

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