MGP Ingredients (MGPI) 10-Q 2 May 24 2024 Q1 Quarterly report Financial data

COVER PAGE

COVER PAGE - shares	3 Months Ended
	Mar. 31, 2024	Apr. 26, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
Document Transition Report	false
Entity File Number	0-17196
Entity Registrant Name	MGP INGREDIENTS, INC.
Entity Incorporation, State or Country Code	KS
Entity Tax Identification Number	45-4082531
Entity Address, Address Line One	100 Commercial Street
Entity Address, City or Town	Atchison,
Entity Address, State or Province	KS
Entity Address, Postal Zip Code	66002
City Area Code	913
Local Phone Number	367-1480
Title of 12(b) Security	Common Stock, no par value
Trading Symbol	MGPI
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)		22,014,910
Current Fiscal Year End Date	--12-31
Amendment Flag	false
Entity Central Index Key	0000835011
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Statement [Abstract]
Sales	$ 170,563	$ 201,010
Cost of sales	107,768	131,186
Gross profit	62,795	69,824
Advertising and promotion expenses	8,683	7,733
Selling, general, and administrative expenses	20,979	20,532
Impairment of long-lived assets and other	116	0
Change in fair value of contingent consideration	4,100	0
Operating income	28,917	41,559
Interest expense, net	(2,019)	(995)
Other income (expense), net	(52)	123
Income before income taxes	26,846	40,687
Income tax expense	6,262	9,655
Net income	20,584	31,032
Net loss attributable to noncontrolling interest	51	39
Net income attributable to MGP Ingredients, Inc.	20,635	31,071
Income attributable to participating securities, basic	(239)	(311)
Income attributable to participating securities, diluted	(239)	(311)
Net income used in earnings per common share calculation, basic	20,396	30,760
Net income used in earnings per common share calculation, diluted	$ 20,396	$ 30,760
Weighted average common shares
Basic (in shares)	22,142,277	22,040,224
Diluted (in shares)	22,142,277	22,072,271
Earnings per common share
Basic (in dollars per share)	$ 0.92	$ 1.40
Diluted (in dollars per share)	$ 0.92	$ 1.39

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Comprehensive Income [Abstract]
Net income attributable to MGP Ingredients, Inc.	$ 20,635	$ 31,071
Other comprehensive income (loss), net of tax:
Unrealized gain on foreign currency translation adjustment	0	175
Change in Company-sponsored post-employment benefit plan	(40)	(107)
Other comprehensive income (loss)	(40)	68
Comprehensive income attributable to MGP Ingredients, Inc.	20,595	31,139
Comprehensive loss attributable to noncontrolling interest	(51)	(39)
Comprehensive income	$ 20,544	$ 31,100

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Current Assets
Cash and cash equivalents	$ 19,497	$ 18,388
Receivables (less allowance for credit loss, $1,475 at both March 31, 2024, and December 31, 2023)	133,005	144,286
Inventory	348,934	346,853
Prepaid expenses	5,483	3,580
Refundable income taxes	0	1,190
Total current assets	506,919	514,297
Property, plant, and equipment	502,744	489,646
Less accumulated depreciation and amortization	(231,849)	(227,343)
Property, plant, and equipment, net	270,895	262,303
Operating lease right-of-use assets, net	11,258	13,975
Investment in joint ventures	4,901	5,197
Intangible assets, net	270,893	271,706
Goodwill	321,544	321,544
Other assets	3,872	3,326
Total assets	1,390,282	1,392,348
Current Liabilities
Current maturities of long-term debt	6,400	6,400
Accounts payable	49,559	73,594
Federal and state excise taxes payable	3,800	2,251
Income taxes payable	4,340	0
Accrued expenses and other	16,159	31,861
Total current liabilities	80,258	114,106
Long-term debt, less current maturities	98,799	85,305
Convertible senior notes	195,624	195,544
Long-term operating lease liabilities	9,229	11,292
Contingent consideration	73,300	69,200
Other noncurrent liabilities	3,813	4,763
Deferred income taxes	63,716	63,071
Total liabilities	524,739	543,281
Commitments and Contingencies (Note 8)
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 23,125,166 shares at March 31, 2024 and December 31, 2023; and 22,009,057 and 22,016,113 shares outstanding at March 31, 2024 and December 31, 2023, respectively	6,715	6,715
Additional paid-in capital	329,460	325,453
Retained earnings	557,848	539,883
Accumulated other comprehensive loss	(437)	(397)
Treasury stock, at cost, 1,116,109 and 1,109,053 shares at March 31, 2024 and December 31, 2023, respectively	(26,571)	(21,166)
Total MGP Ingredients, Inc. stockholders’ equity	867,019	850,492
Noncontrolling interest	(1,476)	(1,425)
Total equity	865,543	849,067
Total liabilities and equity	$ 1,390,282	$ 1,392,348

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Receivables, allowance for credit loss	$ 1,475	$ 1,475
Preferred stock, percentage non-cumulative	5%	5%
Preferred stock, par value (in dollars per share)	$ 10	$ 10
Preferred stock, shares authorized (in shares)	1,000	1,000
Preferred stock, shares issued (in shares)	437	437
Preferred stock, shares outstanding (in shares)	437	437
Common stock, par value (in dollars per share)	$ 0	$ 0
Common stock, shares authorized (in shares)	40,000,000	40,000,000
Common stock, shares issued (in shares)	23,125,166	23,125,166
Common stock, shares outstanding (in shares)	22,009,057	22,016,113
Treasury stock, common (in shares)	1,116,109	1,109,053

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash Flows from Operating Activities
Net income	$ 20,584	$ 31,032
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	5,289	5,171
Share-based compensation	1,116	1,215
Equity method investment loss	296	260
Deferred income taxes, including change in valuation allowance	645	573
Change in fair value of contingent consideration	4,100	0
Other, net	157	99
Changes in operating assets and liabilities:
Receivables, net	11,257	(19,227)
Inventory	(2,119)	(18,707)
Prepaid expenses	(1,904)	(3,578)
Income taxes payable (refundable)	5,530	9,043
Accounts payable	(10,207)	6,498
Accrued expenses and other	(10,380)	(10,208)
Federal and state excise taxes payable	1,548	2,761
Other, net	(1,289)	89
Net cash provided by operating activities	24,623	5,021
Cash Flows from Investing Activities
Additions to property, plant, and equipment	(27,026)	(16,237)
Other, net	(240)	(708)
Net cash used in investing activities	(27,266)	(16,945)
Cash Flows from Financing Activities
Payment of dividends and dividend equivalents	(2,672)	(2,669)
Repurchase of Common Stock	(6,961)	(801)
Proceeds from long-term debt	30,000	0
Principal payments on long-term debt	(16,600)	(800)
Net cash provided by (used in) financing activities	3,767	(4,270)
Effect of exchange rate changes on cash and cash equivalents	(15)	33
Increase (decrease) in cash and cash equivalents	1,109	(16,161)
Cash and cash equivalents, beginning of period	18,388	47,889
Cash and cash equivalents, end of period	$ 19,497	$ 31,728

CONDENSED CONSOLIDATED STATEM_4

CONDENSED 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	Non-controlling Interest
Balance at beginning of period at Dec. 31, 2022	$ 745,644	$ 4	$ 6,715	$ 318,839	$ 443,061	$ (304)	$ (21,591)	$ (1,080)
Comprehensive income:
Net income (loss)	31,032				31,071			(39)
Other comprehensive income (loss)	68					68
Dividends and dividend equivalents of $0.12 per common share and per restricted stock unit, net of estimated forfeitures	(2,661)				(2,661)
Share-based compensation	2,665			2,665
Stock shares awarded, forfeited or vested	0			(507)			507
Stock shares repurchased	(801)						(801)
Balance at end of period at Mar. 31, 2023	775,947	4	6,715	320,997	471,471	(236)	(21,885)	(1,119)
Balance at beginning of period at Dec. 31, 2023	849,067	4	6,715	325,453	539,883	(397)	(21,166)	(1,425)
Comprehensive income:
Net income (loss)	20,584				20,635			(51)
Other comprehensive income (loss)	(40)					(40)
Dividends and dividend equivalents of $0.12 per common share and per restricted stock unit, net of estimated forfeitures	(2,670)				(2,670)
Share-based compensation	5,563			5,563
Stock shares awarded, forfeited or vested	0			(1,556)			1,556
Stock shares repurchased	(6,961)						(6,961)
Balance at end of period at Mar. 31, 2024	$ 865,543	$ 4	$ 6,715	$ 329,460	$ 557,848	$ (437)	$ (26,571)	$ (1,476)

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Stockholders' Equity [Abstract]
Dividends and dividend equivalents (in dollars per share)	$ 0.12	$ 0.12

Accounting Policies and Basis o

Accounting Policies and Basis of Presentation	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Accounting Policies and Basis of Presentation	Accounting Policies and Basis of Presentation The Company. MGP Ingredients, Inc. (the “Company” or “MGP”) is a Kansas corporation headquartered in Atchison, Kansas and is a leading producer of branded and distilled spirits, as well as food ingredient solutions. Distilled spirits include premium bourbon, rye, and other whiskeys (“brown goods”) and grain neutral spirits (“GNS”), including vodka and gin (“white goods and other co-products”). The Company’s distilled spirits are either sold directly or indirectly to manufacturers of other branded spirits. The Company has a portfolio of its own high quality branded spirits which are produced through its distilleries and bottling facilities and sold to distributors. The Company’s branded spirits products account for a range of price points from value products through premium plus brands. The Company’s protein and starch food ingredients provide a host of functional, nutritional, and sensory benefits for a wide range of food products to serve the consumer packaged goods industry. The ingredients products are sold directly, or through distributors, to manufacturers and processors of finished packaged goods or to bakeries. The Company reports three operating segments: Distilling Solutions, Branded Spirits, and Ingredient Solutions. Certain amounts in the 2023 condensed consolidated financial statements have been reclassified to conform to the 2024 presentation. Basis of Presentation and Principles of Consolidation. The unaudited condensed consolidated financial statements include the accounts of the Company and its wholly owned and majority owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. These unaudited condensed consolidated financial statements as of and for the quarter ended March 31, 2024, should be read in conjunction with the consolidated financial statements and notes thereto in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, filed with the Securities and Exchange Commission (the “SEC”). The results of operations for interim periods are not necessarily indicative of the results to be expected for the full year. In the opinion of management, the accompanying unaudited condensed consolidated financial statements contain all adjustments (consisting of normal and recurring adjustments) necessary to fairly present the results for interim periods in accordance with U.S. generally accepted accounting principles (“GAAP”). Pursuant to the rules and regulations of the SEC, certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted. The Company holds a 60 percent interest in Dos Primos Tequila, LLC (“Dos Primos”). The Company consolidated Dos Primos’ activity on the financial statements and presented the 40 percent non-controlling interest portion on a separate line. Use of Estimates. The financial reporting policies of the Company conform to GAAP. The preparation of unaudited condensed consolidated 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 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 may not develop as forecast, and estimates routinely require adjustment and may require material adjustment. Inventory. Inventory includes finished goods, raw materials in the form of agricultural commodities used in the production process as well as bottles, caps, and labels used in the bottling process, and certain maintenance and repair items. Bourbons, ryes, and other whiskeys, included in inventory, are normally aged in barrels for several years, following industry practice; all barreled bourbon, rye, and other whiskeys are 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 net realizable value on the first-in, first-out, or FIFO, method. Inventory valuations are impacted by constantly changing prices paid for key materials. Inventory consists of the following: March 31, 2024 December 31, 2023 Finished goods $ 53,471 $ 55,463 Barreled distillate (bourbons and other whiskeys) 254,518 250,183 Raw materials 28,556 28,825 Work in process 1,663 1,691 Maintenance materials 8,481 8,355 Other 2,245 2,336 Total $ 348,934 $ 346,853 Revenue Recognition. Revenue is recognized when control of the promised goods or services, through performance obligations by the Company, is transferred to the customer in an amount that reflects the consideration the Company expects to be entitled to receive in exchange for the performance obligations. The term between invoicing and when payment is due is not significant and the period between when the entity transfers the promised good or service to the customer and when the customer pays for that good or service is generally one year or less. Revenue is recognized for the sale of products at the point in time finished products are delivered to the customer in accordance with shipping terms. This is a faithful depiction of the satisfaction of the performance obligation because, at the point control passes to the customer, the customer has legal title and the risk and rewards of ownership have transferred, and the customer has a present obligation to pay. The Distilling Solutions segment routinely enters into bill and hold arrangements, whereby the Company produces and sells aged and unaged distillate to customers, and the product is barreled at the customer’s request and warehoused at a Company location for an extended period of time in accordance with directions received from the Company’s customers. Even though the aged and unaged distillate remains in the Company’s possession, a sale is recognized at the point in time when the customer obtains control of the product. Control is transferred to the customer in bill and hold transactions when the customer acceptance specifications have been met, legal title has transferred, the customer has a present obligation to pay for the product, and the risk and rewards of ownership have transferred to the customer. Additionally, all of the following bill and hold criteria have to be met in order for control to be transferred to the customer: the reason for the bill and hold arrangement is substantive, the customer has requested the product be warehoused, the product has been identified as separately belonging to the customer, the product is currently ready for physical transfer to the customer, and the Company does not have the ability to use the product or direct it to another customer. Warehouse services revenue is recognized over the time that warehouse services are rendered and as they are rendered. This is a faithful depiction of the satisfaction of the performance obligation because control of the aging products has already passed to the customer and there are no additional performance activities required by the Company, except as requested by the customer. The performance of the service activities, as requested, is invoiced as satisfied and revenue is concurrently recognized. Contract bottling is recognized over the time contract bottling services are rendered and as they are rendered. Sales in the Branded Spirits segment reflect reductions attributable to consideration given to customers in incentive programs, including discounts and allowances for certain volume targets. These allowances and discounts are not for distinct goods and are paid only when the depletion volume targets are achieved by the customer. The amounts reimbursed to customers are determined based on agreed-upon amounts and are recorded as a reduction of revenue. Excise Taxes. The Company is responsible for compliance with the Alcohol and Tobacco Tax and Trade Bureau of the U.S. Treasury Department (the “TTB”) regulations, which include making timely and accurate excise tax payments. The Company is subject to periodic compliance audits by the TTB. Individual U.S. states also impose excise taxes on alcohol beverages in varying amounts. The Company calculates its U.S. federal and state excise tax expense based upon units shipped and on its understanding of the applicable excise tax laws. Excise taxes that are both imposed on and concurrent with a specific revenue-producing transaction, and that are collected by the Company from a customer, are excluded from revenue and expense. 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. Earnings Per Common 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. Basic EPS amounts are computed by dividing net income attributable to common shareholders by the weighted average shares outstanding during each period. Diluted EPS is computed using the if-converted method by dividing the net income attributable to common shareholders by the weighted average shares outstanding, inclusive of the impact of the Convertible Senior Notes, except for where the result would be anti-dilutive as of the balance sheet date. Translation of Foreign Currencies. Assets and liabilities of Niche Drinks Co., Ltd. (“Niche”), a wholly owned subsidiary of the Company whose functional currency is the British pound sterling, are translated to U.S. dollars using the exchange rate in effect at the condensed consolidated balance sheet date. Results of operations are translated using average rates during the period. Adjustments resulting from the translation process are included as a component of accumulated other comprehensive income. Business Combinations. Assets acquired and liabilities assumed during a business combination are generally recorded at fair market value as of the acquisition date. Goodwill is recognized to the extent that the purchase consideration, including contingent consideration, exceeds the value of the assets acquired and liabilities assumed. The Company uses its internal estimates and third-party valuation specialists to assist in determining the fair value of the assets acquired and liabilities assumed. During the measurement periods, which can be up to one year after the acquisition date, the Company can make adjustments to the fair value of the assets acquired and liabilities assumed, with the offset being an adjustment to goodwill. Goodwill and Other Intangible Assets. The Company records goodwill and other indefinite-lived intangible assets in connection with various acquisitions of businesses and allocates the goodwill and other indefinite-lived intangible assets to its respective reporting units. The Company evaluates goodwill for impairment at least annually, in the fourth quarter, or on an interim basis if events and circumstances occur that would indicate it is more likely than not that the fair value of a reporting unit is less than the carrying value. To the extent that the carrying value exceeds fair value, an impairment of goodwill is recognized. Judgment is required in the determination of reporting units, the assignment of assets and liabilities to reporting units, including goodwill, and the determination of fair value of the reporting units. The Company separately evaluates indefinite-lived intangible assets for impairment. As of March 31, 2024, the Company determined that goodwill and indefinite-lived intangible assets were not impaired. 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. Excluding the impact of the conversion feature of the Convertible Senior Notes, the fair value of the Company’s debt was $210,173 and $194,440 at March 31, 2024 and December 31, 2023, respectively. The financial statement carrying value of total debt (net of unamortized loan fees) was $300,823 and $287,249 at March 31, 2024 and December 31, 2023, respectively. These fair values are considered Level 2 under the fair value hierarchy. The fair value calculation of contingent consideration associated with the acquisition of Penelope Bourbon LLC (“Penelope”) uses unobservable inputs, such as estimated net sales over the term of the earn-out period, discount rates, and volatility rates. The contingent consideration is measured using the Monte Carlo simulation approach. The inputs used in the calculation of the contingent consideration liability are considered Level 3 under the fair value hierarchy due to the lack of relevant market activity. See Note 3, Business Combination, for more information. Fair value disclosure for deferred compensation plan investments is included in Note 9, Employee and Non-Employee Benefit Plans. Equity Method Investments. The Company holds 50 percent interests in DGL Destiladores, S.de R.L. de C.V. (“DGL”) and Agricola LG, S.de R.L. de C.V. (“Agricola” and together with DGL, “LMX”), which are accounted for as equity method investments and are considered affiliates of the Company. The investment in LMX, which is recorded in investment in joint ventures on the Condensed Consolidated Balance Sheets, was $4,901 and $5,197 at March 31, 2024 and December 31, 2023, respectively. During the quarters ended March 31, 2024 and 2023, the Company recorded a loss of $296 and $260, respectively, from its equity method investments, which is recorded in other income (expense), net on the Condensed Consolidated Statements of Income. During the quarters ended March 31, 2024 and 2023, the Company purchased $8,092 and $8,417, respectively, of finished goods from LMX and bulk beverage alcohol from the other 50 percent owner of DGL. Related Party Transaction. The Company leased bottling and warehousing facilities in St. Louis, Missouri from Kemper-Themis, L.L.C. (“Kemper”), which was owned by Donn Lux, a member of the Company’s Board of Directors. On October 31, 2023, the Company’s Audit Committee and Board of Directors approved the purchase of the Kemper bottling and warehousing facilities from Kemper for $9,000. The purchase and sales agreement was entered into by both parties subsequent to Board approval and the transaction closed in February 2024. The transaction was entered into at fair value based on two independent appraisers’ valuations; therefore, the transaction is deemed to have been conducted at an arm’s length. Recently Adopted Accounting Standard Updates. The Company did not adopt any new Accounting Standard Updates (“ASUs”) during the quarter ended March 31, 2024. Recently Issued Accounting Pronouncements. ASU 2023-07, Improvements to Reportable Segment Disclosures , which requires improved disclosures related to significant segment expenses. This ASU requires companies to disclose significant segment expenses provided to the chief operating decision maker (“CODM”), a description of other segment items and all existing annual disclosures must be provided on an interim basis. This ASU is effective for annual periods beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted and must be applied retrospectively to all prior periods presented in the financial statements. The Company does not expect to early adopt this guidance and is currently evaluating the impact to the Company’s financial statements ASU 2023-09, Improvements to Income Tax Disclosures,

Revenue

Revenue	3 Months Ended
	Mar. 31, 2024
Revenue from Contract with Customer [Abstract]
Revenue	Revenue The Company generates revenue from the Distilling Solutions segment by the sale of products and by providing warehouse services related to the storage and aging of customer products. The Company generates revenue from the Branded Spirits segment by the sale of products and by providing contract bottling services. The Company generates revenue from the Ingredient Solutions segment by the sale of products. Revenue related to sales of products is recognized at a point in time whereas revenue generated from warehouse services and contract bottling services is recognized over time. Contracts with customers include a single performance obligation (either the sale of products or the provision of warehouse services and contract bottling services). Disaggregation of Sales. The following table presents the Company’s sales disaggregated by segment and major products and services: Quarter Ended March 31, 2024 2023 Distilling Solutions Brown goods $ 66,331 $ 68,324 Warehouse services 7,956 6,858 White goods and other co-products 10,565 38,041 Total Distilling Solutions 84,852 113,223 Branded Spirits Premium plus 20,906 18,746 Mid 14,761 20,835 Value 10,009 13,421 Other 4,470 3,881 Total Branded Spirits 50,146 56,883 Ingredient Solutions Specialty wheat starches 22,271 14,686 Specialty wheat proteins 9,995 11,890 Commodity wheat starches 3,262 3,807 Commodity wheat proteins 37 521 Total Ingredient Solutions 35,565 30,904 Total sales $ 170,563 $ 201,010

Business Combination

Business Combination	3 Months Ended
	Mar. 31, 2024
Business Combination and Asset Acquisition [Abstract]
Business Combination	Business Combination Description of the Transaction . On May 8, 2023, the Company entered into a definitive agreement to acquire 100 percent of the equity of Penelope, and subsequently completed the acquisition on June 1, 2023 (the “Acquisition”). Penelope, prior to the Acquisition, was a family and founder-owned and operated American whiskey company with a diverse portfolio of high-quality whiskeys in the premium plus price tier. As a result of the Acquisition, the Company enhanced its presence in the growing American whiskey category and expanded its portfolio of premium plus price tier brands. Following the Acquisition, Penelope became a wholly owned subsidiary of the Company and its financial results are included within the Branded Spirits segment. The aggregate consideration paid by the Company in connection with the Acquisition was $105,000 in cash paid at closing, with further additional potential earn-out consideration of up to a maximum cash payout of $110,800 if certain performance conditions, measured through December 31, 2025, are met. The consideration is subject to customary purchase price adjustments related to, among other things, net working capital and acquired cash. The consideration paid at closing included a preliminary estimated purchase price adjustment. During the year ended December 31, 2023, the Company finalized the net working capital adjustments, which decreased the cash consideration from $105,000 at closing to $104,638 at December 31, 2023. The cash portion of the consideration and transaction-related expenses were paid using both cash on hand and borrowings under the Company’s existing credit agreement. See Note 5, Corporate Borrowings, for further details. For tax purposes, the Acquisition was structured as an asset purchase which created additional tax basis in the assets acquired as a result of valuing the assets at fair market value and the purchase price will be accounted for in accordance with U.S. federal tax law. Indefinite-lived intangible assets and goodwill is deductible for U.S. income tax purposes. Purchase Price Allocation. The Acquisition was accounted for as a business combination in accordance with Accounting Standard Codification 805, Business Combinations (“ASC 805”), and as such, assets acquired, liabilities assumed, and consideration transferred were recorded at their estimated fair values on the acquisition date. The following table summarizes the allocation of the consideration paid for Penelope to the estimated fair value of the assets acquired and liabilities assumed at the acquisition date, with the excess recorded to goodwill. Consideration: Cash $ 104,638 Contingent consideration 62,100 Fair value of total consideration transferred $ 166,738 Recognized amounts of identifiable assets acquired and liabilities assumed: Cash $ 926 Receivables 2,323 Inventory 12,454 Prepaid expenses and other assets 77 Property, plant and equipment, net 253 Intangible assets (a) 57,700 Operating lease right-of-use assets, net 426 Other assets 44 Total assets 74,203 Accounts payable 2,242 Accrued expenses and other 205 Long-term operating lease liabilities 268 Total liabilities 2,715 Goodwill 95,250 Total $ 166,738 (a) Intangible assets acquired included trade names with an estimated fair value of $34,000 and distributor relationships with an estimated fair value of $23,700. In accordance with ASC 805, assets acquired, liabilities assumed, and consideration transferred were recorded at their estimated fair values on the Acquisition date. The fair value measurements of tangible and intangible assets and liabilities were based on significant inputs not observable in the market and represent Level 3 measurements within the fair value hierarchy. Level 3 inputs include discount rates that would be used by a market participant in valuing these assets and liabilities, projections of revenues and cash flows, distributor attrition rates, royalty rates, and market comparables, among others. The fair value of work-in-process and finished goods inventory was determined using the comparative sales method and raw materials was determined using the replacement cost method. Goodwill of $95,250, all of which is deductible for tax purposes, represents the excess of the consideration transferred over the estimated fair value of assets acquired net of liabilities assumed. Additionally, the goodwill is representative of the strength of the Penelope brand within the American whiskey category, and the synergies expected to be achieved by the combined company. The intangible assets acquired included indefinite-lived intangible assets, trade names, with an estimated fair value of $34,000, and definite-lived intangible assets, distributor relationships, with an estimated fair value of $23,700 and a useful life of 20 years. The trade names and distributor relationships acquired by the Company have been recorded at estimated fair values using the relief from royalty method and multi-period excess earnings method, respectively. Management engaged a third party valuation specialist to assist in the valuation analysis of certain acquired assets including trade names and distributor relationships. The operating results of Penelope have been included in the Company’s condensed consolidated financial statements since the June 1, 2023 acquisition date. The operating results and pro forma results are not disclosed due to the immaterial impact to the Company’s Condensed Consolidated Statements of Income. During the quarter ended March 31, 2024, the Company incurred $71 of costs related to the Acquisition, which are included in selling, general, and administrative expenses on the Condensed Consolidated Statements of Income. Contingent Consideration. The estimated fair value of the contingent consideration obligation at the Acquisition date was $62,100, which was determined using a Monte Carlo simulation approach. This approach requires significant assumptions, including projected net sales, discount rates, and volatility rates. The inputs used in the calculation of the contingent consideration liability are considered Level 3 under the fair value hierarchy due to the lack of relevant market activity. The

Goodwill and Intangible Assets

Goodwill and Intangible Assets	3 Months Ended
	Mar. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets	Goodwill and Intangible Assets Definite-Lived Intangible Assets. The Company acquired definite-lived intangible assets in connection with various acquisitions of businesses. The distributor relationships have a carrying value of $57,903, net of accumulated amortization of $7,197. The distributor relationships have a useful life of 20 years. The amortization expense for the quarters ended March 31, 2024 and 2023 was $813 and $518, respectively. As of March 31, 2024, the expected future amortization expense related to definite-lived intangible assets is as follows: Remainder of 2024 $ 2,442 2025 3,255 2026 3,255 2027 3,255 2028 3,255 Thereafter 42,441 Total $ 57,903 Goodwill and Indefinite-Lived Intangible Assets. The Company records goodwill and indefinite-lived intangible assets in connection with various acquisitions of businesses and allocates the goodwill and indefinite-lived intangible assets to its respective reporting units. The carrying amount of goodwill, which relates to the Branded Spirits segment, was $321,544 at both March 31, 2024 and December 31, 2023. The carrying amount of trade name indefinite-lived intangible assets, which relates to the Branded Spirits segment, was $212,990 at both March 31, 2024 and December 31, 2023.

Corporate Borrowings

Corporate Borrowings	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
Corporate Borrowings	Corporate Borrowings The following table presents the Company’s outstanding indebtedness: Description (a) March 31, 2024 December 31, 2023 Credit Agreement - Revolver, 6.43% (variable rate) due 2026 $ 78,000 $ 63,000 Convertible Senior Notes, 1.88% (fixed rate) due 2041 201,250 201,250 Note Purchase Agreement Series A Senior Secured Notes, 3.53% (fixed rate) due 2027 11,200 12,000 Senior Secured Notes, 3.80% (fixed rate) due 2029 16,800 17,600 Total indebtedness outstanding 307,250 293,850 Less unamortized loan fees (b) (6,427) (6,601) Total indebtedness outstanding, net 300,823 287,249 Less current maturities of long-term debt (6,400) (6,400) Long-term debt $ 294,423 $ 280,849 (a) Interest rates are as of March 31, 2024. (b) Loan fees are being amortized over the life of the debt agreements. Credit Agreement. On February 14, 2020, the Company entered into a credit agreement (the “Credit Agreement”) with multiple participants led by Wells Fargo Bank, National Association (“Wells Fargo Bank”) that matures on May 14, 2026. The Credit Agreement provided for a $300,000 revolving credit facility. On May 14, 2021, the Company amended the Credit Agreement to extend the terms and to increase the principal amount available to $400,000 and to permit the Company, subject to obtaining lender approval, to increase the amount of the revolving credit facility by up to an additional $100,000 provided certain conditions are satisfied and at the discretion of the lender. On August 31, 2022, the Credit Agreement was amended to change the interest rate benchmark from LIBOR to SOFR. The Credit Agreement includes certain requirements and covenants with which the Company was in compliance at March 31, 2024. Part of the cash portion of the consideration paid to acquire Penelope and transaction-related expenses were financed with $105,000 borrowings under the Credit Agreement during 2023. As of March 31, 2024, the Company had $78,000 outstanding borrowings under the Credit Agreement, leaving $322,000 available. Convertible Senior Notes. On November 16, 2021, the Company issued $201,250 in aggregate principal amount of 1.88% convertible senior notes due in 2041 (the “2041 Notes”). The 2041 Notes were issued pursuant to an indenture, dated as of November 16, 2021 (the “Indenture”), by and among the Company, as issuer, Luxco, Inc., MGPI Processing, Inc., and MGPI of Indiana, LLC, as subsidiary guarantors, and U.S. Bank National Association, as trustee. The 2041 Notes are senior, unsecured obligations of the Company and interest is payable semi-annually in arrears at a fixed interest rate of 1.88% on May 15 and November 15 of each year. The 2041 Notes mature on November 15, 2041 unless earlier repurchased, redeemed, or converted, per the terms of the Indenture. Upon conversion, the Company will pay cash up to the aggregate principal amount of the 2041 Notes to be converted and pay or deliver, as the case may be, cash, shares of the Company’s common stock, or a combination of cash and shares of the Company’s common stock, at its election, in respect to the remainder, if any, of the Company’s conversion obligation in excess of the aggregate principal amount of the 2041 Notes being converted. Note Purchase Agreements. The Company’s Note Purchase and Private Shelf Agreement (the “Note Purchase Agreement”) with PGIM, Inc. (“Prudential”), an affiliate of Prudential Financial, Inc., and certain affiliates of Prudential, provides for the issuance of $20,000 of Series A Senior Secured Notes and the issuance of up to $105,000 of additional Senior Secured Notes (or any higher amount solely to the extent Prudential has provided written notice to the Company of its authorization of such a higher amount). Effective August 23, 2023, the Note Purchase Agreement was amended to increase the total amount of Senior Secured Notes that may be issued under the facility of the Note Purchase Agreement to $250,000. Additionally, the period for issuing senior secured promissory notes under the Note Purchase Agreement was extended from August 23, 2023 to August 31, 2026. During 2017, the Company issued $20,000 of Series A Senior Secured Notes with a maturity date of August 23, 2027. During 2019, the Company issued $20,000 of additional Senior Secured Notes with a maturity date of April 30, 2029. The Note Purchase Agreement includes certain requirements and covenants with which the Company was in compliance at March 31, 2024 .

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company’s tax provision for interim periods is determined using an estimated annual effective tax rate, adjusted for discrete items arising in that quarter. In each quarter, the estimated annual effective tax rate is updated and a year to date adjustment is made to the provision. The Company’s quarterly effective tax rate can be subject to significant change due to the effect of discrete items arising in a given quarter. Income tax expense for the quarter ended March 31, 2024 was $6,262 for an effective tax rate of 23.3 percent. The effective tax rate for the quarter ended March 31, 2024 differed from the 21 percent U.S. federal statutory rate on pretax income primarily due to state income taxes and income taxes on foreign subsidiaries, partially offset by U.S. state and federal tax credits and the deduction applicable to export activity.

Equity and EPS

Equity and EPS	3 Months Ended
	Mar. 31, 2024
Equity [Abstract]
Equity and EPS	Equity and EPS The following table presents computations of basic and diluted EPS: Quarter Ended March 31, 2024 2023 Operations: Net income (a) $ 20,584 $ 31,032 Net loss attributable to noncontrolling interest 51 39 Income attributable to participating securities (unvested shares and units) (b) (239) (311) Net income used in EPS calculation $ 20,396 $ 30,760 Share information: Basic weighted average common shares (c) 22,142,277 22,040,224 Diluted weighted average common shares (d) 22,142,277 22,072,271 Basic EPS $ 0.92 $ 1.40 Diluted EPS $ 0.92 $ 1.39 (a) Net income attributable to all stockholders. (b) Participating securities included 260,651 and 227,810 unvested restricted stock units (“RSUs”) at March 31, 2024 and 2023, respectively. (c) Under the two-class method, basic weighted average common shares exclude unvested participating securities. (d) The impacts of the Convertible Senior Notes were included in the diluted weighted average common shares if the inclusion was dilutive. The Convertible Senior Notes would only have a dilutive impact if the average market price per share during the quarter and year to date period exceeds the conversion price of $96.24 per share. Share Repurchase. On February 29, 2024, the Company announced that its Board of Directors approved a $100,000 share repurchase program. Under the share repurchase program, the Company can repurchase stock from time to time for cash in open market purchases, privately negotiated transactions, or by other means, in accordance with applicable securities laws and other legal requirements. The repurchase program has no expiration date and may be modified, suspended, or discontinued at any time by the Company without prior notice. During the quarter ended March 31, 2024, the Company repurchased 59,084 shares of Common Stock for approximately $5,000, resulting in approximately $95,000 remaining under the share repurchase program. Common Stock Share Activity. The following table presents the Company’s share activity: Shares Outstanding Capital Stock Preferred Common Stock Balance, December 31, 2023 437 22,016,113 Issuance of Common Stock — 74,913 Repurchase of Common Stock (a) — (81,969) Balance, March 31, 2024 437 22,009,057 Shares Outstanding Capital Stock Preferred Common Stock Balance, December 31, 2022 437 21,994,042 Issuance of Common Stock — 23,324 Repurchase of Common Stock (b) — (8,437) Balance, March 31, 2023 437 22,008,929 (a) 59,084 shares that were repurchased during the quarter ended March 31, 2024 pursuant to the Company’s share repurchase program. The remaining shares repurchased were related to the tax withholding on equity-based compensation. (b)

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies The Company and its subsidiaries are, from time to time, a party to legal and regulatory proceedings arising in the ordinary course of its business. The Company accrues estimated costs for a contingency when management believes that a loss is probable and can be reasonably estimated.

Employee and Non-Employee Benef

Employee and Non-Employee Benefit Plans	3 Months Ended
	Mar. 31, 2024
Retirement Benefits [Abstract]
Employee and Non-Employee Benefit Plans	Employee and Non-Employee Benefit Plans Share-Based Compensation Plans . 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 other employees, as well as non-employee directors. The Company had two equity-based compensation plans: the 2014 Equity Incentive Plan (as amended, the “2014 Plan”) and the 2014 Non-Employee Director Equity Incentive Plan (the “Directors’ Plan”). As of March 31, 2024, 773,492 RSUs had been granted from the 1,500,000 shares approved under the 2014 Plan, and 141,262 shares had been granted from the 300,000 shares approved under the Directors’ Plan. As of March 31, 2024, there were 260,651 unvested RSUs under the Company’s long-term incentive plans, all of which were participating securities (see Note 7, Equity and EPS). Deferred Compensation Plan. The Company established an unfunded Executive Deferred Compensation Plan (the “EDC Plan”) effective June 30, 2018, with a purpose to attract and retain highly-compensated key employees by providing participants with an opportunity to defer receipt of a portion of their salary, bonus, and other specified compensation. The Company’s obligations under the EDC Plan change in conjunction with the performance of the participants’ investments, along with contributions to and withdrawals from the EDC Plan. Realized and unrealized gains (losses) on deferred compensation plan investments were included as a component of other income (expense), net on the Company’s Condensed Consolidated Statements of Income. For the quarters ended March 31, 2024 and 2023, the Company had a gain on deferred compensation plan investments of $252 and $179, respectively. EDC Plan investments are classified as Level 1 in the fair value hierarchy since the investments trade with sufficient frequency and volume to enable the Company to obtain pricing information on an ongoing basis. Participants were able to direct the deferral of a portion of their base salary and a portion of their estimated accrued short-term incentive plan (“STI Plan”) amounts that were paid during the first quarter of the following year. Base salary amounts elected for deferral are deposited into the EDC Plan by the Company on a weekly basis and allocated by participants among Company-determined investment options. STI Plan deferral amounts are deposited, at the time of payment, into the EDC Plan by the Company and allocated by participants among Company-determined investment options. At March 31, 2024 and December 31, 2023, the EDC Plan investments were $3,419 and $2,916, respectively, which were recorded in other assets on the Company’s Condensed Consolidated Balance Sheets. The EDC Plan current liabilities were $1,071 and $74 at March 31, 2024 and December 31, 2023, respectively, which were included in accrued expenses and other on the Company’s Condensed Consolidated Balance Sheets. The EDC Plan non-current liabilities were $2,489 and $3,314 at March 31, 2024 and December 31, 2023, respectively, and were included in other noncurrent liabilities on the Company’s Condensed Consolidated Balance Sheets.

Operating Segments

Operating Segments	3 Months Ended
	Mar. 31, 2024
Segment Reporting [Abstract]
Operating Segments	Operating Segments At March 31, 2024, the Company had three segments: Distilling Solutions, Branded Spirits, and Ingredient Solutions. The Company’s reportable segments are based on the financial information the chief operating decision maker, the Company’s Chief Executive Officer, uses to allocate resources and evaluate performance of the business. The Distilling Solutions segment consists of food grade alcohol (primarily brown goods) and distillery co-products, such as distillers feed (commonly called dried distillers grain in the industry). The Distilling Solutions segment also includes warehouse services, such as barrel put away, barrel storage, and barrel retrieval services. The Branded Spirits segment consists of a portfolio of high quality branded spirits which are produced through the distilleries and bottling facilities. The Ingredient Solutions segment consists of specialty starches and proteins as well as commodity starches and proteins. Intersegment sales and transfers are recorded at cost and are treated as a transfer of inventory. All intercompany revenues are eliminated in consolidation and are not reviewed when evaluating segment performance. Operating profit for each segment is based on sales less identifiable operating expenses. Non-direct selling, general, and administrative expenses, interest expense, and other general miscellaneous expenses are excluded from segment operations and are classified as Corporate. Receivables, inventories, property, plant and equipment, leases, goodwill, and intangible assets have been identified with the segments to which they relate. All other assets are considered as Corporate. The following table presents summarized financial information for each segment: Quarter Ended March 31, 2024 2023 Sales to Customers Distilling Solutions $ 84,852 $ 113,223 Branded Spirits 50,146 56,883 Ingredient Solutions 35,565 30,904 Total $ 170,563 $ 201,010 Gross Profit Distilling Solutions $ 34,083 $ 33,028 Branded Spirits 22,532 24,593 Ingredient Solutions 6,180 12,203 Total $ 62,795 $ 69,824 Depreciation and Amortization Distilling Solutions $ 1,957 $ 2,851 Branded Spirits 1,823 1,491 Ingredient Solutions 1,169 658 Corporate 340 171 Total $ 5,289 $ 5,171 Income (loss) before Income Taxes Distilling Solutions $ 33,069 $ 32,301 Branded Spirits 908 9,157 Ingredient Solutions 4,720 10,846 Corporate (11,851) (11,617) Total $ 26,846 $ 40,687 The following table allocates assets to each segment as of: March 31, 2024 December 31, 2023 Identifiable Assets Distilling Solutions $ 347,240 $ 369,241 Branded Spirits 889,588 910,633 Ingredient Solutions 120,076 88,846 Corporate 33,378 23,628 Total $ 1,390,282 $ 1,392,348

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2024
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Dividend.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net income attributable to MGP Ingredients, Inc.	$ 20,635	$ 31,071

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Mar. 31, 2024
Trading Arrangements, by Individual
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Karen L. Seaberg [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	On March 12, 2024, Karen L. Seaberg, Chairman of our Board of Directors, entered into a Rule 10b5-1 trading plan which provides for the sale of up to $8,735 in net proceeds from the sale of Common Stock until May 31, 2025.
Name	Karen L. Seaberg
Title	Chairman of our Board of Directors
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	March 12, 2024
Arrangement Duration	445 days
Lori L.S. Mingus [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	On March 12, 2024, Lori L.S. Mingus, member of our Board of Directors, entered into a Rule 10b5-1 trading plan which provides for the sale of up to $643 in net proceeds from the sale of Common Stock until May 31, 2025.
Name	Lori L.S. Mingus
Title	member of our Board of Directors
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	March 12, 2024
Arrangement Duration	445 days

Accounting Policies and Basis_2

Accounting Policies and Basis of Presentation (Policies)	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
The Company	The Company. MGP Ingredients, Inc. (the “Company” or “MGP”) is a Kansas corporation headquartered in Atchison, Kansas and is a leading producer of branded and distilled spirits, as well as food ingredient solutions. Distilled spirits include premium bourbon, rye, and other whiskeys (“brown goods”) and grain neutral spirits (“GNS”), including vodka and gin (“white goods and other co-products”). The Company’s distilled spirits are either sold directly or indirectly to manufacturers of other branded spirits. The Company has a portfolio of its own high quality branded spirits which are produced through its distilleries and bottling facilities and sold to distributors. The Company’s branded spirits products account for a range of price points from value products through premium plus brands. The Company’s protein and starch food ingredients provide a host of functional, nutritional, and sensory benefits for a wide range of food products to serve the consumer packaged goods industry. The ingredients products are sold directly, or through distributors, to manufacturers and processors of finished packaged goods or to bakeries.
Basis of Presentation and Principles of Consolidation	Basis of Presentation and Principles of Consolidation. The unaudited condensed consolidated financial statements include the accounts of the Company and its wholly owned and majority owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. These unaudited condensed consolidated financial statements as of and for the quarter ended March 31, 2024, should be read in conjunction with the consolidated financial statements and notes thereto in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, filed with the Securities and Exchange Commission (the “SEC”). The results of operations for interim periods are not necessarily indicative of the results to be expected for the full year. In the opinion of management, the accompanying unaudited condensed consolidated financial statements contain all adjustments (consisting of normal and recurring adjustments) necessary to fairly present the results for interim periods in accordance with U.S. generally accepted accounting principles (“GAAP”). Pursuant to the rules and regulations of the SEC, certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted.
Use of Estimates	Use of Estimates. The financial reporting policies of the Company conform to GAAP. The preparation of unaudited condensed consolidated 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 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 may not develop as forecast, and estimates routinely require adjustment and may require material adjustment.
Inventory	Inventory. Inventory includes finished goods, raw materials in the form of agricultural commodities used in the production process as well as bottles, caps, and labels used in the bottling process, and certain maintenance and repair items. Bourbons, ryes, and other whiskeys, included in inventory, are normally aged in barrels for several years, following industry practice; all barreled bourbon, rye, and other whiskeys are classified as a current asset. The Company includes warehousing, insurance, and other carrying charges applicable to barreled whiskey in inventory costs.
Revenue Recognition	Revenue Recognition. Revenue is recognized when control of the promised goods or services, through performance obligations by the Company, is transferred to the customer in an amount that reflects the consideration the Company expects to be entitled to receive in exchange for the performance obligations. The term between invoicing and when payment is due is not significant and the period between when the entity transfers the promised good or service to the customer and when the customer pays for that good or service is generally one year or less. Revenue is recognized for the sale of products at the point in time finished products are delivered to the customer in accordance with shipping terms. This is a faithful depiction of the satisfaction of the performance obligation because, at the point control passes to the customer, the customer has legal title and the risk and rewards of ownership have transferred, and the customer has a present obligation to pay. The Distilling Solutions segment routinely enters into bill and hold arrangements, whereby the Company produces and sells aged and unaged distillate to customers, and the product is barreled at the customer’s request and warehoused at a Company location for an extended period of time in accordance with directions received from the Company’s customers. Even though the aged and unaged distillate remains in the Company’s possession, a sale is recognized at the point in time when the customer obtains control of the product. Control is transferred to the customer in bill and hold transactions when the customer acceptance specifications have been met, legal title has transferred, the customer has a present obligation to pay for the product, and the risk and rewards of ownership have transferred to the customer. Additionally, all of the following bill and hold criteria have to be met in order for control to be transferred to the customer: the reason for the bill and hold arrangement is substantive, the customer has requested the product be warehoused, the product has been identified as separately belonging to the customer, the product is currently ready for physical transfer to the customer, and the Company does not have the ability to use the product or direct it to another customer. Warehouse services revenue is recognized over the time that warehouse services are rendered and as they are rendered. This is a faithful depiction of the satisfaction of the performance obligation because control of the aging products has already passed to the customer and there are no additional performance activities required by the Company, except as requested by the customer. The performance of the service activities, as requested, is invoiced as satisfied and revenue is concurrently recognized. Contract bottling is recognized over the time contract bottling services are rendered and as they are rendered.
Excise Taxes	Excise Taxes.
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.
Earnings Per Common Share ("EPS")	Earnings Per Common 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. Basic EPS amounts are computed by dividing net income attributable to common shareholders by the weighted average shares outstanding during each period. Diluted EPS is computed using the if-converted method by dividing the net income attributable to common shareholders by the weighted average shares outstanding, inclusive of the impact of the Convertible Senior Notes, except for where the result would be anti-dilutive as of the balance sheet date.
Translation of Foreign Currencies	Translation of Foreign Currencies. Assets and liabilities of Niche Drinks Co., Ltd. (“Niche”), a wholly owned subsidiary of the Company whose functional currency is the British pound sterling, are translated to U.S. dollars using the exchange rate in effect at the condensed consolidated balance sheet date. Results of operations are translated using average rates during the period. Adjustments resulting from the translation process are included as a component of accumulated other comprehensive income.
Business Combinations	Business Combinations. Assets acquired and liabilities assumed during a business combination are generally recorded at fair market value as of the acquisition date. Goodwill is recognized to the extent that the purchase consideration, including contingent consideration, exceeds the value of the assets acquired and liabilities assumed. The Company uses its internal estimates and third-party valuation specialists to assist in determining the fair value of the assets acquired and liabilities assumed. During the measurement periods, which can be up to one year after the acquisition date, the Company can make adjustments to the fair value of the assets acquired and liabilities assumed, with the offset being an adjustment to goodwill.
Goodwill and Other Intangible Assets	Goodwill and Other Intangible Assets.
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.
Equity Method Investments	Equity Method Investments.
Recently Adopted Accounting Standard Updates and Recently Issued Accounting Pronouncements	Recently Adopted Accounting Standard Updates. The Company did not adopt any new Accounting Standard Updates (“ASUs”) during the quarter ended March 31, 2024. Recently Issued Accounting Pronouncements. ASU 2023-07, Improvements to Reportable Segment Disclosures , which requires improved disclosures related to significant segment expenses. This ASU requires companies to disclose significant segment expenses provided to the chief operating decision maker (“CODM”), a description of other segment items and all existing annual disclosures must be provided on an interim basis. This ASU is effective for annual periods beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted and must be applied retrospectively to all prior periods presented in the financial statements. The Company does not expect to early adopt this guidance and is currently evaluating the impact to the Company’s financial statements ASU 2023-09, Improvements to Income Tax Disclosures,

Accounting Policies and Basis_3

Accounting Policies and Basis of Presentation (Tables)	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Schedule of Inventory	Inventory consists of the following: March 31, 2024 December 31, 2023 Finished goods $ 53,471 $ 55,463 Barreled distillate (bourbons and other whiskeys) 254,518 250,183 Raw materials 28,556 28,825 Work in process 1,663 1,691 Maintenance materials 8,481 8,355 Other 2,245 2,336 Total $ 348,934 $ 346,853

Revenue (Tables)

Revenue (Tables)	3 Months Ended
	Mar. 31, 2024
Revenue from Contract with Customer [Abstract]
Schedule of Sales by Segment	Disaggregation of Sales. The following table presents the Company’s sales disaggregated by segment and major products and services: Quarter Ended March 31, 2024 2023 Distilling Solutions Brown goods $ 66,331 $ 68,324 Warehouse services 7,956 6,858 White goods and other co-products 10,565 38,041 Total Distilling Solutions 84,852 113,223 Branded Spirits Premium plus 20,906 18,746 Mid 14,761 20,835 Value 10,009 13,421 Other 4,470 3,881 Total Branded Spirits 50,146 56,883 Ingredient Solutions Specialty wheat starches 22,271 14,686 Specialty wheat proteins 9,995 11,890 Commodity wheat starches 3,262 3,807 Commodity wheat proteins 37 521 Total Ingredient Solutions 35,565 30,904 Total sales $ 170,563 $ 201,010

Business Combination (Tables)

Business Combination (Tables)	3 Months Ended
	Mar. 31, 2024
Business Combination and Asset Acquisition [Abstract]
Schedule of Assets Acquired and Liabilities Assumed	The following table summarizes the allocation of the consideration paid for Penelope to the estimated fair value of the assets acquired and liabilities assumed at the acquisition date, with the excess recorded to goodwill. Consideration: Cash $ 104,638 Contingent consideration 62,100 Fair value of total consideration transferred $ 166,738 Recognized amounts of identifiable assets acquired and liabilities assumed: Cash $ 926 Receivables 2,323 Inventory 12,454 Prepaid expenses and other assets 77 Property, plant and equipment, net 253 Intangible assets (a) 57,700 Operating lease right-of-use assets, net 426 Other assets 44 Total assets 74,203 Accounts payable 2,242 Accrued expenses and other 205 Long-term operating lease liabilities 268 Total liabilities 2,715 Goodwill 95,250 Total $ 166,738 (a)

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	3 Months Ended
	Mar. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense	As of March 31, 2024, the expected future amortization expense related to definite-lived intangible assets is as follows: Remainder of 2024 $ 2,442 2025 3,255 2026 3,255 2027 3,255 2028 3,255 Thereafter 42,441 Total $ 57,903

Corporate Borrowings (Tables)

Corporate Borrowings (Tables)	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
Schedule of Outstanding Indebtedness	The following table presents the Company’s outstanding indebtedness: Description (a) March 31, 2024 December 31, 2023 Credit Agreement - Revolver, 6.43% (variable rate) due 2026 $ 78,000 $ 63,000 Convertible Senior Notes, 1.88% (fixed rate) due 2041 201,250 201,250 Note Purchase Agreement Series A Senior Secured Notes, 3.53% (fixed rate) due 2027 11,200 12,000 Senior Secured Notes, 3.80% (fixed rate) due 2029 16,800 17,600 Total indebtedness outstanding 307,250 293,850 Less unamortized loan fees (b) (6,427) (6,601) Total indebtedness outstanding, net 300,823 287,249 Less current maturities of long-term debt (6,400) (6,400) Long-term debt $ 294,423 $ 280,849 (a) Interest rates are as of March 31, 2024. (b) Loan fees are being amortized over the life of the debt agreements.

Equity and EPS (Tables)

Equity and EPS (Tables)	3 Months Ended
	Mar. 31, 2024
Equity [Abstract]
Schedule of Basic and Diluted EPS	The following table presents computations of basic and diluted EPS: Quarter Ended March 31, 2024 2023 Operations: Net income (a) $ 20,584 $ 31,032 Net loss attributable to noncontrolling interest 51 39 Income attributable to participating securities (unvested shares and units) (b) (239) (311) Net income used in EPS calculation $ 20,396 $ 30,760 Share information: Basic weighted average common shares (c) 22,142,277 22,040,224 Diluted weighted average common shares (d) 22,142,277 22,072,271 Basic EPS $ 0.92 $ 1.40 Diluted EPS $ 0.92 $ 1.39 (a) Net income attributable to all stockholders. (b) Participating securities included 260,651 and 227,810 unvested restricted stock units (“RSUs”) at March 31, 2024 and 2023, respectively. (c) Under the two-class method, basic weighted average common shares exclude unvested participating securities. (d)
Schedule of Common Stock Activity	Common Stock Share Activity. The following table presents the Company’s share activity: Shares Outstanding Capital Stock Preferred Common Stock Balance, December 31, 2023 437 22,016,113 Issuance of Common Stock — 74,913 Repurchase of Common Stock (a) — (81,969) Balance, March 31, 2024 437 22,009,057 Shares Outstanding Capital Stock Preferred Common Stock Balance, December 31, 2022 437 21,994,042 Issuance of Common Stock — 23,324 Repurchase of Common Stock (b) — (8,437) Balance, March 31, 2023 437 22,008,929 (a) 59,084 shares that were repurchased during the quarter ended March 31, 2024 pursuant to the Company’s share repurchase program. The remaining shares repurchased were related to the tax withholding on equity-based compensation. (b)

Operating Segments (Tables)

Operating Segments (Tables)	3 Months Ended
	Mar. 31, 2024
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment	The following table presents summarized financial information for each segment: Quarter Ended March 31, 2024 2023 Sales to Customers Distilling Solutions $ 84,852 $ 113,223 Branded Spirits 50,146 56,883 Ingredient Solutions 35,565 30,904 Total $ 170,563 $ 201,010 Gross Profit Distilling Solutions $ 34,083 $ 33,028 Branded Spirits 22,532 24,593 Ingredient Solutions 6,180 12,203 Total $ 62,795 $ 69,824 Depreciation and Amortization Distilling Solutions $ 1,957 $ 2,851 Branded Spirits 1,823 1,491 Ingredient Solutions 1,169 658 Corporate 340 171 Total $ 5,289 $ 5,171 Income (loss) before Income Taxes Distilling Solutions $ 33,069 $ 32,301 Branded Spirits 908 9,157 Ingredient Solutions 4,720 10,846 Corporate (11,851) (11,617) Total $ 26,846 $ 40,687
Schedule of Segment Reporting Identifiable Assets	The following table allocates assets to each segment as of: March 31, 2024 December 31, 2023 Identifiable Assets Distilling Solutions $ 347,240 $ 369,241 Branded Spirits 889,588 910,633 Ingredient Solutions 120,076 88,846 Corporate 33,378 23,628 Total $ 1,390,282 $ 1,392,348

Accounting Policies and Basis_4

Accounting Policies and Basis of Presentation - Narrative (Details) $ in Thousands		3 Months Ended
	Oct. 31, 2023 USD ($)	Mar. 31, 2024 USD ($) segment	Mar. 31, 2023 USD ($)	Dec. 31, 2023 USD ($)
Schedule of Equity Method Investments [Line Items]
Number of operating segments | segment		3
Debt instrument, fair value disclosure		$ 210,173		$ 194,440
Long-term debt, including current maturities		300,823		287,249
Investment in joint ventures		4,901		5,197
Equity method investment loss		296	$ 260
Purchase of property, plant, and equipment		$ 27,026	16,237
Related Party
Schedule of Equity Method Investments [Line Items]
Purchase of property, plant, and equipment	$ 9,000
Dos Primos
Schedule of Equity Method Investments [Line Items]
Noncontrolling ownership interest percentage		40%
Dos Primos
Schedule of Equity Method Investments [Line Items]
Ownership interest percentage		60%
LMX
Schedule of Equity Method Investments [Line Items]
Ownership interest percentage		50%
Investment in joint ventures		$ 4,901		$ 5,197
Equity method investment loss		296	260
Purchases from equity method investment		$ 8,092	$ 8,417

Accounting Policies and Basis_5

Accounting Policies and Basis of Presentation - Inventory (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Accounting Policies [Abstract]
Finished goods	$ 53,471	$ 55,463
Barreled distillate (bourbons and other whiskeys)	254,518	250,183
Raw materials	28,556	28,825
Work in process	1,663	1,691
Maintenance materials	8,481	8,355
Other	2,245	2,336
Total	$ 348,934	$ 346,853

Revenue (Details)

Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Disaggregation of Revenue [Line Items]
Sales	$ 170,563	$ 201,010
Distilling Solutions
Disaggregation of Revenue [Line Items]
Sales	84,852	113,223
Distilling Solutions | Brown goods
Disaggregation of Revenue [Line Items]
Sales	66,331	68,324
Distilling Solutions | Warehouse services
Disaggregation of Revenue [Line Items]
Sales	7,956	6,858
Distilling Solutions | White goods and other co-products
Disaggregation of Revenue [Line Items]
Sales	10,565	38,041
Branded Spirits
Disaggregation of Revenue [Line Items]
Sales	50,146	56,883
Branded Spirits | Premium plus
Disaggregation of Revenue [Line Items]
Sales	20,906	18,746
Branded Spirits | Mid
Disaggregation of Revenue [Line Items]
Sales	14,761	20,835
Branded Spirits | Value
Disaggregation of Revenue [Line Items]
Sales	10,009	13,421
Branded Spirits | Other
Disaggregation of Revenue [Line Items]
Sales	4,470	3,881
Ingredient Solutions
Disaggregation of Revenue [Line Items]
Sales	35,565	30,904
Ingredient Solutions | Specialty wheat starches
Disaggregation of Revenue [Line Items]
Sales	22,271	14,686
Ingredient Solutions | Specialty wheat proteins
Disaggregation of Revenue [Line Items]
Sales	9,995	11,890
Ingredient Solutions | Commodity wheat starches
Disaggregation of Revenue [Line Items]
Sales	3,262	3,807
Ingredient Solutions | Commodity wheat proteins
Disaggregation of Revenue [Line Items]
Sales	$ 37	$ 521

Business Combination - Narrativ

Business Combination - Narrative (Details) - USD ($) $ in Thousands			3 Months Ended
	Dec. 31, 2023	Jun. 01, 2023	Mar. 31, 2024	Mar. 31, 2023
Business Acquisition [Line Items]
Contingent consideration	$ 69,200		$ 73,300
Goodwill	321,544		321,544
Change in fair value of contingent consideration			$ 4,100	$ 0
Distributor Relationships
Business Acquisition [Line Items]
Weighted average useful life			20 years
Penelope
Business Acquisition [Line Items]
Percent acquired		100%
Cash consideration paid		$ 105,000
Contingent consideration		62,100
Aggregate consideration paid	104,638
Goodwill	95,250
Intangible assets	$ 57,700
Acquisition related costs			$ 71
Change in fair value of contingent consideration			$ 4,100
Penelope | Maximum
Business Acquisition [Line Items]
Contingent consideration		110,800
Penelope | Minimum
Business Acquisition [Line Items]
Contingent consideration		0
Penelope | Trade Names
Business Acquisition [Line Items]
Intangible assets		34,000
Penelope | Distributor Relationships
Business Acquisition [Line Items]
Intangible assets		$ 23,700
Weighted average useful life		20 years

Business Combination - Consider

Business Combination - Consideration Transferred (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Mar. 31, 2024	Jun. 01, 2023
Business Combination, Separately Recognized Transactions [Line Items]
Goodwill	$ 321,544	$ 321,544
Penelope
Business Combination, Separately Recognized Transactions [Line Items]
Cash	104,638
Contingent consideration	62,100
Fair value of total consideration transferred	166,738
Cash	926
Receivables	2,323
Inventory	12,454
Prepaid expenses and other assets	77
Property, plant and equipment, net	253
Intangible assets	57,700
Operating lease right-of-use assets, net	426
Other assets	44
Total assets	74,203
Accounts payable	2,242
Accrued expenses and other	205
Long-term operating lease liabilities	268
Total liabilities	2,715
Goodwill	95,250
Total	$ 166,738
Penelope | Trade Names
Business Combination, Separately Recognized Transactions [Line Items]
Intangible assets			$ 34,000
Penelope | Distributor Relationships
Business Combination, Separately Recognized Transactions [Line Items]
Intangible assets			$ 23,700

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Carrying value	$ 57,903
Goodwill	321,544		$ 321,544
Branded Spirits
Finite-Lived Intangible Assets [Line Items]
Goodwill	321,544		321,544
Indefinite-lived intangible assets	212,990		$ 212,990
Distributor Relationships
Finite-Lived Intangible Assets [Line Items]
Carrying value	57,903
Accumulated amortization	$ 7,197
Weighted average useful life	20 years
Amortization expense	$ 813	$ 518

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets - Expected Future Amortization Expense (Details) $ in Thousands	Mar. 31, 2024 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Remainder of 2024	$ 2,442
2025	3,255
2026	3,255
2027	3,255
2028	3,255
Thereafter	42,441
Total	$ 57,903

Corporate Borrowings - Indebted

Corporate Borrowings - Indebtedness Outstanding (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Nov. 16, 2021
Debt Instrument [Line Items]
Total indebtedness outstanding	$ 307,250	$ 293,850
Less unamortized loan fees	(6,427)	(6,601)
Total indebtedness outstanding, net	300,823	287,249
Less current maturities of long-term debt	(6,400)	(6,400)
Long-term debt	294,423	280,849
Credit Agreement - Revolver, 6.43% (variable rate) due 2026 | Line of Credit | Revolving Credit Facility
Debt Instrument [Line Items]
Total indebtedness outstanding	$ 78,000	63,000
Credit agreement, interest rate	6.43%
Convertible Senior Notes, 1.88% (fixed rate) due 2041 | Convertible Debt
Debt Instrument [Line Items]
Total indebtedness outstanding	$ 201,250	201,250
Stated interest rate	1.88%		1.88%
Series A Senior Secured Notes, 3.53% (fixed rate) due 2027 | Secured Debt
Debt Instrument [Line Items]
Total indebtedness outstanding	$ 11,200	12,000
Stated interest rate	3.53%
Senior Secured Notes, 3.80% (fixed rate) due 2029 | Secured Debt
Debt Instrument [Line Items]
Total indebtedness outstanding	$ 16,800	$ 17,600
Stated interest rate	3.80%

Corporate Borrowings - Narrativ

Corporate Borrowings - Narrative (Details) - USD ($) $ in Thousands		12 Months Ended
	Nov. 16, 2021	Dec. 31, 2023	Dec. 31, 2019	Dec. 31, 2017	Mar. 31, 2024	Aug. 23, 2023	May 14, 2021	Feb. 14, 2020
Debt Instrument [Line Items]
Total indebtedness outstanding		$ 293,850			$ 307,250
Line of Credit | Revolving Credit Facility
Debt Instrument [Line Items]
Contingent increase in borrowing capacity							$ 100,000
Credit Agreement - Revolver, 6.43% (variable rate) due 2026
Debt Instrument [Line Items]
Outstanding borrowings under credit facility							400,000	$ 300,000
Credit Agreement - Revolver, 6.43% (variable rate) due 2026 | Line of Credit | Revolving Credit Facility
Debt Instrument [Line Items]
Borrowings		105,000
Total indebtedness outstanding		63,000			78,000
Remaining borrowing capacity					322,000
Convertible Senior Notes, 1.88% (fixed rate) due 2041 | Convertible Debt
Debt Instrument [Line Items]
Total indebtedness outstanding		201,250			$ 201,250
Proceeds from issuance of debt	$ 201,250
Stated interest rate	1.88%				1.88%
Note Purchase Agreement | Secured Debt
Debt Instrument [Line Items]
Term loan face value							20,000
Note Purchase Agreement | Secured Debt | Revolving Credit Facility
Debt Instrument [Line Items]
Remaining borrowing capacity					$ 222,000
Term loan face value						$ 250,000	$ 105,000
Series A Senior Secured Notes, 3.53% (fixed rate) due 2027 | Secured Debt
Debt Instrument [Line Items]
Total indebtedness outstanding		12,000			$ 11,200
Proceeds from issuance of debt				$ 20,000
Stated interest rate					3.53%
Senior Secured Notes, 3.80% (fixed rate) due 2029 | Secured Debt
Debt Instrument [Line Items]
Total indebtedness outstanding		$ 17,600			$ 16,800
Proceeds from issuance of debt			$ 20,000
Stated interest rate					3.80%

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Income tax expense (benefit)	$ 6,262	$ 9,655
Effective tax rate	23.30%	23.70%
Federal statutory rate	21%	21%

Equity and EPS - Computations (

Equity and EPS - Computations (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Nov. 16, 2021
Operations:
Net income	$ 20,584	$ 31,032
Net loss attributable to noncontrolling interest	51	39
Income attributable to participating securities (unvested shares and units), basic	(239)	(311)
Income attributable to participating securities (unvested shares and units), diluted	(239)	(311)
Net income used in earnings per common share calculation, basic	20,396	30,760
Net income used in earnings per common share calculation, diluted	$ 20,396	$ 30,760
Share information:
Basic weighted average common shares (in shares)	22,142,277	22,040,224
Diluted weighted average common shares (in shares)	22,142,277	22,072,271
Basic EPS (in dollars per share)	$ 0.92	$ 1.40
Diluted EPS (in dollars per share)	$ 0.92	$ 1.39
Convertible Senior Notes, 1.88% (fixed rate) due 2041 | Convertible Debt
Share information:
Conversion price (in dollars per share)			$ 96.24
Restricted Stock Units (RSUs)
Share information:
Participating securities (in shares)	260,651	227,810

Equity and EPS - Schedule of Co

Equity and EPS - Schedule of Common Stock Activity (Details) - shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Capital Stock Preferred
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares outstanding at beginning of period (in shares)	437	437
Issuance of Common Stock (in shares)	0	0
Repurchase of Common Stock (in shares)	0	0
Shares outstanding at end of period (in shares)	437	437
Stock repurchased during the period (in shares)	0	0
Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares outstanding at beginning of period (in shares)	22,016,113	21,994,042
Issuance of Common Stock (in shares)	74,913	23,324
Repurchase of Common Stock (in shares)	(81,969)	(8,437)
Shares outstanding at end of period (in shares)	22,009,057	22,008,929
Stock repurchased during the period (in shares)	81,969	8,437
Common Stock | Share Repurchase Program
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Repurchase of Common Stock (in shares)	(59,084)
Stock repurchased during the period (in shares)	59,084

Equity and EPS - Narrative (Det

Equity and EPS - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Feb. 29, 2024
Equity [Abstract]
Share repurchase authorization, amount		$ 100,000
Company shares repurchased (in shares)	59,084
Repurchase of common stock	$ 5,000
Remaining authorized repurchase amount	$ 95,000

Employee and Non-Employee Ben_2

Employee and Non-Employee Benefit Plans (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($) plan shares	Mar. 31, 2023 USD ($)	Dec. 31, 2023 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of active equity-based compensation plans | plan	2
Gain on deferred compensation plan investments | $	$ 252	$ 179
EDC plan investments | $	3,419		$ 2,916
EDC plan current liabilities | $	1,071		74
EDC plan noncurrent liabilities | $	$ 2,489		$ 3,314
The 2014 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares approved (in shares)	1,500,000
The Director's Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares approved (in shares)	300,000
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Units outstanding (in shares)	260,651
Restricted Stock Units (RSUs) | The 2014 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grants in period (in shares)	773,492
Restricted Stock Units (RSUs) | The Director's Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grants in period (in shares)	141,262

Operating Segments - Narrative

Operating Segments - Narrative (Details)	3 Months Ended
	Mar. 31, 2024 segment
Segment Reporting [Abstract]
Number of reportable segments	3

Operating Segments - Operating

Operating Segments - Operating Profit (Loss) Per Segment (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Segment Reporting Information [Line Items]
Sales to Customers	$ 170,563	$ 201,010
Gross Profit	62,795	69,824
Depreciation and Amortization	5,289	5,171
Income (loss) before Income Taxes	26,846	40,687
Corporate
Segment Reporting Information [Line Items]
Depreciation and Amortization	340	171
Income (loss) before Income Taxes	(11,851)	(11,617)
Distilling Solutions
Segment Reporting Information [Line Items]
Sales to Customers	84,852	113,223
Gross Profit	34,083	33,028
Distilling Solutions | Operating Segments
Segment Reporting Information [Line Items]
Depreciation and Amortization	1,957	2,851
Income (loss) before Income Taxes	33,069	32,301
Branded Spirits
Segment Reporting Information [Line Items]
Sales to Customers	50,146	56,883
Gross Profit	22,532	24,593
Branded Spirits | Operating Segments
Segment Reporting Information [Line Items]
Depreciation and Amortization	1,823	1,491
Income (loss) before Income Taxes	908	9,157
Ingredient Solutions
Segment Reporting Information [Line Items]
Sales to Customers	35,565	30,904
Gross Profit	6,180	12,203
Ingredient Solutions | Operating Segments
Segment Reporting Information [Line Items]
Depreciation and Amortization	1,169	658
Income (loss) before Income Taxes	$ 4,720	$ 10,846

Operating Segments - Identifiab

Operating Segments - Identifiable Assets by Segment (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Segment Reporting Information [Line Items]
Assets	$ 1,390,282	$ 1,392,348
Corporate
Segment Reporting Information [Line Items]
Assets	33,378	23,628
Distilling Solutions | Operating Segments
Segment Reporting Information [Line Items]
Assets	347,240	369,241
Branded Spirits | Operating Segments
Segment Reporting Information [Line Items]
Assets	889,588	910,633
Ingredient Solutions | Operating Segments
Segment Reporting Information [Line Items]
Assets	$ 120,076	$ 88,846

Subsequent Events (Details)

Subsequent Events (Details)	May 02, 2024 $ / shares
Subsequent Event
Subsequent Event [Line Items]
Dividend declared (in dollars per share)	$ 0.12