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Subsequent Events | 9 Months Ended
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Sep. 30, 2014
Subsequent Events [Abstract] |
Subsequent Events | Subsequent Events Acquisitions On October 7, 2014, the Company purchased Auburn Bean and Grain, which included six grain and four agronomy assets. The Company acquired 100% of the outstanding shares of Auburn Bean and Grain, in related transactions valued at an aggregate $39.5 million, including $5.0 million in cash, and a stock for stock merger transaction for approximately 556 thousand unregistered shares of the Company's common stock. Separately, the Company paid $20.4 million in cash for certain facilities previously leased by Auburn Bean and Grain. Simultaneous with the purchase of the Sellers' shares the Company assumed long term debt, principally in the form of a senior secured term loan, in the amount of approximately $11.5 million. The purchase provides combined grain storage capacity of approximately : 18.1 million bushels, 16.0 thousand tons of dry and 3.7 million gallons of liquid nutrient capacity. In addition to the increased capacity, the acquisition enhances the Company's presence in Michigan, which is a core geographic state, and includes rail interchange agreements already in place with all of the eastern U.S. Class I railroads. The Company also acquired substantially all of the assets of two San Antonio, Texas-based, food grade companies, United Grain LLC and Keller Grain, Inc. for a purchase price of $7.2 million plus an adjustment for excess working capital. The purchase of United Grain LLC was completed on October 14, 2014 and Keller Grain, Inc. on October 17, 2014. The facilities allow the Company continue to grow its food grade corn business, by expanding into a region that it does not currently have a presence and where there is a reliable source of food grade corn. Due to the timing of the Auburn Bean and Grain, United Grain LLC and Keller Grain, Inc. acquisitions, the initial accounting and valuation work for the acquisitions was incomplete at the time these financial statements were issued. As such, other than the information noted above, the provisional balance sheet and purchase price allocation, along with the amount of goodwill acquired, the breakdown of each major class of assets acquired and liabilities assumed, contingent consideration arrangements, and the intangible asset details, were unknown and unable to be disclosed. Pension Plan Termination In October 2014, the Company started the process to terminate the Defined Benefit Pension Plan. The process is in the preliminary stages and the termination is expected to be completed by the end of 2015. The distribution of assets will occur through a lump sum payment option for participants and, for those who do not elect a lump sum payment, annuity contracts. Upon the distribution of assets, the projected benefit obligation will be removed from the balance sheet and the Company will recognize any unamortized net gain or loss included within accumulated other comprehensive income related to the defined benefit plan into current period earnings.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References No definition available. + Details
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