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Equity Method Investments | 12 Months Ended
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Dec. 31, 2018
Equity Method Investments and Joint Ventures [Abstract] |
Equity Method Investments |
NOTE 4: | EQUITY METHOD INVESTMENTS
As of December 31, 2018 and 2017, the Company's equity method investments were zero. Illinois Corn Processing ("ICP") Investment. On July 3, 2017, the Company completed the sale of its equity ownership interest in ICP to Pacific Ethanol Central, LLC ("Pacific Ethanol"), consistent with an Agreement and Plan of Merger ("Merger Agreement") entered into on June 26, 2017. The total transaction proceeds to the Company from the ICP sale transaction represented a return of its investment in ICP of $22,832 (net of fees and including additional dividends), which included a gain on sale of equity method investment of $11,381 (before tax), on the Company's 2017 Consolidated Statement of Income. The Merger Agreement contemplated a special distribution of all of ICP’s cash and cash equivalents to equity owners prior to the closing, which resulted in the Company receiving cash dividend distributions from ICP during June 2017 totaling $7,430 that reduced its 30 percent ownership interest. On February 26, 2016, the Company received a cash dividend distribution from ICP of $3,300 that reduced its investment in ICP as of December 31, 2016. DMI Investment. Our joint venture terminated effective June 30, 2015, with a return of investment in the amount of $351 on December 23, 2016. Related Party Transactions. See Note 14 for discussion of related party transactions. Summary Financial Information. Condensed financial information of the Company’s equity method investment in ICP for the years ended December 31, 2017 and 2016:
| Year Ended December 31,
ICP’s Operating results: |  | 2017 |  | 2016 |
Net sales(a) |  | $ | 78,062 |  |  | $ | 177,401 |  |
Cost of sales and expenses(b) |  | (79,224 | ) |  | (163,837 | ) |
Net income (loss) |  | $ | (1,162 | ) |  | $ | 13,564 |  |
(a) | Includes related party sales to MGPI of $17,672, and $27,675 for 2017 and 2016, respectively.
(b) | Includes depreciation and amortization of $1,720 and $3,030 for 2017 and 2016, respectively.
The Company’s equity method investment earnings (losses) for the years ended December 31, 2017 and 2016:
| Year Ended December 31,
|  | 2017 |  | 2016
ICP (30% interest) |  | $ | (348 | ) |  | $ | 4,069 |
DMI (50% interest) |  | — |  |  | (33 | )
Total |  | $ | (348 | ) |  | $ | 4,036 |

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- 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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -URI http://asc.fasb.org/topic&trid=2196965 + Details
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