XML 21 R9.htm IDEA: XBRL DOCUMENT
v3.5.0.2

Equity Method Investments | 6 Months Ended
--- | ---
Jun. 30, 2016
Equity Method Investments and Joint Ventures [Abstract] |
Equity Method Investments | Equity Method Investments. As of June 30, 2016, the Company’s investments that are accounted for using the equity method of accounting consisted of the following: (1) 30 percent interest in ICP, which manufactures alcohol for fuel, industrial and beverage applications, and (2) 50 percent interest in D.M. Ingredients, GmbH, ("DMI"), which produced certain specialty starch and protein ingredients until June 30, 2015 (see DMI discussion below). Realizability of DMI Investment. On December 29, 2014, the Company gave notice to DMI and to the Company's partner in DMI, Crespel and Dieters GmbH & Co. KG ("C&D"), to terminate the joint venture effective June 30, 2015. C&D also provided notice to terminate DMI effective June 30, 2015. On June 22, 2015, a termination agreement was executed by and between the Company, DMI, and C&D to dissolve DMI effective June 30, 2015. Additionally, on June 22, 2015 a termination agreement was executed by and between the Company and DMI to terminate their distribution agreement effective June 29, 2015. Under German law, commencing on June 30, 2015, normal operations for DMI ceased and a one-year winding down process began once the registration of resolutions, appointment of liquidators, inventory count, and publication of the notice to potential creditors was complete, which occurred on October 29, 2015. On or after October 29, 2016, the remaining liquidating proceeds will be disbursed. Summary Financial Information (unaudited). Condensed financial information related to the Company’s non-consolidated equity method investment in ICP is shown below.
|  | Quarter Ended |  | Year to Date Ended
|  | June 30, 2016 |  | June 30, 2015 |  | June 30, 2016 |  | June 30, 2015
ICP’s Operating results: |  |  |  |  |  |  |  |
Net sales (a) |  | $ | 40,576 |  |  | $ | 48,371 |  |  | $ | 90,185 |  |  | $ | 87,969 |
Cost of sales and expenses (b) |  | 36,980 |  |  | 37,609 |  |  | 84,866 |  |  | 72,779 |
Net income |  | $ | 3,596 |  |  | $ | 10,762 |  |  | $ | 5,319 |  |  | $ | 15,190 |
(a) | Includes related party sales to MGPI of $6,698 and $11,803 for the quarters ended June 30, 2016 and 2015, respectively. Includes related party sales to MGPI of $12,939 and $22,442 for the year to date periods ended June 30, 2016 and 2015, respectively.
(b) | Includes depreciation and amortization of $747 and $662, and business interruption insurance proceeds of $0 and $4,112, for the quarters ended June 30, 2016 and 2015, respectively. Includes depreciation and amortization of $1,482 and $1,325, and business interruption insurance proceeds of $0 and $4,112, for the year to date periods ended June 30, 2016 and 2015, respectively.
The Company’s equity method investment earnings (losses) from joint ventures, based on unaudited financial statements, is as follows:
|  | Quarter Ended |  | Year to Date Ended |
|  | June 30, 2016 |  | June 30, 2015 |  | June 30, 2016 |  | June 30, 2015 |
ICP (30% interest) |  | $ | 1,079 |  |  | $ | 3,229 |  |  | $ | 1,596 |  |  | $ | 4,558 |  |
DMI (50% interest) |  | — |  |  | (133 | ) | (a) | — |  |  | (110 | ) | (a)
|  | $ | 1,079 |  |  | $ | 3,096 |  |  | $ | 1,596 |  |  | $ | 4,448 |  |
(a) Includes $81 of pre-tax foreign currency translation adjustment. The Company’s investment in joint ventures is as follows:
|  | June 30, 2016 |  | December 31, 2015
ICP (30% interest) |  | $ | 16,472 |  | (a) | $ | 18,179 |
DMI (50% interest) |  | 384 |  |  | 384 |
|  | $ | 16,856 |  |  | $ | 18,563 |
(a) | During the year to date period ended June 30, 2016, the Company received a $3,300 cash distribution from ICP, which reduced the Company's investment amount in ICP.

X
- References No definition available. + Details
Name: | us-gaap_EquityMethodInvestmentsAndJointVenturesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=66011266&loc=d3e33918-111571 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -SubTopic 10 -Section 35 -Paragraph 35 -URI http://asc.fasb.org/extlink&oid=64825282&loc=d3e32847-111569 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.12) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -SubTopic 10 -Section 35 -Paragraph 32 -URI http://asc.fasb.org/extlink&oid=64825282&loc=d3e32787-111569 + Details
Name: | us-gaap_EquityMethodInvestmentsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration