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CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)
$ in Thousands
Mar. 31, 2023
Dec. 31, 2022
Current Assets    
Cash and cash equivalents $ 31,728 $ 47,889
Receivables (less allowance for credit loss, $1,475 at both March 31, 2023, and December 31, 2022) 128,611 109,267
Inventory 308,558 289,722
Prepaid expenses 6,542 2,957
Refundable income taxes 0 4,327
Total current assets 475,439 454,162
Property, plant, and equipment 461,069 450,800
Less accumulated depreciation and amortization (220,100) (215,168)
Property, plant, and equipment, net 240,969 235,632
Operating lease right-of-use assets, net 14,698 15,042
Investment in joint ventures 5,274 5,534
Intangible assets, net 216,250 216,768
Goodwill 226,294 226,294
Other assets 5,262 4,779
Total assets 1,184,186 1,158,211
Current Liabilities    
Current maturities of long-term debt 6,400 5,600
Accounts payable 66,755 66,432
Federal and state excise taxes payable 7,388 4,627
Income taxes payable 4,716 0
Accrued expenses and other 17,056 28,716
Total current liabilities 102,315 105,375
Long-term debt, less current maturities 27,914 29,510
Convertible senior notes 195,305 195,225
Long-term operating lease liabilities 11,252 11,622
Other noncurrent liabilities 3,768 3,723
Deferred income taxes 67,685 67,112
Total liabilities 408,239 412,567
Commitments and Contingencies (Note 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 23,125,166 shares at March 31, 2023 and December 31, 2022; and 22,008,929 and 21,994,042 shares outstanding at March 31, 2023 and December 31, 2022, respectively 6,715 6,715
Additional paid-in capital 320,997 318,839
Retained earnings 471,471 443,061
Accumulated other comprehensive income (loss) (236) (304)
Treasury stock, at cost, 1,116,237 and 1,131,124 shares at March 31, 2023 and December 31, 2022, respectively (21,885) (21,591)
Total MGP Ingredients, Inc. stockholders’ equity 777,066 746,724
Noncontrolling interest (1,119) (1,080)
Total equity 775,947 745,644
Total liabilities and equity $ 1,184,186 $ 1,158,211