Equity Method Investments.

As of September 30, 2015, 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).

On April 9, 2015, ICP obtained a $30,000 revolving credit facility with JPMorgan Chase Bank, N.A., which could be increased in the future by an additional $20,000, subject to lender approval. The revolver matures on April 9, 2018. Simultaneous with the execution of the new revolving credit facility, ICP terminated its $15,000 amended and restated

revolving credit facility with an affiliate of SEACOR, which would have matured January 31, 2016. The Company has no funding requirement to ICP.

During the quarter ended June 30, 2014, management reassessed the most likely events that would result in a recovery of its investment in ICP and, as a result, the Company remeasured its cumulative equity in the undistributed earnings of ICP. The cumulative effect of this change in estimate resulted in a decrease in equity method investment earnings of ICP of $1,882 for the period beginning April 1, 2013 and ending March 31, 2014; a decrease in the earnings per share of $0.10 per share for the year to date period ended September 30, 2014; and a decrease in the related equity method investment in ICP at September 30, 2014, of $1,882.

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.

Realizability of DMI Investment

Due to the termination agreement signed on June 22, 2015, to terminate the Company's DMI joint venture effective June 30, 2016 that is previously described, the Company reclassified its pre-tax DMI translation adjustment of $81 ($45, net of tax) from accumulated other comprehensive loss into equity method investment loss that is reflected in Equity method investment earnings in the Condensed Consolidated Statements of Comprehensive Income for the year to date period ended September 30, 2015. Also due to the June 22, 2015 agreement, the Company assessed the recoverability of its investment in DMI at September 30, 2015 of $384. The Company determined that DMI's financial results for the quarter ended June 30, 2015 reflected all foreseen adjustments resulting from the termination agreement. DMI is currently within the one-year winding down process as above described. Since operations ceased at June 30, 2015, there have been no updated financial results or other communications impacting the valuation of DMI assets reported by DMI. By recording in Equity method investment earnings in the Condensed Consolidated Statements of Comprehensive Income, the pre-tax foreign currency translation adjustment, as well as the Company's 50 percent portion of DMI's equity method investment losses, totaling $110 for the year to date period ended September 30, 2015, the Company's investment in DMI is appropriately reflected at the estimated fair value of the DMI investment at September 30, 2015.

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
	September 30, 2015		September 30, 2014		September 30, 2015			September 30, 2014
ICP’s Operating results:
Net sales ^(a)	$	40,281	$	53,813	$	128,250		$	185,460
Cost of sales and expenses ^(b)	35,072		48,467		107,851			155,214
Net income	$	5,209	$	5,346	$	20,399	^(c)	$	30,246


^(a)	Includes related party sales to MGPI of $8,680 and $9,287 for the quarters ended September 30, 2015 and 2014, respectively, and $27,195 and $23,905 for the year to date periods ended September 30, 2015 and 2014, respectively.


^(b)	Includes depreciation and amortization of $662 and $738 for the quarters ended September 30, 2015 and 2014, respectively, and depreciation and amortization of $1,987 and $2,100.


^(c)	Includes business interruption insurance proceeds of $4,112 for the year to date period ended September 30, 2015.

The Company’s equity method investment earnings (loss) from joint ventures, based on unaudited financial statements, is as follows:



	Quarter Ended				Year to Date Ended
	September 30, 2015		September 30, 2014		September 30, 2015				September 30, 2014
ICP (30% interest)	$	1,562	$	1,604	$	6,120		^(a)	$	7,192
DMI (50% interest)	—		17		(110		)	^(b)	95
	$	1,562	$	1,621	$	6,010			$	7,287


^(a)	Earnings include business interruption insurance proceeds of $1,230 ($4,112 x 30% interest) for the year to date period ended September 30, 2015.


^(b)	Loss includes $81 pre-tax foreign currency translation adjustment for the year to date period ended September 30, 2015 discussed above in Realizability of DMI Investment.

The Company’s investment in joint ventures is as follows:



	September 30, 2015			December 31, 2014
ICP (30% interest)	$	18,043	^(a)	$	11,924
DMI (50% interest)	384		^(b)	449
	$	18,427		$	12,373


^(a)	Includes effect of business interruption insurance proceeds on ICP earnings of $1,230 ($4,112 x 30% interest) for the year to date period ended September 30, 2015.


^(b)	Includes effect of $81 pre-tax foreign currency translation adjustment on DMI loss for the year to date period ended September 30, 2015 discussed above in Realizability of DMI Investment.