Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Mar. 02, 2015 | Jun. 30, 2014 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | MGP INGREDIENTS INC | ||
Document Type | 10-K | ||
Current Fiscal Year End Date | -19 | ||
Entity Common Stock, Shares Outstanding | 17,674,559 | ||
Amendment Flag | FALSE | ||
Entity Central Index Key | 835011 | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Smaller Reporting Company | ||
Entity Well-known Seasoned Issuer | No | ||
Document Period End Date | 31-Dec-14 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Entity Public Float | $81,316,208 |
Consolidated_Statements_Of_Ope
Consolidated Statements Of Operations (USD $) | 12 Months Ended | |||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | ||
Income Statement [Abstract] | ||||
Sales | $338,352 | $334,070 | ||
Less: excise taxes | 24,949 | 10,806 | ||
Net sales | 313,403 | 323,264 | ||
Cost of sales | 284,972 | [1] | 302,025 | [1] |
Gross profit | 28,431 | 21,239 | ||
Selling, general and administrative expenses | 20,101 | 26,202 | ||
Insurance recoveries (Note 17) | -8,290 | 0 | ||
Other operating costs and losses on sale of assets | 1 | 236 | ||
Operating income (loss) | 16,619 | -5,199 | ||
Equity method investment earnings (loss) (Note 3) | 10,137 | -204 | ||
Interest expense | -816 | -1,118 | ||
Income (loss) from continuing operations before income taxes | 25,940 | -6,521 | ||
Income tax expense (benefit) (Note 5) | 2,265 | -714 | ||
Net income (loss) from continuing operations | 23,675 | -5,807 | ||
Discontinued operations, net of tax (Note 11) | 0 | 878 | ||
Net income (loss) | $23,675 | ($4,929) | ||
Basic and diluted earnings (loss) per share | ||||
Income (loss) from continuing operations (in dollars per share) | $1.32 | ($0.34) | ||
Income from discontinued operations (in dollars per share) | $0 | $0.05 | ||
Net income (loss) (in dollars per share) | $1.32 | ($0.29) | ||
Dividends per common share (in dollars per share) | $0.05 | $0.05 | ||
[1] | Includes related party purchases of $37,500 and $9,988 for the years ended December 31, 2014 and 2013, respectively. |
Consolidated_Statements_Of_Ope1
Consolidated Statements Of Operations (Parentheticals) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Income Statement [Abstract] | ||
Cost of sales, related party transactions | $37,500 | $9,988 |
Consolidated_Statements_Of_Com
Consolidated Statements Of Comprehensive Income (Loss) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Net income (loss) | $23,675 | ($4,929) |
Company sponsored benefit plans: | ||
Change in translation adjustment and post-employment benefits of equity method investments, net of tax benefit of $37 and $8, respectively | -15 | 18 |
Other comprehensive income (loss) | -728 | 229 |
Comprehensive income (loss) | 22,947 | -4,700 |
Change In Pension Plans [Member] | ||
Company sponsored benefit plans: | ||
Change in pension plans and post employment benefits, net of tax expense $155 and $166, and benefit of $6 and $22, respectively | 133 | 250 |
Change In Post Employment Benefits [Member] | ||
Company sponsored benefit plans: | ||
Change in pension plans and post employment benefits, net of tax expense $155 and $166, and benefit of $6 and $22, respectively | ($846) | ($39) |
Recovered_Sheet1
Consolidated Statements of Comprehensive Income (Loss) (Parentheticals) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Change in translation adjustment on non-consolidating foreign subsidiary, tax | $37 | $8 |
Change In Pension Plans [Member] | ||
Change in pension plans and post employment benefits, tax | -155 | -166 |
Change In Post Employment Benefits [Member] | ||
Change in pension plans and post employment benefits, tax | ($6) | ($22) |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current Assets | ||
Cash and cash equivalents | $5,641 | $2,857 |
Receivables (less allowance for doubtful accounts: December 31, 2014 - $12; December 31, 2013 - $18) | 32,672 | 27,821 |
Inventory | 34,441 | 34,917 |
Prepaid expenses | 1,179 | 848 |
Deferred income taxes | 7,924 | 4,977 |
Refundable income taxes | 388 | 466 |
Total current assets | 82,245 | 71,886 |
Property and equipment, net of accumulated depreciation and amortization | 63,881 | 70,244 |
Equity method investments | 12,373 | 7,123 |
Other assets | 2,100 | 2,076 |
Total assets | 160,599 | 151,329 |
Current Liabilities | ||
Current maturities of long-term debt | 2,613 | 1,557 |
Accounts payable | 16,076 | 23,107 |
Accounts payable to affiliate, net | 3,333 | 1,204 |
Accrued expenses | 8,010 | 8,282 |
Other current liabilities | 716 | 0 |
Total current liabilities | 30,748 | 34,150 |
Long-term debt, less current maturities | 7,670 | 3,611 |
Revolving credit facility | 0 | 18,000 |
Deferred credits | 4,099 | 3,925 |
Accrued retirement health and life insurance benefits | 4,420 | 4,423 |
Other non current liabilities | 0 | 640 |
Deferred income taxes | 9,297 | 4,977 |
Total liabilities | 56,234 | 69,726 |
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, 2014 and 2013; 17,674,559 and 17,750,421 shares outstanding at December 31, 2014 and 2013, respectively | 6,715 | 6,715 |
Additional paid-in capital | 9,904 | 8,728 |
Retained earnings | 89,454 | 66,686 |
Accumulated other comprehensive loss | -732 | -4 |
Treasury stock, at cost 441,406 and 365,544 shares at December 31, 2014 and 2013, respectively | -980 | -526 |
Total stockholders’ equity | 104,365 | 81,603 |
Total liabilities and stockholders’ equity | $160,599 | $151,329 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parentheticals) (USD $) | 12 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Statement of Financial Position [Abstract] | ||
Receivables allowance for doubtful accounts (in Dollars) | $12 | $18 |
Preferred stock, percentage non-cumulative | 0.05% | 0.05% |
Preferred stock, par value (in Dollars per share) | $10 | $10 |
Preferred stock, shares authorized | 1,000 | 1,000 |
Preferred stock, shares issued | 437 | 437 |
Preferred stock, shares outstanding | 437 | 437 |
Common stock, par value (in Dollars per share) | $0 | $0 |
Common stock, shares authorized | 40,000,000 | 40,000,000 |
Common stock, shares issued | 18,115,965 | 18,115,965 |
Common stock, shares outstanding | 17,674,559 | 17,750,421 |
Treasury stock, shares | 441,406 | 365,544 |
Consolidated_Statements_Of_Cas
Consolidated Statements Of Cash Flows (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Cash Flows from Operating Activities | ||
Net income (loss) | $23,675 | ($4,929) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||
Depreciation and amortization | 12,325 | 12,009 |
Gain on sale of bioplastics manufacturing business | 0 | -1,453 |
Gain on property insurance recoveries | -8,290 | 0 |
Loss on sale of assets | 38 | 47 |
Share based compensation | 1,393 | 932 |
Equity method investment (earnings) loss | -10,137 | 204 |
Distribution received from equity method investee | 4,835 | 0 |
Deferred income taxes, including change in valuation allowance | 1,570 | -152 |
Changes in operating assets and liabilities: | ||
Restricted cash | 0 | 12 |
Receivables, net | -4,851 | 7,511 |
Inventory | 476 | 1,542 |
Prepaid expenses | -331 | -129 |
Refundable income taxes | 78 | -224 |
Accounts payable | -5,928 | 2,571 |
Accounts payable to affiliate, net | 2,129 | -2,804 |
Accrued expenses | -373 | 3,264 |
Deferred credits | 174 | -208 |
Accrued retirement health and life insurance benefits, pension obligations, and other noncurrent liabilities | -699 | -876 |
Other | -272 | -17 |
Net cash provided by operating activities | 15,812 | 17,300 |
Cash Flows from Investing Activities | ||
Additions to property and equipment | -6,953 | -6,208 |
Proceeds from sale of bioplastics manufacturing business | 0 | 2,797 |
Proceeds from property insurance recoveries | 8,450 | 0 |
Proceeds from sale of property and other | 5 | 0 |
Net cash provided by (used in) investing activities | 1,502 | -3,411 |
Cash Flows from Financing Activities | ||
Payment of dividends | -907 | -916 |
Purchase of treasury stock | -672 | -540 |
Loan fees incurred with borrowings | -66 | 0 |
Principal payments on long-term debt | -1,555 | -1,683 |
Proceeds from revolving credit facility | 62,146 | 95,512 |
Principal payments on revolving credit facility | -73,476 | -103,405 |
Net cash used in financing activities | -14,530 | -11,032 |
Increase in cash | 2,784 | 2,857 |
Cash, beginning of year | 2,857 | 0 |
Cash, end of year | $5,641 | $2,857 |
Consolidated_Statements_Of_Cha
Consolidated Statements Of Changes In Stockholders’ Equity (USD $) | Total | Capital Stock Preferred | Issued Common | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Treasury Stock |
In Thousands, unless otherwise specified | |||||||
Balance, at Dec. 31, 2012 | $86,827 | $4 | $6,715 | $7,894 | $72,531 | ($233) | ($84) |
Comprehensive income: | |||||||
Net Income (Loss) | -4,929 | -4,929 | |||||
Other comprehensive income (loss) | 229 | 229 | |||||
Dividends paid | -916 | -916 | |||||
Share-based compensation | 834 | 834 | |||||
Stock shares awarded, forfeited or vested | 98 | 98 | |||||
Stock shares repurchased | -540 | -540 | |||||
Balance, at Dec. 31, 2013 | 81,603 | 4 | 6,715 | 8,728 | 66,686 | -4 | -526 |
Comprehensive income: | |||||||
Net Income (Loss) | 23,675 | 23,675 | |||||
Other comprehensive income (loss) | -728 | -728 | |||||
Dividends paid | -907 | -907 | |||||
Share-based compensation | 1,176 | 1,176 | |||||
Stock shares awarded, forfeited or vested | 218 | 218 | |||||
Stock shares repurchased | -672 | -672 | |||||
Balance, at Dec. 31, 2014 | $104,365 | $4 | $6,715 | $9,904 | $89,454 | ($732) | ($980) |
Nature_Of_Operations_And_Summa
Nature Of Operations And Summary Of Significant Accounting Policies | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||||||||
Nature of Operations and Summary of Significant Accounting Policies | ||||||||||
NOTE 1: | NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |||||||||
The Company. MGP Ingredients, Inc. ("Registrant" or "Company") is a Kansas corporation headquartered in Atchison, Kansas. It was incorporated in 2011 and is a holding company with no operations of its own. Its principal directly-owned operating subsidiaries are MGPI Processing, Inc. ("Processing") and MGPI of Indiana, LLC ("MGPI-I"). Processing was incorporated in Kansas in 1957 and is the successor to a business founded in 1941 by Cloud L. Cray, Sr. Prior to the Reorganization (discussed below), Processing was named MGP Ingredients, Inc. MGPI-I (previously named Firebird Acquisitions, Inc.) acquired substantially all the beverage alcohol distillery assets of Lawrenceburg Distillers Indiana, LLC ("LDI") at its Lawrenceburg and Greendale, Indiana facility ("Indiana facility") on December 27, 2011. | ||||||||||
On January 3, 2012, MGP Ingredients, Inc. was reorganized into a holding company structure (the "Reorganization"). By engaging in the Reorganization, the Company sought to better isolate risks that might reside in one facility or operating unit from its other facilities or operating units. Management also believes that a holding company structure facilitates ramp-up of new businesses that might be developed, accommodates future growth through acquisitions and joint ventures, creates tighter focus within operating units, and enhances commercial activities and financing possibilities. | ||||||||||
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. | ||||||||||
The Company processes flour, corn, rye, barley, barley malt and milo into a variety of products through an integrated production process. The Company is a producer of certain distillery and ingredients products derived from grain and since February 8, 2013, the Company consists of two reportable segments: distillery products and ingredient solutions. Effective February 8, 2013, the Company sold the assets at its bioplastics manufacturing facility in Onaga, Kansas and certain assets at its extruder-bio-resin laboratory located in Atchison, Kansas, which were included in the Company's other segment, as further described in Note 11: Operating Segments. The distillery products segment consists primarily of food grade alcohol, and to a much lesser extent, fuel grade alcohol, distillers feed and corn oil. Fuel grade alcohol, distillers feed and corn oil are co-products of our distillery operations. The ingredient solutions segment products primarily consist of specialty starches, specialty proteins, commodity starches and commodity vital wheat gluten. Included in the other segment were products comprised of plant-based biopolymers and wood-based composite resins manufactured through the further processing of certain of our proteins and starches and wood. The Company produces textured wheat proteins through a toll manufacturing arrangement at a facility in the Netherlands. During December 2011, through its wholly owned subsidiary, MGPI-I, the Company acquired the beverage alcohol distillery assets ("Distillery Business") of LDI. | ||||||||||
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 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. Whiskey and bourbon is normally aged in barrels for several years, following industry practice; all barreled whiskey and bourbon is classified as a current asset. The Company includes warehousing, insurance, and other carrying charges applicable to barreled whiskey in inventory costs. | ||||||||||
Inventories are stated at the lower of cost or market on the first-in, first-out ("FIFO") method. Inventory valuations are impacted by constantly changing prices paid for key materials, primarily corn. | ||||||||||
Derivative Instruments. The Company 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 Operations. The Company capitalizes interest costs associated with significant construction projects. Total interest incurred for the years ended December 31, 2014 and 2013 is noted below: | ||||||||||
Year Ended December 31, | ||||||||||
2014 | 2013 | |||||||||
Interest costs charged to expense | $ | 816 | $ | 1,118 | ||||||
Plus: Interest cost capitalized | 107 | 108 | ||||||||
Total | $ | 923 | $ | 1,226 | ||||||
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 Operations. | ||||||||||
The Company reviews its investments in non-consolidated subsidiaries for impairment whenever events or changes in business circumstances indicate that the carrying amount of the investments may not be fully recoverable. Evidence of a loss in value that is other than temporary include, but are not limited to, the absence of an ability to recover the carrying amount of the investment, the inability of the investee to sustain an earnings capacity which would justify the carrying amount of the investment, or, where applicable, estimated sales proceeds which are insufficient to recover the carrying amount of the investment. If the fair value of the investment is determined to be less than the carrying value and the decline in value is considered to be other than temporary, an appropriate write-down is recorded based on the excess of the carrying value over the best estimate of fair value of the investment. | ||||||||||
Earnings (loss) per Share. Basic and diluted earnings (loss) per share are computed using the two-class method, which is an earnings allocation formula that determines net income (loss) per share for each class of common stock and participating security according to dividends declared and participation rights in undistributed earnings. Per share amounts are computed by dividing net income (loss) from continuing operations attributable to common shareholders by the weighted average shares outstanding during each year or period. | ||||||||||
Deferred Credits. In 2001, the United States Department of Agriculture developed a grant program for the gluten industry ("USDA grant"). As part of this program, the Company received nearly $26,000 of grants. The funds were required to be used for research, marketing, promotional and capital costs related to value-added gluten and starch products. Funds allocated on the basis of current operating costs were recognized in income as those costs were incurred. Funds allocated based on capital expenditures were included as a deferred credit and are being recognized appropriately as a credit to Cost of Sales and Selling, general and administrative expenses in the Consolidated Statements of Operations as the related assets are depreciated. | ||||||||||
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"). Per the agreement, 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 that were included as a deferred credit. The deferred credit balance has been and will be recognized appropriately as a credit to Cost of Sales in the Consolidated Statements of Operations as the related assets are depreciated. | ||||||||||
In 2014, the city of Lawrenceburg, IN agreed to reimburse the Company for certain system controls. The Company completed these activities in 2014 and the city of Lawrenceburg, IN reimbursed the Company $488 during the year ended December 31, 2014 ("Lawrenceburg reimbursement"). The deferred credit balance will be recognized in income as the related asset is depreciated. | ||||||||||
Deferred credits consist of the following: | ||||||||||
Year Ended December 31, | ||||||||||
2014 | 2013 | |||||||||
USDA grant | $ | 2,486 | $ | 3,043 | ||||||
LCD reimbursement | 1,125 | 882 | ||||||||
Lawrenceburg reimbursement | 488 | — | ||||||||
Total | $ | 4,099 | $ | 3,925 | ||||||
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 our 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 our 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. During 2014, the Company achieved cumulative income for a recent period of the last three years, which was regarded as a significant piece of evidence in management's decision to also rely on projections of future operating income in assessing the need for and amount of the valuation allowance for deferred tax assets. | |||||||||
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 revenues are recognized as the service is provided. | ||||||||||
Sales include customer paid freight costs billed to customers of $14,061 and $12,292 for the years ended December 31, 2014 and 2013, respectively. | ||||||||||
Excise Taxes. Certain sales of the Company are subject to excise taxes, which the Company collects from customers and remits to governmental authorities. The Company records the collection of excise taxes on distilled products sold to these customers as accrued expenses. No revenue or expense is recognized in the consolidated statements of operations related to 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 Statement of Operations. Insurance recoveries, in excess of costs and losses are included in Insurance recoveries on the Consolidated Statement of Operations. | ||||||||||
During January 2014, the Company experienced a fire at its Indiana facility. The fire damaged certain equipment in the feed dryer house and caused a temporary loss of production in late January. Prior to the insurance recovery related to the property claim, the write-off of damaged assets was included in Other operating costs and losses on sale of assets on the Consolidated Statement of Operations. | ||||||||||
Research and Development. During the years ended December 31, 2014 and 2013, we spent $1,622 and $2,472, respectively, on research and development activities. These activities were expensed and are included in Selling, general and administrative expenses on the Consolidated Statements of Operations. | ||||||||||
Long-Lived Assets and Loss on Impairment of Assets. Management reviews long-lived assets, mainly property and equipment assets, whenever events or circumstances indicate that usage may be limited and carrying values may not be fully recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of the asset to future undiscounted net cash flows expected to be generated by the asset. If such assets are determined to be impaired, the impairment is measured by the amount by which the asset carrying value exceeds the estimated fair value of the assets. Assets to be disposed are reported at the lower of the carrying amount or fair value less costs to sell. Fair value is determined through various valuation techniques including discounted cash flow models, quoted market values and third-party independent appraisals, as considered necessary. | ||||||||||
Fair Value of Financial Instruments. The Company 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 $10,297 and $23,300 at December 31, 2014 and 2013, respectively. The financial statement carrying value was $10,283 and $23,168 at December 31, 2014 and 2013, respectively. These fair values are considered Level 2 under the fair value hierarchy. | ||||||||||
Pension Benefits. The Company accounts for its pension benefit plan's funded status as a liability included in Other non current liabilities on the Consolidated Balance Sheets. | ||||||||||
The Company measures the funded status of its pension benefit plans using actuarial techniques that reflect management’s assumptions for discount rate, expected long-term investment returns on plan assets, salary increases, expected retirement, mortality, and employee turnover. Assumptions regarding employee and retiree life expectancy are based upon the RP 2000 Combined Mortality Table ("2000 tables"). Although the Society of Actuaries released new mortality tables on October 27, 2014, the Internal Revenue Service has stated that it will continue to use the 2000 tables through calendar 2015. Because the pension benefit plan is in process of termination, the actuarial valuation of the pension benefit plan assumes that all remaining assets of the plan will be distributed to plan participants or transferred to an insurer during 2015, so the new mortality tables were not adopted. | ||||||||||
The discount rate is determined based on the rates of return on long-term, high-quality fixed income investments using the Citigroup Pension Liability Index as of year end. The expected long-term rate of return on plan assets assumption for the pension plans is determined with the assistance of actuaries, who calculate a yield considering the current asset allocation strategy, historical investment performance, and the expected future returns of each asset class and the expected future reinvestment of earnings and maturing investments. Benefit obligations at December 31, 2014 are the estimated termination liabilities expected to be distributed to plan participants or transferred to an insurer during 2015, followed by the closing of the pension trust account. | ||||||||||
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 SOA RPH-2014 Total Dataset Mortality Table using Scale MP-2014 - Full Generational Improvement. 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 8: Employee Benefit Plans. The Company recognizes the cost of share-based payments over the service period based on the grant date fair value of the award. The grant date fair value for stock options is estimated using the Black-Scholes option-pricing model adjusted for the unique characteristics of the awards. |
Other_Balance_Sheet_Captions
Other Balance Sheet Captions | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Supplemental Balance Sheet Disclosures [Abstract] | ||||||||
Other Balance Sheet Captions | ||||||||
NOTE 2: | OTHER BALANCE SHEET CAPTIONS | |||||||
Inventory. Inventory consists of the following: | ||||||||
December 31, | ||||||||
2014 | 2013 | |||||||
Finished goods | $ | 10,039 | $ | 11,355 | ||||
Barreled distillate | 11,114 | 10,310 | ||||||
Raw materials | 5,440 | 5,183 | ||||||
Work in process | 2,023 | 2,737 | ||||||
Maintenance materials | 4,913 | 4,766 | ||||||
Other | 912 | 566 | ||||||
Total | $ | 34,441 | $ | 34,917 | ||||
Property and equipment. Property and equipment consist of the following: | ||||||||
December 31, | ||||||||
2014 | 2013 | |||||||
Land, buildings and improvements | $ | 43,443 | $ | 40,681 | ||||
Transportation equipment | 2,717 | 2,793 | ||||||
Machinery and equipment | 149,218 | 146,410 | ||||||
Construction in progress | 2,798 | 4,803 | ||||||
Property and equipment, at cost | 198,176 | 194,687 | ||||||
Less accumulated depreciation and amortization | (134,295 | ) | (124,443 | ) | ||||
Property and equipment, net | $ | 63,881 | $ | 70,244 | ||||
Property and equipment includes machinery and equipment assets under capital leases totaling $8,376 at December 31, 2014 and 2013. Accumulated depreciation for these assets totaled $4,708 and $3,660 at December 31, 2014 and 2013, respectively. | ||||||||
Accrued expenses. Accrued expenses consist of the following: | ||||||||
December 31, | ||||||||
2014 | 2013 | |||||||
Employee benefit plans | $ | 973 | $ | 821 | ||||
Salaries and wages | 4,633 | 4,354 | ||||||
Restructuring and severance charges (Note 9) | 208 | 1,277 | ||||||
Property taxes | 764 | 654 | ||||||
Other accrued expenses | 1,432 | 1,176 | ||||||
Total | $ | 8,010 | $ | 8,282 | ||||
Equity_Method_Investments
Equity Method Investments | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Equity Method Investments and Joint Ventures [Abstract] | ||||||||
Equity Method Investments | ||||||||
NOTE 3: | EQUITY METHOD INVESTMENTS | |||||||
As of December 31, 2014, the Company’s investments accounted for on the equity method of accounting consist of the following: (1) 30 percent interest in ICP, which manufactures alcohol for fuel, industrial and beverage applications, and (2) 50 percent interest in DMI, which produces certain specialty starch and protein ingredients. | ||||||||
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. That 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 the quarter ended June 30, 2014, ICP's financial results and liquidity were significantly improved and the Company learned that ICP may consider making a cash distribution from earnings, or payment, to its members and that ICP Holdings advocated such a distribution of cash. Based on these changes in facts and circumstances, management reassessed the most likely events that would result in a recovery of its investment in ICP and determined that such a recovery would likely occur through cash distributions from ICP rather than through a sale or liquidation of ICP. As a result of this reassessment, during the quarter ended June 30, 2014, the Company remeasured its cumulative equity in the undistributed earnings of ICP using the allocation that applies to a cash distribution to members (as further disclosed in the Company's report on Form 10-Q for the quarter ended June 30, 2014). The cumulative effect of this change in estimate resulted in a decrease in equity method investment earnings of ICP of $1,882 for the year ended December 31, 2014; a decrease in the earnings per share 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 distribution to its members. The Company received its portion of the distribution, $4,835, on December 4, 2014. | ||||||||
On July 23, 2014 ICP's alcohol production was interrupted resulting in inconsequential damage to equipment. Production was restarted on a limited basis on August 1, 2014, and ICP was back to normal production rates on or about August 14, 2014. Insurance recoveries will be recognized in ICP's results in a future period and when all contingencies to the insurance claims have been resolved and settlement has been reached with the insurer. | ||||||||
ICP’s revolving credit agreement with an affiliate of SEACOR has been amended and restated extending the maturity to January 1, 2016. The Company has no further funding requirement to ICP. | ||||||||
DMI Investment | ||||||||
On December 29, 2014, the Company gave notice to DMI and to its partner in DMI, Crespel and Dieters GmbH & Co. KG ("C&D"), to terminate the joint venture effective June 30, 2015. Under German law, commencing on June 30, 2015, normal operations for DMI will cease and a one-year winding up process will begin. | ||||||||
Related Party Transactions | ||||||||
See Note 14: Related Party Transactions for discussion of related party transactions. | ||||||||
Realizability of investments | ||||||||
No other than temporary impairments were recorded during the year ended December 31, 2014 and 2013 for the Company's equity method investments. | ||||||||
Summary Financial Information | ||||||||
Condensed financial information of the Company’s equity method investment in ICP as of December 31, 2014 is shown below: | ||||||||
Year Ended December 31, | ||||||||
ICP’s Operating results: | 2014 | 2013 | ||||||
Net sales(a) | $ | 236,486 | $ | 193,682 | ||||
Cost of sales and expenses(b) | (196,551 | ) | (194,519 | ) | ||||
Net income (loss) | $ | 39,935 | $ | (837 | ) | |||
(a) | Includes related party sales to MGPI of $34,615 and $7,736 for the years ended December 31, 2014 and 2013, respectively. | |||||||
(b) | Includes depreciation and amortization of $2,847 and $4,523 for the years ended December 31, 2014 and 2013, respectively. | |||||||
The Company’s equity method investment earnings (losses) are as follows: | ||||||||
Year Ended December 31, | ||||||||
2014 | 2013 | |||||||
ICP (30% interest) | $ | 10,098 | $ | (251 | ) | |||
DMI (50% interest) | 39 | 47 | ||||||
Total | $ | 10,137 | $ | (204 | ) | |||
The Company’s equity method investments are as follows: | ||||||||
December 31, | ||||||||
2014 | 2013 | |||||||
ICP (30% interest) (a) | $ | 11,924 | $ | 6,653 | ||||
DMI (50% interest) | 449 | 470 | ||||||
Total | $ | 12,373 | $ | 7,123 | ||||
(a) | During the year ended December 31, 2014, the Company received a $4,835 cash distribution from ICP, which reduced the Company's investment in ICP. |
Corporate_Borrowings_And_Capit
Corporate Borrowings And Capital Lease Obligations | 12 Months Ended | ||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||
Corporate Borrowings and Capital Lease Obligations | |||||||||||||||||||||||||||||
NOTE 4: | CORPORATE BORROWINGS AND CAPITAL LEASE OBLIGATIONS | ||||||||||||||||||||||||||||
Indebtedness Outstanding. Debt consists of the following: | |||||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||
Credit Agreement - Revolver, 2.269% (variable interest rate) | $ | — | $ | 18,000 | |||||||||||||||||||||||||
Credit Agreement - Fixed Asset Sub-Line term loan, 2.655% (variable interest rate) | 6,670 | — | |||||||||||||||||||||||||||
Secured Promissory Note, 6.76% (variable interest rate), due monthly to July, 2016. | 404 | 746 | |||||||||||||||||||||||||||
Water Cooling System Capital Lease Obligation, 2.61%, due monthly to May, 2017 | 3,209 | 4,422 | |||||||||||||||||||||||||||
Total | 10,283 | 23,168 | |||||||||||||||||||||||||||
Less current maturities of long term debt | (2,613 | ) | (1,557 | ) | |||||||||||||||||||||||||
Long-term debt | $ | 7,670 | $ | 21,611 | |||||||||||||||||||||||||
Credit Agreement. On November 2, 2012, the Company entered into an Amended and Restated Credit Agreement, and ancillary documents (the "Credit Agreement") with Wells Fargo Bank, N.A. ("Wells Fargo"). On February 12, 2014, the Company entered into Amendment No. 1 to the Credit Agreement (the "First Amendment"). The First Amendment amended and restated the definition of the term EBITDA to add back (to the Company's consolidated net earnings or loss) governance expenses relating to certain shareholder litigation involving the Company in 2013 and incurred prior to December 31, 2013, in an aggregate amount not in excess of $5,500. The Company incurred $5,465 of such expenses as of or prior to December 31, 2013. | |||||||||||||||||||||||||||||
On August 5, 2014, the Company entered into Amendment No.2 to the Credit Agreement (the "Second Amendment") by and among Wells Fargo as administrative agent and sole lender and MGP Ingredients, Inc., MGPI Processing, Inc., MGPI Pipeline, Inc. and MGPI of Indiana, LLC. The Second Amendment amended and restated the definition of the term "Fixed Asset Sub-Line" and added Thunderbird Real Estate Holdings, LLC ("Thunderbird"), a wholly-owned subsidiary of MGPI Processing, Inc. which is a wholly-owned subsidiary of MGP Ingredients, Inc., to the Credit Agreement as a Loan Party, as defined in the Credit Agreement. In connection with execution of the Second Amendment, all the equity of Thunderbird was pledged and lien was placed on all the assets of Thunderbird to secure the obligations of the Loan Parties (as defined in the Credit Agreement) under the Credit Agreement. With the execution of the Fixed Asset Sub-Line term loan, $7,004 of debt obligations under the Credit Agreement became debt obligations under the sub-line term loan (maturing with the Credit Agreement), resulting in a non-cash transaction. The loan fees incurred by the Company related to the Second Amendment for the year ended December 31, 2014, were $66 and are being amortized over the life of the Credit Agreement. The amortized portion of the loan fees incurred is included in Interest expense, net on the Consolidated Statements of Operations. | |||||||||||||||||||||||||||||
The Credit Agreement matures on November 2, 2017 and provides for the provision of letters of credit and revolving loans with a Maximum Revolver Commitment of $55,000, subject to borrowing base limitations adjusted for the Fixed Asset Sub-Line collateral. As of December 31, 2014, the Company's total outstanding borrowings under the credit facility were $6,670 comprised of $0 of revolver borrowing and $6,670 of fixed asset sub-line term loan borrowing, leaving $42,744 available for additional borrowings. These limitations are generally based on the value of eligible inventory and accounts receivable owned by the Borrowers as defined in the Credit Agreement. | |||||||||||||||||||||||||||||
Borrowings under the Credit Agreement may bear interest either on a Base Rate model or a LIBOR Rate model. For LIBOR Rate Loans, the interest rate is equal to the per annum LIBOR Rate (based on 1, 2, 3 or 6 months) plus 2.00 percent – 2.50 percent (depending upon the average Excess Availability, as described below). For Base Rate Loans, the interest rate shall be the greatest of (a) 1.00 percent, (b) the Federal Funds Rate plus 0.50 percent, (c) one-month LIBOR Rate plus 1.00 percent, and (d) Wells Fargo’s "prime rate" as announced from time to time. The weighted average rate in effect at December 31, 2014 and 2013, was 2.54 percent and 2.52 percent, respectively. The Credit Agreement provides for an unused line fee equal to 0.375 percent per annum multiplied by the difference of the total revolving loan commitment less the average outstanding revolving loans for the given period, as well as customary field examination and appraisal fees, letter of credit fees and other administrative fees. | |||||||||||||||||||||||||||||
The Company’s Credit Agreement contains a number of financial and other covenants, including provisions that require the Company under certain circumstances to meet certain financial tests. These covenants may limit or restrict the Company’s ability to: | |||||||||||||||||||||||||||||
• | incur additional indebtedness; | ||||||||||||||||||||||||||||
• | pay cash dividends or make distributions; | ||||||||||||||||||||||||||||
• | dispose of assets; | ||||||||||||||||||||||||||||
• | create liens on Company assets; | ||||||||||||||||||||||||||||
• | pledge the fixed and real property assets; or | ||||||||||||||||||||||||||||
• | merge or consolidate. | ||||||||||||||||||||||||||||
Under the Credit Agreement, the Company must comply with the following covenants: | |||||||||||||||||||||||||||||
Financial Covenants. For all periods in which the Excess Availability (which is the total availability for loans, less the Company’s and its subsidiaries’ trade payables aged in excess of historical levels and book overdrafts) is less than $9,625, the Borrowers are required to have a Fixed Charge Coverage Ratio ("FCCR") | |||||||||||||||||||||||||||||
[FCCR means, with respect to any fiscal period and with respect to the Company determined on a consolidated basis in accordance with GAAP, the ratio of (i) EBITDA(1) for such period minus unfinanced Capital Expenditures made (to the extent not already incurred in a prior period) or incurred during such period, to (ii) Fixed Charges for such period.] | |||||||||||||||||||||||||||||
(1) On February 12, 2014, we entered into the First Amendment, which amended and restated the definition of the term EBITDA to add back (to the Company's consolidated net earnings (or loss)) governance expenses relating to shareholder litigation incurred prior to December 31, 2013, in an aggregate amount not in excess of $5,500. For the years ended December 31, 2014 and 2013, we incurred $0 and $5,465 of such expenses. Had the Company not entered into the First Amendment, the Company still would have been in compliance with its FCCR covenant at December 31, 2013. | |||||||||||||||||||||||||||||
measured on a month end trailing basis, of at least 1.10:1.00 (a) for each month-end until October 31, 2013, for the trailing months from November 1, 2012 through such date, and (b) as of each month-end commencing November 30, 2013 using a trailing twelve-month measure. The Company was in compliance with its Credit Agreement’s financial covenants and other restrictions at December 31, 2014 and 2013. | |||||||||||||||||||||||||||||
Other Restrictions. The Company is generally prohibited from incurring any liabilities, or acquiring any assets, except for certain ordinary holding company activities as further described in the Credit Agreement. Wells Fargo has significant lending discretion under the Credit Agreement, and may modify borrowing base and advance rates, the effect of which may limit the amount of loans that the Borrowers may have outstanding at any given time. Wells Fargo may also terminate or accelerate our obligations under the Credit Agreement upon the occurrence of various events in addition to payment defaults and other breaches, including such matters as a change of control of the Company, defaults under other material contracts with third parties, and ERISA violations. | |||||||||||||||||||||||||||||
6.76% (variable interest rate) Secured Promissory Note, due monthly to July 2016. On July 20, 2009, Union State Bank – Bank of Atchison ("Bank of Atchison"), which previously lent the Company $1,500, agreed to lend the Company an additional $2,000. The note for this loan is secured by a mortgage and security interest on the Company’s Atchison facility and equipment. The note bears interest at 6.00 percent over the three year treasury index, adjustable quarterly, and is payable in 84 monthly installments of $32, with any balance due on the final installment. See Note 14: Related Party Transactions for further discussion on this related party transaction. | |||||||||||||||||||||||||||||
On February 27, 2015, we entered into a five year, $80,000 revolving loan pursuant to a Second Amended and Restated Credit Agreement with Wells Fargo Bank, National Association, as Administrative Agent (see Note 18: Subsequent Events for additional details). | |||||||||||||||||||||||||||||
Leases | |||||||||||||||||||||||||||||
Water Cooling System Capital Lease Obligation. On June 28, 2011, the Company sold a major portion of the new process water cooling towers and related equipment being installed at its Atchison facility to U.S. Bancorp Equipment Finance, Inc. for $7,335 and leased them from U.S. Bancorp pursuant to a Master Lease Agreement and related Schedule. Monthly rentals under the lease are $110 (plus applicable sales/use taxes, if any) and continue for 72 months from that date with a rate of 2.61 percent. The Company may purchase the leased property after 60 months for approximately $1,328, or at the end of the term for fair market value to be determined at that time. Given this continuing involvement, the Company treated this as a financing transaction. The lessor may, at its option, extend the lease for specified periods after the end of the term if the Company fails to exercise its purchase option. Under the terms of the Master Lease, is responsible for property taxes and assumes responsibility for insuring and all risk of loss or damage to the property. | |||||||||||||||||||||||||||||
Obligations under the Master Lease may be accelerated if an event of default occurs and continues for 10 days. In addition to payment defaults and breaches of representations and covenants, events of default include defaults under any other agreement with lessor or payment default under any obligation. In such event, among other matters, lessor may cancel the Master Lease, take possession of the property and seek to recover the present value of future rentals, the residual value of the property and the value of lost tax benefits. | |||||||||||||||||||||||||||||
Lenders having liens on the Atchison facility, including its revolving credit lender, Wells Fargo Bank, National Association, entered into mortgagee's waivers with respect to the leased property. As described in Note 2: Other Balance Sheet Captions, this equipment is included in property, plant and equipment. | |||||||||||||||||||||||||||||
4.90% Industrial Revenue Bond Obligation. On December 28, 2006, 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 newly constructed 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 mature on December 1, 2016 and bear interest, payable annually on December 1 of each year commencing December, 2007 at the rate of 4.90 percent per annum. Basic rent under the lease is payable annually on December 1 in an amount sufficient to pay principal and interest on the Bonds. The Indenture and Lease contain certain provisions, covenants and restrictions customary for this type of transaction. In connection with the transaction, the Company agreed to pay the city an administrative fee of $50 payable over 10 years. | |||||||||||||||||||||||||||||
The purpose of the transaction was to facilitate certain property tax abatement opportunities available related to the constructed facilities. The facilities acquired with bond proceeds will receive property tax abatements which terminate upon maturity of the Bonds on December 1, 2016. The issuance of the Bonds was integral to the tax abatement process. Financing for the Facilities was provided internally from the Company’s operating cash flow. Accordingly, upon consummation of the transaction and issuance of the Bonds, the Company acquired all Bonds issued for $7,000, excluding transaction fees. As a result, the Company owns all of the outstanding Bonds. Because the Company owns all outstanding Bonds, management considers the debt canceled and, accordingly, no amount for these Bonds is reflected as debt outstanding on the Consolidated Balance Sheets as of December 31, 2014 or 2013. | |||||||||||||||||||||||||||||
Below is a summary of the financial asset and liability that are offset as of December 31, 2014 and 2013, respectively. | |||||||||||||||||||||||||||||
-1 | -2 | (3) =1) - (2) | |||||||||||||||||||||||||||
Gross | Gross | Net Amounts of | |||||||||||||||||||||||||||
Amounts of | Amounts | Assets (Liabilities) | |||||||||||||||||||||||||||
Recognized | offset in the | presented in the | |||||||||||||||||||||||||||
Assets | Balance Sheet | Balance Sheet | |||||||||||||||||||||||||||
(Liabilities) | |||||||||||||||||||||||||||||
December 31, 2014: | |||||||||||||||||||||||||||||
Investment in bonds | $ | 7,000 | $ | 7,000 | $ | 0 | |||||||||||||||||||||||
Capital lease obligation | $ | (7,000 | ) | $ | (7,000 | ) | $ | 0 | |||||||||||||||||||||
December 31, 2013: | |||||||||||||||||||||||||||||
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 $2,241 and $2,844 for the years ended December 31, 2014 and 2013, respectively. Minimum annual payments and present values thereof under existing debt maturities, capital leases and minimum annual rental commitments under non-cancelable operating leases are as follows: | |||||||||||||||||||||||||||||
Capital Leases | |||||||||||||||||||||||||||||
Year Ending | Credit | Long-Term | Minimum | Less | Net Present | Total Debt | Operating | ||||||||||||||||||||||
December 31, | Agreement | Debt | Lease | Interest | Value | Leases | |||||||||||||||||||||||
Payments | |||||||||||||||||||||||||||||
2015 | $ | — | $ | 368 | $ | 1,316 | $ | 72 | $ | 1,245 | $ | 1,613 | $ | 3,641 | |||||||||||||||
2016 | — | 36 | 1,317 | 39 | 1,277 | 1,313 | 2,457 | ||||||||||||||||||||||
2017 | 6,670 | — | 694 | 7 | 687 | 7,357 | 1,466 | ||||||||||||||||||||||
2018 | — | — | — | — | — | — | 320 | ||||||||||||||||||||||
2019 | — | — | — | — | — | — | 235 | ||||||||||||||||||||||
Thereafter | — | — | — | — | — | — | 1,304 | ||||||||||||||||||||||
Total | $ | 6,670 | $ | 404 | $ | 3,327 | $ | 118 | $ | 3,209 | $ | 10,283 | $ | 9,423 | |||||||||||||||
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Income Tax Disclosure [Abstract] | |||||||||
Income Taxes | |||||||||
NOTE 5: | INCOME TAXES | ||||||||
The provision (benefit) for income taxes from continuing operations is composed of the following: | |||||||||
Year Ended December 31, | |||||||||
2014 | 2013 | ||||||||
Current: | |||||||||
Federal | $ | — | $ | (16 | ) | ||||
State | 229 | 29 | |||||||
229 | 13 | ||||||||
Deferred: | |||||||||
Federal | 5,010 | (642 | ) | ||||||
State | (2,974 | ) | (85 | ) | |||||
2,036 | (727 | ) | |||||||
Total | $ | 2,265 | $ | (714 | ) | ||||
A reconciliation of the provision for income taxes from continuing operations at the normal statutory federal rate to the provision included in the accompanying Consolidated Statements of Operations is shown below: | |||||||||
Year Ended December 31, | |||||||||
2014 | 2013 | ||||||||
"Expected" provision at federal statutory rate | $ | 9,116 | $ | (2,282 | ) | ||||
State income taxes | 709 | (705 | ) | ||||||
Change in valuation allowance | (7,618 | ) | 2,222 | ||||||
Other | 58 | 51 | |||||||
Provision (benefit) for income taxes | $ | 2,265 | $ | (714 | ) | ||||
Effective tax rate | 8.7 | % | (11.0 | )% | |||||
The tax effects of temporary differences giving rise to deferred income taxes shown on the consolidated balance sheets are as follows: | |||||||||
December 31, | |||||||||
2014 | 2013 | ||||||||
Deferred income tax assets: | |||||||||
Post-retirement liability | $ | 1,968 | $ | 1,928 | |||||
Deferred income | 1,637 | 1,568 | |||||||
Stock based compensation | 2,108 | 2,106 | |||||||
Federal operating loss carryforwards | 5,029 | 12,938 | |||||||
Capital loss carryforward | 1,311 | 926 | |||||||
State tax credits | 2,423 | 3,022 | |||||||
State operating loss carryforwards | 4,574 | 8,277 | |||||||
Other | 3,405 | 4,049 | |||||||
Less: valuation allowance | (3,829 | ) | (11,275 | ) | |||||
Gross deferred income tax assets | 18,626 | 23,539 | |||||||
Deferred income tax liabilities: | |||||||||
Fixed assets | (18,823 | ) | (17,919 | ) | |||||
Equity method investment | (1,176 | ) | (391 | ) | |||||
Other | — | (5,229 | ) | ||||||
Gross deferred income tax liabilities | (19,999 | ) | (23,539 | ) | |||||
Net deferred income tax liability | $ | (1,373 | ) | $ | — | ||||
A schedule of the change in valuation allowance is as follows: | |||||||||
Valuation allowance | |||||||||
Balance at January 1, 2013 | $ | 9,053 | |||||||
Additions: | |||||||||
Charges to costs and expenses | 2,070 | ||||||||
Charges to other accounts | 152 | ||||||||
Balance at December 31, 2013 | $ | 11,275 | |||||||
Reductions | 7,446 | ||||||||
Balance at December 31, 2014 | $ | 3,829 | |||||||
During the year ended December 31, 2014, the Company determined that it is more likely than not that it will 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 is currently in a positive cumulative earnings position for the three year period ended December 31, 2014. The Company recorded an income tax benefit of $7,618 in 2014 due to the reduction of a portion of its valuation allowance in 2014. The remaining valuation allowance is associated with certain state operating loss carryforwards, state income tax credits, and federal capital loss carryforwards. The Company determined that utilization of these tax attributes was not more likely than not as of December 31, 2014. | |||||||||
As of December 31, 2014, the Company had approximately $14,367 and $79,966 of federal and various state net operating loss carryforwards, respectively. As of December 31, 2013, the Company had approximately $36,969 and $99,496 of federal and state net operating loss carryforwards, respectively. The federal net operating loss carryforward will expire if not used in varying periods between 2028 and 2031. Due to varying state carryforward periods, the state net operating losses and credit carryforwards will expire between calendar years 2015 and 2034. The Company has a federal capital loss carryforward of $3,282 as of December 31, 2014, which will expire if not used in varying periods between 2016 and 2019. | |||||||||
The Company treats accrued interest and penalties related to tax liabilities, if any, as a component of income tax expense. During the years ended December 31, 2014 and 2013, the Company’s activity in accrued interest and penalties was not significant. | |||||||||
The following is a reconciliation of the total amount of unrecognized tax benefits (excluding interest and penalties) for the years ended December 31, 2014 and 2013: | |||||||||
Years Ended December 31, | |||||||||
2014 | 2013 | ||||||||
Beginning of year balance | $ | 566 | $ | 445 | |||||
Additions for tax positions of prior years | 8 | 62 | |||||||
Additions for tax positions of the current year | 39 | 59 | |||||||
End of year balance | $ | 613 | $ | 566 | |||||
For each period presented, the amount of unrecognized benefits (excluding interest and penalties) that would impact the effective tax rate, if recognized, is approximately $29. The Company does not expect a significant change in the amount of unrecognized tax benefits in the next twelve months. | |||||||||
The Company’s federal and state income tax returns for the fiscal years ended June 30, 2011 and forward are open to examination. The amount of income taxes that the Company pays is subject to potential future audits by federal and state taxing authorities. |
Equity_and_Earnings_Loss_per_S
Equity and Earnings (Loss) per Share | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Equity [Abstract] | |||||||||||||||||
Equity and Earnings (Loss) per Share | |||||||||||||||||
NOTE 6: | EQUITY AND EARNINGS (LOSS) PER SHARE | ||||||||||||||||
Dividends and Dividend Equivalents | |||||||||||||||||
On February 28, 2014, the Board of Directors declared a dividend payable to stockholders of record as of March 17, 2014, of the Company's common stock, no par value ("Common Stock") and a dividend equivalent payable to holders RSUs as of March 17, 2014, of $0.05 per share and per unit. The total payment of $907, comprised of dividend payments of $884 and dividend equivalent payments of $23, was paid on April 9, 2014. | |||||||||||||||||
On February 28, 2013, the Board of Directors declared a dividend payable to stockholders of record as of March 18, 2013, of Common Stock and a dividend equivalent payable to holders of RSUs as of March 18, 2013, of $0.05 per share and per unit. The total payment of $916, comprised of dividend payments of $897 and dividend equivalent payments of $19, was paid on April 10, 2013. | |||||||||||||||||
See Note 18: Subsequent Events for dividend declaration after year end December 31, 2014. | |||||||||||||||||
Capital Stock | |||||||||||||||||
Common Stock shareholders are entitled to elect four of the nine members of the Board of Directors, while Preferred Stock shareholders are entitled to elect the remaining five members. 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 Stock shareholders are not entitled to vote with respect to a merger, dissolution, lease, exchange or sale of substantially all of the Company’s assets, or on an amendment to the Articles of Incorporation, unless such action would increase or decrease the authorized shares or par value of the Common or Preferred Stock, or change the powers, preferences or special rights of the Common or Preferred Stock so as to affect the Common Stock shareholders adversely. Generally, Common Stock shareholders and Preferred Stock shareholders vote as separate classes on all other matters requiring shareholder approval. | |||||||||||||||||
Until December 18, 2014, six Board members were required to approve any sale of all or substantially all of the Company’s assets or stock or any material division thereof, any acquisition of a material nature (by asset purchase, stock purchase, merger or otherwise) of any other business, any acquisition or sale of a joint venture of a material nature, and any other acquisition or sale transaction of the Company’s assets or stock outside the ordinary course of business. After December 18, 2014, this was no longer a requirement. | |||||||||||||||||
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 our Preferred or Common Stock as described above. Further, in connection with the Reorganization, the Company’s 1,414,379 treasury shares were canceled, which also reduced the number of issued shares by 1,414,379. The Company had historically used this treasury stock for issuance of Common Stock under the Company’s equity-based compensation plans. With the retirement of these treasury shares, the Company reserved certain authorized shares for issuance of Common Stock under the equity-based compensation plans that were active at that time. At December 31, 2014, reserved authorized shares remaining for issuance of Common Stock were 4,000 directors' stock options unexercised under the Stock Option Plan for Outside Directors (the "Directors' Option Plan") and 396,288 employee unvested RSUs under the Stock Incentive Plan of 2004 (the "2004 Plan") (see Note 8: Employee Benefit Plans). | |||||||||||||||||
Earnings (Loss) Per Share | |||||||||||||||||
The computations of basic and diluted earnings (loss) per share from continuing operations are as follows: | |||||||||||||||||
Year Ended December 31, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Continuing Operations: | |||||||||||||||||
Net operating income (loss)(a) | $ | 23,675 | $ | (5,807 | ) | ||||||||||||
Less: Amounts allocated to participating securities (non-vested shares and units) (b) | 832 | — | |||||||||||||||
Net operating income (loss) attributable to common shareholders | $ | 22,843 | $ | (5,807 | ) | ||||||||||||
Discontinued Operations: | |||||||||||||||||
Discontinued operations attributable to all shareholders | — | 878 | |||||||||||||||
Less: Amounts allocated to participating securities (nonvested shares and units) (b) | — | — | |||||||||||||||
Discontinued operations attributable to common shareholders | $ | — | $ | 878 | |||||||||||||
Net income (loss)(c) | $ | 22,843 | $ | (4,929 | ) | ||||||||||||
Share information: | |||||||||||||||||
Basic weighted average common shares(d) | 17,305,866 | 17,069,455 | |||||||||||||||
Incremental shares from potential dilutive securities (e) | — | — | |||||||||||||||
Diluted weighted average common shares | 17,305,866 | 17,069,455 | |||||||||||||||
Basic earnings (loss) per share | |||||||||||||||||
Income (loss) from continuing operations(f) | $ | 1.32 | $ | (0.34 | ) | ||||||||||||
Income from discontinued operations(g) | — | 0.05 | |||||||||||||||
Net income (loss) | $ | 1.32 | $ | (0.29 | ) | ||||||||||||
Diluted earnings (loss) per share | |||||||||||||||||
Income (loss) from continuing operations(f) | $ | 1.32 | $ | (0.34 | ) | ||||||||||||
Income from discontinued operations(g) | — | 0.05 | |||||||||||||||
Net income (loss) | $ | 1.32 | $ | (0.29 | ) | ||||||||||||
(a) | Net operating income (loss) attributable to all shareholders. | ||||||||||||||||
(b) | Participating securities include 278,900 and 569,296 nonvested restricted stock for the years ended December 31, 2014 and 2013, as well as 413,288 and 371,502 RSUs for the years ended December 31, 2014 and 2013, respectively. Participating securities do not receive an allocation in periods when a loss is experienced. | ||||||||||||||||
(c) | Net income (loss) attributable to common shareholders. | ||||||||||||||||
(d) | Under the two-class method, basic weighted average common shares exclude outstanding nonvested participating securities consisting of restricted stock awards of 278,900 and 569,296 for the years ended December 31, 2014 and 2013, respectively. | ||||||||||||||||
(e) | Potential dilutive securities have not been included in the earnings (loss) per share computation in a period when a loss is experienced. At December 31, 2014 and 2013, the Company had 4,000 and 10,000 stock options outstanding, respectively, and 4,000 shares were potentially dilutive at December 31, 2014 and 10,000 stock options were potentially anti-dilutive at December 31, 2013. The 4,000 potentially dilutive shares at December 31, 2014 resulted in no incremental shares for the year ended December 31, 2014. | ||||||||||||||||
(f) | Income (loss) from continuing operations based on net income (loss) attributable to common shareholders. | ||||||||||||||||
(g) | Income from discontinued operations based on net loss attributable to common shareholders. | ||||||||||||||||
Changes in Accumulated Other Comprehensive Income (Loss) by Component | |||||||||||||||||
Pension Plan Items | Post-Employment Benefit Plan Items | Equity Method Investment Translation Adjustment and Post-Employment Benefit Adjustment | Total | ||||||||||||||
Balance, December 31, 2012 | $ | (627 | ) | $ | 429 | $ | (35 | ) | $ | (233 | ) | ||||||
Other comprehensive income before reclassifications | 179 | 333 | 18 | 530 | |||||||||||||
Amounts reclassified from accumulated other comprehensive income | 71 | (372 | ) | — | (301 | ) | |||||||||||
Net 2013 other comprehensive income (loss) | 250 | (39 | ) | 18 | 229 | ||||||||||||
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 | ) | |||||
Reclassifications Out of Accumulated Other Comprehensive Income (Loss) | |||||||||||||||||
Details about Accumulated Other Comprehensive Income Components | Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | Affected Line Item in the Statement of Operations | |||||||||||||||
Pension Plan Items: | |||||||||||||||||
Recognized net actuarial loss | $ | 20 | (a) | ||||||||||||||
Settlement loss | 50 | (a) | |||||||||||||||
70 | Total before tax | ||||||||||||||||
155 | Tax benefit | ||||||||||||||||
$ | (85 | ) | Net of tax | ||||||||||||||
Post Employment Benefit Items: | |||||||||||||||||
Amortization of prior service cost | $ | (369 | ) | (a) | |||||||||||||
Recognized net actuarial loss | 18 | (a) | |||||||||||||||
Plan amendment and curtailment | 1,183 | ||||||||||||||||
Recognition of prior service cost due to curtailment | (52 | ) | |||||||||||||||
780 | Total before tax | ||||||||||||||||
6 | Tax benefit | ||||||||||||||||
$ | 774 | Net of tax | |||||||||||||||
Reclassifications for 2014 | $ | 689 | Net of tax | ||||||||||||||
(a) | These accumulated other comprehensive income components are included in the computation of net period pension cost. See Note 8: Employee Benefit Plans for additional details. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | |
Dec. 31, 2014 | ||
Commitments and Contingencies Disclosure [Abstract] | ||
Commitments and Contingencies | ||
NOTE 7: | COMMITMENTS AND CONTINGENCIES | |
Commitments | ||
The Company has separate grain supply agreements to purchase its grain requirements for its Indiana and Atchison facilities, each through a single supplier. These grain supply agreements expire December 31, 2017. At December 31, 2014, the Company had commitments to purchase grain to be used in operations through January 2016 totaling $42,656. | ||
The Company has commitments to purchase natural gas needed in the production at fixed prices at various dates through November 2015. The commitment for these contracts at December 31, 2014 totaled $12,841. | ||
The Company has a supply contract for flour for use in the production of protein and starch ingredients. The term of the agreement, as amended, expires October 23, 2015. At December 31, 2014, the Company had purchase commitments aggregating $6,402 through December 2015. | ||
At December 31, 2014, the Company had contracts to acquire capital assets of approximately $584. Subsequent to December 31, 2014, the Company entered to into a purchase commitment of $5,439 to replace the dryers damaged at the Indiana facility. | ||
Contingencies | ||
There are various legal proceedings involving the Company and its subsidiaries. Management considers that the aggregate liabilities, if any, arising from such actions would not have a material adverse effect on the consolidated financial position or overall trends in results of operations of the Company. |
Employee_Benefit_Plans
Employee Benefit Plans | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | |||||||||||||||||||
Employee Benefit Plans | |||||||||||||||||||
NOTE 8: | EMPLOYEE BENEFIT PLANS | ||||||||||||||||||
401(k) Plans. The Company has established 401(k) profit sharing plans covering all employees after certain eligibility requirements are met. Amounts charged to operations for employer contributions related to the plans totaled $1,029 and $1,004 for the years ended December 31, 2014 and 2013. | |||||||||||||||||||
Pension Benefits. In 2012, the Company merged its two partially funded, noncontributory qualified defined benefit pension plans, which cover substantially all union employees and certain former employees. The benefits under these pension plans are based upon years of qualified credited service; however benefit accruals under the plans were frozen. The Company’s funding policy is to contribute annually not less than the regulatory minimum and not more than the maximum amount deductible for income tax purposes. The measurement date is December 31. | |||||||||||||||||||
The Company is taking steps to terminate the pension plan for employees covered under collective bargaining agreements. The projected additional funding cost to the Company to terminate the plans is approximately $716. The additional funding cost will be recognized immediately in the period that the pension benefit plan distribution is fully executed. | |||||||||||||||||||
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. Although new mortality tables were released, the Internal Revenue Service has stated that it will continue to use the 2000 tables through calendar 2015. Because the pension benefit plan is in process of termination, the actuarial valuation of the pension benefit plan assumes that all remaining assets of the plan will be distributed to plan participants or transferred to an insurer during 2015, followed by the closing of the pension trust account, so the new mortality tables were not adopted. | |||||||||||||||||||
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, 2014 the plan covered 187 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 (36 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. | |||||||||||||||||||
The Company’s measurement date is December 31. The Company expects to contribute approximately $506, net of $28 of Medicare Part D subsidy receipts, to the plan in 2015. | |||||||||||||||||||
The status of the Company’s plans at December 31, 2014 and 2013, was as follows: | |||||||||||||||||||
Pension Benefit Plans | Post-Employment Benefit Plan | ||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||
Change in benefit obligation: | |||||||||||||||||||
Beginning of year | $ | 2,190 | $ | 2,690 | $ | 4,827 | $ | 5,700 | |||||||||||
Service cost | — | — | 72 | 127 | |||||||||||||||
Interest cost | 87 | 83 | 149 | 165 | |||||||||||||||
Actuarial loss (gain) | 35 | (241 | ) | 1,632 | (558 | ) | |||||||||||||
Negative plan amendment benefit | — | — | (1,183 | ) | — | ||||||||||||||
Benefits paid | (296 | ) | (342 | ) | (571 | ) | (607 | ) | |||||||||||
Benefit obligation at end of year | $ | 2,016 | $ | 2,190 | $ | 4,926 | $ | 4,827 | |||||||||||
The following table shows the change in plan assets: | |||||||||||||||||||
Pension Benefit Plans | |||||||||||||||||||
December 31, | |||||||||||||||||||
2014 | 2013 | ||||||||||||||||||
Fair value of plan assets at beginning of year | $ | 1,550 | $ | 1,720 | |||||||||||||||
Actual return on plan assets | 46 | 172 | |||||||||||||||||
Employer contributions | — | — | |||||||||||||||||
Benefits paid | (296 | ) | (342 | ) | |||||||||||||||
Fair value of plan assets at end of year | $ | 1,300 | $ | 1,550 | |||||||||||||||
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, | ||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||
Discount rate | 3.58 | % | 4.11 | % | 2.99 | % | 3.95 | % | |||||||||||
Measurement date | December 31, | December 31, | December 31, | December 31, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||
Assumptions used to determine net benefit cost for the years ended December 31, 2014 and 2013 were: | |||||||||||||||||||
Pension Benefit Plans | Post-Employment Benefit Plan | ||||||||||||||||||
Year Ended December 31, | Year Ended December 31, | ||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||
Expected return on Assets | 7 | % | 7 | % | — | — | |||||||||||||
Discount rate | 4.11 | % | 3.19 | % | 3.95 / 3.39% | (a) | 2.98 | % | |||||||||||
Average compensation increase | n/a | n/a | n/a | n/a | |||||||||||||||
(a) | 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 discount rate allows the Company to estimate what it would cost to settle the pension obligations as of the measurement date. The Company determines the discount rate using a yield curve of high-quality fixed-income investments whose cash flows match the timing and amount of the Company’s expected benefit payments. | |||||||||||||||||||
In determining the expected rate of return on assets, the Company considers its historical experience in the plans’ investment portfolio, historical market data and long-term historical relationships, as well as a review of other objective indices including current market factors such as inflation and interest rates. | |||||||||||||||||||
Components of net benefit cost are as follows: | |||||||||||||||||||
Pension Benefit Plans | Post-Employment Benefit Plan | ||||||||||||||||||
Year Ended December 31, | Year Ended December 31, | ||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||
Service cost | $ | — | $ | — | $ | 72 | $ | 127 | |||||||||||
Interest cost | 87 | 83 | 149 | 165 | |||||||||||||||
Expected return on assets | (104 | ) | (114 | ) | — | — | |||||||||||||
Amortization of prior service cost | — | — | (369 | ) | (647 | ) | |||||||||||||
Recognized net actuarial loss | 21 | 66 | 18 | 28 | |||||||||||||||
Settlement losses | 50 | 52 | — | — | |||||||||||||||
Net benefit cost | $ | 54 | $ | 87 | $ | (130 | ) | $ | (327 | ) | |||||||||
Changes in plan assets and benefit obligations recognized in other comprehensive income (loss) are as follows: | |||||||||||||||||||
Pension Benefit Plans | Post-Employment Benefit Plan | ||||||||||||||||||
Year Ended December 31, | Year Ended December 31, | ||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||
Net actuarial (loss) gain | $ | (92 | ) | $ | 298 | $ | (1,632 | ) | $ | 558 | |||||||||
Settlement losses | 50 | 52 | — | — | |||||||||||||||
Plan amendment and curtailment | — | — | 1,183 | — | |||||||||||||||
Recognized net actuarial loss | 20 | 66 | 18 | 28 | |||||||||||||||
Amortization of prior service cost | — | — | (369 | ) | (647 | ) | |||||||||||||
Recognition of prior service cost due to curtailments | — | — | (52 | ) | — | ||||||||||||||
Total other comprehensive income (loss), pre-tax | (22 | ) | 416 | (852 | ) | (61 | ) | ||||||||||||
Income tax expense (benefit) | (155 | ) | 166 | (6 | ) | (22 | ) | ||||||||||||
Total other comprehensive income (loss), net of tax | $ | 133 | $ | 250 | $ | (846 | ) | $ | (39 | ) | |||||||||
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, | ||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||
Accrued expenses | $ | — | $ | — | $ | (506 | ) | $ | (405 | ) | |||||||||
Other non-current liabilities | (716 | ) | (640 | ) | — | — | |||||||||||||
Accrued retirement benefits | — | — | (4,420 | ) | (4,422 | ) | |||||||||||||
Net amount recognized | $ | (716 | ) | $ | (640 | ) | $ | (4,926 | ) | $ | (4,827 | ) | |||||||
The estimated amount that will be recognized from accumulated other comprehensive income (loss) into net periodic benefit cost during the year ended December 31, 2015 is as follows: | |||||||||||||||||||
Pension Benefit Plans | Post-Employment Benefit Plan | ||||||||||||||||||
Actuarial net loss | $ | (25 | ) | $ | (278 | ) | |||||||||||||
Net prior service credits | — | 339 | |||||||||||||||||
Net amount recognized | $ | (25 | ) | $ | 61 | ||||||||||||||
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, | |||||||||||||||||||
2014 | 2013 | ||||||||||||||||||
Pre-Age 65 | Age 65 and older | Pre-Age 65 | Age 65 and older | ||||||||||||||||
Health care cost trend rate | 8 | % | 7 | % | 8 | % | 6.5 | % | |||||||||||
Ultimate trend rate | 5 | % | 5 | % | 5 | % | 5 | % | |||||||||||
Year rate reaches ultimate trend rate | 2028 | 2024 | 2027 | 2021 | |||||||||||||||
A one percentage point increase (decrease) in the assumed health care cost trend rate would have increased (decreased) the accumulated benefit obligation by $194 ($180) at December 31, 2014, and the service and interest cost would have increased (decreased) by $11 ($11) for the year ended December 31, 2014. | |||||||||||||||||||
As of December 31, 2014, the following expected benefit payments (net of Medicare Part D subsidiary for Post-Employment Benefit Plan Payments), and the related expected subsidy receipts which reflect expected future service, as appropriate, are expected to be paid to plan participants: | |||||||||||||||||||
Pension Benefit Plan | Post-Employment Benefit Plan | ||||||||||||||||||
Expected Benefit | Expected Benefit | Expected Subsidy | |||||||||||||||||
Payments (a) | Payments | Receipts | |||||||||||||||||
2015 | $ | 2,016 | $ | 534 | $ | 28 | |||||||||||||
2016 | — | 512 | 25 | ||||||||||||||||
2017 | — | 498 | 24 | ||||||||||||||||
2018 | — | 501 | 23 | ||||||||||||||||
2019 | — | 518 | 22 | ||||||||||||||||
2020-2024 | — | 2,194 | 88 | ||||||||||||||||
Total | $ | 2,016 | $ | 4,757 | $ | 210 | |||||||||||||
(a) | This expected pay-out schedule anticipates the termination of the pension benefit plan during 2015. | ||||||||||||||||||
The weighted average asset allocation by asset category is as follows: | |||||||||||||||||||
Pension Benefit Plan | |||||||||||||||||||
As of December 31, | |||||||||||||||||||
2014 | 2013 | ||||||||||||||||||
Asset Category | |||||||||||||||||||
Cash and cash equivalents | 58 | % | 36 | % | |||||||||||||||
Equity Securities | 26 | % | 47 | % | |||||||||||||||
Debt Securities | 12 | % | 11 | % | |||||||||||||||
Other | 4 | % | 6 | % | |||||||||||||||
Total | 100 | % | 100 | % | |||||||||||||||
The Company’s investment strategy is based on an expectation that equity securities will outperform debt securities over the long term. Accordingly, the composition of the Company’s plan assets is broadly characterized as a 60 percent/30 percent/10 percent allocation between equity, debt and other securities. The strategy utilizes a diversified equity approach using multiple asset classes. The fixed income portion is actively managed investment grade debt securities (which constitute 80 percent or more of debt securities) with a lesser allocation to high-yield, international, inflation-protected, and rising rate debt securities. Of the lesser allocation, any one debt category will be no greater than 10 percent of the total debt portfolio. The portfolio may also utilize alternative assets to mitigate risk in the portfolio. | |||||||||||||||||||
The Company further mitigates investment risk by rebalancing between equity and debt classes to maintain allocation parameters to be within approximately +/-10 percent of established targets. This is done to handle changes in asset allocation caused by Company contributions, monthly benefit payments, and general market volatility. At December 31, 2014, the Company held 58 percent of its investments in cash due to anticipated benefit payments to be made during 2015. | |||||||||||||||||||
The following table sets forth the Company’s pension benefit plan assets as of December 31, 2014, by level within the fair value hierarchy. | |||||||||||||||||||
Fair Value Measurements at December 31, 2014 | |||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||
Cash and cash equivalents | $ | 753 | $ | — | $ | — | $ | 753 | |||||||||||
Equity Securities: | |||||||||||||||||||
Domestic equity securities | 332 | — | — | 332 | |||||||||||||||
Fixed income securities: | |||||||||||||||||||
Investment grade domestic bonds | 162 | — | — | 162 | |||||||||||||||
Other | 53 | — | — | 53 | |||||||||||||||
Total | $ | 1,300 | $ | — | $ | — | $ | 1,300 | |||||||||||
The following table sets forth the Company’s pension benefit plan assets as of December 31, 2013, by level within the fair value hierarchy. | |||||||||||||||||||
Fair Value Measurements at December 31, 2013 | |||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||
Cash and cash equivalents | $ | 556 | $ | — | $ | — | $ | 556 | |||||||||||
Equity Securities: | |||||||||||||||||||
Domestic equity securities | 566 | — | — | 566 | |||||||||||||||
International equity securities | 156 | — | — | 156 | |||||||||||||||
Fixed income securities: | |||||||||||||||||||
Investment grade domestic bonds | 167 | — | — | 167 | |||||||||||||||
Other | 105 | — | — | 105 | |||||||||||||||
Total | $ | 1,550 | $ | — | $ | — | $ | 1,550 | |||||||||||
Level 1 assets are valued based on quoted prices in active markets for identical securities. The majority of Level 1 assets listed above include exchange traded index funds, bond funds and mutual funds. | |||||||||||||||||||
Equity-Based Compensation Plans. As of December 31, 2014, the Company was authorized to issue 40,000,000 shares of Common Stock. In connection with the Reorganization, the Company retired its treasury stock, which historically had been used for issuance of Common Stock under the Company’s equity-based compensation plans. In conjunction with the Reorganization, the holding company adopted all of the shareholder-approved equity-based compensation plans that were active at the time, including the 2004 Plan, the Directors' Option Plan and the Non-Employee Directors' Restricted Stock Plan (the "Directors' Stock Plan"). With the retirement of treasury shares, the Company reserved certain authorized shares for issuance of Common Stock under the adopted equity-based compensation plans. As of December 31, 2014, the remaining balance of reserved authorized shares for issuance under these plans was 4,000 (see Note 6: Equity and Earnings (Loss) Per Share). The Company began to accumulate treasury stock again in fiscal 2012 and had a treasury share balance of 441,406 at December 31, 2014. | |||||||||||||||||||
The Company currently has two active equity-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, although the 2004 Plan had a remaining balance of 278,900 nonvested outstanding awards at December 31, 2014. The Directors' Plan replaced the Directors' Option Plan and the Directors' Stock Plan, although the Directors' Option Plan had a remaining balance of 4,000 unexercised awards at December 31, 2014. | |||||||||||||||||||
The Company’s equity-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 Statement of Operations for the years ended December 31, 2014 and 2013, reflects share-based compensation costs of $931 and $932, respectively, related to these plans. | |||||||||||||||||||
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 new ESPP Plan is not yet active. | |||||||||||||||||||
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. The compensation expense related to awards granted under the 2014 Plan is based on the market price of the stock on the date the Board of Directors approves the grant and is amortized over the vesting period of the Restricted Stock award. As of December 31, 2014, 17,000 shares were granted of the 1,500,000 shares approved for grants 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 RSUs, which is not less than one year unless vesting is accelerated due to the occurrence of certain events. In May 2014, 16,360 shares were granted to non-employee directors in the form of RSUs. The vesting of these awards was accelerated and occurred on December 16, 2014 following approval by the Company's Board of Directors. The compensation expense related to awards granted under the Directors' Plan is based on the market price of the stock on the date the Board of Directors approves the grant and was amortized over the accelerated vesting period. As of December 31, 2014, 16,360 shares were granted of the 300,000 shares approved for grants under the Directors' Plan. | |||||||||||||||||||
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, 2014, no stock options and 278,900 unvested restricted stock shares (net of forfeitures) remained under the 2004 Plan. As of December 31, 2014, no restricted stock awards were available for future grants 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 5-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, 2014, 396,288 unvested RSUs remained under the 2004 Plan. As of December 31, 2014, 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. | |||||||||||||||||||
Directors' Option Plan | |||||||||||||||||||
Under the Directors' Option Plan, each non-employee or "outside" director of the Company received on the day after each annual meeting of stockholders an option to purchase 2,000 shares of the Company’s common stock at a price equal to the fair market value of the Company’s common stock on such date. The fair value of each option was estimated on the date of the grant using the Black-Scholes option-pricing model. Options became exercisable on the 184th day following the date of grant and expired no later than ten years after the date of grant. Subject to certain adjustments, a total of 180,000 shares were reserved for annual grants under the plan. The Directors' Option Plan expired in 2006 and, as of December 31, 2014, no stock options were available for future grants under the Directors' Option Plan. At December 31, 2014, 4,000 unexercised stock options remained under the Directors’ Option Plan. | |||||||||||||||||||
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 Human Resources and Compensation Committee ("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. As of December 31, 2014, 106,923 restricted stock awards (vested and nonvested, net of forfeitures) had been granted under the Directors’ Stock Plan. The awards entitle participants to receive shares of stock following the end of a 3-year vesting period. Participants have no voting or 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, 2014, 54,694 RSUs had been granted under the Directors’ Stock Plan and, by approval of the Company's Board of Directors on December 16, 2014, the vesting of all of the 54,694 RSUs was accelerated and occurred on that date. As of December 31, 2014, 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 equity-based compensation plans as of December 31, 2014 and 2013 is presented below: | |||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||
2014 | 2013 | ||||||||||||||||||
Weighted | Weighted | ||||||||||||||||||
Shares | Average | Shares | Average | ||||||||||||||||
Exercise | Exercise | ||||||||||||||||||
Price | Price | ||||||||||||||||||
Outstanding at beginning of year | 10,000 | $ | 9.91 | 20,000 | $ | 9.3 | |||||||||||||
Granted | — | — | — | — | |||||||||||||||
Canceled/Forfeited | — | — | (10,000 | ) | 8.69 | ||||||||||||||
Exercised | 6,000 | 9.54 | — | — | |||||||||||||||
Outstanding at end of year | 4,000 | $ | 10.45 | 10,000 | $ | 9.91 | |||||||||||||
At December 31, 2014, the aggregate intrinsic value of stock options outstanding and exercisable was $23. The aggregate intrinsic value represents the total pre-tax intrinsic value (the difference between the Company’s average closing stock price on the last ten trading days of the related fiscal period and the exercise price, multiplied by the number of related in-the-money options) that would have been received by the option holders had they exercised their options at the end of the period. This amount changes based on the market value of the Company’s common stock. | |||||||||||||||||||
Restricted Stock. A summary of the status of restricted stock awarded under the Company’s equity-based compensation plans at December 31, 2014 and 2013 and changes during the periods then ended is presented below: | |||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||
2014 | 2013 | ||||||||||||||||||
Weighted | Weighted | ||||||||||||||||||
Average | Average | ||||||||||||||||||
Grant-Date | Grant-Date | ||||||||||||||||||
Shares | Fair Value | Shares | Fair Value | ||||||||||||||||
Non vested balance at beginning of year | 569,296 | $ | 5.26 | 933,887 | $ | 6.22 | |||||||||||||
Granted | 58,669 | 4.42 | 60,805 | 4.88 | |||||||||||||||
Forfeited | (206,282 | ) | 4.59 | (181,687 | ) | 5.11 | |||||||||||||
Vested | (142,783 | ) | 3.87 | (243,709 | ) | 8.95 | |||||||||||||
Non vested balance at end of year | 278,900 | $ | 6.28 | 569,296 | $ | 5.26 | |||||||||||||
During the years ended December 31, 2014 and 2013, the total fair value of restricted stock awards vested was $552 and $2,182, respectively. As of December 31, 2014 there was $403 of total unrecognized compensation costs related to stock awards. These costs are expected to be recognized over a weighted average period of approximately 1.2 years. | |||||||||||||||||||
Restricted Stock Units. A summary of the status of RSUs awarded under the Company’s equity-based compensation plans at December 31, 2014 and 2013 is presented below. | |||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||
2014 | 2013 | ||||||||||||||||||
Weighted Average | Weighted Average | ||||||||||||||||||
Grant-Date Fair | Grant-Date Fair | ||||||||||||||||||
Units | Value | Units | Value | ||||||||||||||||
Non vested balance at beginning of year | 371,502 | $ | 4.34 | 423,264 | $ | 4.29 | |||||||||||||
Granted | 247,463 | 5.83 | 33,822 | 5.13 | |||||||||||||||
Forfeited | (135,104 | ) | 4.6 | (71,223 | ) | 4.31 | |||||||||||||
Vested | (70,573 | ) | 3.22 | (14,361 | ) | 5.07 | |||||||||||||
Non vested balance at end of year | 413,288 | $ | 5.09 | 371,502 | $ | 4.34 | |||||||||||||
During the years ended December 31, 2014 and 2013, the total fair value of RSU awards vested was $227 and $72, respectively. As of December 31, 2014 there was $1,450 of total unrecognized compensation costs related to RSU awards. These costs are expected to be recognized over a weighted average period of approximately 3.6 years. | |||||||||||||||||||
Annual Cash Incentive Plan. In December 2011, the HRCC recommended and the Board of Directors approved the adoption of a new annual cash incentive plan. This plan was amended and restated in December 2012 and applied to 2012 and subsequent years through 2013 ("2012 Cash Incentive Program"). For certain senior executives of the Company, the 2012 Cash Incentive Program functioned similarly to the prior modified economic profit ("MEP") program. For other eligible participants, 50 percent of the target award was based on improvement in MEP and the remaining 50 percent was based on attainment of individual performance goals. No incentive compensation was payable if growth was less than 50 percent of target. If growth in MEP ranged between 50 percent and 100 percent of target, an equivalent percentage of targeted bonus that was based on MEP was paid. If growth in MEP was over 100 percent of target, then an equivalent percentage of targeted MEP bonus was paid, but no bonus was paid in excess of 125 percent and the HRCC had discretion to limit the payout to 100 percent where growth in MEP over target ranged from 100 percent to 125 percent. MEP improvement in excess of 100 percent that was not paid, if any, was carried over to the next plan year and was added to the growth in MEP for the following year to determine the amount of incentive compensation payable with respect to that year, unless the HRCC decided to carry over a lesser, or no, amount. | |||||||||||||||||||
In the final month of each plan year, the HRCC could use projections of MEP and MEP growth performance to determine estimated annual incentive compensation payments to participants where the HRCC wished to make a 90 percent payment in such final month (a "December Payment"). After the financial results for the plan year were available, the annual incentive compensation payment of those participants who received a December Payment was calculated and a true-up payment for any remainder was paid. In the event that a December Payment was in excess of the finally determined amount of actual incentive compensation, the participant was required to pay to the Company the amount of such excess payment within 15 days of the Company’s demand and the Company could elect to set-off any amount it otherwise owed to the participant by the amount of such excess. | |||||||||||||||||||
Effective January 1, 2014, the Company adopted a new Short-Term Incentive Plan (the "STI Plan") to replace the 2012 Cash Incentive Program. The STI Plan is designed to motivate and retain the Company's officers and employees and tie their 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 and the HRCC may adjust the results to eliminate unusual items. For the year ended December 31, 2014, such performance metrics were operating income (loss) (60 percent weighting), EBITDA (20 percent weighting), and cash earnings (loss) per share (20 percent weighting). Operating income (loss) is defined as reported GAAP operating income (loss) adjusted for certain discretionary items as determined by the Company's management ("adjusted operating income (loss)"). Adjusted operating income (loss) is detailed in Item 7. Management's Discussion and Analysis - Year Ended December 31, 2014 Compared To December 31, 2013 - Reconciliation Of Key Financial Metrics For Discretionary Items. EBITDA and cash earnings (loss) per share are detailed in our Proxy Statement. 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. | |||||||||||||||||||
In the final month of each plan year, the HRCC may use projections of the performance metrics for such plan year to determine estimated annual incentive compensation payments where the Human Resources and Compensation Committee wishes to make a 90 percent payment thereon in the final month of such plan year (a "December Payment"). After the financial results for the plan year are available, the annual incentive compensation payment of those participants who received December Payments shall be determined, and any unpaid amount thereof (net of the December Payment) shall be calculated (a "Remainder Payment"). In the event that a December Payment is in excess of the finally determined amount of actual incentive compensation, the participant shall be promptly notified thereof and the participant shall pay to the Company the amount of such excess payment within 15 days of the Company’s demand (or the Company may set-off any amount it otherwise owes to participant by the amount of such excess payment, at its election). | |||||||||||||||||||
For the years ended December 31, 2014 and 2013, there was no December Payment related to the Annual Cash Incentive Plans and amounts expensed under the plans totaled $3,166 and $3,111, for the years ended December 31, 2014 and 2013, respectively. |
Restructuring_and_Severance_Co
Restructuring and Severance Costs | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Restructuring and Related Activities [Abstract] | |||||||||
Restructuring and Severance Costs | |||||||||
NOTE 9: | RESTRUCTURING AND SEVERANCE COSTS | ||||||||
On December 3, 2013, the Company entered into a Settlement and Mutual Release Agreement ("Settlement Agreement"), pursuant to which the Company terminated its Chief Executive Officer and President, Timothy W. Newkirk. In connection with the Settlement Agreement, the Company agreed to pay Mr. Newkirk severance costs totaling $714. The Company also entered into a Transition Services Agreement (the "Services Agreement"), which obligated the Company to pay Mr. Newkirk up to $201, exclusive of out-of-pocket expenses. All such costs were expensed during 2013 and paid in 2014. | |||||||||
Certain other members of senior management were also terminated in 2014 and 2013, which resulted in severance costs expensed in each year of $189 and $587, respectively. | |||||||||
During fiscal 2009, the Company restructured its business, resulting in accruals for various restructuring activities including severance costs and lease termination charges among other items. | |||||||||
Activity related to restructuring and all severance costs is detailed below. | |||||||||
Year Ended December 31, | |||||||||
2014 | 2013 | ||||||||
Balance at beginning of year | $ | 1,277 | $ | 484 | |||||
Provision for additional expense(a) | 406 | 1,525 | |||||||
Payments and adjustments | (1,475 | ) | (732 | ) | |||||
Balance at end of year | $ | 208 | $ | 1,277 | |||||
(a) | Severance costs are included in the caption Selling, General and Administrative Expenses on the Consolidated Statements of Operations. |
Concentrations
Concentrations | 12 Months Ended | |
Dec. 31, 2014 | ||
Risks and Uncertainties [Abstract] | ||
Concentrations | ||
NOTE 10: | CONCENTRATIONS | |
Significant customers. For the years ended December 31, 2014 and 2013, the Company did not have sales to any individual customer that accounted for more than 10 percent of consolidated net sales. During the years ended December 31, 2014 and 2013, the Company’s ten largest customers accounted for approximately 46 percent and 44 percent of consolidated net sales, respectively. | ||
Significant suppliers. For the year ended December 31, 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. | ||
For the year ended December 31, 2013, the Company had purchases from one grain supplier that approximated 50 percent of consolidated purchases. In addition, the Company’s 10 largest suppliers accounted for approximately 77 percent of consolidated purchases. | ||
Workforce subject to collective bargaining. As of December 31, 2014, the Company had 268 employees. A collective bargaining agreement covering 95 employees at the Atchison facility, was due to expire on August 31, 2014 and was renewed until August 31, 2019. Another collective bargaining agreement covering 48 employees at the Indiana facility expires on December 31, 2017. As of December 31, 2013, the Company had 268 employees, 145 of whom are covered by collective bargaining agreements with two labor unions. |
Operating_Segments
Operating Segments | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Segment Reporting [Abstract] | |||||||||
Operating Segments | |||||||||
NOTE 11: | OPERATING SEGMENTS | ||||||||
The Company’s operations were historically classified into three reportable segments: distillery products and ingredient solutions and other. February 8, 2013, the Company sold all of the assets included in its other segment, or its bioplastics manufacturing business, including all of the Company’s assets at its bioplastics manufacturing facility in Onaga, Kansas and certain assets of the Company’s extruder bio-resin laboratory located in Atchison, Kansas. The sale was initiated by the buyer and, up until near the time of close, there was uncertainty that the buyer would obtain financing. The sales price totaled $2,797 and resulted in a gain, net of tax, of approximately $878 that was recognized as a gain on sale of discontinued operations for the year ended December 31, 2013. The remaining income statement activity for the year ended December 31, 2013 are not presented as discontinued operations due to their immateriality relative to the consolidated financial statements as a whole. At December 31, 2014, the Company had two remaining segments: distillery products and ingredient solutions. | |||||||||
The distillery products segment consists of food grade alcohol, along with fuel grade alcohol, distillers feed, and corn oil, which are co-products of our distillery operations. Ingredient solutions consists of specialty starches and proteins, commodity starch and commodity proteins. The other segment products were resins, plant-based polymers and composites manufactured through the further processing of certain of our proteins and starches and wood. | |||||||||
Operating profit (loss) for each segment is based on net sales less identifiable operating expenses. Non-direct selling, general and administrative expenses, interest expense, earnings from our equity method investments, other special charges and other general miscellaneous expenses have been excluded from segment operations and classified as Corporate. Receivables, inventories and equipment have been identified with the segments to which they relate. All other assets are considered as Corporate. | |||||||||
Year Ended December 31, | |||||||||
2014 | 2013 | ||||||||
Net sales to customers: | |||||||||
Distillery products | $ | 256,561 | $ | 264,098 | |||||
Ingredient solutions | 56,842 | 58,967 | |||||||
Other(a) | — | 199 | |||||||
Total | $ | 313,403 | $ | 323,264 | |||||
Gross profit: | |||||||||
Distillery products | $ | 22,332 | $ | 14,309 | |||||
Ingredient solutions | 6,099 | 6,986 | |||||||
Other(a) | — | (56 | ) | ||||||
Total | $ | 28,431 | $ | 21,239 | |||||
Depreciation and amortization: | |||||||||
Distillery products | $ | 8,510 | $ | 8,209 | |||||
Ingredient solutions | 2,316 | 2,322 | |||||||
Other(a) | — | 21 | |||||||
Corporate | 1,499 | 1,457 | |||||||
Total | $ | 12,325 | $ | 12,009 | |||||
Income (loss) from continuing operations before income taxes: | |||||||||
Distillery products | $ | 28,701 | $ | 11,987 | |||||
Ingredient solutions | 3,939 | 4,503 | |||||||
Other(a) | — | (90 | ) | ||||||
Corporate | (6,700 | ) | (22,921 | ) | |||||
Total | $ | 25,940 | $ | (6,521 | ) | ||||
(a) | Assets from this segment were sold February 8, 2013 as previously described. | ||||||||
December 31, | |||||||||
2014 | 2013 | ||||||||
Identifiable Assets | |||||||||
Distillery products | $ | 98,791 | $ | 97,875 | |||||
Ingredient solutions | 23,324 | 24,954 | |||||||
Other(a) | — | — | |||||||
Corporate | 38,484 | 28,500 | |||||||
Total | $ | 160,599 | $ | 151,329 | |||||
(a) | Assets from this segment were sold February 8, 2013 as previously described. | ||||||||
Information about the Company's capital expenditures, by segment, is as follows: | |||||||||
Year Ended December 31, | |||||||||
2014 | 2013 | ||||||||
Distillery products | $ | 4,663 | $ | 5,594 | |||||
Ingredient solutions | 358 | 1,110 | |||||||
Other (a) | — | — | |||||||
Corporate | 830 | 1,179 | |||||||
Total | $ | 5,851 | $ | 7,883 | |||||
(a) | Significant assets from this segment were sold February 8, 2013 as previously described. | ||||||||
Revenue from foreign sources totaled $16,306 and $12,665, for the years ended December 31, 2014 and 2013, respectively, and is largely derived from Japan and Canada. There is an immaterial amount of assets located in foreign countries. |
Supplemental_Cash_Flow_Informa
Supplemental Cash Flow Information | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Supplemental Cash Flow Information [Abstract] | |||||||||
Supplemental Cash Flow Information | |||||||||
NOTE 12: | SUPPLEMENTAL CASH FLOW INFORMATION | ||||||||
Year Ended December 31, | |||||||||
2014 | 2013 | ||||||||
Non-cash investing and financing activities: | |||||||||
Purchase of property and equipment in Accounts Payable | $ | 574 | $ | 1,675 | |||||
Additional cash payment information: | |||||||||
Interest paid | 903 | 1,286 | |||||||
Income tax (paid)/ refunds received | (146 | ) | (254 | ) | |||||
Decrease in revolving credit facility/increase in fixed asset sub-line facility | 7,004 | — | |||||||
Derivative_Instruments
Derivative Instruments | 12 Months Ended | |
Dec. 31, 2014 | ||
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 Indiana and Atchison facilities permits the Company to purchase corn for delivery up to 12 months into the future at negotiated prices. The pricing for these contracts is based on a formula using several factors. The Company has determined that the firm commitments to purchase corn under the terms of these 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 flour and natural gas. The contracts for flour and natural gas range from monthly contracts to multi-year supply arrangements; however, because the quantities involved have always been for amounts to be consumed within the normal 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 7: Commitments and Contingencies for a discussion of the Company’s grain, flour and natural gas purchase commitments. |
Related_Party_Transactions
Related Party Transactions | 12 Months Ended | |
Dec. 31, 2014 | ||
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, 2014 and 2013, the Company recorded $3,333 and $1,204, 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 $34,615 and $7,736, respectively, of product from ICP during the years ended December 31, 2014 and 2013, respectively, that are included in the Cost of sales caption on the Consolidated Statements of Operations. | ||
On December 4, 2014, the Company received a $4,835 distribution from ICP. | ||
As of December 31, 2013, Randall M. Schrick served as the Interim Co-Chief Executive Officer and Vice President of Engineering of the Company and served as President of ICP from November 2009 to December 2011. As of December 31, 2014, Mr. Schrick served as Vice President, Production and Engineering of the Company. | ||
Proxy contest and related matters | ||
On May 23, 2013, the Company was unable to hold its annual meeting of stockholders ("Annual Meeting") due to a lack of quorum of outstanding shares of preferred stock. On July 10, 2013 certain common and preferred stockholders (referred to as the "Cray Group") launched a proxy contest to elect two alternative directors to the board and to seek approval of several corporate governance matters. | ||
In June 2013, the Company filed suit against the co-trustees of the MGP Ingredients Inc. Voting Trust (the "Voting Trust") and the Cray Family Trust (the "Family Trust"), which owned a majority of the Company’s outstanding preferred stock, seeking judicial clarification as to the proper trustees of the Voting Trust. The former Chief Executive Officer of the Company, Timothy W. Newkirk, who was a trustee of the Family Trust, sued the trustees of the Voting Trust for the same purposes. The Voting Trust and Family Trust were each dissolved in September 2013. | ||
During the course of the proxy contest, certain members of the Cray Group sued the Company (a) in order to force the Annual Meeting to be reconvened prior to resolution of the Trust litigation, (b) for access to the Company’s list of stockholders, and (c) to challenge the formation and actions of a Special Committee of the Board of Directors charged to review Strategic Alternatives. | ||
On December 3, 2013, the Company and each of the directors at that time entered into a Settlement Agreement and Mutual Release Agreement ("Settlement Agreement") with the Cray Group, which provided for the dismissal with prejudice of all claims brought by any party and the termination without cause of Mr. Newkirk’s employment as Chief Executive Officer, and established a date to reconvene the Annual Meeting, among other matters described therein. The Company incurred $3,701 of expenses related to these related matters. The Cray Group was also entitled to reimbursement of reasonable out-of-pocket expenses up to a cap of $1,775. The Cray Group submitted reimbursement requests for $1,764, which the Company fully accrued at December 31, 2013 and fully paid in 2014. Such costs are included in the caption Selling, General and Administrative Expenses on the Consolidated Statement of Operations. Pursuant to the terms of Mr. Newkirk’s Employment Agreement and a Transition Services Agreement, $915 of severance and fees are due to the Company's terminated Chief Executive Officer, Mr. Newkirk, as further described in Note 9: Restructuring and Severance Costs. | ||
Long term debt | ||
On July 20, 2009, Union State Bank - Bank of Atchison ("Bank of Atchison"), which previously loaned the Company $1,500, agreed to lend the Company an additional $2,000. The Company’s former President and Chief Executive Officer, Mr. Newkirk, is a director of the Bank of Atchison. At December 31, 2014 and 2013, the Company had $404 and $746 outstanding, respectively, on a 6.76% Secured Promissory Note, due monthly to July 2016. |
Recently_Issued_Accounting_Pro
Recently Issued Accounting Pronouncements | 12 Months Ended | |
Dec. 31, 2014 | ||
Accounting Changes and Error Corrections [Abstract] | ||
Recently Issued Accounting Pronouncements | ||
NOTE 15: | RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS | |
In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606), which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The ASU will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective. The new standard is effective for the Company on January 1, 2017. Early application is not permitted. The standard permits the use of either the retrospective or cumulative effect transition method. The Company is evaluating the effect that ASU 2014-09 will have on its consolidated financial statements and related disclosures. The Company has not yet selected a transition method nor has it determined the effect of the standard on its ongoing financial reporting. | ||
In August 2014, the FASB issued ASU 2014-15, Presentation of Financial Statements-Going Concern (Subtopic 205-40). The ASU provides guidance in accounting principles generally accepted in the United States of America about management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern and to provide related footnote disclosures. The amendments in this ASU are effective for the annual period ending after December 15, 2016, and for annual periods and interim periods thereafter. Early application is permitted. This ASU is not expected to have a significant impact on the Company’s financial statements. |
Quarterly_Financial_Data_Unaud
Quarterly Financial Data (Unaudited) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||||
Quarterly Financial Information (Unaudited) | ||||||||||||||||
NOTE 16: | QUARTERLY FINANCIAL DATA (UNAUDITED) | |||||||||||||||
Year Ended December 31, 2014(a) (b) (c) | ||||||||||||||||
Fourth | Third | Second | First | |||||||||||||
Quarter | Quarter | Quarter | Quarter | |||||||||||||
Sales | $ | 83,901 | $ | 83,966 | $ | 85,903 | $ | 84,582 | ||||||||
Less: excise tax | 7,576 | 6,451 | 5,336 | 5,586 | ||||||||||||
Net sales | 76,325 | 77,515 | 80,567 | 78,996 | ||||||||||||
Cost of sales | 70,314 | 70,204 | 72,259 | 72,195 | ||||||||||||
Gross profit | 6,011 | 7,311 | 8,308 | 6,801 | ||||||||||||
Selling, general and administrative | 4,897 | 4,966 | 5,166 | 5,072 | ||||||||||||
Insurance recoveries (Note 17) | (7,067 | ) | (1,293 | ) | 70 | — | ||||||||||
Other operating costs and loss on sale of assets, net | — | 1 | — | — | ||||||||||||
Operating income | 8,181 | 3,637 | 3,072 | 1,729 | ||||||||||||
Interest expense | (201 | ) | (199 | ) | (218 | ) | (198 | ) | ||||||||
Equity in earnings (Note 3) | 2,850 | 1,621 | 2,331 | 3,335 | ||||||||||||
Income from continuing operations before income taxes | 10,830 | 5,059 | 5,185 | 4,866 | ||||||||||||
Provision (benefit) for income taxes (Note 5) | 3,267 | (1,169 | ) | 86 | 81 | |||||||||||
Net income from continuing operations | 7,563 | 6,228 | 5,099 | 4,785 | ||||||||||||
Discontinued Operations, net of tax (Note 11) | — | — | — | — | ||||||||||||
Net income | $ | 7,563 | $ | 6,228 | $ | 5,099 | $ | 4,785 | ||||||||
Basic and diluted earnings per share data | ||||||||||||||||
Income from continuing operations | $ | 0.42 | $ | 0.34 | $ | 0.28 | $ | 0.26 | ||||||||
Income from discontinued operations | — | — | — | — | ||||||||||||
Net income | $ | 0.42 | $ | 0.34 | $ | 0.28 | $ | 0.26 | ||||||||
Dividends per Common Share | $ | — | $ | — | $ | — | $ | 0.05 | ||||||||
(a) | Net income was positively/(negatively) impacted during the second, third and fourth quarters of the year ended December 31, 2014 by $(120), $1,940, and $6,778, respectively as result of insurance recoveries. Certain immaterial amounts related to the accounting for insurance recoveries recorded during the second quarter were reclassified during the third quarter. The results above for the second quarter reflect these immaterial reclassifications. See discussion on this matter at Note 17: Property and Business Interruption Insurance Claims and Recoveries. | |||||||||||||||
(b) | Net income was positively impacted during the third and fourth quarters of the year ended December 31, 2014 by $1,215, and $104, respectively, as result of a release of the valuation allowance related to deferred tax assets. See discussion on this matter at Note 5: Income Taxes. | |||||||||||||||
(c) | Total basic and diluted earnings per share for the quarters, when aggregated, do not equal the annual amounts of $1.32 and $1.32, respectively, due to rounding. | |||||||||||||||
Year Ended December 31, 2013(a) (b) (c) (d) | ||||||||||||||||
Fourth | Third | Second | First | |||||||||||||
Quarter | Quarter | Quarter | Quarter | |||||||||||||
Sales | $ | 80,936 | $ | 80,709 | $ | 83,707 | $ | 88,718 | ||||||||
Less: excise taxes | 3,642 | 538 | 4,312 | 2,314 | ||||||||||||
Net sales | 77,294 | 80,171 | 79,395 | 86,404 | ||||||||||||
Cost of sales | 69,380 | 79,356 | 74,114 | 79,175 | ||||||||||||
Gross profit | 7,914 | 815 | 5,281 | 7,229 | ||||||||||||
Selling, general and administrative expenses | 8,797 | 6,760 | 4,770 | 5,875 | ||||||||||||
Other operating costs and (gains) losses on sale of assets | 177 | 1 | — | 58 | ||||||||||||
Operating income (loss) | (1,060 | ) | (5,946 | ) | 511 | 1,296 | ||||||||||
Interest income (expense), net | (289 | ) | (269 | ) | (277 | ) | (283 | ) | ||||||||
Equity in earnings (loss) (Note 3) | 758 | (91 | ) | 71 | (942 | ) | ||||||||||
Income (loss) from continuing operations before income taxes | (591 | ) | (6,306 | ) | 305 | 71 | ||||||||||
Provision (benefit) for income taxes (Note 5) | (758 | ) | 19 | 25 | — | |||||||||||
Net income (loss) from continuing operations | 167 | (6,325 | ) | 280 | 71 | |||||||||||
Discontinued operations, net of tax (Note 11) | (528 | ) | — | — | 1,406 | |||||||||||
Net income (loss) | $ | (361 | ) | $ | (6,325 | ) | $ | 280 | $ | 1,477 | ||||||
Basic and diluted earnings (loss) per share(e) | ||||||||||||||||
Income (loss) from continuing operations | $ | 0.01 | $ | (0.37 | ) | $ | 0.02 | $ | — | |||||||
Income from discontinued operations | (0.03 | ) | — | — | 0.08 | |||||||||||
Net income (loss) | $ | (0.02 | ) | $ | (0.37 | ) | $ | 0.02 | $ | 0.08 | ||||||
Dividends per common share | $ | — | $ | — | $ | — | $ | 0.05 | ||||||||
(a) | Net loss for the fourth quarter includes $528 of income tax expense related to the gain on sale of discontinued operations. | |||||||||||||||
(b) | Net income for the first quarter includes a $1,406 gain, net of tax, on sale of discontinued operations. See discussion on this matter at Note 11: Operating Segments. | |||||||||||||||
(c) | Net income (loss) for the second, third and fourth quarters include $259, $1,802, and $3,404, respectively of expense related to the governance, proxy dispute and related matters. See discussion on this matter at Note 14: Related Party Transactions. | |||||||||||||||
(d) | Net income (loss) for the fourth quarter includes $1,525 of expense related to the severance costs. See discussion on this matter at Note 9: Restructuring and Severance Costs. | |||||||||||||||
(e) | For the third and fourth quarters, under the two class method, the losses were fully allocated common stock. |
Property_and_Business_Interrup
Property and Business Interruption Insurance Claims and Recoveries (Notes) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Extraordinary and Unusual Items [Abstract] | ||||||||||||
Property and Business Interruption Insurance Claims and Recoveries | ||||||||||||
NOTE 17: | PROPERTY AND BUSINESS INTERRUPTION INSURANCE CLAIMS AND RECOVERIES | |||||||||||
During January 2014, the Company experienced a fire at its Indiana 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. By the end of February the facility was at pre-fire production levels. We wrote off $160 of damaged assets, which is included in Insurance recoveries on the Consolidated Statement of Operations for the year ended December 31, 2014, and incurred $447 of out-of-pocket expenses related to interruption of business, which are included as a reduction to Cost of sales on the Consolidated Statement of Operations for the year ended December 31, 2014. | ||||||||||||
During the year ended December 31, 2014, the Company received $9,375 of insurance recoveries. 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 are completed, which is expected by the end of 2015. | ||||||||||||
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 incurred $170 of out-of-pocket expenses to repair this equipment. These costs are considered business interruption costs which are included as a reduction to Cost of sales on the Consolidated Statement of Operations for the year ended December 31, 2014. The Company is currently working with its insurance carrier to determine the coverage for equipment damage and business interruption losses. | ||||||||||||
Detail of the activities related to the property and business interruption insurance claims and recoveries, and where the net impacts are recorded on the Consolidated Statement of Operations, is as follows: | ||||||||||||
Year Ended December 31, | ||||||||||||
January Fire (Indiana Facility) | October Fire (Atchison Facility) | Total | ||||||||||
Total insurance recoveries | $ | 9,375 | $ | — | $ | 9,375 | ||||||
Insurance recoveries - interruption of business | $ | 925 | $ | — | $ | 925 | ||||||
Less: out-of-pocket expenses related to interruption of business in Cost of Sales | 447 | 170 | 617 | |||||||||
Net reduction (increase) to Cost of Sales | $ | 478 | $ | (170 | ) | $ | 308 | |||||
Insurance recoveries - property damage | $ | 8,450 | $ | — | $ | 8,450 | ||||||
Less: Net book value of property loss in Insurance Recoveries | 160 | — | 160 | |||||||||
Insurance Recoveries | $ | 8,290 | $ | — | $ | 8,290 | ||||||
Subsequent_Events
Subsequent Events | 12 Months Ended | |
Dec. 31, 2014 | ||
Subsequent Events [Abstract] | ||
Subsequent Events | ||
NOTE 18: | SUBSEQUENT EVENTS | |
Purchase Commitment | ||
On January 9, 2015, the Company entered into a purchase commitment totaling $5,439 for the replacement of the dryers damaged in the January 2014 fire at the Company's Indiana facility. | ||
Dividend Declaration | ||
On February 27, 2015, the Board of Directors declared a dividend payable to stockholders of record as of March 26, 2015, of the Company's Common Stock and a dividend equivalent payable to holders of RSUs as of March 26, 2015, of $0.06 per share and per unit. The dividend payment and dividend equivalent payment will be paid on April 21, 2015. | ||
Credit Agreement | ||
On February 27, 2015, the Company, as a guarantor and a party, and its subsidiaries MGPI Processing, Inc., MGPI Pipeline, Inc. and MGPI of Indiana, LLC as the “Borrowers,” entered into a five year, $80,000 revolving loan pursuant to a Second Amended and Restated Credit Agreement and associated schedules (the “Restated Credit Agreement”) with Wells Fargo Bank, National Association, as Administrative Agent (the “Agent”). The Restated Credit Agreement amends and restates the Company’s existing revolving credit facility under the Amended and Restated Credit Agreement between the Company and Wells Fargo Bank, National Association, as Lender, dated November 2, 2012, as amended. The Restated Credit Agreement differs from the Company’s prior revolving loan agreement by (i) increasing amount available under the revolving credit facility to $80,000, (ii) extending the maturity date to February 27, 2020, (iii) providing for the addition of U.S. Bank, National Association, as a lender, and (iv) reductions in certain applicable interest rates, and (v) incorporating other modifications consistent with the increase in the loan amount and to reflect Wells Fargo’s status as the Agent. A copy of the executed Restated Credit Agreement is attached hereto as Exhibit 10.30 and is incorporated by reference into this description of the Restated Credit Agreement. The loan fees incurred by the Company related to the Restated Credit Amendment through March 5, 2015 were $211. | ||
Stock Repurchase | ||
On February 27, 2015, the Board of Directors of the Company authorized the purchase of up to $3,500,000 market value of the Company's common stock. Pursuant to the authorization, the Company is permitted to purchase its shares from time to time on the open market or in privately negotiated transactions. |
Nature_Of_Operations_And_Summa1
Nature Of Operations And Summary Of Significant Accounting Policies (Accounting Policies, by Policy (Policies)) | 12 Months Ended | |
Dec. 31, 2014 | ||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
The Company | The Company. MGP Ingredients, Inc. ("Registrant" or "Company") is a Kansas corporation headquartered in Atchison, Kansas. It was incorporated in 2011 and is a holding company with no operations of its own. Its principal directly-owned operating subsidiaries are MGPI Processing, Inc. ("Processing") and MGPI of Indiana, LLC ("MGPI-I"). Processing was incorporated in Kansas in 1957 and is the successor to a business founded in 1941 by Cloud L. Cray, Sr. Prior to the Reorganization (discussed below), Processing was named MGP Ingredients, Inc. MGPI-I (previously named Firebird Acquisitions, Inc.) acquired substantially all the beverage alcohol distillery assets of Lawrenceburg Distillers Indiana, LLC ("LDI") at its Lawrenceburg and Greendale, Indiana facility ("Indiana facility") on December 27, 2011. | |
On January 3, 2012, MGP Ingredients, Inc. was reorganized into a holding company structure (the "Reorganization"). By engaging in the Reorganization, the Company sought to better isolate risks that might reside in one facility or operating unit from its other facilities or operating units. Management also believes that a holding company structure facilitates ramp-up of new businesses that might be developed, accommodates future growth through acquisitions and joint ventures, creates tighter focus within operating units, and enhances commercial activities and financing possibilities. | ||
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. | ||
The Company processes flour, corn, rye, barley, barley malt and milo into a variety of products through an integrated production process. The Company is a producer of certain distillery and ingredients products derived from grain and since February 8, 2013, the Company consists of two reportable segments: distillery products and ingredient solutions. Effective February 8, 2013, the Company sold the assets at its bioplastics manufacturing facility in Onaga, Kansas and certain assets at its extruder-bio-resin laboratory located in Atchison, Kansas, which were included in the Company's other segment, as further described in Note 11: Operating Segments. The distillery products segment consists primarily of food grade alcohol, and to a much lesser extent, fuel grade alcohol, distillers feed and corn oil. Fuel grade alcohol, distillers feed and corn oil are co-products of our distillery operations. The ingredient solutions segment products primarily consist of specialty starches, specialty proteins, commodity starches and commodity vital wheat gluten. Included in the other segment were products comprised of plant-based biopolymers and wood-based composite resins manufactured through the further processing of certain of our proteins and starches and wood. The Company produces textured wheat proteins through a toll manufacturing arrangement at a facility in the Netherlands. During December 2011, through its wholly owned subsidiary, MGPI-I, the Company acquired the beverage alcohol distillery assets ("Distillery Business") of LDI. | ||
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 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. Whiskey and bourbon is normally aged in barrels for several years, following industry practice; all barreled whiskey and bourbon is classified as a current asset. The Company includes warehousing, insurance, and other carrying charges applicable to barreled whiskey in inventory costs. | |
Inventories are stated at the lower of cost or market on the first-in, first-out ("FIFO") method. Inventory valuations are impacted by constantly changing prices paid for key materials, primarily corn. | ||
Derivatives Instruments | Derivative Instruments. The Company 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 Operations. 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 Operations. | |
The Company reviews its investments in non-consolidated subsidiaries for impairment whenever events or changes in business circumstances indicate that the carrying amount of the investments may not be fully recoverable. Evidence of a loss in value that is other than temporary include, but are not limited to, the absence of an ability to recover the carrying amount of the investment, the inability of the investee to sustain an earnings capacity which would justify the carrying amount of the investment, or, where applicable, estimated sales proceeds which are insufficient to recover the carrying amount of the investment. If the fair value of the investment is determined to be less than the carrying value and the decline in value is considered to be other than temporary, an appropriate write-down is recorded based on the excess of the carrying value over the best estimate of fair value of the investment. | ||
Earnings (loss) per Share | Earnings (loss) per Share. Basic and diluted earnings (loss) per share are computed using the two-class method, which is an earnings allocation formula that determines net income (loss) per share for each class of common stock and participating security according to dividends declared and participation rights in undistributed earnings. Per share amounts are computed by dividing net income (loss) from continuing operations attributable to common shareholders by the weighted average shares outstanding during each year or period. | |
Deferred Credit | Deferred Credits. In 2001, the United States Department of Agriculture developed a grant program for the gluten industry ("USDA grant"). As part of this program, the Company received nearly $26,000 of grants. The funds were required to be used for research, marketing, promotional and capital costs related to value-added gluten and starch products. Funds allocated on the basis of current operating costs were recognized in income as those costs were incurred. Funds allocated based on capital expenditures were included as a deferred credit and are being recognized appropriately as a credit to Cost of Sales and Selling, general and administrative expenses in the Consolidated Statements of Operations as the related assets are depreciated. | |
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"). Per the agreement, 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 that were included as a deferred credit. The deferred credit balance has been and will be recognized appropriately as a credit to Cost of Sales in the Consolidated Statements of Operations as the related assets are depreciated. | ||
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 our 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 our 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. During 2014, the Company achieved cumulative income for a recent period of the last three years, which was regarded as a significant piece of evidence in management's decision to also rely on projections of future operating income in assessing the need for and amount of the valuation allowance for deferred tax assets. | |
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 revenues are recognized as the service is provided. | ||
Excise Taxes | Excise Taxes. Certain sales of the Company are subject to excise taxes, which the Company collects from customers and remits to governmental authorities. The Company records the collection of excise taxes on distilled products sold to these customers as accrued expenses. No revenue or expense is recognized in the consolidated statements of operations related to 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 Statement of Operations. Insurance recoveries, in excess of costs and losses are included in Insurance recoveries on the Consolidated Statement of Operations. | |
Research and Development | Research and Development. During the years ended December 31, 2014 and 2013, we spent $1,622 and $2,472, respectively, on research and development activities. These activities were expensed and are included in Selling, general and administrative expenses on the Consolidated Statements of Operations. | |
Long-Lived Assets and Loss on Impairment of Assets | Long-Lived Assets and Loss on Impairment of Assets. Management reviews long-lived assets, mainly property and equipment assets, whenever events or circumstances indicate that usage may be limited and carrying values may not be fully recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of the asset to future undiscounted net cash flows expected to be generated by the asset. If such assets are determined to be impaired, the impairment is measured by the amount by which the asset carrying value exceeds the estimated fair value of the assets. Assets to be disposed are reported at the lower of the carrying amount or fair value less costs to sell. Fair value is determined through various valuation techniques including discounted cash flow models, quoted market values and third-party independent appraisals, as considered necessary. | |
Fair Value of Financial Instruments | Fair Value of Financial Instruments. The Company 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. | ||
Defined Benefit Retirement Plans | Pension Benefits. The Company accounts for its pension benefit plan's funded status as a liability included in Other non current liabilities on the Consolidated Balance Sheets. | |
The Company measures the funded status of its pension benefit plans using actuarial techniques that reflect management’s assumptions for discount rate, expected long-term investment returns on plan assets, salary increases, expected retirement, mortality, and employee turnover. Assumptions regarding employee and retiree life expectancy are based upon the RP 2000 Combined Mortality Table ("2000 tables"). Although the Society of Actuaries released new mortality tables on October 27, 2014, the Internal Revenue Service has stated that it will continue to use the 2000 tables through calendar 2015. Because the pension benefit plan is in process of termination, the actuarial valuation of the pension benefit plan assumes that all remaining assets of the plan will be distributed to plan participants or transferred to an insurer during 2015, so the new mortality tables were not adopted. | ||
The discount rate is determined based on the rates of return on long-term, high-quality fixed income investments using the Citigroup Pension Liability Index as of year end. The expected long-term rate of return on plan assets assumption for the pension plans is determined with the assistance of actuaries, who calculate a yield considering the current asset allocation strategy, historical investment performance, and the expected future returns of each asset class and the expected future reinvestment of earnings and maturing investments. | ||
Other Post-retirement Benefit Plans | 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 SOA RPH-2014 Total Dataset Mortality Table using Scale MP-2014 - Full Generational Improvement. 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 8: Employee Benefit Plans. The Company recognizes the cost of share-based payments over the service period based on the grant date fair value of the award. The grant date fair value for stock options is estimated using the Black-Scholes option-pricing model adjusted for the unique characteristics of the awards. |
Nature_Of_Operations_And_Summa2
Nature Of Operations And Summary Of Significant Accounting Policies (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
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, | ||||||||||
2014 | 2013 | |||||||||
Land, buildings and improvements | $ | 43,443 | $ | 40,681 | ||||||
Transportation equipment | 2,717 | 2,793 | ||||||||
Machinery and equipment | 149,218 | 146,410 | ||||||||
Construction in progress | 2,798 | 4,803 | ||||||||
Property and equipment, at cost | 198,176 | 194,687 | ||||||||
Less accumulated depreciation and amortization | (134,295 | ) | (124,443 | ) | ||||||
Property and equipment, net | $ | 63,881 | $ | 70,244 | ||||||
Interest Cost | Total interest incurred for the years ended December 31, 2014 and 2013 is noted below: | |||||||||
Year Ended December 31, | ||||||||||
2014 | 2013 | |||||||||
Interest costs charged to expense | $ | 816 | $ | 1,118 | ||||||
Plus: Interest cost capitalized | 107 | 108 | ||||||||
Total | $ | 923 | $ | 1,226 | ||||||
Deferred Credits | Deferred credits consist of the following: | |||||||||
Year Ended December 31, | ||||||||||
2014 | 2013 | |||||||||
USDA grant | $ | 2,486 | $ | 3,043 | ||||||
LCD reimbursement | 1,125 | 882 | ||||||||
Lawrenceburg reimbursement | 488 | — | ||||||||
Total | $ | 4,099 | $ | 3,925 | ||||||
Other_Balance_Sheet_Captions_T
Other Balance Sheet Captions (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Supplemental Balance Sheet Disclosures [Abstract] | ||||||||
Schedule of Inventory, Current | Inventory consists of the following: | |||||||
December 31, | ||||||||
2014 | 2013 | |||||||
Finished goods | $ | 10,039 | $ | 11,355 | ||||
Barreled distillate | 11,114 | 10,310 | ||||||
Raw materials | 5,440 | 5,183 | ||||||
Work in process | 2,023 | 2,737 | ||||||
Maintenance materials | 4,913 | 4,766 | ||||||
Other | 912 | 566 | ||||||
Total | $ | 34,441 | $ | 34,917 | ||||
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, | ||||||||
2014 | 2013 | |||||||
Land, buildings and improvements | $ | 43,443 | $ | 40,681 | ||||
Transportation equipment | 2,717 | 2,793 | ||||||
Machinery and equipment | 149,218 | 146,410 | ||||||
Construction in progress | 2,798 | 4,803 | ||||||
Property and equipment, at cost | 198,176 | 194,687 | ||||||
Less accumulated depreciation and amortization | (134,295 | ) | (124,443 | ) | ||||
Property and equipment, net | $ | 63,881 | $ | 70,244 | ||||
Schedule of Accrued Liabilities | Accrued expenses consist of the following: | |||||||
December 31, | ||||||||
2014 | 2013 | |||||||
Employee benefit plans | $ | 973 | $ | 821 | ||||
Salaries and wages | 4,633 | 4,354 | ||||||
Restructuring and severance charges (Note 9) | 208 | 1,277 | ||||||
Property taxes | 764 | 654 | ||||||
Other accrued expenses | 1,432 | 1,176 | ||||||
Total | $ | 8,010 | $ | 8,282 | ||||
Equity_Method_Investments_Tabl
Equity Method Investments (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
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 as of December 31, 2014 is shown below: | |||||||
Year Ended December 31, | ||||||||
ICP’s Operating results: | 2014 | 2013 | ||||||
Net sales(a) | $ | 236,486 | $ | 193,682 | ||||
Cost of sales and expenses(b) | (196,551 | ) | (194,519 | ) | ||||
Net income (loss) | $ | 39,935 | $ | (837 | ) | |||
(a) | Includes related party sales to MGPI of $34,615 and $7,736 for the years ended December 31, 2014 and 2013, respectively. | |||||||
(b) | Includes depreciation and amortization of $2,847 and $4,523 for the years ended December 31, 2014 and 2013, respectively. | |||||||
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, | ||||||||
2014 | 2013 | |||||||
ICP (30% interest) | $ | 10,098 | $ | (251 | ) | |||
DMI (50% interest) | 39 | 47 | ||||||
Total | $ | 10,137 | $ | (204 | ) | |||
Schedule of Equity Method Investments | The Company’s equity method investments are as follows: | |||||||
December 31, | ||||||||
2014 | 2013 | |||||||
ICP (30% interest) (a) | $ | 11,924 | $ | 6,653 | ||||
DMI (50% interest) | 449 | 470 | ||||||
Total | $ | 12,373 | $ | 7,123 | ||||
(a) | During the year ended December 31, 2014, the Company received a $4,835 cash distribution from ICP, which reduced the Company's investment in ICP. |
Corporate_Borrowings_And_Capit1
Corporate Borrowings And Capital Lease Obligations (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||
Schedule of Long-term Debt Instruments | Debt consists of the following: | ||||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||
Credit Agreement - Revolver, 2.269% (variable interest rate) | $ | — | $ | 18,000 | |||||||||||||||||||||||||
Credit Agreement - Fixed Asset Sub-Line term loan, 2.655% (variable interest rate) | 6,670 | — | |||||||||||||||||||||||||||
Secured Promissory Note, 6.76% (variable interest rate), due monthly to July, 2016. | 404 | 746 | |||||||||||||||||||||||||||
Water Cooling System Capital Lease Obligation, 2.61%, due monthly to May, 2017 | 3,209 | 4,422 | |||||||||||||||||||||||||||
Total | 10,283 | 23,168 | |||||||||||||||||||||||||||
Less current maturities of long term debt | (2,613 | ) | (1,557 | ) | |||||||||||||||||||||||||
Long-term debt | $ | 7,670 | $ | 21,611 | |||||||||||||||||||||||||
Offsetting Assets and Liabilities | Below is a summary of the financial asset and liability that are offset as of December 31, 2014 and 2013, respectively. | ||||||||||||||||||||||||||||
-1 | -2 | (3) =1) - (2) | |||||||||||||||||||||||||||
Gross | Gross | Net Amounts of | |||||||||||||||||||||||||||
Amounts of | Amounts | Assets (Liabilities) | |||||||||||||||||||||||||||
Recognized | offset in the | presented in the | |||||||||||||||||||||||||||
Assets | Balance Sheet | Balance Sheet | |||||||||||||||||||||||||||
(Liabilities) | |||||||||||||||||||||||||||||
December 31, 2014: | |||||||||||||||||||||||||||||
Investment in bonds | $ | 7,000 | $ | 7,000 | $ | 0 | |||||||||||||||||||||||
Capital lease obligation | $ | (7,000 | ) | $ | (7,000 | ) | $ | 0 | |||||||||||||||||||||
December 31, 2013: | |||||||||||||||||||||||||||||
Investment in bonds | $ | 7,000 | $ | 7,000 | $ | 0 | |||||||||||||||||||||||
Capital lease obligation | $ | (7,000 | ) | $ | (7,000 | ) | $ | 0 | |||||||||||||||||||||
Contractual Obligation, Fiscal Year Maturity Schedule | Minimum annual payments and present values thereof under existing debt maturities, capital leases and minimum annual rental commitments under non-cancelable operating leases are as follows: | ||||||||||||||||||||||||||||
Capital Leases | |||||||||||||||||||||||||||||
Year Ending | Credit | Long-Term | Minimum | Less | Net Present | Total Debt | Operating | ||||||||||||||||||||||
December 31, | Agreement | Debt | Lease | Interest | Value | Leases | |||||||||||||||||||||||
Payments | |||||||||||||||||||||||||||||
2015 | $ | — | $ | 368 | $ | 1,316 | $ | 72 | $ | 1,245 | $ | 1,613 | $ | 3,641 | |||||||||||||||
2016 | — | 36 | 1,317 | 39 | 1,277 | 1,313 | 2,457 | ||||||||||||||||||||||
2017 | 6,670 | — | 694 | 7 | 687 | 7,357 | 1,466 | ||||||||||||||||||||||
2018 | — | — | — | — | — | — | 320 | ||||||||||||||||||||||
2019 | — | — | — | — | — | — | 235 | ||||||||||||||||||||||
Thereafter | — | — | — | — | — | — | 1,304 | ||||||||||||||||||||||
Total | $ | 6,670 | $ | 404 | $ | 3,327 | $ | 118 | $ | 3,209 | $ | 10,283 | $ | 9,423 | |||||||||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Income Tax Disclosure [Abstract] | |||||||||
Schedule of Components of Income Tax Expense (Benefit) | The provision (benefit) for income taxes from continuing operations is composed of the following: | ||||||||
Year Ended December 31, | |||||||||
2014 | 2013 | ||||||||
Current: | |||||||||
Federal | $ | — | $ | (16 | ) | ||||
State | 229 | 29 | |||||||
229 | 13 | ||||||||
Deferred: | |||||||||
Federal | 5,010 | (642 | ) | ||||||
State | (2,974 | ) | (85 | ) | |||||
2,036 | (727 | ) | |||||||
Total | $ | 2,265 | $ | (714 | ) | ||||
Schedule of Effective Income Tax Rate Reconciliation | A reconciliation of the provision for income taxes from continuing operations at the normal statutory federal rate to the provision included in the accompanying Consolidated Statements of Operations is shown below: | ||||||||
Year Ended December 31, | |||||||||
2014 | 2013 | ||||||||
"Expected" provision at federal statutory rate | $ | 9,116 | $ | (2,282 | ) | ||||
State income taxes | 709 | (705 | ) | ||||||
Change in valuation allowance | (7,618 | ) | 2,222 | ||||||
Other | 58 | 51 | |||||||
Provision (benefit) for income taxes | $ | 2,265 | $ | (714 | ) | ||||
Effective tax rate | 8.7 | % | (11.0 | )% | |||||
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, | |||||||||
2014 | 2013 | ||||||||
Deferred income tax assets: | |||||||||
Post-retirement liability | $ | 1,968 | $ | 1,928 | |||||
Deferred income | 1,637 | 1,568 | |||||||
Stock based compensation | 2,108 | 2,106 | |||||||
Federal operating loss carryforwards | 5,029 | 12,938 | |||||||
Capital loss carryforward | 1,311 | 926 | |||||||
State tax credits | 2,423 | 3,022 | |||||||
State operating loss carryforwards | 4,574 | 8,277 | |||||||
Other | 3,405 | 4,049 | |||||||
Less: valuation allowance | (3,829 | ) | (11,275 | ) | |||||
Gross deferred income tax assets | 18,626 | 23,539 | |||||||
Deferred income tax liabilities: | |||||||||
Fixed assets | (18,823 | ) | (17,919 | ) | |||||
Equity method investment | (1,176 | ) | (391 | ) | |||||
Other | — | (5,229 | ) | ||||||
Gross deferred income tax liabilities | (19,999 | ) | (23,539 | ) | |||||
Net deferred income tax liability | $ | (1,373 | ) | $ | — | ||||
Summary of Valuation Allowance | A schedule of the change in valuation allowance is as follows: | ||||||||
Valuation allowance | |||||||||
Balance at January 1, 2013 | $ | 9,053 | |||||||
Additions: | |||||||||
Charges to costs and expenses | 2,070 | ||||||||
Charges to other accounts | 152 | ||||||||
Balance at December 31, 2013 | $ | 11,275 | |||||||
Reductions | 7,446 | ||||||||
Balance at December 31, 2014 | $ | 3,829 | |||||||
Schedule of Unrecognized Tax Benefits Roll Forward | The following is a reconciliation of the total amount of unrecognized tax benefits (excluding interest and penalties) for the years ended December 31, 2014 and 2013: | ||||||||
Years Ended December 31, | |||||||||
2014 | 2013 | ||||||||
Beginning of year balance | $ | 566 | $ | 445 | |||||
Additions for tax positions of prior years | 8 | 62 | |||||||
Additions for tax positions of the current year | 39 | 59 | |||||||
End of year balance | $ | 613 | $ | 566 | |||||
Equity_and_Earnings_Loss_per_S1
Equity and Earnings (Loss) per Share (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Equity [Abstract] | |||||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted | The computations of basic and diluted earnings (loss) per share from continuing operations are as follows: | ||||||||||||||||
Year Ended December 31, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Continuing Operations: | |||||||||||||||||
Net operating income (loss)(a) | $ | 23,675 | $ | (5,807 | ) | ||||||||||||
Less: Amounts allocated to participating securities (non-vested shares and units) (b) | 832 | — | |||||||||||||||
Net operating income (loss) attributable to common shareholders | $ | 22,843 | $ | (5,807 | ) | ||||||||||||
Discontinued Operations: | |||||||||||||||||
Discontinued operations attributable to all shareholders | — | 878 | |||||||||||||||
Less: Amounts allocated to participating securities (nonvested shares and units) (b) | — | — | |||||||||||||||
Discontinued operations attributable to common shareholders | $ | — | $ | 878 | |||||||||||||
Net income (loss)(c) | $ | 22,843 | $ | (4,929 | ) | ||||||||||||
Share information: | |||||||||||||||||
Basic weighted average common shares(d) | 17,305,866 | 17,069,455 | |||||||||||||||
Incremental shares from potential dilutive securities (e) | — | — | |||||||||||||||
Diluted weighted average common shares | 17,305,866 | 17,069,455 | |||||||||||||||
Basic earnings (loss) per share | |||||||||||||||||
Income (loss) from continuing operations(f) | $ | 1.32 | $ | (0.34 | ) | ||||||||||||
Income from discontinued operations(g) | — | 0.05 | |||||||||||||||
Net income (loss) | $ | 1.32 | $ | (0.29 | ) | ||||||||||||
Diluted earnings (loss) per share | |||||||||||||||||
Income (loss) from continuing operations(f) | $ | 1.32 | $ | (0.34 | ) | ||||||||||||
Income from discontinued operations(g) | — | 0.05 | |||||||||||||||
Net income (loss) | $ | 1.32 | $ | (0.29 | ) | ||||||||||||
(a) | Net operating income (loss) attributable to all shareholders. | ||||||||||||||||
(b) | Participating securities include 278,900 and 569,296 nonvested restricted stock for the years ended December 31, 2014 and 2013, as well as 413,288 and 371,502 RSUs for the years ended December 31, 2014 and 2013, respectively. Participating securities do not receive an allocation in periods when a loss is experienced. | ||||||||||||||||
(c) | Net income (loss) attributable to common shareholders. | ||||||||||||||||
(d) | Under the two-class method, basic weighted average common shares exclude outstanding nonvested participating securities consisting of restricted stock awards of 278,900 and 569,296 for the years ended December 31, 2014 and 2013, respectively. | ||||||||||||||||
(e) | Potential dilutive securities have not been included in the earnings (loss) per share computation in a period when a loss is experienced. At December 31, 2014 and 2013, the Company had 4,000 and 10,000 stock options outstanding, respectively, and 4,000 shares were potentially dilutive at December 31, 2014 and 10,000 stock options were potentially anti-dilutive at December 31, 2013. The 4,000 potentially dilutive shares at December 31, 2014 resulted in no incremental shares for the year ended December 31, 2014. | ||||||||||||||||
(f) | Income (loss) from continuing operations based on net income (loss) attributable to common shareholders. | ||||||||||||||||
(g) | Income from discontinued operations based on net loss attributable to common shareholders. | ||||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) | Changes in Accumulated Other Comprehensive Income (Loss) by Component | ||||||||||||||||
Pension Plan Items | Post-Employment Benefit Plan Items | Equity Method Investment Translation Adjustment and Post-Employment Benefit Adjustment | Total | ||||||||||||||
Balance, December 31, 2012 | $ | (627 | ) | $ | 429 | $ | (35 | ) | $ | (233 | ) | ||||||
Other comprehensive income before reclassifications | 179 | 333 | 18 | 530 | |||||||||||||
Amounts reclassified from accumulated other comprehensive income | 71 | (372 | ) | — | (301 | ) | |||||||||||
Net 2013 other comprehensive income (loss) | 250 | (39 | ) | 18 | 229 | ||||||||||||
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 | ) | |||||
Reclassification out of Accumulated Other Comprehensive Income | Reclassifications Out of Accumulated Other Comprehensive Income (Loss) | ||||||||||||||||
Details about Accumulated Other Comprehensive Income Components | Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | Affected Line Item in the Statement of Operations | |||||||||||||||
Pension Plan Items: | |||||||||||||||||
Recognized net actuarial loss | $ | 20 | (a) | ||||||||||||||
Settlement loss | 50 | (a) | |||||||||||||||
70 | Total before tax | ||||||||||||||||
155 | Tax benefit | ||||||||||||||||
$ | (85 | ) | Net of tax | ||||||||||||||
Post Employment Benefit Items: | |||||||||||||||||
Amortization of prior service cost | $ | (369 | ) | (a) | |||||||||||||
Recognized net actuarial loss | 18 | (a) | |||||||||||||||
Plan amendment and curtailment | 1,183 | ||||||||||||||||
Recognition of prior service cost due to curtailment | (52 | ) | |||||||||||||||
780 | Total before tax | ||||||||||||||||
6 | Tax benefit | ||||||||||||||||
$ | 774 | Net of tax | |||||||||||||||
Reclassifications for 2014 | $ | 689 | Net of tax | ||||||||||||||
(a) | These accumulated other comprehensive income components are included in the computation of net period pension cost. See Note 8: Employee Benefit Plans for additional details. |
Employee_Benefit_Plans_Tables
Employee Benefit Plans (Tables) | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | |||||||||||||||||||
Schedule of Defined Benefit Plans Disclosures | The status of the Company’s plans at December 31, 2014 and 2013, was as follows: | ||||||||||||||||||
Pension Benefit Plans | Post-Employment Benefit Plan | ||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||
Change in benefit obligation: | |||||||||||||||||||
Beginning of year | $ | 2,190 | $ | 2,690 | $ | 4,827 | $ | 5,700 | |||||||||||
Service cost | — | — | 72 | 127 | |||||||||||||||
Interest cost | 87 | 83 | 149 | 165 | |||||||||||||||
Actuarial loss (gain) | 35 | (241 | ) | 1,632 | (558 | ) | |||||||||||||
Negative plan amendment benefit | — | — | (1,183 | ) | — | ||||||||||||||
Benefits paid | (296 | ) | (342 | ) | (571 | ) | (607 | ) | |||||||||||
Benefit obligation at end of year | $ | 2,016 | $ | 2,190 | $ | 4,926 | $ | 4,827 | |||||||||||
Schedule of Changes in Fair Value of Plan Assets | The following table shows the change in plan assets: | ||||||||||||||||||
Pension Benefit Plans | |||||||||||||||||||
December 31, | |||||||||||||||||||
2014 | 2013 | ||||||||||||||||||
Fair value of plan assets at beginning of year | $ | 1,550 | $ | 1,720 | |||||||||||||||
Actual return on plan assets | 46 | 172 | |||||||||||||||||
Employer contributions | — | — | |||||||||||||||||
Benefits paid | (296 | ) | (342 | ) | |||||||||||||||
Fair value of plan assets at end of year | $ | 1,300 | $ | 1,550 | |||||||||||||||
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, | ||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||
Discount rate | 3.58 | % | 4.11 | % | 2.99 | % | 3.95 | % | |||||||||||
Measurement date | December 31, | December 31, | December 31, | December 31, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||
Assumptions used to determine net benefit cost for the years ended December 31, 2014 and 2013 were: | |||||||||||||||||||
Pension Benefit Plans | Post-Employment Benefit Plan | ||||||||||||||||||
Year Ended December 31, | Year Ended December 31, | ||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||
Expected return on Assets | 7 | % | 7 | % | — | — | |||||||||||||
Discount rate | 4.11 | % | 3.19 | % | 3.95 / 3.39% | (a) | 2.98 | % | |||||||||||
Average compensation increase | n/a | n/a | n/a | n/a | |||||||||||||||
(a) | 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 Defined Benefit Plan Amounts Recognized in Other Comprehensive Income (Loss) | Changes in plan assets and benefit obligations recognized in other comprehensive income (loss) are as follows: | ||||||||||||||||||
Pension Benefit Plans | Post-Employment Benefit Plan | ||||||||||||||||||
Year Ended December 31, | Year Ended December 31, | ||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||
Net actuarial (loss) gain | $ | (92 | ) | $ | 298 | $ | (1,632 | ) | $ | 558 | |||||||||
Settlement losses | 50 | 52 | — | — | |||||||||||||||
Plan amendment and curtailment | — | — | 1,183 | — | |||||||||||||||
Recognized net actuarial loss | 20 | 66 | 18 | 28 | |||||||||||||||
Amortization of prior service cost | — | — | (369 | ) | (647 | ) | |||||||||||||
Recognition of prior service cost due to curtailments | — | — | (52 | ) | — | ||||||||||||||
Total other comprehensive income (loss), pre-tax | (22 | ) | 416 | (852 | ) | (61 | ) | ||||||||||||
Income tax expense (benefit) | (155 | ) | 166 | (6 | ) | (22 | ) | ||||||||||||
Total other comprehensive income (loss), net of tax | $ | 133 | $ | 250 | $ | (846 | ) | $ | (39 | ) | |||||||||
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, | ||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||
Accrued expenses | $ | — | $ | — | $ | (506 | ) | $ | (405 | ) | |||||||||
Other non-current liabilities | (716 | ) | (640 | ) | — | — | |||||||||||||
Accrued retirement benefits | — | — | (4,420 | ) | (4,422 | ) | |||||||||||||
Net amount recognized | $ | (716 | ) | $ | (640 | ) | $ | (4,926 | ) | $ | (4,827 | ) | |||||||
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, | |||||||||||||||||||
2014 | 2013 | ||||||||||||||||||
Pre-Age 65 | Age 65 and older | Pre-Age 65 | Age 65 and older | ||||||||||||||||
Health care cost trend rate | 8 | % | 7 | % | 8 | % | 6.5 | % | |||||||||||
Ultimate trend rate | 5 | % | 5 | % | 5 | % | 5 | % | |||||||||||
Year rate reaches ultimate trend rate | 2028 | 2024 | 2027 | 2021 | |||||||||||||||
Schedule of Expected Benefit Payments | As of December 31, 2014, the following expected benefit payments (net of Medicare Part D subsidiary for Post-Employment Benefit Plan Payments), and the related expected subsidy receipts which reflect expected future service, as appropriate, are expected to be paid to plan participants: | ||||||||||||||||||
Pension Benefit Plan | Post-Employment Benefit Plan | ||||||||||||||||||
Expected Benefit | Expected Benefit | Expected Subsidy | |||||||||||||||||
Payments (a) | Payments | Receipts | |||||||||||||||||
2015 | $ | 2,016 | $ | 534 | $ | 28 | |||||||||||||
2016 | — | 512 | 25 | ||||||||||||||||
2017 | — | 498 | 24 | ||||||||||||||||
2018 | — | 501 | 23 | ||||||||||||||||
2019 | — | 518 | 22 | ||||||||||||||||
2020-2024 | — | 2,194 | 88 | ||||||||||||||||
Total | $ | 2,016 | $ | 4,757 | $ | 210 | |||||||||||||
(a) | This expected pay-out schedule anticipates the termination of the pension benefit plan during 2015. | ||||||||||||||||||
Schedule of Allocation of Plan Assets | The weighted average asset allocation by asset category is as follows: | ||||||||||||||||||
Pension Benefit Plan | |||||||||||||||||||
As of December 31, | |||||||||||||||||||
2014 | 2013 | ||||||||||||||||||
Asset Category | |||||||||||||||||||
Cash and cash equivalents | 58 | % | 36 | % | |||||||||||||||
Equity Securities | 26 | % | 47 | % | |||||||||||||||
Debt Securities | 12 | % | 11 | % | |||||||||||||||
Other | 4 | % | 6 | % | |||||||||||||||
Total | 100 | % | 100 | % | |||||||||||||||
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The following table sets forth the Company’s pension benefit plan assets as of December 31, 2014, by level within the fair value hierarchy. | ||||||||||||||||||
Fair Value Measurements at December 31, 2014 | |||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||
Cash and cash equivalents | $ | 753 | $ | — | $ | — | $ | 753 | |||||||||||
Equity Securities: | |||||||||||||||||||
Domestic equity securities | 332 | — | — | 332 | |||||||||||||||
Fixed income securities: | |||||||||||||||||||
Investment grade domestic bonds | 162 | — | — | 162 | |||||||||||||||
Other | 53 | — | — | 53 | |||||||||||||||
Total | $ | 1,300 | $ | — | $ | — | $ | 1,300 | |||||||||||
The following table sets forth the Company’s pension benefit plan assets as of December 31, 2013, by level within the fair value hierarchy. | |||||||||||||||||||
Fair Value Measurements at December 31, 2013 | |||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||
Cash and cash equivalents | $ | 556 | $ | — | $ | — | $ | 556 | |||||||||||
Equity Securities: | |||||||||||||||||||
Domestic equity securities | 566 | — | — | 566 | |||||||||||||||
International equity securities | 156 | — | — | 156 | |||||||||||||||
Fixed income securities: | |||||||||||||||||||
Investment grade domestic bonds | 167 | — | — | 167 | |||||||||||||||
Other | 105 | — | — | 105 | |||||||||||||||
Total | $ | 1,550 | $ | — | $ | — | $ | 1,550 | |||||||||||
Schedule of Share-based Compensation, Stock Options, Activity | A summary of the status of stock options awarded under the Company’s equity-based compensation plans as of December 31, 2014 and 2013 is presented below: | ||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||
2014 | 2013 | ||||||||||||||||||
Weighted | Weighted | ||||||||||||||||||
Shares | Average | Shares | Average | ||||||||||||||||
Exercise | Exercise | ||||||||||||||||||
Price | Price | ||||||||||||||||||
Outstanding at beginning of year | 10,000 | $ | 9.91 | 20,000 | $ | 9.3 | |||||||||||||
Granted | — | — | — | — | |||||||||||||||
Canceled/Forfeited | — | — | (10,000 | ) | 8.69 | ||||||||||||||
Exercised | 6,000 | 9.54 | — | — | |||||||||||||||
Outstanding at end of year | 4,000 | $ | 10.45 | 10,000 | $ | 9.91 | |||||||||||||
Schedule of Nonvested Restricted Stock Units Activity | A summary of the status of restricted stock awarded under the Company’s equity-based compensation plans at December 31, 2014 and 2013 and changes during the periods then ended is presented below: | ||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||
2014 | 2013 | ||||||||||||||||||
Weighted | Weighted | ||||||||||||||||||
Average | Average | ||||||||||||||||||
Grant-Date | Grant-Date | ||||||||||||||||||
Shares | Fair Value | Shares | Fair Value | ||||||||||||||||
Non vested balance at beginning of year | 569,296 | $ | 5.26 | 933,887 | $ | 6.22 | |||||||||||||
Granted | 58,669 | 4.42 | 60,805 | 4.88 | |||||||||||||||
Forfeited | (206,282 | ) | 4.59 | (181,687 | ) | 5.11 | |||||||||||||
Vested | (142,783 | ) | 3.87 | (243,709 | ) | 8.95 | |||||||||||||
Non vested balance at end of year | 278,900 | $ | 6.28 | 569,296 | $ | 5.26 | |||||||||||||
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity | A summary of the status of RSUs awarded under the Company’s equity-based compensation plans at December 31, 2014 and 2013 is presented below. | ||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||
2014 | 2013 | ||||||||||||||||||
Weighted Average | Weighted Average | ||||||||||||||||||
Grant-Date Fair | Grant-Date Fair | ||||||||||||||||||
Units | Value | Units | Value | ||||||||||||||||
Non vested balance at beginning of year | 371,502 | $ | 4.34 | 423,264 | $ | 4.29 | |||||||||||||
Granted | 247,463 | 5.83 | 33,822 | 5.13 | |||||||||||||||
Forfeited | (135,104 | ) | 4.6 | (71,223 | ) | 4.31 | |||||||||||||
Vested | (70,573 | ) | 3.22 | (14,361 | ) | 5.07 | |||||||||||||
Non vested balance at end of year | 413,288 | $ | 5.09 | 371,502 | $ | 4.34 | |||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||||||||||||
Schedule of Net Benefit Costs | Components of net benefit cost are as follows: | ||||||||||||||||||
Pension Benefit Plans | Post-Employment Benefit Plan | ||||||||||||||||||
Year Ended December 31, | Year Ended December 31, | ||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||
Service cost | $ | — | $ | — | $ | 72 | $ | 127 | |||||||||||
Interest cost | 87 | 83 | 149 | 165 | |||||||||||||||
Expected return on assets | (104 | ) | (114 | ) | — | — | |||||||||||||
Amortization of prior service cost | — | — | (369 | ) | (647 | ) | |||||||||||||
Recognized net actuarial loss | 21 | 66 | 18 | 28 | |||||||||||||||
Settlement losses | 50 | 52 | — | — | |||||||||||||||
Net benefit cost | $ | 54 | $ | 87 | $ | (130 | ) | $ | (327 | ) | |||||||||
Cost Recognized In Net Periodic Benefit Cost [Member] | |||||||||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||||||||||||
Schedule of Net Benefit Costs | The estimated amount that will be recognized from accumulated other comprehensive income (loss) into net periodic benefit cost during the year ended December 31, 2015 is as follows: | ||||||||||||||||||
Pension Benefit Plans | Post-Employment Benefit Plan | ||||||||||||||||||
Actuarial net loss | $ | (25 | ) | $ | (278 | ) | |||||||||||||
Net prior service credits | — | 339 | |||||||||||||||||
Net amount recognized | $ | (25 | ) | $ | 61 | ||||||||||||||
Restructuring_and_Severance_Co1
Restructuring and Severance Costs (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Restructuring and Related Activities [Abstract] | |||||||||
Schedule of Restructuring Reserve by Type of Cost | Activity related to restructuring and all severance costs is detailed below. | ||||||||
Year Ended December 31, | |||||||||
2014 | 2013 | ||||||||
Balance at beginning of year | $ | 1,277 | $ | 484 | |||||
Provision for additional expense(a) | 406 | 1,525 | |||||||
Payments and adjustments | (1,475 | ) | (732 | ) | |||||
Balance at end of year | $ | 208 | $ | 1,277 | |||||
(a) | Severance costs are included in the caption Selling, General and Administrative Expenses on the Consolidated Statements of Operations. |
Operating_Segments_Tables
Operating Segments (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Segment Reporting [Abstract] | |||||||||
Schedule of Segment Reporting Information, by Segment | |||||||||
Year Ended December 31, | |||||||||
2014 | 2013 | ||||||||
Net sales to customers: | |||||||||
Distillery products | $ | 256,561 | $ | 264,098 | |||||
Ingredient solutions | 56,842 | 58,967 | |||||||
Other(a) | — | 199 | |||||||
Total | $ | 313,403 | $ | 323,264 | |||||
Gross profit: | |||||||||
Distillery products | $ | 22,332 | $ | 14,309 | |||||
Ingredient solutions | 6,099 | 6,986 | |||||||
Other(a) | — | (56 | ) | ||||||
Total | $ | 28,431 | $ | 21,239 | |||||
Depreciation and amortization: | |||||||||
Distillery products | $ | 8,510 | $ | 8,209 | |||||
Ingredient solutions | 2,316 | 2,322 | |||||||
Other(a) | — | 21 | |||||||
Corporate | 1,499 | 1,457 | |||||||
Total | $ | 12,325 | $ | 12,009 | |||||
Income (loss) from continuing operations before income taxes: | |||||||||
Distillery products | $ | 28,701 | $ | 11,987 | |||||
Ingredient solutions | 3,939 | 4,503 | |||||||
Other(a) | — | (90 | ) | ||||||
Corporate | (6,700 | ) | (22,921 | ) | |||||
Total | $ | 25,940 | $ | (6,521 | ) | ||||
(a) | Assets from this segment were sold February 8, 2013 as previously described. | ||||||||
Schedule of Segment Reporting Identifiable Assets | |||||||||
December 31, | |||||||||
2014 | 2013 | ||||||||
Identifiable Assets | |||||||||
Distillery products | $ | 98,791 | $ | 97,875 | |||||
Ingredient solutions | 23,324 | 24,954 | |||||||
Other(a) | — | — | |||||||
Corporate | 38,484 | 28,500 | |||||||
Total | $ | 160,599 | $ | 151,329 | |||||
(a) | Assets from this segment were sold February 8, 2013 as previously described. | ||||||||
Capital Expenditures By Segment | Information about the Company's capital expenditures, by segment, is as follows: | ||||||||
Year Ended December 31, | |||||||||
2014 | 2013 | ||||||||
Distillery products | $ | 4,663 | $ | 5,594 | |||||
Ingredient solutions | 358 | 1,110 | |||||||
Other (a) | — | — | |||||||
Corporate | 830 | 1,179 | |||||||
Total | $ | 5,851 | $ | 7,883 | |||||
(a) | Significant assets from this segment were sold February 8, 2013 as previously described. |
Supplemental_Cash_Flow_Informa1
Supplemental Cash Flow Information (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Supplemental Cash Flow Information [Abstract] | |||||||||
Schedule of Cash Flow, Supplemental Disclosures | |||||||||
Year Ended December 31, | |||||||||
2014 | 2013 | ||||||||
Non-cash investing and financing activities: | |||||||||
Purchase of property and equipment in Accounts Payable | $ | 574 | $ | 1,675 | |||||
Additional cash payment information: | |||||||||
Interest paid | 903 | 1,286 | |||||||
Income tax (paid)/ refunds received | (146 | ) | (254 | ) | |||||
Decrease in revolving credit facility/increase in fixed asset sub-line facility | 7,004 | — | |||||||
Recovered_Sheet2
Quarterly Financial Data (unaudited) (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||||
Schedule of Quarterly Financial Information | ||||||||||||||||
Year Ended December 31, 2013(a) (b) (c) (d) | ||||||||||||||||
Fourth | Third | Second | First | |||||||||||||
Quarter | Quarter | Quarter | Quarter | |||||||||||||
Sales | $ | 80,936 | $ | 80,709 | $ | 83,707 | $ | 88,718 | ||||||||
Less: excise taxes | 3,642 | 538 | 4,312 | 2,314 | ||||||||||||
Net sales | 77,294 | 80,171 | 79,395 | 86,404 | ||||||||||||
Cost of sales | 69,380 | 79,356 | 74,114 | 79,175 | ||||||||||||
Gross profit | 7,914 | 815 | 5,281 | 7,229 | ||||||||||||
Selling, general and administrative expenses | 8,797 | 6,760 | 4,770 | 5,875 | ||||||||||||
Other operating costs and (gains) losses on sale of assets | 177 | 1 | — | 58 | ||||||||||||
Operating income (loss) | (1,060 | ) | (5,946 | ) | 511 | 1,296 | ||||||||||
Interest income (expense), net | (289 | ) | (269 | ) | (277 | ) | (283 | ) | ||||||||
Equity in earnings (loss) (Note 3) | 758 | (91 | ) | 71 | (942 | ) | ||||||||||
Income (loss) from continuing operations before income taxes | (591 | ) | (6,306 | ) | 305 | 71 | ||||||||||
Provision (benefit) for income taxes (Note 5) | (758 | ) | 19 | 25 | — | |||||||||||
Net income (loss) from continuing operations | 167 | (6,325 | ) | 280 | 71 | |||||||||||
Discontinued operations, net of tax (Note 11) | (528 | ) | — | — | 1,406 | |||||||||||
Net income (loss) | $ | (361 | ) | $ | (6,325 | ) | $ | 280 | $ | 1,477 | ||||||
Basic and diluted earnings (loss) per share(e) | ||||||||||||||||
Income (loss) from continuing operations | $ | 0.01 | $ | (0.37 | ) | $ | 0.02 | $ | — | |||||||
Income from discontinued operations | (0.03 | ) | — | — | 0.08 | |||||||||||
Net income (loss) | $ | (0.02 | ) | $ | (0.37 | ) | $ | 0.02 | $ | 0.08 | ||||||
Dividends per common share | $ | — | $ | — | $ | — | $ | 0.05 | ||||||||
(a) | Net loss for the fourth quarter includes $528 of income tax expense related to the gain on sale of discontinued operations. | |||||||||||||||
(b) | Net income for the first quarter includes a $1,406 gain, net of tax, on sale of discontinued operations. See discussion on this matter at Note 11: Operating Segments. | |||||||||||||||
(c) | Net income (loss) for the second, third and fourth quarters include $259, $1,802, and $3,404, respectively of expense related to the governance, proxy dispute and related matters. See discussion on this matter at Note 14: Related Party Transactions. | |||||||||||||||
(d) | Net income (loss) for the fourth quarter includes $1,525 of expense related to the severance costs. See discussion on this matter at Note 9: Restructuring and Severance Costs. | |||||||||||||||
(e) | For the third and fourth quarters, under the two class method, the losses were fully allocated common stock. | |||||||||||||||
Year Ended December 31, 2014(a) (b) (c) | ||||||||||||||||
Fourth | Third | Second | First | |||||||||||||
Quarter | Quarter | Quarter | Quarter | |||||||||||||
Sales | $ | 83,901 | $ | 83,966 | $ | 85,903 | $ | 84,582 | ||||||||
Less: excise tax | 7,576 | 6,451 | 5,336 | 5,586 | ||||||||||||
Net sales | 76,325 | 77,515 | 80,567 | 78,996 | ||||||||||||
Cost of sales | 70,314 | 70,204 | 72,259 | 72,195 | ||||||||||||
Gross profit | 6,011 | 7,311 | 8,308 | 6,801 | ||||||||||||
Selling, general and administrative | 4,897 | 4,966 | 5,166 | 5,072 | ||||||||||||
Insurance recoveries (Note 17) | (7,067 | ) | (1,293 | ) | 70 | — | ||||||||||
Other operating costs and loss on sale of assets, net | — | 1 | — | — | ||||||||||||
Operating income | 8,181 | 3,637 | 3,072 | 1,729 | ||||||||||||
Interest expense | (201 | ) | (199 | ) | (218 | ) | (198 | ) | ||||||||
Equity in earnings (Note 3) | 2,850 | 1,621 | 2,331 | 3,335 | ||||||||||||
Income from continuing operations before income taxes | 10,830 | 5,059 | 5,185 | 4,866 | ||||||||||||
Provision (benefit) for income taxes (Note 5) | 3,267 | (1,169 | ) | 86 | 81 | |||||||||||
Net income from continuing operations | 7,563 | 6,228 | 5,099 | 4,785 | ||||||||||||
Discontinued Operations, net of tax (Note 11) | — | — | — | — | ||||||||||||
Net income | $ | 7,563 | $ | 6,228 | $ | 5,099 | $ | 4,785 | ||||||||
Basic and diluted earnings per share data | ||||||||||||||||
Income from continuing operations | $ | 0.42 | $ | 0.34 | $ | 0.28 | $ | 0.26 | ||||||||
Income from discontinued operations | — | — | — | — | ||||||||||||
Net income | $ | 0.42 | $ | 0.34 | $ | 0.28 | $ | 0.26 | ||||||||
Dividends per Common Share | $ | — | $ | — | $ | — | $ | 0.05 | ||||||||
(a) | Net income was positively/(negatively) impacted during the second, third and fourth quarters of the year ended December 31, 2014 by $(120), $1,940, and $6,778, respectively as result of insurance recoveries. Certain immaterial amounts related to the accounting for insurance recoveries recorded during the second quarter were reclassified during the third quarter. The results above for the second quarter reflect these immaterial reclassifications. See discussion on this matter at Note 17: Property and Business Interruption Insurance Claims and Recoveries. | |||||||||||||||
(b) | Net income was positively impacted during the third and fourth quarters of the year ended December 31, 2014 by $1,215, and $104, respectively, as result of a release of the valuation allowance related to deferred tax assets. See discussion on this matter at Note 5: Income Taxes. | |||||||||||||||
(c) | Total basic and diluted earnings per share for the quarters, when aggregated, do not equal the annual amounts of $1.32 and $1.32, respectively, due to rounding. |
Property_and_Business_Interrup1
Property and Business Interruption Insurance Claims and Recoveries (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Extraordinary and Unusual Items [Abstract] | ||||||||||||
Schedule of Business Insurance Recoveries | Detail of the activities related to the property and business interruption insurance claims and recoveries, and where the net impacts are recorded on the Consolidated Statement of Operations, is as follows: | |||||||||||
Year Ended December 31, | ||||||||||||
January Fire (Indiana Facility) | October Fire (Atchison Facility) | Total | ||||||||||
Total insurance recoveries | $ | 9,375 | $ | — | $ | 9,375 | ||||||
Insurance recoveries - interruption of business | $ | 925 | $ | — | $ | 925 | ||||||
Less: out-of-pocket expenses related to interruption of business in Cost of Sales | 447 | 170 | 617 | |||||||||
Net reduction (increase) to Cost of Sales | $ | 478 | $ | (170 | ) | $ | 308 | |||||
Insurance recoveries - property damage | $ | 8,450 | $ | — | $ | 8,450 | ||||||
Less: Net book value of property loss in Insurance Recoveries | 160 | — | 160 | |||||||||
Insurance Recoveries | $ | 8,290 | $ | — | $ | 8,290 | ||||||
Nature_Of_Operations_And_Summa3
Nature Of Operations And Summary Of Significant Accounting Policies (Detail) (USD $) | 0 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | |||
In Thousands, unless otherwise specified | Jan. 03, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2001 | Jun. 30, 2010 | Dec. 31, 2012 | Mar. 31, 2014 |
subsidiary | segment | ||||||
segment | |||||||
Accounting Policies [Line Items] | |||||||
Number of operating units affected by reorganization | 1 | ||||||
Number of subsidiaries distributed to company | 3 | ||||||
Number of reportable segments | 2 | ||||||
Proceeds from grantors (in dollars) | $26,000 | ||||||
Shipping and handling revenue (in dollars) | 14,061 | 12,292 | |||||
Research and development expense (in dollars) | 1,622 | 2,472 | |||||
Debt instrument, fair value disclosure (in dollars) | 10,297 | 23,300 | |||||
Long-term debt, less current maturities | 7,670 | 3,611 | |||||
Short And Longterm Debt [Member] | |||||||
Accounting Policies [Line Items] | |||||||
Long-term debt, less current maturities | 10,283 | 23,168 | |||||
Reimbursment [Member] | |||||||
Accounting Policies [Line Items] | |||||||
Proceeds from grantors (in dollars) | 1,250 | ||||||
Reimbursment Of Maintenance Costs [Member] | |||||||
Accounting Policies [Line Items] | |||||||
Deferred revenue and credits (in dollars) | 1,236 | 914 | |||||
Reimbursement of System Control Costs [Member] | |||||||
Accounting Policies [Line Items] | |||||||
Deferred revenue and credits (in dollars) | $488 | ||||||
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% | |||||
Ownership percentage sold (percent) | 50.00% | 20.00% |
Nature_Of_Operations_And_Summa4
Nature Of Operations And Summary Of Significant Accounting Policies (Detail) - Interest Costs (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Interest costs charged to expense | $816 | $1,118 |
Plus: Interest cost capitalized | 107 | 108 |
Total | $923 | $1,226 |
Recovered_Sheet3
Nature of Operations and Summary Of Significant Accounting Policies (Deferred Credits) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
USDA grant | $2,486 | $3,043 |
LCD reimbursement | 1,125 | 882 |
Lawrenceburg reimbursement | 488 | 0 |
Total | $4,099 | $3,925 |
Other_Balance_Sheet_Captions_D
Other Balance Sheet Captions (Detail) - Components of Inventory (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Components of Inventory [Abstract] | ||
Finished goods | $10,039 | $11,355 |
Barreled distillate | 11,114 | 10,310 |
Raw materials | 5,440 | 5,183 |
Work in process | 2,023 | 2,737 |
Maintenance materials | 4,913 | 4,766 |
Other | 912 | 566 |
Total | $34,441 | $34,917 |
Other_Balance_Sheet_Captions_D1
Other Balance Sheet Captions (Detail) - Components of Property and Equipment (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Components of Property and Equipment [Abstract] | ||
Land, buildings and improvements | $43,443 | $40,681 |
Transportation equipment | 2,717 | 2,793 |
Machinery and equipment | 149,218 | 146,410 |
Construction in progress | 2,798 | 4,803 |
Property and equipment, at cost | 198,176 | 194,687 |
Less accumulated depreciation and amortization | -134,295 | -124,443 |
Property and equipment, net | $63,881 | $70,244 |
Other_Balance_Sheet_Captions_D2
Other Balance Sheet Captions (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ||
Capital leased assets | $8,376 | $8,376 |
Accumulated depreciation and amortization | 134,295 | 124,443 |
Assets Held under Capital Leases [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Accumulated depreciation and amortization | $4,708 | $3,660 |
Other_Balance_Sheet_Captions_D3
Other Balance Sheet Captions (Detail) - Components of Accrued Expenses (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Components of Accrued Expenses [Abstract] | ||
Employee benefit plans | $973 | $821 |
Salaries and wages | 4,633 | 4,354 |
Restructuring and severance charges (Note 9) | 208 | 1,277 |
Property taxes | 764 | 654 |
Other accrued expenses | 1,432 | 1,176 |
Total | $8,010 | $8,282 |
Equity_Method_Investments_Deta
Equity Method Investments (Detail) (USD $) | 12 Months Ended | 3 Months Ended | 0 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 04, 2014 | Mar. 31, 2014 | |
Schedule of Equity Method Investments [Line Items] | |||||
Distribution received from equity method investee | $4,835,000 | $0 | |||
Related party expenses | 34,615,000 | 7,736,000 | |||
ICP Limited Liability Company [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
EBITDA | -500,000 | -500,000 | |||
ICP [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Equity method ownership percentage (percent) | 30.00% | 30.00% | |||
Income allocation to electing member (as a percent) | 20.00% | ||||
Income allocation to objecting member (as a percent) | 80.00% | ||||
Decrease in related equity method investment earnings due to reassessment | 1,882,000 | ||||
Decrease in earnings per share | ($0.10) | ||||
Distribution received from equity method investee | 4,835,000 | ||||
Depreciation and amortization | $2,847,000 | $4,523,000 | |||
ICP [Member] | ICP Holdings [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Ownership percentage by parent (as a percent) | 70.00% | ||||
Equity method investment, ownership percentage by parent (as a percent) | 70.00% | ||||
D.M. Ingredients GmbH [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Equity method ownership percentage (percent) | 50.00% |
Equity_Method_Investments_Oper
Equity Method Investments - Operating Results (Details) (ICP [Member], USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
ICP [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Net sales | $236,486 | $193,682 |
Cost of sales and expenses | -196,551 | -194,519 |
Net income (loss) | $39,935 | ($837) |
Equity_Method_Investments_Deta1
Equity Method Investments (Detail) - The Company’s Equity in Earnings (Loss) of Joint Ventures (USD $) | 3 Months Ended | 12 Months Ended | ||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 |
Schedule of Equity Method Investments [Line Items] | ||||||||||
Equity In earnings (loss) | $2,850 | $1,621 | $2,331 | $3,335 | $758 | ($91) | $71 | ($942) | $10,137 | ($204) |
ICP (30% interest) [Member] | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Equity In earnings (loss) | 10,098 | -251 | ||||||||
DMI (50% interest) [Member] | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Equity In earnings (loss) | $39 | $47 |
Equity_Method_Investments_Deta2
Equity Method Investments (Detail) - The Company’s Investment in Joint Ventures (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Schedule of Equity Method Investments [Line Items] | ||
Intestments In joint ventures | $12,373 | $7,123 |
ICP (30% interest) [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Intestments In joint ventures | 11,924 | 6,653 |
DMI (50% interest) [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Intestments In joint ventures | $449 | $470 |
Corporate_Borrowings_And_Capit2
Corporate Borrowings And Capital Lease Obligations (Detail) (USD $) | 0 Months Ended | 1 Months Ended | 9 Months Ended | 12 Months Ended | 0 Months Ended | 15 Months Ended | 0 Months Ended | |||||
Nov. 02, 2012 | Jun. 28, 2011 | Jul. 20, 2009 | Dec. 28, 2006 | Dec. 31, 2007 | Sep. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Feb. 12, 2014 | Jun. 30, 2014 | Aug. 05, 2014 | Feb. 27, 2015 | |
Debt Instrument [Line Items] | ||||||||||||
Payments of Debt Issuance Costs | ($66,000) | |||||||||||
Amount outstanding | 2,000,000 | 6,670,000 | ||||||||||
Remaining borrowing capacity | 42,744,000 | |||||||||||
Interest rate | 1.00% | 2.54% | 2.52% | |||||||||
Commitment fee percentage | 0.38% | |||||||||||
Number of installment loan payments | 84 months | |||||||||||
Repayments of debt | 32,000 | |||||||||||
Sale Leaseback Transaction, Gross Proceeds, Financing Activities | 7,335,000 | |||||||||||
Sale leaseback transaction, monthly rental payments | 110,000 | |||||||||||
Sale leaseback transaction, lease terms | P60M | |||||||||||
Sale leaseback transaction, imputed interest rate | 2.61% | 4.90% | ||||||||||
Leveraged leases, net investment in leveraged leases disclosure, residual value of leased assets | 1,328,000 | |||||||||||
Lessee Leasing Arrangements, Operating Leases, Contract Terms, Acceleration in the Event of Default, Number of Days in Default | 10 days | |||||||||||
Sale leaseback transaction, gross proceeds | 7,000,000 | |||||||||||
Sale leaseback transaction, other payments required | 50,000 | |||||||||||
Sale leaseback admin fee payment period | 10 years | |||||||||||
Operating leases, rent expense | 2,241,000 | 2,844,000 | ||||||||||
Special assessment bond | 7,000,000 | |||||||||||
Revolving Credit Facility [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Maximum borrowing capacity | 55,000,000 | |||||||||||
Amount outstanding | 0 | |||||||||||
Minimum Under Loan Covenant [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Required excess availability | 9,625,000 | |||||||||||
Wells Fargo Bank [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Line of Credit Facility, Covenant Compliance, Maximum Governance Expenses Included in Earnings Before Interest, Taxes, Depreciation and Amortization | 5,500,000 | 6,000 | ||||||||||
Litigation Settlement, Expense | 0 | 5,465,000 | 5,465,000 | |||||||||
Amount outstanding | 0 | 18,000,000 | ||||||||||
Line of Credit Facility, Covenant Compliance, Fixed Charge Coverage Ratio | 1.1 | |||||||||||
Line of Credit [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt Conversion, Original Debt, Amount | 7,004,000 | |||||||||||
Amount outstanding | 6,670,000 | |||||||||||
Original Loan Amount [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Amount outstanding | 1,500,000 | |||||||||||
Percentage Amount Over LIBOR [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Interest rate | 1.00% | |||||||||||
Three Year Treasury Index [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Interest rate | 6.00% | |||||||||||
Water Cooling System Sale Leaseback [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Sale leaseback transaction, lease terms | P72M | |||||||||||
Minimum [Member] | Percentage Amount Over LIBOR [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Interest rate | 2.00% | |||||||||||
Minimum [Member] | Percentage Amount Over Federal Funds Rate [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Interest rate | 0.50% | |||||||||||
Maximum [Member] | Percentage Amount Over LIBOR [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Interest rate | 2.50% | |||||||||||
Line of Credit [Member] | Payment Guarantee [Member] | Wells Fargo Bank [Member] | Subsequent Event [Member] | Restated Credit Agreement [Member] | Revolving Credit Facility [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Maximum borrowing capacity | $80,000 | |||||||||||
Debt Instrument, Term | 5 years | |||||||||||
Variable Interest Rate [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Interest rate | 6.76% | 6.76% |
Corporate_Borrowings_And_Capit3
Corporate Borrowings And Capital Lease Obligations (Detail) - Indebtedness Outstanding Summary (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Nov. 02, 2012 | Jul. 20, 2009 |
In Thousands, unless otherwise specified | ||||
Debt Instrument [Line Items] | ||||
Credit Agreement (Variable interest rate) | $6,670 | $2,000 | ||
Less current maturities of long term debt | -2,613 | -1,557 | ||
Long-term debt | 7,670 | 3,611 | ||
Interest rate | 2.54% | 2.52% | 1.00% | |
Wells Fargo Bank [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of Credit Facility, Interest Rate at Period End | 2.27% | 2.27% | ||
Credit Agreement (Variable interest rate) | 0 | 18,000 | ||
Union State Bank Bank Of Atchison [Member] | ||||
Debt Instrument [Line Items] | ||||
Secured Promissory Note, 6.63% (variable interest rate), due monthly to July, 2016. | 404 | 746 | ||
Interest [Member] | ||||
Debt Instrument [Line Items] | ||||
Capital Lease interest rate | 0.61% | 0.61% | ||
Line of Credit [Member] | Fixed Asset Sub Line Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of Credit Facility, Interest Rate at Period End | 2.66% | 2.66% | ||
Credit Agreement (Variable interest rate) | 6,670 | 0 | ||
Interest [Member] | ||||
Debt Instrument [Line Items] | ||||
Capital Lease interest rate | 2.61% | 2.61% | ||
US Bancorp [Member] | ||||
Debt Instrument [Line Items] | ||||
Water Cooling System Capital Lease Obligation, 2.61%, due monthly to May, 2017 | 3,209 | 4,422 | ||
Other Capital Lease Obligations, 0.61%, due monthly to October, 2013. | 3,209 | 4,422 | ||
Total [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | 7,670 | 21,611 | ||
Debt And Capital Lease Obligations [Member] | ||||
Debt Instrument [Line Items] | ||||
Total | 10,283 | 23,168 | ||
Current Maturities [Member] | ||||
Debt Instrument [Line Items] | ||||
Less current maturities of long term debt | ($2,613) | ($1,557) | ||
Variable Interest Rate [Member] | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 6.76% | 6.76% |
Corporate_Borrowings_And_Capit4
Corporate Borrowings And Capital Lease Obligations (Detail) - Offsetting Assets and Liabilities (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Gross Amounts Of Recognized Assets Liabilities [Member] | ||
Offsetting Assets and Liabilities [Line Items] | ||
Investment in bonds | $7,000 | $7,000 |
Capital lease obligations | -7,000 | -7,000 |
Gross Amounts Off Set In The Balance Sheet [Member] | ||
Offsetting Assets and Liabilities [Line Items] | ||
Investment in bonds | 7,000 | 7,000 |
Capital lease obligations | -7,000 | -7,000 |
Net Amounts Of Assets Liabilities Presented In The Balance Sheet [Member] | ||
Offsetting Assets and Liabilities [Line Items] | ||
Investment in bonds | 0 | 0 |
Capital lease obligations | $0 | $0 |
Corporate_Borrowings_And_Capit5
Corporate Borrowings And Capital Lease Obligations (Detail) - Summary of Leases and Debt Maturities (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Long-term Debt, Fiscal Year Maturity [Abstract] | |
2015 | $1,613 |
2016 | 1,313 |
2017 | 7,357 |
2018 | 0 |
2019 | 0 |
Total | 0 |
Total | 10,283 |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |
2015 | 3,641 |
2016 | 2,457 |
2017 | 1,466 |
2018 | 320 |
2019 | 235 |
Thereafter | 1,304 |
Total | 9,423 |
Line of Credit [Member] | |
Long-term Debt, Fiscal Year Maturity [Abstract] | |
2015 | 0 |
2016 | 0 |
2017 | 6,670 |
2018 | 0 |
2019 | 0 |
Total | 0 |
Total | 6,670 |
Long Term Debt, Excluding Capital Lease Obligations [Member] | |
Long-term Debt, Fiscal Year Maturity [Abstract] | |
2015 | 368 |
2016 | 36 |
2017 | 0 |
2018 | 0 |
2019 | 0 |
Total | 0 |
Total | 404 |
Capital Lease Obligations [Member] | |
Long-term Debt, Fiscal Year Maturity [Abstract] | |
2015 | 1,245 |
2016 | 1,277 |
2017 | 687 |
2018 | 0 |
2019 | 0 |
Total | 0 |
Total | 3,209 |
Capital Lease Obligations, Interest [Member] | |
Long-term Debt, Fiscal Year Maturity [Abstract] | |
2015 | 72 |
2016 | 39 |
2017 | 7 |
2018 | 0 |
2019 | 0 |
Total | 0 |
Total | 118 |
Capital Lease Obligation, Minimum Lease Payments [Member] | |
Long-term Debt, Fiscal Year Maturity [Abstract] | |
2015 | 1,316 |
2016 | 1,317 |
2017 | 694 |
2018 | 0 |
2019 | 0 |
Total | 0 |
Total | $3,327 |
Income_Taxes_Detail_Provision_
Income Taxes (Detail) - Provision (Benefit) for Income Taxes from Continuing Operations (USD $) | 3 Months Ended | 12 Months Ended | ||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 |
Current: | ||||||||||
Federal | $0 | ($16) | ||||||||
State | 229 | 29 | ||||||||
Current income tax expense (benefit) | 229 | 13 | ||||||||
Deferred: | ||||||||||
Federal | 5,010 | -642 | ||||||||
State | -2,974 | -85 | ||||||||
Deferred income tax expense (benefit) | 2,036 | -727 | ||||||||
Provision (benefit) for income taxes | $3,267 | ($1,169) | $86 | $81 | ($758) | $19 | $25 | $0 | $2,265 | ($714) |
Income_Taxes_Detail
Income Taxes (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Operating Loss Carryforwards [Line Items] | ||
Change in valuation allowance | ($7,618) | $2,222 |
Capital loss carryforward | 3,282 | |
Unrecognized tax benefits that would impact effective tax rate | 29 | |
Federal [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Operating loss carryforwards | 14,367 | 36,969 |
State [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Operating loss carryforwards | $79,966 | $99,496 |
Income_Taxes_Detail_A_Reconcil
Income Taxes (Detail) - A Reconciliation of the Provision for income taxes from continuing operations (USD $) | 3 Months Ended | 12 Months Ended | ||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 |
Income Tax Disclosure [Abstract] | ||||||||||
“Expected†provision at federal statutory rate | $9,116 | ($2,282) | ||||||||
State income taxes | 709 | -705 | ||||||||
Change in valuation allowance | -7,618 | 2,222 | ||||||||
Other | 58 | 51 | ||||||||
Provision (benefit) for income taxes | $3,267 | ($1,169) | $86 | $81 | ($758) | $19 | $25 | $0 | $2,265 | ($714) |
Effective tax rate | 8.70% | -11.00% |
Income_Taxes_Detail_Temporary_
Income Taxes (Detail) - Temporary Differences Related to Deferred Income Taxes (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Deferred income tax assets: | ||
Post-retirement liability | $1,968 | $1,928 |
Deferred income | 1,637 | 1,568 |
Stock based compensation | 2,108 | 2,106 |
Federal operating loss carryforwards | 5,029 | 12,938 |
Capital loss carryforward | 1,311 | 926 |
State tax credits | 2,423 | 3,022 |
State operating loss carryforwards | 4,574 | 8,277 |
Other | 3,405 | 4,049 |
Less: valuation allowance | -3,829 | -11,275 |
Gross deferred income tax assets | 18,626 | 23,539 |
Deferred income tax liabilities: | ||
Fixed assets | -18,823 | -17,919 |
Equity method investment | -1,176 | -391 |
Other | 0 | -5,229 |
Gross deferred income tax liabilities | 19,999 | 23,539 |
Net deferred income tax liability | ($1,373) | $0 |
Income_Taxes_Change_in_Valuati
Income Taxes - Change in Valuation Allowance (Details) (Deferred Tax Assets Valuation Allowance [Member], USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Deferred Tax Assets Valuation Allowance [Member] | ||
Movement in Valuation Allowances and Reserves [Roll Forward] | ||
Balance at beginning of period | $11,275 | $9,053 |
Additions: | ||
Charges to costs and expenses | 2,070 | |
Charges to other accounts | 152 | |
Reductions | 7,446 | |
Balance at end of period | $3,829 | $11,275 |
Income_Taxes_Detail_Unrecogniz
Income Taxes (Detail) - Unrecognized Tax Benefits (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Unrecognized Tax Benefits [Roll Forward] | ||
Beginning of period balance | $566 | $445 |
Additions for tax positions of prior years | 8 | 62 |
Additions for tax positions of the current year | 39 | 59 |
End of period balance | $613 | $566 |
Equity_and_Earnings_Loss_per_S2
Equity and Earnings (Loss) per Share (Detail) (USD $) | 0 Months Ended | 12 Months Ended | ||||||
In Thousands, except Share data, unless otherwise specified | Apr. 09, 2014 | Mar. 17, 2014 | Apr. 10, 2013 | Mar. 18, 2013 | Jan. 03, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
board_member | ||||||||
Equity [Abstract] | ||||||||
Dividends declared (in dollars per share) | $0.05 | $0.05 | ||||||
Dividends | $907 | $916 | ||||||
Dividends paid | 884 | 897 | 907 | 916 | ||||
Dividend equivalents paid | $23 | $19 | ||||||
Number of board members common stock shareholders entitled To elect | 4 | |||||||
Total number of board members | 9 | |||||||
Number of board members preferred stock shareholders entitled to elect | 5 | |||||||
Board of directors, term of service | 1 year | |||||||
Minimum single shareholder ownership percentage to call special stockholder meeting (as a percent) | 10.00% | |||||||
Number of board members required to approve sale or acquisition of business | 6 | |||||||
Treasury stock, shares retired (in shares) | 1,414,379 | |||||||
Reduction in number of issued shares | 1,414,379 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Options outstanding (in shares) | 4,000 | 10,000 | 20,000 | |||||
Restricted Stock [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Number of nonvested shares (in shares) | 278,900 | 569,296 | 933,887 | |||||
Restricted Stock Units [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Number of nonvested shares (in shares) | 413,288 | 371,502 | 423,264 | |||||
Director [Member] | Stock Options [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Authorized shares remaining for issuance | 4,000 | |||||||
Director [Member] | Restricted Stock Units [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Authorized shares remaining for issuance | 396,288 |
Equity_and_Earnings_Loss_per_S3
Equity and Earnings (Loss) per Share (Detail) - The Computations of Basic and Diluted Earnings (Loss) Per Share (USD $) | 3 Months Ended | 12 Months Ended | ||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 |
Continuing Operations: | ||||||||||
Net income (loss) from continuing operations attributable to shareholders | $23,675 | ($5,807) | ||||||||
Less: Amounts allocated to participating securities (non-vested shares and units) | 832 | 0 | ||||||||
Net income (loss) from continuing operations attributable to common shareholders | 22,843 | -5,807 | ||||||||
Discontinued Operations: | ||||||||||
Discontinued operations, net of tax | 0 | 0 | 0 | 0 | -528 | 0 | 0 | 1,406 | 0 | 878 |
Less: Amounts allocated to participating securities (nonvested shares and units) | 0 | 0 | ||||||||
Discontinued operations attributable to common shareholders | 0 | 878 | ||||||||
Net income (loss) | $22,843 | ($4,929) | ||||||||
Share information: | ||||||||||
Basic weighted average common shares (in Shares) | 17,305,866 | 17,069,455 | ||||||||
Additional weighted average shares attributable to: Stock options (in Shares) | 0 | 0 | ||||||||
Diluted weighted average common shares (in Shares) | 17,305,866 | 17,069,455 | ||||||||
Basic earnings (loss) per share | ||||||||||
Income (loss) from continuing operations (in dollars per share) | $0.42 | $0.34 | $0.28 | $0.26 | $0.01 | ($0.37) | $0.02 | $0 | $1.32 | ($0.34) |
Income from discontinued operations (in dollars per share) | $0 | $0 | $0 | $0 | ($0.03) | $0 | $0 | $0.08 | $0 | $0.05 |
Income (loss) from continuing operations (in dollars per share) | $1.32 | ($0.29) | ||||||||
Diluted earnings (loss) per share | ||||||||||
Income (loss) from continuing operations (in dollars per share) | $1.32 | ($0.34) | ||||||||
Income from discontinued operations (In dollars per share) | $0 | $0.05 | ||||||||
Net income (loss) (in dollars per share) | $1.32 | ($0.29) |
Equity_and_Earnings_Loss_per_S4
Equity and Earnings (Loss) per Share (Detail) - Accumulated Other Comprehensive Income (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Beginning Balance | ($4) | ($233) |
Other comprehensive income before reclassifications | -1,417 | 530 |
Amounts reclassified from accumulated other comprehensive income | 689 | -301 |
Net other comprehensive income (loss) | -728 | 229 |
Ending Balance | -732 | -4 |
Pension Plan Items [Member] | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Beginning Balance | -377 | -627 |
Other comprehensive income before reclassifications | 218 | 179 |
Amounts reclassified from accumulated other comprehensive income | -85 | 71 |
Net other comprehensive income (loss) | 133 | 250 |
Ending Balance | -244 | -377 |
Post Employment Benefit Items [Member] | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Beginning Balance | 390 | 429 |
Other comprehensive income before reclassifications | -1,620 | 333 |
Amounts reclassified from accumulated other comprehensive income | 774 | -372 |
Net other comprehensive income (loss) | -846 | -39 |
Ending Balance | -456 | 390 |
Foreign Currency Items [Member] | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Beginning Balance | -17 | -35 |
Other comprehensive income before reclassifications | -15 | 18 |
Amounts reclassified from accumulated other comprehensive income | 0 | 0 |
Net other comprehensive income (loss) | -15 | 18 |
Ending Balance | ($32) | ($17) |
Equity_and_Earnings_Loss_per_S5
Equity and Earnings (Loss) per Share (Detail) - Reclassification out of Accumulated Other Comprehensive Income (USD $) | 3 Months Ended | 12 Months Ended | ||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 |
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | ||||||||||
Income tax expense (benefit) | ($3,267) | $1,169 | ($86) | ($81) | $758 | ($19) | ($25) | $0 | ($2,265) | $714 |
Net income (loss) from continuing operations attributable to common shareholders | 22,843 | -5,807 | ||||||||
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 | 689 | |||||||||
Pension Plan Items [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||||||||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | ||||||||||
Recognized net actuarial loss | 20 | |||||||||
Settlement loss | 50 | |||||||||
Total before tax | 70 | |||||||||
Income tax expense (benefit) | -155 | |||||||||
Net income (loss) from continuing operations attributable to common shareholders | -85 | |||||||||
Post Employment Benefit Items [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||||||||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | ||||||||||
Recognized net actuarial loss | 18 | |||||||||
Amortization of prior service cost | -369 | |||||||||
Plan amendment and curtailment | 1,183 | |||||||||
Recognition of prior service cost due to curtailment | -52 | |||||||||
Total before tax | 780 | |||||||||
Income tax expense (benefit) | -6 | |||||||||
Net income (loss) from continuing operations attributable to common shareholders | $774 |
Commitments_and_Contingencies_
Commitments and Contingencies (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Jan. 09, 2015 |
Capital Addition Purchase Commitments [Member] | ||
Long-term Purchase Commitment [Line Items] | ||
Purchase commitments | $1 | |
Corn [Member] | ||
Long-term Purchase Commitment [Line Items] | ||
Purchase commitments | 43 | |
Natural Gas [Member] | ||
Long-term Purchase Commitment [Line Items] | ||
Purchase commitments | 13 | |
Flour [Member] | ||
Long-term Purchase Commitment [Line Items] | ||
Purchase commitments | 6 | |
Subsequent Event [Member] | Dryers [Member] | ||
Long-term Purchase Commitment [Line Items] | ||
Purchase commitment, remaining minimum amount committed | $5,439 |
Employee_Benefit_Plans_Detail
Employee Benefit Plans (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
plan | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Cost recognized | $1,029 | $1,004 | |
Number of plans merged | 2 | ||
Defined Benefit Plan, Projected Cost of Plan Termination | 716 | ||
Requisite service period | 5 years | ||
Accrued expenses | 8,010 | 8,282 | |
Effect On Accumulated Benefit Obligation And Service And Interest Cost [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Ultimate trend rate | 1.00% | ||
Equity Securities [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Target plan asset allocations | 60.00% | ||
Debt Securities [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Target plan asset allocations | 30.00% | ||
Other [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Target plan asset allocations | 10.00% | ||
Debt Category Concentration [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Target plan asset allocations | 10.00% | ||
Post Retirement Benefit Plan [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Number of participants | 187 | ||
Defined Benefit Plan, Number of Active Participants Eligible for Benefits | 36 | ||
Plan amendments | 1,183 | 0 | |
Minimum age of participant to become eligible for benefits | 62 years | ||
Age up to which health benefits continuation paid | 65 years | ||
Accrued expenses | 506 | 405 | |
Increase In Health Care Cost Trend [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Effect of one percentage point increase (decrease) in assumed health care costs | 194 | ||
Decrease In Health Care Cost Trend [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Effect of one percentage point increase (decrease) in assumed health care costs | -180 | ||
Increase In Service And Interest Cost [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Effect of one percentage point increase (decrease) in assumed health care costs | 11 | ||
Decrease In Service And Interest Cost [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Effect of one percentage point increase (decrease) in assumed health care costs | ($11) | ||
Minimum [Member] | Debt Securities [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Target plan asset allocations | 80.00% | ||
Minimum [Member] | Percentage Variance From Established Investment Category Targets [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Target plan asset allocations | 10.00% |
Employee_Benefit_Plans_Detail_
Employee Benefit Plans (Detail) - Additional Information (USD $) | 12 Months Ended | |||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | 31-May-14 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Treasury stock, shares | 441,406 | 365,544 | ||
Common stock, shares authorized | 40,000,000 | 40,000,000 | ||
Restricted stock authorized but not granted (in shares) | 175,000 | |||
Granted (in shares) | 0 | 0 | ||
Weighted average remaining contractual term | 10 years | |||
Options outstanding (in shares) | 4,000 | 10,000 | 20,000 | |
Award vesting period | 5 years | |||
Share-based compensation expense | $931 | $932 | ||
Options, outstanding, intrinsic value | 23 | |||
Percentage of target award based on personal performance goals | 50.00% | |||
Payment period for participant to reimburse company for excess payments | 15 days | |||
Stock Options [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unrecognized compensation costs, options | 403 | |||
Period for recognition of unrecognized compensation cost | 1 year 2 months 0 days | |||
Restricted Stock Units (RSUs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of nonvested shares (in shares) | 413,288 | 371,502 | 423,264 | |
Options, vested in period, fair value | 227 | 72 | ||
Period for recognition of unrecognized compensation cost | 3 years 7 months 0 days | |||
Unrecognized compensation costs, other than options | 1,450 | |||
Restricted Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of nonvested shares (in shares) | 278,900 | 569,296 | 933,887 | |
Options, vested in period, fair value | 552 | 2,182 | ||
The 2004 Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of nonvested shares (in shares) | 278,900 | |||
Restricted stock authorized but not granted (in shares) | 2,680,000 | |||
Weighted average remaining contractual term | 10 years | |||
The 2004 Plan [Member] | Stock Options [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Options outstanding (in shares) | 0 | |||
The 2004 Plan [Member] | Restricted Stock Units (RSUs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of nonvested shares (in shares) | 396,288 | |||
The 2004 Plan [Member] | Restricted Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of nonvested shares (in shares) | 278,900 | |||
Directors Option Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of nonvested shares (in shares) | 4,000 | |||
Award vesting period | 184 days | |||
Directors Stock Plan [Member] | Restricted Stock Units (RSUs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Grants in period (in shares) | 54,694 | |||
Directors Stock Plan [Member] | Restricted Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting period | 3 years | |||
Grants in period (in shares) | 106,923 | |||
Employee Stock Purchase Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Deferred Compensation Arrangement with Individual, Common Stock Reserved for Future Issuance | 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) | 17,000 | |||
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 | |||
Granted (in shares) | 16,360 | |||
Annual Cash Incentive Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Targeted bonus award expense | $3,166 | $3,111 | ||
Short-term Incentive Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Performance metrics, operating income, percent | 60.00% | |||
Performance metrics, EBITDA, aercent | 20.00% | |||
Payment percentage | 90.00% | |||
Payment period | 15 days | |||
Directors Option Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Restricted stock authorized but not granted (in shares) | 180,000 | |||
Options outstanding (in shares) | 4,000 | |||
Directors Option Plan [Member] | Maximum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Restricted stock authorized but not granted (in shares) | 2,000 | |||
Annual Cash Incentive Plan [Member] | Minimum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Modified economic profit | 50.00% | |||
Growth [Member] | Minimum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Modified economic profit | 50.00% | |||
Growth [Member] | Maximum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Modified economic profit | 100.00% | |||
Improvements In MEP [Member] | Minimum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Targeted bonus award | 100.00% | |||
Bonus [Member] | Maximum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Targeted bonus award | 125.00% | |||
HRCC [Member] | Maximum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Modified economic profit | 100.00% | |||
Target Growth [Member] | Minimum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Modified economic profit | 100.00% | |||
Target Growth [Member] | Maximum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Modified economic profit | 125.00% | |||
Target [Member] | Minimum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Modified economic profit | 100.00% | |||
Incentive Compensation Payable [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Targeted bonus award | 90.00% | |||
Director [Member] | Stock Options [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Authorized shares remaining for issuance | 4,000 | |||
Director [Member] | Restricted Stock Units (RSUs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Authorized shares remaining for issuance | 396,288 |
Employee_Benefit_Plans_Detail_1
Employee Benefit Plans (Detail) - Status of the Company’s Benefit Plans (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Defined Benefit Retirement Plan [Member] | ||
Change in benefit obligation: | ||
Beginning of period | $2,190 | $2,690 |
Service cost | 0 | 0 |
Interest cost | 87 | 83 |
Actuarial loss (gain) | -35 | 241 |
Negative plan amendment benefit | 0 | 0 |
Benefits paid | -296 | -342 |
Benefit obligation at end of period | 2,016 | 2,190 |
Post Retirement Benefit Plan [Member] | ||
Change in benefit obligation: | ||
Beginning of period | 4,827 | 5,700 |
Service cost | 72 | 127 |
Interest cost | 149 | 165 |
Actuarial loss (gain) | -1,632 | 558 |
Negative plan amendment benefit | -1,183 | 0 |
Benefits paid | -571 | -607 |
Benefit obligation at end of period | $4,926 | $4,827 |
Employee_Benefit_Plans_Detail_2
Employee Benefit Plans (Detail) - Changes in Plan Assets (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Defined Benefit Retirement Plan [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Fair value of plan assets at beginning of period | $1,550 | $1,720 |
Actual return on plan assets | 46 | 172 |
Employer contributions | 0 | 0 |
Benefits paid | -296 | -342 |
Fair value of plan assets at end of period | 1,300 | 1,550 |
Post Retirement Benefit Plan [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Benefits paid | ($571) | ($607) |
Employee_Benefit_Plans_Detail_3
Employee Benefit Plans (Detail) - Assumptions Used to Determine Accumulated Benefit Obligations | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Defined Benefit Retirement Plan [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Discount rate | 3.58% | 4.11% |
Measurement date | 31-Dec-14 | 31-Dec-13 |
Post Retirement Benefit Plan [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Discount rate | 2.99% | 3.95% |
Measurement date | 31-Dec-14 | 31-Dec-13 |
Employee_Benefit_Plans_Detail_4
Employee Benefit Plans (Detail) - Assumptions Used to Determine Net Benefit Cost | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Expected return on Assets | 0.00% | 0.00% |
Defined Benefit Retirement Plan [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Expected return on Assets | 7.00% | 7.00% |
Discount rate | 4.11% | 3.19% |
Post Retirement Benefit Plan [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Discount rate | 2.98% | |
Minimum [Member] | Post Retirement Benefit Plan [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Discount rate | 3.39% | |
Maximum [Member] | Post Retirement Benefit Plan [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Discount rate | 3.95% |
Employee_Benefit_Plans_Detail_5
Employee Benefit Plans (Detail) - Components of Net Periodic Benefit Cost (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Defined Benefit Retirement Plan [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Service cost | $0 | $0 |
Interest cost | 87 | 83 |
Expected return on assets | -104 | -114 |
Amortization of prior service cost | 0 | 0 |
Amortization of net actuarial gain | 21 | 66 |
Settlement losses | 50 | 52 |
Total | 54 | 87 |
Post Retirement Benefit Plan [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Service cost | 72 | 127 |
Interest cost | 149 | 165 |
Expected return on assets | 0 | 0 |
Amortization of prior service cost | 369 | 647 |
Amortization of net actuarial gain | 18 | 28 |
Settlement losses | 0 | 0 |
Total | ($130) | ($327) |
Employee_Benefit_Plans_Detail_6
Employee Benefit Plans (Detail) - Changes in Plan Assets and Benefit Obligations in Other Comprehensive Income (loss) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Defined Benefit Retirement Plan [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Net actuarial (loss) gain | ($92) | $298 |
Settlement losses | 50 | 52 |
Plan amendment and curtailment | 0 | 0 |
Recognized net actuarial gain | 20 | 66 |
Amortization of prior service cost | 0 | 0 |
Recognition of prior service cost due to curtailments | 0 | 0 |
Total other comprehensive income (loss), pre-tax | -22 | 416 |
Income tax provision (benefit) | -155 | 166 |
Total other comprehensive income (loss), net of tax | 133 | 250 |
Post Retirement Benefit Plan [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Net actuarial (loss) gain | -1,632 | 558 |
Settlement losses | 0 | 0 |
Plan amendment and curtailment | 1,183 | 0 |
Recognized net actuarial gain | 18 | 28 |
Amortization of prior service cost | 369 | 647 |
Recognition of prior service cost due to curtailments | -52 | 0 |
Total other comprehensive income (loss), pre-tax | -852 | -61 |
Income tax provision (benefit) | -6 | -22 |
Total other comprehensive income (loss), net of tax | ($846) | ($39) |
Employee_Benefit_Plans_Detail_7
Employee Benefit Plans (Detail) - Amounts Recognized in the Consolidated Balance Sheets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Accrued expenses | ($8,010) | ($8,282) |
Other non-current liabilities | 0 | -640 |
Accrued retirement benefits | -4,420 | -4,423 |
Defined Benefit Retirement Plan [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Accrued expenses | 0 | 0 |
Other non-current liabilities | -716 | -640 |
Accrued retirement benefits | 0 | 0 |
Net amount recognized | -716 | -640 |
Post Retirement Benefit Plan [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Accrued expenses | -506 | -405 |
Other non-current liabilities | 0 | 0 |
Accrued retirement benefits | -4,420 | -4,422 |
Net amount recognized | ($4,926) | ($4,827) |
Employee_Benefit_Plans_Detail_8
Employee Benefit Plans (Detail) - Estimated Amount that will be Recognized From Accumulated Other Comprehensive Income (Loss) into Net Periodic Benefit Cost (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2014 |
Defined Benefit Retirement Plan [Member] | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Actuarial net loss | ($25) |
Net prior service credits | 0 |
Net amount recognized | -25 |
Post Retirement Benefit Plan [Member] | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Actuarial net loss | -278 |
Net prior service credits | 339 |
Net amount recognized | $61 |
Employee_Benefit_Plans_Detail_9
Employee Benefit Plans (Detail) - Assumed Average Annual Rate of Increase in the Per Capita Cost of Covered Benefits | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Post-Retirement Benefit Plan Pre-Age 65 [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Health care cost trend rate | 8.00% | 8.00% |
Ultimate trend rate | 5.00% | 5.00% |
Year rate reaches ultimate trend rate | 2028 | 2027 |
Post-Retirement Benefit Plan Age 65 and Older [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Health care cost trend rate | 7.00% | 6.50% |
Ultimate trend rate | 5.00% | 5.00% |
Year rate reaches ultimate trend rate | 2024 | 2021 |
Recovered_Sheet4
Employee Benefit Plans (Detail) - Expected Benefit Payments (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Defined Benefit Retirement Plan [Member] | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
2015 | $2,016 |
2016 | 0 |
2017 | 0 |
2018 | 0 |
2019 | 0 |
2020-2024 | 0 |
Total | 2,016 |
Post Retirement Benefit Plan [Member] | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
2015 | 534 |
2016 | 512 |
2017 | 498 |
2018 | 501 |
2019 | 518 |
2020-2024 | 2,194 |
Total | 4,757 |
Post Retirement Benefit Plan [Member] | Medicare Part D Subsidy Receipts [Member] | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
2015 | 28 |
2016 | 25 |
2017 | 24 |
2018 | 23 |
2019 | 22 |
2020-2024 | 88 |
Total | $210 |
Recovered_Sheet5
Employee Benefit Plans (Detail) - Weighted Average Asset Allocation by Asset Category | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Actual Asset Allocation [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Total | 100.00% | 100.00% |
Cash and Cash Equivalents [Member] | Actual Asset Allocation [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Asset allocations by asset categories | 58.00% | 36.00% |
Equity Securities [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Total | 60.00% | |
Equity Securities [Member] | Actual Asset Allocation [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Asset allocations by asset categories | 26.00% | 47.00% |
Debt Securities [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Total | 30.00% | |
Debt Securities [Member] | Actual Asset Allocation [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Asset allocations by asset categories | 12.00% | 11.00% |
Other [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Total | 10.00% | |
Other [Member] | Actual Asset Allocation [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Asset allocations by asset categories | 4.00% | 6.00% |
Recovered_Sheet6
Employee Benefit Plans (Detail) - Fair Value of Company's Defined Benefit Retirment Plan (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Cash and cash equivalents | $5,641 | $2,857 | $0 |
Total | 1,300 | 1,550 | |
Level 1 [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Total | 1,300 | 1,550 | |
Domestic Equity Securities [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Equity securities | 332 | 566 | |
Investment grade bonds | 162 | 167 | |
Domestic Equity Securities [Member] | Level 1 [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Equity securities | 332 | 566 | |
Investment grade bonds | 162 | 167 | |
International Equity Securities [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Equity securities | 156 | ||
International Equity Securities [Member] | Level 1 [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Equity securities | 156 | ||
Cash and Cash Equivalents [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Cash and cash equivalents | 753 | 556 | |
Cash and Cash Equivalents [Member] | Level 1 [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Cash and cash equivalents | 753 | 556 | |
Other Assets Fair Value [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Other | 53 | 105 | |
Other Assets Fair Value [Member] | Level 1 [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Other | $53 | $105 |
Recovered_Sheet7
Employee Benefit Plans (Detail) - Stock Options Awarded Under the Company’s Stock Option Plans (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||
Outstanding at beginning of period | 10,000 | 20,000 |
Granted (in shares) | 0 | 0 |
Cancelled/Forfeited | 0 | -10,000 |
Exercised | 6,000 | 0 |
Outstanding at end of period | 4,000 | 10,000 |
Outstanding at beginning of period (in dollars per share) | $9.91 | $9.30 |
Granted (in dollars per share) | $0 | $0 |
Cancelled/Forfeited (in dollars per share) | $0 | $8.69 |
Exercised (in dollars per share) | $9.54 | $0 |
Outstanding at end of period (in dollars per share) | $10.45 | $9.91 |
Recovered_Sheet8
Employee Benefit Plans (Detail) - Status of Restricted Stock Awarded under the Company’s Restricted Stock Plan (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
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 | 569,296 | 933,887 |
Granted | 58,669 | 60,805 |
Forfeited | -206,282 | -181,687 |
Vested | -142,783 | -243,709 |
Non vested balance at end of period | 278,900 | 569,296 |
Non vested balance at beginning of period (in dollars per share) | $5.26 | $6.22 |
Granted (in dollars per share) | $4.42 | $4.88 |
Forfeited (in dollars per share) | $4.59 | $5.11 |
Vested (in dollars per share) | $3.87 | $8.95 |
Non vested balance at end of period (in dollars per share) | $5.26 | |
Restricted Stock [Member] | Ending Balance [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||
Non vested balance at end of period | 278,900 | 569,296 |
Non vested balance at end of period (in dollars per share) | $6.28 | $5.26 |
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 | 371,502 | 423,264 |
Granted | 247,463 | 33,822 |
Forfeited | -135,104 | -71,223 |
Vested | -70,573 | -14,361 |
Non vested balance at end of period | 413,288 | 371,502 |
Non vested balance at beginning of period (in dollars per share) | $4.34 | $4.29 |
Granted (in dollars per share) | $5.83 | $5.13 |
Forfeited (in dollars per share) | $4.60 | $4.31 |
Vested (in dollars per share) | $3.22 | $5.07 |
Non vested balance at end of period (in dollars per share) | $5.09 | $4.34 |
Restructuring_and_Severance_Co2
Restructuring and Severance Costs (Detail) (USD $) | 3 Months Ended | 0 Months Ended | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 03, 2013 | Dec. 31, 2014 | Dec. 31, 2013 |
Restructuring Cost and Reserve [Line Items] | ||||
Severance costs | $1,525 | |||
Chief Executive Officer [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Severance costs | 714 | |||
Transition costs | 201 | |||
Senior Management [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Severance costs | $0 | $587 |
Restructuring_and_Severance_Co3
Restructuring and Severance Costs (Detail) - Lease Termination Restructuring Accrual (Facility Closing [Member], USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Facility Closing [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Balance at beginning of period | $1,277 | $484 |
Provision for additional expense | 406 | 1,525 |
Payments and adjustments | -1,475 | -732 |
Balance at end of period | $208 | $1,277 |
Concentrations_Detail
Concentrations (Detail) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Concentration Risk [Line Items] | ||
Concentration risk, number of suppliers | 10 | |
Number of employees | 268 | 268 |
Atchison Plant [Member] | ||
Concentration Risk [Line Items] | ||
Number of employees | 95 | |
Indiana Plant [Member] | ||
Concentration Risk [Line Items] | ||
Number of employees | 48 | |
Number Of Employees [Member] | ||
Concentration Risk [Line Items] | ||
Number of employees | 145 | |
Ten Largest Customers [Member] | ||
Concentration Risk [Line Items] | ||
Concentration risk, percentage | 46.00% | 44.00% |
Customer Concentration Risk [Member] | ||
Concentration Risk [Line Items] | ||
Concentration risk, number of customers | 10 | |
Grain Supplier [Member] | ||
Concentration Risk [Line Items] | ||
Concentration risk, percentage | 35.00% | 50.00% |
Concentration risk, number of suppliers | 1 | 1 |
Ten Largest Suppliers [Member] | ||
Concentration Risk [Line Items] | ||
Concentration risk, percentage | 70.00% | 77.00% |
Net Sales [Member] | ||
Concentration Risk [Line Items] | ||
Concentration risk, percentage | 10.00% |
Operating_Segments_Detail
Operating Segments (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Feb. 08, 2013 |
segment | ||||
Segment Reporting [Abstract] | ||||
Number of reportable segments | 2 | |||
Segment Reporting Information [Line Items] | ||||
Gain on sale of discontinued operations | $1,406 | |||
Revenue from foreign sources | 16,306 | 12,665 | ||
Other [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Sales price of assets sold | 2,797 | |||
Gain on sale of discontinued operations | $878 |
Operating_Segments_Detail_Oper
Operating Segments (Detail) - Operating Profit (Loss) Per Segment (USD $) | 3 Months Ended | 12 Months Ended | ||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 |
Sales to Customers | ||||||||||
Sales to Customers | $76,325 | $77,515 | $80,567 | $78,996 | $77,294 | $80,171 | $79,395 | $86,404 | $313,403 | $323,264 |
Gross Profit | ||||||||||
Gross profit | 6,011 | 7,311 | 8,308 | 6,801 | 7,914 | 815 | 5,281 | 7,229 | 28,431 | 21,239 |
Depreciation and amortization | ||||||||||
Depreciation and amortization | 12,325 | 12,009 | ||||||||
Income (loss) before Income Taxes | ||||||||||
Income (loss) before Income Taxes | 25,940 | -6,521 | ||||||||
Distillery Products [Member] | ||||||||||
Sales to Customers | ||||||||||
Sales to Customers | 256,561 | 264,098 | ||||||||
Gross Profit | ||||||||||
Gross profit | 22,332 | 14,309 | ||||||||
Depreciation and amortization | ||||||||||
Depreciation and amortization | 8,510 | 8,209 | ||||||||
Income (loss) before Income Taxes | ||||||||||
Income (loss) before Income Taxes | 28,701 | 11,987 | ||||||||
Ingredient Solutions [Member] | ||||||||||
Sales to Customers | ||||||||||
Sales to Customers | 56,842 | 58,967 | ||||||||
Gross Profit | ||||||||||
Gross profit | 6,099 | 6,986 | ||||||||
Depreciation and amortization | ||||||||||
Depreciation and amortization | 2,316 | 2,322 | ||||||||
Income (loss) before Income Taxes | ||||||||||
Income (loss) before Income Taxes | 3,939 | 4,503 | ||||||||
Other [Member] | ||||||||||
Sales to Customers | ||||||||||
Sales to Customers | 0 | 199 | ||||||||
Gross Profit | ||||||||||
Gross profit | 0 | -56 | ||||||||
Depreciation and amortization | ||||||||||
Depreciation and amortization | 0 | 21 | ||||||||
Income (loss) before Income Taxes | ||||||||||
Income (loss) before Income Taxes | 0 | -90 | ||||||||
Corporate [Member] | ||||||||||
Depreciation and amortization | ||||||||||
Depreciation and amortization | 1,499 | 1,457 | ||||||||
Income (loss) before Income Taxes | ||||||||||
Income (loss) before Income Taxes | ($6,700) | ($22,921) |
Operating_Segments_Detail_Iden
Operating Segments (Detail) - Identifiable Assets by Segment (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Identifiable Assets | ||
Identifiable Assets | $160,599 | $151,329 |
Distillery Products [Member] | ||
Identifiable Assets | ||
Identifiable Assets | 98,791 | 97,875 |
Ingredient Solutions [Member] | ||
Identifiable Assets | ||
Identifiable Assets | 23,324 | 24,954 |
Other [Member] | ||
Identifiable Assets | ||
Identifiable Assets | 0 | 0 |
Corporate [Member] | ||
Identifiable Assets | ||
Identifiable Assets | $38,484 | $28,500 |
Operating_Segments_Detail_Capi
Operating Segments (Detail) - Capital Expenditures By Segment (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Segment Reporting Information [Line Items] | ||
Capital Expenditures | $5,851 | $7,883 |
Distillery Products [Member] | ||
Segment Reporting Information [Line Items] | ||
Capital Expenditures | 4,663 | 5,594 |
Ingredient Solutions [Member] | ||
Segment Reporting Information [Line Items] | ||
Capital Expenditures | 358 | 1,110 |
Other [Member] | ||
Segment Reporting Information [Line Items] | ||
Capital Expenditures | 0 | 0 |
Corporate [Member] | ||
Segment Reporting Information [Line Items] | ||
Capital Expenditures | $830 | $1,179 |
Supplemental_Cash_Flow_Informa2
Supplemental Cash Flow Information (Detail) - Supplemental Cash Flow Information (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Non-cash investing and financing activities: | ||
Purchase of property and equipment in Accounts Payable | $574 | $1,675 |
Additional cash payment information: | ||
Interest paid | 903 | 1,286 |
Income tax (paid)/ refunds received | -146 | 254 |
Decrease in revolving credit facility/increase in fixed asset sub-line facility | $7,004 | $0 |
Derivative_Instruments_Detail
Derivative Instruments (Detail) (Commodity Contract [Member], Forward Contracts [Member]) | 12 Months Ended |
Dec. 31, 2014 | |
Commodity Contract [Member] | Forward Contracts [Member] | |
Derivative [Line Items] | |
Maximum Length of Time Hedged in Commodity Hedge | 12 months |
Related_Party_Transactions_Det
Related Party Transactions (Detail) (USD $) | 12 Months Ended | 0 Months Ended | |||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 03, 2013 | Dec. 04, 2014 | Nov. 02, 2012 | Jul. 18, 2009 | Jul. 20, 2009 | |
Related Party Transaction [Line Items] | |||||||
Accounts payable to affiliate, net | $3,333,000 | $1,204,000 | |||||
Related party expenses | 34,615,000 | 7,736,000 | |||||
Distribution received from equity method investee | 4,835,000 | 0 | |||||
Interest rate | 2.54% | 2.52% | 1.00% | ||||
Prior Loan [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Notes payable, related parties | 1,500,000 | ||||||
Additional Borrowing [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Notes payable, related parties | 2,000,000 | ||||||
Union State Bank Bank Of Atchison [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Secured debt | 404,000 | 746,000 | |||||
Former Chief Executive Officer [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Accrued costs for settlement agreement | 915,000 | ||||||
Union State Bank Bank Of Atchison [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Interest rate | 6.76% | ||||||
Settlement Agreement [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Related party expenses | 3,701 | ||||||
Due to Related Party, Reasonable Out-of-pocket Expense Reimbursement, Expense Cap Amount | 1,775 | ||||||
Reimbursement requests submitted and accrued for | 1,764,000 | ||||||
ICP [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Distribution received from equity method investee | $4,835,000 |
Quarterly_Financial_Data_unaud1
Quarterly Financial Data (unaudited) (Detail) - Quarterly Financial Data (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||
Sales | $83,901 | $83,966 | $85,903 | $84,582 | $80,936 | $80,709 | $83,707 | $88,718 | $338,352 | $334,070 | ||
Less: excise tax | 7,576 | 6,451 | 5,336 | 5,586 | 3,642 | 538 | 4,312 | 2,314 | 24,949 | 10,806 | ||
Net sales | 76,325 | 77,515 | 80,567 | 78,996 | 77,294 | 80,171 | 79,395 | 86,404 | 313,403 | 323,264 | ||
Cost of sales | 70,314 | 70,204 | 72,259 | 72,195 | 69,380 | 79,356 | 74,114 | 79,175 | 284,972 | [1] | 302,025 | [1] |
Gross profit | 6,011 | 7,311 | 8,308 | 6,801 | 7,914 | 815 | 5,281 | 7,229 | 28,431 | 21,239 | ||
Selling, general and administrative expenses | 4,897 | 4,966 | 5,166 | 5,072 | 8,797 | 6,760 | 4,770 | 5,875 | 20,101 | 26,202 | ||
Insurance recoveries | -7,067 | -1,293 | 70 | 0 | 8,290 | 0 | ||||||
Other operating costs and (gain) loss on sale of assets, net | 0 | 1 | 0 | 0 | 177 | 1 | 0 | 58 | ||||
Operating income (loss) | 8,181 | 3,637 | 3,072 | 1,729 | -1,060 | -5,946 | 511 | 1,296 | 16,619 | -5,199 | ||
Interest expense | -201 | -199 | -218 | -198 | -289 | -269 | -277 | -283 | -816 | -1,118 | ||
Equity In earnings (loss) | 2,850 | 1,621 | 2,331 | 3,335 | 758 | -91 | 71 | -942 | 10,137 | -204 | ||
Income (loss) from continuing operations before income taxes | 10,830 | 5,059 | 5,185 | 4,866 | -591 | -6,306 | 305 | 71 | 25,940 | -6,521 | ||
Income tax expense (benefit) (Note 5) | 3,267 | -1,169 | 86 | 81 | -758 | 19 | 25 | 0 | 2,265 | -714 | ||
Net income (loss) from continuing operations | 7,563 | 6,228 | 5,099 | 4,785 | 167 | -6,325 | 280 | 71 | 23,675 | -5,807 | ||
Discontinued operations, net of tax (Note 11) | 0 | 0 | 0 | 0 | -528 | 0 | 0 | 1,406 | 0 | 878 | ||
Net income (loss) | $7,563 | $6,228 | $5,099 | $4,785 | ($361) | ($6,325) | $280 | $1,477 | $23,675 | ($4,929) | ||
Basic and diluted earnings (loss) per share | ||||||||||||
Income (loss) from continuing operations (in dollars per share) | $0.42 | $0.34 | $0.28 | $0.26 | $0.01 | ($0.37) | $0.02 | $0 | $1.32 | ($0.34) | ||
Income from discontinued operations (in dollars per share) | $0 | $0 | $0 | $0 | ($0.03) | $0 | $0 | $0.08 | $0 | $0.05 | ||
Net income (loss) (in dollars per share) | $0.42 | $0.34 | $0.28 | $0.26 | ($0.02) | ($0.37) | $0.02 | $0.08 | $1.32 | ($0.29) | ||
Dividends per common share (in dollars per share) | $0 | $0 | $0 | $0.05 | $0 | $0 | $0 | $0.05 | $0.05 | $0.05 | ||
[1] | Includes related party purchases of $37,500 and $9,988 for the years ended December 31, 2014 and 2013, respectively. |
Quarterly_Financial_Data_unaud2
Quarterly Financial Data (unaudited) (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||
Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||
Gain on Business Interruption Insurance Recovery | $6,778 | $1,940 | ($120) | ||||||
Increase (Decrease) In Valuation Allowance due to Expected Realization of Deferred Tax Assets | 104,000 | 1,215,000 | |||||||
Earnings Per Share, Basic | $1.32 | ($0.29) | |||||||
Earnings Per Share, Diluted | $1.32 | ($0.29) | |||||||
Tax effect of discontinued operations | 528,000 | ||||||||
Gain on sale of discontinued operations | 1,406,000 | ||||||||
Governance, proxy dispute and related expenses | 3,404,000 | 1,802,000 | 259,000 | ||||||
Severance costs | 1,525,000 | ||||||||
Gain on sale of joint venture interest | 8,290,000 | 0 | |||||||
Gain on sale of equipment previously impaired | ($38,000) | ($47,000) |
Property_and_Business_Interrup2
Property and Business Interruption Insurance Claims and Recoveries (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 |
Business Interruption Loss [Line Items] | ||||||
Total insurance recoveries | $9,375 | |||||
Insurance recoveries | -7,067 | -1,293 | 70 | 0 | 8,290 | 0 |
Interruption of business | ||||||
Business Interruption Loss [Line Items] | ||||||
Total insurance recoveries | 925 | |||||
Insurance recoveries | 308 | |||||
Interruption of business | Cost of Sales | ||||||
Business Interruption Loss [Line Items] | ||||||
Less: out-of-pocket expenses related to interruption of business in Cost of Sales | 617 | |||||
Property damage from fire | ||||||
Business Interruption Loss [Line Items] | ||||||
Total insurance recoveries | 8,450 | |||||
Insurance recoveries | 8,290 | |||||
Property damage from fire | Insurance Recoveries | ||||||
Business Interruption Loss [Line Items] | ||||||
Less: Net book value of property loss in Insurance Recoveries | 160 | |||||
Fire in Indiana Facility [Member] | ||||||
Business Interruption Loss [Line Items] | ||||||
Total insurance recoveries | 9,375 | |||||
Fire in Indiana Facility [Member] | Interruption of business | ||||||
Business Interruption Loss [Line Items] | ||||||
Total insurance recoveries | 925 | |||||
Insurance recoveries | 478 | |||||
Fire in Indiana Facility [Member] | Interruption of business | Cost of Sales | ||||||
Business Interruption Loss [Line Items] | ||||||
Less: out-of-pocket expenses related to interruption of business in Cost of Sales | 447 | |||||
Fire in Indiana Facility [Member] | Property damage from fire | ||||||
Business Interruption Loss [Line Items] | ||||||
Total insurance recoveries | 8,450 | |||||
Insurance recoveries | 8,290 | |||||
Fire in Indiana Facility [Member] | Property damage from fire | Insurance Recoveries | ||||||
Business Interruption Loss [Line Items] | ||||||
Less: Net book value of property loss in Insurance Recoveries | 160 | |||||
Fire in Atchison Facility [Member] | ||||||
Business Interruption Loss [Line Items] | ||||||
Total insurance recoveries | 0 | |||||
Fire in Atchison Facility [Member] | Interruption of business | ||||||
Business Interruption Loss [Line Items] | ||||||
Total insurance recoveries | 0 | |||||
Insurance recoveries | -170 | |||||
Fire in Atchison Facility [Member] | Interruption of business | Cost of Sales | ||||||
Business Interruption Loss [Line Items] | ||||||
Less: out-of-pocket expenses related to interruption of business in Cost of Sales | 170 | |||||
Fire in Atchison Facility [Member] | Property damage from fire | ||||||
Business Interruption Loss [Line Items] | ||||||
Total insurance recoveries | 0 | |||||
Insurance recoveries | 0 | |||||
Fire in Atchison Facility [Member] | Property damage from fire | Insurance Recoveries | ||||||
Business Interruption Loss [Line Items] | ||||||
Less: Net book value of property loss in Insurance Recoveries | $0 |
Subsequent_Events_Detail
Subsequent Events (Detail) (USD $) | 0 Months Ended | |||||
Mar. 17, 2014 | Mar. 18, 2013 | Feb. 27, 2015 | Feb. 27, 2015 | Dec. 31, 2014 | Jan. 09, 2015 | |
Subsequent Event [Line Items] | ||||||
Dividends declared (in dollars per share) | $0.05 | $0.05 | ||||
Revolving Credit Facility [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Maximum borrowing capacity | $55,000,000 | |||||
Subsequent Event [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Dividends declared (in dollars per share) | $0.06 | |||||
Subsequent Event [Member] | Restated Credit Agreement [Member] | Wells Fargo Bank [Member] | Revolving Credit Facility [Member] | Payment Guarantee [Member] | Line of Credit [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Debt Instrument, Term | 5 years | |||||
Maximum borrowing capacity | 80,000 | 80,000 | ||||
Dryers [Member] | Subsequent Event [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Purchase commitment, remaining minimum amount committed | $5,439,000 |