Equity Method Investments

3 Months Ended

Mar. 31, 2017

Equity Method Investments and Joint Ventures [Abstract]

Equity Method Investments

Equity Method Investments.

As of March 31, 2017, the Company’s investment accounted for using the equity method of accounting was a 30 percent interest in ICP, which manufactures alcohol for fuel, industrial and beverage applications. Until December 23, 2016, the Company also had a 50 percent interest in D.M. Ingredients, GmbH, ("DMI"), which produced certain specialty starch and protein ingredients.

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. 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. On December 23, 2016, the Company received its portion of the remaining DMI liquidation proceeds, which totaled $351, as a return of its investment.

Summary Financial Information (unaudited). Condensed financial information related to the Company’s non-consolidated equity method investment in ICP is shown below.

	Quarter Ended
	March 31, 2017		March 31, 2016
ICP’s Operating results:
Net sales (a)	$	38,385	$	49,609
Cost of sales and expenses (b)	36,814		47,886
Net income	$	1,571	$	1,723

^(a)  Includes related party sales to MGPI of $8,657 and $6,241 for the quarters ended March 31, 2017 and 2016, respectively.

^(b)  Includes depreciation and amortization of $858 and $735 for the quarters ended March 31, 2017 and 2016, respectively.

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

	Quarter Ended
	March 31, 2017		March 31, 2016
ICP (30% interest)	$	471	$	517
DMI (50% interest)(a)	—		—
	$	471	$	517

^(a)  The Company's equity method investment in DMI ended on December 23, 2016, when it received a return of its investment.

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

	March 31, 2017		December 31, 2016
ICP (30% interest)	$	19,403	$	18,934
DMI (50% interest)(a)	—		—
	$	19,403	$	18,934

^(a) The Company's equity method investment in DMI ended on December 23, 2016, when it received a return of its investment.