.09 413,288 $ 5.09 |
Operating Segments (Tables)
Operating Segments (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | Year Ended December 31, 2016 2015 2014 Net sales to customers: Distillery products $ 265,243 $ 270,225 $ 256,561 Ingredient solutions 53,020 57,379 56,842 Total $ 318,263 $ 327,604 $ 313,403 Gross profit: Distillery products 56,836 50,662 22,332 Ingredient solutions 8,447 7,871 6,099 Total $ 65,283 $ 58,533 $ 28,431 Depreciation and amortization: Distillery products $ 8,371 $ 8,900 $ 8,510 Ingredient solutions 1,655 2,111 2,316 Corporate 1,227 1,371 1,499 Total $ 11,253 $ 12,382 $ 12,325 Income (loss) before income taxes: Distillery products $ 53,583 $ 49,097 $ 28,701 Ingredient solutions 5,836 5,636 3,939 Corporate (14,702 ) (16,315 ) (6,700 ) Total $ 44,717 $ 38,418 $ 25,940 December 31, 2016 2015 Identifiable Assets Distillery products $ 161,059 $ 131,963 Ingredient solutions 27,109 24,023 Corporate 37,168 38,324 Total $ 225,336 $ 194,310 |
Schedule of Segment Reporting Identifiable Assets | December 31, 2016 2015 Identifiable Assets Distillery products $ 161,059 $ 131,963 Ingredient solutions 27,109 24,023 Corporate 37,168 38,324 Total $ 225,336 $ 194,310 |
Supplemental Cash Flow Inform39
Supplemental Cash Flow Information (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Supplemental Cash Flow Information [Abstract] | |
Schedule of Cash Flow, Supplemental Disclosures | Year Ended December 31, 2016 2015 2014 Non-cash investing and financing activities: Purchase of property and equipment in accounts payable $ 4,364 $ 1,784 $ 574 Additional cash payment information: Interest paid 1,467 818 903 Income tax paid 16,409 9,393 146 |
Quarterly Financial Data (una40
Quarterly Financial Data (unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information | Year Ended December 31, 2016 (a) (b) Fourth Quarter Third Quarter Second Quarter First Quarter Sales $ 85,005 $ 83,711 $ 82,174 $ 77,191 Less: excise tax 3,860 3,820 1,782 356 Net sales 81,145 79,891 80,392 76,835 Cost of sales 63,560 64,770 64,861 59,789 Gross profit 17,585 15,121 15,531 17,046 Selling, general and administrative expenses 6,987 6,981 6,404 6,321 Other operating income, net — (3,385 ) — — Operating income 10,598 11,525 9,127 10,725 Equity in earnings (Note 3) 1,776 664 1,079 517 Interest expense (314 ) (341 ) (328 ) (311 ) Income before income taxes 12,060 11,848 9,878 10,931 Income tax expense (Note 6) 3,775 2,316 3,570 3,872 Net income $ 8,285 $ 9,532 $ 6,308 $ 7,059 Basic and diluted EPS data $ 0.48 $ 0.55 $ 0.37 $ 0.41 Dividends per common share and per unit $ 0.02 $ 0.02 $ — $ 0.08 (a) Net income was positively impacted during the third quarter of 2016 by other operating income, net, of $3,385 related to a legal settlement agreement and a gain on sale of long-lived assets and by a lower effective income tax rate related to the implementation of ASU No. 2016-09, Compensation—Stock Compensation (Topic 718) Improvements to Employee Share-Based Payment Accounting . (b) Quarterly EPS amounts may not add to amounts for the year because quarterly and annual EPS calculations are performed separately. Year Ended December 31, 2015 (a) (b) Fourth Quarter Third Quarter Second Quarter First Quarter Sales $ 85,072 $ 83,880 $ 92,071 $ 84,864 Less: excise tax 3,563 3,552 6,717 4,451 Net sales 81,509 80,328 85,354 80,413 Cost of sales 65,754 68,466 67,826 67,025 Gross profit 15,755 11,862 17,528 13,388 Selling, general and administrative expenses 5,681 5,497 8,025 6,480 Operating income 10,074 6,365 9,503 6,908 Equity in earnings (Note 3) 92 1,562 3,096 1,352 Interest expense (160 ) (114 ) (129 ) (131 ) Income before income taxes 10,006 7,813 12,470 8,129 Income tax expense (Note 6) 3,527 1,042 4,599 3,059 Net income $ 6,479 $ 6,771 $ 7,871 $ 5,070 Basic and diluted EPS data $ 0.38 $ 0.38 $ 0.44 $ 0.28 Dividends per common share and per unit $ — $ — $ — $ 0.06 (a) Net income was positively impacted during the second quarter of 2015 by $460 as result of an insurance recovery. (b) Net income was positively impacted during the third and fourth quarters of 2015 by $1,908 and $477 , respectively, as result of a release of the valuation allowance related to deferred tax assets, |
Property and Business Interru41
Property and Business Interruption Insurance Claims and Recoveries (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Unusual or Infrequent Items, or Both [Abstract] | |
Schedule of Business Insurance Recoveries | Detail of the activities related to the property and business interruption insurance claims and recoveries, as well as where the net impacts are recorded on the Consolidated Statements of Income, for 2015 and 2014 are as follows: Year Ended December 31, 2015 2014 Total insurance recoveries $ 460 $ 9,375 Insurance recoveries - interruption of business $ 460 $ 925 Less: out-of-pocket expenses related to interruption of business in Cost of Sales — 617 Net reduction to Cost of sales on the Consolidated Statements of Income $ 460 $ 308 Insurance recoveries - property damage $ — $ 8,450 Less: Net book value of property loss in insurance recoveries — 160 Insurance recoveries on the Consolidated Statements of Income $ — $ 8,290 |
Acquisition (Tables)
Acquisition (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Business Combinations [Abstract] | |
Schedule of Business Acquisitions, by Acquisition | The following table summarizes the consideration paid for the George Remus® brand business and the amount of estimated fair value of the assets acquired at the acquisition date. Consideration: Cash $ 1,551 Contingent consideration arrangement (included in Other non-current liabilities on the Consolidated Balance Sheets) 350 Fair value of total consideration transferred $ 1,901 Recognized amounts of identifiable assets acquired: Inventory $ 51 Total identifiable net assets assumed $ 51 Goodwill and Brand name (indefinite lived) (included in Other assets on the Consolidated Balance Sheets) (see Note 4) 1,850 Total $ 1,901 |
Nature of Operations and Summ43
Nature of Operations and Summary of Significant Accounting Policies (Detail) $ in Thousands | Jan. 03, 2012subsidiary | Jun. 30, 2015USD ($) | Jun. 30, 2010 | Dec. 31, 2016USD ($)segment | Dec. 31, 2015USD ($)segment | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Dec. 31, 2012 | Feb. 26, 2016 | Sep. 30, 2015 |
Accounting Policies [Line Items] | ||||||||||
Number of subsidiaries distributed to company | subsidiary | 3 | |||||||||
Number of reportable segments | segment | 2 | 2 | ||||||||
Shipping and handling revenue (in dollars) | $ 13,974 | $ 14,498 | $ 16,209 | |||||||
Research and development expense (in dollars) | 916 | 748 | $ 1,622 | |||||||
Debt instrument, fair value disclosure (in dollars) | 37,412 | 34,603 | ||||||||
Long-term debt, including current maturities | $ 36,001 | 33,460 | ||||||||
Pension Benefit Plan [Member] | ||||||||||
Accounting Policies [Line Items] | ||||||||||
Employer contributions | $ 741 | $ 741 | ||||||||
Minimum [Member] | Building and Improvements [Member] | ||||||||||
Accounting Policies [Line Items] | ||||||||||
Useful life | 20 years | |||||||||
Minimum [Member] | Transportation Equipment Assets [Member] | ||||||||||
Accounting Policies [Line Items] | ||||||||||
Useful life | 5 years | |||||||||
Minimum [Member] | Machinery Equipment [Member] | ||||||||||
Accounting Policies [Line Items] | ||||||||||
Useful life | 10 years | |||||||||
Maximum [Member] | Building and Improvements [Member] | ||||||||||
Accounting Policies [Line Items] | ||||||||||
Useful life | 40 years | |||||||||
Maximum [Member] | Transportation Equipment Assets [Member] | ||||||||||
Accounting Policies [Line Items] | ||||||||||
Useful life | 6 years | |||||||||
Maximum [Member] | Machinery Equipment [Member] | ||||||||||
Accounting Policies [Line Items] | ||||||||||
Useful life | 12 years | |||||||||
ICP [Member] | ||||||||||
Accounting Policies [Line Items] | ||||||||||
Equity method ownership percentage (percent) | 30.00% | 30.00% | 30.00% | |||||||
Ownership percentage sold (percent) | 50.00% | 20.00% | ||||||||
Retained Earnings | Immaterial Error Correction [Member] | ||||||||||
Accounting Policies [Line Items] | ||||||||||
Immaterial error correction to long term incentive compensation | $ (1,027) | |||||||||
Additional Paid-In Capital | Immaterial Error Correction [Member] | ||||||||||
Accounting Policies [Line Items] | ||||||||||
Immaterial error correction to long term incentive compensation | $ 1,027 |
Nature of Operations and Summ44
Nature of Operations and Summary of Significant Accounting Policies - Interest Costs (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Interest costs charged to expense | $ 1,294 | $ 534 | $ 816 |
Plus: Interest cost capitalized | 198 | 297 | 107 |
Total | $ 1,492 | $ 831 | $ 923 |
Other Balance Sheet Captions (D
Other Balance Sheet Captions (Detail) - Components of Inventory - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Components of Inventory [Abstract] | ||
Finished goods | $ 14,002 | $ 15,126 |
Barreled distillate (bourbon and whiskey) | 50,941 | 28,278 |
Raw materials | 4,274 | 6,675 |
Work in process | 1,933 | 2,364 |
Maintenance materials | 6,231 | 5,371 |
Other | 1,477 | 887 |
Total | $ 78,858 | $ 58,701 |
Other Balance Sheet Captions 46
Other Balance Sheet Captions (Detail) - Components of Property and Equipment - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Components of Property and Equipment [Abstract] | ||
Land, buildings and improvements | $ 67,487 | $ 56,143 |
Transportation equipment | 3,253 | 5,417 |
Machinery and equipment | 164,871 | 152,742 |
Construction in progress | 10,608 | 15,612 |
Property and equipment, at cost | 246,219 | 229,914 |
Less accumulated depreciation and amortization | (153,428) | (146,360) |
Property and equipment, net | $ 92,791 | $ 83,554 |
Other Balance Sheet Captions 47
Other Balance Sheet Captions (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Property, Plant and Equipment [Line Items] | ||
Capital leased assets | $ 0 | $ 8,376 |
Accumulated depreciation and amortization | $ 153,428 | 146,360 |
Assets Held under Capital Leases [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Accumulated depreciation and amortization | $ 5,756 |
Other Balance Sheet Captions 48
Other Balance Sheet Captions (Detail) - Components of Accrued Expenses - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Components of Accrued Expenses [Abstract] | ||
Employee benefit plans | $ 820 | $ 1,027 |
Salaries and wages | 5,641 | 6,790 |
Restructuring and severance charges | 124 | 517 |
Property taxes | 824 | 784 |
Other accrued expenses | 1,536 | 1,282 |
Total | $ 8,945 | $ 10,400 |
Other Balance Sheet Captions -
Other Balance Sheet Captions - Deferred Credits (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2014 | Dec. 31, 2012 | Dec. 31, 2001 | Dec. 31, 2016 | Dec. 31, 2015 | |
Supplemental Balance Sheet Disclosures [Abstract] | |||||
USDA grant | $ 1,434 | $ 1,949 | |||
LCD reimbursement | 959 | 1,042 | |||
Other reimbursement | 313 | 411 | |||
Deferred incentive | 272 | 0 | |||
Total | $ 2,978 | $ 3,402 | |||
Other Balance Sheet Disclosures [Line Items] | |||||
Proceeds from Grants and reimbursements | $ 26,000 | ||||
Reimbursment [Member] | |||||
Other Balance Sheet Disclosures [Line Items] | |||||
Proceeds from Grants and reimbursements | $ 1,250 | ||||
Reimbursment Of Maintenance Costs [Member] | |||||
Other Balance Sheet Disclosures [Line Items] | |||||
Proceeds from Grants and reimbursements | $ 1,236 |
Equity Method Investments (Deta
Equity Method Investments (Detail) - USD ($) | Dec. 23, 2016 | Feb. 26, 2016 | Dec. 04, 2014 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Mar. 31, 2013 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | Dec. 22, 2016 | Apr. 09, 2015 |
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||
Distribution received from equity method investee | $ 3,300,000 | $ 0 | $ 4,835,000 | |||||||||||||||
Divestiture of DMI | 351,000 | 0 | 0 | |||||||||||||||
Equity method investment, other than temporary impairment | 0 | 0 | 0 | |||||||||||||||
Related party expenses | 27,675,000 | 38,941,000 | 36,289,000 | |||||||||||||||
Proceeds from business interruption insurance recoveries | 4,112,000 | |||||||||||||||||
Equity Method Investments | $ 18,934,000 | $ 18,563,000 | 18,934,000 | 18,563,000 | ||||||||||||||
Equity In earnings (loss) | $ 1,776,000 | $ 664,000 | $ 1,079,000 | $ 517,000 | 92,000 | $ 1,562,000 | $ 3,096,000 | $ 1,352,000 | 4,036,000 | 6,102,000 | 10,137,000 | |||||||
ICP Limited Liability Company [Member] | ||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||
EBITDA, earnings (loss) | $ (500,000) | $ (500,000) | ||||||||||||||||
ICP [Member] | ||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||
Equity method ownership percentage (percent) | 30.00% | 30.00% | 30.00% | 30.00% | ||||||||||||||
Income allocation to objecting member (as a percent) | 80.00% | 80.00% | ||||||||||||||||
Income allocation to electing member (as a percent) | 20.00% | 20.00% | ||||||||||||||||
Decrease in related equity method investment earnings due to reassessment | $ 1,882,000 | $ 1,882,000 | ||||||||||||||||
Increase (decrease) in earnings per share (in dollars per share) | $ (0.10) | |||||||||||||||||
Distribution received from equity method investee | $ 3,300,000 | $ 4,835,000 | ||||||||||||||||
Depreciation and amortization | $ 3,030,000 | 2,634,000 | $ 2,847,000 | |||||||||||||||
ICP [Member] | Revolving Credit Facility [Member] | Line of Credit [Member] | ||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||
Maximum borrowing capacity | $ 30,000,000 | |||||||||||||||||
Future maximum borrowing capacity increase | $ 20,000,000 | |||||||||||||||||
ICP [Member] | ICP Holdings [Member] | ||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||
Equity method investment, ownership percentage by parent (as a percent) | 70.00% | 70.00% | ||||||||||||||||
D.M. Ingredients GmbH [Member] | ||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||
Divestiture of DMI | $ 351,000 | |||||||||||||||||
Equity Method Investments | $ 384,000 | |||||||||||||||||
D.M. Ingredients GmbH [Member] | ||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||
Equity Method Investments | $ 0 | $ 384,000 | $ 0 | 384,000 | ||||||||||||||
Equity In earnings (loss) | $ (33,000) | $ (140,000) | $ 39,000 |
Equity Method Investments - Ope
Equity Method Investments - Operating Results (Details) - ICP [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Schedule of Equity Method Investments [Line Items] | |||
Net sales | $ 177,401 | $ 166,905 | $ 236,486 |
Cost of sales and expenses | (163,837) | (146,098) | (196,551) |
Net income | $ 13,564 | $ 20,807 | $ 39,935 |
Equity Method Investments - Equ
Equity Method Investments - Equity in Earnings (Loss) of Joint Ventures (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Schedule of Equity Method Investments [Line Items] | |||||||||||
Equity In earnings (loss) | $ 1,776 | $ 664 | $ 1,079 | $ 517 | $ 92 | $ 1,562 | $ 3,096 | $ 1,352 | $ 4,036 | $ 6,102 | $ 10,137 |
ICP (30% interest) [Member] | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Equity In earnings (loss) | 4,069 | 6,242 | 10,098 | ||||||||
DMI (50% interest) [Member] | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Equity In earnings (loss) | $ (33) | $ (140) | $ 39 |
Equity Method Investments - The
Equity Method Investments - The Company’s Investment in Joint Ventures (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Schedule of Equity Method Investments [Line Items] | ||
Investments In joint ventures | $ 18,934 | $ 18,563 |
ICP (30% interest) [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Investments In joint ventures | 18,934 | 18,179 |
DMI (50% interest) [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Investments In joint ventures | $ 0 | $ 384 |
Goodwill and Other Intangible54
Goodwill and Other Intangible Asset (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Goodwill [Roll Forward] | |
Balance as of December 31, 2015 | $ 0 |
Goodwill | 1,500 |
Brand name (indefinite lived) | 350 |
Balance as of December 31, 2016 | $ 1,850 |
Corporate Borrowings and Capi55
Corporate Borrowings and Capital Lease Obligations (Detail) | Jun. 28, 2011USD ($) | Dec. 28, 2006USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Jun. 30, 2016USD ($) | Mar. 21, 2016USD ($) | Mar. 20, 2016USD ($) |
Debt Instrument [Line Items] | ||||||||
Unamortized loan fees(a) | $ (576,000) | $ (636,000) | ||||||
Long-term debt | 36,577,000 | |||||||
Sale leaseback transaction, gross proceeds | $ 7,335,000 | |||||||
Sale leaseback transaction, monthly rental payments | $ 110,000 | |||||||
Sale leaseback transaction, lease terms | 60 months | |||||||
Leveraged leases, net investment in leveraged leases disclosure, residual value of leased assets | $ 1,328,000 | |||||||
Sale leaseback transaction, imputed interest rate | 4.90% | |||||||
Sale leaseback transaction, gross proceeds | $ 7,000,000 | |||||||
Operating leases, rent expense | 2,561,000 | $ 2,283,000 | $ 2,241,000 | |||||
Credit Agreement [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Maximum borrowing capacity | $ 95,000,000 | |||||||
Periodic installment | 250,000 | |||||||
Maximum aggregate acquisition allowable, amount | $ 35,000,000 | |||||||
Credit facility covenant, fixed charge coverage ratio | 1.25 | |||||||
Credit facility covenant, excess availability from fixed charge coverage (less than) (as a percent) | 17.50% | |||||||
Long-term debt | $ 33,677,000 | |||||||
Remaining borrowing capacity | $ 51,588,000 | |||||||
Credit Agreement, interest rate (as a percent) | 2.66% | |||||||
Previous Credit Agreement [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Maximum individual acquisition allowable, amount | $ 1,000,000 | |||||||
Maximum aggregate acquisition allowable, amount | $ 7,500,000 | |||||||
Credit facility covenant, fixed charge coverage ratio | 1.10 | |||||||
Previous Credit Agreement [Member] | Revolving Credit Facility [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Maximum borrowing capacity | $ 80,000,000 | |||||||
Term Loan [Member] | Credit Agreement [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Term loan face amount | $ 15,000,000 | $ 15,000,000 | ||||||
Long-term debt | 13,000,000 | |||||||
Line of Credit [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term debt | 34,253,000 | |||||||
Line of Credit [Member] | Credit Agreement [Member] | Revolving Credit Facility [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Amount outstanding | 15,424,000 | |||||||
Line of Credit [Member] | Credit Agreement [Member] | Fixed Asset Sub Line Facility [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Amount outstanding | $ 5,253,000 |
Corporate Borrowings and Capi56
Corporate Borrowings and Capital Lease Obligations - Indebtedness Outstanding Summary (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Debt Instrument [Line Items] | ||
Unamortized loan fees(a) | $ (576) | $ (636) |
Total | 36,001 | 33,460 |
Less current maturities of long term debt | (4,359) | (3,345) |
Long-term debt | $ 31,642 | 30,115 |
Wells Fargo Bank [Member] | ||
Debt Instrument [Line Items] | ||
Credit Agreement, interest rate (as a percent) | 2.45% | |
Line of Credit [Member] | Wells Fargo Bank [Member] | ||
Debt Instrument [Line Items] | ||
Credit Agreement (Variable interest rate) | $ 16,000 | 23,172 |
Line of Credit [Member] | Fixed Asset Sub Line Facility [Member] | ||
Debt Instrument [Line Items] | ||
Credit Agreement (Variable interest rate) | $ 5,253 | 6,254 |
Credit Agreement, interest rate (as a percent) | 2.86% | |
Term Loan [Member] | Credit Agreement, Variable Rate Due 2020 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 13,000 | 0 |
Interest rate (as a percent) | 2.86% | |
Secured Debt [Member] | Secured Promissory Note Due 2022 [Member] | ||
Debt Instrument [Line Items] | ||
Secured Promissory Note | $ 2,324 | 2,670 |
Interest rate (as a percent) | 3.71% | |
Secured Debt [Member] | Secured Promissory Note Due 2016 [Member] | ||
Debt Instrument [Line Items] | ||
Secured Promissory Note | $ 0 | 36 |
Interest rate (as a percent) | 6.89% | |
US Bancorp [Member] | ||
Debt Instrument [Line Items] | ||
Capital Lease Obligation, 2.61%, due 2017 | $ 0 | $ 1,964 |
Capital Lease interest rate (as a percent) | 2.61% |
Corporate Borrowings and Capi57
Corporate Borrowings and Capital Lease Obligations - Offsetting Assets and Liabilities (Detail) $ in Thousands | Dec. 31, 2015USD ($) |
Gross Amounts of Recognized Assets (Liabilities) [Member] | |
Offsetting Assets and Liabilities [Line Items] | |
Investment in bonds | $ 7,000 |
Capital lease obligation | (7,000) |
Gross Amounts offset in the Balance Sheet [Member] | |
Offsetting Assets and Liabilities [Line Items] | |
Investment in bonds | 7,000 |
Capital lease obligation | (7,000) |
Net Amounts of Assets (Liabilities) presented in the Balance Sheet [Member] | |
Offsetting Assets and Liabilities [Line Items] | |
Investment in bonds | 0 |
Capital lease obligation | $ 0 |
Corporate Borrowings and Capi58
Corporate Borrowings and Capital Lease Obligations - Summary of Leases and Debt Maturities (Detail) $ in Thousands | Dec. 31, 2016USD ($) |
Long-term Debt, Fiscal Year Maturity [Abstract] | |
2,017 | $ 358 |
2,018 | 372 |
2,019 | 386 |
2,020 | 34,653 |
2,021 | 416 |
Thereafter | 392 |
Total | 36,577 |
Credit Agreement [Member] | |
Long-term Debt, Fiscal Year Maturity [Abstract] | |
2,017 | 0 |
2,018 | 0 |
2,019 | 0 |
2,020 | 34,253 |
2,021 | 0 |
Thereafter | 0 |
Total | 34,253 |
Long Term Debt [Member] | |
Long-term Debt, Fiscal Year Maturity [Abstract] | |
2,017 | 358 |
2,018 | 372 |
2,019 | 386 |
2,020 | 400 |
2,021 | 416 |
Thereafter | 392 |
Total | $ 2,324 |
Income Taxes - Provision (Benef
Income Taxes - Provision (Benefit) for Income Taxes from Continuing Operations (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Current: | |||||||||||
Federal | $ 12,637 | $ 8,954 | $ 0 | ||||||||
State | 342 | 1,003 | 229 | ||||||||
Current income tax expense (benefit) | 12,979 | 9,957 | 229 | ||||||||
Deferred: | |||||||||||
Federal | (254) | 3,174 | 5,010 | ||||||||
State | 808 | (904) | (2,974) | ||||||||
Deferred income tax expense (benefit) | 554 | 2,270 | 2,036 | ||||||||
Total | $ 3,775 | $ 2,316 | $ 3,570 | $ 3,872 | $ 3,527 | $ 1,042 | $ 4,599 | $ 3,059 | $ 13,533 | $ 12,227 | $ 2,265 |
Income Taxes - A Reconciliation
Income Taxes - A Reconciliation of the Provision for income taxes from continuing operations (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | |||||||||||
Expected provision at federal statutory rate | $ 15,651 | $ 13,446 | $ 9,116 | ||||||||
State income taxes, net | 1,672 | 1,714 | 709 | ||||||||
Change in valuation allowance | (718) | (2,385) | (7,618) | ||||||||
Domestic production activity deduction | (1,247) | (1,002) | 0 | ||||||||
Share based compensation | (1,408) | ||||||||||
Federal and state tax credits | (1,065) | 0 | 0 | ||||||||
Other | 648 | 454 | 58 | ||||||||
Total | $ 3,775 | $ 2,316 | $ 3,570 | $ 3,872 | $ 3,527 | $ 1,042 | $ 4,599 | $ 3,059 | $ 13,533 | $ 12,227 | $ 2,265 |
Effective tax rate | 30.30% | 31.80% | 8.70% |
Income Taxes - Temporary Differ
Income Taxes - Temporary Differences Related to Deferred Income Taxes (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Deferred income tax assets: | ||
Post-retirement liability | $ 1,621 | $ 1,848 |
Deferred income | 1,176 | 1,343 |
Share-based compensation | 1,313 | 2,247 |
Capital loss carryforwards | 716 | 1,444 |
State tax credit carryforwards | 3,204 | 2,653 |
State operating loss carryforwards | 1,151 | 2,216 |
Inventories | 2,560 | 1,684 |
Other | 1,381 | 2,224 |
Gross deferred income tax assets | 13,122 | 15,659 |
Less: valuation allowance | (726) | (1,444) |
Net deferred income tax assets | 12,396 | 14,215 |
Deferred income tax liabilities: | ||
Fixed assets | (14,313) | (16,050) |
Equity method investments | (969) | 0 |
Other | (546) | (922) |
Gross deferred income tax liabilities | (15,828) | (16,972) |
Net deferred income tax liability | $ (3,432) | $ (2,757) |
Income Taxes - Change in Valuat
Income Taxes - Change in Valuation Allowance (Details) - Deferred Tax Assets Valuation Allowance [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Movement in Valuation Allowances and Reserves [Roll Forward] | ||
Balance at beginning of period | $ 1,444 | $ 3,829 |
Reductions | 718 | 2,385 |
Balance at end of period | $ 726 | $ 1,444 |
Income Taxes - Unrecognized Tax
Income Taxes - Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Unrecognized Tax Benefits [Roll Forward] | |||
Beginning of year balance | $ 613 | $ 613 | $ 566 |
Additions for tax positions of prior years | 2 | 0 | 8 |
Additions for tax positions of the current year | 21 | 0 | 39 |
Reduction for prior year tax positions | (48) | 0 | 0 |
Reductions for settlements | (545) | ||
End of year balance | $ 43 | $ 613 | $ 613 |
Income Taxes (Detail)
Income Taxes (Detail) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Operating Loss Carryforwards [Line Items] | ||||
Income tax expense (benefit) allocated to comprehensive income (loss), Tax | $ 84 | $ 83 | $ (198) | |
Change in valuation allowance, expense (benefit) | $ (718) | (2,385) | $ (7,618) | |
Federal [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Excess tax benefit from share-based compensation | 1,408 | |||
State [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Excess tax benefit from share-based compensation | 163 | |||
Operating loss carryforwards | 23,074 | 45,900 | ||
Tax credit carryforwards | $ 4,929 | $ 4,081 |
Equity and EPS (Detail)
Equity and EPS (Detail) $ in Thousands | Sep. 01, 2015USD ($)shares | Dec. 31, 2016board_membershares | Feb. 26, 2016 | Dec. 31, 2015shares | Sep. 30, 2015 | Dec. 31, 2014shares | Dec. 31, 2013shares |
Equity [Abstract] | |||||||
Number of board members that common stockholders are entitled to elect | board_member | 4 | ||||||
Total number of board members | board_member | 9 | ||||||
Number of board members preferred stock shareholders entitled to elect | board_member | 5 | ||||||
Board of directors, term of service | 1 year | ||||||
Minimum single shareholder ownership percentage to call special stockholder meeting (as a percent) | 10.00% | ||||||
Incremental common shares attributable to dilutive effect of equity unit purchase agreements | 950,000 | ||||||
Stock repurchase program, authorized amount | $ | $ 14,488 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Options outstanding (in shares) | 0 | 0 | 4,000 | 10,000 | |||
ICP [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Equity method ownership percentage (percent) | 30.00% | 30.00% | 30.00% | ||||
Affiliated Entity [Member] | ICP [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Equity method ownership percentage (percent) | 70.00% | ||||||
Restricted Stock [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Number of nonvested shares (in shares) | 0 | 128,500 | 278,900 | 569,296 | |||
Restricted Stock Units [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Number of nonvested shares (in shares) | 527,486 | 437,946 | 413,288 | 371,502 | |||
The 2004 Plan [Member] | Restricted Stock [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Number of nonvested shares (in shares) | 0 | ||||||
The 2004 Plan [Member] | Restricted Stock Units [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Authorized shares remaining for issuance | 331,000 |
Equity and EPS - Dividends (Det
Equity and EPS - Dividends (Details) - USD ($) $ / shares in Units, $ in Thousands | Oct. 31, 2016 | Aug. 01, 2016 | Mar. 07, 2016 | Mar. 10, 2015 | Feb. 28, 2014 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Equity [Abstract] | ||||||||||||||||
Dividends declared (in dollars per share) | $ 0.02 | $ 0.02 | $ 0.08 | $ 0.06 | $ 0.05 | $ 0.02 | $ 0.02 | $ 0 | $ 0.08 | $ 0 | $ 0 | $ 0 | $ 0.06 | $ 0.12 | ||
Dividends paid per common share (in dollars per share) | $ 0.02 | $ 0.02 | $ 0.08 | $ 0.06 | $ 0.05 | $ 0.12 | $ 0.06 | $ 0.05 | ||||||||
Dividends paid | $ 344 | $ 344 | $ 1,378 | $ 1,087 | $ 907 | $ 2,066 | $ 1,087 | $ 907 |
Equity and EPS - The Computatio
Equity and EPS - The Computations of Basic and Diluted Earnings (Loss) Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Operations: | |||||||||||
Net Income (Loss) | $ 8,285 | $ 9,532 | $ 6,308 | $ 7,059 | $ 6,479 | $ 6,771 | $ 7,871 | $ 5,070 | $ 31,184 | $ 26,191 | $ 23,675 |
Less: Amounts allocated to participating securities (non-vested shares and units) | 954 | 873 | 832 | ||||||||
Net income attributable to common shareholders and used in earnings per share calculation (Note 6) | $ 30,230 | $ 25,318 | $ 22,843 | ||||||||
Share information: | |||||||||||
Basic weighted average common shares (in Shares) | 16,643,811 | 17,123,556 | 17,305,866 | ||||||||
Incremental shares from potential dilutive securities (in Shares) | 0 | 0 | 0 | ||||||||
Diluted weighted average common shares (in Shares) | 16,643,811 | 17,123,556 | 17,305,866 | ||||||||
Basic and diluted earnings per share (in dollars per share) | $ 0.48 | $ 0.55 | $ 0.37 | $ 0.41 | $ 0.38 | $ 0.38 | $ 0.44 | $ 0.28 | $ 1.82 | $ 1.48 | $ 1.32 |
Equity and EPS - Accumulated Ot
Equity and EPS - Accumulated Other Comprehensive Income (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning Balance | $ (500) | $ (732) | $ (4) |
Other comprehensive income (loss) before reclassifications | 99 | (318) | (1,417) |
Amounts reclassified from accumulated other comprehensive income | 28 | 550 | 689 |
Net other comprehensive income (loss) | 127 | 232 | (728) |
Ending Balance | (373) | (500) | (732) |
Pension Plan Items [Member] | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning Balance | 0 | (244) | (377) |
Other comprehensive income (loss) before reclassifications | 0 | (355) | 218 |
Amounts reclassified from accumulated other comprehensive income | 0 | 599 | (85) |
Net other comprehensive income (loss) | 0 | 244 | 133 |
Ending Balance | 0 | 0 | (244) |
Post Employment Benefit Items [Member] | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning Balance | (510) | (456) | 390 |
Other comprehensive income (loss) before reclassifications | 113 | 47 | (1,620) |
Amounts reclassified from accumulated other comprehensive income | 21 | (101) | 774 |
Net other comprehensive income (loss) | 134 | (54) | (846) |
Ending Balance | (376) | (510) | (456) |
Equity Method Investment Translation Adjustment and Post-Employment Benefit Adjustment [Member] | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning Balance | 10 | (32) | (17) |
Other comprehensive income (loss) before reclassifications | (14) | (10) | (15) |
Amounts reclassified from accumulated other comprehensive income | 7 | 52 | 0 |
Net other comprehensive income (loss) | (7) | 42 | (15) |
Ending Balance | $ 3 | $ 10 | $ (32) |
Equity and EPS - Reclassificat
Equity and EPS - Reclassification out of Accumulated Other Comprehensive Income (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Income tax expense (benefit) | $ 3,775 | $ 2,316 | $ 3,570 | $ 3,872 | $ 3,527 | $ 1,042 | $ 4,599 | $ 3,059 | $ 13,533 | $ 12,227 | $ 2,265 |
Net income (loss) from continuing operations attributable to common shareholders | 30,230 | $ 25,318 | $ 22,843 | ||||||||
Reclassification out of Accumulated Other Comprehensive Income [Member] | |||||||||||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Net income (loss) from continuing operations attributable to common shareholders | 28 | ||||||||||
Post Employment Benefit Items [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | |||||||||||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Amortization of prior service cost | (338) | ||||||||||
Recognized net actuarial loss | 269 | ||||||||||
Total before tax | (69) | ||||||||||
Income tax expense (benefit) | 90 | ||||||||||
Net income (loss) from continuing operations attributable to common shareholders | 21 | ||||||||||
Equity Method Investment Adjustment [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | |||||||||||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Foreign currency loss | 13 | ||||||||||
Income tax expense (benefit) | (6) | ||||||||||
Net income (loss) from continuing operations attributable to common shareholders | $ 7 |
Commitments and Contingencies -
Commitments and Contingencies - Schedule of Long-term Commitments (Detail) $ in Thousands | Dec. 31, 2016USD ($) |
Long-term Debt [Abstract] | |
Total | $ 36,577 |
Less than 1 year | 358 |
More than 5 years | 392 |
Operating Leases [Abstract] | |
Total | 9,700 |
Less than 1 year | 3,397 |
1-3 years | 2,936 |
4-5 years | 2,374 |
More than 5 years | 993 |
Purchase [Abstract] | |
Total | 80,274 |
Less than 1 year | 76,380 |
1-3 years | 3,634 |
4-5 years | 260 |
More than 5 years | 0 |
Total | |
Total | 96,513 |
Less than 1 year | 80,717 |
1-3 years | 8,471 |
4-5 years | 4,468 |
More than 5 years | 2,857 |
Long Term Debt [Member] | |
Long-term Debt [Abstract] | |
Total | 2,324 |
Less than 1 year | 358 |
1-3 years | 758 |
4-5 years | 816 |
More than 5 years | 392 |
Interest on Long-term Debt [Abstract] | |
Total | 267 |
Less than 1 year | 80 |
1-3 years | 119 |
4-5 years | 61 |
More than 5 years | 7 |
Post-Employment Benefit Plan [Member] | |
Post-Employment Benefit Plan Obligations [Abstract] | |
Total | 3,948 |
Less than 1 year | 502 |
1-3 years | 1,024 |
4-5 years | 957 |
More than 5 years | 1,465 |
Raw Materials and Packaging [Member] | |
Purchase [Abstract] | |
Less than 1 year | $ 73,334 |
Commitments and Contingencies71
Commitments and Contingencies - Operating Leases (Details) $ in Thousands | Dec. 31, 2016USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2,017 | $ 3,397 |
2,018 | 1,611 |
2,019 | 1,325 |
2,020 | 1,287 |
2,021 | 1,087 |
Thereafter | 993 |
Total | $ 9,700 |
Commitments and Contingencies72
Commitments and Contingencies - Narrative (Details) | Oct. 21, 2016USD ($)authority |
Commitments and Contingencies Disclosure [Abstract] | |
Number of regulatory authorities that may impose penalty or fine | authority | 1 |
Insurance deductible | $ | $ 250,000 |
Employee Benefit Plans (Detail)
Employee Benefit Plans (Detail) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016USD ($)participant | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Cost recognized | $ 1,097 | $ 1,032 | $ 1,029 |
Requisite service period | 5 years | ||
Effect of one percentage point increase in assumed health care costs, affect on accumulated benefit obligation | $ 124 | ||
Effect of one percentage point decrease in assumed health care costs, effect on accumulated benefit obligation | (116) | ||
Effect of one percentage point increase in assumed health care costs, affect on service and interest cost | 6 | ||
Effect of one percentage point decrease in assumed health care costs, affect on service and interest cost | $ (6) | ||
Effect On Accumulated Benefit Obligation And Service And Interest Cost [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Ultimate trend rate (as a percent) | 1.00% | ||
Post-Employment Benefit Plan [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Number of participants | participant | 196 | ||
Number of active participants eligible for benefits | participant | 27 | ||
Minimum age of participant to become eligible for benefits | 62 years | ||
Age up to which health benefits continuation paid | 65 years | ||
Expected contributions in next fiscal year, net of Medicare Part D subsidy receipts | $ 520 | ||
Post-Employment Benefit Plan [Member] | Medicare Part D Subsidy Receipts [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Medicare Part D subsidy receipts to the plan in next fiscal year | $ 18 |
Employee Benefit Plans - Additi
Employee Benefit Plans - Additional Information (Detail) | 6 Months Ended | 12 Months Ended | |||||
Dec. 31, 2015USD ($)$ / sharesshares | Dec. 31, 2016USD ($)plan$ / sharesshares | Dec. 31, 2015USD ($)$ / sharesshares | Dec. 31, 2014USD ($)$ / sharesshares | Jun. 23, 2015shares | May 31, 2014shares | Dec. 31, 2013$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Common stock, shares authorized | 40,000,000 | 40,000,000 | 40,000,000 | ||||
Treasury stock, shares | 1,434,389 | 1,457,200 | 1,434,389 | ||||
Number of active plans | plan | 2 | ||||||
Share-based compensation expense | $ | $ 2,402,000 | $ 1,414,000 | $ 930,000 | ||||
Granted (in shares) | 0 | 0 | |||||
Options outstanding (in shares) | 0 | 0 | 0 | 4,000 | 10,000 | ||
Options, outstanding, intrinsic value | $ | $ 0 | $ 0 | |||||
Restricted Stock Units (RSUs) [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Number of nonvested shares (in shares) | 437,946 | 527,486 | 437,946 | 413,288 | 371,502 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ / shares | $ 7.09 | $ 10.17 | $ 7.09 | $ 5.09 | $ 4.34 | ||
Options, vested in period, fair value | $ | $ 0 | $ 157,000 | $ 227,000 | ||||
Unrecognized compensation costs, other than options | $ | $ 1,879,000 | ||||||
Period for recognition of unrecognized compensation cost | 1 year 8 months | ||||||
Restricted Stock [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Number of nonvested shares (in shares) | 128,500 | 0 | 128,500 | 278,900 | 569,296 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ / shares | $ 5.85 | $ 0 | $ 5.85 | $ 6.28 | $ 5.26 | ||
Options, vested in period, fair value | $ | $ 752,000 | $ 1,038,000 | $ 552,000 | ||||
Stock Options [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Unrecognized compensation costs, options | $ | 0 | ||||||
Short-term Incentive Plan [Member] | Restricted Stock Units (RSUs) [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Share-based compensation expense | $ | $ 317,000 | 482,000 | 0 | ||||
Award vesting period | 48 months | ||||||
Employee Stock Purchase Plan [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Shares registered for employee purchase | 300,000 | ||||||
The 2014 Plan [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Restricted stock authorized but not granted (in shares) | 1,500,000 | ||||||
Granted (in shares) | 236,069 | ||||||
The 2014 Plan [Member] | Restricted Stock Units (RSUs) [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Award vesting period | 3 years | ||||||
The Director's Plan [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Restricted stock authorized but not granted (in shares) | 300,000 | ||||||
Grants in period (in shares) | 54,248 | ||||||
The 2004 Plan [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Award vesting period | 5 years | ||||||
Restricted stock authorized but not granted (in shares) | 2,680,000 | ||||||
Weighted average remaining contractual term | 10 years | ||||||
The 2004 Plan [Member] | Restricted Stock Units (RSUs) [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Number of shares available for grant | 0 | ||||||
Authorized shares remaining for issuance | 331,000 | ||||||
The 2004 Plan [Member] | Restricted Stock [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Number of nonvested shares (in shares) | 0 | ||||||
Number of shares available for grant | 0 | ||||||
The 2004 Plan [Member] | Stock Options [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Options outstanding (in shares) | 0 | ||||||
Directors Stock Plan [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Restricted stock authorized but not granted (in shares) | 175,000 | ||||||
Number of shares available for grant | 0 | ||||||
Annual Cash Incentive Plan [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Targeted bonus award expense | $ | $ 3,394,000 | $ 4,964,000 | $ 3,166,000 | ||||
Vice President [Member] | Restricted Stock Units (RSUs) [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Number of nonvested shares (in shares) | 29,941 | ||||||
Vice President [Member] | Restricted Stock [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Number of nonvested shares (in shares) | 16,500 | ||||||
Accelerated compensation cost | $ | $ 195,000 | ||||||
Period to Grant Date [Member] | Short-term Incentive Plan [Member] | Restricted Stock Units (RSUs) [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Award vesting period | 12 months | ||||||
Remaining Award Vesting Period [Member] | Short-term Incentive Plan [Member] | Restricted Stock Units (RSUs) [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Award vesting period | 36 months |
Employee Benefit Plans - Status
Employee Benefit Plans - Status of Benefit Plans (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Pension Benefit Plan [Member] | |||
Change in benefit obligation: | |||
Beginning of year | $ 0 | $ 2,016 | $ 2,190 |
Service cost | 0 | 0 | |
Interest cost | 36 | 87 | |
Actuarial loss (gain) | (9) | 35 | |
Negative plan amendment benefit | 0 | 0 | |
Benefits paid | (2,043) | (296) | |
Benefit obligation at end of year | 0 | 2,016 | |
Post-Employment Benefit Plan [Member] | |||
Change in benefit obligation: | |||
Beginning of year | 4,681 | 4,926 | 4,827 |
Service cost | 36 | 51 | 72 |
Interest cost | 142 | 141 | 149 |
Actuarial loss (gain) | (297) | 45 | 1,632 |
Negative plan amendment benefit | 0 | 0 | (1,183) |
Benefits paid | (456) | (482) | (571) |
Benefit obligation at end of year | $ 4,106 | $ 4,681 | $ 4,926 |
Employee Benefit Plans - Change
Employee Benefit Plans - Changes in Plan Assets (Detail) - Pension Benefit Plan [Member] - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Jun. 30, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of plan assets at beginning of year | $ 1,300 | ||
Actual return on plan assets | 2 | ||
Employer contributions | $ 741 | 741 | |
Benefits paid | (2,043) | $ (296) | |
Fair value of plan assets at end of year | $ 0 | $ 1,300 |
Employee Benefit Plans - Assump
Employee Benefit Plans - Assumptions Used to Determine Accumulated Benefit Obligations (Detail) | Dec. 31, 2016 | Dec. 31, 2015 |
Pension Benefit Plan [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Discount rate (as a percent) | 3.65% | |
Post-Employment Benefit Plan [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Discount rate (as a percent) | 3.15% | 3.20% |
Employee Benefit Plans - Assu78
Employee Benefit Plans - Assumptions Used to Determine Net Benefit Cost (Detail) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Pension Benefit Plan [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Expected return on Assets (as a percent) | 7.00% | 7.00% | |
Discount rate (as a percent) | 3.58% | 4.11% | |
Post-Employment Benefit Plan [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Expected return on Assets (as a percent) | 0.00% | 0.00% | 0.00% |
Discount rate (as a percent) | 3.20% | 2.99% | |
Minimum [Member] | Post-Employment Benefit Plan [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Discount rate (as a percent) | 3.39% | ||
Maximum [Member] | Post-Employment Benefit Plan [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Discount rate (as a percent) | 3.95% |
Employee Benefit Plans - Compon
Employee Benefit Plans - Components of Net Periodic Benefit Cost (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Pension Benefit Plan [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Service cost | $ 0 | $ 0 | |
Interest cost | 36 | 87 | |
Expected return on assets | (45) | (104) | |
Amortization of prior service cost | 0 | 0 | |
Recognized net actuarial loss | 25 | 21 | |
Settlement losses | 414 | 50 | |
Net benefit cost | 430 | 54 | |
Post-Employment Benefit Plan [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Service cost | $ 36 | 51 | 72 |
Interest cost | 142 | 141 | 149 |
Expected return on assets | 0 | 0 | 0 |
Amortization of prior service cost | (338) | (338) | (369) |
Recognized net actuarial loss | 269 | 278 | 18 |
Settlement losses | 0 | 0 | 0 |
Net benefit cost | $ 109 | $ 132 | $ (130) |
Employee Benefit Plans - Chan80
Employee Benefit Plans - Changes in Plan Assets and Benefit Obligations in Other Comprehensive Income (loss) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Pension Benefit Plan [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net actuarial (loss) gain | $ (35) | $ (92) | |
Settlement losses | 414 | 50 | |
Plan amendment and curtailment | 0 | 0 | |
Recognized net actuarial loss | 25 | 20 | |
Amortization of prior service cost | 0 | 0 | |
Recognition of prior service cost due to curtailments | 0 | 0 | |
Total other comprehensive income (loss), pre-tax | 404 | (22) | |
Income tax expense (benefit) | $ 0 | 160 | (155) |
Total other comprehensive income (loss), net of tax | 0 | 244 | 133 |
Post-Employment Benefit Plan [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net actuarial (loss) gain | 293 | (35) | (1,632) |
Settlement losses | 0 | 0 | 0 |
Plan amendment and curtailment | 0 | 0 | 1,183 |
Recognized net actuarial loss | 269 | 278 | 18 |
Amortization of prior service cost | (338) | (338) | (369) |
Recognition of prior service cost due to curtailments | 0 | 0 | (52) |
Total other comprehensive income (loss), pre-tax | 224 | (95) | (852) |
Income tax expense (benefit) | 90 | (41) | (6) |
Total other comprehensive income (loss), net of tax | $ 134 | $ (54) | $ (846) |
Employee Benefit Plans - Amount
Employee Benefit Plans - Amounts Recognized in the Consolidated Balance Sheets (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Accrued expenses | $ (8,945) | $ (10,400) |
Accrued retirement benefits | (3,604) | (4,136) |
Pension Benefit Plan [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Accrued expenses | 0 | |
Accrued retirement benefits | 0 | |
Net amount recognized | 0 | |
Post-Employment Benefit Plan [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Accrued expenses | (502) | (545) |
Accrued retirement benefits | (3,604) | (4,136) |
Net amount recognized | $ (4,106) | $ (4,681) |
Employee Benefit Plans - Estima
Employee Benefit Plans - Estimated Amount that will be Recognized From Accumulated Other Comprehensive Income (Loss) into Net Periodic Benefit Cost (Detail) - Post-Employment Benefit Plan [Member] $ in Thousands | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Actuarial net loss | $ (184) |
Net prior service credits | 338 |
Net amount recognized | $ 154 |
Employee Benefit Plans - Assume
Employee Benefit Plans - Assumed Average Annual Rate of Increase in the Per Capita Cost of Covered Benefits (Detail) - Post-Employment Benefit Plan [Member] | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Group Plan [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Health care cost trend rate (as a percent) | 7.50% | 7.50% |
Ultimate trend rate (as a percent) | 5.00% | 5.00% |
Year rate reaches ultimate trend rate | 2,023 | 2,024 |
Lifetime Prescription Cost [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Health care cost trend rate (as a percent) | 9.00% | 9.00% |
Ultimate trend rate (as a percent) | 5.00% | 5.00% |
Year rate reaches ultimate trend rate | 2,024 | 2,025 |
Medicare Supplement [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Health care cost trend rate (as a percent) | 5.00% | 5.00% |
Ultimate trend rate (as a percent) | 5.00% | 5.00% |
Year rate reaches ultimate trend rate | 2,017 | 2,017 |
Employee Benefit Plans - Expect
Employee Benefit Plans - Expected Benefit Payments (Detail) - Post-Employment Benefit Plan [Member] $ in Thousands | Dec. 31, 2016USD ($) |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
2,017 | $ 520 |
2,018 | 522 |
2,019 | 534 |
2,020 | 505 |
2,021 | 479 |
2022-2026 | 1,509 |
Total | 4,069 |
Medicare Part D Subsidy Receipts [Member] | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
2,017 | 18 |
2,018 | 17 |
2,019 | 15 |
2,020 | 14 |
2,021 | 13 |
2022-2026 | 44 |
Total | $ 121 |
Employee Benefit Plans - Stock
Employee Benefit Plans - Stock Options Awarded Under Stock Option Plans (Detail) - $ / shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Outstanding at beginning of period (in shares) | 0 | 4,000 | 10,000 |
Granted (in shares) | 0 | 0 | |
Cancelled/Forfeited (in shares) | 0 | 0 | |
Exercised (in shares) | 4,000 | 6,000 | |
Outstanding at end of period (in shares) | 0 | 0 | 4,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | |||
Outstanding at beginning of period (in dollars per share) | $ 0 | $ 10.45 | $ 9.91 |
Granted (in dollars per share) | 0 | 0 | |
Cancelled/Forfeited (in dollars per share) | 0 | 0 | |
Exercised (in dollars per share) | 17.09 | 9.54 | |
Outstanding at end of period (in dollars per share) | $ 0 | $ 10.45 |
Employee Benefit Plans - Stat86
Employee Benefit Plans - Status of Restricted Stock Awarded under Restricted Stock Plan (Detail) - $ / shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Non vested balance at beginning of period (in shares) | 128,500 | 278,900 | 569,296 |
Granted (in shares) | 0 | 13,585 | 58,669 |
Forfeited (in shares) | 0 | (30,800) | (206,282) |
Vested (in shares) | (128,500) | (133,185) | (142,783) |
Non vested balance at end of period (in shares) | 0 | 128,500 | 278,900 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |||
Non vested balance at beginning of period (in dollars per share) | $ 5.85 | $ 6.28 | $ 5.26 |
Granted (in dollars per share) | 0 | 17.02 | 4.42 |
Forfeited (in dollars per share) | 0 | 6.27 | 4.59 |
Vested (in dollars per share) | 5.85 | 7.80 | 3.87 |
Non vested balance at end of period (in dollars per share) | $ 0 | $ 5.85 | $ 6.28 |
Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Non vested balance at beginning of period (in shares) | 437,946 | 413,288 | 371,502 |
Granted (in shares) | 100,892 | 89,702 | 247,463 |
Forfeited (in shares) | (11,352) | (54,506) | (135,104) |
Vested (in shares) | 0 | (10,538) | (70,573) |
Non vested balance at end of period (in shares) | 527,486 | 437,946 | 413,288 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |||
Non vested balance at beginning of period (in dollars per share) | $ 7.09 | $ 5.09 | $ 4.34 |
Granted (in dollars per share) | 23.15 | 16.63 | 5.83 |
Forfeited (in dollars per share) | 11.55 | 6.15 | 4.60 |
Vested (in dollars per share) | 0 | 14.88 | 3.22 |
Non vested balance at end of period (in dollars per share) | $ 10.17 | $ 7.09 | $ 5.09 |
Concentrations (Detail)
Concentrations (Detail) | 12 Months Ended | ||
Dec. 31, 2016customersupplier | Dec. 31, 2015supplier | Dec. 31, 2014supplier | |
Concentration Risk [Line Items] | |||
Concentration risk, number of suppliers | 10 | 10 | 10 |
Ten Largest Customers [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 36.00% | 42.00% | 46.00% |
Customer Concentration Risk [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk, number of customers | customer | 10 | ||
Grain Supplier [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 31.00% | 31.00% | 35.00% |
Concentration risk, number of suppliers | 2 | 1 | |
Ten Largest Suppliers [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 63.00% | 75.00% | 70.00% |
Net Sales [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 10.00% |
Operating Segments (Detail)
Operating Segments (Detail) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016USD ($)segment | Dec. 31, 2015USD ($)segment | Dec. 31, 2014USD ($) | |
Segment Reporting [Abstract] | |||
Number of reportable segments | segment | 2 | 2 | |
Revenue from foreign sources | $ | $ 22,422 | $ 18,772 | $ 16,306 |
Operating Segments - Operating
Operating Segments - Operating Profit (Loss) Per Segment (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Net sales to customers: | |||||||||||
Sales to Customers | $ 81,145 | $ 79,891 | $ 80,392 | $ 76,835 | $ 81,509 | $ 80,328 | $ 85,354 | $ 80,413 | $ 318,263 | $ 327,604 | $ 313,403 |
Gross profit: | |||||||||||
Gross profit | $ 17,585 | $ 15,121 | $ 15,531 | $ 17,046 | $ 15,755 | $ 11,862 | $ 17,528 | $ 13,388 | 65,283 | 58,533 | 28,431 |
Depreciation and amortization: | |||||||||||
Depreciation and amortization | 11,253 | 12,382 | 12,325 | ||||||||
Income (loss) before income taxes: | |||||||||||
Income (loss) before income taxes | 44,717 | 38,418 | 25,940 | ||||||||
Operating Segments [Member] | Distillery Products [Member] | |||||||||||
Net sales to customers: | |||||||||||
Sales to Customers | 265,243 | 270,225 | 256,561 | ||||||||
Gross profit: | |||||||||||
Gross profit | 56,836 | 50,662 | 22,332 | ||||||||
Depreciation and amortization: | |||||||||||
Depreciation and amortization | 8,371 | 8,900 | 8,510 | ||||||||
Income (loss) before income taxes: | |||||||||||
Income (loss) before income taxes | 53,583 | 49,097 | 28,701 | ||||||||
Operating Segments [Member] | Ingredient Solutions [Member] | |||||||||||
Net sales to customers: | |||||||||||
Sales to Customers | 53,020 | 57,379 | 56,842 | ||||||||
Gross profit: | |||||||||||
Gross profit | 8,447 | 7,871 | 6,099 | ||||||||
Depreciation and amortization: | |||||||||||
Depreciation and amortization | 1,655 | 2,111 | 2,316 | ||||||||
Income (loss) before income taxes: | |||||||||||
Income (loss) before income taxes | 5,836 | 5,636 | 3,939 | ||||||||
Corporate [Member] | |||||||||||
Depreciation and amortization: | |||||||||||
Depreciation and amortization | 1,227 | 1,371 | 1,499 | ||||||||
Income (loss) before income taxes: | |||||||||||
Income (loss) before income taxes | $ (14,702) | $ (16,315) | $ (6,700) |
Operating Segments - Identifiab
Operating Segments - Identifiable Assets by Segment (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Identifiable Assets | ||
Identifiable Assets | $ 225,336 | $ 194,310 |
Operating Segments [Member] | Distillery Products [Member] | ||
Identifiable Assets | ||
Identifiable Assets | 161,059 | 131,963 |
Operating Segments [Member] | Ingredient Solutions [Member] | ||
Identifiable Assets | ||
Identifiable Assets | 27,109 | 24,023 |
Corporate [Member] | ||
Identifiable Assets | ||
Identifiable Assets | $ 37,168 | $ 38,324 |
Supplemental Cash Flow Inform91
Supplemental Cash Flow Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Non-cash investing and financing activities: | |||
Purchase of property and equipment in accounts payable | $ 4,364 | $ 1,784 | $ 574 |
Additional cash payment information: | |||
Interest paid | 1,467 | 818 | 903 |
Income tax paid | $ 16,409 | $ 9,393 | $ 146 |
Derivative Instruments (Detail)
Derivative Instruments (Detail) | 12 Months Ended |
Dec. 31, 2016 | |
Commodity Contract [Member] | |
Derivative [Line Items] | |
Maximum length of time hedged in commodity hedge | 12 months |
Related Party Transactions (Det
Related Party Transactions (Detail) - USD ($) $ in Thousands | Feb. 26, 2016 | Dec. 04, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2015 |
Related Party Transaction [Line Items] | ||||||
Accounts payable to affiliate, net | $ 3,349 | $ 2,291 | ||||
Cost of sales, related party transactions | 29,596 | 40,206 | $ 37,007 | |||
Distribution received from equity method investee | $ 3,300 | 0 | 4,835 | |||
ICP [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Distribution received from equity method investee | $ 3,300 | $ 4,835 | ||||
Equity method ownership percentage (percent) | 30.00% | 30.00% | 30.00% | |||
ICP [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Cost of sales, related party transactions | $ 29,596 | $ 39,738 | $ 35,254 |
Quarterly Financial Data (una94
Quarterly Financial Data (unaudited) - Quarterly Financial Data (Detail) - USD ($) $ / shares in Units, $ in Thousands | Oct. 31, 2016 | Aug. 01, 2016 | Mar. 07, 2016 | Mar. 10, 2015 | Feb. 28, 2014 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||
Sales | $ 85,005 | $ 83,711 | $ 82,174 | $ 77,191 | $ 85,072 | $ 83,880 | $ 92,071 | $ 84,864 | $ 328,081 | $ 345,887 | $ 338,352 | ||||||||
Less: excise tax | 3,860 | 3,820 | 1,782 | 356 | 3,563 | 3,552 | 6,717 | 4,451 | 9,818 | 18,283 | 24,949 | ||||||||
Net sales | 81,145 | 79,891 | 80,392 | 76,835 | 81,509 | 80,328 | 85,354 | 80,413 | 318,263 | 327,604 | 313,403 | ||||||||
Cost of sales | 63,560 | 64,770 | 64,861 | 59,789 | 65,754 | 68,466 | 67,826 | 67,025 | 252,980 | [1] | 269,071 | [1] | 284,972 | [1] | |||||
Gross profit | 17,585 | 15,121 | 15,531 | 17,046 | 15,755 | 11,862 | 17,528 | 13,388 | 65,283 | 58,533 | 28,431 | ||||||||
Selling, general and administrative expenses | 6,987 | 6,981 | 6,404 | 6,321 | 5,681 | 5,497 | 8,025 | 6,480 | 26,693 | 25,683 | 20,101 | ||||||||
Other operating (income) costs, net | 0 | (3,385) | 0 | 0 | (3,385) | 0 | 1 | ||||||||||||
Operating income | 10,598 | 11,525 | 9,127 | 10,725 | 10,074 | 6,365 | 9,503 | 6,908 | 41,975 | 32,850 | 16,619 | ||||||||
Equity In earnings (loss) | 1,776 | 664 | 1,079 | 517 | 92 | 1,562 | 3,096 | 1,352 | 4,036 | 6,102 | 10,137 | ||||||||
Interest expense | (314) | (341) | (328) | (311) | (160) | (114) | (129) | (131) | (1,294) | (534) | (816) | ||||||||
Income before income taxes | 12,060 | 11,848 | 9,878 | 10,931 | 10,006 | 7,813 | 12,470 | 8,129 | 44,717 | 38,418 | 25,940 | ||||||||
Income tax expense (Note 6) | 3,775 | 2,316 | 3,570 | 3,872 | 3,527 | 1,042 | 4,599 | 3,059 | 13,533 | 12,227 | 2,265 | ||||||||
Net income | $ 8,285 | $ 9,532 | $ 6,308 | $ 7,059 | $ 6,479 | $ 6,771 | $ 7,871 | $ 5,070 | $ 31,184 | $ 26,191 | $ 23,675 | ||||||||
Basic and diluted earnings per share data (in dollars per share) | $ 0.48 | $ 0.55 | $ 0.37 | $ 0.41 | $ 0.38 | $ 0.38 | $ 0.44 | $ 0.28 | $ 1.82 | $ 1.48 | $ 1.32 | ||||||||
Dividends per common share (in dollars per share) | $ 0.02 | $ 0.02 | $ 0.08 | $ 0.06 | $ 0.05 | $ 0.02 | $ 0.02 | $ 0 | $ 0.08 | $ 0 | $ 0 | $ 0 | $ 0.06 | $ 0.12 | |||||
[1] | Includes related party purchases of $29,596, and $40,206, $37,007 for the years ended December 31, 2016, 2015, and 2014, respectively. |
Quarterly Financial Data (una95
Quarterly Financial Data (unaudited) (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |||
Gain (loss) on business interruption insurance recovery | $ 460 | ||
Increase (decrease) In valuation allowance due to expected realization of deferred tax assets | $ 1,908 | $ 477 |
Property and Business Interru96
Property and Business Interruption Insurance Claims and Recoveries (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Oct. 31, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Business Interruption Loss [Line Items] | ||||
Business interruption loss of production period | 7 days | |||
Total insurance recoveries | $ 460 | $ 9,375 | ||
Insurance recoveries on the Consolidated Statements of Income | $ 0 | 0 | 8,290 | |
Interruption of business [Member] | ||||
Business Interruption Loss [Line Items] | ||||
Total insurance recoveries | 460 | 925 | ||
Insurance recoveries on the Consolidated Statements of Income | 460 | 308 | ||
Interruption of business [Member] | Cost of Sales [Member] | ||||
Business Interruption Loss [Line Items] | ||||
Less: out-of-pocket expenses related to interruption of business in Cost of Sales | 0 | 617 | ||
Property damage from fire [Member] | ||||
Business Interruption Loss [Line Items] | ||||
Total insurance recoveries | 0 | 8,450 | ||
Insurance recoveries on the Consolidated Statements of Income | 0 | 8,290 | ||
Property damage from fire [Member] | Insurance Recoveries [Member] | ||||
Business Interruption Loss [Line Items] | ||||
Less: Net book value of property loss in insurance recoveries | $ 0 | $ 160 |
Acquisition (Details)
Acquisition (Details) - George Remus [Member] $ in Thousands | Nov. 07, 2016USD ($) |
Business Acquisition [Line Items] | |
Ownership interest acquired (as a percent) | 100.00% |
Consideration: | |
Cash | $ 1,551 |
Contingent consideration arrangement (included in Other non-current liabilities on the Consolidated Balance Sheets) | 350 |
Fair value of total consideration transferred | 1,901 |
Recognized amounts of identifiable assets acquired: | |
Inventory | 51 |
Total identifiable net assets assumed | 51 |
Goodwill and Brand name (indefinite lived) (included in Other assets on the Consolidated Balance Sheets) (see Note 4) | 1,850 |
Total | $ 1,901 |
Subsequent Events (Detail)
Subsequent Events (Detail) - $ / shares | Feb. 15, 2017 | Oct. 31, 2016 | Aug. 01, 2016 | Mar. 07, 2016 | Mar. 10, 2015 | Feb. 28, 2014 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 |
Subsequent Event [Line Items] | |||||||||||||||
Dividends declared (in dollars per share) | $ 0.02 | $ 0.02 | $ 0.08 | $ 0.06 | $ 0.05 | $ 0.02 | $ 0.02 | $ 0 | $ 0.08 | $ 0 | $ 0 | $ 0 | $ 0.06 | $ 0.12 | |
Subsequent Event [Member] | |||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||
Dividends declared (in dollars per share) | $ 0.04 |