MGP Ingredients Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>MGP Ingredients Inc. has filed its 2023 10-K annual report, providing a detailed financial overview.</b>

AI Summary

MGP INGREDIENTS INC (MGPI) filed a Annual Report (10-K) with the SEC on February 22, 2024. MGP Ingredients Inc. filed its annual report for the fiscal year ending December 31, 2023. The filing is a 10-K, indicating a comprehensive overview of the company's financial performance and condition. The company's principal executive offices are located at 1300 Main St, Atchison, KS 66002. MGP Ingredients Inc. was formerly known as Midwest Grain Products Inc., with a name change effective July 3, 1992. The company operates within the Wholesale - Beer, Wine & Distilled Alcoholic Beverages sector.

Why It Matters

For investors and stakeholders tracking MGP INGREDIENTS INC, this filing contains several important signals. This 10-K filing provides investors with crucial, up-to-date information on MGP Ingredients' financial health, operational performance, and strategic direction for the fiscal year 2023. Understanding the details within this report is essential for assessing the company's market position, potential risks, and future growth prospects in the alcoholic beverage industry.

Risk Assessment

Risk Level: medium — MGP INGREDIENTS INC shows moderate risk based on this filing. The company operates in the highly regulated alcoholic beverage industry, which can lead to significant compliance costs and potential legal challenges.

Analyst Insight

Review the detailed financial statements and risk factors in the 10-K to assess MGP Ingredients' performance and identify potential investment opportunities or concerns.

Key Numbers

• 20231231 — Fiscal Year End (Reported period)
• 20240222 — Filing Date (Date the report was filed)
• 19920703 — Date of Name Change (From Midwest Grain Products Inc. to MGP Ingredients Inc.)

Key Players & Entities

• MGP Ingredients Inc. (company) — Filer and subject of the report
• Midwest Grain Products Inc. (company) — Former name of MGP Ingredients Inc.
• Atchison, KS (location) — Location of principal executive offices
• 1300 Main St (location) — Street address of principal executive offices

FAQ

Risk Factors

• Regulatory Compliance [medium — regulatory]: The company operates in a highly regulated industry, requiring adherence to various federal, state, and local laws and regulations related to the production, marketing, and sale of alcoholic beverages.
• Market Competition [medium — market]: The alcoholic beverage market is competitive, with numerous established players and emerging brands, which could impact market share and pricing power.
• Supply Chain and Production [medium — operational]: Disruptions in the supply chain, raw material availability, or production processes could adversely affect the company's ability to meet demand and maintain profitability.

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K.
• 2024-02-22: Filing Date — Date the 10-K was officially submitted to the SEC.

Glossary

10-K

An annual report required by the U.S. Securities and Exchange Commission (SEC), which gives a comprehensive summary of a company's financial performance. (Provides a detailed overview of MGP Ingredients' financial health and operations for the fiscal year.)

Fiscal Year End

The last day of a company's accounting year. (Indicates the period covered by the financial statements in the report.)

Filing Documents

• mgpi-20231231.htm (10-K) — 1975KB
• exhibit1019formrsuawardagr.htm (EX-10.19) — 97KB
• ex2112312023-10xk.htm (EX-21) — 6KB
• ex23112312023-10xk.htm (EX-23.1) — 3KB
• ex31112312023-10xk.htm (EX-31.1) — 10KB
• ex31212312023-10xk.htm (EX-31.2) — 10KB
• ex32112312023-10xk.htm (EX-32.1) — 5KB
• ex32212312023-10xk.htm (EX-32.2) — 5KB
• ex97clawbackpolicysection1.htm (EX-97) — 27KB
• image.jpg (GRAPHIC) — 23KB
• image1.jpg (GRAPHIC) — 26KB
• image_0.jpg (GRAPHIC) — 0KB
• mgpi-20231231_g1.jpg (GRAPHIC) — 204KB
• mgpi-20231231_g2.jpg (GRAPHIC) — 131KB
• 0001628280-24-006149.txt (&nbsp;) — 11056KB
• mgpi-20231231.xsd (EX-101.SCH) — 59KB
• mgpi-20231231_cal.xml (EX-101.CAL) — 134KB
• mgpi-20231231_def.xml (EX-101.DEF) — 289KB
• mgpi-20231231_lab.xml (EX-101.LAB) — 888KB
• mgpi-20231231_pre.xml (EX-101.PRE) — 583KB
• mgpi-20231231_htm.xml (XML) — 1498KB

Business

Business 1 Item 1A.

Risk Factors

Risk Factors 6 Item 1B. Unresolved Staff Comments 17 Item 1C. Cybersecurity 17 Item 2.

Properties

Properties 19 Item 3.

Legal Proceedings

Legal Proceedings 19 Item 4. Mine Safety Disclosures 19 PART II Item 5. Market for Registrant's Common Equity, Related Stockholders Matters and Issuer Purchases of Equity Securities 19 Item 6. [Reserved] 20 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 20 Item 7A. Quantitative and Qualitative Disclosure About Market Risk 35 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 36 Management's Report on Internal Control Over Financial Reporting 36 Report of Independent Registered Public Accounting Firm 37 Consolidated Statements of Income - Years Ended December 31, 2023, 2022, and 2021 40 Consolidated Statements of Comprehensive Income - Years Ended December 31, 2023, 2022, and 2021 41 Consolidated Balance Sheets - December 31, 2023 and 2022 42 Consolidated Statements of Cash Flows – Years Ended December 31, 2023, 2022 and 2021 43 Consolidated Statements of Changes in Stockholders' Equity – Years Ended December 31, 2023, 2022, and 2021 44

Notes to Consolidated Financial Statements – Years Ended December 31, 2023, 2022, and 2021

Notes to Consolidated Financial Statements – Years Ended December 31, 2023, 2022, and 2021 45 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 67 Item 9A.

Controls and Procedures

Controls and Procedures 67 Item 9B. Other Information 67 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 67 PART III Item 10. Directors, Executive Officers and Corporate Governance 67 Item 11.

Executive Compensation

Executive Compensation 67 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 68 Item 13. Certain Relationships and Related Transactions, and Director Independence 68 Item 14. Principal Accountant Fees and Services 68 PART IV Item 15. Exhibits and Financial Statement Schedules 68 Item 16. Form 10-K Summary 71

SIGNATURES

SIGNATURES 72 The calculation of the aggregate market value of the Common Stock held by non-affiliates on the cover page of this Form 10-K is based on the assumption that affiliates include directors and executive officers. Such assumption does not constitute an admission by the Company or any director or executive officer that any director or executive officer is an affiliate of the Company. PART I

BUSINESS

ITEM 1. BUSINESS MGP Ingredients, Inc. was incorporated in 2011 in Kansas, continuing a business originally founded by Cloud L. Cray, Sr. in Atchison, Kansas in 1941. As used herein, the term "MGP," "Company," "we," "our," "us," and words of similar import, refers to MGP Ingredients, Inc. and its consolidated subsidiaries unless the context otherwise indicates. In this Report, for any references to Note 1 through Note 16 refer to the Notes to Consolidated Financial Statements in Item 8. AVAILABLE INFORMATION We make available through our website (www.mgpingredients.com) under "Investors," free of charge, our annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, special reports, and other information, and amendments to those reports as soon as reasonably practicable after we electronically file or furnish such material with the Securities and Exchange Commission ("SEC"). The SEC maintains an internet site that contains reports, proxy and information statements, and other information regarding issuers that file electronically with the SEC, including the Company. The address of the SEC site is http://www.sec.gov. METHOD OF PRESENTATION All amounts in this Report, except for shares, par values, bushels, gallons, pounds, mmbtu, proof gallons, 9-liter cases, per share, per bushel, per gallon, per proof gallon, per 9-liter case, and percentage amounts, are shown in thousands unless otherwise noted. GENERAL INFORMATION MGP is a leading producer and supplier of premium distilled spirits, branded spirits, and food ingredients. Distilled spirits include premium bourbon, rye, and other whiskeys ("brown goods") and grain neutral spirits ("GNS"), including vodka and gin. Our distilled spirits are either sold directly or indirectly to manufacturers of other branded spirits. MGP was also a producer of high quality industrial alcohol for use in both food and non-food applications, which was primarily produced at our distillery loca

View Full Filing

View this 10-K filing on SEC EDGAR