Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Mar. 02, 2016 | Jun. 30, 2015 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | MGP INGREDIENTS INC | ||
Document Type | 10-K | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Common Stock, Shares Outstanding | 16,687,127 | ||
Amendment Flag | false | ||
Entity Central Index Key | 835,011 | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Accelerated Filer | ||
Entity Well-known Seasoned Issuer | No | ||
Document Period End Date | Dec. 31, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Entity Public Float | $ 225,098,022 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Income Statement [Abstract] | ||||
Sales | $ 345,887 | $ 338,352 | $ 334,070 | |
Less: excise taxes | 18,283 | 24,949 | 10,806 | |
Net sales | 327,604 | 313,403 | 323,264 | |
Cost of sales | [1] | 269,071 | 284,972 | 302,025 |
Gross profit | 58,533 | 28,431 | 21,239 | |
Selling, general and administrative expenses | 25,683 | 20,101 | 26,202 | |
Insurance recoveries (Note 17) | 0 | (8,290) | 0 | |
Other operating costs and losses on sale of assets | 0 | 1 | 236 | |
Operating income (loss) | 32,850 | 16,619 | (5,199) | |
Equity method investment earnings (losses) (Note 3) | 6,102 | 10,137 | (204) | |
Interest expense | (534) | (816) | (1,118) | |
Income (loss) from continuing operations before income taxes | 38,418 | 25,940 | (6,521) | |
Income tax expense (benefit) (Note 5) | 12,227 | 2,265 | (714) | |
Net income (loss) from continuing operations | 26,191 | 23,675 | (5,807) | |
Discontinued operations, net of tax (Note 11) | 0 | 0 | 878 | |
Net income (loss) | $ 26,191 | $ 23,675 | $ (4,929) | |
Basic and diluted earnings (loss) per share | ||||
Income from continuing operations (in dollars per share) | $ 1.48 | $ 1.32 | $ (0.34) | |
Income from discontinued operations (in dollars per share) | 0 | 0 | 0.05 | |
Net income (loss) (in dollars per share) | 1.48 | 1.32 | (0.29) | |
Dividends per common share (in dollars per share) | $ 0.06 | $ 0.05 | $ 0.05 | |
[1] | Includes related party purchases of $41,255, $38,498, and $9,988 for the years ended December 31, 2015, 2014, and 2013, respectively. |
Consolidated Statements of Ope3
Consolidated Statements of Operations (Parentheticals) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Statement [Abstract] | |||
Cost of sales, related party transactions | $ 41,255 | $ 38,498 | $ 9,988 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Net income (loss) | $ 26,191 | $ 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 $36, $37, and $8, respectively | 42 | (15) | 18 |
Other comprehensive income (loss) | 232 | (728) | 229 |
Comprehensive income (loss) | 26,423 | 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 | 244 | 133 | 250 |
Change in Post-employment Benefits [Member] | |||
Company sponsored benefit plans: | |||
Change in pension plans and post employment benefits, net of tax expense | $ (54) | $ (846) | $ (39) |
Consolidated Statements of Com5
Consolidated Statements of Comprehensive Income (Loss) (Parentheticals) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Change in translation adjustment on non-consolidating foreign subsidiary, tax expense (benefit) | $ (35) | $ (37) | $ (8) |
Change in Pension Plans [Member] | |||
Change in pension plans and post employment expense (benefits), tax | 160 | (155) | 166 |
Change in Post-employment Benefits [Member] | |||
Change in pension plans and post employment expense (benefits), tax | $ (41) | $ (6) | $ (22) |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Current Assets | ||
Cash and cash equivalents | $ 747 | $ 5,641 |
Receivables (less allowance for doubtful accounts: December 31, 2015 - $24; December 31, 2014 - $12) | 30,670 | 32,672 |
Inventory | 58,701 | 34,441 |
Prepaid expenses | 1,062 | 1,179 |
Deferred income taxes | 0 | 7,924 |
Refundable income taxes | 0 | 388 |
Total current assets | 91,180 | 82,245 |
Property and equipment, net of accumulated depreciation and amortization | 83,554 | 63,881 |
Equity method investments | 18,563 | 12,373 |
Other assets | 1,013 | 1,716 |
Total assets | 194,310 | 160,215 |
Current Liabilities | ||
Current maturities of long-term debt | 3,345 | 2,613 |
Accounts payable | 20,940 | 16,076 |
Accounts payable to affiliate, net | 2,291 | 3,333 |
Accrued expenses | 10,400 | 8,010 |
Income taxes payable | 685 | 0 |
Other current liabilities | 0 | 716 |
Total current liabilities | 37,661 | 30,748 |
Long-term debt, less current maturities | 7,579 | 7,286 |
Revolving credit facility | 22,536 | 0 |
Deferred credits | 3,402 | 4,099 |
Accrued retirement health and life insurance benefits | 4,136 | 4,420 |
Other non current liabilities | 79 | 0 |
Deferred income taxes | 2,757 | 9,297 |
Total liabilities | $ 78,150 | $ 55,850 |
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, 2015 and 2014; 16,681,576 and 17,674,559 shares outstanding at December 31, 2015 and 2014, respectively | 6,715 | 6,715 |
Additional paid-in capital | 11,356 | 9,904 |
Retained earnings | 114,558 | 89,454 |
Accumulated other comprehensive loss | (500) | (732) |
Treasury stock, at cost, 1,434,389 and 441,406 shares at December 31, 2015 and 2014, respectively | (15,973) | (980) |
Total stockholders’ equity | 116,160 | 104,365 |
Total liabilities and stockholders’ equity | $ 194,310 | $ 160,215 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Statement of Financial Position [Abstract] | ||
Receivables allowance for doubtful accounts (in Dollars) | $ 24 | $ 12 |
Preferred stock, percentage non-cumulative | 5.00% | 5.00% |
Preferred stock, par value (in Dollars per share) | $ 10 | $ 10 |
Preferred stock, shares authorized | 1,000 | 1,000 |
Preferred stock, shares issued | 437 | 437 |
Preferred stock, shares outstanding | 437 | 437 |
Common stock, par value (in Dollars per share) | $ 0 | $ 0 |
Common stock, shares authorized | 40,000,000 | 40,000,000 |
Common stock, shares issued | 18,115,965 | 18,115,965 |
Common stock, shares outstanding | 16,681,576 | 17,674,559 |
Treasury stock, shares | 1,434,389 | 441,406 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Cash Flows from Operating Activities | |||
Net income (loss) | $ 26,191 | $ 23,675 | $ (4,929) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Depreciation and amortization | 12,382 | 12,325 | 12,009 |
Gain on sale of bioplastics manufacturing business | 0 | 0 | (1,453) |
Gain on property insurance recoveries | 0 | (8,290) | 0 |
Loss on sale of assets | 0 | 38 | 47 |
Share based compensation | 1,414 | 930 | 932 |
Excess tax benefits | 453 | 463 | 0 |
Equity method investment (earnings) loss | (6,102) | (10,137) | 204 |
Distribution received from equity method investee | 0 | 4,835 | 0 |
Deferred income taxes, including change in valuation allowance | 1,349 | 1,570 | (152) |
Changes in operating assets and liabilities: | |||
Restricted cash | 0 | 0 | 12 |
Receivables, net | 2,002 | (4,851) | 7,511 |
Inventory | (24,260) | 476 | 1,542 |
Prepaid expenses | 117 | (331) | (129) |
Refundable income taxes | 1,073 | 78 | (224) |
Accounts payable | 3,653 | (5,928) | 2,571 |
Accounts payable to affiliate, net | (1,042) | 2,129 | (2,804) |
Accrued expenses | 2,351 | (373) | 3,264 |
Deferred credits | (697) | 174 | (208) |
Accrued retirement health and life insurance benefits, pension obligations, and other noncurrent liabilities | (703) | (699) | (876) |
Other | 481 | (272) | (17) |
Net cash provided by operating activities | 18,662 | 15,812 | 17,300 |
Cash Flows from Investing Activities | |||
Additions to property and equipment | (30,526) | (6,953) | (6,208) |
Proceeds from sale of bioplastics manufacturing business | 0 | 0 | 2,797 |
Proceeds from property insurance recoveries | 0 | 8,450 | 0 |
Proceeds from sale of property and other | 0 | 5 | 0 |
Net cash provided by (used in) investing activities | (30,526) | 1,502 | (3,411) |
Cash Flows from Financing Activities | |||
Payment of dividends | (1,087) | (907) | (916) |
Purchase of treasury stock | (15,408) | (672) | (540) |
Loan fees incurred with borrowings | (348) | (66) | 0 |
Principal payments on long-term debt | (1,641) | (1,555) | (1,683) |
Proceeds on long-term debt | 2,700 | 0 | 0 |
Proceeds from credit facility | 26,092 | 62,146 | 95,512 |
Principal payments on credit facility | (3,338) | (73,476) | (103,405) |
Net cash provided by (used in) financing activities | 6,970 | (14,530) | (11,032) |
Increase (decrease) in cash | (4,894) | 2,784 | 2,857 |
Cash, beginning of year | 5,641 | 2,857 | 0 |
Cash, end of year | $ 747 | $ 5,641 | $ 2,857 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders’ Equity - USD ($) $ in Thousands | Total | Capital Stock Preferred | Issued Common | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Treasury Stock |
Beginning Balance at Dec. 31, 2012 | $ 86,827 | $ 4 | $ 6,715 | $ 7,894 | $ 72,531 | $ (233) | $ (84) |
Comprehensive income (loss): | |||||||
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 for payment of taxes | (540) | (540) | |||||
Ending Balance at Dec. 31, 2013 | 81,603 | 4 | 6,715 | 8,728 | 66,686 | (4) | (526) |
Comprehensive income (loss): | |||||||
Net Income (Loss) | 23,675 | 23,675 | |||||
Other comprehensive income (loss) | (728) | (728) | |||||
Dividends paid | (907) | (907) | |||||
Share-based compensation | 713 | 713 | |||||
Excess tax benefits | 463 | 463 | |||||
Stock shares awarded, forfeited or vested | 218 | 218 | |||||
Stock shares repurchased for payment of taxes | (672) | (672) | |||||
Ending Balance at Dec. 31, 2014 | 104,365 | 4 | 6,715 | 9,904 | 89,454 | (732) | (980) |
Comprehensive income (loss): | |||||||
Net Income (Loss) | 26,191 | 26,191 | |||||
Other comprehensive income (loss) | 232 | 232 | |||||
Dividends paid | (1,087) | (1,087) | |||||
Share-based compensation | 999 | 999 | |||||
Excess tax benefits | 453 | 453 | |||||
Stock shares awarded, forfeited or vested | 415 | 415 | |||||
Stock shares repurchased for payment of taxes | (15,408) | (15,408) | |||||
Ending Balance at Dec. 31, 2015 | $ 116,160 | $ 4 | $ 6,715 | $ 11,356 | $ 114,558 | $ (500) | $ (15,973) |
Nature of Operations and Summar
Nature of Operations and Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Operations and Summary of Significant Accounting Policies | NOTE 1: NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The Company. MGP Ingredients, Inc. ("Registrant" or "Company") is a Kansas corporation headquartered in Atchison, Kansas. It was incorporated in 2011 and is a holding company with no operations of its own. Its principal directly-owned operating subsidiaries are MGPI Processing, Inc. ("Processing") and MGPI of Indiana, LLC ("MGPI-I"). Processing was incorporated in Kansas in 1957 and is the successor to a business founded in 1941 by Cloud L. Cray, Sr. Prior to the Reorganization (discussed below), Processing was named MGP Ingredients, Inc. MGPI-I (previously named Firebird Acquisitions, Inc.) acquired substantially all the beverage alcohol distillery assets of Lawrenceburg Distillers Indiana, LLC ("LDI") at its Lawrenceburg and Greendale, Indiana facility on December 27, 2011. On January 3, 2012, MGP Ingredients, Inc. was reorganized into a holding company structure (the "Reorganization"). In connection with the Reorganization and to further the holding company structure, Processing distributed three of its formerly directly owned subsidiaries, MGPI-I, D.M. Ingredients, GmbH ("DMI"), and Midwest Grain Pipeline, Inc., to the Company. Processing’s other subsidiary, Illinois Corn Processing, LLC ("ICP"), remained a directly owned subsidiary of Processing and is now 30 percent owned. During the second quarter of fiscal 2010, through a series of transactions, the Company formed a joint venture by contributing its former Pekin, Illinois facility to a newly formed company, ICP, and then selling a 50 percent interest in ICP. In 2012, the Company sold an additional 20 percent interest in ICP. The Company purchases food grade alcohol products manufactured by ICP. Throughout the Notes to Consolidated Financial Statements, when "the Company" is used in reference to activities prior to the Reorganization, the reference is to the combined business, Processing (formerly MGP Ingredients, Inc.) and its consolidated subsidiaries, and when "the Company" is used in reference to activities occurring after the Reorganization, reference is to the combined business of MGP Ingredients, Inc. (formerly MGPI Holdings, Inc.) and its consolidated subsidiaries, except to the extent the context indicates otherwise. MGP is a leading producer and supplier of premium distilled spirits and specialty wheat proteins and starches. Distilled spirits include premium bourbon and rye whiskeys, and grain neutral spirits, including vodka and gin. The Company’s proteins and starches provide a host of functional, nutritional and sensory benefits for a wide range of food products to serve the packaged goods industry. MGP is also a top producer of high quality industrial alcohol for use in both food and non-food applications. Our distillery products are derived from corn and other grains (including rye, barley, wheat, barley malt, and milo), and our ingredient products are derived from wheat flour. The majority of our sales are made directly or through distributors to manufacturers and processors of finished packaged goods or to bakeries. Since February 8, 2013, the Company has consisted 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. The distillery products segment consists primarily of food grade alcohol, and to a much lesser extent, fuel grade alcohol, distillers feed and corn oil. Distillers feed, fuel grade alcohol, and corn oil are co-products of our distillery operations. The ingredient solutions segment products primarily consist of specialty starches, specialty proteins, commodity starches and commodity vital wheat gluten (or commodity wheat proteins). 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 United States. During December 2011, through its wholly owned subsidiary, MGPI-I, the Company acquired the beverage alcohol distillery assets of LDI. The Company sells its products on normal credit terms to customers in a variety of industries located primarily throughout the United States and Japan. The Company operates facilities in Atchison, Kansas, and in Lawrenceburg and Greendale, Indiana. Use of Estimates. The financial reporting policies of the Company conform to accounting principles generally accepted in the United States of America ("GAAP"). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. The application of certain of these policies places significant demands on management’s judgment, with financial reporting results relying on estimation about the effects of matters that are inherently uncertain. For all of these policies, management cautions that future events rarely develop as forecast, and estimates routinely require adjustment and may require material adjustment. Principles of Consolidation. The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. Cash and Cash Equivalents. Short-term liquid investments with an initial maturity of 90 days or less are considered cash equivalents. Cash equivalents are stated at cost, which approximates market value due to the relatively short maturity of these instruments. Receivables. Receivables are stated at the amounts billed to customers. The Company provides an allowance for estimated doubtful accounts. This allowance is based upon a review of outstanding receivables, historical collection information and an evaluation of existing economic conditions impacting the Company’s customers. Accounts receivable are ordinarily due 30 days after the issuance of the invoice. Receivables are considered delinquent after 30 days past the due date. These delinquent receivables are monitored and are charged to the allowance for doubtful accounts based upon an evaluation of individual circumstances of the customer. Account balances are written off after collection efforts have been made and potential recovery is considered remote. Inventory. Inventory includes finished goods, raw materials in the form of agricultural commodities used in the production process and certain maintenance and repair items. Bourbon and whiskeys are normally aged in barrels for several years, following industry practice; all barreled bourbon and whiskey is classified as a current asset. The Company includes warehousing, insurance, and other carrying charges applicable to barreled whiskey in inventory costs. Inventories are stated at the lower of cost or market on the first-in, first-out, or FIFO, method. Inventory valuations are impacted by constantly changing prices paid for key materials, primarily corn. Derivative Instruments. The Company recognizes all derivatives as either assets or liabilities at their fair values. Accounting for changes in the fair value of a derivative depends on whether the derivative has been designated as a cash flow hedge and the effectiveness of the hedging relationship. Derivatives qualify for treatment as cash flow hedges for accounting purposes when there is a high correlation between the change in fair value of the hedging instrument ("derivative") and the related change in value of the underlying commitment ("hedged item"). For derivatives that qualify as cash flow hedges for accounting purposes, except for ineffectiveness, the change in fair value has no net impact on earnings, to the extent the derivative is considered effective, until the hedged item or transaction affects earnings. For derivatives that are not designated as hedging instruments for accounting purposes, or for the ineffective portion of a hedging instrument, the change in fair value affects current period net earnings. Properties, Depreciation and Amortization. Property and equipment are typically stated at cost. Additions, including those that increase the life or utility of an asset, are capitalized and all properties are depreciated over their estimated remaining useful lives. Depreciation and amortization are computed using the straight-line method over the following estimated useful lives: Buildings and improvements 20 – 40 years Transportation equipment 5 – 6 years Machinery and equipment 10 – 12 years Maintenance costs are expensed as incurred. The cost of property and equipment sold, retired or otherwise disposed of, as well as related accumulated depreciation and amortization, is eliminated from the property accounts with related gains and losses reflected in the Consolidated Statements of Operations. The Company capitalizes interest costs associated with significant construction projects. Total interest incurred for 2015, 2014 , and 2013 is noted below: Year Ended December 31, 2015 2014 2013 Interest costs charged to expense $ 534 $ 816 $ 1,118 Plus: Interest cost capitalized 297 107 108 Total $ 831 $ 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. As of December 31, 2015 the remaining deferred credit balance was $1,949 . 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. The deferred credit balance has been and will be recognized as a credit to Cost of Sales in the Consolidated Statements of Operations as the related assets are depreciated. As of December 31, 2015 the remaining deferred credit balance was $1,042 . 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 has been and will be recognized in income as the related asset is depreciated. As of December 31, 2015 the remaining deferred credit balance was $411 . Deferred credits consist of the following: Year Ended December 31, 2015 2014 USDA grant $ 1,949 $ 2,486 LCD reimbursement 1,042 1,125 Lawrenceburg reimbursement 411 488 Total $ 3,402 $ 4,099 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, in part, 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 $17,652 , $14,061 , and $12,292 for 2015, 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 Lawrenceburg 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 2015, 2014 , and 2013, we spent $748 , $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 $34,603 and $10,297 at December 31, 2015 and 2014 , respectively. The financial statement carrying value was $34,096 and $10,283 at December 31, 2015 and 2014 , respectively. These fair values are considered Level 2 under the fair value hierarchy. Pension Benefits. In April 2015, the Company received approval from the Pension Benefit Guaranty Corporation to terminate its pension plans for employees covered under collective bargaining agreements. Benefit obligations at December 31, 2015 were zero , as $741 in termination liabilities was distributed to plan participants or transferred to an insurer during the quarter ended June 30, 2015, and was followed by the closing of the pension trust account in 2015. Prior to termination, the Company accounted for its pension benefit plan's funded status as a liability included in Other non current liabilities on the Consolidated Balance Sheets. The Company measured the funded status of its pension benefit plans using actuarial techniques that reflected management’s assumptions for discount rate, expected long-term investment returns on plan assets, salary increases, expected retirement, mortality, and employee turnover. Assumptions regarding employee and retiree life expectancy were based upon the RP 2000 Combined Mortality Table ("2000 tables"). Although the Society of Actuaries released new mortality tables on October 27, 2014, the Internal Revenue Service continued to use the 2000 tables through 2015. Because the pension benefit plan was being terminated, the actuarial valuation of the pension benefit plan assumed all remaining assets of the plan would be distributed to plan participants or transferred to an insurer during 2015, so the new mortality tables were not adopted. The funding by the Company to terminate the plans was $741 and was recognized when the pension plan settlement was fully executed, during the quarter ended June 30, 2015 . Also prior to the plan's termination, the discount rate was 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 or period end (as in the case of the June 30, 2015 plan termination date). The expected long-term rate of return on plan assets assumption for the pension plans was determined with the assistance of actuaries, who calculated 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. Post-Employment Benefits. The Company accounts for its post–employment benefit plan's funded status as a liability included in Accrued Retirement Health and Life Insurance Benefits on the Consolidated Balance Sheets. The Company measures the obligation for other post-employment benefits using actuarial techniques that reflect management’s assumptions for discount rate, expected retirement, mortality, employee turnover, health care costs for retirees and future increases in health care costs, which are based upon actual claims experience and other environmental and market factors impacting the costs of health care in the short and long-term. Assumptions regarding employee and retiree life expectancy are based upon the Society of Actuaries RP-2014 Mortality Tables using Scale MP-2015. The discount rate is determined based on the rates of return on high-quality fixed income investments using the Citigroup Pension Liability Index as of the measurement date (long-term rates of return are not considered because the plan has no assets). Stock Options and Restricted Stock Awards. The Company has share-based employee compensation plans primarily in the form of restricted common stock ("restricted stock"), restricted stock units ("RSUs") and stock options, which are described more fully in Note 8. 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, 2015 | |
Supplemental Balance Sheet Disclosures [Abstract] | |
Other Balance Sheet Captions | NOTE 2: OTHER BALANCE SHEET CAPTIONS Inventory . Inventory consists of the following: December 31, 2015 2014 Finished goods $ 15,126 $ 10,039 Barreled distillate (bourbon and whiskey) 28,278 11,114 Raw materials 6,675 5,440 Work in process 2,364 2,023 Maintenance materials 5,371 4,913 Other 887 912 Total $ 58,701 $ 34,441 Property and equipment. Property and equipment consist of the following: December 31, 2015 2014 Land, buildings and improvements $ 56,143 $ 43,443 Transportation equipment 5,417 2,717 Machinery and equipment 152,742 149,218 Construction in progress 15,612 2,798 Property and equipment, at cost 229,914 198,176 Less accumulated depreciation and amortization (146,360 ) (134,295 ) Property and equipment, net $ 83,554 $ 63,881 Property and equipment includes machinery and equipment assets under capital leases totaling $8,376 at December 31, 2015 and 2014 . Accumulated depreciation for these assets totaled $5,756 and $4,708 at December 31, 2015 and 2014 , respectively. Accrued expenses. Accrued expenses consist of the following: December 31, 2015 2014 Employee benefit plans $ 1,027 $ 973 Salaries and wages 6,790 4,633 Restructuring and severance charges (Note 9) 517 208 Property taxes 784 764 Other accrued expenses 1,282 1,432 Total $ 10,400 $ 8,010 |
Equity Method Investments
Equity Method Investments | 12 Months Ended |
Dec. 31, 2015 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Equity Method Investments | NOTE 3: EQUITY METHOD INVESTMENTS As of December 31, 2015 , 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 produced 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 . The Limited Liability Company Agreement grants the right to either member to elect (the "Electing Member") to shut down the Pekin facility ("Shutdown Election") if ICP operates at an EBITDA (as defined in the agreement) loss greater than or equal to $500 in any quarter, subject to the right of the other member (the "Objecting Member") to override that election. If the Objecting Member overrides the election, then EBITDA loss and EBITDA profit for each subsequent quarter are allocated 80 percent to the Objecting Member and 20 percent to the Electing Member until the end of the applicable quarter in which the Electing Member withdraws its Shutdown Election and thereafter allocations revert to a 70 percent / 30 percent split (subject to a catch-up allocation of 80 percent of EBITDA profits to the Objecting Member until it equals the amount of EBITDA loss allocated to such member on an 80 percent / 20 percent basis). ICP experienced an EBITDA loss in excess of $500 for the quarter ended March 31, 2013, which was one factor that prompted the Company to deliver notice of its Shutdown Election on April 18, 2013. However, the Company withdrew its Shutdown Election on March 31, 2014 (thereby causing the allocation of profits and losses to revert to 30 percent to the Company and 70 percent to ICP Holdings as of April 1, 2014) based partially on the strong financial results ICP generated during the period ended March 31, 2014. During 2014, management reassessed the most likely events that would result in a recovery of its investment in ICP and, as a result, the Company remeasured its cumulative equity in the undistributed earnings of ICP. The cumulative effect of this change in estimate resulted in a decrease in equity method investment earnings of ICP of $1,882 for the period beginning April 1, 2013 and ending March 31, 2014; a decrease in the earnings per share of $0.10 per share for the year to date period ended September 30, 2014; and a decrease in the related equity method investment in ICP at September 30, 2014, of $1,882 . On December 3, 2014, the ICP advisory board recommended payment of a cash dividend distribution to its members. The Company received its portion of the distribution, $4,835 , on December 4, 2014. The cash dividend distribution received was a return on investment and, therefore, reduced the Company's equity method investment in ICP on its consolidated balance sheets by $4,835 , and was a source of cash flow from operating activities of $4,835 . See Notes 14 and 18 for information regarding a cash dividend distribution received from ICP in 2016. On April 9, 2015, ICP obtained a $30,000 revolving credit facility with JPMorgan Chase Bank, N.A., which could be increased in the future by an additional $20,000 , subject to lender approval. The revolver matures on April 9, 2018. Simultaneous with the execution of the new revolving credit facility, ICP terminated its $15,000 amended and restated revolving credit facility with an affiliate of SEACOR, which would have matured January 31, 2016. The Company has no funding requirement to ICP. DMI Investment On December 29, 2014, the Company gave notice to DMI and to the Company's partner in DMI, Crespel and Dieters GmbH & Co. KG ("C&D"), to terminate the joint venture effective June 30, 2015. C&D also provided notice to terminate DMI effective June 30, 2015. On June 22, 2015, a termination agreement was executed by and between the Company, DMI, and C&D to dissolve DMI effective June 30, 2015. Additionally, on June 22, 2015 a termination agreement was executed by and between the Company and DMI to terminate their distribution agreement effective June 29, 2015. Under German law, commencing on June 30, 2015, normal operations for DMI ceased and a one-year winding down process began. Related Party Transactions See Note 14 for discussion of related party transactions. Realizability of investments No other than temporary impairments were recorded during 2015, 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 is shown below: Year Ended December 31, ICP’s Operating results: 2015 2014 2013 Net sales (a) $ 166,905 $ 236,486 $ 193,682 Cost of sales and expenses (b) (146,098 ) (196,551 ) (194,519 ) Net income (loss) $ 20,807 (c) $ 39,935 $ (837 ) (a) Includes related party sales to MGPI of $40,787 , $35,613 , and $7,736 for 2015, 2014 , and 2013, respectively. (b) Includes depreciation and amortization of $2,634 , $2,847 , and $4,523 for 2015, 2014 , and 2013, respectively. (c) Includes business interruption insurance proceeds of $4,112 for 2015. The Company’s equity method investment earnings (losses) are as follows: Year Ended December 31, 2015 2014 2013 ICP (30% interest) $ 6,242 $ 10,098 $ (251 ) DMI (50% interest) (140 ) 39 47 Total $ 6,102 $ 10,137 $ (204 ) The Company’s equity method investments are as follows: December 31, 2015 2014 ICP (30% interest) (a) $ 18,179 $ 11,924 DMI (50% interest) 384 449 Total $ 18,563 $ 12,373 (a) During 2014, the Company received a $4,835 cash distribution from ICP, which reduced the Company's investment in ICP. |
Corporate Borrowings and Capita
Corporate Borrowings and Capital Lease Obligations | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 2014 Credit Agreement - Revolver, 2.315% (variable rate) due 2020 $ 23,172 $ — Credit Agreement - Fixed Asset Sub-Line term loan, 2.693% (variable rate) due 2020 6,254 6,670 Secured Promissory Note, 3.71% (variable rate) due 2022 2,670 — Secured Promissory Note, 6.89% (variable rate), due 2016. 36 404 Capital Lease Obligation, 2.61%, due 2017 1,964 3,209 Unamortized loan fees (636 ) (384 ) Total 33,460 9,899 Less current maturities of long term debt (3,345 ) (2,613 ) Long-term debt $ 30,115 $ 7,286 The Company has a credit agreement with its bank group for $80,000 that expires in February 2020. The credit agreement includes a quantitative covenant that requires a Fixed Charge Coverage Ratio (as defined in the agreement) to not be less than 1.10 : 1.00 if excess availability is less than $10,000 . The Company was in compliance with these covenants at December 31, 2015. In April 2015, the FASB issued ASU No. 2015-03, Interest - Imputation of Interest (Subtopic 835-30) , which simplifies the presentation of debt issuance costs. ASU 2015-03 requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. ASU 2015-03 is effective for financial statements issued for fiscal years beginning after December 15, 2015 (and interim periods within those fiscal years) with retrospective application required (see Note 15). The Company's consolidated balance sheets have been retrospectively adjusted for the presentation of debt issuance costs as required by ASU 2015-03 for the year ended December 31, 2014. As of December 31, 2015 and December 31, 2014, the Company had $636 and $384 , respectively, of unamortized loan fees related to its debt that were reclassified as a direct deduction from the carrying amount of the related debt liability in the consolidated balance sheets for each of the years presented. Leases 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, 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, 2015 or 2014 . Below is a summary of the financial asset and liability that are offset as of December 31, 2015 and 2014 , respectively. (1) (2) (3) = (1) - (2) Gross Amounts of Recognized Assets (Liabilities) Gross Amounts offset in the Balance Sheet Net Amounts of Assets (Liabilities) presented in the Balance Sheet December 31, 2015: Investment in bonds $ 7,000 $ 7,000 $ 0 Capital lease obligation $ (7,000 ) $ (7,000 ) $ 0 December 31, 2014: 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 $2,283 , $2,241 and $2,844 for the years ended December 31, 2015 and 2014 , 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 December 31, Credit Agreement Long-Term Debt Minimum Lease Payments Less Interest Net Present Value Total Debt 2016 $ — $ 380 $ 1,988 $ 24 $ 1,964 $ 2,344 2017 — 357 — — — 357 2018 — 371 — — — 371 2019 — 385 — — — 385 2020 29,426 400 — — — 29,826 Thereafter — 813 — — — 813 Total $ 29,426 $ 2,706 $ 1,988 $ 24 $ 1,964 $ 34,096 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | NOTE 5: INCOME TAXES Income tax expense (benefit) from continuing operations is composed of the following: Year Ended December 31, 2015 2014 2013 Current: Federal $ 8,954 $ — $ (16 ) State 1,003 229 29 9,957 229 13 Deferred: Federal 3,174 5,010 (642 ) State (904 ) (2,974 ) (85 ) 2,270 2,036 (727 ) Total $ 12,227 $ 2,265 $ (714 ) Income tax expense (benefit) also included tax expense (benefit) allocated to comprehensive income (loss) for 2015, 2014, and 2013, of $83 , $(198) , and $136 , respectively (see the Consolidated Statements of Comprehensive Income (Loss)). A reconciliation of income tax expense (benefit) 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, 2015 2014 2013 "Expected" provision at federal statutory rate $ 13,446 $ 9,116 $ (2,282 ) State income taxes, net 1,714 709 (705 ) Change in valuation allowance (2,385 ) (7,618 ) 2,222 Domestic production activity deduction (1,002 ) — — Other 454 58 51 Income tax expense (benefit) $ 12,227 $ 2,265 $ (714 ) Effective tax rate 31.8 % 8.7 % 10.9 % The tax effects of temporary differences giving rise to deferred income taxes shown on the consolidated balance sheets are as follows: December 31, 2015 2014 Deferred income tax assets: Post-retirement liability $ 1,848 $ 1,968 Deferred income 1,343 1,637 Stock based compensation 2,247 2,108 Federal operating loss carryforwards — 5,029 Capital loss carryforward 1,444 1,311 State tax credits 2,653 2,423 State operating loss carryforwards 2,216 4,574 Inventories 1,684 514 Other 2,224 2,891 Gross deferred income tax assets $ 15,659 $ 22,455 Less: valuation allowance (1,444 ) (3,829 ) Net deferred income tax assets 14,215 18,626 Deferred income tax liabilities: Fixed assets (16,050 ) (18,823 ) Other (922 ) (1,176 ) Gross deferred income tax liabilities (16,972 ) (19,999 ) Net deferred income tax liability $ (2,757 ) $ (1,373 ) A schedule of the change in valuation allowance is as follows: Valuation allowance Balance at December 31, 2013 $ 11,275 Reductions 7,446 Balance at December 31, 2014 $ 3,829 Reductions 2,385 Balance at December 31, 2015 $ 1,444 During 2015 and 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 was in a positive cumulative earnings position for the three year periods ended December 31, 2015 and 2014. The Company recorded a net tax benefit of $2,385 and $7,618 in 2015 and 2014, respectively, due to the release of a portion of its valuation allowance. The remaining valuation allowance as of December 31, 2015, is associated with capital loss carryforwards. The Company determined that utilization of this tax attribute was not more likely than not as of December 31, 2015 . In November 2015, the FASB issued ASU 2015-17, Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes. The ASU is effective for public business entities for interim and annual periods in fiscal years beginning after December 15, 2016, however early adoption is permitted. The Company elected to early adopt the ASU on a prospective basis. As a result, the balance sheet classification for 2014 was not adjusted to be consistent with the year end 2015 reporting. The intent of the new standard was to simplify reporting of deferred taxes. As such, the standard allows netting of current and non-current deferred taxes within a reporting jurisdiction and the resulting deferred tax assets and liabilities are presented as non-current in the Company’s Consolidated Balance Sheets at December 31, 2015. As of December 31, 2015 , the Company had approximately $45,900 in gross state net operating loss carryforwards. As of December 31, 2014, the Company had approximately $14,367 and $79,666 of federal and state net operating loss carryforwards, respectively. Due to varying state carryforward periods, the state net operating losses and credit carryforwards will expire between calendar years 2016 and 2035. The Company has a federal capital loss carryforward of $3,658 as of December 31, 2015 , which will expire if not used in varying periods between 2016 and 2020. The Company treats accrued interest and penalties related to tax liabilities, if any, as a component of income tax expense. During 2015, 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 2015, 2014 , and 2013: Years Ended December 31, 2015 2014 2013 Beginning of year balance $ 613 $ 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 $ 613 $ 566 For each period presented, substantially all of the amount of unrecognized benefits (excluding interest and penalties) would impact the effective tax rate, if recognized. The Company reasonably expects that the amount of unrecognized tax benefit will decrease by approximately $580 in the next 12 months. The Company’s federal and state income tax returns for calendar year 2012 and forward are open to examination, with the exception of certain net operating losses and credit carryforwards originating in years prior to 2012 that remain subject to adjustment. |
Equity and Earnings (Loss) per
Equity and Earnings (Loss) per Share | 12 Months Ended |
Dec. 31, 2015 | |
Equity [Abstract] | |
Equity and Earnings (Loss) per Share | NOTE 6: EQUITY AND EARNINGS (LOSS) PER SHARE Dividends and Dividend Equivalents On March 12, 2015, the Board of Directors announced a dividend payable to stockholders of record as of March 26, 2015, of the Company's common stock, no par value ("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 total payment of $1,087 , comprised of dividend payments of $1,061 and dividend equivalent payments of $26 was paid on April 21, 2015. 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 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 for a dividend declaration made in 2016. Capital Stock Common Stockholders are entitled to elect four of the nine members of the Board of Directors, while Preferred Stockholders are entitled to elect the remaining five members. All directors are elected annually for a one year term. Any vacancies on the Board are to be filled only by the stockholders and not by the Board. Stockholders holding 10 percent or more of the outstanding Common or Preferred Stock have the right to call a special meeting of stockholders. Common Stockholders are not entitled to vote with respect to a merger, dissolution, lease, exchange or sale of substantially all of the Company’s assets, or on an amendment to the Articles of Incorporation, unless such action would increase or decrease the authorized shares or par value of the Common or Preferred Stock, or change the powers, preferences or special rights of the Common or Preferred Stock so as to affect the Common Stockholders adversely. Generally, Common Stockholders and Preferred Stockholders vote as separate classes on all other matters requiring shareholder approval. On January 3, 2012, the Company reorganized into a holding company structure. In connection with this transaction, the new holding company was similarly structured in terms of number of shares of Common Stock and Preferred Stock, the articles of incorporation and officer and directors . The Reorganization did not change the designations, rights, powers or preferences relative rights to holders of our Preferred or Common Stock as described above. Further, in connection with the Reorganization, the Company’s treasury shares were canceled, which also reduced the number of issued shares. The Company had historically used this treasury stock for issuance of Common Stock under the Company’s 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, 2015, reserved authorized shares remaining for issuance of Common Stock were 337,500 employee unvested RSUs under the Stock Incentive Plan of 2004 (the "2004 Plan") (see Note 8). On September 1, 2015, our Board of Directors authorized the purchase of 950,000 shares of common stock for $14,488 in a privately-negotiated transaction with F2 SEA, Inc., an affiliate of SEACOR Holdings, Inc. pursuant to a Stock Repurchase Agreement. SEACOR Holdings, Inc. is the 70 percent owner of ICP, the Company's 30 percent equity method investment. Earnings (Loss) Per Share The computations of basic and diluted earnings (loss) per share from continuing operations are as follows: Year Ended December 31, 2015 2014 2013 Continuing Operations: Net operating income (loss) (a) $ 26,191 $ 23,675 $ (5,807 ) Less: Amounts allocated to participating securities (non-vested shares and units) (b) 873 832 — Net operating income (loss) attributable to common shareholders $ 25,318 $ 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) $ 25,318 $ 22,843 $ (4,929 ) Share information: Basic weighted average common shares (d) 17,123,556 17,305,866 17,069,455 Incremental shares from potential dilutive securities (e) — — — Diluted weighted average common shares 17,123,556 17,305,866 17,069,455 Basic earnings (loss) per share (f) Income (loss) from continuing operations (g) $ 1.48 $ 1.32 $ (0.34 ) Income from discontinued operations (h) — — 0.05 Net income (loss) $ 1.48 $ 1.32 $ (0.29 ) Diluted earnings (loss) per share (f) Income (loss) from continuing operations (g) $ 1.48 $ 1.32 $ (0.34 ) Income from discontinued operations (h) — — 0.05 Net income (loss) $ 1.48 $ 1.32 $ (0.29 ) (a) Net operating income (loss) attributable to all shareholders. (b) Participating securities include 128,500 , 278,900 , and 569,296 nonvested restricted stock for the years ended December 31, 2015 , 2014 , and 2013, as well as 437,946 , 413,288 , and 371,502 RSUs for the years ended December 31, 2015 , 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 128,500 , 278,900 , and 569,296 for 2015, 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, 2015 and 2014 , the Company had 0 and 4,000 stock options outstanding, respectively, and 0 shares were potentially dilutive at December 31, 2015 and 4,000 shares were potentially dilutive at December 31, 2014. The 4,000 potentially dilutive shares at December 31, 2014 resulted in no incremental shares for the year ended December 31, 2014. (f) Basic and diluted weighted average common shares for 2015 were affected by the September 1, 2015, purchase of 950,000 shares of common stock in a privately-negotiated transaction with F2 SEA, Inc., an affiliate of SEACOR Holdings, Inc. pursuant to a Stock Repurchase Agreement. SEACOR Holdings, Inc. is the 70 percent owner of ICP, the Company's 30 percent equity method investment. (g) Income (loss) from continuing operations based on net income (loss) attributable to common shareholders. (h) 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 (loss) 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 ) Other comprehensive income (loss) before reclassifications (355 ) 47 (10 ) (318 ) Amounts reclassified from accumulated other comprehensive income 599 (101 ) 52 550 Net 2015 other comprehensive income (loss) 244 (54 ) 42 232 Balance, December 31, 2015 $ — $ (510 ) $ 10 $ (500 ) 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 $ 25 (a) Settlement loss 414 (a) 439 Total before tax 160 Tax expense $ 599 Net of tax Post Employment Benefit Items: Amortization of prior service cost $ (338 ) (a) Recognized net actuarial loss 278 (a) (60 ) Total before tax (41 ) Tax benefit $ (101 ) Net of tax Equity Method Investment Adjustment: Foreign currency loss $ 88 (36 ) Tax benefit $ 52 Net of tax Reclassifications for 2015 $ 550 Net of tax (a) These accumulated other comprehensive income components are included in the computation of net period pension cost. See Note 8 for additional details. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | NOTE 7: COMMITMENTS AND CONTINGENCIES Commitments The following table provides information on all amounts and payments of the Company's contractual obligations/commitments at December 31, 2015: Payments due by period Total Less than 1 year 1-3 years 4-5 years More than 5 years Long term debt (a) $ 2,706 $ 380 $ 728 $ 785 $ 813 Interest on Long term debt (a) 367 95 149 92 31 Post-employment benefit plan obligations (b) 4,516 545 1,070 1,054 1,847 Capital leases (a) 1,988 1,988 — — — Operating leases 11,016 3,972 3,704 1,952 1,388 Purchase 79,427 75,783 3,474 151 19 Total $ 100,020 $ 82,763 $ 9,125 $ 4,034 $ 4,098 (a) See Note 4 . (b) See Note 8. The Company's future operating lease commitments at December 31, 2015 are as follows: Years ending December 31, 2016 $ 3,972 2017 2,464 2018 1,240 2019 1,003 2020 949 Thereafter 1,388 Total $ 11,016 Contingencies There are various legal and regulatory proceedings involving the Company and its subsidiaries. The company accrues estimated costs for a contingency when management believes that a loss is probable and can be reasonably estimated. The Alcohol and Tobacco Tax Trade Bureau ("TTB") performed a federal excise tax audit of the Company’s subsidiaries, MGPI of Indiana, LLC and MGPI Processing, Inc., for the periods January 1, 2012 through July 31, 2015 and January 1, 2013 through July 31, 2015, respectively. The Company is in the process of addressing the preliminary findings of the TTB audit regarding clerical errors and support for storage losses. The Company is unable to determine the probability that additional excise tax and penalties will be owed and cannot reasonably estimate the amount thereof. However, the Company believes it is probable that a penalty may be imposed by the TTB as a result of certain TTB audit findings but it is unable to reasonably estimate the amount thereof. Management expects that the aggregate liabilities, if any, arising from such legal and regulatory proceedings, including the TTB audit, would not have a material adverse effect on the consolidated financial position or results of operations of the Company. |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |
Employee Benefit Plans | NOTE 8: EMPLOYEE BENEFIT PLANS 401(k) Plans. The Company has established 401(k) plans covering all employees after certain eligibility requirements are met. Amounts charged to operations for employer contributions related to the plans totaled $1,032 , $1,029 , and $1,004 for 2015, 2014 , and 2013, respectively. Pension Benefits. The Company and its subsidiaries provided defined retirement benefits to certain employees covered under collective bargaining agreements. Under the collective bargaining agreements, the Company’s pension funding contributions were determined as a percentage of wages paid. The funding was divided between the defined benefit plans and a union 401(k) plan. It was management’s policy to fund the defined benefit plans in accordance with the collective bargaining agreements. The collective bargaining agreements allowed the plans’ trustees to develop changes to the pension plans to allow benefits to match funding, including reductions in benefits. The benefits under these pension plans were based upon years of qualified credited service; however, benefit accruals under the defined benefit plans were frozen in 2009. In April 2015, the Company received approval from the Pension Benefit Guaranty Corporation to terminate the pension plans for employees covered under collective bargaining agreements. The funding by the Company to terminate the plans was $741 and was recognized when the pension plan settlement was fully executed, in the quarter ended June 30, 2015 . 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 stated that it would continue to use the 2000 tables through calendar 2015. Because the pension benefit plan was in process of termination, the actuarial valuation of the pension benefit plan considered that all remaining assets of the plan were 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, 2015 the plan covered 211 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 ( 29 employees) is age 62 and five years of service. The Company pays claims and premiums as they are submitted. The Company provides varied levels of benefits to participants depending upon the date of retirement and the location in which the employee worked. An older group of grandfathered retirees receives lifetime health care coverage. All other retirees receive coverage to age 65 through continuation of the Company group medical plan and a lump sum advance premium to the MediGap carrier of the retiree’s choice. Life insurance is available over the lifetime of the retiree in all cases. The Society of Actuaries released its final reports of the pension plan RP-2014 Mortality Tables and the Mortality Improvement Scale MP-2014 on October 27, 2014. The impact of this change in assumed mortality on post-employment benefits liability was included in the Company's post-employment plan valuation for the year ended December 31, 2014. On October 8, 2015, The Society of Actuaries released an updated mortality improvement scale for pension plans that incorporates two additional years of Social Security mortality data that have been recently released. The updated scale - MP-2015 - reflects a trend toward somewhat smaller improvements in longevity. The impact of this change in assumed mortality on post-employment benefits liability was included in the Company's post-employment plan valuation for the year ended December 31, 2015. The Company’s measurement date is December 31. The Company expects to contribute approximately $545 , net of $22 of Medicare Part D subsidy receipts, to the plan in 2016. The status of the Company’s plans at December 31, 2015 , 2014 , and 2013 was as follows: Pension Benefit Plans Post-Employment Benefit Plan December 31, December 31, 2015 2014 2013 2015 2014 2013 Change in benefit obligation: Beginning of year $ 2,016 $ 2,190 $ 2,690 $ 4,926 $ 4,827 $ 5,700 Service cost — — — 51 72 127 Interest cost 36 87 83 141 149 165 Actuarial loss (gain) (9 ) 35 (241 ) 45 1,632 (558 ) Negative plan amendment benefit — — — — (1,183 ) — Benefits paid (2,043 ) (296 ) (342 ) (482 ) (571 ) (607 ) Benefit obligation at end of year $ — $ 2,016 $ 2,190 $ 4,681 $ 4,926 $ 4,827 The following table shows the change in plan assets: Pension Benefit Plans December 31, 2015 2014 Fair value of plan assets at beginning of year $ 1,300 $ 1,550 Actual return on plan assets 2 46 Employer contributions 741 — Benefits paid (2,043 ) (296 ) Fair value of plan assets at end of year $ — $ 1,300 Assumptions used to determine accumulated benefit obligations as of the year-end were: Pension Benefit Plans Post-Employment Benefit Plan Year Ended December 31, Year Ended December 31, 2015 2014 2015 2014 Discount rate 3.65% 3.58% 3.20% 2.99% Measurement date December 31, 2015 (a) December 31, December 31, December 31, (a) The measurement date was June 30, 2015 for termination liabilities in 2015. Assumptions used to determine net benefit cost for 2015, 2014 , and 2013 were: Pension Benefit Plans Post-Employment Benefit Plan Year Ended December 31, Year Ended December 31, 2015 2014 2013 2015 2014 2013 Expected return on Assets 7.00 % 7.00 % 7.00 % — — — Discount rate 3.58 % 4.11 % 3.19 % 2.99 % 3.95 / 3.39% (a) 2.98 % Average compensation increase n/a n/a 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, 2015 2014 2013 2015 2014 2013 Service cost $ — $ — $ — $ 51 $ 72 $ 127 Interest cost 36 87 83 141 149 165 Expected return on assets (45 ) (104 ) (114 ) — — — Amortization of prior service cost — — — (338 ) (369 ) (647 ) Recognized net actuarial loss 25 21 66 278 18 28 Settlement losses 414 50 52 — — — Net benefit cost $ 430 $ 54 $ 87 $ 132 $ (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, 2015 2014 2013 2015 2014 2013 Net actuarial (loss) gain $ (35 ) $ (92 ) $ 298 $ (35 ) $ (1,632 ) $ 558 Settlement losses 414 50 52 — — — Plan amendment and curtailment — — — — 1,183 — Recognized net actuarial loss 25 20 66 278 18 28 Amortization of prior service cost — — — (338 ) (369 ) (647 ) Recognition of prior service cost due to curtailments — — — — (52 ) — Total other comprehensive income (loss), pre-tax 404 (22 ) 416 (95 ) (852 ) (61 ) Income tax expense (benefit) 160 (155 ) 166 (41 ) (6 ) (22 ) Total other comprehensive income (loss), net of tax $ 244 $ 133 $ 250 $ (54 ) $ (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, 2015 2014 2015 2014 Accrued expenses $ — $ — $ (545 ) $ (506 ) Other non-current liabilities — (716 ) — — Accrued retirement benefits — — (4,136 ) (4,420 ) Net amount recognized $ — $ (716 ) $ (4,681 ) $ (4,926 ) The estimated amount that will be recognized from accumulated other comprehensive income (loss) into net periodic benefit cost during the year ended December 31, 2016 is as follows: Pension Benefit Plans Post-Employment Benefit Plan Actuarial net loss $ — $ (269 ) Net prior service credits — 338 Net amount recognized $ — $ 69 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, 2015 2014 Group Plan Lifetime Prescription Cost Medicare Supplement Pre-Medicare Post-Medicare Health care cost trend rate 7.50 % 9.00 % 5.00 % 8.00 % 7.00 % Ultimate trend rate 5.00 % 5.00 % 5.00 % 5.00 % 5.00 % Year rate reaches ultimate trend rate 2024 2025 2017 2028 2024 A one percentage point increase (decrease) in the assumed health care cost trend rate would have increased (decreased) the accumulated benefit obligation by $159 ($149) at December 31, 2015 , and the service and interest cost would have increased (decreased) by $200 ($185) for the year ended December 31, 2015 . As of December 31, 2015 , 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 Payments (a) Expected Benefit Payments Expected Subsidy Receipts 2016 $ — $ 567 $ 22 2017 — 561 21 2018 — 549 19 2019 — 561 18 2020 — 528 17 2021-2025 — 1,908 61 Total $ — $ 4,674 $ 158 (a) This expected pay-out schedule considers 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, Asset Category 2015 (a) 2014 Cash and cash equivalents — % 58 % Equity Securities — 26 Debt Securities — 12 Other — 4 Total — % 100 % (a) This weighted average asset allocation by asset category schedule considers the termination of the pension benefit plan during 2015. Prior to the pension benefit plan's termination during 2015, the Company’s investment strategy was based on an expectation that equity securities would outperform debt securities over the long term. Accordingly, the composition of the Company’s plan assets was broadly characterized as a 60 percent / 30 percent / 10 percent allocation between equity, debt and other securities. The strategy utilized a diversified equity approach using multiple asset classes. The fixed income portion was actively managed investment grade debt securities (which consisted of 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 was no greater than 10 percent of the total debt portfolio. The portfolio could also utilize alternative assets to mitigate risk in the portfolio. The Company further mitigated investment risk by rebalancing between equity and debt classes to maintain allocation parameters to be within approximately +/ -10 percent of established targets. This was 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. At December 31, 2015, the Company had no pension benefit plan asset investments due to the termination of the pension benefit plan during the year. The following table sets forth the Company’s pension benefit plan assets as of December 31, 2014, by level within the fair value hierarchy. There is no table provided as of December 31, 2015, due to the termination of the pension benefit plan during 2015. 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 International equity securities — — — — Fixed income securities: Investment grade domestic bonds 162 — — 162 Other 53 — — 53 Total $ 1,300 $ — $ — $ 1,300 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, 2015 , the Company was authorized to issue 40,000,000 shares of Common Stock and had a treasury share balance of 1,434,389 at December 31, 2015 . 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 128,500 nonvested outstanding awards at December 31, 2015 . The Directors' Plan replaced the Directors' Option Plan and the Directors' Stock Plan, and the Directors' Option Plan had a remaining balance of zero unexercised awards at December 31, 2015 . 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 Statements of Operations for 2015, 2014 , and 2013 reflect total share-based compensation costs and director fees for awarded grants of $1,373 , $931 , and $932 , respectively, related to these plans. For long-term incentive awards to be granted in the form of RSUs in 2016 based on 2015 results, the Human Resources and Compensation Committee ("HRCC") determined that the grants would have performance conditions that would be based on the same performance metrics as the Short-Term Incentive Plan (the "STI Plan"). The performance metrics are operating income, barreled distillate put away, and ICP equity. Because management determined at the beginning of 2015 that the performance metrics would most likely be met or exceeded, amortization of the estimated dollar pool of RSUs to be awarded based on 2015 results was started in the first quarter over an estimated 48 -month period, including 12 months to the grant date and an additional 36 months to the vesting date. Prior to these awards, all long-term incentive grants were based on service conditions only, so amortization of the expense did not begin until the grants were awarded. The Consolidated Statements of Operations for 2015, 2014, and 2013 reflects share-based compensation costs for grants to be awarded of $482 , $0 , and $0 , respectively. At the Company's annual meeting in May 2014, shareholders also approved a new Employee Stock Purchase Plan (the "ESPP Plan") with 300,000 shares registered for employee purchase. The replacement of the current ESPP plan by the ESPP Plan approved in May 2014 is being evaluated by the Company. On May 28, 2015, the Company terminated the employment of its Chief Financial Officer ("CFO"). Pursuant to the Separation Agreement and Release between the Company and its former CFO, consideration upon termination included the vesting at May 28, 2015, of 13,585 shares of Restricted Stock originally granted on August 26, 2010, at a cost of $231 , which is reflected in Selling, general and administrative expenses on the Condensed Consolidated Statements of Comprehensive Income and Treasury stock, at cost on the Condensed Consolidated Balance Sheets. Additional consideration upon termination included severance costs detailed in Note 9. Randall M. Schrick, the Company's Vice President of Production and Engineering, retired effective December 31, 2015. Mr. Schrick is providing consulting services to the Company, as needed, under the terms of a consulting agreement entered into with the Company on June 23, 2015, and amended on September 1, 2015 (the "Consulting Agreement"). The initial term of the Consulting Agreement is January 1, 2016, to December 31, 2018, and, under the Consulting Agreement, Mr. Schrick will provide consulting with respect to such business matters as he previously provided services as an employee. During the term of the Consulting Agreement and for an 18 -month period thereafter, Mr. Schrick will be subject to customary noncompetition, customer and supplier nonsolicitation and employee nonsolicitation restrictions. In recognition of Mr. Schrick's service, the Company elected to continue the vesting of his shares of Restricted Stock and RSUs on their original vesting schedules, which extend beyond Mr. Schrick's intended retirement date. The Company determined that Mr. Schrick's retirement announcement resulted in a modification of his unvested equity awards. Accordingly, the recognition of the remaining associated compensation expense of $195 was accelerated and fully recognized over the period beginning with the measurement date of the modification, June 23, 2015, through December 31, 2015, Mr. Schrick's retirement date. Associated compensation expense is reflected in Selling, general and administrative expenses on the Condensed Consolidated Statements of Comprehensive Income. Mr. Schrick's unvested awards on the modification date were 16,500 shares of Restricted Stock and 29,941 RSUs. 2014 Plan The 2014 Plan, with 1,500,000 shares registered for future grants, provides that vesting occurs pursuant to the time period specified in the particular award agreement approved for that issuance of RSUs, which is to be not less than three years unless vesting is accelerated due to the occurrence of certain events. As of December 31, 2015 , 100,446 RSUs had been granted of the 1,500,000 shares approved for under the 2014 Plan. Directors' Plan The Director's Plan, with 300,000 shares registered for future grants, provides that vesting occurs pursuant to the time period specified in the particular award agreement approved for that issuance of equity. As of December 31, 2015 , 36,189 shares were granted of the 300,000 shares approved for grants under the Directors' Plan and all 36,189 shares were vested. 2004 Plan Under the 2004 Plan, as amended, the Company granted incentives (including stock options and restricted stock awards) for up to 2,680,000 shares of the Company’s Common Stock to salaried, full time employees, including executive officers. The term of each award generally was determined by the committee of the Board of Directors charged with administering the 2004 Plan. Under the terms of the 2004 Plan, any options granted were non-qualified stock options, exercisable within ten years and had an exercise price of not less than the fair value of the Company’s Common Stock on the date of the grant. As of December 31, 2015 , no stock options and 128,500 unvested restricted stock shares (net of forfeitures) remained outstanding under the 2004 Plan. As of December 31, 2015 , no future grants can be made under the 2004 Plan. In connection with the Reorganization, the 2004 Plan was amended to provide for grants in the form of RSUs. The awards entitle participants to receive shares of stock following the end of a five -year vesting period. Full or pro-rata accelerated vesting generally might occur upon a "change in the ownership" of the Company or the subsidiary for which a participant performed services, a "change in effective control" of the Company or a "change in the ownership of a substantial portion of the assets" of the Company (in each case, generally as defined in the Treasury regulations under Section 409A of the Internal Revenue Code), or if employment of a participant is terminated as a result of death, disability, retirement or termination without cause. Participants have no voting of dividend rights under the awards that were granted; however, the awards provide for payment of dividend equivalents when dividends are paid to stockholders. As of December 31, 2015 , 337,500 unvested RSUs remained under the 2004 Plan. As of December 31, 2015 , 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 184 th 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, 2015 , no stock options were available for future grants under the Directors' Option Plan. At December 31, 2015 , no 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 HRCC could allow accelerated vesting in the event of specified terminations. In connection with the Reorganization, the Directors’ Stock Plan was amended to provide for grants in the form of RSUs instead of restricted stock. The awards entitled participants to receive shares of stock following the end of a 3 -year vesting period. Participants had no voting or dividend rights under the awards that were granted; however, the awards provided for payment of dividend equivalents when dividends were paid to stockholders. By approval of the Company's Board of Directors on December 16, 2014, the vesting of all unvested RSUs was accelerated and occurred on that date. As of December 31, 2015 , 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 for 2015, 2014 , and 2013 is presented below: Year Ended December 31, 2015 2014 2013 Shares Weighted Shares Weighted Shares Weighted Outstanding at beginning of year 4,000 $ 10.45 10,000 $ 9.91 20,000 $ 9.30 Granted — — — — — — Canceled/Forfeited — — — — (10,000 ) 8.69 Exercised 4,000 17.09 6,000 9.54 Outstanding at end of year — $ — 4,000 $ 10.45 10,000 $ 9.91 At December 31, 2015 , the aggregate intrinsic value of stock options outstanding and exercisable was zero since there were no remaining stock options outstanding. Restricted Stock. A summary of the status of restricted stock awarded under the Company’s equity-based compensation plans for 2015, 2014 , and 2013 is presented below: Year Ended December 31, 2015 2014 2013 Weighted Shares Weighted Average Grant-Date Fair Value Shares Weighted Average Grant-Date Fair Value Non vested balance at beginning of year 278,900 $ 6.28 569,296 $ 5.26 933,887 $ 6.22 Granted 13,585 17.02 58,669 4.42 60,805 4.88 Forfeited (30,800 ) 6.27 (206,282 ) 4.59 (181,687 ) 5.11 Vested (133,185 ) 7.80 (142,783 ) 3.87 (243,709 ) 8.95 Non vested balance at end of year 128,500 $ 5.85 278,900 $ 6.28 569,296 $ 5.26 During 2015, 2014 , and 2013, the total fair value of restricted stock awards vested was $1,038 , $552 , and $2,182 , respectively. As of December 31, 2015 there was $87 of total unrecognized compensation costs related to stock awards. These costs are expected to be recognized over a weighted average period of approximately 0.7 years . Restricted Stock Units. A summary of the status of RSUs awarded under the Company’s equity-based compensation plans for 2015, 2014 , and 2013 is presented below: Year Ended December 31, 2015 2014 2013 Units Weighted Average Units Weighted Average Units Weighted Average Non vested balance at beginning of year 413,288 $ 5.09 371,502 $ 4.34 423,264 $ 4.29 Granted 89,702 16.63 247,463 5.83 33,822 5.13 Forfeited (54,506 ) 6.15 (135,104 ) 4.60 (71,223 ) 4.31 Vested (10,538 ) 14.88 (70,573 ) 3.22 (14,361 ) 5.07 Non vested balance at end of year 437,946 $ 7.09 413,288 $ 5.09 371,502 $ 4.34 During 2015, 2014 , and 2013 the total fair value of RSU awards vested was $157 and $227 , and $72 , respectively. As of December 31, 2015 there was $1,258 of total estimated unrecognized compensation costs related to RSU awards. These costs are expected to be recognized over a weighted average period of approximately 2.2 years . Annual Cash Incentive Plan . Effective January 1, 2014, the Company adopted a new STI Plan to replace its 2012 Cash Incentive Program. The STI Plan is designed to motivate and retain the Company's officers and employees and tie short-term incentive compensation to achievement of certain profitability goals by the Company. Pursuant to the STI Plan, short-term incentive compensation is dependent on the achievement of certain performance metrics by the Company, established by the Board of Directors. Each performance metric is calculated in accordance with the rules approved by the HRCC, which may adjust the results to eliminate unusual items. For 2015 the performance metrics were operating income, barreled distillate put away, and ICP equity. For 2014 the performance metrics were operating income, EBITDA, and cash earnings per share. Operating income for the performance metric was defined as reported GAAP operating income adjusted for certain discretionary items as determined by the Company's management ("adjusted operating income"). For 2014, adjusted operating income was determined to be operating income less insurance recoveries for property damage, net of the book value of property loss, received during the year. EBITDA and cash earnings per share were detailed in the Company's Proxy Statement for the 2015 annual meeting of shareholders. The HRCC determines the officers and employees eligible to participate under the STI Plan for the plan year as well as the target annual incentive compensation for each participant for each plan year. Amounts expensed under the STI Plan totaled $4,964 , $3,166 , and $3,111 for 2015, 2014 , and 2013, respectively. |
Restructuring and Severance Cos
Restructuring and Severance Costs | 12 Months Ended |
Dec. 31, 2015 | |
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 agreement, pursuant to which the Company terminated the employment of its then-Chief Executive Officer and President ("CEO"). In connection with the settlement agreement, the Company agreed to pay severance and transition services costs, exclusive of out-of-pocket expenses, totaling $915 . All such costs were expensed during 2013 and paid in 2014. Certain other members of management were terminated in 2014 whose severance is included in the Provision for additional expense and Payments and adjustments detailed in the following table for 2014. On May 28, 2015, the Company terminated the employment of its CFO. Pursuant to the Separation Agreement and Release between the Company and its former CFO, related termination costs to the Company totaled $941 , including the $231 pro-rata grant of Restricted Stock discussed in Note 8 . The net termination costs of $710 is included in the provision for additional expense and $426 is included in payments and adjustments in the following table for 2015. Activity related to restructuring and all severance costs is detailed below. Year Ended December 31, 2015 2014 2013 Balance at beginning of year $ 208 $ 1,277 $ 484 Provision for additional expense (a) 1,004 406 1,525 Payments and adjustments (695 ) (1,475 ) (732 ) Balance at end of year $ 517 $ 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, 2015 | |
Risks and Uncertainties [Abstract] | |
Concentrations | NOTE 10: CONCENTRATIONS Significant customers . For 2015, 2014, and 2013, the Company had no sales to an individual customer that accounted for more than 10 percent of consolidated net sales. During the years 2015, 2014, and 2013, the Company’s ten largest customers accounted for approximately 42 percent , 46 percent , and 44 percent of consolidated net sales, respectively. Significant suppliers. For 2015, the Company had purchases from two grain suppliers that approximated 31 percent of consolidated purchases. In addition, the Company’s 10 largest suppliers accounted for approximately 75 percent of consolidated purchases. For 2014, the Company had purchases from one grain supplier that approximated 35 percent of consolidated purchases. In addition, the Company’s 10 largest suppliers accounted for approximately 70 percent of consolidated purchases. For 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, 2015 , the Company had 293 employees. A collective bargaining agreement covering 102 employees at the Atchison facility expires August 31, 2019. Another collective bargaining agreement covering 56 employees at the Lawrenceburg facility expires on December 31, 2017. As of December 31, 2014, the Company had 268 employees, 143 of whom were covered by collective bargaining agreements with two labor unions. As of December 31, 2013, the Company had 268 employees, 145 of whom were covered by collective bargaining agreements with two labor unions. |
Operating Segments
Operating Segments | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
Operating Segments | NOTE 11: OPERATING SEGMENTS The Company’s operations were historically classified into three reportable segments: distillery products, ingredient solutions, and other. On February 8, 2013, the Company sold all of the assets included in its other segment, which was its bioplastics manufacturing business, including all of the assets at its bioplastics manufacturing facility in Onaga, Kansas and certain assets of its extruder bio-resin laboratory located in Atchison, Kansas. The sale price was $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 is not presented as discontinued operations due to the immateriality relative to the consolidated financial statements as a whole. At December 31, 2014 and 2015, the Company had two segments: distillery products and ingredient solutions. The distillery products segment consists of food grade alcohol and distillery co-products, such as distillers feed (commonly called dried distillers grain in the industry), fuel grade alcohol, and corn oil. The distillery products segment also includes warehouse services, including barrel put away, barrel storage, and barrel retrieval services. Ingredient solutions consists of specialty starches and proteins, commodity starches and commodity proteins. Operating profit (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, 2015 2014 2013 Net sales to customers: Distillery products $ 270,225 $ 256,561 $ 264,098 Ingredient solutions 57,379 56,842 58,967 Other (a) — — 199 Total $ 327,604 $ 313,403 $ 323,264 Gross profit: Distillery products 50,662 $ 22,332 $ 14,309 Ingredient solutions 7,871 6,099 6,986 Other (a) — — (56 ) Total $ 58,533 $ 28,431 $ 21,239 Depreciation and amortization: Distillery products $ 8,900 $ 8,510 $ 8,209 Ingredient solutions 2,111 2,316 2,322 Other (a) — — 21 Corporate 1,371 1,499 1,457 Total $ 12,382 $ 12,325 $ 12,009 Income (loss) from continuing operations before income taxes: Distillery products $ 49,097 $ 28,701 $ 11,987 Ingredient solutions 5,636 3,939 4,503 Other (a) — — (90 ) Corporate (16,315 ) (6,700 ) (22,921 ) Total $ 38,418 $ 25,940 $ (6,521 ) (a) Assets from this segment were sold February 8, 2013 as previously described. December 31, 2015 2014 Identifiable Assets Distillery products $ 131,963 $ 98,791 Ingredient solutions 24,023 23,324 Corporate 38,324 38,100 Total $ 194,310 $ 160,215 Revenue from foreign sources totaled $18,772 , $16,306 and $12,665 , for 2015, 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 Informat
Supplemental Cash Flow Information | 12 Months Ended |
Dec. 31, 2015 | |
Supplemental Cash Flow Information [Abstract] | |
Supplemental Cash Flow Information | NOTE 12: SUPPLEMENTAL CASH FLOW INFORMATION Year Ended December 31, 2015 2014 2013 Non-cash investing and financing activities: Purchase of property and equipment in accounts payable $ 1,784 $ 574 $ 1,675 Additional cash payment information: Interest paid 818 903 1,286 Income tax paid 9,393 146 254 |
Derivative Instruments
Derivative Instruments | 12 Months Ended |
Dec. 31, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments | NOTE 13: DERIVATIVE INSTRUMENTS Certain commodities the Company uses in its production process are exposed to market price risk due to volatility in the prices for those commodities. The Company's grain supply contract for its Lawrenceburg and Atchison facilities permits the Company to purchase grain for delivery up to 12 months into the future at negotiated prices. The pricing for these contracts is based on a formula using several factors. The Company has determined that the firm commitments to purchase grain under the terms of these contracts meet the normal purchases and sales exception as defined under ASC 815, Derivatives and Hedging , and has excluded the fair value of these commitments from recognition within its consolidated financial statements until the actual contracts are physically settled. The Company’s production process also involves the use of wheat flour and natural gas. The contracts for wheat flour and natural gas range from monthly contracts to multi-year supply arrangements; however, because the quantities involved have always been for amounts to be consumed within the normal expected production process, the Company has determined that these contracts meet the criteria for the normal purchases and sales exception and have excluded the fair value of these commitments from recognition within its consolidated financial statements until the actual contracts are physically settled. See Note 7 for a discussion of the Company’s direct material purchase commitments. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 and 2014 , the Company recorded $2,291 and $3,333 , 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 $40,787 , $35,613 and $7,736 , respectively, of product from ICP during 2015, 2014 , and 2013, respectively, that are included in the Cost of sales caption on the Consolidated Statements of Operations. On February 26, 2016, the Company received a cash dividend distribution from ICP of $3,300 , which was its 30 percent ownership share of the total distribution (see Notes 4 and 18). On December 4, 2014, the Company received a $4,835 cash dividend distribution from ICP. 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 its then 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 his Employment Agreement and a Transition Services Agreement, $915 of severance and fees were paid to the Company's former CEO, as further described in Note 9 . |
Recently Issued Accounting Pron
Recently Issued Accounting Pronouncements | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Changes and Error Corrections [Abstract] | |
Recently Issued Accounting Pronouncements | NOTE 15: RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS In February 2016, the FASB issued ASU 2016-02, Leases , which aims to make leasing activities more transparent and comparable and requires substantially all leases be recognized by lessees on their balance sheet as a right-of-use asset and corresponding lease liability, including leases currently accounted for as operating leases. This ASU is effective for all interim and annual reporting periods beginning after December 15, 2018, with early adoption permitted. The Company is currently evaluating the impact that the adoption of ASU 2016-02 will have on our consolidated financial statements and related disclosures. In January 2016, the FASB issued ASU 2016-01, Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities, which will significantly change the income statement impact of equity investments, and the recognition of changes in fair value of financial liabilities when the fair value option is elected. The ASU is effective for public business entities for interim and annual periods in fiscal years beginning after December 15, 2017. The Company is evaluating the effect that ASU 2015-03 will have on its consolidated financial statements and related disclosures. In November 2015, the FASB issued ASU 2015-17, Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes. The ASU is effective for public business entities for interim and annual periods in fiscal years beginning after December 15, 2016, however early adoption is permitted. The Company elected to early adopt the ASU on a prospective basis. As a result, the balance sheet classification for 2014 was not adjusted to be consistent with the year end 2015 reporting. The intent of the new standard was to simplify reporting of deferred taxes. As such, the standard allows netting of current and non-current deferred taxes within a reporting jurisdiction and the resulting deferred tax assets and liabilities are presented as non-current in the Company’s Consolidated Balance Sheets at December 31, 2015 (see Note 5). In September 2015 the FASB issued ASU 2015-16, Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments , which eliminates the requirement for an acquirer to retrospectively adjust the financial statements for measurement-period adjustments that occur in periods after a business combination is consummated. The ASU is effective for public business entities for annual periods, including interim periods within those annual periods, beginning after December 15, 2015. For all other entities, the ASU is effective for fiscal years beginning after December 15, 2016, and interim periods within fiscal years beginning after December 15, 2017. Early adoption is permitted. ASU 2015-16 would impact the Company's consolidated financial statements and related disclosures only in the instance of a business combination. In July 2015, the FASB issued ASU No. 2015-11, Simplifying the Measurement of Inventory (Topic 330) , which simplifies its current requirement that an entity measure inventory at lower of cost or market, when market could be replacement cost, net realizable value, or net realizable value less an approximately normal profit margin. Inventory within the scope of ASU 2015-11 should be measured at the lower of cost and net realizable value. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. ASU 2015-11 is effective for financial statements issued for fiscal years beginning after December 15, 2016, and interim periods within fiscal years beginning after December 15, 2017. The Company is evaluating the effect that ASU 2015-11 will have on its consolidated financial statements and related disclosures. In April 2015, the FASB issued ASU No. 2015-03, Interest - Imputation of Interest (Subtopic 835-30) , which simplifies the presentation of debt issuance costs. ASU 2015-03 requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. ASU 2015-03 is effective for financial statements issued for fiscal years beginning after December 15, 2015 (and interim periods within those fiscal years) with early adoption permitted and retrospective application required. The Company adopted ASU 2015-03 for its year ended December 31, 2015, as required, and retrospectively adjusted its Consolidate Balance Sheets for the presentation of debt issuance costs as required for the years ended December 31, 2015 and December 31, 2014 (see Note 4). On May 28, 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) , which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The ASU will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective. At its July 9, 2015 meeting, the FASB agreed to defer by one year the mandatory effective date of its revenue recognition standard, but will also provide entities the option to adopt it as of the original effective date (ASU No. 2015-14). The new standard has a mandatory adoption date for the Company of January 1, 2018. Early adoption is permitted at January 1, 2017. The standard permits the use of either the retrospective or cumulative effect transition method. The Company is evaluating the effect that ASU 2014-09, updated to ASU 2015-14, 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. |
Quarterly Financial Data (unaud
Quarterly Financial Data (unaudited) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Data (Unaudited) | NOTE 16: QUARTERLY FINANCIAL DATA (UNAUDITED) Year Ended December 31, 2015 (a) (b) Fourth Quarter Third Quarter Second Quarter First Quarter Sales $ 85,072 $ 83,880 $ 92,071 $ 84,864 Less: excise tax 3,563 3,552 6,717 4,451 Net sales 81,509 80,328 85,354 80,413 Cost of sales 65,754 68,466 67,826 67,025 Gross profit 15,755 11,862 17,528 13,388 Selling, general and administrative 5,681 5,497 8,025 6,480 Operating income 10,074 6,365 9,503 6,908 Equity in earnings (Note 3) 92 1,562 3,096 1,352 Interest expense (160 ) (114 ) (129 ) (131 ) Income from operations before income taxes 10,006 7,813 12,470 8,129 Income tax expense (Note 5) 3,527 1,042 4,599 3,059 Net income from operations $ 6,479 $ 6,771 $ 7,871 $ 5,070 Basic and diluted earnings per share data $ 0.38 $ 0.38 $ 0.44 $ 0.28 Dividends per Common Share $ — $ — $ — $ 0.06 (a) Net income was positively impacted during the second quarter of 2015 by $460 as result of an insurance recovery. See discussion on this matter at Note 17. (b) Net income was positively impacted during the third and fourth quarters of 2015 by $1,908 and $477 , respectively, as result of a release of the valuation allowance related to deferred tax assets. See discussion on this matter at Note 5. Year Ended December 31, 2014 (a) (b) (c) Fourth Quarter Third Quarter Second Quarter First 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 Equity in earnings (Note 3) 2,850 1,621 2,331 3,335 Interest expense (201 ) (199 ) (218 ) (198 ) Income from operations before income taxes 10,830 5,059 5,185 4,866 Income tax expense (benefit) (Note 5) 3,267 (1,169 ) 86 81 Net income from operations $ 7,563 $ 6,228 $ 5,099 $ 4,785 Basic and diluted earnings per share data $ 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 1 and Note 17. (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 . (c) Total basic and diluted earnings per share for the quarters, when aggregated, do not equal the annual amounts of $1.32 due to rounding. |
Property and Business Interrupt
Property and Business Interruption Insurance Claims and Recoveries | 12 Months Ended |
Dec. 31, 2015 | |
Extraordinary and Unusual Items [Abstract] | |
Property and Business Interruption Insurance Claims and Recoveries | NOTE 17: PROPERTY AND BUSINESS INTERRUPTION INSURANCE CLAIMS AND RECOVERIES During October 2014, the Company experienced a fire at its Atchison facility. Certain equipment in the facility's feed drying operations was damaged, but repairable, and the Company experienced a seven -day temporary loss of production. The Company reached final settlement with its insurance carrier to close this claim during the quarter ended March 31, 2015. During January 2014, the Company experienced a fire at its Lawrenceburg facility. The fire damaged certain equipment in the feed dryer house and caused a temporary loss of production. The fire did not impact the Company's own or customer-owned warehoused inventory. In December 2014, the Company negotiated a final settlement with its insurance carrier to close this claim. As part of the settlement, the Company assumed the risk of all future business interruption until permanent repairs are completed. During 2015, 2014, and 2013, the Company received $460 , $9,375 , and $0 of insurance recoveries, respectively. Insurance proceeds related to business interruption for 2015, 2014, and 2013, were $460 , $925 , and $0 , respectively, net of out-of-pocket expenses, and are reported as a net reduction to Cost of Sales of $460 , $308 , and $0 , respectively, on the Consolidated Statements of Operations. Insurance proceeds related to property damage for 2015, 2014, and 2013, were $0 , $8,450 , and $0 , respectively, net of the book value property loss, and are reported as Insurance recoveries of $0 , $8,290 , and $0 , respectively, on the Consolidated Statements of Operations. 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, 2015 2014 2013 Total insurance recoveries $ 460 $ 9,375 $ — Insurance recoveries - interruption of business $ 460 $ 925 $ — Less: out-of-pocket expenses related to interruption of business in Cost of Sales — 617 — Net reduction to Cost of sales $ 460 $ 308 $ — Insurance recoveries - property damage $ — $ 8,450 $ — Less: Net book value of property loss in insurance recoveries — 160 — Insurance recoveries $ — $ 8,290 $ — |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events | NOTE 18: SUBSEQUENT EVENTS Dividend Declaration On March 7, 2016, the Board of Directors declared a dividend payable to stockholders of record as of March 21, 2016, of the Company's Common Stock and a dividend equivalent payable to holders of RSUs as of March 21, 2016, of $0.08 per share and per unit. The dividend payment and dividend equivalent payment will be on April 14, 2016. Cash Dividend Distribution from ICP On February 26, 2016, the Company received a dividend distribution from ICP in the amount of $3,300 , which was its 30 percent ownership share of the total distribution, as declared in the Unanimous Written Consent of the Members of ICP, dated February 26, 2016 (see Notes 3 and 14). |
Nature of Operations and Summ28
Nature of Operations and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
The Company | The Company. MGP Ingredients, Inc. ("Registrant" or "Company") is a Kansas corporation headquartered in Atchison, Kansas. It was incorporated in 2011 and is a holding company with no operations of its own. Its principal directly-owned operating subsidiaries are MGPI Processing, Inc. ("Processing") and MGPI of Indiana, LLC ("MGPI-I"). Processing was incorporated in Kansas in 1957 and is the successor to a business founded in 1941 by Cloud L. Cray, Sr. Prior to the Reorganization (discussed below), Processing was named MGP Ingredients, Inc. MGPI-I (previously named Firebird Acquisitions, Inc.) acquired substantially all the beverage alcohol distillery assets of Lawrenceburg Distillers Indiana, LLC ("LDI") at its Lawrenceburg and Greendale, Indiana facility on December 27, 2011. On January 3, 2012, MGP Ingredients, Inc. was reorganized into a holding company structure (the "Reorganization"). In connection with the Reorganization and to further the holding company structure, Processing distributed three of its formerly directly owned subsidiaries, MGPI-I, D.M. Ingredients, GmbH ("DMI"), and Midwest Grain Pipeline, Inc., to the Company. Processing’s other subsidiary, Illinois Corn Processing, LLC ("ICP"), remained a directly owned subsidiary of Processing and is now 30 percent owned. During the second quarter of fiscal 2010, through a series of transactions, the Company formed a joint venture by contributing its former Pekin, Illinois facility to a newly formed company, ICP, and then selling a 50 percent interest in ICP. In 2012, the Company sold an additional 20 percent interest in ICP. The Company purchases food grade alcohol products manufactured by ICP. Throughout the Notes to Consolidated Financial Statements, when "the Company" is used in reference to activities prior to the Reorganization, the reference is to the combined business, Processing (formerly MGP Ingredients, Inc.) and its consolidated subsidiaries, and when "the Company" is used in reference to activities occurring after the Reorganization, reference is to the combined business of MGP Ingredients, Inc. (formerly MGPI Holdings, Inc.) and its consolidated subsidiaries, except to the extent the context indicates otherwise. MGP is a leading producer and supplier of premium distilled spirits and specialty wheat proteins and starches. Distilled spirits include premium bourbon and rye whiskeys, and grain neutral spirits, including vodka and gin. The Company’s proteins and starches provide a host of functional, nutritional and sensory benefits for a wide range of food products to serve the packaged goods industry. MGP is also a top producer of high quality industrial alcohol for use in both food and non-food applications. Our distillery products are derived from corn and other grains (including rye, barley, wheat, barley malt, and milo), and our ingredient products are derived from wheat flour. The majority of our sales are made directly or through distributors to manufacturers and processors of finished packaged goods or to bakeries. Since February 8, 2013, the Company has consisted 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. The distillery products segment consists primarily of food grade alcohol, and to a much lesser extent, fuel grade alcohol, distillers feed and corn oil. Distillers feed, fuel grade alcohol, and corn oil are co-products of our distillery operations. The ingredient solutions segment products primarily consist of specialty starches, specialty proteins, commodity starches and commodity vital wheat gluten (or commodity wheat proteins). 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 United States. During December 2011, through its wholly owned subsidiary, MGPI-I, the Company acquired the beverage alcohol distillery assets of LDI. The Company sells its products on normal credit terms to customers in a variety of industries located primarily throughout the United States and Japan. The Company operates facilities in Atchison, Kansas, and in Lawrenceburg and Greendale, Indiana. |
Use of Estimates | Use of Estimates. The financial reporting policies of the Company conform to accounting principles generally accepted in the United States of America ("GAAP"). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. The application of certain of these policies places significant demands on management’s judgment, with financial reporting results relying on estimation about the effects of matters that are inherently uncertain. For all of these policies, management cautions that future events rarely develop as forecast, and estimates routinely require adjustment and may require material adjustment. |
Principles of Consolidation | Principles of Consolidation. The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. |
Cash and Cash Equivalents | Cash and Cash Equivalents. Short-term liquid investments with an initial maturity of 90 days or less are considered cash equivalents. Cash equivalents are stated at cost, which approximates market value due to the relatively short maturity of these instruments. |
Receivables | Receivables. Receivables are stated at the amounts billed to customers. The Company provides an allowance for estimated doubtful accounts. This allowance is based upon a review of outstanding receivables, historical collection information and an evaluation of existing economic conditions impacting the Company’s customers. Accounts receivable are ordinarily due 30 days after the issuance of the invoice. Receivables are considered delinquent after 30 days past the due date. These delinquent receivables are monitored and are charged to the allowance for doubtful accounts based upon an evaluation of individual circumstances of the customer. Account balances are written off after collection efforts have been made and potential recovery is considered remote. |
Inventory | Inventory. Inventory includes finished goods, raw materials in the form of agricultural commodities used in the production process and certain maintenance and repair items. Bourbon and whiskeys are normally aged in barrels for several years, following industry practice; all barreled bourbon and whiskey is classified as a current asset. The Company includes warehousing, insurance, and other carrying charges applicable to barreled whiskey in inventory costs. Inventories are stated at the lower of cost or market on the first-in, first-out, or FIFO, method. Inventory valuations are impacted by constantly changing prices paid for key materials, primarily corn. |
Derivatives Instruments | Derivative Instruments. The Company recognizes all derivatives as either assets or liabilities at their fair values. Accounting for changes in the fair value of a derivative depends on whether the derivative has been designated as a cash flow hedge and the effectiveness of the hedging relationship. Derivatives qualify for treatment as cash flow hedges for accounting purposes when there is a high correlation between the change in fair value of the hedging instrument ("derivative") and the related change in value of the underlying commitment ("hedged item"). For derivatives that qualify as cash flow hedges for accounting purposes, except for ineffectiveness, the change in fair value has no net impact on earnings, to the extent the derivative is considered effective, until the hedged item or transaction affects earnings. For derivatives that are not designated as hedging instruments for accounting purposes, or for the ineffective portion of a hedging instrument, the change in fair value affects current period net earnings. |
Property, Depreciation and Amortization | Properties, Depreciation and Amortization. Property and equipment are typically stated at cost. Additions, including those that increase the life or utility of an asset, are capitalized and all properties are depreciated over their estimated remaining useful lives. Depreciation and amortization are computed using the straight-line method over the following estimated useful lives: Buildings and improvements 20 – 40 years Transportation equipment 5 – 6 years Machinery and equipment 10 – 12 years Maintenance costs are expensed as incurred. The cost of property and equipment sold, retired or otherwise disposed of, as well as related accumulated depreciation and amortization, is eliminated from the property accounts with related gains and losses reflected in the Consolidated Statements of 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. As of December 31, 2015 the remaining deferred credit balance was $1,949 . 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. The deferred credit balance has been and will be recognized 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, in part, 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. During January 2014, the Company experienced a fire at its Lawrenceburg facility. The fire damaged certain equipment in the feed dryer house and caused a temporary loss of production 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 | Research and Development. During 2015, 2014 , and 2013, we spent $748 , $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. |
Pension Benefits | Pension Benefits. In April 2015, the Company received approval from the Pension Benefit Guaranty Corporation to terminate its pension plans for employees covered under collective bargaining agreements. Benefit obligations at December 31, 2015 were zero , as $741 in termination liabilities was distributed to plan participants or transferred to an insurer during the quarter ended June 30, 2015, and was followed by the closing of the pension trust account in 2015. Prior to termination, the Company accounted for its pension benefit plan's funded status as a liability included in Other non current liabilities on the Consolidated Balance Sheets. The Company measured the funded status of its pension benefit plans using actuarial techniques that reflected management’s assumptions for discount rate, expected long-term investment returns on plan assets, salary increases, expected retirement, mortality, and employee turnover. Assumptions regarding employee and retiree life expectancy were based upon the RP 2000 Combined Mortality Table ("2000 tables"). Although the Society of Actuaries released new mortality tables on October 27, 2014, the Internal Revenue Service continued to use the 2000 tables through 2015. Because the pension benefit plan was being terminated, the actuarial valuation of the pension benefit plan assumed all remaining assets of the plan would be distributed to plan participants or transferred to an insurer during 2015, so the new mortality tables were not adopted. The funding by the Company to terminate the plans was $741 and was recognized when the pension plan settlement was fully executed, during the quarter ended June 30, 2015 . Also prior to the plan's termination, the discount rate was 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 or period end (as in the case of the June 30, 2015 plan termination date). The expected long-term rate of return on plan assets assumption for the pension plans was determined with the assistance of actuaries, who calculated 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. |
Post-Employment Benefits | Post-Employment Benefits. The Company accounts for its post–employment benefit plan's funded status as a liability included in Accrued Retirement Health and Life Insurance Benefits on the Consolidated Balance Sheets. The Company measures the obligation for other post-employment benefits using actuarial techniques that reflect management’s assumptions for discount rate, expected retirement, mortality, employee turnover, health care costs for retirees and future increases in health care costs, which are based upon actual claims experience and other environmental and market factors impacting the costs of health care in the short and long-term. Assumptions regarding employee and retiree life expectancy are based upon the Society of Actuaries RP-2014 Mortality Tables using Scale MP-2015. The discount rate is determined based on the rates of return on high-quality fixed income investments using the Citigroup Pension Liability Index as of the measurement date (long-term rates of return are not considered because the plan has no assets). |
Stock Options and Restricted Stock Awards | Stock Options and Restricted Stock Awards. The Company has share-based employee compensation plans primarily in the form of restricted common stock ("restricted stock"), restricted stock units ("RSUs") and stock options, which are described more fully in Note 8. 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. |
Recently Issued Accounting Pronouncements | In February 2016, the FASB issued ASU 2016-02, Leases , which aims to make leasing activities more transparent and comparable and requires substantially all leases be recognized by lessees on their balance sheet as a right-of-use asset and corresponding lease liability, including leases currently accounted for as operating leases. This ASU is effective for all interim and annual reporting periods beginning after December 15, 2018, with early adoption permitted. The Company is currently evaluating the impact that the adoption of ASU 2016-02 will have on our consolidated financial statements and related disclosures. In January 2016, the FASB issued ASU 2016-01, Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities, which will significantly change the income statement impact of equity investments, and the recognition of changes in fair value of financial liabilities when the fair value option is elected. The ASU is effective for public business entities for interim and annual periods in fiscal years beginning after December 15, 2017. The Company is evaluating the effect that ASU 2015-03 will have on its consolidated financial statements and related disclosures. In November 2015, the FASB issued ASU 2015-17, Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes. The ASU is effective for public business entities for interim and annual periods in fiscal years beginning after December 15, 2016, however early adoption is permitted. The Company elected to early adopt the ASU on a prospective basis. As a result, the balance sheet classification for 2014 was not adjusted to be consistent with the year end 2015 reporting. The intent of the new standard was to simplify reporting of deferred taxes. As such, the standard allows netting of current and non-current deferred taxes within a reporting jurisdiction and the resulting deferred tax assets and liabilities are presented as non-current in the Company’s Consolidated Balance Sheets at December 31, 2015 (see Note 5). In September 2015 the FASB issued ASU 2015-16, Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments , which eliminates the requirement for an acquirer to retrospectively adjust the financial statements for measurement-period adjustments that occur in periods after a business combination is consummated. The ASU is effective for public business entities for annual periods, including interim periods within those annual periods, beginning after December 15, 2015. For all other entities, the ASU is effective for fiscal years beginning after December 15, 2016, and interim periods within fiscal years beginning after December 15, 2017. Early adoption is permitted. ASU 2015-16 would impact the Company's consolidated financial statements and related disclosures only in the instance of a business combination. In July 2015, the FASB issued ASU No. 2015-11, Simplifying the Measurement of Inventory (Topic 330) , which simplifies its current requirement that an entity measure inventory at lower of cost or market, when market could be replacement cost, net realizable value, or net realizable value less an approximately normal profit margin. Inventory within the scope of ASU 2015-11 should be measured at the lower of cost and net realizable value. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. ASU 2015-11 is effective for financial statements issued for fiscal years beginning after December 15, 2016, and interim periods within fiscal years beginning after December 15, 2017. The Company is evaluating the effect that ASU 2015-11 will have on its consolidated financial statements and related disclosures. In April 2015, the FASB issued ASU No. 2015-03, Interest - Imputation of Interest (Subtopic 835-30) , which simplifies the presentation of debt issuance costs. ASU 2015-03 requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. ASU 2015-03 is effective for financial statements issued for fiscal years beginning after December 15, 2015 (and interim periods within those fiscal years) with early adoption permitted and retrospective application required. The Company adopted ASU 2015-03 for its year ended December 31, 2015, as required, and retrospectively adjusted its Consolidate Balance Sheets for the presentation of debt issuance costs as required for the years ended December 31, 2015 and December 31, 2014 (see Note 4). On May 28, 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) , which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The ASU will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective. At its July 9, 2015 meeting, the FASB agreed to defer by one year the mandatory effective date of its revenue recognition standard, but will also provide entities the option to adopt it as of the original effective date (ASU No. 2015-14). The new standard has a mandatory adoption date for the Company of January 1, 2018. Early adoption is permitted at January 1, 2017. The standard permits the use of either the retrospective or cumulative effect transition method. The Company is evaluating the effect that ASU 2014-09, updated to ASU 2015-14, 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. |
Nature of Operations and Summ29
Nature of Operations and Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 2014 Land, buildings and improvements $ 56,143 $ 43,443 Transportation equipment 5,417 2,717 Machinery and equipment 152,742 149,218 Construction in progress 15,612 2,798 Property and equipment, at cost 229,914 198,176 Less accumulated depreciation and amortization (146,360 ) (134,295 ) Property and equipment, net $ 83,554 $ 63,881 |
Interest Cost | Total interest incurred for 2015, 2014 , and 2013 is noted below: Year Ended December 31, 2015 2014 2013 Interest costs charged to expense $ 534 $ 816 $ 1,118 Plus: Interest cost capitalized 297 107 108 Total $ 831 $ 923 $ 1,226 |
Deferred Credits | Deferred credits consist of the following: Year Ended December 31, 2015 2014 USDA grant $ 1,949 $ 2,486 LCD reimbursement 1,042 1,125 Lawrenceburg reimbursement 411 488 Total $ 3,402 $ 4,099 |
Other Balance Sheet Captions (T
Other Balance Sheet Captions (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Supplemental Balance Sheet Disclosures [Abstract] | |
Schedule of Inventory, Current | Inventory consists of the following: December 31, 2015 2014 Finished goods $ 15,126 $ 10,039 Barreled distillate (bourbon and whiskey) 28,278 11,114 Raw materials 6,675 5,440 Work in process 2,364 2,023 Maintenance materials 5,371 4,913 Other 887 912 Total $ 58,701 $ 34,441 |
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, 2015 2014 Land, buildings and improvements $ 56,143 $ 43,443 Transportation equipment 5,417 2,717 Machinery and equipment 152,742 149,218 Construction in progress 15,612 2,798 Property and equipment, at cost 229,914 198,176 Less accumulated depreciation and amortization (146,360 ) (134,295 ) Property and equipment, net $ 83,554 $ 63,881 |
Schedule of Accrued Liabilities | Accrued expenses consist of the following: December 31, 2015 2014 Employee benefit plans $ 1,027 $ 973 Salaries and wages 6,790 4,633 Restructuring and severance charges (Note 9) 517 208 Property taxes 784 764 Other accrued expenses 1,282 1,432 Total $ 10,400 $ 8,010 |
Equity Method Investments (Tabl
Equity Method Investments (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Condensed Financial Information of Equity Method Investment | Condensed financial information of the Company’s equity method investment in ICP is shown below: Year Ended December 31, ICP’s Operating results: 2015 2014 2013 Net sales (a) $ 166,905 $ 236,486 $ 193,682 Cost of sales and expenses (b) (146,098 ) (196,551 ) (194,519 ) Net income (loss) $ 20,807 (c) $ 39,935 $ (837 ) (a) Includes related party sales to MGPI of $40,787 , $35,613 , and $7,736 for 2015, 2014 , and 2013, respectively. (b) Includes depreciation and amortization of $2,634 , $2,847 , and $4,523 for 2015, 2014 , and 2013, respectively. (c) Includes business interruption insurance proceeds of $4,112 for 2015. |
The Company's Equity in Earnings (Loss) of Joint Ventures | The Company’s equity method investment earnings (losses) are as follows: Year Ended December 31, 2015 2014 2013 ICP (30% interest) $ 6,242 $ 10,098 $ (251 ) DMI (50% interest) (140 ) 39 47 Total $ 6,102 $ 10,137 $ (204 ) |
Schedule of Equity Method Investments | The Company’s equity method investments are as follows: December 31, 2015 2014 ICP (30% interest) (a) $ 18,179 $ 11,924 DMI (50% interest) 384 449 Total $ 18,563 $ 12,373 (a) During 2014, the Company received a $4,835 cash distribution from ICP, which reduced the Company's investment in ICP. |
Corporate Borrowings and Capi32
Corporate Borrowings and Capital Lease Obligations (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments | Debt consists of the following: December 31, 2015 2014 Credit Agreement - Revolver, 2.315% (variable rate) due 2020 $ 23,172 $ — Credit Agreement - Fixed Asset Sub-Line term loan, 2.693% (variable rate) due 2020 6,254 6,670 Secured Promissory Note, 3.71% (variable rate) due 2022 2,670 — Secured Promissory Note, 6.89% (variable rate), due 2016. 36 404 Capital Lease Obligation, 2.61%, due 2017 1,964 3,209 Unamortized loan fees (636 ) (384 ) Total 33,460 9,899 Less current maturities of long term debt (3,345 ) (2,613 ) Long-term debt $ 30,115 $ 7,286 |
Offsetting Assets and Liabilities | Below is a summary of the financial asset and liability that are offset as of December 31, 2015 and 2014 , respectively. (1) (2) (3) = (1) - (2) Gross Amounts of Recognized Assets (Liabilities) Gross Amounts offset in the Balance Sheet Net Amounts of Assets (Liabilities) presented in the Balance Sheet December 31, 2015: Investment in bonds $ 7,000 $ 7,000 $ 0 Capital lease obligation $ (7,000 ) $ (7,000 ) $ 0 December 31, 2014: 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 December 31, Credit Agreement Long-Term Debt Minimum Lease Payments Less Interest Net Present Value Total Debt 2016 $ — $ 380 $ 1,988 $ 24 $ 1,964 $ 2,344 2017 — 357 — — — 357 2018 — 371 — — — 371 2019 — 385 — — — 385 2020 29,426 400 — — — 29,826 Thereafter — 813 — — — 813 Total $ 29,426 $ 2,706 $ 1,988 $ 24 $ 1,964 $ 34,096 The following table provides information on all amounts and payments of the Company's contractual obligations/commitments at December 31, 2015: Payments due by period Total Less than 1 year 1-3 years 4-5 years More than 5 years Long term debt (a) $ 2,706 $ 380 $ 728 $ 785 $ 813 Interest on Long term debt (a) 367 95 149 92 31 Post-employment benefit plan obligations (b) 4,516 545 1,070 1,054 1,847 Capital leases (a) 1,988 1,988 — — — Operating leases 11,016 3,972 3,704 1,952 1,388 Purchase 79,427 75,783 3,474 151 19 Total $ 100,020 $ 82,763 $ 9,125 $ 4,034 $ 4,098 (a) See Note 4 . (b) See Note 8. |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) | Income tax expense (benefit) from continuing operations is composed of the following: Year Ended December 31, 2015 2014 2013 Current: Federal $ 8,954 $ — $ (16 ) State 1,003 229 29 9,957 229 13 Deferred: Federal 3,174 5,010 (642 ) State (904 ) (2,974 ) (85 ) 2,270 2,036 (727 ) Total $ 12,227 $ 2,265 $ (714 ) |
Schedule of Effective Income Tax Rate Reconciliation | A reconciliation of income tax expense (benefit) 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, 2015 2014 2013 "Expected" provision at federal statutory rate $ 13,446 $ 9,116 $ (2,282 ) State income taxes, net 1,714 709 (705 ) Change in valuation allowance (2,385 ) (7,618 ) 2,222 Domestic production activity deduction (1,002 ) — — Other 454 58 51 Income tax expense (benefit) $ 12,227 $ 2,265 $ (714 ) Effective tax rate 31.8 % 8.7 % 10.9 % |
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, 2015 2014 Deferred income tax assets: Post-retirement liability $ 1,848 $ 1,968 Deferred income 1,343 1,637 Stock based compensation 2,247 2,108 Federal operating loss carryforwards — 5,029 Capital loss carryforward 1,444 1,311 State tax credits 2,653 2,423 State operating loss carryforwards 2,216 4,574 Inventories 1,684 514 Other 2,224 2,891 Gross deferred income tax assets $ 15,659 $ 22,455 Less: valuation allowance (1,444 ) (3,829 ) Net deferred income tax assets 14,215 18,626 Deferred income tax liabilities: Fixed assets (16,050 ) (18,823 ) Other (922 ) (1,176 ) Gross deferred income tax liabilities (16,972 ) (19,999 ) Net deferred income tax liability $ (2,757 ) $ (1,373 ) |
Summary of Valuation Allowance | A schedule of the change in valuation allowance is as follows: Valuation allowance Balance at December 31, 2013 $ 11,275 Reductions 7,446 Balance at December 31, 2014 $ 3,829 Reductions 2,385 Balance at December 31, 2015 $ 1,444 |
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 2015, 2014 , and 2013: Years Ended December 31, 2015 2014 2013 Beginning of year balance $ 613 $ 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 $ 613 $ 566 |
Equity and Earnings (Loss) pe34
Equity and Earnings (Loss) per Share (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 2014 2013 Continuing Operations: Net operating income (loss) (a) $ 26,191 $ 23,675 $ (5,807 ) Less: Amounts allocated to participating securities (non-vested shares and units) (b) 873 832 — Net operating income (loss) attributable to common shareholders $ 25,318 $ 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) $ 25,318 $ 22,843 $ (4,929 ) Share information: Basic weighted average common shares (d) 17,123,556 17,305,866 17,069,455 Incremental shares from potential dilutive securities (e) — — — Diluted weighted average common shares 17,123,556 17,305,866 17,069,455 Basic earnings (loss) per share (f) Income (loss) from continuing operations (g) $ 1.48 $ 1.32 $ (0.34 ) Income from discontinued operations (h) — — 0.05 Net income (loss) $ 1.48 $ 1.32 $ (0.29 ) Diluted earnings (loss) per share (f) Income (loss) from continuing operations (g) $ 1.48 $ 1.32 $ (0.34 ) Income from discontinued operations (h) — — 0.05 Net income (loss) $ 1.48 $ 1.32 $ (0.29 ) (a) Net operating income (loss) attributable to all shareholders. (b) Participating securities include 128,500 , 278,900 , and 569,296 nonvested restricted stock for the years ended December 31, 2015 , 2014 , and 2013, as well as 437,946 , 413,288 , and 371,502 RSUs for the years ended December 31, 2015 , 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 128,500 , 278,900 , and 569,296 for 2015, 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, 2015 and 2014 , the Company had 0 and 4,000 stock options outstanding, respectively, and 0 shares were potentially dilutive at December 31, 2015 and 4,000 shares were potentially dilutive at December 31, 2014. The 4,000 potentially dilutive shares at December 31, 2014 resulted in no incremental shares for the year ended December 31, 2014. (f) Basic and diluted weighted average common shares for 2015 were affected by the September 1, 2015, purchase of 950,000 shares of common stock in a privately-negotiated transaction with F2 SEA, Inc., an affiliate of SEACOR Holdings, Inc. pursuant to a Stock Repurchase Agreement. SEACOR Holdings, Inc. is the 70 percent owner of ICP, the Company's 30 percent equity method investment. (g) Income (loss) from continuing operations based on net income (loss) attributable to common shareholders. (h) 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 (loss) 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 ) Other comprehensive income (loss) before reclassifications (355 ) 47 (10 ) (318 ) Amounts reclassified from accumulated other comprehensive income 599 (101 ) 52 550 Net 2015 other comprehensive income (loss) 244 (54 ) 42 232 Balance, December 31, 2015 $ — $ (510 ) $ 10 $ (500 ) |
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 $ 25 (a) Settlement loss 414 (a) 439 Total before tax 160 Tax expense $ 599 Net of tax Post Employment Benefit Items: Amortization of prior service cost $ (338 ) (a) Recognized net actuarial loss 278 (a) (60 ) Total before tax (41 ) Tax benefit $ (101 ) Net of tax Equity Method Investment Adjustment: Foreign currency loss $ 88 (36 ) Tax benefit $ 52 Net of tax Reclassifications for 2015 $ 550 Net of tax (a) These accumulated other comprehensive income components are included in the computation of net period pension cost. See Note 8 for additional details. |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
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 December 31, Credit Agreement Long-Term Debt Minimum Lease Payments Less Interest Net Present Value Total Debt 2016 $ — $ 380 $ 1,988 $ 24 $ 1,964 $ 2,344 2017 — 357 — — — 357 2018 — 371 — — — 371 2019 — 385 — — — 385 2020 29,426 400 — — — 29,826 Thereafter — 813 — — — 813 Total $ 29,426 $ 2,706 $ 1,988 $ 24 $ 1,964 $ 34,096 The following table provides information on all amounts and payments of the Company's contractual obligations/commitments at December 31, 2015: Payments due by period Total Less than 1 year 1-3 years 4-5 years More than 5 years Long term debt (a) $ 2,706 $ 380 $ 728 $ 785 $ 813 Interest on Long term debt (a) 367 95 149 92 31 Post-employment benefit plan obligations (b) 4,516 545 1,070 1,054 1,847 Capital leases (a) 1,988 1,988 — — — Operating leases 11,016 3,972 3,704 1,952 1,388 Purchase 79,427 75,783 3,474 151 19 Total $ 100,020 $ 82,763 $ 9,125 $ 4,034 $ 4,098 (a) See Note 4 . (b) See Note 8. |
Schedule of Future Minimum Rental Payments for Operating Leases | The Company's future operating lease commitments at December 31, 2015 are as follows: Years ending December 31, 2016 $ 3,972 2017 2,464 2018 1,240 2019 1,003 2020 949 Thereafter 1,388 Total $ 11,016 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |
Schedule of Defined Benefit Plans Disclosures | The status of the Company’s plans at December 31, 2015 , 2014 , and 2013 was as follows: Pension Benefit Plans Post-Employment Benefit Plan December 31, December 31, 2015 2014 2013 2015 2014 2013 Change in benefit obligation: Beginning of year $ 2,016 $ 2,190 $ 2,690 $ 4,926 $ 4,827 $ 5,700 Service cost — — — 51 72 127 Interest cost 36 87 83 141 149 165 Actuarial loss (gain) (9 ) 35 (241 ) 45 1,632 (558 ) Negative plan amendment benefit — — — — (1,183 ) — Benefits paid (2,043 ) (296 ) (342 ) (482 ) (571 ) (607 ) Benefit obligation at end of year $ — $ 2,016 $ 2,190 $ 4,681 $ 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, 2015 2014 Fair value of plan assets at beginning of year $ 1,300 $ 1,550 Actual return on plan assets 2 46 Employer contributions 741 — Benefits paid (2,043 ) (296 ) Fair value of plan assets at end of year $ — $ 1,300 |
Schedule of Assumptions Used | Assumptions used to determine accumulated benefit obligations as of the year-end were: Pension Benefit Plans Post-Employment Benefit Plan Year Ended December 31, Year Ended December 31, 2015 2014 2015 2014 Discount rate 3.65% 3.58% 3.20% 2.99% Measurement date December 31, 2015 (a) December 31, December 31, December 31, (a) The measurement date was June 30, 2015 for termination liabilities in 2015. Assumptions used to determine net benefit cost for 2015, 2014 , and 2013 were: Pension Benefit Plans Post-Employment Benefit Plan Year Ended December 31, Year Ended December 31, 2015 2014 2013 2015 2014 2013 Expected return on Assets 7.00 % 7.00 % 7.00 % — — — Discount rate 3.58 % 4.11 % 3.19 % 2.99 % 3.95 / 3.39% (a) 2.98 % Average compensation increase n/a n/a 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 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, 2015 2014 2013 2015 2014 2013 Service cost $ — $ — $ — $ 51 $ 72 $ 127 Interest cost 36 87 83 141 149 165 Expected return on assets (45 ) (104 ) (114 ) — — — Amortization of prior service cost — — — (338 ) (369 ) (647 ) Recognized net actuarial loss 25 21 66 278 18 28 Settlement losses 414 50 52 — — — Net benefit cost $ 430 $ 54 $ 87 $ 132 $ (130 ) $ (327 ) The estimated amount that will be recognized from accumulated other comprehensive income (loss) into net periodic benefit cost during the year ended December 31, 2016 is as follows: Pension Benefit Plans Post-Employment Benefit Plan Actuarial net loss $ — $ (269 ) Net prior service credits — 338 Net amount recognized $ — $ 69 |
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, 2015 2014 2013 2015 2014 2013 Net actuarial (loss) gain $ (35 ) $ (92 ) $ 298 $ (35 ) $ (1,632 ) $ 558 Settlement losses 414 50 52 — — — Plan amendment and curtailment — — — — 1,183 — Recognized net actuarial loss 25 20 66 278 18 28 Amortization of prior service cost — — — (338 ) (369 ) (647 ) Recognition of prior service cost due to curtailments — — — — (52 ) — Total other comprehensive income (loss), pre-tax 404 (22 ) 416 (95 ) (852 ) (61 ) Income tax expense (benefit) 160 (155 ) 166 (41 ) (6 ) (22 ) Total other comprehensive income (loss), net of tax $ 244 $ 133 $ 250 $ (54 ) $ (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, 2015 2014 2015 2014 Accrued expenses $ — $ — $ (545 ) $ (506 ) Other non-current liabilities — (716 ) — — Accrued retirement benefits — — (4,136 ) (4,420 ) Net amount recognized $ — $ (716 ) $ (4,681 ) $ (4,926 ) |
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, 2015 2014 Group Plan Lifetime Prescription Cost Medicare Supplement Pre-Medicare Post-Medicare Health care cost trend rate 7.50 % 9.00 % 5.00 % 8.00 % 7.00 % Ultimate trend rate 5.00 % 5.00 % 5.00 % 5.00 % 5.00 % Year rate reaches ultimate trend rate 2024 2025 2017 2028 2024 |
Schedule of Expected Benefit Payments | As of December 31, 2015 , 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 Payments (a) Expected Benefit Payments Expected Subsidy Receipts 2016 $ — $ 567 $ 22 2017 — 561 21 2018 — 549 19 2019 — 561 18 2020 — 528 17 2021-2025 — 1,908 61 Total $ — $ 4,674 $ 158 (a) This expected pay-out schedule considers 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, Asset Category 2015 (a) 2014 Cash and cash equivalents — % 58 % Equity Securities — 26 Debt Securities — 12 Other — 4 Total — % 100 % (a) This weighted average asset allocation by asset category schedule considers the termination of the pension benefit plan during 2015. |
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. There is no table provided as of December 31, 2015, due to the termination of the pension benefit plan during 2015. 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 International equity securities — — — — Fixed income securities: Investment grade domestic bonds 162 — — 162 Other 53 — — 53 Total $ 1,300 $ — $ — $ 1,300 |
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 for 2015, 2014 , and 2013 is presented below: Year Ended December 31, 2015 2014 2013 Shares Weighted Shares Weighted Shares Weighted Outstanding at beginning of year 4,000 $ 10.45 10,000 $ 9.91 20,000 $ 9.30 Granted — — — — — — Canceled/Forfeited — — — — (10,000 ) 8.69 Exercised 4,000 17.09 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 for 2015, 2014 , and 2013 is presented below: Year Ended December 31, 2015 2014 2013 Weighted Shares Weighted Average Grant-Date Fair Value Shares Weighted Average Grant-Date Fair Value Non vested balance at beginning of year 278,900 $ 6.28 569,296 $ 5.26 933,887 $ 6.22 Granted 13,585 17.02 58,669 4.42 60,805 4.88 Forfeited (30,800 ) 6.27 (206,282 ) 4.59 (181,687 ) 5.11 Vested (133,185 ) 7.80 (142,783 ) 3.87 (243,709 ) 8.95 Non vested balance at end of year 128,500 $ 5.85 278,900 $ 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 for 2015, 2014 , and 2013 is presented below: Year Ended December 31, 2015 2014 2013 Units Weighted Average Units Weighted Average Units Weighted Average Non vested balance at beginning of year 413,288 $ 5.09 371,502 $ 4.34 423,264 $ 4.29 Granted 89,702 16.63 247,463 5.83 33,822 5.13 Forfeited (54,506 ) 6.15 (135,104 ) 4.60 (71,223 ) 4.31 Vested (10,538 ) 14.88 (70,573 ) 3.22 (14,361 ) 5.07 Non vested balance at end of year 437,946 $ 7.09 413,288 $ 5.09 371,502 $ 4.34 |
Restructuring and Severance C37
Restructuring and Severance Costs (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 2014 2013 Balance at beginning of year $ 208 $ 1,277 $ 484 Provision for additional expense (a) 1,004 406 1,525 Payments and adjustments (695 ) (1,475 ) (732 ) Balance at end of year $ 517 $ 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, 2015 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | Year Ended December 31, 2015 2014 2013 Net sales to customers: Distillery products $ 270,225 $ 256,561 $ 264,098 Ingredient solutions 57,379 56,842 58,967 Other (a) — — 199 Total $ 327,604 $ 313,403 $ 323,264 Gross profit: Distillery products 50,662 $ 22,332 $ 14,309 Ingredient solutions 7,871 6,099 6,986 Other (a) — — (56 ) Total $ 58,533 $ 28,431 $ 21,239 Depreciation and amortization: Distillery products $ 8,900 $ 8,510 $ 8,209 Ingredient solutions 2,111 2,316 2,322 Other (a) — — 21 Corporate 1,371 1,499 1,457 Total $ 12,382 $ 12,325 $ 12,009 Income (loss) from continuing operations before income taxes: Distillery products $ 49,097 $ 28,701 $ 11,987 Ingredient solutions 5,636 3,939 4,503 Other (a) — — (90 ) Corporate (16,315 ) (6,700 ) (22,921 ) Total $ 38,418 $ 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, 2015 2014 Identifiable Assets Distillery products $ 131,963 $ 98,791 Ingredient solutions 24,023 23,324 Corporate 38,324 38,100 Total $ 194,310 $ 160,215 |
Supplemental Cash Flow Inform39
Supplemental Cash Flow Information (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Supplemental Cash Flow Information [Abstract] | |
Schedule of Cash Flow, Supplemental Disclosures | Year Ended December 31, 2015 2014 2013 Non-cash investing and financing activities: Purchase of property and equipment in accounts payable $ 1,784 $ 574 $ 1,675 Additional cash payment information: Interest paid 818 903 1,286 Income tax paid 9,393 146 254 |
Quarterly Financial Data (una40
Quarterly Financial Data (unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information | Year Ended December 31, 2015 (a) (b) Fourth Quarter Third Quarter Second Quarter First Quarter Sales $ 85,072 $ 83,880 $ 92,071 $ 84,864 Less: excise tax 3,563 3,552 6,717 4,451 Net sales 81,509 80,328 85,354 80,413 Cost of sales 65,754 68,466 67,826 67,025 Gross profit 15,755 11,862 17,528 13,388 Selling, general and administrative 5,681 5,497 8,025 6,480 Operating income 10,074 6,365 9,503 6,908 Equity in earnings (Note 3) 92 1,562 3,096 1,352 Interest expense (160 ) (114 ) (129 ) (131 ) Income from operations before income taxes 10,006 7,813 12,470 8,129 Income tax expense (Note 5) 3,527 1,042 4,599 3,059 Net income from operations $ 6,479 $ 6,771 $ 7,871 $ 5,070 Basic and diluted earnings per share data $ 0.38 $ 0.38 $ 0.44 $ 0.28 Dividends per Common Share $ — $ — $ — $ 0.06 (a) Net income was positively impacted during the second quarter of 2015 by $460 as result of an insurance recovery. See discussion on this matter at Note 17. (b) Net income was positively impacted during the third and fourth quarters of 2015 by $1,908 and $477 , respectively, as result of a release of the valuation allowance related to deferred tax assets. See discussion on this matter at Note 5. Year Ended December 31, 2014 (a) (b) (c) Fourth Quarter Third Quarter Second Quarter First 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 Equity in earnings (Note 3) 2,850 1,621 2,331 3,335 Interest expense (201 ) (199 ) (218 ) (198 ) Income from operations before income taxes 10,830 5,059 5,185 4,866 Income tax expense (benefit) (Note 5) 3,267 (1,169 ) 86 81 Net income from operations $ 7,563 $ 6,228 $ 5,099 $ 4,785 Basic and diluted earnings per share data $ 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 1 and Note 17. (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 . (c) Total basic and diluted earnings per share for the quarters, when aggregated, do not equal the annual amounts of $1.32 due to rounding. |
Property and Business Interru41
Property and Business Interruption Insurance Claims and Recoveries (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 2014 2013 Total insurance recoveries $ 460 $ 9,375 $ — Insurance recoveries - interruption of business $ 460 $ 925 $ — Less: out-of-pocket expenses related to interruption of business in Cost of Sales — 617 — Net reduction to Cost of sales $ 460 $ 308 $ — Insurance recoveries - property damage $ — $ 8,450 $ — Less: Net book value of property loss in insurance recoveries — 160 — Insurance recoveries $ — $ 8,290 $ — |
Nature of Operations and Summ42
Nature of Operations and Summary of Significant Accounting Policies (Detail) $ in Thousands | Feb. 07, 2013segment | Jan. 03, 2012subsidiary | Jun. 30, 2015USD ($) | Jun. 30, 2010 | Dec. 31, 2015USD ($)segment | Dec. 31, 2014USD ($)segment | Dec. 31, 2013USD ($) | Dec. 31, 2012USD ($) | Dec. 31, 2001USD ($) | Sep. 30, 2015 | Mar. 31, 2014 |
Accounting Policies [Line Items] | |||||||||||
Number of subsidiaries distributed to company | subsidiary | 3 | ||||||||||
Number of reportable segments | segment | 3 | 2 | 2 | ||||||||
Proceeds from grantors (in dollars) | $ 26,000 | ||||||||||
USDA grant | $ 1,949 | $ 2,486 | |||||||||
Deferred credit balance | 1,042 | 1,125 | |||||||||
Lawrenceburg reimbursement | 411 | 488 | |||||||||
Shipping and handling revenue (in dollars) | 17,652 | 14,061 | $ 12,292 | ||||||||
Research and development expense (in dollars) | 748 | 1,622 | 2,472 | ||||||||
Debt instrument, fair value disclosure (in dollars) | 34,603 | 10,297 | |||||||||
Long-term debt, less current maturities | 7,579 | 7,286 | |||||||||
Pension Benefit Plan [Member] | |||||||||||
Accounting Policies [Line Items] | |||||||||||
Benefit obligations | 0 | 2,016 | $ 2,190 | $ 2,690 | |||||||
Employer contributions | $ 741 | 741 | 0 | ||||||||
Short And Long-term Debt [Member] | |||||||||||
Accounting Policies [Line Items] | |||||||||||
Long-term debt, less current maturities | $ 34,096 | 10,283 | |||||||||
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 | ||||||||||
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% | 30.00% | ||||||||
Ownership percentage sold (percent) | 50.00% | 20.00% |
Nature of Operations and Summ43
Nature of Operations and Summary of Significant Accounting Policies - Interest Costs (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Interest costs charged to expense | $ 534 | $ 816 | $ 1,118 |
Plus: Interest cost capitalized | 297 | 107 | 108 |
Total | $ 831 | $ 923 | $ 1,226 |
Nature of Operations and Summ44
Nature of Operations and Summary of Significant Accounting Policies - Deferred Credits (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
USDA grant | $ 1,949 | $ 2,486 |
LCD reimbursement | 1,042 | 1,125 |
Lawrenceburg reimbursement | 411 | 488 |
Total | $ 3,402 | $ 4,099 |
Other Balance Sheet Captions (D
Other Balance Sheet Captions (Detail) - Components of Inventory - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Components of Inventory [Abstract] | ||
Finished goods | $ 15,126 | $ 10,039 |
Barreled distillate (bourbon and whiskey) | 28,278 | 11,114 |
Raw materials | 6,675 | 5,440 |
Work in process | 2,364 | 2,023 |
Maintenance materials | 5,371 | 4,913 |
Other | 887 | 912 |
Total | $ 58,701 | $ 34,441 |
Other Balance Sheet Captions 46
Other Balance Sheet Captions (Detail) - Components of Property and Equipment - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Components of Property and Equipment [Abstract] | ||
Land, buildings and improvements | $ 56,143 | $ 43,443 |
Transportation equipment | 5,417 | 2,717 |
Machinery and equipment | 152,742 | 149,218 |
Construction in progress | 15,612 | 2,798 |
Property and equipment, at cost | 229,914 | 198,176 |
Less accumulated depreciation and amortization | (146,360) | (134,295) |
Property and equipment, net | $ 83,554 | $ 63,881 |
Other Balance Sheet Captions 47
Other Balance Sheet Captions (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Property, Plant and Equipment [Line Items] | ||
Capital leased assets | $ 8,376 | $ 8,376 |
Accumulated depreciation and amortization | 146,360 | 134,295 |
Assets Held under Capital Leases [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Accumulated depreciation and amortization | $ 5,756 | $ 4,708 |
Other Balance Sheet Captions 48
Other Balance Sheet Captions (Detail) - Components of Accrued Expenses - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Components of Accrued Expenses [Abstract] | ||
Employee benefit plans | $ 1,027 | $ 973 |
Salaries and wages | 6,790 | 4,633 |
Restructuring and severance charges (Note 9) | 517 | 208 |
Property taxes | 784 | 764 |
Other accrued expenses | 1,282 | 1,432 |
Total | $ 10,400 | $ 8,010 |
Equity Method Investments (Deta
Equity Method Investments (Detail) - USD ($) | Apr. 09, 2015 | Dec. 04, 2014 | Mar. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2015 |
Schedule of Equity Method Investments [Line Items] | |||||||||
Distribution received from equity method investee | $ 0 | $ 4,835,000 | $ 0 | ||||||
Equity method investment, other than temporary impairment | 0 | 0 | 0 | ||||||
Related party expenses | 40,787,000 | 35,613,000 | 7,736,000 | ||||||
Proceeds from business interruption insurance recoveries | 4,112,000 | ||||||||
ICP Limited Liability Company [Member] | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
EBITDA, earnings (loss) | $ (500,000) | $ (500,000) | |||||||
ICP [Member] | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Equity method ownership percentage (percent) | 30.00% | 30.00% | 30.00% | ||||||
Income allocation to objecting member (as a percent) | 80.00% | ||||||||
Income allocation to electing member (as a percent) | 20.00% | ||||||||
Decrease in related equity method investment earnings due to reassessment | $ 1,882,000 | $ 1,882,000 | |||||||
Increase (decrease) in earnings per share (in dollars per share) | $ (0.10) | ||||||||
Distribution received from equity method investee | $ 4,835,000 | ||||||||
Depreciation and amortization | $ 2,634,000 | $ 2,847,000 | $ 4,523,000 | ||||||
ICP [Member] | Revolving Credit Facility [Member] | Line of Credit [Member] | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Maximum borrowing capacity | $ 30,000,000 | ||||||||
Future maximum borrowing capacity increase | 20,000,000 | ||||||||
ICP [Member] | Amended and Restated Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Line of Credit [Member] | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Termination of borrowing, amount | $ 15,000,000 | ||||||||
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 - Ope
Equity Method Investments - Operating Results (Details) - ICP [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Schedule of Equity Method Investments [Line Items] | |||
Net sales | $ 166,905 | $ 236,486 | $ 193,682 |
Cost of sales and expenses | (146,098) | (196,551) | (194,519) |
Net income (loss) | $ 20,807 | $ 39,935 | $ (837) |
Equity Method Investments - The
Equity Method Investments - The Company's Equity in Earnings (Loss) of Joint Ventures (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Schedule of Equity Method Investments [Line Items] | |||||||||||
Equity In earnings (loss) | $ 92 | $ 1,562 | $ 3,096 | $ 1,352 | $ 2,850 | $ 1,621 | $ 2,331 | $ 3,335 | $ 6,102 | $ 10,137 | $ (204) |
ICP (30% interest) [Member] | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Equity In earnings (loss) | 6,242 | 10,098 | (251) | ||||||||
DMI (50% interest) [Member] | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Equity In earnings (loss) | $ (140) | $ 39 | $ 47 |
Equity Method Investments - T52
Equity Method Investments - The Company’s Investment in Joint Ventures (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Schedule of Equity Method Investments [Line Items] | ||
Investments In joint ventures | $ 18,563 | $ 12,373 |
ICP (30% interest) [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Investments In joint ventures | 18,179 | 11,924 |
DMI (50% interest) [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Investments In joint ventures | $ 384 | $ 449 |
Corporate Borrowings and Capi53
Corporate Borrowings and Capital Lease Obligations (Detail) | Jun. 28, 2011USD ($) | Dec. 28, 2006USD ($) | Dec. 31, 2007USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) |
Debt Instrument [Line Items] | ||||||
Unamortized loan fees | $ (636,000) | $ (384,000) | ||||
Sale leaseback transaction, gross proceeds | $ 7,335,000 | |||||
Sale leaseback transaction, monthly rental payments | $ 110,000 | |||||
Sale leaseback transaction, lease terms | 60 months | |||||
Sale leaseback transaction, imputed interest rate | 2.61% | 4.90% | 4.90% | |||
Leveraged leases, net investment in leveraged leases disclosure, residual value of leased assets | $ 1,328,000 | |||||
Operating leases, contract terms, acceleration in the event of default, duration of 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 | |||||
Special assessment bond | $ 7,000,000 | |||||
Operating leases, rent expense | $ 2,283,000 | $ 2,241,000 | $ 2,844,000 | |||
Second Amended and Restated Credit Agreement [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Maximum borrowing capacity | $ 80,000,000 | |||||
Water Cooling System Sale Leaseback [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Sale leaseback transaction, lease terms | 72 months | |||||
Minimum [Member] | Second Amended and Restated Credit Agreement [Member] | Wells Fargo Bank [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Credit facility covenant, fixed charge coverage ratio (less than) | 1.1 | |||||
Credit facility covenant, excess availability from fixed charge coverage (less than) | $ 10,000,000 |
Corporate Borrowings and Capi54
Corporate Borrowings and Capital Lease Obligations - Indebtedness Outstanding Summary (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Debt Instrument [Line Items] | ||
Unamortized loan fees | $ (636) | $ (384) |
Total | 33,460 | 9,899 |
Less current maturities of long term debt | (3,345) | (2,613) |
Long-term debt | $ 7,579 | $ 7,286 |
Wells Fargo Bank [Member] | ||
Debt Instrument [Line Items] | ||
Credit Agreement, interest rate (as a percent) | 2.315% | 2.315% |
Line of Credit [Member] | Wells Fargo Bank [Member] | ||
Debt Instrument [Line Items] | ||
Credit Agreement (Variable interest rate) | $ 23,172 | $ 0 |
Line of Credit [Member] | Fixed Asset Sub Line Facility [Member] | ||
Debt Instrument [Line Items] | ||
Credit Agreement (Variable interest rate) | $ 6,254 | $ 6,670 |
Credit Agreement, interest rate (as a percent) | 2.693% | 2.693% |
Secured Debt [Member] | Secured Promissory Note Due 2022 [Member] | ||
Debt Instrument [Line Items] | ||
Secured Promissory Note | $ 2,670 | $ 0 |
Interest rate (as a percent) | 3.71% | 3.71% |
Secured Debt [Member] | Secured Promissory Note Due 2016 [Member] | ||
Debt Instrument [Line Items] | ||
Secured Promissory Note | $ 36 | $ 404 |
Interest rate (as a percent) | 6.89% | 6.89% |
US Bancorp [Member] | ||
Debt Instrument [Line Items] | ||
Capital Lease Obligation, 2.61%, due 2017 | $ 1,964 | $ 3,209 |
Capital Lease interest rate (as a percent) | 2.61% | 2.61% |
Total [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 30,115 | $ 7,286 |
Corporate Borrowings and Capi55
Corporate Borrowings and Capital Lease Obligations - Offsetting Assets and Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Gross Amounts of Recognized Assets (Liabilities) [Member] | ||
Offsetting Assets and Liabilities [Line Items] | ||
Investment in bonds | $ 7,000 | $ 7,000 |
Capital lease obligation | (7,000) | (7,000) |
Gross Amounts offset in the Balance Sheet [Member] | ||
Offsetting Assets and Liabilities [Line Items] | ||
Investment in bonds | 7,000 | 7,000 |
Capital lease obligation | (7,000) | (7,000) |
Net Amounts of Assets (Liabilities) presented in the Balance Sheet [Member] | ||
Offsetting Assets and Liabilities [Line Items] | ||
Investment in bonds | 0 | 0 |
Capital lease obligation | $ 0 | $ 0 |
Corporate Borrowings and Capi56
Corporate Borrowings and Capital Lease Obligations - Summary of Leases and Debt Maturities (Detail) $ in Thousands | Dec. 31, 2015USD ($) |
Long-term Debt, Fiscal Year Maturity [Abstract] | |
2,016 | $ 2,344 |
2,017 | 357 |
2,018 | 371 |
2,019 | 385 |
2,020 | 29,826 |
Thereafter | 813 |
Total | 34,096 |
Credit Agreement [Member] | |
Long-term Debt, Fiscal Year Maturity [Abstract] | |
2,016 | 0 |
2,017 | 0 |
2,018 | 0 |
2,019 | 0 |
2,020 | 29,426 |
Thereafter | 0 |
Total | 29,426 |
Long Term Debt [Member] | |
Long-term Debt, Fiscal Year Maturity [Abstract] | |
2,016 | 380 |
2,017 | 357 |
2,018 | 371 |
2,019 | 385 |
2,020 | 400 |
Thereafter | 813 |
Total | 2,706 |
Capital Lease Obligation, Minimum Lease Payments [Member] | |
Long-term Debt, Fiscal Year Maturity [Abstract] | |
2,016 | 1,988 |
2,017 | 0 |
2,018 | 0 |
2,019 | 0 |
2,020 | 0 |
Thereafter | 0 |
Total | 1,988 |
Capital Lease Obligations, Interest [Member] | |
Long-term Debt, Fiscal Year Maturity [Abstract] | |
2,016 | 24 |
2,017 | 0 |
2,018 | 0 |
2,019 | 0 |
2,020 | 0 |
Thereafter | 0 |
Total | 24 |
Capital Lease Obligations [Member] | |
Long-term Debt, Fiscal Year Maturity [Abstract] | |
2,016 | 1,964 |
2,017 | 0 |
2,018 | 0 |
2,019 | 0 |
2,020 | 0 |
Thereafter | 0 |
Total | $ 1,964 |
Income Taxes - Provision (Benef
Income Taxes - Provision (Benefit) for Income Taxes from Continuing Operations (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Current: | |||||||||||
Federal | $ 8,954 | $ 0 | $ (16) | ||||||||
State | 1,003 | 229 | 29 | ||||||||
Current income tax expense (benefit) | 9,957 | 229 | 13 | ||||||||
Deferred: | |||||||||||
Federal | 3,174 | 5,010 | (642) | ||||||||
State | (904) | (2,974) | (85) | ||||||||
Deferred income tax expense (benefit) | 2,270 | 2,036 | (727) | ||||||||
Total | $ 3,527 | $ 1,042 | $ 4,599 | $ 3,059 | $ 3,267 | $ (1,169) | $ 86 | $ 81 | $ 12,227 | $ 2,265 | $ (714) |
Income Taxes - A Reconciliation
Income Taxes - A Reconciliation of the Provision for income taxes from continuing operations (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Disclosure [Abstract] | |||||||||||
Expected provision at federal statutory rate | $ 13,446 | $ 9,116 | $ (2,282) | ||||||||
State income taxes, net | 1,714 | 709 | (705) | ||||||||
Change in valuation allowance | (2,385) | (7,618) | 2,222 | ||||||||
Domestic production activity deduction | (1,002) | 0 | 0 | ||||||||
Other | 454 | 58 | 51 | ||||||||
Total | $ 3,527 | $ 1,042 | $ 4,599 | $ 3,059 | $ 3,267 | $ (1,169) | $ 86 | $ 81 | $ 12,227 | $ 2,265 | $ (714) |
Effective tax rate | 31.80% | 8.70% | 10.90% |
Income Taxes - Temporary Differ
Income Taxes - Temporary Differences Related to Deferred Income Taxes (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Deferred income tax assets: | ||
Post-retirement liability | $ 1,848 | $ 1,968 |
Deferred income | 1,343 | 1,637 |
Stock based compensation | 2,247 | 2,108 |
Federal operating loss carryforwards | 0 | 5,029 |
Capital loss carryforward | 1,444 | 1,311 |
State tax credits | 2,653 | 2,423 |
State operating loss carryforwards | 2,216 | 4,574 |
Inventories | 1,684 | 514 |
Other | 2,224 | 2,891 |
Gross deferred income tax assets | 15,659 | 22,455 |
Less: valuation allowance | (1,444) | (3,829) |
Net deferred income tax assets | 14,215 | 18,626 |
Deferred income tax liabilities: | ||
Fixed assets | (16,050) | (18,823) |
Other | (922) | (1,176) |
Gross deferred income tax liabilities | (16,972) | (19,999) |
Net deferred income tax liability | $ (2,757) | $ (1,373) |
Income Taxes - Change in Valuat
Income Taxes - Change in Valuation Allowance (Details) - Deferred Tax Assets Valuation Allowance [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Movement in Valuation Allowances and Reserves [Roll Forward] | ||
Balance at beginning of period | $ 3,829 | $ 11,275 |
Reductions | 2,385 | 7,446 |
Balance at end of period | $ 1,444 | $ 3,829 |
Income Taxes - Unrecognized Tax
Income Taxes - Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Unrecognized Tax Benefits [Roll Forward] | |||
Beginning of year balance | $ 613 | $ 566 | $ 445 |
Additions for tax positions of prior years | 0 | 8 | 62 |
Additions for tax positions of the current year | 0 | 39 | 59 |
End of year balance | $ 613 | $ 613 | $ 566 |
Income Taxes (Detail)
Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Operating Loss Carryforwards [Line Items] | |||
Income tax expense (benefit) allocated to comprehensive income (loss), Tax | $ 83 | $ (198) | $ 136 |
Change in valuation allowance, expense (benefit) | (2,385) | (7,618) | $ 2,222 |
Operating loss carryforwards | 45,900 | ||
Capital loss carryforward | 3,658 | ||
Unrecognized tax benefits that would impact effective tax rate | $ 580 | ||
Federal [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Operating loss carryforwards | 14,367 | ||
State [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Operating loss carryforwards | $ 79,666 |
Equity and Earnings (Loss) pe63
Equity and Earnings (Loss) per Share (Detail) $ / shares in Units, $ in Thousands | Sep. 01, 2015USD ($)shares | Apr. 21, 2015USD ($) | Mar. 26, 2015$ / shares | Apr. 09, 2014USD ($) | Mar. 17, 2014$ / shares | Apr. 10, 2013USD ($) | Mar. 18, 2013$ / shares | Dec. 31, 2015USD ($)board_membershares | Dec. 31, 2014USD ($)shares | Dec. 31, 2013USD ($)shares | Sep. 30, 2015 | Mar. 31, 2014 | Dec. 31, 2012shares |
Equity [Abstract] | |||||||||||||
Dividends declared (in dollars per share) | $ / shares | $ 0.06 | $ 0.05 | $ 0.05 | ||||||||||
Dividends | $ | $ 1,087 | $ 907 | $ 916 | ||||||||||
Dividends paid | $ | 1,061 | 884 | 897 | $ 1,087 | $ 907 | $ 916 | |||||||
Dividend equivalents paid | $ | $ 26 | $ 23 | $ 19 | ||||||||||
Number of board members that common stockholders are entitled to elect | board_member | 4 | ||||||||||||
Total number of board members | board_member | 9 | ||||||||||||
Number of board members preferred stock shareholders entitled to elect | board_member | 5 | ||||||||||||
Board of directors, term of service | 1 year | ||||||||||||
Minimum single shareholder ownership percentage to call special stockholder meeting (as a percent) | 10.00% | ||||||||||||
Incremental common shares attributable to dilutive effect of equity unit purchase agreements | 950,000 | 0 | |||||||||||
Stock repurchase program, authorized amount | $ | $ 14,488 | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Options outstanding (in shares) | 0 | 4,000 | 10,000 | 20,000 | |||||||||
ICP [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Equity method ownership percentage (percent) | 30.00% | 30.00% | 30.00% | ||||||||||
Affiliated Entity [Member] | ICP [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Equity method ownership percentage (percent) | 70.00% | ||||||||||||
Restricted Stock [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Number of nonvested shares (in shares) | 128,500 | 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) | 437,946 | 413,288 | 371,502 | 423,264 | |||||||||
The 2004 Plan [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Number of nonvested shares (in shares) | 128,500 | ||||||||||||
The 2004 Plan [Member] | Restricted Stock [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Number of nonvested shares (in shares) | 128,500 | ||||||||||||
The 2004 Plan [Member] | Restricted Stock Units [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Authorized shares remaining for issuance | 337,500 |
Equity and Earnings (Loss) pe64
Equity and Earnings (Loss) per Share - The Computations of Basic and Diluted Earnings (Loss) Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Continuing Operations: | |||
Net operating income (loss) | $ 26,191 | $ 23,675 | $ (5,807) |
Less: Amounts allocated to participating securities (non-vested shares and units) | 873 | 832 | 0 |
Net operating income (loss) attributable to common shareholders | 25,318 | 22,843 | (5,807) |
Discontinued Operations: | |||
Discontinued operations attributable to all shareholders | 0 | 0 | 878 |
Less: Amounts allocated to participating securities (nonvested shares and units) | 0 | 0 | 0 |
Discontinued operations attributable to common shareholders | 0 | 0 | 878 |
Net income (loss) | $ 25,318 | $ 22,843 | $ (4,929) |
Share information: | |||
Basic weighted average common shares (in Shares) | 17,123,556 | 17,305,866 | 17,069,455 |
Incremental shares from potential dilutive securities (in Shares) | 0 | 0 | 0 |
Diluted weighted average common shares (in Shares) | 17,123,556 | 17,305,866 | 17,069,455 |
Basic earnings (loss) per share | |||
Income (loss) from continuing operations (in dollars per share) | $ 1.48 | $ 1.32 | $ (0.34) |
Income from discontinued operations (in dollars per share) | 0 | 0 | 0.05 |
Net income (loss) (in dollars per share) | 1.48 | 1.32 | (0.29) |
Diluted earnings (loss) per share | |||
Income (loss) from continuing operations (in dollars per share) | 1.48 | 1.32 | (0.34) |
Income from discontinued operations (In dollars per share) | 0 | 0 | 0.05 |
Net income (loss) (in dollars per share) | $ 1.48 | $ 1.32 | $ (0.29) |
Equity and Earnings (Loss) pe65
Equity and Earnings (Loss) per Share - Accumulated Other Comprehensive Income (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning Balance | $ (732) | $ (4) | $ (233) |
Other comprehensive income (loss) before reclassifications | (318) | (1,417) | 530 |
Amounts reclassified from accumulated other comprehensive income | 550 | 689 | (301) |
Net other comprehensive income (loss) | 232 | (728) | 229 |
Ending Balance | (500) | (732) | (4) |
Pension Plan Items [Member] | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning Balance | (244) | (377) | (627) |
Other comprehensive income (loss) before reclassifications | (355) | 218 | 179 |
Amounts reclassified from accumulated other comprehensive income | 599 | (85) | 71 |
Net other comprehensive income (loss) | 244 | 133 | 250 |
Ending Balance | 0 | (244) | (377) |
Post Employment Benefit Items [Member] | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning Balance | (456) | 390 | 429 |
Other comprehensive income (loss) before reclassifications | 47 | (1,620) | 333 |
Amounts reclassified from accumulated other comprehensive income | (101) | 774 | (372) |
Net other comprehensive income (loss) | (54) | (846) | (39) |
Ending Balance | (510) | (456) | 390 |
Equity Method Investment Translation Adjustment and Post-Employment Benefit Adjustment [Member] | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning Balance | (32) | (17) | (35) |
Other comprehensive income (loss) before reclassifications | (10) | (15) | 18 |
Amounts reclassified from accumulated other comprehensive income | 52 | 0 | 0 |
Net other comprehensive income (loss) | 42 | (15) | 18 |
Ending Balance | $ 10 | $ (32) | $ (17) |
Equity and Earnings (Loss) pe66
Equity and Earnings (Loss) per Share - Reclassification out of Accumulated Other Comprehensive Income (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Income tax expense (benefit) | $ 3,527 | $ 1,042 | $ 4,599 | $ 3,059 | $ 3,267 | $ (1,169) | $ 86 | $ 81 | $ 12,227 | $ 2,265 | $ (714) |
Net income (loss) from continuing operations attributable to common shareholders | 25,318 | $ 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 | 550 | ||||||||||
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 | 25 | ||||||||||
Settlement loss | 414 | ||||||||||
Total before tax | 439 | ||||||||||
Income tax expense (benefit) | 160 | ||||||||||
Net income (loss) from continuing operations attributable to common shareholders | 599 | ||||||||||
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 | 278 | ||||||||||
Amortization of prior service cost | (338) | ||||||||||
Total before tax | (60) | ||||||||||
Income tax expense (benefit) | (41) | ||||||||||
Net income (loss) from continuing operations attributable to common shareholders | (101) | ||||||||||
Equity Method Investment Adjustment [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | |||||||||||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Foreign currency loss | 88 | ||||||||||
Income tax expense (benefit) | (36) | ||||||||||
Net income (loss) from continuing operations attributable to common shareholders | $ 52 |
Commitments and Contingencies -
Commitments and Contingencies - Schedule of Long-term Commitments (Detail) $ in Thousands | Dec. 31, 2015USD ($) |
Long-term Debt [Abstract] | |
Total | $ 34,096 |
Less than 1 year | 2,344 |
More than 5 years | 813 |
Capital Leases [Abstract] | |
Total | 1,988 |
Less than 1 year | 1,988 |
1-3 years | 0 |
4-5 years | 0 |
More than 5 years | 0 |
Operating Leases [Abstract] | |
Total | 11,016 |
Less than 1 year | 3,972 |
1-3 years | 3,704 |
4-5 years | 1,952 |
More than 5 years | 1,388 |
Purchase [Abstract] | |
Total | 79,427 |
Less than 1 year | 75,783 |
1-3 years | 3,474 |
4-5 years | 151 |
More than 5 years | 19 |
Total | |
Total | 100,020 |
Less than 1 year | 82,763 |
1-3 years | 9,125 |
4-5 years | 4,034 |
More than 5 years | 4,098 |
Long Term Debt [Member] | |
Long-term Debt [Abstract] | |
Total | 2,706 |
Less than 1 year | 380 |
1-3 years | 728 |
4-5 years | 785 |
More than 5 years | 813 |
Interest on Long-term Debt [Abstract] | |
Total | 367 |
Less than 1 year | 95 |
1-3 years | 149 |
4-5 years | 92 |
More than 5 years | 31 |
Post-Employment Benefit Plan [Member] | |
Post-Employment Benefit Plan Obligations [Abstract] | |
Total | 4,516 |
Less than 1 year | 545 |
1-3 years | 1,070 |
4-5 years | 1,054 |
More than 5 years | $ 1,847 |
Commitments and Contingencies68
Commitments and Contingencies - Operating Leases (Details) $ in Thousands | Dec. 31, 2015USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2,016 | $ 3,972 |
2,017 | 2,464 |
2,018 | 1,240 |
2,019 | 1,003 |
2,020 | 949 |
Thereafter | 1,388 |
Total | $ 11,016 |
Employee Benefit Plans (Detail)
Employee Benefit Plans (Detail) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015USD ($)participant | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Cost recognized | $ 1,032 | $ 1,029 | $ 1,004 |
Requisite service period | 5 years | ||
Effect of one percentage point increase in assumed health care costs, affect on accumulated benefit obligation | $ 159 | ||
Effect of one percentage point decrease in assumed health care costs, effect on accumulated benefit obligation | (149) | ||
Effect of one percentage point increase in assumed health care costs, affect on service and interest cost | 200 | ||
Effect of one percentage point decrease in assumed health care costs, affect on service and interest cost | $ (185) | ||
Effect On Accumulated Benefit Obligation And Service And Interest Cost [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Ultimate trend rate (as a percent) | 1.00% | ||
Equity Securities [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Target plan asset allocations (as a percent) | 60.00% | ||
Debt Securities [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Target plan asset allocations (as a percent) | 30.00% | ||
Other [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Target plan asset allocations (as a percent) | 10.00% | ||
Debt Category Concentration [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Target plan asset allocations (as a percent) | 10.00% | ||
Post-Employment Benefit Plan [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Number of participants | participant | 211 | ||
Number of active participants eligible for benefits | participant | 29 | ||
Minimum age of participant to become eligible for benefits | 62 years | ||
Age up to which health benefits continuation paid | 65 years | ||
Expected contributions in next fiscal year, net of Medicare Part D subsidy receipts | $ 545 | ||
Post-Employment Benefit Plan [Member] | Medicare Part D Subsidy Receipts [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Medicare Part D subsidy receipts to the plan in 2016 | $ 22 | ||
Minimum [Member] | Debt Securities [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Target plan asset allocations (as a percent) | 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 (as a percent) | 10.00% |
Employee Benefit Plans - Additi
Employee Benefit Plans - Additional Information (Detail) | Sep. 01, 2015 | Jun. 23, 2015USD ($)shares | May. 28, 2015USD ($)shares | Dec. 31, 2015USD ($)planshares | Dec. 31, 2014USD ($)shares | Dec. 31, 2013USD ($)shares | May. 31, 2014shares | Dec. 31, 2012shares |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Common stock, shares authorized | 40,000,000 | 40,000,000 | ||||||
Treasury stock, shares | 1,434,389 | 441,406 | ||||||
Number of active plans | plan | 2 | |||||||
Share-based compensation expense | $ | $ 1,373,000 | $ 931,000 | $ 932,000 | |||||
Granted (in shares) | 0 | 0 | 0 | |||||
Options outstanding (in shares) | 0 | 4,000 | 10,000 | 20,000 | ||||
Options, outstanding, intrinsic value | $ | $ 0 | |||||||
Restricted Stock Units (RSUs) [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Number of nonvested shares (in shares) | 437,946 | 413,288 | 371,502 | 423,264 | ||||
Options, vested in period, fair value | $ | $ 157,000 | $ 227,000 | $ 72,000 | |||||
Period for recognition of unrecognized compensation cost | 2 years 2 months 12 days | |||||||
Unrecognized compensation costs, other than options | $ | $ 1,258,000 | |||||||
Restricted Stock [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Number of nonvested shares (in shares) | 128,500 | 278,900 | 569,296 | 933,887 | ||||
Options, vested in period, fair value | $ | $ 1,038,000 | $ 552,000 | $ 2,182,000 | |||||
Stock Options [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Unrecognized compensation costs, options | $ | $ 87,000 | |||||||
Period for recognition of unrecognized compensation cost | 8 months 12 days | |||||||
Short-term Incentive Plan [Member] | Restricted Stock Units (RSUs) [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Share-based compensation expense | $ | $ 482,000 | 0 | 0 | |||||
Award vesting period | 48 months | |||||||
Employee Stock Purchase Plan [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Shares registered for employee purchase | 300,000 | |||||||
The 2014 Plan [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Restricted stock authorized but not granted (in shares) | 1,500,000 | |||||||
Granted (in shares) | 100,446 | |||||||
The 2014 Plan [Member] | Restricted Stock Units (RSUs) [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Award vesting period | 3 years | |||||||
The Director's Plan [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Shares vested | 36,189 | |||||||
Restricted stock authorized but not granted (in shares) | 300,000 | |||||||
Grants in period (in shares) | 36,189 | |||||||
The 2004 Plan [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Number of nonvested shares (in shares) | 128,500 | |||||||
Award vesting period | 5 years | |||||||
Restricted stock authorized but not granted (in shares) | 2,680,000 | |||||||
Weighted average remaining contractual term | 10 years | |||||||
The 2004 Plan [Member] | Restricted Stock Units (RSUs) [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Number of shares available for grant | 0 | |||||||
Authorized shares remaining for issuance | 337,500 | |||||||
The 2004 Plan [Member] | Restricted Stock [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Number of nonvested shares (in shares) | 128,500 | |||||||
Number of shares available for grant | 0 | |||||||
The 2004 Plan [Member] | Stock Options [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Options outstanding (in shares) | 0 | |||||||
Directors Option Plan [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Number of nonvested shares (in shares) | 0 | |||||||
Award vesting period | 184 days | |||||||
Restricted stock authorized but not granted (in shares) | 180,000 | |||||||
Weighted average remaining contractual term | 10 years | |||||||
Options outstanding (in shares) | 0 | |||||||
Directors Option Plan [Member] | Stock Options [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Number of shares available for grant | 0 | |||||||
Directors Stock Plan [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Restricted stock authorized but not granted (in shares) | 175,000 | |||||||
Number of shares available for grant | 0 | |||||||
Directors Stock Plan [Member] | Restricted Stock [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Award vesting period | 3 years | |||||||
Annual Cash Incentive Plan [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Targeted bonus award expense | $ | $ 4,964,000 | $ 3,166,000 | $ 3,111,000 | |||||
Maximum [Member] | Directors Option Plan [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Restricted stock authorized but not granted (in shares) | 2,000 | |||||||
Chief Financial Officer [Member] | Restricted Stock [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Shares vested | 13,585 | |||||||
Pro-rata grant of restricted stock | $ | $ 231,000 | |||||||
Vice President [Member] | Restricted Stock Units (RSUs) [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Number of nonvested shares (in shares) | 29,941 | |||||||
Consulting agreement, period | 18 months | |||||||
Accelerated compensation cost | $ | $ 195,000 | |||||||
Vice President [Member] | Restricted Stock [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Number of nonvested shares (in shares) | 16,500 | |||||||
Selling, General and Administrative Expenses [Member] | Chief Financial Officer [Member] | Restricted Stock [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Pro-rata grant of restricted stock | $ | $ 231,000 | |||||||
Period to Grant Date [Member] | Short-term Incentive Plan [Member] | Restricted Stock Units (RSUs) [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Award vesting period | 12 months | |||||||
Remaining Award Vesting Period [Member] | Short-term Incentive Plan [Member] | Restricted Stock Units (RSUs) [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Award vesting period | 36 months |
Employee Benefit Plans - Status
Employee Benefit Plans - Status of the Company’s Benefit Plans (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Pension Benefit Plan [Member] | |||
Change in benefit obligation: | |||
Beginning of year | $ 2,016 | $ 2,190 | $ 2,690 |
Service cost | 0 | 0 | 0 |
Interest cost | 36 | 87 | 83 |
Actuarial loss (gain) | (9) | 35 | (241) |
Negative plan amendment benefit | 0 | 0 | 0 |
Benefits paid | (2,043) | (296) | (342) |
Benefit obligation at end of year | 0 | 2,016 | 2,190 |
Post-Employment Benefit Plan [Member] | |||
Change in benefit obligation: | |||
Beginning of year | 4,926 | 4,827 | 5,700 |
Service cost | 51 | 72 | 127 |
Interest cost | 141 | 149 | 165 |
Actuarial loss (gain) | 45 | 1,632 | (558) |
Negative plan amendment benefit | 0 | (1,183) | 0 |
Benefits paid | (482) | (571) | (607) |
Benefit obligation at end of year | $ 4,681 | $ 4,926 | $ 4,827 |
Employee Benefit Plans - Change
Employee Benefit Plans - Changes in Plan Assets (Detail) - Pension Benefit Plan [Member] - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Jun. 30, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||||
Fair value of plan assets at beginning of year | $ 1,300 | $ 1,550 | ||
Actual return on plan assets | 2 | 46 | ||
Employer contributions | $ 741 | 741 | 0 | |
Benefits paid | (2,043) | (296) | $ (342) | |
Fair value of plan assets at end of year | $ 0 | $ 1,300 | $ 1,550 |
Employee Benefit Plans - Assump
Employee Benefit Plans - Assumptions Used to Determine Accumulated Benefit Obligations (Detail) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Pension Benefit Plan [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Discount rate (as a percent) | 3.65% | 3.58% |
Measurement date | December 31, 2015(a) | December 31, 2014 |
Post-Employment Benefit Plan [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Discount rate (as a percent) | 3.20% | 2.99% |
Measurement date | December 31, 2015 | December 31, 2014 |
Employee Benefit Plans - Assu74
Employee Benefit Plans - Assumptions Used to Determine Net Benefit Cost (Detail) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Pension Benefit Plan [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Expected return on Assets (as a percent) | 7.00% | 7.00% | 7.00% |
Discount rate (as a percent) | 3.58% | 4.11% | 3.19% |
Post-Employment Benefit Plan [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Expected return on Assets (as a percent) | 0.00% | 0.00% | 0.00% |
Discount rate (as a percent) | 2.99% | 2.98% | |
Minimum [Member] | Post-Employment Benefit Plan [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Discount rate (as a percent) | 3.39% | ||
Maximum [Member] | Post-Employment Benefit Plan [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Discount rate (as a percent) | 3.95% |
Employee Benefit Plans - Compon
Employee Benefit Plans - Components of Net Periodic Benefit Cost (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Pension Benefit Plan [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Service cost | $ 0 | $ 0 | $ 0 |
Interest cost | 36 | 87 | 83 |
Expected return on assets | (45) | (104) | (114) |
Amortization of prior service cost | 0 | 0 | 0 |
Recognized net actuarial loss | 25 | 21 | 66 |
Settlement losses | 414 | 50 | 52 |
Net benefit cost | 430 | 54 | 87 |
Post-Employment Benefit Plan [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Service cost | 51 | 72 | 127 |
Interest cost | 141 | 149 | 165 |
Expected return on assets | 0 | 0 | 0 |
Amortization of prior service cost | (338) | (369) | (647) |
Recognized net actuarial loss | 278 | 18 | 28 |
Settlement losses | 0 | 0 | 0 |
Net benefit cost | $ 132 | $ (130) | $ (327) |
Employee Benefit Plans - Chan76
Employee Benefit Plans - Changes in Plan Assets and Benefit Obligations in Other Comprehensive Income (loss) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Pension Benefit Plan [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net actuarial (loss) gain | $ (35) | $ (92) | $ 298 |
Settlement losses | 414 | 50 | 52 |
Plan amendment and curtailment | 0 | 0 | 0 |
Recognized net actuarial loss | 25 | 20 | 66 |
Amortization of prior service cost | 0 | 0 | 0 |
Recognition of prior service cost due to curtailments | 0 | 0 | 0 |
Total other comprehensive income (loss), pre-tax | 404 | (22) | 416 |
Income tax expense (benefit) | 160 | (155) | 166 |
Total other comprehensive income (loss), net of tax | 244 | 133 | 250 |
Post-Employment Benefit Plan [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net actuarial (loss) gain | (35) | (1,632) | 558 |
Settlement losses | 0 | 0 | 0 |
Plan amendment and curtailment | 0 | 1,183 | 0 |
Recognized net actuarial loss | 278 | 18 | 28 |
Amortization of prior service cost | (338) | (369) | (647) |
Recognition of prior service cost due to curtailments | 0 | (52) | 0 |
Total other comprehensive income (loss), pre-tax | (95) | (852) | (61) |
Income tax expense (benefit) | (41) | (6) | (22) |
Total other comprehensive income (loss), net of tax | $ (54) | $ (846) | $ (39) |
Employee Benefit Plans - Amount
Employee Benefit Plans - Amounts Recognized in the Consolidated Balance Sheets (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Accrued expenses | $ (10,400) | $ (8,010) |
Other non-current liabilities | (79) | 0 |
Accrued retirement benefits | (4,136) | (4,420) |
Pension Benefit Plan [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Accrued expenses | 0 | 0 |
Other non-current liabilities | 0 | (716) |
Accrued retirement benefits | 0 | 0 |
Net amount recognized | 0 | (716) |
Post-Employment Benefit Plan [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Accrued expenses | (545) | (506) |
Other non-current liabilities | 0 | 0 |
Accrued retirement benefits | (4,136) | (4,420) |
Net amount recognized | $ (4,681) | $ (4,926) |
Employee Benefit Plans - Estima
Employee Benefit Plans - Estimated Amount that will be Recognized From Accumulated Other Comprehensive Income (Loss) into Net Periodic Benefit Cost (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Pension Benefit Plan [Member] | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Actuarial net loss | $ 0 |
Net prior service credits | 0 |
Net amount recognized | 0 |
Post-Employment Benefit Plan [Member] | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Actuarial net loss | (269) |
Net prior service credits | 338 |
Net amount recognized | $ 69 |
Employee Benefit Plans - Assume
Employee Benefit Plans - Assumed Average Annual Rate of Increase in the Per Capita Cost of Covered Benefits (Detail) - Post-Employment Benefit Plan [Member] | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Group Plan [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Health care cost trend rate (as a percent) | 7.50% | |
Ultimate trend rate (as a percent) | 5.00% | |
Year rate reaches ultimate trend rate | 2,024 | |
Lifetime Prescription Cost [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Health care cost trend rate (as a percent) | 9.00% | |
Ultimate trend rate (as a percent) | 5.00% | |
Year rate reaches ultimate trend rate | 2,025 | |
Medicare Supplement [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Health care cost trend rate (as a percent) | 5.00% | |
Ultimate trend rate (as a percent) | 5.00% | |
Year rate reaches ultimate trend rate | 2,017 | |
Pre-Medicare [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Health care cost trend rate (as a percent) | 8.00% | |
Ultimate trend rate (as a percent) | 5.00% | |
Year rate reaches ultimate trend rate | 2,028 | |
Post-Medicare [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Health care cost trend rate (as a percent) | 7.00% | |
Ultimate trend rate (as a percent) | 5.00% | |
Year rate reaches ultimate trend rate | 2,024 |
Employee Benefit Plans - Expect
Employee Benefit Plans - Expected Benefit Payments (Detail) $ in Thousands | Dec. 31, 2015USD ($) |
Pension Benefit Plan [Member] | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
2,016 | $ 0 |
2,017 | 0 |
2,018 | 0 |
2,019 | 0 |
2,020 | 0 |
2021-2025 | 0 |
Total | 0 |
Post-Employment Benefit Plan [Member] | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
2,016 | 567 |
2,017 | 561 |
2,018 | 549 |
2,019 | 561 |
2,020 | 528 |
2021-2025 | 1,908 |
Total | 4,674 |
Post-Employment Benefit Plan [Member] | Medicare Part D Subsidy Receipts [Member] | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
2,016 | 22 |
2,017 | 21 |
2,018 | 19 |
2,019 | 18 |
2,020 | 17 |
2021-2025 | 61 |
Total | $ 158 |
Employee Benefit Plans - Weight
Employee Benefit Plans - Weighted Average Asset Allocation by Asset Category (Detail) - Pension Benefit Plan [Member] | Dec. 31, 2015 | Dec. 31, 2014 |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Asset allocations by asset categories (as a percent) | 0.00% | 100.00% |
Cash and Cash Equivalents [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Asset allocations by asset categories (as a percent) | 0.00% | 58.00% |
Equity Securities [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Asset allocations by asset categories (as a percent) | 0.00% | 26.00% |
Debt Securities [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Asset allocations by asset categories (as a percent) | 0.00% | 12.00% |
Other [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Asset allocations by asset categories (as a percent) | 0.00% | 4.00% |
Employee Benefit Plans - Fair V
Employee Benefit Plans - Fair Value of Company's Defined Benefit Retirement Plan (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Cash and cash equivalents | $ 747 | $ 5,641 | $ 2,857 | $ 0 |
Total | 1,300 | |||
Level 1 [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Total | 1,300 | |||
Level 2 [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Total | 0 | |||
Level 3 [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Total | 0 | |||
Domestic Equity Securities [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Equity securities | 332 | |||
Investment grade domestic bonds | 162 | |||
Domestic Equity Securities [Member] | Level 1 [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Equity securities | 332 | |||
Investment grade domestic bonds | 162 | |||
Domestic Equity Securities [Member] | Level 2 [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Equity securities | 0 | |||
Investment grade domestic bonds | 0 | |||
Domestic Equity Securities [Member] | Level 3 [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Equity securities | 0 | |||
Investment grade domestic bonds | 0 | |||
International Equity Securities [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Equity securities | 0 | |||
International Equity Securities [Member] | Level 1 [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Equity securities | 0 | |||
International Equity Securities [Member] | Level 2 [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Equity securities | 0 | |||
International Equity Securities [Member] | Level 3 [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Equity securities | 0 | |||
Cash and Cash Equivalents [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Cash and cash equivalents | 753 | |||
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 | |||
Cash and Cash Equivalents [Member] | Level 2 [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Cash and cash equivalents | 0 | |||
Cash and Cash Equivalents [Member] | Level 3 [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Cash and cash equivalents | 0 | |||
Other [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Other | 53 | |||
Other [Member] | Level 1 [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Other | 53 | |||
Other [Member] | Level 2 [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Other | 0 | |||
Other [Member] | Level 3 [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Other | $ 0 |
Employee Benefit Plans - Stock
Employee Benefit Plans - Stock Options Awarded Under the Company’s Stock Option Plans (Detail) - $ / shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Outstanding at beginning of period (in shares) | 4,000 | 10,000 | 20,000 |
Granted (in shares) | 0 | 0 | 0 |
Cancelled/Forfeited (in shares) | 0 | 0 | (10,000) |
Exercised (in shares) | 4,000 | 6,000 | |
Outstanding at end of period (in shares) | 0 | 4,000 | 10,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | |||
Outstanding at beginning of period (in dollars per share) | $ 10.45 | $ 9.91 | $ 9.30 |
Granted (in dollars per share) | 0 | 0 | 0 |
Cancelled/Forfeited (in dollars per share) | 0 | 0 | 8.69 |
Exercised (in dollars per share) | 17.09 | 9.54 | |
Outstanding at end of period (in dollars per share) | $ 0 | $ 10.45 | $ 9.91 |
Employee Benefit Plans - Stat84
Employee Benefit Plans - Status of Restricted Stock Awarded under the Company’s Restricted Stock Plan (Detail) - $ / shares | 12 Months Ended | ||
Dec. 31, 2015 | 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 (in shares) | 278,900 | 569,296 | 933,887 |
Granted (in shares) | 13,585 | 58,669 | 60,805 |
Forfeited (in shares) | (30,800) | (206,282) | (181,687) |
Vested (in shares) | (133,185) | (142,783) | (243,709) |
Non vested balance at end of period (in shares) | 128,500 | 278,900 | 569,296 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |||
Non vested balance at beginning of period (in dollars per share) | $ 6.28 | $ 5.26 | $ 6.22 |
Granted (in dollars per share) | 17.02 | 4.42 | 4.88 |
Forfeited (in dollars per share) | 6.27 | 4.59 | 5.11 |
Vested (in dollars per share) | 7.80 | 3.87 | 8.95 |
Non vested balance at end of period (in dollars per share) | $ 5.85 | $ 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 (in shares) | 413,288 | 371,502 | 423,264 |
Granted (in shares) | 89,702 | 247,463 | 33,822 |
Forfeited (in shares) | (54,506) | (135,104) | (71,223) |
Vested (in shares) | (10,538) | (70,573) | (14,361) |
Non vested balance at end of period (in shares) | 437,946 | 413,288 | 371,502 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |||
Non vested balance at beginning of period (in dollars per share) | $ 5.09 | $ 4.34 | $ 4.29 |
Granted (in dollars per share) | 16.63 | 5.83 | 5.13 |
Forfeited (in dollars per share) | 6.15 | 4.60 | 4.31 |
Vested (in dollars per share) | 14.88 | 3.22 | 5.07 |
Non vested balance at end of period (in dollars per share) | $ 7.09 | $ 5.09 | $ 4.34 |
Restructuring and Severance C85
Restructuring and Severance Costs (Detail) - USD ($) $ in Thousands | May. 28, 2015 | Dec. 03, 2013 | Dec. 31, 2015 |
Chief Executive Officer [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Severance costs | $ 915 | ||
Chief Financial Officer [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | $ 710 | ||
Payments and adjustments | $ 426 | ||
Restricted Stock [Member] | Chief Financial Officer [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Pro-rata grant of restricted stock | $ 231 | ||
Employee Severance [Member] | Chief Financial Officer [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | $ 941 |
Restructuring and Severance C86
Restructuring and Severance Costs - Lease Termination Restructuring Accrual (Detail) - Facility Closing [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Restructuring Reserve [Roll Forward] | |||
Balance at beginning of year | $ 208 | $ 1,277 | $ 484 |
Provision for additional expense | 1,004 | 406 | 1,525 |
Payments and adjustments | (695) | (1,475) | (732) |
Balance at end of year | $ 517 | $ 208 | $ 1,277 |
Concentrations (Detail)
Concentrations (Detail) | 12 Months Ended | ||
Dec. 31, 2015employeesuppliercustomer | Dec. 31, 2014employeesupplierunion | Dec. 31, 2013employeesupplierunion | |
Concentration Risk [Line Items] | |||
Concentration risk, number of suppliers | supplier | 10 | 10 | 10 |
Ten Largest Customers [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 42.00% | 46.00% | 44.00% |
Customer Concentration Risk [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk, number of customers | customer | 10 | ||
Grain Supplier [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 31.00% | 35.00% | 50.00% |
Concentration risk, number of suppliers | supplier | 2 | 1 | 1 |
Ten Largest Suppliers [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 75.00% | 70.00% | 77.00% |
Net Sales [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 10.00% | ||
Workforce Subject to Collective Bargaining Arrangements [Member] | |||
Concentration Risk [Line Items] | |||
Number of employees | 293 | 268 | 268 |
Workforce Subject to Collective Bargaining Arrangements [Member] | Number of Employees [Member] | |||
Concentration Risk [Line Items] | |||
Number of employees | 102 | 143 | 145 |
Workforce Subject to Collective Bargaining Arrangements [Member] | Lawrencenceburg Facility [Member] | |||
Concentration Risk [Line Items] | |||
Number of employees | 56 | ||
Workforce Subject to Collective Bargaining Arrangements [Member] | Unionized Employees Concentration Risk [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk, number of unions | union | 2 | 2 |
Operating Segments (Detail)
Operating Segments (Detail) $ in Thousands | Feb. 07, 2013segment | Dec. 31, 2015USD ($)segment | Dec. 31, 2014USD ($)segment | Dec. 31, 2013USD ($) | Feb. 08, 2013USD ($) |
Segment Reporting [Abstract] | |||||
Number of reportable segments | segment | 3 | 2 | 2 | ||
Segment Reporting Information [Line Items] | |||||
Revenue from foreign sources | $ 18,772 | $ 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 - Operating
Operating Segments - Operating Profit (Loss) Per Segment (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Net sales to customers: | |||||||||||
Sales to Customers | $ 81,509 | $ 80,328 | $ 85,354 | $ 80,413 | $ 76,325 | $ 77,515 | $ 80,567 | $ 78,996 | $ 327,604 | $ 313,403 | $ 323,264 |
Gross profit: | |||||||||||
Gross profit | $ 15,755 | $ 11,862 | $ 17,528 | $ 13,388 | $ 6,011 | $ 7,311 | $ 8,308 | $ 6,801 | 58,533 | 28,431 | 21,239 |
Depreciation and amortization: | |||||||||||
Depreciation and amortization | 12,382 | 12,325 | 12,009 | ||||||||
Income (loss) from continuing operations before income taxes: | |||||||||||
Income (loss) before income taxes | 38,418 | 25,940 | (6,521) | ||||||||
Operating Segments [Member] | Distillery Products [Member] | |||||||||||
Net sales to customers: | |||||||||||
Sales to Customers | 270,225 | 256,561 | 264,098 | ||||||||
Gross profit: | |||||||||||
Gross profit | 50,662 | 22,332 | 14,309 | ||||||||
Depreciation and amortization: | |||||||||||
Depreciation and amortization | 8,900 | 8,510 | 8,209 | ||||||||
Income (loss) from continuing operations before income taxes: | |||||||||||
Income (loss) before income taxes | 49,097 | 28,701 | 11,987 | ||||||||
Operating Segments [Member] | Ingredient Solutions [Member] | |||||||||||
Net sales to customers: | |||||||||||
Sales to Customers | 57,379 | 56,842 | 58,967 | ||||||||
Gross profit: | |||||||||||
Gross profit | 7,871 | 6,099 | 6,986 | ||||||||
Depreciation and amortization: | |||||||||||
Depreciation and amortization | 2,111 | 2,316 | 2,322 | ||||||||
Income (loss) from continuing operations before income taxes: | |||||||||||
Income (loss) before income taxes | 5,636 | 3,939 | 4,503 | ||||||||
Operating Segments [Member] | Other [Member] | |||||||||||
Net sales to customers: | |||||||||||
Sales to Customers | 0 | 0 | 199 | ||||||||
Gross profit: | |||||||||||
Gross profit | 0 | 0 | (56) | ||||||||
Depreciation and amortization: | |||||||||||
Depreciation and amortization | 0 | 0 | 21 | ||||||||
Income (loss) from continuing operations before income taxes: | |||||||||||
Income (loss) before income taxes | 0 | 0 | (90) | ||||||||
Corporate [Member] | |||||||||||
Depreciation and amortization: | |||||||||||
Depreciation and amortization | 1,371 | 1,499 | 1,457 | ||||||||
Income (loss) from continuing operations before income taxes: | |||||||||||
Income (loss) before income taxes | $ (16,315) | $ (6,700) | $ (22,921) |
Operating Segments - Identifiab
Operating Segments - Identifiable Assets by Segment (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Identifiable Assets | ||
Identifiable Assets | $ 194,310 | $ 160,215 |
Operating Segments [Member] | Distillery Products [Member] | ||
Identifiable Assets | ||
Identifiable Assets | 131,963 | 98,791 |
Operating Segments [Member] | Ingredient Solutions [Member] | ||
Identifiable Assets | ||
Identifiable Assets | 24,023 | 23,324 |
Corporate [Member] | ||
Identifiable Assets | ||
Identifiable Assets | $ 38,324 | $ 38,100 |
Supplemental Cash Flow Inform91
Supplemental Cash Flow Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Non-cash investing and financing activities: | |||
Purchase of property and equipment in accounts payable | $ 1,784 | $ 574 | $ 1,675 |
Additional cash payment information: | |||
Interest paid | 818 | 903 | 1,286 |
Income tax paid | $ 9,393 | $ 146 | $ 254 |
Derivative Instruments (Detail)
Derivative Instruments (Detail) | 12 Months Ended |
Dec. 31, 2015 | |
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 ($) | Feb. 26, 2016 | Dec. 04, 2014 | Dec. 03, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2015 | Mar. 31, 2014 |
Related Party Transaction [Line Items] | ||||||||
Accounts payable to affiliate, net | $ 2,291,000 | $ 3,333,000 | ||||||
Related party expenses | 40,787,000 | 35,613,000 | $ 7,736,000 | |||||
Distribution received from equity method investee | $ 0 | 4,835,000 | 0 | |||||
Former Chief Executive Officer [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Accrued costs for settlement agreement | $ 915,000 | |||||||
Settlement Agreement [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Related party expenses | $ 3,701,000 | |||||||
Due to related party, reasonable out-of-pocket expense reimbursement, expense cap amount | $ 1,775,000 | |||||||
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 | |||||||
Equity method ownership percentage (percent) | 30.00% | 30.00% | 30.00% | |||||
Subsequent Event [Member] | ICP [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Distribution received from equity method investee | $ 3,300,000 | |||||||
Equity method ownership percentage (percent) | 30.00% |
Quarterly Financial Data (una94
Quarterly Financial Data (unaudited) - Quarterly Financial Data (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||||
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||
Sales | $ 85,072 | $ 83,880 | $ 92,071 | $ 84,864 | $ 83,901 | $ 83,966 | $ 85,903 | $ 84,582 | $ 345,887 | $ 338,352 | $ 334,070 | |||
Less: excise tax | 3,563 | 3,552 | 6,717 | 4,451 | 7,576 | 6,451 | 5,336 | 5,586 | 18,283 | 24,949 | 10,806 | |||
Net sales | 81,509 | 80,328 | 85,354 | 80,413 | 76,325 | 77,515 | 80,567 | 78,996 | 327,604 | 313,403 | 323,264 | |||
Cost of sales | 65,754 | 68,466 | 67,826 | 67,025 | 70,314 | 70,204 | 72,259 | 72,195 | 269,071 | [1] | 284,972 | [1] | 302,025 | [1] |
Gross profit | 15,755 | 11,862 | 17,528 | 13,388 | 6,011 | 7,311 | 8,308 | 6,801 | 58,533 | 28,431 | 21,239 | |||
Selling, general and administrative expenses | 5,681 | 5,497 | 8,025 | 6,480 | 4,897 | 4,966 | 5,166 | 5,072 | 25,683 | 20,101 | 26,202 | |||
Insurance recoveries | (7,067) | (1,293) | 70 | 0 | 0 | (8,290) | 0 | |||||||
Other operating costs and loss on sale of assets, net | 0 | 1 | 0 | 0 | 0 | 1 | 236 | |||||||
Operating income (loss) | 10,074 | 6,365 | 9,503 | 6,908 | 8,181 | 3,637 | 3,072 | 1,729 | 32,850 | 16,619 | (5,199) | |||
Equity In earnings (loss) | 92 | 1,562 | 3,096 | 1,352 | 2,850 | 1,621 | 2,331 | 3,335 | 6,102 | 10,137 | (204) | |||
Interest expense | (160) | (114) | (129) | (131) | (201) | (199) | (218) | (198) | (534) | (816) | (1,118) | |||
Income (loss) from continuing operations before income taxes | 10,006 | 7,813 | 12,470 | 8,129 | 10,830 | 5,059 | 5,185 | 4,866 | 38,418 | 25,940 | (6,521) | |||
Income tax expense (benefit) (Note 5) | 3,527 | 1,042 | 4,599 | 3,059 | 3,267 | (1,169) | 86 | 81 | 12,227 | 2,265 | (714) | |||
Net income (loss) | $ 6,479 | $ 6,771 | $ 7,871 | $ 5,070 | $ 7,563 | $ 6,228 | $ 5,099 | $ 4,785 | $ 26,191 | $ 23,675 | $ (4,929) | |||
Basic and diluted earnings per share data (in dollars per share) | $ 0.38 | $ 0.38 | $ 0.44 | $ 0.28 | $ 0.42 | $ 0.34 | $ 0.28 | $ 0.26 | $ 1.48 | $ 1.32 | $ (0.29) | |||
Dividends per common share (in dollars per share) | $ 0 | $ 0 | $ 0 | $ 0.06 | $ 0 | $ 0 | $ 0 | $ 0.05 | $ 0.06 | $ 0.05 | $ 0.05 | |||
[1] | Includes related party purchases of $41,255, $38,498, and $9,988 for the years ended December 31, 2015, 2014, and 2013, respectively. |
Quarterly Financial Data (una95
Quarterly Financial Data (unaudited) (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Gain (loss) on business interruption insurance recovery | $ 460 | $ 6,778 | $ 1,940 | $ (120) | |||||||
Increase (decrease) In valuation allowance due to expected realization of deferred tax assets | $ 1,908 | $ 477 | $ 104 | $ 1,215 | |||||||
Basic and diluted earnings per share data (in dollars per share) | $ 0.38 | $ 0.38 | $ 0.44 | $ 0.28 | $ 0.42 | $ 0.34 | $ 0.28 | $ 0.26 | $ 1.48 | $ 1.32 | $ (0.29) |
Property and Business Interru96
Property and Business Interruption Insurance Claims and Recoveries (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||
Oct. 31, 2014 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Business Interruption Loss [Line Items] | ||||||||
Business interruption loss of production period | 7 days | |||||||
Total insurance recoveries | $ 460 | $ 9,375 | $ 0 | |||||
Insurance recoveries | $ 7,067 | $ 1,293 | $ (70) | $ 0 | 0 | 8,290 | 0 | |
Interruption of business [Member] | ||||||||
Business Interruption Loss [Line Items] | ||||||||
Total insurance recoveries | 460 | 925 | 0 | |||||
Insurance recoveries | 460 | 308 | 0 | |||||
Interruption of business [Member] | Cost of Sales [Member] | ||||||||
Business Interruption Loss [Line Items] | ||||||||
Less: out-of-pocket expenses related to interruption of business in Cost of Sales | 0 | 617 | 0 | |||||
Property damage from fire [Member] | ||||||||
Business Interruption Loss [Line Items] | ||||||||
Total insurance recoveries | 0 | 8,450 | 0 | |||||
Insurance recoveries | 0 | 8,290 | 0 | |||||
Property damage from fire [Member] | Insurance Recoveries [Member] | ||||||||
Business Interruption Loss [Line Items] | ||||||||
Less: Net book value of property loss in insurance recoveries | $ 0 | $ 160 | $ 0 |
Subsequent Events (Detail)
Subsequent Events (Detail) - USD ($) $ / shares in Units, $ in Thousands | Mar. 07, 2016 | Feb. 26, 2016 | Mar. 26, 2015 | Dec. 04, 2014 | Mar. 17, 2014 | Mar. 18, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2015 | Mar. 31, 2014 |
Subsequent Event [Line Items] | |||||||||||
Dividends declared (in dollars per share) | $ 0.06 | $ 0.05 | $ 0.05 | ||||||||
Distribution received from equity method investee | $ 0 | $ 4,835 | $ 0 | ||||||||
Subsequent Event [Member] | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Dividends declared (in dollars per share) | $ 0.08 | ||||||||||
ICP [Member] | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Distribution received from equity method investee | $ 4,835 | ||||||||||
Equity method ownership percentage (percent) | 30.00% | 30.00% | 30.00% | ||||||||
ICP [Member] | Subsequent Event [Member] | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Distribution received from equity method investee | $ 3,300 | ||||||||||
Equity method ownership percentage (percent) | 30.00% |