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Property and Business Interruption Insurance Claims and Recoveries

12 Months Ended

Dec. 31, 2016

Unusual or Infrequent Items, or Both [Abstract]

Property and Business Interruption Insurance Claims and Recoveries

NOTE 16: PROPERTY AND BUSINESS INTERRUPTION INSURANCE CLAIMS AND RECOVERIES

During October 2016, the Company experienced a chemical release at its Atchison facility. The reaction resulted in emissions venting into the air. The appropriate regulatory agencies were notified and investigations continue. Injuries were reported and treated at area hospitals. The Company continues to work with its environmental insurance carrier on this claim (see Note 8).

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 were completed.

Detail of the activities related to the property and business interruption insurance claims and recoveries, as well as where the net impacts are recorded on the Consolidated Statements of Income, for 2015 and 2014 are as follows:

	Year Ended December 31,
	2015				2014
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 on the Consolidated Statements of Income	$	460			$	308
Insurance recoveries - property damage	$	—			$	8,450
Less: Net book value of property loss in insurance recoveries	—				160
Insurance recoveries on the Consolidated Statements of Income	$	—			$	8,290

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- Definition

The entire disclosure for business interruption insurance recoveries. Includes, but is not limited to, the nature of the event resulting in business interruption losses, amount of business interruption insurance recoveries recognized, and line item in the statement of income in which those recoveries are classified.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 225
-SubTopic 30
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=64839914&loc=d3e16285-107787

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- References

No definition available.

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