10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

ý QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2015

¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from              to             

Commission file number 000-20557

THE ANDERSONS, INC.

(Exact name of the registrant as specified in its charter)

OHIO	34-1562374
(State of incorporation or organization)	(I.R.S. Employer Identification No.)

480 W. Dussel Drive, Maumee, Ohio	43537
(Address of principal executive offices)	(Zip Code)

(419) 893-5050

(Telephone Number)

(Former name, former address and former fiscal year, if changed since last report.)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ý    No  ¨

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files.    Yes  ý    No  ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	ý	Accelerated Filer	¨
Non-accelerated filer	¨	Smaller reporting company	¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ¨    No  ý

The registrant had approximately 28.4 million common shares outstanding, no par value, at April 30, 2015.

THE ANDERSONS, INC.

INDEX

	Page No.
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements (Unaudited)
Condensed Consolidated Balance Sheets – March 31, 2015, December 31, 2014 and March 31, 2014	3
Condensed Consolidated Statements of Income – Three months ended March 31, 2015 and 2014	5
Condensed Consolidated Statements of Comprehensive Income – Three months ended March 31, 2015 and 2014	6
Condensed Consolidated Statements of Cash Flows – Three months ended March 31, 2015 and 2014	7
Condensed Consolidated Statements of Equity – Three months ended March 31, 2015 and 2014	8
Notes to Condensed Consolidated Financial Statements	9
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations	25
Item 3. Quantitative and Qualitative Disclosures about Market Risk	34
Item 4. Controls and Procedures	34
PART II. OTHER INFORMATION
Item 1. Legal Proceedings	35
Item 1A. Risk Factors	35
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds	35
Item 5. Other	35
Item 6. Exhibits	36

2

Part I. Financial Information

Item 1. Financial Statements

The Andersons, Inc. Condensed Consolidated Balance Sheets (Unaudited)(In thousands)
	March 31, 2015		December 31, 2014		March 31, 2014
Assets
Current assets:
Cash and cash equivalents	$	54,461	$	114,704	$	43,693
Restricted cash	685		429		652
Accounts receivable, net	209,928		183,059		191,972
Inventories (Note 2)	743,957		795,655		725,584
Commodity derivative assets – current	86,824		92,771		119,330
Deferred income taxes	12,878		7,337		9,104
Other current assets	65,017		60,492		48,214
Total current assets	1,173,750		1,254,447		1,138,549
Other assets:
Commodity derivative assets – noncurrent	243		507		1,365
Goodwill	72,365		72,365		58,554
Other assets, net	54,454		59,162		55,974
Pension asset	—		—		15,079
Equity method investments	222,082		226,857		232,396
	349,144		358,891		363,368
Rail Group assets leased to others, net (Note 3)	313,095		297,747		237,534
Property, plant and equipment, net (Note 3)	451,638		453,607		386,132
Total assets	$	2,287,627	$	2,364,692	$	2,125,583

3

The Andersons, Inc. Condensed Consolidated Balance Sheets (continued) (Unaudited)(In thousands)
	March 31, 2015			December 31, 2014			March 31, 2014
Liabilities and equity
Current liabilities:
Short-term debt	$	311,660		$	2,166		$	226,100
Accounts payable for grain	206,153			535,974			183,998
Other accounts payable	164,224			170,849			177,623
Customer prepayments and deferred revenue	130,254			99,617			124,981
Commodity derivative liabilities – current	55,401			64,075			32,153
Accrued expenses and other current liabilities	64,065			78,610			56,290
Current maturities of long-term debt (Note 4)	19,037			76,415			90,760
Total current liabilities	950,794			1,027,706			891,905
Other long-term liabilities	14,871			15,507			14,749
Commodity derivative liabilities – noncurrent	2,084			3,318			734
Employee benefit plan obligations	59,557			59,308			39,989
Long-term debt, less current maturities (Note 4)	323,258			298,638			306,161
Deferred income taxes	139,145			136,166			128,716
Total liabilities	1,489,709			1,540,643			1,382,254
Commitments and contingencies (Note 13)
Shareholders’ equity:
Common shares, without par value (42,000 shares authorized; 29,430, 29,353 and 28,797 shares issued at 3/31/15, 12/31/14 and 3/31/14, respectively)	96			96			96
Preferred shares, without par value (1,000 shares authorized; none issued)	—			—			—
Additional paid-in-capital	223,179			222,789			184,474
Treasury shares, at cost (859, 390 and 378 shares at 3/31/15, 12/31/14 and 3/31/14, respectively)	(32,551		)	(9,743		)	(8,750		)
Accumulated other comprehensive loss	(58,130		)	(54,595		)	(24,157		)
Retained earnings	644,530			644,556			567,849
Total shareholders’ equity of The Andersons, Inc.	777,124			803,103			719,512
Noncontrolling interests	20,794			20,946			23,817
Total equity	797,918			824,049			743,329
Total liabilities and equity	$	2,287,627		$	2,364,692		$	2,125,583

See Notes to Condensed Consolidated Financial Statements

4

The Andersons, Inc.

Condensed Consolidated Statements of Income

(Unaudited)(In thousands, except per share data)

	Three months ended March 31,
	2015			2014
Sales and merchandising revenues	$	950,090		$	1,003,294
Cost of sales and merchandising revenues	866,777			926,519
Gross profit	83,313			76,775
Operating, administrative and general expenses	78,604			70,985
Interest expense	6,039			6,002
Other income:
Equity in earnings of affiliates, net	3,261			20,501
Other income, net	3,107			19,612
Income before income taxes	5,038			39,901
Income tax provision	1,093			13,872
Net income	3,945			26,029
Net (loss) income attributable to the noncontrolling interests	(152		)	3,321
Net income attributable to The Andersons, Inc.	$	4,097		$	22,708
Per common share:
Basic earnings attributable to The Andersons, Inc. common shareholders	$	0.14		$	0.80
Diluted earnings attributable to The Andersons, Inc. common shareholders	$	0.14		$	0.80
Dividends declared	$	0.14		$	0.11

See Notes to Condensed Consolidated Financial Statements

5

The Andersons, Inc.

Condensed Consolidated Statements of Comprehensive Income

(Unaudited)(In thousands)

	Three months ended March 31,
	2015			2014
Net income	$	3,945		$	26,029
Other comprehensive income (loss), net of tax:
Decrease in estimated fair value of investment in debt securities (net of income tax of $0 and $1,958)	—			(3,232		)
Change in unrecognized actuarial loss and prior service cost (net of income tax of $(236) and $(113) - Note 8)	390			187
Foreign currency translation adjustments (net of income tax of $(613) and $0)	(3,983		)	—
Cash flow hedge activity (net of income tax of $(35) and $(42))	58			69
Other comprehensive loss	(3,535		)	(2,976		)
Comprehensive income	410			23,053
Comprehensive (loss) income attributable to the noncontrolling interests	(152		)	3,321
Comprehensive income attributable to The Andersons, Inc.	$	562		$	19,732

See Notes to Condensed Consolidated Financial Statements

6

The Andersons, Inc.

Condensed Consolidated Statements of Cash Flows

(Unaudited)(In thousands)

	Three months ended March 31,
	2015			2014
Operating Activities
Net income	$	3,945		$	26,029
Adjustments to reconcile net income to cash used in operating activities:
Depreciation and amortization	17,523			13,856
Bad debt expense	188			377
Cash distributions in excess of (less than) income of unconsolidated affiliates	1,404			45,061
Gain on sale of investments in affiliates	—			(17,055		)
Gains on sales of Rail Group assets and related leases	(4,522		)	(10,769		)
Excess tax benefit from share-based payment arrangement	(224		)	(1,608		)
Deferred income taxes	(3,446		)	6,264
Stock-based compensation expense	736			1,462
Other	890			(2,504		)
Changes in operating assets and liabilities:
Accounts receivable	(28,366		)	(19,390		)
Inventories	51,698			(110,661		)
Commodity derivatives	(3,696		)	(86,842		)
Other assets	(4,042		)	(1,730		)
Accounts payable for grain	(329,821		)	(408,185		)
Other accounts payable and accrued expenses	11,074			67,082
Net cash used in operating activities	(286,659		)	(498,613		)
Investing Activities
Purchases of Rail Group assets	(23,455		)	(14,005		)
Proceeds from sale of Rail Group assets	12,851			25,465
Purchases of property, plant and equipment	(6,742		)	(5,523		)
Proceeds from sale of property, plant and equipment	80			108
Proceeds from returns of investments in affiliates	—			31,457
Change in restricted cash	(256		)	(244		)
Net cash (used in) provided by investing activities	(17,522		)	37,258
Financing Activities
Net change in short-term borrowings	308,500			226,100
Proceeds from issuance of long-term debt	30,799			3,598
Payments of long-term debt	(63,466		)	(30,560		)
Purchase of treasury stock	(27,783		)	—
Proceeds from sale of treasury shares to employees and directors	403			1,499
Payments of debt issuance costs	(107		)	(3,175		)
Dividends paid	(4,059		)	(3,107		)
Excess tax benefit from share-based payment arrangement	224			1,608
Other	(573		)	—
Net cash provided by financing activities	243,938			195,963
Decrease in cash and cash equivalents	(60,243		)	(265,392		)
Cash and cash equivalents at beginning of period	114,704			309,085
Cash and cash equivalents at end of period	$	54,461		$	43,693

See Notes to Condensed Consolidated Financial Statements

7

The Andersons, Inc.

Condensed Consolidated Statements of Equity

(Unaudited)(In thousands, except per share data)

	Common Shares		Additional Paid-in Capital			Treasury Shares			Accumulated Other Comprehensive Loss			Retained Earnings			Noncontrolling Interests			Total
Balance at December 31, 2013	$	96	$	184,380		$	(10,222	)	$	(21,181	)	$	548,401		$	22,947		$	724,421
Net income												22,708			3,321			26,029
Other comprehensive loss									(2,976		)							(2,976		)
Cash distributions to noncontrolling interest															(2,451		)	(2,451		)
Stock awards, stock option exercises and other shares issued to employees and directors, net of income tax of $1,530 (214 shares)			18			1,472												1,490
Payment of cash in lieu for stock split (187 shares)			(58		)													(58		)
Dividends declared ($0.11 per common share)												(3,126		)				(3,126		)
Performance share unit dividend equivalents			134									(134		)				—
Balance at March 31, 2014	$	96	$	184,474		$	(8,750	)	$	(24,157	)	$	567,849		$	23,817		$	743,329
Balance at December 31, 2014	$	96	$	222,789		$	(9,743	)	$	(54,595	)	$	644,556		$	20,946		$	824,049
Net income (loss)												4,097			(152		)	3,945
Other comprehensive loss									(3,535		)							(3,535		)
Stock awards, stock option exercises and other shares issued to employees and directors, net of income tax of $216 (162 shares)			(4,051		)	4,975												924
Purchase of treasury shares (631 shares)						(27,783		)										(27,783		)
Dividends declared ($0.14 per common share)												(3,985		)				(3,985		)
Shares issued for acquisitions (77 shares)			4,303															4,303
Performance share unit dividend equivalents			138									(138		)				—
Balance at March 31, 2015	$	96	$	223,179		$	(32,551	)	$	(58,130	)	$	644,530		$	20,794		$	797,918

See Notes to Condensed Consolidated Financial Statements

8

The Andersons, Inc.

Notes to Condensed Consolidated Financial Statements

(unaudited)

1. Basis of Presentation and Consolidation

These Condensed Consolidated Financial Statements include the accounts of The Andersons, Inc. and its wholly owned and controlled subsidiaries (the “Company”). All intercompany accounts and transactions are eliminated in consolidation.

Investments in unconsolidated entities in which the Company has significant influence, but not control, are accounted for using the equity method of accounting.

In the opinion of management, all adjustments consisting of normal and recurring items, considered necessary for fair presentation of the results of operations, financial position, and cash flows for the periods indicated, have been made. The results in these Condensed Consolidated Financial Statements are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2015.

The Condensed Consolidated Balance Sheet data at December 31, 2014 was derived from audited Consolidated Financial Statements, but does not include all disclosures required by accounting principles generally accepted in the United States of America. An unaudited Condensed Consolidated Balance Sheet as of March 31, 2014 has been included as the Company operates in several seasonal industries.

The accompanying unaudited Condensed Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and notes thereto included in The Andersons, Inc. Annual Report on Form 10-K for the year ended December 31, 2014 (the “2014 Form 10-K”).

New Accounting Standards

In April 2015, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update No. 2015-03, Simplifying the Presentation of Debt Issuance Costs. This standard requires debt issuance costs to be presented in the balance sheet as a direct deduction from the carrying value of the associated debt liability. The standard is effective for annual and interim periods beginning after December 15, 2015. The Company is currently assessing the impact this standard will have on its Consolidated Financial Statements and disclosures.

In February 2015, the FASB issued Accounting Standards Update No. 2015-02, Consolidation (Topic 810) - Amendments to the Consolidation Analysis. This standard provides amendments to the manner in which companies assess the characteristics of variable interest entities. The standard is effective for annual periods beginning after December 15, 2015. The Company is currently assessing the impact this standard will have on its Consolidated Financial Statements and disclosures.

In May 2014, the FASB issued Accounting Standards Update No. 2014-09, Revenue From Contracts With Customers. The core principle of the new revenue model is that an entity recognizes revenue from the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The standard is currently effective for annual and interim periods beginning after December 15, 2016, however, the FASB has tentatively extended the effective date for one year, pending final approval. The Company is currently assessing the method of adoption and the impact this standard will have on its Consolidated Financial Statements and disclosures.

2. Inventories

Major classes of inventories are as follows:

(in thousands)	March 31, 2015		December 31, 2014		March 31, 2014
Grain	$	470,216	$	570,916	$	488,492
Ethanol and by-products	9,940		13,154		17,658
Plant nutrients and cob products	229,551		181,136		188,362
Retail merchandise	27,311		23,810		26,205
Railcar repair parts	6,739		6,431		4,661
Other	200		208		206
	$	743,957	$	795,655	$	725,584

9

Inventories on the Condensed Consolidated Balance Sheets at March 31, 2015, December 31, 2014 and March 31, 2014 do not include 1.8 million, 3.1 million and 5.6 million bushels of grain, respectively, held in storage for others. The Company does not have title to the grain and is only liable for any deficiencies in grade or shortage of quantity that may arise during the storage period. Management has not experienced historical losses on any deficiencies and does not anticipate material losses in the future.

3. Property, Plant and Equipment

The components of property, plant and equipment are as follows:

(in thousands)	March 31, 2015		December 31, 2014		March 31, 2014
Land	$	23,380	$	23,380	$	21,906
Land improvements and leasehold improvements	73,651		71,817		67,876
Buildings and storage facilities	274,877		275,059		234,109
Machinery and equipment	340,109		333,559		309,283
Software	68,193		55,436		13,403
Construction in progress	18,354		29,620		52,200
	798,564		788,871		698,777
Less: accumulated depreciation and amortization	346,926		335,264		312,645
	$	451,638	$	453,607	$	386,132

Depreciation and amortization expense on property, plant and equipment amounted to $12.4 million and $9.9 million for the year-to-date periods ended March 31, 2015 and 2014, respectively.

Rail Group Assets

The components of Rail Group assets leased to others are as follows:

(in thousands)	March 31, 2015		December 31, 2014		March 31, 2014
Rail Group assets leased to others	$	402,509	$	384,958	$	316,520
Less: accumulated depreciation	89,414		87,211		78,986
	$	313,095	$	297,747	$	237,534

Depreciation expense on Rail Group assets leased to others amounted to $4.0 million and $3.4 million for the year-to-date periods ended March 31, 2015 and 2014, respectively.

4. Debt

The Company is party to borrowing arrangements with a syndicate of banks. See Note 10 in the Company’s 2014 Form 10-K for a description of these arrangements. Total borrowing capacity for the Company under all lines of credit is currently at $878.1 million, including $28.1 million of non-recourse debt of The Andersons Denison Ethanol LLC ("TADE"). At March 31, 2015, the Company had a total of $538.6 million available for borrowing under its lines of credit. Our borrowing capacity is reduced by a combination of outstanding borrowings and letters of credit. The Company was in compliance with all financial covenants as of March 31, 2015.

10

The Company’s short-term and long-term debt at March 31, 2015, December 31, 2014 and March 31, 2014 consisted of the following:

(in thousands)	March 31, 2015		December 31, 2014		March 31, 2014
Short-term debt – recourse	311,660		2,166		226,100
Total short-term debt	$	311,660	$	2,166	$	226,100
Current maturities of long-term debt – non-recourse	$	—	$	—	$	6,012
Current maturities of long-term debt – recourse	19,037		76,415		84,748
Total current maturities of long-term debt	$	19,037	$	76,415	$	90,760
Long-term debt, less current maturities – non-recourse	$	—	$	—	$	3,288
Long-term debt, less current maturities – recourse	323,258		298,638		302,873
Total long-term debt, less current maturities	$	323,258	$	298,638	$	306,161

In the first quarter of 2015, the Company entered into an agreement to obtain $30.0 million in senior notes payable. The notes payable include $14.0 million with an interest rate of 5.0% due 2040 and $16.0 million with an interest rate of 4.5% due 2030, subject to debt covenants similar to the Company's other borrowing arrangements. These notes payable partially replaced the $61.5 million note payable that matured in March 2015.

5. Derivatives

The Company’s operating results are affected by changes to commodity prices. The Grain and Ethanol businesses have established “unhedged” position limits (the amount of a commodity, either owned or contracted for, that does not have an offsetting derivative contract to lock in the price). To reduce the exposure to market price risk on commodities owned and forward grain and ethanol purchase and sale contracts, the Company enters into exchange traded commodity futures and options contracts and over the counter forward and option contracts with various counterparties. The exchange traded contracts are primarily via the regulated Chicago Mercantile Exchange ("CME"). The Company’s forward purchase and sales contracts are for physical delivery of the commodity in a future period. Contracts to purchase commodities from producers generally relate to the current or future crop years for delivery periods quoted by regulated commodity exchanges. Contracts for the sale of commodities to processors or other commercial consumers generally do not extend beyond one year.

All of these contracts meet the definition of derivatives. While the Company considers its commodity contracts to be effective economic hedges, the Company does not designate or account for its commodity contracts as hedges as defined under current accounting standards. The Company accounts for its commodity derivatives at estimated fair value. The estimated fair value of the commodity derivative contracts that require the receipt or posting of cash collateral is recorded on a net basis (offset against cash collateral posted or received, also known as margin deposits) within commodity derivative assets or liabilities. Management determines fair value based on exchange-quoted prices and in the case of its forward purchase and sale contracts, estimated fair value is adjusted for differences in local markets and non-performance risk. For contracts for which physical delivery occurs, balance sheet classification is based on estimated delivery date. For futures, options and over-the-counter contracts in which physical delivery is not expected to occur but, rather, the contract is expected to be net settled, the Company classifies these contracts as current or noncurrent assets or liabilities, as appropriate, based on the Company’s expectations as to when such contracts will be settled.

Realized and unrealized gains and losses in the value of commodity contracts (whether due to changes in commodity prices, changes in performance or credit risk, or due to sale, maturity or extinguishment of the commodity contract) and grain inventories are included in sales and merchandising revenues.

Generally accepted accounting principles permit a party to a master netting arrangement to offset fair value amounts recognized for derivative instruments against the right to reclaim cash collateral or obligation to return cash collateral under the same master netting arrangement. The Company has master netting arrangements for its exchange traded futures and options contracts and certain over-the-counter contracts. When the Company enters into a future, option or an over-the-counter contract, an initial margin deposit may be required by the counterparty. The amount of the margin deposit varies by commodity. If the market price of a future, option or an over-the-counter contract moves in a direction that is adverse to the Company’s position, an additional margin deposit, called a maintenance margin, is required. The margin deposit assets and liabilities are included in short-term commodity derivative assets or liabilities, as appropriate, in the Condensed Consolidated Balance Sheets.

11

The following table presents at March 31, 2015, December 31, 2014 and March 31, 2014, a summary of the estimated fair value of the Company’s commodity derivative instruments that require cash collateral and the associated cash posted/received as collateral. The net asset or liability positions of these derivatives (net of their cash collateral) are determined on a counterparty-by-counterparty basis and are included within current or noncurrent commodity derivative assets (or liabilities) on the Condensed Consolidated Balance Sheets:

	March 31, 2015				December 31, 2014					March 31, 2014
(in thousands)	Net derivative asset position		Net derivative liability position		Net derivative asset position			Net derivative liability position		Net derivative asset position			Net derivative liability position
Collateral paid (received)	$	39,521	$	—	$	79,646		$	—	$	142,791		$	—
Fair value of derivatives	21,327		—		(10,981		)	—		(88,498		)	—
Balance at end of period	$	60,848	$	—	$	68,665		$	—	$	54,293		$	—

The following table presents, on a gross basis, current and noncurrent commodity derivative assets and liabilities:

	March 31, 2015
(in thousands)	Commodity derivative assets - current			Commodity derivative assets - noncurrent			Commodity derivative liabilities - current			Commodity derivative liabilities - noncurrent			Total
Commodity derivative assets	$	60,071		$	254		$	1,615		$	29		$	61,969
Commodity derivative liabilities	(12,768		)	(11		)	(57,016		)	(2,113		)	(71,908		)
Cash collateral	39,521			—			—			—			39,521
Balance sheet line item totals	$	86,824		$	243		$	(55,401	)	$	(2,084	)	$	29,582

	December 31, 2014
(in thousands)	Commodity derivative assets - current			Commodity derivative assets - noncurrent			Commodity derivative liabilities - current			Commodity derivative liabilities - noncurrent			Total
Commodity derivative assets	$	49,847		$	545		$	6,123		$	118		$	56,633
Commodity derivative liabilities	(36,722		)	(38		)	(70,198		)	(3,436		)	(110,394		)
Cash collateral	79,646			—			—			—			79,646
Balance sheet line item totals	$	92,771		$	507		$	(64,075	)	$	(3,318	)	$	25,885

	March 31, 2014
(in thousands)	Commodity derivative assets - current			Commodity derivative assets - noncurrent			Commodity derivative liabilities - current			Commodity derivative liabilities - noncurrent			Total
Commodity derivative assets	$	86,512		$	1,543		$	4,552		$	308		$	92,915
Commodity derivative liabilities	(109,973		)	(178		)	(36,705		)	(1,042		)	(147,898		)
Cash collateral	142,791			—			—			—			142,791
Balance sheet line item totals	$	119,330		$	1,365		$	(32,153	)	$	(734	)	$	87,808

The gains included in the Company’s Condensed Consolidated Statements of Income and the line items in which they are located for the three months ended March 31, 2015 and 2014 are as follows:

	Three months ended March 31,
(in thousands)	2015		2014
Gains (losses) on commodity derivatives included in sales and merchandising revenues	$	67,811	$	(53,686	)

12

The Company had the following volume of commodity derivative contracts outstanding (on a gross basis) at March 31, 2015, December 31, 2014 and March 31, 2014:

	March 31, 2015
Commodity	Number of bushels (in thousands)	Number of gallons (in thousands)	Number of pounds (in thousands)	Number of tons (in thousands)
Non-exchange traded:
Corn	276,158	—	—	—
Soybeans	29,646	—	—	—
Wheat	13,232	—	—	—
Oats	29,883	—	—	—
Ethanol	—	197,961	—	—
Corn oil	—	—	5,651	—
Other	339	—	—	116
Subtotal	349,258	197,961	5,651	116
Exchange traded:
Corn	143,320	—	—	—
Soybeans	38,555	—	—	—
Wheat	26,675	—	—	—
Oats	6,390	—	—	—
Ethanol	—	26,334	—	—
Bean Oil	—	—	60,240	—
Other	—	—	—	10
Subtotal	214,940	26,334	60,240	10
Total	564,198	224,295	65,891	126

	December 31, 2014
Commodity	Number of bushels (in thousands)	Number of gallons (in thousands)	Number of pounds (in thousands)	Number of tons (in thousands)
Non-exchange traded:
Corn	265,574	—	—	—
Soybeans	23,820	—	—	—
Wheat	14,967	—	—	—
Oats	23,440	—	—	—
Ethanol	—	233,637	—	—
Corn oil	—	—	18,076	—
Other	28	—	—	139
Subtotal	327,829	233,637	18,076	139
Exchange traded:
Corn	159,575	—	—	—
Soybeans	31,265	—	—	—
Wheat	30,360	—	—	—
Oats	7,545	—	—	—
Ethanol	—	41,832	—	—
Bean oil	—	—	2,700	—
Other	—	—	—	5
Subtotal	228,745	41,832	2,700	5
Total	556,574	275,469	20,776	144

13

	March 31, 2014
Commodity	Number of bushels (in thousands)	Number of gallons (in thousands)	Number of pounds (in thousands)	Number of tons (in thousands)
Non-exchange traded:
Corn	274,762	—	—	—
Soybeans	29,332	—	—	—
Wheat	12,753	—	—	—
Oats	31,691	—	—	—
Ethanol	—	278,697	—	—
Corn oil	—	—	20,790	—
Other	207	—	—	110
Subtotal	348,745	278,697	20,790	110
Exchange traded:
Corn	197,405	—	—	—
Soybeans	20,810	—	—	—
Wheat	26,750	—	—	—
Oats	8,335	—	—	—
Ethanol	—	82,194	—	—
Subtotal	253,300	82,194	—	—
Total	602,045	360,891	20,790	110

6. Employee Benefit Plans

In the fourth quarter of 2014, we began the process of terminating the funded defined benefit plan (the "Plan"), which will include settling the Plan liabilities by offering lump sum distributions to plan participants or purchasing annuity contracts for those who do not elect lump sums. While we expect to complete the termination in the near future, the timing is subject to regulatory approvals and other market factors. As part of the planned termination, in 2014 we adjusted our asset portfolio to a target asset allocation of 100% fixed income investments (up from 49%), which will provide a better matching of Plan assets to the characteristics of the liabilities. In the fourth quarter of 2014, we provided notice to plan participants of our intent to terminate the Plan and we applied for a determination with the Internal Revenue Service with regards to the termination. We will take further actions to minimize the volatility of the value of our pension assets relative to pension liabilities and to settle remaining Plan liabilities, including making such contributions to the Plan as may be necessary to make the Plan sufficient to settle all Plan liabilities.

As of December 31, 2014, we have valued the projected benefit obligations of the Plan based on the present value of estimated costs to settle the liabilities through a combination of lump sum payments to participants and purchasing annuities from an insurance company.  This reflects an estimate of how many participants we expect will accept a lump sum offering, and an estimate of lump sum payouts for those participants based on the current lump sum rates approved by the IRS.  Liabilities expected to be settled through annuity contracts have been estimated based on future benefit payments, discounted based on current interest rates that correspond to the liability payouts, adjusted to reflect a premium that would be assessed by the insurer. As the liabilities are settled, unamortized losses in accumulated other comprehensive income will be recognized based on the projected benefit obligations and assets measured as of the dates the settlements occur. Based on rates as of December 31, 2014, the amount of unamortized losses in other comprehensive income that would result in a one-time noncash pre-tax charge was estimated at $64.6 million. Prior to settling the liabilities, we will contribute such additional amounts (estimated to be approximately $10.3 million at as of December 31, 2014) as may be necessary to fully fund the Plan. Such contributions are expected to be made concurrent with settling the liabilities but may be made earlier at our discretion. The impact of termination is subject to rate changes at the time of settlement. This termination does not yet constitute a settlement of liability under applicable accounting guidance for pension plans. The Company anticipates the conversion to individual annuity policies along with the liability discharge to occur in the near future. The defined benefit plan is included in the accompanying table for all periods presented.

14

The following are components of the net periodic benefit cost for the pension and postretirement benefit plans maintained by the Company for the three months ended March 31, 2015 and 2014:

	Pension Benefits
(in thousands)	Three months ended March 31,
	2015			2014
Service cost	$	55		$	43
Interest cost	1,209			1,162
Expected return on plan assets	(1,561		)	(1,905		)
Recognized net actuarial loss	370			207
Benefit cost (income)	$	73		$	(493	)

	Postretirement Benefits
(in thousands)	Three months ended March 31,
	2015			2014
Service cost	$	240		$	187
Interest cost	406			393
Amortization of prior service cost	(136		)	(136		)
Recognized net actuarial loss	392			229
Benefit cost	$	902		$	673

7. Income Taxes

On a quarterly basis, the Company estimates the effective tax rate expected to be applicable for the full year and makes changes if necessary based on new information or events. The estimated annual effective tax rate is forecast based on actual historical information and forward-looking estimates and is used to provide for income taxes in interim reporting periods. The Company also recognizes the tax impact of certain unusual or infrequently occurring items, such as the effects of changes in tax laws or rates and impacts from settlements with tax authorities, discretely in the quarter in which they occur. Additionally, the annual effective tax rate differs from the statutory U.S. Federal tax rate of 35% primarily due to the impact of state income taxes and income or losses attributable to non-controlling interests that do not impact the Company’s income tax provision.

For the quarter ended March 31, 2015, the Company recorded income tax expense of $1.1 million at an effective tax rate of 21.7%, which varied from the U.S. Federal tax rate of 35% primarily due to a 12.2% non-recurring tax benefit attributable to the accounting for the investment in a foreign affiliate. For the quarter ended March 31, 2014, the Company recorded income tax expense of $13.9 million at an effective tax rate of 34.8%.

There have been no material changes to the balance of unrecognized tax benefits reported at December 31, 2014. The Company’s consolidated Federal income tax returns for 2011 and 2012 are currently being audited by the IRS, and it is anticipated that the IRS will substantially complete its examination in 2015. The Company does not expect that the resolution of the examination will have a material effect on its effective tax rate.

15

8. Accumulated Other Comprehensive Loss

The following tables summarize the after-tax components of accumulated other comprehensive income (loss) attributable to the Company for the three months ended March 31, 2015 and 2014:

Changes in Accumulated Other Comprehensive Income (Loss) by Component (a)
		For the three months ended March 31, 2015
(in thousands)		Losses on Cash Flow Hedges			Foreign Currency Translation Adjustments			Investment in Debt Securities		Defined Benefit Plan Items			Total
Beginning Balance		$	(364	)	$	(4,709	)	$	126	$	(49,648	)	$	(54,595	)
	Other comprehensive income (loss) before reclassifications	58			(3,983		)	—		475			(3,450		)
	Amounts reclassified from accumulated other comprehensive loss	—			—			—		(85		)	(85		)
Net current-period other comprehensive income (loss)		58			(3,983		)	—		390			(3,535		)
Ending balance		$	(306	)	$	(8,692	)	$	126	$	(49,258	)	$	(58,130	)

Changes in Accumulated Other Comprehensive Income (Loss) by Component (a)
		For the three months ended March 31, 2014
(in thousands)		Losses on Cash Flow Hedges			Foreign Currency Translation Adjustments		Investment in Debt Securities			Defined Benefit Plan Items			Total
Beginning Balance		$	(637	)	$	—	$	7,861		$	(28,405	)	$	(21,181	)
	Other comprehensive income (loss) before reclassifications	69			—		(3,232		)	272			(2,891		)
	Amounts reclassified from accumulated other comprehensive loss	—			—		—			(85		)	(85		)
Net current-period other comprehensive income (loss)		69			—		(3,232		)	187			(2,976		)
Ending balance		$	(568	)	$	—	$	4,629		$	(28,218	)	$	(24,157	)

(a) All amounts are net of tax. Amounts in parentheses indicate debits

The following tables show the reclassification adjustments from accumulated other comprehensive income to net income for the three months ended March 31, 2015 and 2014:

Reclassifications Out of Accumulated Other Comprehensive Income (Loss) (a)
(in thousands)	For the three months ended March 31, 2015
Details about Accumulated Other Comprehensive Income Components	Amount Reclassified from Accumulated Other Comprehensive Income			Affected Line Item in the Statement Where Net Income Is Presented
Defined Benefit Plan Items
Amortization of prior-service cost	$	(136	)	(b)
	(136		)	Total before tax
	51			Tax expense
	$	(85	)	Net of tax
Total reclassifications for the period	$	(85	)	Net of tax

16

Reclassifications Out of Accumulated Other Comprehensive Income (Loss) (a)
(in thousands)	For the three months ended March 31, 2014
Details about Accumulated Other Comprehensive Income Components	Amount Reclassified from Accumulated Other Comprehensive Income			Affected Line Item in the Statement Where Net Income Is Presented
Defined Benefit Plan Items
Amortization of prior-service cost	$	(136	)	(b)
	(136		)	Total before tax
	51			Tax expense
	$	(85	)	Net of tax
Total reclassifications for the period	$	(85	)	Net of tax

(a) Amounts in parentheses indicate debits to profit/loss

(b) This accumulated other comprehensive income component is included in the computation of net periodic benefit cost (see Note 6).

9. Earnings Per Share

Unvested share-based payment awards that contain non-forfeitable rights to dividends are participating securities and are included in the computation of earnings per share pursuant to the two-class method. The two-class method of computing earnings per share is an earnings allocation formula that determines earnings per share for common stock and any participating securities according to dividends declared (whether paid or unpaid) and participation rights in undistributed earnings. The Company’s nonvested restricted stock that was granted prior to March 2015 is considered a participating security since the share-based awards contain a non-forfeitable right to dividends irrespective of whether the awards ultimately vest.

(in thousands, except per common share data)	Three months ended March 31,
	2015		2014
Net income attributable to The Andersons, Inc.	$	4,097	$	22,708
Less: Distributed and undistributed earnings allocated to nonvested restricted stock	8		104
Earnings available to common shareholders	$	4,089	$	22,604
Earnings per share – basic:
Weighted average shares outstanding – basic	28,742		28,155
Earnings per common share – basic	$	0.14	$	0.80
Earnings per share – diluted:
Weighted average shares outstanding – basic	28,742		28,155
Effect of dilutive awards	59		69
Weighted average shares outstanding – diluted	28,801		28,224
Earnings per common share – diluted	$	0.14	$	0.80

There were no antidilutive stock-based awards outstanding at March 31, 2015 or 2014.

10. Fair Value Measurements

The following table presents the Company’s assets and liabilities measured at fair value on a recurring basis at March 31, 2015, December 31, 2014 and March 31, 2014:

(in thousands)	March 31, 2015
Assets (liabilities)	Level 1		Level 2			Level 3		Total
Cash equivalents	$	1,491	$	—		$	—	$	1,491
Restricted cash	685		—			—		685
Commodity derivatives, net (a)	60,796		(31,214		)	—		29,582
Convertible preferred securities (b)	—		—			13,300		13,300
Other assets and liabilities (c)	11,583		(3,517		)	—		8,066
Total	$	74,555	$	(34,731	)	$	13,300	$	53,124

17

(in thousands)	December 31, 2014
Assets (liabilities)	Level 1		Level 2			Level 3		Total
Cash equivalents	$	269	$	—		$	—	$	269
Restricted cash	429		—			—		429
Commodity derivatives, net (a)	72,868		(46,983		)	—		25,885
Convertible preferred securities (b)	—		—			13,300		13,300
Other assets and liabilities (c)	10,869		(2,666		)	—		8,203
Total	$	84,435	$	(49,649	)	$	13,300	$	48,086

(in thousands)	March 31, 2014
Assets (liabilities)	Level 1		Level 2			Level 3		Total
Cash equivalents	$	25,821	$	—		$	—	$	25,821
Restricted cash	652		—			—		652
Commodity derivatives, net (a)	82,626		5,182			—		87,808
Convertible preferred securities (b)	—		—			20,530		20,530
Other assets and liabilities (c)	10,960		(951		)	—		10,009
Total	$	120,059	$	4,231		$	20,530	$	144,820

(a) Includes associated cash posted/received as collateral

(b) Recorded in “Other noncurrent assets” on the Company’s Condensed Consolidated Balance Sheets

(c) Included in other assets and liabilities are deferred compensation assets (Level 1) and interest rate derivatives (Level 2)

Level 1 commodity derivatives reflect the fair value of the exchanged-traded futures and options contracts that the Company holds, net of the cash collateral that the Company has in its margin account.

The majority of the Company’s assets and liabilities measured at fair value are based on the market approach valuation technique. With the market approach, fair value is derived using prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities.

The Company’s net commodity derivatives primarily consist of futures or options contracts via regulated exchanges and contracts with producers or customers under which the future settlement date and bushels (or gallons in the case of ethanol contracts) of commodities to be delivered (primarily wheat, corn, soybeans and ethanol) are fixed and under which the price may or may not be fixed. Depending on the specifics of the individual contracts, the fair value is derived from the futures or options prices on the CME or the New York Mercantile Exchange for similar commodities and delivery dates as well as observable quotes for local basis adjustments (the difference, which is attributable to local market conditions, between the quoted futures price and the local cash price). Because basis for a particular commodity and location typically has multiple quoted prices from other agribusinesses in the same geographical vicinity and is used as a common pricing mechanism in the Agribusiness industry, we have concluded that basis is a Level 2 fair value input for purposes of the fair value disclosure requirements related to our commodity derivatives. Although nonperformance risk, both of the Company and the counterparty, is present in each of these commodity contracts and is a component of the estimated fair values, based on the Company’s historical experience with its producers and customers and the Company’s knowledge of their businesses, the Company does not view nonperformance risk to be a material input to fair value for these commodity contracts.

The Company’s convertible preferred securities are measured at fair value using a combination of the income and market approaches on a quarterly basis. Specifically, the income approach incorporates the use of the Discounted Cash Flow method, whereas the Market Approach incorporates the use of the Guideline Public Company method. Application of the Discounted Cash Flow method requires estimating the annual cash flows that the business enterprise is expected to generate in the future. The assumptions input into this method are estimated annual cash flows for a specified estimation period, the discount rate, and the terminal value at the end of the estimation period. In the Guideline Public Company method, valuation multiples, including total invested capital, are calculated based on financial statements and stock price data from selected guideline publicly traded companies. A comparative analysis is then performed for factors including, but not limited to size, profitability and growth to determine fair value.

18

A reconciliation of beginning and ending balances for the Company’s fair value measurements using Level 3 inputs is as follows:

(in thousands)	2015		2014
	Convertible Preferred Securities		Convertible Preferred Securities
Asset at January 1,	$	13,300	$	25,720
Unrealized gains (losses) included in other comprehensive income	—		(5,190		)
Asset at March 31,	13,300		20,530

The following tables summarize quantitative information about the Company's Level 3 fair value measurements as of March 31, 2015, December 31, 2014 and March 31, 2014:

Quantitative Information about Level 3 Fair Value Measurements
(in thousands)	Fair Value as of March 31, 2015		Valuation Method	Unobservable Input	Weighted Average
Convertible Preferred Securities	$	13,300	Market Approach	EBITDA Multiples	6.61
			Income Approach	Discount Rate	14.5	%

(in thousands)	Fair Value as of December 31, 2014		Valuation Method	Unobservable Input	Weighted Average
Convertible Preferred Securities	$	13,300	Market Approach	EBITDA Multiples	7.00
			Income Approach	Discount Rate	14.5	%

(in thousands)	Fair Value as of March 31, 2014		Valuation Method	Unobservable Input	Weighted Average
Convertible Preferred Securities	$	20,530	Market Approach	EBITDA Multiples	7.75
			Income Approach	Discount Rate	14.5	%

Fair Value of Financial Instruments

The fair value of the Company’s long-term debt is estimated using quoted market prices or discounted future cash flows based on the Company’s current incremental borrowing rates for similar types of borrowing arrangements. As such, the Company has concluded that the fair value of long-term debt is considered Level 2 in the fair value hierarchy.

(in thousands)	March 31, 2015		December 31, 2014		March 31, 2014
Fair value of long-term debt, including current maturities	$	350,684	$	382,139	$	400,495
Fair value in excess of carrying value	8,390		7,086		3,574

The fair value of the Company’s cash equivalents, accounts receivable and accounts payable approximate their carrying value as they are close to maturity.

11. Related Party Transactions

Equity Method Investments

The Company, directly or indirectly, holds investments in companies that are accounted for under the equity method. The Company’s equity in these entities is presented at cost plus its accumulated proportional share of income or loss, less any distributions it has received.

On January 22, 2014, the Company entered into an agreement with Lansing Trade Group, LLC ("LTG") for a partial redemption of the Company's investment in LTG for $60 million. At the time of redemption, the Company's interest in LTG reduced from approximately 47.5 percent to approximately 39.2 percent on a fully diluted basis. A portion of the proceeds ($28.5 million) was considered a distribution of earnings and reduced the Company's cost basis in LTG. The difference between the remaining proceeds of $31.5 million and the new cost basis of the shares sold, net of deal costs, resulted in a book gain of $17.1 million ($10.7 million after tax). This gain was recorded in Other income.

19

The following table presents the Company’s investment balance in each of its equity method investees by entity:

(in thousands)	March 31, 2015		December 31, 2014		March 31, 2014
The Andersons Albion Ethanol LLC	$	28,726	$	27,824	$	31,867
The Andersons Clymers Ethanol LLC	36,063		37,624		40,412
The Andersons Marathon Ethanol LLC	31,869		31,537		45,946
Lansing Trade Group, LLC	78,594		78,696		60,837
Thompsons Limited (a)	44,224		48,455		49,520
Other	2,606		2,721		3,814
Total	$	222,082	$	226,857	$	232,396

 (a) Thompsons Limited and related U.S. operating company held by joint ventures

The Company holds a majority interest (66%) in The Andersons Ethanol Investment LLC (“TAEI”). This consolidated entity holds a 50% interest in The Andersons Marathon Ethanol LLC (“TAME”). The noncontrolling interest in TAEI is attributed 34% of the gains and losses of TAME recorded by the Company in its equity in earnings of affiliates.

The following table summarizes income earned from the Company’s equity method investments by entity:

	% ownership at March 31, 2015	Three months ended March 31,
(in thousands)		2015			2014
The Andersons Albion Ethanol LLC	53%	$	1,091		$	4,943
The Andersons Clymers Ethanol LLC	38%	288			5,539
The Andersons Marathon Ethanol LLC	50%	333			8,135
Lansing Trade Group, LLC	40% (a)	2,410			2,221
Thompsons Limited (b)	50%	(861		)	(313		)
Other	5%-34%	—			(24		)
Total		$	3,261		$	20,501

 (a) This does not consider restricted management units which once vested will reduce the ownership percentage by approximately 1.5%

 (b) Thompsons Limited and related U.S. operating company held by joint ventures

Total distributions received from unconsolidated affiliates were $4.6 million and $65.6 million for the three months ended March 31, 2015 and 2014, respectively.

In the first quarter of 2015, LTG and The Andersons Albion Ethanol LLC qualified as significant equity investees of the Company under the income test. The following table presents combined summarized unaudited financial information of these investments for the three months ended March 31, 2015 and 2014:

	Three months ended March 31,
(in thousands)	2015		2014
Sales	$	1,699,063	$	1,944,106
Gross Profit	47,659		41,124
Income before income taxes	10,586		17,314
Net income	9,345		14,885
Net income attributable to the entities	8,343		14,632

Investment in Debt Securities

The Company owns 100% of the cumulative convertible preferred shares of Iowa Northern Railway Corporation (“IANR”), which operates a short-line railroad in Iowa. As a result of this investment, the Company has a 49.9% voting interest in IANR, with the remaining 50.1% voting interest held by the common shareholders. The preferred shares have certain rights associated with them, including voting, dividends, liquidation preference, redemption and conversion rights. Dividends accrue to the Company at a rate of 14% annually whether or not declared by IANR and are cumulative in nature. The Company can convert its preferred shares into common shares of IANR at any time, but the shares cannot be redeemed until May 2015. This

20

investment is accounted for as “available-for-sale” debt securities in accordance with ASC 320 and is carried at estimated fair value in “Other noncurrent assets” on the Company’s Condensed Consolidated Balance Sheet. The estimated fair value of the Company’s investment in IANR as of March 31, 2015 was $13.3 million. See Footnote 10 for additional discussion on the change in the investment value.

The Company’s current maximum exposure to loss related to IANR is $21.6 million, which represents the Company’s investment at fair value plus unpaid accrued dividends of $8.3 million as of March 31, 2015. The Company does not have any obligations or commitments to provide additional financial support to IANR.

Related Party Transactions

In the ordinary course of business, the Company will enter into related party transactions with each of the investments described above, along with other related parties. The following table sets forth the related party transactions entered into for the time periods presented:

	Three months ended March 31,
(in thousands)	2015		2014
Sales revenues	$	149,472	$	221,994
Service fee revenues (a)	4,925		5,638
Purchases of product	102,795		155,015
Lease income (b)	1,663		1,664
Labor and benefits reimbursement (c)	3,032		2,868
Other expenses (d)	338		486

(a) Service fee revenues include management fees, corn origination fees, ethanol and DDG marketing fees, and other commissions.

(b) Lease income includes the lease of the Company’s Albion, Michigan and Clymers, Indiana grain facilities as well as certain railcars to the various ethanol LLCs and IANR.

(c) The Company provides all operational labor to the unconsolidated ethanol LLCs and charges them an amount equal to the Company’s costs of the related services.

(d) Other expenses include payments to IANR for repair facility rent and use of their railroad reporting mark, payment to LTG for the lease of railcars and other various expenses.

(in thousands)	March 31, 2015		December 31, 2014		March 31, 2014
Accounts receivable (e)	$	13,507	$	25,049	$	30,609
Accounts payable (f)	12,911		17,687		24,454

(e) Accounts receivable represents amounts due from related parties for sales of corn, leasing revenue and service fees.

(f) Accounts payable represents amounts due to related parties for purchases of ethanol and other various items.

For the quarters ended March 31, 2015 and 2014, revenues recognized for the sale of ethanol that the Company purchased from the unconsolidated ethanol LLCs were $101.8 million and $144.3 million, respectively. For the quarters ended March 31, 2015 and 2014, revenues recognized for the sale of corn to the unconsolidated ethanol LLCs under these agreements were $96.7 million and $117.2 million, respectively.

From time to time, the Company enters into derivative contracts with certain of its related parties for the purchase and sale of corn and ethanol, for similar price risk mitigation purposes and on similar terms as the purchase and sale of derivative contracts it enters into with unrelated parties. The fair value of derivative contract assets with related parties for as of March 31, 2015, December 31, 2014 and March 31, 2014 was $2.4 million, $1.4 million and $24.0 million, respectively. The fair value of derivative contract liabilities with related parties as of March 31, 2015, December 31, 2014 and March 31, 2014 was $0.3 million, $3.8 million and $10.3 million, respectively.

12. Segment Information

The Company’s operations include five reportable business segments that are distinguished primarily on the basis of products and services offered. The Grain business includes grain merchandising, the operation of terminal grain elevator facilities and the investments in LTG and the Thompsons Limited joint ventures. The Ethanol business purchases and sells ethanol and also manages the ethanol production facilities organized as limited liability companies, one is consolidated and three are investments accounted for under the equity method. There are various service contracts for these investments. Rail operations

21

include the leasing, marketing and fleet management of railcars and other assets, railcar repair and metal fabrication. The Plant Nutrient business manufactures and distributes agricultural inputs, primarily fertilizer, to dealers and farmers, along with other turf care and corncob-based products. The Retail business operates large retail stores, a specialty food market, a distribution center and a lawn and garden equipment sales and service facility. Included in “Other” are the corporate level amounts not attributed to an operating segment.

In the first quarter of 2015, the Plant Nutrient Group merged with the Turf & Specialty Group, as announced in the fourth quarter of 2014. Management has adjusted its internal reporting structure to reflect this organizational change and the result of this merger is one reportable business segment, referred to as the Plant Nutrient Group. All prior periods have been restated to reflect this change.

The segment information below includes the allocation of expenses shared by one or more operating segments. Although management believes such allocations are reasonable, the operating information does not necessarily reflect how such data might appear if the segments were operated as separate businesses. Inter-segment sales are made at prices comparable to normal, unaffiliated customer sales. The Company does not have any customers who represent 10 percent or more of total revenues.

	Three months ended March 31,
(in thousands)	2015		2014
Revenues from external customers
Grain	$	585,162	$	583,159
Ethanol	138,180		188,820
Plant Nutrient	153,951		151,355
Rail	44,216		52,302
Retail	28,581		27,658
Total	$	950,090	$	1,003,294

	Three months ended March 31,
(in thousands)	2015		2014
Inter-segment sales
Grain	$	1,689	$	—
Plant Nutrient	317		289
Rail	181		109
Total	$	2,187	$	398

	Three months ended March 31,
(in thousands)	2015			2014
Income (loss) before income taxes
Grain	$	743		$	11,306
Ethanol	5,280			19,824
Plant Nutrient	424			(36		)
Rail	10,313			15,045
Retail	(2,183		)	(2,335		)
Other	(9,387		)	(7,224		)
Noncontrolling interests	(152		)	3,321
Total	$	5,038		$	39,901

22

(in thousands)	March 31, 2015		December 31, 2014		March 31, 2014
Identifiable assets
Grain	$	1,022,753	$	1,137,437	$	979,608
Ethanol	200,095		197,888		224,931
Plant Nutrient	496,906		433,013		421,757
Rail	381,909		365,531		303,532
Retail	47,413		44,536		47,710
Other	138,551		186,287		148,045
Total	$	2,287,627	$	2,364,692	$	2,125,583

13. Commitments and Contingencies

The Company is party to litigation, or threats thereof, both as defendant and plaintiff with some regularity, although individual cases that are material in size occur infrequently. As a defendant, the Company establishes reserves for claimed amounts that are considered probable, and capable of estimation. If those cases are resolved for lesser amounts, the excess reserves are taken into income and, conversely, if those cases are resolved for larger than the amount the Company has accrued, the Company records additional expense. The Company believes it is unlikely that the results of its current legal proceedings for which it is the defendant, even if unfavorable, will be material. As a plaintiff, amounts that are collected can also result in sudden, non-recurring income. Litigation results depend upon a variety of factors, including the availability of evidence, the credibility of witnesses, the performance of counsel, the state of the law, and the impressions of judges and jurors, any of which can be critical in importance, yet difficult, if not impossible, to predict. Consequently, cases currently pending, or future matters, may result in unexpected, and non-recurring losses, or income, from time to time. Finally, litigation results are often subject to judicial reconsideration, appeal and further negotiation by the parties, and as a result, the final impact of a particular judicial decision may be unknown for some time, or may result in continued reserves to account for the potential of such post-verdict actions.

The estimated range of loss for all outstanding claims that are considered reasonably possible of occurring is not material. The Company has received and is cooperating fully with a request for information from the United States Environmental Protection Agency (“U.S. EPA”) regarding the history of the grain and fertilizer facility along the Maumee River in Toledo, Ohio. The U.S. EPA is investigating the possible introduction into the Maumee River of hazardous materials potentially leaching from rouge piles deposited along the riverfront by glass manufacturing operations that existed in the area prior to the initial acquisition of the land in 1960. The Company has on several prior occasions cooperated with local, state and federal regulators to install or improve drainage systems to contain storm water runoff and sewer discharges along the riverfront property to minimize the potential for such leaching. Other area land owners and the successor to the original glass making operations have also been contacted by the U.S. EPA for information. No claim or finding has been asserted thus far.

14. Supplemental Cash Flow Information

Certain supplemental cash flow information, including noncash investing and financing activities for the three months ended March 31, 2015 and 2014 are as follows:

	Three months ended March 31,
(in thousands)	2015		2014
Noncash investing and financing activity
Capital projects incurred but not yet paid	$	3,710	$	4,020
Purchase of a productive asset through seller-financing	1,010		2,562
Shares issued for acquisition of business	4,303		—
Dividends declared not yet paid	3,985		3,126

23

15. Business Acquisitions

There were no business acquisitions completed through the first quarter of 2015.

Prior Years Business Acquisitions

On October 7, 2014, the Company purchased Auburn Bean and Grain, which included six grain and four agronomy assets. The Company acquired 100% of the outstanding shares of Auburn Bean and Grain, in related transactions valued at an aggregate purchase price of $60.9 million. The purchase occurred in two transactions. For the shares of Auburn Bean and Grain, the Company paid $5.0 million in cash and approximately 637 thousand unregistered shares of the Company's common stock, valued at $35.5 million. Included in these amounts are approximately 80 thousand shares, valued at $4.5 million for an adjustment to working capital paid in 2015. The Company also paid $20.4 million in cash for certain facilities previously leased by Auburn Bean and Grain. The purchase provides combined grain storage capacity of approximately: 18.1 million bushels, 16.0 thousand tons of dry and 3.7 million gallons of liquid nutrient capacity. The purchase price allocation was finalized in the first quarter of 2015 with no changes noted from December 31, 2014.

The Company also completed various individually insignificant acquisitions in 2014 for a combined purchase price of $7.2 million. The purchase price allocations were finalized in the first quarter of 2015 with no changes noted from December 31, 2014.

24

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Forward Looking Statements

The following “Management’s Discussion and Analysis of Financial Condition and Results of Operations” contains forward-looking statements which relate to future events or future financial performance and involve known and unknown risks, uncertainties and other factors that may cause actual results, levels of activity, performance or achievements to be materially different from those expressed or implied by these forward-looking statements. You are urged to carefully consider these risks and others, including those risk factors listed under Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2014 (“2014 Form 10-K”). In some cases, you can identify forward-looking statements by terminology such as “may,” “anticipates,” “believes,” “estimates,” “predicts,” or the negative of these terms or other comparable terminology. These statements are only predictions. Actual events or results may differ materially. These forward-looking statements relate only to events as of the date on which the statements are made and the Company undertakes no obligation, other than any imposed by law, to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements.

Critical Accounting Policies and Estimates

Our critical accounting policies and critical accounting estimates, as described in our 2014 Form 10-K, have not materially changed through the first quarter of 2015.

Executive Overview

Our agricultural commodity-based business is one in which changes in selling prices generally move in relationship to changes in purchase prices. Therefore, increases or decreases in prices of the agricultural commodities that the business deals in will have a relatively equal impact on sales and cost of sales and a much less significant impact on gross profit. As a result, changes in sales for the period may not necessarily be indicative of the overall performance of the business and more focus should be placed on changes to merchandising revenues and service income.

In the first quarter of 2015, the Plant Nutrient Group merged with the Turf & Specialty Group, as announced in the fourth quarter of 2014. Management has adjusted its internal reporting structure to reflect this organizational change and the result of this merger is one reportable business segment, referred to as the Plant Nutrient Group. All prior periods have been restated to reflect this change. We believe this merger will allow the groups to operate under a common strategy to better service our customers, boost growth opportunities and improve profitability.

Grain Group

The Grain Group's performance in the first quarter reflects improved performance in its core grain assets, offset by slightly lower results from affiliates. The improved results are attributable to space income from primarily corn and soybeans, while the space income from wheat decreased from the prior year and fell short of our expectations in the first quarter. Further, much of the improvement was delivered from our western region assets, which underperformed in the prior year. Corn planting progress is on track with the prior year, however corn acres to be planted are expected to be down approximately two percent from the prior year.

Grain inventories on hand at March 31, 2015 were 101.6 million bushels, of which 1.8 million bushels were stored for others. This compares to 89.4 million bushels on hand at March 31, 2014, of which 5.6 million bushels were stored for others. With the acquisition of Auburn Bean and Grain in the fourth quarter of 2014, total grain storage capacity was approximately 162 million bushels at March 31, 2015 compared to 139 million bushels at March 31, 2014.

The outlook for the Grain Group remains conservative, as it is expected to take some time to fully address our performance in the western region and as the industry builds back from lower storage utilization rates which we have seen in the past few years.

Ethanol Group

As expected, the Ethanol Group's first quarter results reflect low margins, driven primarily by a decline in oil prices. Despite lower margins, we were able to hedge some of our sales at margins higher than the average spot rate during the period and saw improving margins as we moved into the second quarter. While overall demand declined during the quarter, as is typical with this time of year, lower oil prices led to unseasonably higher driving patterns. Low corn prices, higher gasoline demand and improving export demand are supporting an optimistic second quarter, though not at the same record levels experienced in 2014.

25

Ethanol volumes shipped for the three months ended March 31, 2015 and 2014 were as follows:

(in thousands)	Three months ended March 31,
	2015	2014
Ethanol (gallons shipped)	75,524	72,315
E-85 (gallons shipped)	5,559	5,568
Corn Oil (pounds shipped)	3,368	20,363
DDG (tons shipped)	41	40

The above table shows only shipped volumes that flow through the Company's sales revenues. Total ethanol and DDG production by the unconsolidated LLCs are higher, however, the portion of this volume that is sold directly to their customers is excluded here. Starting in the first quarter of 2015, the unconsolidated LLCs began selling corn oil directly to their customers and this portion of the volume is excluded here.

Plant Nutrient Group

The Plant Nutrient Group's results reflect lower volumes from a slow start to the planting season due to weather conditions, despite margins holding at levels consistent with the prior year. While we believe substantial sales could shift into the second quarter, lower corn acres planted, potential logistical issues and uncertain weather conditions could negatively impact results.

Storage capacity at our wholesale nutrient and farm center facilities, including leased storage, was approximately 508 thousand tons for dry nutrients and approximately 444 thousand tons for liquid nutrients at March 31, 2015 and approximately 485 thousand tons for dry nutrients and approximately 414 thousand tons for liquid nutrients at March 31, 2014. The increase in our storage capacity is a result of the four additional agronomy locations acquired with the purchase of Auburn Bean and Grain in the fourth quarter of 2014.

Fertilizer tons shipped (including sales and service tons) for the three months ended March 31, 2015 and 2014 were as follows:

(in thousands)	Three months ended March 31,
	2015	2014
Sales tons	334	341
Service tons	41	44
Total tons	375	385

Rail Group

The Rail Group continued experiencing improved results from its leasing business in the first quarter of 2015. Strong utilization rates and improved average lease rates are driving these results. Railcars and locomotives under management (owned, leased or managed for financial institutions in non-recourse arrangements) at March 31, 2015 were 22,879 compared to 22,192 at March 31, 2014. The average utilization rate (railcars and locomotives under management that are in lease services, exclusive of railcars managed for third party investors) has increased to 91.8% from 88.4% for the quarters ended March 31, 2015 and 2014, respectively.

The full Rail Group results, however, were lower in the first quarter of 2015 due to fewer railcar sales. The Group had quarterly gains on sales of railcars and related leases in the amount of $4.5 million in 2015 compared to $10.8 million in the prior year.

On May 1, 2015, the U.S. Department of Transportation announced its final rules for safe transportation of flammable liquids by rail, which effects a portion of tank cars. We have approximately 1,700 tank cars in our fleet of this type which are deployed in oil and ethanol service and could be subject to these new standards. We currently evaluating the potential impact on the assets and our customers.

The Rail Group is focused on sustaining high levels of asset utilization, and providing value to its customers in lease offerings as well as repair and fabrication services.

26

Retail Group

The retail business is highly competitive. Our stores compete with a variety of retail merchandisers, including home centers, department and hardware stores, as well as local and national grocers. The Retail Group continues to optimize departments and products and implement cost reduction initiatives to maximize its profitability.

Other

Our “Other” represents corporate functions that provide support and services to the operating segments. The results contained within this segment include expenses and benefits not allocated back to the operating segments, including a portion of our ERP project.

Operating Results

The following discussion focuses on the operating results as shown in the Condensed Consolidated Statements of Income with a separate discussion by segment. Additional segment information is included in the Notes to the Condensed Consolidated Financial Statements herein in Note 12. Segment Information.

	Three months ended March 31,
(in thousands)	2015			2014
Sales and merchandising revenues	$	950,090		$	1,003,294
Cost of sales and merchandising revenues	866,777			926,519
Gross profit	83,313			76,775
Operating, administrative and general expenses	78,604			70,985
Interest expense	6,039			6,002
Equity in earnings of affiliates, net	3,261			20,501
Other income, net	3,107			19,612
Income before income taxes	5,038			39,901
Income attributable to noncontrolling interests	(152		)	3,321
Income before income taxes attributable to The Andersons, Inc.	$	5,190		$	36,580

Comparison of the three months ended March 31, 2015 with the three months ended March 31, 2014:

Grain Group

	Three months ended March 31,
(in thousands)	2015			2014
Sales and merchandising revenues	$	585,162		$	583,159
Cost of sales and merchandising revenues	555,437			566,151
Gross profit	29,725			17,008
Operating, administrative and general expenses	28,961			23,160
Interest expense	2,406			2,775
Equity in earnings of affiliates, net	1,549			1,884
Other income, net	833			18,346
Income before income taxes	740			11,303
Loss attributable to noncontrolling interest	(3		)	(3		)
Income before income taxes attributable to The Andersons, Inc.	$	743		$	11,306

Operating results for the Grain Group have decreased $10.6 million compared to the results of the same period last year. Sales and merchandising revenues increased $2.0 million. Merchandising revenues increased $13.3 million, a majority of which relates to increased space income from corn and soy beans. A majority of the offset to this increase was a decrease in grain sales, which were $11.2 million lower than the prior year. The decrease is due to a 22 percent lower average sales price, despite a 25 percent increase in bushels sold. Cost of sales and merchandising revenues decreased $10.7 million compared to the prior

27

year, following the decrease in grain sales discussed above. Gross profit increased $12.7 million over the prior year with most of the increase a result of higher space income, specifically $10.8 million in corn and soybeans.

Operating, administrative and general expenses increased $5.8 million compared to the same period in 2014. The increase was driven by a $2.4 million increase in labor and benefit costs, including additional headcount from recent acquisitions and more overtime pay in the first quarter of 2015, as well as a $1.4 million increase from on-going support costs for the ERP project that were allocated to the group in the current year. Depreciation expense also increased almost $1.0 million due to capital growth, primarily from acquisitions. Other income decreased $17.5 million as the prior year income includes the $17.1 million gain from the partial share redemption in our investment of LTG.

Ethanol Group

	Three months ended March 31,
(in thousands)	2015			2014
Sales and merchandising and service fee revenues	$	138,180		$	188,820
Cost of sales and merchandising revenues	131,894			181,455
Gross profit	6,286			7,365
Operating, administrative and general expenses	2,892			2,508
Interest expense	17			100
Equity in earnings of affiliates, net	1,712			18,617
Other income (expense), net	42			(226		)
Income before income taxes	5,131			23,148
(Loss) Income attributable to noncontrolling interests	(149		)	3,324
Income before income taxes attributable to The Andersons, Inc.	$	5,280		$	19,824

Operating results for the Ethanol Group decreased $14.5 million over the results of the same period last year. Sales and merchandising and service fee revenues decreased $50.6 million, almost entirely related to ethanol sales. While ethanol gallons sold increased four percent, the average price of ethanol decreased 28 percent. The $49.6 million decrease in cost of sales is due to lower corn and ethanol prices.

Equity in earnings of affiliates decreased $16.9 million due to significantly lower earnings from the unconsolidated ethanol LLCs. The ethanol plants' performance was unfavorably impacted by significantly lower ethanol margins. Weighted average margins per gallons sold by the unconsolidated ethanol LLCs decreased $0.47 compared to the prior year.

Plant Nutrient Group

	Three months ended March 31,
(in thousands)	2015		2014
Sales and merchandising revenues	$	153,951	$	151,355
Cost of sales and merchandising revenues	131,985		128,805
Gross profit	21,966		22,550
Operating, administrative and general expenses	21,217		21,889
Interest expense	1,360		1,189
Other income, net	1,035		492
Income (loss) before income taxes	$	424	$	(36	)

Operating results for the Plant Nutrient Group improved slightly from the same period last year. Sales and merchandising revenues increased $2.6 million due to a four percent increase in average price per ton, which followed the price of nutrients in the market, offset by a two percent decrease in fertilizer tons sold. The increase in cost of sales and merchandising revenues follows that of revenues, which is a result of higher costs per ton sold and lower volumes. Gross profit decreased slightly, with 64 percent of the decrease from lower volumes and 36 percent from lower margins.

Other income increased $0.6 million and was driven by the settlement of a legal claim during the quarter.

28

Rail Group

	Three months ended March 31,
(in thousands)	2015		2014
Sales and merchandising revenues	$	44,216	$	52,302
Cost of sales and merchandising revenues	26,894		30,437
Gross profit	17,322		21,865
Operating, administrative and general expenses	6,319		5,874
Interest expense	1,529		1,656
Other income, net	839		710
Income before income taxes	$	10,313	$	15,045

Operating results for the Rail Group decreased by $4.7 million from the same period last year. Sales and merchandising revenues decreased $8.1 million. Car sales decreased $12.5 million, while a $3.9 million increase in leasing revenues and a $0.5 million increase in repair and other revenues offset the lower sales. Cost of sales and merchandising revenues decreased $3.6 million compared to the same period last year primarily as a result of a lower volume of car sales. Gross profit decreased by $4.5 million compared to last year. The gross profit on car sales decreased by $5.6 million as the number of cars sold decreased, along with lower gross profit from scrapped and destroyed cars due to lower scrap prices. Leasing gross profit increased $0.7 million but the margin percent decreased due to depreciation and freight expenses experienced in the first quarter of 2015.

Retail Group

	Three months ended March 31,
(in thousands)	2015			2014
Sales and merchandising revenues	$	28,581		$	27,658
Cost of sales and merchandising revenues	20,567			19,671
Gross profit	8,014			7,987
Operating, administrative and general expenses	10,169			10,264
Interest expense	125			170
Other income, net	97			112
Loss before income taxes	$	(2,183	)	$	(2,335	)

Operating results for the Retail Group improved slightly from the same period last year, with a three percent increase in customer count during the quarter and a continued focus on cost reduction.

Other

	Three months ended March 31,
(in thousands)	2015			2014
Sales and merchandising revenues	$	—		$	—
Cost of sales and merchandising revenues	—			—
Gross profit	—			—
Operating, administrative and general expenses	9,046			7,290
Interest expense	602			112
Other income, net	261			178
Loss before income taxes	$	(9,387	)	$	(7,224	)

The other operating loss not allocated to business segments increased $2.2 million compared to the same period in the prior year. Operating expenses increased $1.8 million due to additional unallocated ERP project expenses, as the project was not yet

29

implemented in the first quarter of 2014 and most of the prior year spend was capital in nature. Interest expense increased slightly over prior year primarily due to mark-to-market adjustments on interest rate derivative contracts.

Income Taxes

Income tax expense of $1.1 million was provided at 21.7%. In the first quarter of 2014, income tax expense of $13.9 million was provided at a rate of 34.8%. The lower 2015 effective tax rate is primarily due to a $0.6 million non-recurring tax benefit attributable to the accounting for the investment in a foreign affiliate.

The Company anticipates that its 2015 effective annual rate will be 35.1%. The Company’s actual 2014 effective tax rate was 33.4%. The higher effective rate for 2015 is primarily due to lower income attributable to non-controlling interests.

30

Liquidity and Capital Resources

Working Capital

At March 31, 2015, we had working capital of $223.0 million. The following table presents changes in the components of current assets and current liabilities:

(in thousands)	March 31, 2015		March 31, 2014		Variance
Current Assets:
Cash and cash equivalents	$	54,461	$	43,693	$	10,768
Restricted cash	685		652		33
Accounts receivable, net	209,928		191,972		17,956
Inventories	743,957		725,584		18,373
Commodity derivative assets – current	86,824		119,330		(32,506		)
Deferred income taxes	12,878		9,104		3,774
Other current assets	65,017		48,214		16,803
Total current assets	1,173,750		1,138,549		35,201
Current Liabilities:
Short-term debt	311,660		226,100		85,560
Accounts payable for grain	206,153		183,998		22,155
Other accounts payable	164,224		177,623		(13,399		)
Customer prepayments and deferred revenue	130,254		124,981		5,273
Commodity derivative liabilities – current	55,401		32,153		23,248
Accrued expenses and other current liabilities	64,065		56,290		7,775
Current maturities of long-term debt	19,037		90,760		(71,723		)
Total current liabilities	950,794		891,905		58,889
Working Capital	$	222,956	$	246,644	$	(23,688	)

In comparison to March 31, 2014, current assets increased due to changes in cash, accounts receivable, inventories and other assets. This increase is partially offset by a significant decrease in commodity derivative assets. Much of the increase in cash was driven by the timing of margin calls between periods. See the discussion below on additional sources and uses of cash for an understanding of the change in cash from prior year. Accounts receivable is higher in the current year due to a $24 million increase in the Grain group, which includes impact of the Auburn Bean and Grain acquisition in current year balances and higher grain sales to customers who experienced logistical issues and delays in the prior year. Ethanol accounts receivable decreased $11 million due to timing of shipments and lower ethanol prices. Inventory increased in the Plant Nutrient Group by $41 million, primarily due to higher levels of wholesale tons on hand and the inclusion of the Auburn Bean and Grain acquisition in the current year balance. Offsetting these increases were decreases of $18 million in Grain and $8 million in Ethanol inventories due to lower corn and ethanol prices. Other current assets increased in 2015 and almost entirely relates to an increase in payments to vendors before product was received in the Plant Nutrient Group. Commodity derivative assets decreased and liabilities increased and reflect the customer net asset or liability based on the value of forward contracts as compared to market prices at the end of the period.

Current liabilities increased primarily due to increases in short-term debt, accounts payable for grain and commodity derivative liabilities. Short-term debt increased due to the timing of margin calls and working capital needs of the business. Accounts payable for grain increased as a result of corn basis appreciation, as delayed price payables follow the value of the inventory. Current maturities of long-term debt decreased due to the pay down of $61.5 million private placement bonds that matured in March 2015.

Sources and Uses of Cash

Operating Activities

Our operating activities used cash of $286.7 million and $498.6 million in the first three months of 2015 and 2014, respectively. The decrease in cash used during the quarter is primarily a result of changes within working capital accounts. We also note that the prior year activity included significant cash distributions from the unconsolidated ethanol LLCs that did not recur in the current year.

31

While we have only made income tax payments, net of refunds, of $0.8 million through the first quarter of 2015, we expect to make payments totaling approximately $35.7 million for the remainder of 2015.

Investing Activities

Investing activities used cash of $17.5 million through the first three months of 2015, compared to $37.3 million of cash provided in the prior year. The significant increase in cash used is due to an increase of $9.5 million of Rail Group asset purchases and a decrease of $12.6 million of Rail Group asset sales. The variability is driven by timing of opportunities in the Rail Group asset market. In 2015, we expect to spend a total of $125 million for the purchase of railcars, barges and related leases and capitalized modifications of railcars. We also expect to offset this amount by proceeds from the sales and dispositions between $79 million and $100 million during the year. Through March 31, 2015, we invested $23.5 million in the purchase of additional railcars, which is partially offset by proceeds from sales of railcars of $12.9 million. Through March 31, 2014, we invested $14.0 million in the purchase of additional railcars, which was more than offset by proceeds from sales of $25.5 million. Additionally, total capital spending for 2015 on property, plant and equipment in our base business, inclusive of information technology spending and the beginning of construction on a new corporate headquarters building is expected to be approximately $117 million. The prior year also included $31.5 million of proceeds received from LTG as part of the partial share redemption as proceeds from sale of investments.

Financing Activities

Financing activities provided cash of $243.9 million and $196.0 million for the three months ended March 31, 2015 and 2014, respectively. Most of the increase is from additional borrowings on the short-term line of credit, which increased due to the timing of margin calls and working capital needs of the business. We are party to borrowing arrangements with a syndicate of banks that provides a total of $878.1 million in borrowings, which includes $28.1 million non-recourse debt of The Andersons Denison Ethanol LLC. Of that total, we had $538.6 million remaining available for borrowing at March 31, 2015. Peak short-term borrowings to date were $308.5 million on March 31, 2015. Typically, our highest borrowing occurs in the Spring due to seasonal inventory requirements in our fertilizer and grain businesses. Offsetting the increased short-term borrowings was a net decrease to long-term debt of $32.7 million. $61.5 million of notes payable matured and were paid down and an additional $30.0 million of notes payable were issued in the first quarter of 2015.

In the first quarter of 2015, we also made payments $27.8 million to repurchase approximately 631 thousand shares, which covers the shares issued as part of the acquisition of Auburn Bean and Grain. We have $21.3 million of authorization left for share buy backs under the current repurchase program.

We paid $4.1 million in dividends in the first quarter of 2015 compared to $3.1 million in the prior year. We paid $0.14 per common share for the dividends paid in January 2015, and $0.11 per common share for the dividends paid in January, April, July and October 2014. On February 27, 2015, we declared a cash dividend of $0.14 per common share payable on April 22, 2015 to shareholders of record on April 1, 2015.

Certain of our long-term borrowings include covenants that, among other things, impose minimum levels of equity and limitations on additional debt. We are in compliance with all such covenants as of March 31, 2015. In addition, certain of our long-term borrowings are collateralized by first mortgages on various facilities or are collateralized by railcar assets. Our non-recourse long-term debt is collateralized by ethanol plant assets.

Because we are a significant consumer of short-term debt in peak seasons and the majority of this is variable rate debt, increases in interest rates could have a significant impact on our profitability. In addition, periods of high grain prices and/or unfavorable market conditions could require us to make additional margin deposits on our exchange traded futures contracts. Conversely, in periods of declining prices, we receive a return of cash.

We believe our sources of liquidity will be adequate to fund our operations, capital expenditures and payments of dividends in the foreseeable future.

32

Off-Balance Sheet Transactions

Our Rail Group utilizes leasing arrangements that provide off-balance sheet financing for its activities. We lease assets from financial intermediaries through sale-leaseback transactions, the majority of which involve operating leasebacks. Rail Group assets we own or lease from a financial intermediary are generally leased to a customer under an operating lease. We also arrange non-recourse lease transactions under which we sell assets to a financial intermediary, and assign the related operating lease to the financial intermediary on a non-recourse basis. In such arrangements, we generally provide ongoing maintenance and management services for the financial intermediary, and receive a fee for such services. On most of the assets, we hold an option to purchase the assets at the end of the lease.

The following table describes our Rail Group asset positions at March 31, 2015:

Method of Control	Financial Statement	Units
Owned-railcars available for sale	On balance sheet – current	20
Owned-railcar assets leased to others	On balance sheet – non-current	15,485
Railcars leased from financial intermediaries	Off balance sheet	3,653
Railcars – non-recourse arrangements	Off balance sheet	3,656
Total Railcars		22,814
Locomotive assets leased to others	On balance sheet – non-current	41
Locomotives leased from financial intermediaries	Off balance sheet	4
Total Locomotives		45
Barge assets leased to others	On balance sheet – non-current	5
Barge assets leased from financial intermediaries	Off balance sheet	15
Total Barges		20

In addition, we manage 425 railcars for third-party customers or owners for which we receive a fee.

33

Item 3. Quantitative and Qualitative Disclosures about Market Risk

For further information, refer to our Annual Report on Form 10-K for the year ended December 31, 2014. There were no material changes in market risk, specifically commodity and interest rate risk during the quarter ended March 31, 2015.

Item 4. Controls and Procedures

Evaluation of Disclosure Controls and Procedures

The Company maintains disclosure controls and procedures that are designed to ensure that information required to be disclosed in the Company's Exchange Act reports is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms and that such information is accumulated and communicated to the Company's management, including its Chief Executive Officer and Chief Financial Officer ("Certifying Officers"), as appropriate, to allow timely decisions regarding required disclosure. In designing and evaluating the disclosure controls and procedures, management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives, and management is required to apply its judgment in evaluating the cost-benefit relationship of possible controls and procedures.

As required by Rule 13a-15(b) of the Exchange Act, the Company carried out an evaluation, under the supervision and with the participation of management, including its Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of the Company's disclosure controls and procedures as of the end of the period covered by this quarterly report. Based on the results of this evaluation, management concluded that, as of March 31, 2015, the Company's disclosure controls and procedures were effective.

Changes in Internal Control over Financial Reporting

Management concluded that the Company’s system of internal control over financial reporting was effective as of December 31, 2014.  As required by Rule 13a-15(d) of the Exchange Act, the Company carried out an evaluation, under the supervision and with the participation of management, including its Chief Executive Officer and Chief Financial Officer, of any change in the Company’s internal controls over financial reporting that have materially affected, or is reasonably likely to materially affect, the Company’s internal controls over financial reporting. The Company is undertaking the phased implementation of an ERP software system.  The phased implementation continued with several new Grain locations during the first quarter of 2015.  The Company believes it is maintaining and monitoring appropriate internal controls during the implementation period and further believes that its internal control environment will be enhanced as a result of this implementation.  There have been no other changes in the Company’s internal controls over financial reporting during the Company’s most recent fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Company’s internal controls over financial reporting.

34

Part II. Other Information

Item 1. Legal Proceedings

We have received, and are cooperating fully with, a request for information from the United States Environmental Protection Agency (“U.S. EPA”) regarding the history of our grain and fertilizer facility along the Maumee River in Toledo, Ohio. The U.S. EPA is investigating the possible introduction into the Maumee River of hazardous materials potentially leaching from rouge piles deposited along the riverfront by glass manufacturing operations that existed in the area prior to our initial acquisition of the land in 1960. We have on several prior occasions cooperated with local, state and federal regulators to install or improve drainage systems to contain storm water runoff and sewer discharges along our riverfront property to minimize the potential for such leaching. Other area land owners and the successor to the original glass making operations have also been contacted by the U.S. EPA for information. No claim or finding has been asserted thus far.

We are also currently subject to various claims and suits arising in the ordinary course of business, which include environmental issues, employment claims, contractual disputes, and defensive counter claims. We accrue liabilities where litigation losses are deemed probable and estimable. We believe it is unlikely that the results of our current legal proceedings, even if unfavorable, will be materially different from what we currently have accrued. There can be no assurance, however, that any claims or suits arising in the future, whether taken individually or in the aggregate, will not have a material adverse effect on our financial condition or results of operations.

Item 1A. Risk Factors

Our operations are subject to risks and uncertainties that could cause actual results to differ materially from those discussed in this Form 10-Q and could have a material adverse impact on our financial results. These risks can be impacted by factors beyond our control as well as by errors and omissions on our part. The significant factors known to us that could materially adversely affect our business, financial condition or operating results are described in our 2014 Form 10-K (Item 1A).

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

In October 2014, the Company's Board of Directors approved a resolution authorizing the repurchase of shares at a value not to exceed $50.0 million, expiring on October 31, 2016. The following table gives information regarding the repurchases for the period ended March 31, 2015:

(in thousands, except per share data)	Total number of shares purchased	Average price paid per share		Total number of shares purchased as part of publicly announced programs	Maximum dollar value of shares that may yet be purchased under the program
January 1 through January 31	128	$	49.98	128	$	42,695
February 1 through February 28	203	44.80		203	33,612
March 1 through March 31	300	41.04		300	21,315
Total	631	$	44.07	631	$	21,315

35

Item 5. Other Information

On March 2, 2015, we granted restricted shares (“RSAs”) to our officers, directors and other members of management and performance share units ("PSUs") valued at $44.76 to our officers and other members of management. These grants were made under the 2014 Long-Term Incentive Compensation Plan. These grants were made as follows to the named executive officers, all officers as a group, directors and all other employees.

	RSAs	PSUs
Michael J. Anderson	8,870	17,740
John J. Granato	3,379	6,758
Harold M. Reed	5,037	10,074
Dennis J. Addis	2,306	4,612
Neill C. McKinstray	3,136	6,272
Executive group	14,425	28,850
Non-executive director group	13,144	—
Non-executive officer employee group	29,339	58,678

Item 6. Exhibits

(a) Exhibits

No.	Description
10.68	Form of Performance Share Unit Agreement
10.69	Form of Restricted Share Award Agreement
10.70	Form of Restricted Share Award - Cliff Vesting Agreement
10.71	Form of Restricted Share Award - Non-Employee Directors Agreement
12	Computation of Ratio of Earnings to Fixed Charges
31.1	Certification of the Chairman and Chief Executive Officer under Rule 13(a)-14(a)/15d-14(a)
31.2	Certification of the Chief Financial Officer under Rule 13(a)-14(a)/15d-14(a)
32.1	Certifications Pursuant to 18 U.S.C. Section 1350
101	Financial Statements from the interim report on Form 10-Q of The Andersons, Inc. for the period ended March 31, 2015, formatted in XBRL: (i) the Condensed Consolidated Statements of Income, (ii) the Condensed Consolidated Statements of Comprehensive Income, (iii) the Condensed Consolidated Balance Sheets, (iv) the Condensed Consolidated Statements of Equity, (v) the Condensed Consolidated Statement of Cash Flows and (vi) the Notes to Condensed Consolidated Financial Statements.

36

Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	THE ANDERSONS, INC. (Registrant)
Date: May 8, 2015	By /s/ Michael J. Anderson
	Michael J. Anderson
	Chairman and Chief Executive Officer (Principal Executive Officer)
Date: May 8, 2015	By /s/ John Granato
	John Granato
	Chief Financial Officer (Principal Financial Officer)

37

Exhibit Index

The Andersons, Inc.

No.	Description
10.68	Form of Performance Share Unit Agreement
10.69	Form of Restricted Share Award Agreement
10.70	Form of Restricted Share Award - Cliff Vesting Agreement
10.71	Form of Restricted Share Award - Non-Employee Directors Agreement
12	Computation of Ratio of Earnings to Fixed Charges
31.1	Certification of the Chairman and Chief Executive Officer under Rule 13(a)-14(a)/15d-14(a)
31.2	Certification of the Chief Financial Officer under Rule 13(a)-14(a)/15d-14(a)
32.1	Certifications Pursuant to 18 U.S.C. Section 1350
101	Financial Statements from the interim report on Form 10-Q of The Andersons, Inc. for the period ended March 31, 2015, formatted in XBRL: (i) the Condensed Consolidated Statements of Income, (ii) the Condensed Consolidated Statements of Comprehensive Income, (iii) the Condensed Consolidated Balance Sheets, (iv) the Condensed Consolidated Statements of Equity, (v) the Condensed Consolidated Statement of Cash Flows and (vi) the Notes to Condensed Consolidated Financial Statements.

38

EX-10.68

Exhibit 10.68

EPS PERFORMANCE STOCK UNIT AGREEMENT

PURSUANT TO THE

THE ANDERSONS, INC. 2014 LONG-TERM INCENTIVE COMPENSATION PLAN

* * * * *

Participant:    <participant name>

Grant Date:    March 2, 2015

Target Number of

Performance Stock Units (the “Target PSUs”): <number of awards granted>

Maximum Number of Shares of Common Stock that may be issued pursuant to this Agreement (the “Maximum Shares”):200% of Target PSUs

* * * * *

THIS PERFORMANCE STOCK UNIT GRANT AGREEMENT (this “Agreement”), dated as of the Grant Date specified above, is entered into by and between The Andersons, Inc., a corporation organized in the State of Ohio (the “Company”), and the Participant specified above, pursuant to The Andersons, Inc. 2014 Long-Term Incentive Compensation Plan, as in effect and as amended from time to time (the “Plan”), which is administered by the Committee.

WHEREAS, it has been determined under the Plan that it would be in the best interests of the Company to grant Performance Stock Units (“PSUs”) provided herein to the Participant.

NOW, THEREFORE, in consideration of the mutual covenants and promises hereinafter set forth and for other good and valuable consideration, the parties hereto hereby mutually covenant and agree as follows:

1.Incorporation By Reference; Plan Document Receipt. This Agreement is subject in all respects to the terms and provisions of the Plan (including, without limitation, any amendments thereto adopted at any time and from time to time unless such amendments are expressly intended not to apply to the Performance Stock Unit provided hereunder), all of which terms and provisions are made a part of and incorporated in this Agreement as if they were each expressly set forth herein. Any capitalized term not defined in this Agreement shall have the same meaning as is ascribed thereto in the Plan. The Participant hereby acknowledges receipt of a true copy of the Plan and that the Participant has read the Plan carefully and fully understands its content. In the event of any conflict between the terms of this Agreement and the terms of the Plan, the terms of the Plan shall control.

2.Grant of Performance Stock Unit. The Company hereby grants to the Participant, as of the Grant Date specified above, the number of Target PSUs specified above, with the actual number of shares of Common Stock to be issued pursuant to this grant contingent upon satisfaction of the vesting and performance conditions described in Section 3 hereof, subject to Sections 4 through 6, which may not exceed the Maximum Shares. Except as otherwise provided by the Plan, the Participant agrees and understands that nothing contained in this Agreement provides, or is intended to provide, the Participant with any protection against potential future dilution of the Participant’s interest in the Company for any reason, and no adjustments shall be made for dividends in cash or other property, distributions or other rights in respect of the shares of Common Stock underlying the PSUs, except as otherwise specifically provided for in the Plan or this Agreement.

3.Performance Goals and Vesting of PSUs

(a)The Performance Period for the PSUs granted hereunder shall be the three (3) year period beginning January 1, 2015 and ending December 31, 2017.

(b)PSUs shall vest following the conclusion of the Performance Period based on the Company’s three (3) year cumulative fully diluted earnings per share (“EPS” or, the “Performance Goal”) computed under Generally Accepted Accounting Principles (GAAP) during the Performance Period, in accordance with the chart provided in Appendix A. The number of PSUs that become vested based upon the level of satisfaction of the Performance Goal are referred to herein as “Vested PSUs.” The Committee shall certify the level of cumulative EPS achievement following the end of the Performance Period and prior to settlement of the Vested PSUs. The Committee reserves the right to adjust the number of Vested PSUs to reflect extraordinary transactions which impact EPS as it determines in its sole discretion. No PSUs will be considered Vested PSUs if the Company’s cumulative EPS during the Performance Period is less than $9.59. The Participant must remain continuously employed by the Company or any of its Subsidiaries through January 2 of the calendar year following the end of the Performance Period to be eligible to fully vest in and receive any payment of the Vested PSUs except as otherwise specifically provided for in the Plan or this Agreement.

4.Certain Terminations Prior to Vesting. The Participant’s right to vest in any of the PSUs shall terminate in full and be immediately forfeited upon the Participant’s Termination for any reason; provided, however, that in the event of the Participant’s Termination due to the Participant’s death, Disability or Retirement (each, a “Special Termination”), the Participant’s number of Target PSUs shall be adjusted by multiplying the number of such Target PSUs by a fraction, the numerator of which is the number of months of service (rounded to the nearest whole month) from the Grant Date through the date of such Special Termination, and the denominator of which is the total number of months in the Performance Period. Such adjusted number of Target PSUs shall remain outstanding and eligible to become Vested PSUs subject to the level of satisfaction of the applicable Performance Goals, as determined in accordance with Section 3 hereof.

5.Change in Control Prior to Vesting. The Participant’s right to vest in any PSUs following a Change in Control shall depend on (i) whether the PSUs are assumed, converted or replaced by the continuing entity, and (ii) the timing of the Change in Control within the Performance Period, in each case as follows:

(a)In the event that the PSUs are not assumed, converted, or replaced by the continuing entity following the Change in Control (as determined by the Committee), the number of Target PSUs shall immediately become Vested PSUs.

(b)In the event that the PSUs are assumed, converted, or replaced by the continuing entity following the Change in Control (as determined by the Committee), the number of Target PSUs that become Vested PSUs shall be determined following the conclusion of the Performance Period in accordance with the level at which the Performance Goals are satisfied, determined in accordance with Section 3, and subject to the Participant’s continued employment through the last day of the Performance Period.

(c)Notwithstanding the foregoing, in the event of a Qualifying Termination of the Participant (as defined below) which occurs within three (3) months prior to or twenty-four (24) months following the Change a Control and prior to the end of the Performance Period, the Participant’s PSUs shall not expire immediately upon such Termination and instead the number of Target PSUs shall become Vested PSUs immediately upon the date of the Qualifying Termination (or, if later, the date of such Change in Control), as applicable, provided, however that the Participant must execute and not revoke a general release of claims against the Company in a form reasonably satisfactory to the Committee within forty-five (45) days following such Qualifying Termination or, if later, by the date of the Change in Control. For the avoidance of doubt, in the event a Change in Control has not occurred prior to the Qualifying Termination and does not occur within three (3) months following a Qualifying Termination, any unvested PSUs outstanding at such time shall immediately expire. For purposes of this Section, “Qualifying Termination” means the Participant’s Termination by the Company or a Subsidiary, other than for Cause and other than due to the Participant’s explicit request, death or Disability.

6.Rights as a Stockholder. The Participant shall have no rights as a stockholder (including having no right to vote or to receive dividends) with respect to the Common Stock subject to the PSUs prior to the date the Common Stock is delivered to the Participant on account of the Vested PSUs in accordance with Section 7 of this Agreement. Notwithstanding the foregoing, if any dividends are paid with respect to the Common Stock of the Company during the Performance Period, additional shares of Common Stock will be issued to the Participant at the same time that the Vested PSUs are settled in Common Stock in accordance with the terms of the Agreement. The amount of such additional shares of Common Stock will be determined by multiplying (i) the total amount of dividends actually paid on a share of Common Stock prior to the date that the Vested PSUs are settled in accordance with the terms of the Agreement, by (ii) the number of Vested PSUs, and then dividing such total by the Fair Market Value of the Common Stock on the last day of the Performance Period, as determined by the Committee.

7.Payment of Vested PSUs: Vested PSUs, rounded to the nearest whole unit, shall be delivered to Participant in the form of an equal number of shares of Common Stock, no later than March 15 of the calendar year following the calendar year in which the PSUs become Vested PSUs in accordance with the terms of this Agreement. PSUs which do not become Vested PSUs shall be immediately forfeited and the Participant shall have no further rights thereto.

8.Non-Transferability. No portion of the PSUs may be sold, assigned, transferred, encumbered, hypothecated or pledged by the Participant, other than to the Company as a result of forfeiture of the PSUs as provided herein, unless and until payment is made in respect of vested PSUs in accordance with the provisions hereof and the Participant has become the holder of record of the vested shares of Common Stock issuable hereunder.

9.Governing Law. All questions concerning the construction, validity and interpretation of this Agreement shall be governed by, and construed in accordance with, the laws of the State of Ohio, without regard to the choice of law principles thereof.

10.Withholding of Tax. The Company shall have the power and the right to deduct or withhold, or require the Participant to remit to the Company, an amount sufficient to satisfy any federal, state, local and foreign taxes of any kind (including, but not limited to, the Participant’s FICA and SDI obligations) which the Company, in its sole discretion, deems necessary to be withheld or remitted to comply with the Code and/or any other applicable law, rule or regulation with respect to the PSUs. The Participant shall have until seven (7) days prior to the date of issuance to make an election with respect to payment of applicable taxes. If Participant fails to make an election before the seven (7) day period prior to the date of issuance, the Company will satisfy the applicable minimum statutorily required tax withholding obligation by reducing the shares of Common Stock otherwise deliverable to the Participant hereunder, based upon the Fair Market Value at the time the Vested PSUs are converted to shares at required withholding tax rates. If the Participant fails to satisfy all tax withholding requirements, the Company may otherwise refuse to issue or transfer any shares of Common Stock otherwise required to be issued pursuant to this Agreement. Any statutorily

required withholding obligation with regard to the PSUs may, at the discretion of the Committee, be satisfied by reducing the amount of shares of Common Stock otherwise deliverable to the Participant hereunder.

11.Entire Agreement; Amendment. This Agreement, together with the Plan and any applicable severance or change in control agreement, contains the entire agreement between the parties hereto with respect to the subject matter contained herein, and supersedes all prior agreements or prior understandings, whether written or oral, between the parties relating to such subject matter. The Committee shall have the right, in its sole discretion, to modify or amend this Agreement from time to time in accordance with and as provided in the Plan. This Agreement may also be modified or amended by a writing signed by both the Company and the Participant. The Company shall give written notice to the Participant of any such modification or amendment of this Agreement as soon as practicable after the adoption thereof.

12.Notices. Any notice hereunder by the Participant shall be given to the Company in writing and such notice shall be deemed duly given only upon receipt thereof by the General Counsel, the Head of Human Resources, or any other administrative agent designated by the Committee. Any notice hereunder by the Company shall be given to the Participant in writing and such notice shall be deemed duly given only upon receipt thereof at such address as the Participant may have on file with the Company.

13.No Right to Service. Nothing in this Agreement shall interfere with or limit in any way the right of the Company or its Subsidiaries to terminate the Participant’s service at any time, for any reason and with or without Cause.

14.Transfer of Personal Data. The Participant authorizes, agrees and unambiguously consents to the transmission by the Company (or any Subsidiary) of any personal data information related to the PSUs granted under this Agreement for legitimate business purposes. This authorization and consent is freely given by the Participant.

15.Compliance with Laws. The grant of PSUs and the issuance of shares of Common Stock hereunder shall be subject to, and shall comply with, any applicable requirements of any foreign and U.S. federal and state securities laws, rules and regulations (including, without limitation, the provisions of the Securities Act, the Exchange Act and in each case any respective rules and regulations promulgated thereunder) and any other law, rule regulation or exchange requirement applicable thereto. The Company shall not be obligated to issue the PSUs or any shares of Common Stock pursuant to this Agreement if any such issuance would violate any such requirements. As a condition to the settlement of the PSUs, the Company may require the Participant to satisfy any qualifications that may be necessary or appropriate to evidence compliance with any applicable law or regulation.

16.Section 409A. Notwithstanding anything herein or in the Plan to the contrary, the PSUs are intended to be exempt from the applicable requirements of Section 409A of the Code and shall be limited, construed and interpreted in accordance with such intent as is reasonable under the circumstances.

17.Compensation Recoupment Policy. By accepting the PSUs, Participant acknowledges and agrees that all rights with respect to the PSUs are subject to the Company’s Compensation Recoupment Policy, as may be in effect from time to time, and Participant may be required to forfeit or repay any or all of the PSUs pursuant to the terms of the Compensation Recoupment Policy. Further, Participant acknowledges and agrees that the Company may, to the extent permitted by law, enforce any repayment obligation pursuant to the Compensation Recoupment Policy by reducing any amounts that may be owing from time to time by the Company to Participant, whether as wages, severance, vacation pay or in the form of any other benefit or for any other reason.

18.Binding Agreement; Assignment. This Agreement shall inure to the benefit of, be binding upon, and be enforceable by the Company and its successors and assigns. The Participant shall not assign (except in accordance with Section 8 hereof) any part of this Agreement without the prior express written consent of the Company.

19.Headings. The titles and headings of the various sections of this Agreement have been inserted for convenience of reference only and shall not be deemed to be a part of this Agreement.

20.Counterparts. This Agreement may be executed in one or more counterparts, each of which shall be deemed to be an original, but all of which shall constitute one and the same instrument.

21.Further Assurances. Each party hereto shall do and perform (or shall cause to be done and performed) all such further acts and shall execute and deliver all such other agreements, certificates, instruments and documents as either party hereto reasonably may request in order to carry out the intent and accomplish the purposes of this Agreement and the Plan and the consummation of the transactions contemplated thereunder.

22.Severability. The invalidity or unenforceability of any provisions of this Agreement in any jurisdiction shall not affect the validity, legality or enforceability of the remainder of this Agreement in such jurisdiction or the validity, legality or enforceability of any provision of this Agreement in any other jurisdiction, it being intended that all rights and obligations of the parties hereunder shall be enforceable to the fullest extent permitted by law.

23.Acquired Rights. The Participant acknowledges and agrees that: (a) the Company may terminate or amend the Plan at any time, subject to the limitations contained in the Plan or this Agreement; (b) the grant of PSUs made under this Agreement is completely independent of any other award or grant and is made at the sole discretion of the Company; (c) no past grants or awards (including, without limitation, the PSUs granted hereunder) give the Participant any right to any grants or awards in the future whatsoever; and (d) any benefits granted under this Agreement are not part of the Participant’s ordinary salary, and shall not be considered as part of such salary in the event of severance, redundancy or resignation.

* * * * *

APPENDIX A

EPS PERFORMANCE STOCK UNIT AGREEMENT

* * * * *

For purposes of this Agreement, Vested PSUs shall be determined in accordance with the following chart.

	Performance Parameters
Performance	3-Year (2015 - 2017)
Levels (% vested)	Cumulative EPS
Maximum (200%)	$11.61 and above
180%	$11.39
160%	$11.18
140%	$10.97
120%	$10.76
Target (100%)	$10.55
80%	$10.31
60%	$10.07
40%	$9.83
Threshold (20%)	$9.59
0%	below $9.59

For Example, at the “Target” cumulative EPS, 100% of the Target PSUs granted to the Participant under this Agreement would become Vested PSUs. At the “Maximum” level of cumulative EPS, 200% of the Target PSUs granted to the Participant under the Agreement would become Vested PSUs.

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first written above.

THE ANDERSONS, INC.

By:     /s/ Arthur D. DePompei

Name: Arthur D. DePompei

Title: Vice President, Human Resources

Date: March 2, 2015

PARTICIPANT

Name: <electronic signature>

Acceptance Date: <acceptance date>

EX-10.69

Exhibit 10.69

RESTRICTED STOCK AGREEMENT

PURSUANT TO THE

THE ANDERSONS, INC. 2014 LONG-TERM INCENTIVE COMPENSATION PLAN

* * * * *

Participant: <participant name>

Grant Date: March 2, 2015

Number of Shares of

Restricted Stock Granted: <number of awards granted>

* * * * *

THIS RESTRICTED STOCK AWARD AGREEMENT (this “Agreement”), dated as of the Grant Date specified above, is entered into by and between The Andersons, Inc., a corporation organized in the State of Ohio (the “Company”), and the Participant specified above, pursuant to the The Andersons, Inc. 2014 Long-Term Incentive Compensation Plan, as in effect and as amended from time to time (the “Plan”), which is administered by the Committee; and

WHEREAS, it has been determined under the Plan that it would be in the best interests of the Company to grant the shares of Restricted Stock provided herein to the Participant.

NOW, THEREFORE, in consideration of the mutual covenants and promises hereinafter set forth and for other good and valuable consideration, the parties hereto hereby mutually covenant and agree as follows:

1.Incorporation By Reference; Plan Document Receipt. This Agreement is subject in all respects to the terms and provisions of the Plan (including, without limitation, any amendments thereto adopted at any time and from time to time unless such amendments are expressly intended not to apply to the Restricted Stock Award provided hereunder), all of which terms and provisions are made a part of and incorporated in this Agreement as if they were each expressly set forth herein. Any capitalized term not defined in this Agreement shall have the same meaning as is ascribed thereto in the Plan. The Participant hereby acknowledges receipt of a true copy of the Plan and that the Participant has read the Plan carefully and fully understands its content. In the event of any conflict between the terms of this Agreement and the terms of the Plan, the terms of the Plan shall control.

2.Grant of Restricted Stock Award. The Company hereby grants to the Participant, as of the Grant Date specified above, the number of shares of Restricted Stock specified above. Except as otherwise provided by the Plan, the Participant agrees and understands that nothing contained in this Agreement provides, or is intended to provide, the Participant with any protection against potential future dilution of the Participant’s interest in the Company for any reason, and no adjustments shall be made for dividends in cash or other property, distributions or other rights in respect of any such shares, except as otherwise specifically provided for in the Plan or this Agreement. Subject to Section 4 hereof, the Participant shall not have the rights of a stockholder in respect of the shares underlying this Award until unrestricted shares are delivered to the Participant. hereof.

3.Vesting.

(a)Subject to the provisions of Sections 3(b), 3(c), and 3(d) hereof, the Restricted Stock subject to this grant shall become unrestricted and vested as follows:

Vesting Date	Percent of Shares
January 2, 2016	33.3%
January 2, 2017	33.3%
January 2, 2018	33.3%

There shall be no proportionate or partial vesting in the periods prior to each vesting date and all vesting shall occur only on the appropriate vesting date, subject to the Participant’s continued service with the Company or any of its Subsidiaries on each applicable vesting date.

(b)Certain Terminations Prior to Vesting. The Participant’s right to vest in any of the Restricted Stock shall terminate in full and be immediately forfeited upon the Participant’s Termination for any reason; provided however, that in the event of the Participant’s Termination due to Participant’s death or Disability (each a “Special Termination”), the Restricted Stock shall immediately become unrestricted and vested.

(c)Change in Control Prior to Vesting. The Participant’s right to vest in the Restricted Stock following a Change in Control shall depend on whether the Restricted Stock is assumed, converted or replaced by the continuing entity as follows:

(i)In the event that the Restricted Stock is not assumed, converted, or replaced by the continuing entity following the Change in Control (as determined by the Committee), the Restricted Stock shall immediately become unrestricted and vested.

(ii)In the event that the Restricted Stock is assumed, converted, or replaced by the continuing entity following the Change in Control (as determined by the Committee), the Restricted Stock shall not immediately vest and shall instead continue to vest in accordance with Section 3(a).

(iii)Notwithstanding anything in this Agreement to the contrary, in the event of a Qualifying Termination of the Participant (as defined below) which occurs within three (3) months prior to or twenty-four (24) months following the Change a Control, the Participant’s Restricted Stock shall not expire immediately upon such Termination and instead the Restricted Stock shall become vested and unrestricted immediately upon the date of the Qualifying Termination (or, if later, the date of such Change in Control), as applicable, provided, however that the Participant must execute and not revoke a general release of claims against the Company in a form reasonably satisfactory to the Committee within forty-five (45) days following such Qualifying Termination or, if later, by the date of the Change in Control. For the avoidance of doubt, in the event a Change in Control has not occurred prior to the Qualifying Termination and does not occur within three (3) months following a Qualifying Termination, any unvested Restricted Stock outstanding at such time shall immediately expire. For purposes of this Section, “Qualifying Termination” means the Participant’s Termination by the Company or a Subsidiary, other than for Cause and other than due to the Participant’s explicit request, death or Disability.

(d)Committee Discretion to Accelerate Vesting. Notwithstanding the foregoing, the Committee may, in its sole discretion, provide for accelerated vesting of the Restricted Stock at any time and for any reason.

(e)Forfeiture. Subject to the Committee’s discretion to accelerate vesting hereunder, all unvested shares of Restricted Stock shall be immediately forfeited upon the Participant’s Termination for any reason other than a Special or Qualifying Termination.

4.Dividends and Other Distributions; Voting. Participants holding Restricted Stock shall be entitled to receive cash dividends and other distributions paid with respect to such shares, provided that any such dividends or other distributions will be subject to the same vesting requirements as the underlying Restricted Stock and shall be paid at the same time the Restricted Stock becomes vested pursuant to Section 3 hereof. If any dividends or distributions are paid in shares, the shares shall be deposited with the Company and shall be subject to the same restrictions on transferability and forfeitability as the Restricted Stock with respect to which they were paid The Participant may exercise full voting rights with respect to the Restricted Stock granted hereunder.

5.Non-Transferability. The shares of Restricted Stock, and any rights and interests with respect thereto, issued under this Agreement and the Plan shall not, prior to vesting, be sold, exchanged, transferred, assigned or otherwise disposed of in any way by the Participant (or any beneficiary of the Participant), other than by testamentary disposition by the Participant or the laws of descent and distribution and other than to the Company as a result of forfeiture of the Restricted Stock as provided herein. Any attempt to sell, exchange, transfer, assign, pledge, encumber or otherwise dispose of or hypothecate in any way any of the Restricted Stock, or the levy of any execution, attachment or similar legal process upon the Restricted Stock, contrary to the terms and provisions of this Agreement and/or the Plan shall be null and void and without legal force or effect.

6.Governing Law. All questions concerning the construction, validity and interpretation of this Agreement shall be governed by, and construed in accordance with, the laws of the State of Ohio, without regard to the choice of law principles thereof.

7.Withholding of Tax. The Company shall have the power and the right to deduct or withhold, or require the Participant to remit to the Company, an amount sufficient to satisfy any federal, state, local and foreign taxes of any kind (including, but not limited to, the Participant’s FICA and SDI obligations) which the Company, in its sole discretion, deems necessary to be withheld or remitted to comply with the Code and/or any other applicable law, rule or regulation with respect to the Restricted Stock. The Participant shall have until fifteen (15) days prior to the date of vesting to make an election with respect to payment of applicable taxes. If Participant fails to make an election before fifteen (15) days prior to the date of vesting, the Company will satisfy the applicable minimum statutorily required tax withholding obligation by reducing the shares of Common Stock otherwise deliverable to the Participant hereunder, based upon the market value of the Shares on the date of vesting (i.e., closing price on the business day prior to the date of vesting) at required withholding tax rates. If the Participant fails to satisfy all tax withholding requirements, the Company may otherwise refuse to issue or transfer any shares of Common Stock otherwise required to be issued pursuant to this Agreement. Any statutorily required withholding obligation with regard to the Restricted Stock may, at the discretion of the Committee, be satisfied by reducing the amount of shares of Common Stock otherwise deliverable to the Participant hereunder.

8.Section 83(b). If the Participant properly elects (as required by Section 83(b) of the Code) within 30 days after the issuance of the Restricted Stock to include in gross income for federal income tax purposes in the year of issuance

the Fair Market Value of such shares of Restricted Stock, the Participant shall pay to the Company or make arrangements satisfactory to the Company to pay to the Company upon such election, any federal, state or local taxes required to be withheld with respect to the Restricted Stock. If the Participant shall fail to make such payment, the Company shall, to the extent permitted by law, have the right to deduct from any payment of any kind otherwise due to the Participant any federal, state or local taxes of any kind required by law to be withheld with respect to the Restricted Stock, as well as the rights set forth in Section 7 hereof. The Participant acknowledges that it is the Participant’s sole responsibility, and not the Company’s, to file timely and properly the election under Section 83(b) of the Code and any corresponding provisions of state tax laws if the Participant elects to make such election, and the Participant agrees to timely provide the Company with a copy of any such election.

9.Limited Power of Attorney to Transfer Unvested Shares Upon Termination. In order to facilitate the transfer to the Company of any Shares in which Participant forfeits vesting rights pursuant to the terms of this Agreement, Participant agrees to hereby appoint the Treasurer of the Company Participant’s attorney in fact with full power of substitution, to act for Participant in Participant’s name and place to sell, assign, and transfer Shares of the Company registered in Participant’s name on the books of the Company as represented by the Company’s Registrar and Transfer Agent, in book entry form, and to receive the consideration for the Shares. Such power of attorney is irrevocable and coupled with an interest. By accepting this Agreement, Participant hereby ratifies all acts which Participant’s attorney in fact or the Treasurer of the Company substitute lawfully performs pursuant to the power conferred by this instrument.

10.Entire Agreement; Amendment. This Agreement, together with the Plan and any severance or change in control agreement, contains the entire agreement between the parties hereto with respect to the subject matter contained herein, and supersedes all prior agreements or prior understandings, whether written or oral, between the parties relating to such subject matter. The Committee shall have the right, in its sole discretion, to modify or amend this Agreement from time to time in accordance with and as provided in the Plan. This Agreement may also be modified or amended by a writing signed by both the Company and the Participant. The Company shall give written notice to the Participant of any such modification or amendment of this Agreement as soon as practicable after the adoption thereof.

11.Notices. Any notice hereunder by the Participant shall be given to the Company in writing and such notice shall be deemed duly given only upon receipt thereof by the General Counsel, the Head of Human Resources, or any other administrative agent designated by the Committee. Any notice hereunder by the Company shall be given to the Participant in writing and such notice shall be deemed duly given only upon receipt thereof at such address as the Participant may have on file with the Company.

12.Acceptance. As required by Section 8.2 of the Plan, the Participant may forfeit the Restricted Stock if the Participant does not execute this Agreement within a period of ninety (90) days from the date that the Participant receives this Agreement (or such other period as the Committee shall provide).

13.No Right to Service. Nothing in this Agreement shall interfere with or limit in any way the right of the Company or its Subsidiaries to terminate the Participant’s service at any time, for any reason and with or without Cause.

14.Transfer of Personal Data. The Participant authorizes, agrees and unambiguously consents to the transmission by the Company (or any Subsidiary) of any personal data information related to the Restricted Stock awarded under this Agreement for legitimate business purposes. This authorization and consent is freely given by the Participant.

15.Compliance with Laws. The issuance of the Restricted Stock or unrestricted shares pursuant to this Agreement shall be subject to, and shall comply with, any applicable requirements of any foreign and U.S. federal and state securities laws, rules and regulations (including, without limitation, the provisions of the Securities Act, the Exchange Act and in each case any respective rules and regulations promulgated thereunder) and any other law, rule, regulation or exchange requirement applicable thereto. The Company shall not be obligated to issue the Restricted Stock or any of the shares pursuant to this Agreement if any such issuance would violate any such requirements. As a condition to settlement of the Restricted Stock, the Company may require the Participant to satisfy any qualifications that may be necessary or appropriate to evidence compliance with any applicable law or regulation.

16.Section 409A. Notwithstanding anything herein or in the Plan to the contrary, the shares of Restricted Stock are intended to be exempt from the applicable requirements of Section 409A of the Code and shall be limited, construed and interpreted in accordance with such intent.

17.Compensation Recoupment Policy. By accepting the Restricted Stock Grant, Participant acknowledges and agrees that all rights with respect to the Restricted Stock are subject to the Company’s Compensation and Recoupment Policy, as may be in effect from time to time, and Participant may be required to forfeit or repay any or all of the Restricted Stock pursuant to the terms of the Compensation Recoupment Policy. Further, Participant acknowledges and agrees that the Company may, to the extent permitted by law, enforce any repayment obligation pursuant to the Compensation Recoupment Policy by reducing any amounts that may be owing from time to time by the Company to participant, whether as wages, severance, vacation pay or in the form of any other benefit or for any other reason.

18.Binding Agreement; Assignment. This Agreement shall inure to the benefit of, be binding upon, and be enforceable by the Company and its successors and assigns. The Participant shall not assign (except in accordance with Section 5 hereof) any part of this Agreement without the prior express written consent of the Company.

19.Headings. The titles and headings of the various sections of this Agreement have been inserted for convenience of reference only and shall not be deemed to be a part of this Agreement.

20.Counterparts. This Agreement may be executed in one or more counterparts, each of which shall be deemed to be an original, but all of which shall constitute one and the same instrument.

21.Further Assurances. Each party hereto shall do and perform (or shall cause to be done and performed) all such further acts and shall execute and deliver all such other agreements, certificates, instruments and documents as either party hereto reasonably may request in order to carry out the intent and accomplish the purposes of this Agreement and the Plan and the consummation of the transactions contemplated thereunder.

22.Severability. The invalidity or unenforceability of any provisions of this Agreement in any jurisdiction shall not affect the validity, legality or enforceability of the remainder of this Agreement in such jurisdiction or the validity, legality or enforceability of any provision of this Agreement in any other jurisdiction, it being intended that all rights and obligations of the parties hereunder shall be enforceable to the fullest extent permitted by law.

23.Acquired Rights. The Participant acknowledges and agrees that: (a) the Company may terminate or amend the Plan at any time subject to the limitations contained in the Plan or this Agreement; (b) the grant of Restricted Stock made under this Agreement is completely independent of any other award or grant and is made at the sole discretion of the Company; (c) no past grants or awards (including, without limitation, the Restricted Stock granted hereunder) give the Participant any right to any grants or awards in the future whatsoever; and (d) any benefits granted under this Agreement are not part of the Participant’s ordinary salary, and shall not be considered as part of such salary in the event of severance, redundancy or resignation.

* * * * *

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first written above.

THE ANDERSONS, INC.

By:     /s/ Arthur D. DePompei

Name: Arthur D. DePompei

Title: Vice President, Human Resources

Date: March 2, 2015

PARTICIPANT

Name: <electronic signature>

Acceptance Date: <acceptance date>

EX-10.70

Exhibit 10.70

RESTRICTED STOCK AGREEMENT

PURSUANT TO THE

THE ANDERSONS, INC. 2014 LONG-TERM INCENTIVE COMPENSATION PLAN

* * * * *

Participant: <participant name>

Grant Date: March 2, 2015

Number of Shares of

Restricted Stock Granted: <number of awards granted>

* * * * *

THIS RESTRICTED STOCK AWARD AGREEMENT (this “Agreement”), dated as of the Grant Date specified above, is entered into by and between The Andersons, Inc., a corporation organized in the State of Ohio (the “Company”), and the Participant specified above, pursuant to the The Andersons, Inc. 2014 Long-Term Incentive Compensation Plan, as in effect and as amended from time to time (the “Plan”), which is administered by the Committee; and

WHEREAS, it has been determined under the Plan that it would be in the best interests of the Company to grant the shares of Restricted Stock provided herein to the Participant.

NOW, THEREFORE, in consideration of the mutual covenants and promises hereinafter set forth and for other good and valuable consideration, the parties hereto hereby mutually covenant and agree as follows:

1.Incorporation By Reference; Plan Document Receipt. This Agreement is subject in all respects to the terms and provisions of the Plan (including, without limitation, any amendments thereto adopted at any time and from time to time unless such amendments are expressly intended not to apply to the Restricted Stock Award provided hereunder), all of which terms and provisions are made a part of and incorporated in this Agreement as if they were each expressly set forth herein. Any capitalized term not defined in this Agreement shall have the same meaning as is ascribed thereto in the Plan. The Participant hereby acknowledges receipt of a true copy of the Plan and that the Participant has read the Plan carefully and fully understands its content. In the event of any conflict between the terms of this Agreement and the terms of the Plan, the terms of the Plan shall control.

2.Grant of Restricted Stock Award. The Company hereby grants to the Participant, as of the Grant Date specified above, the number of shares of Restricted Stock specified above. Except as otherwise provided by the Plan, the Participant agrees and understands that nothing contained in this Agreement provides, or is intended to provide, the Participant with any protection against potential future dilution of the Participant’s interest in the Company for any reason, and no adjustments shall be made for dividends in cash or other property, distributions or other rights in respect of any such shares, except as otherwise specifically provided for in the Plan or this Agreement. Subject to Section 4 hereof, the Participant shall not have the rights of a stockholder in respect of the shares underlying this Award until unrestricted shares are delivered to the Participant. hereof.

3.Vesting.

(a)Subject to the provisions of Sections 3(b), 3(c), and 3(d) hereof, the Restricted Stock subject to this grant shall become unrestricted and vested as follows:

Vesting Date	Percent of Shares
January 2, 2018	100%

There shall be no proportionate or partial vesting in the periods prior to each vesting date and all vesting shall occur only on the appropriate vesting date, subject to the Participant’s continued service with the Company or any of its Subsidiaries on each applicable vesting date.

(b)Certain Terminations Prior to Vesting. The Participant’s right to vest in any of the Restricted Stock shall terminate in full and be immediately forfeited upon the Participant’s Termination for any reason; provided however, that in the event of the Participant’s Termination due to Participant’s death or Disability (each a “Special Termination”), the Restricted Stock shall immediately become unrestricted and vested.

(c)Change in Control Prior to Vesting. The Participant’s right to vest in the Restricted Stock following a Change in Control shall depend on whether the Restricted Stock is assumed, converted or replaced by the continuing entity as follows:

(i)In the event that the Restricted Stock is not assumed, converted, or replaced by the continuing entity following the Change in Control (as determined by the Committee), the Restricted Stock shall immediately become unrestricted and vested.

(ii)In the event that the Restricted Stock is assumed, converted, or replaced by the continuing entity following the Change in Control (as determined by the Committee), the Restricted Stock shall not immediately vest and shall instead continue to vest in accordance with Section 3(a).

(iii)Notwithstanding anything in this Agreement to the contrary, in the event of a Qualifying Termination of the Participant (as defined below) which occurs within three (3) months prior to or twenty-four (24) months following the Change a Control, the Participant’s Restricted Stock shall not expire immediately upon such Termination and instead the Restricted Stock shall become vested and unrestricted immediately upon the date of the Qualifying Termination (or, if later, the date of such Change in Control), as applicable, provided, however that the Participant must execute and not revoke a general release of claims against the Company in a form reasonably satisfactory to the Committee within forty-five (45) days following such Qualifying Termination or, if later, by the date of the Change in Control. For the avoidance of doubt, in the event a Change in Control has not occurred prior to the Qualifying Termination and does not occur within three (3) months following a Qualifying Termination, any unvested Restricted Stock outstanding at such time shall immediately expire. For purposes of this Section, “Qualifying Termination” means the Participant’s Termination by the Company or a Subsidiary, other than for Cause and other than due to the Participant’s explicit request, death or Disability.

(d)Committee Discretion to Accelerate Vesting. Notwithstanding the foregoing, the Committee may, in its sole discretion, provide for accelerated vesting of the Restricted Stock at any time and for any reason.

(e)Forfeiture. Subject to the Committee’s discretion to accelerate vesting hereunder, all unvested shares of Restricted Stock shall be immediately forfeited upon the Participant’s Termination for any reason other than a Special or Qualifying Termination.

4.Dividends and Other Distributions; Voting. Participants holding Restricted Stock shall be entitled to receive cash dividends and other distributions paid with respect to such shares, provided that any such dividends or other distributions will be subject to the same vesting requirements as the underlying Restricted Stock and shall be paid at the same time the Restricted Stock becomes vested pursuant to Section 3 hereof. If any dividends or distributions are paid in shares, the shares shall be deposited with the Company and shall be subject to the same restrictions on transferability and forfeitability as the Restricted Stock with respect to which they were paid The Participant may exercise full voting rights with respect to the Restricted Stock granted hereunder.

5.Non-Transferability. The shares of Restricted Stock, and any rights and interests with respect thereto, issued under this Agreement and the Plan shall not, prior to vesting, be sold, exchanged, transferred, assigned or otherwise disposed of in any way by the Participant (or any beneficiary of the Participant), other than by testamentary disposition by the Participant or the laws of descent and distribution and other than to the Company as a result of forfeiture of the Restricted Stock as provided herein. Any attempt to sell, exchange, transfer, assign, pledge, encumber or otherwise dispose of or hypothecate in any way any of the Restricted Stock, or the levy of any execution, attachment or similar legal process upon the Restricted Stock, contrary to the terms and provisions of this Agreement and/or the Plan shall be null and void and without legal force or effect.

6.Governing Law. All questions concerning the construction, validity and interpretation of this Agreement shall be governed by, and construed in accordance with, the laws of the State of Ohio, without regard to the choice of law principles thereof.

7.Withholding of Tax. The Company shall have the power and the right to deduct or withhold, or require the Participant to remit to the Company, an amount sufficient to satisfy any federal, state, local and foreign taxes of any kind (including, but not limited to, the Participant’s FICA and SDI obligations) which the Company, in its sole discretion, deems necessary to be withheld or remitted to comply with the Code and/or any other applicable law, rule or regulation with respect to the Restricted Stock. The Participant shall have until fifteen (15) days prior to the date of vesting to make an election with respect to payment of applicable taxes. If Participant fails to make an election before fifteen (15) days prior to the date of vesting, the Company will satisfy the applicable minimum statutorily required tax withholding obligation by reducing the shares of Common Stock otherwise deliverable to the Participant hereunder, based upon the market value of the Shares on the date of vesting (i.e., closing price on the business day prior to the date of vesting) at required withholding tax rates. If the Participant fails to satisfy all tax withholding requirements, the Company may otherwise refuse to issue or transfer any shares of Common Stock otherwise required to be issued pursuant to this Agreement. Any statutorily required withholding obligation with regard to the Restricted Stock may, at the discretion of the Committee, be satisfied by reducing the amount of shares of Common Stock otherwise deliverable to the Participant hereunder.

8.Section 83(b). If the Participant properly elects (as required by Section 83(b) of the Code) within 30 days after the issuance of the Restricted Stock to include in gross income for federal income tax purposes in the year of issuance the Fair Market Value of such shares of Restricted Stock, the Participant shall pay to the Company or make arrangements satisfactory to the Company to pay to the Company upon such election, any federal, state or local taxes required to be withheld with respect to the Restricted Stock. If the Participant shall fail to make such payment, the Company shall, to the extent permitted by law, have the right to deduct from any payment of any kind otherwise due to the Participant any federal, state or local taxes of any kind required by law to be withheld with respect to the Restricted Stock, as well as the rights set forth in Section 7 hereof. The Participant acknowledges that it is the Participant’s sole responsibility, and not the Company’s, to file timely and properly the election under Section 83(b) of the Code and any corresponding provisions of state tax laws if the Participant elects to make such election, and the Participant agrees to timely provide the Company with a copy of any such election.

9.Limited Power of Attorney to Transfer Unvested Shares Upon Termination. In order to facilitate the transfer to the Company of any Shares in which Participant forfeits vesting rights pursuant to the terms of this Agreement, Participant agrees to hereby appoint the Treasurer of the Company Participant’s attorney in fact with full power of substitution, to act for Participant in Participant’s name and place to sell, assign, and transfer Shares of the Company registered in Participant’s name on the books of the Company as represented by the Company’s Registrar and Transfer Agent, in book entry form, and to receive the consideration for the Shares. Such power of attorney is irrevocable and coupled with an interest. By accepting this Agreement, Participant hereby ratifies all acts which Participant’s attorney in fact or the Treasurer of the Company substitute lawfully performs pursuant to the power conferred by this instrument.

10.Entire Agreement; Amendment. This Agreement, together with the Plan and any severance or change in control agreement, contains the entire agreement between the parties hereto with respect to the subject matter contained herein, and supersedes all prior agreements or prior understandings, whether written or oral, between the parties relating to such subject matter. The Committee shall have the right, in its sole discretion, to modify or amend this Agreement from time to time in accordance with and as provided in the Plan. This Agreement may also be modified or amended by a writing signed by both the Company and the Participant. The Company shall give written notice to the Participant of any such modification or amendment of this Agreement as soon as practicable after the adoption thereof.

11.Notices. Any notice hereunder by the Participant shall be given to the Company in writing and such notice shall be deemed duly given only upon receipt thereof by the General Counsel, the Head of Human Resources, or any other administrative agent designated by the Committee. Any notice hereunder by the Company shall be given to the Participant in writing and such notice shall be deemed duly given only upon receipt thereof at such address as the Participant may have on file with the Company.

12.Acceptance. As required by Section 8.2 of the Plan, the Participant may forfeit the Restricted Stock if the Participant does not execute this Agreement within a period of ninety (90) days from the date that the Participant receives this Agreement (or such other period as the Committee shall provide).

13.No Right to Service. Nothing in this Agreement shall interfere with or limit in any way the right of the Company or its Subsidiaries to terminate the Participant’s service at any time, for any reason and with or without Cause.

14.Transfer of Personal Data. The Participant authorizes, agrees and unambiguously consents to the transmission by the Company (or any Subsidiary) of any personal data information related to the Restricted Stock awarded under this Agreement for legitimate business purposes. This authorization and consent is freely given by the Participant.

15.Compliance with Laws. The issuance of the Restricted Stock or unrestricted shares pursuant to this Agreement shall be subject to, and shall comply with, any applicable requirements of any foreign and U.S. federal and state securities laws, rules and regulations (including, without limitation, the provisions of the Securities Act, the Exchange Act and in each case any respective rules and regulations promulgated thereunder) and any other law, rule, regulation or exchange requirement applicable thereto. The Company shall not be obligated to issue the Restricted Stock or any of the shares pursuant to this Agreement if any such issuance would violate any such requirements. As a condition to settlement of the Restricted Stock, the Company may require the Participant to satisfy any qualifications that may be necessary or appropriate to evidence compliance with any applicable law or regulation.

16.Section 409A. Notwithstanding anything herein or in the Plan to the contrary, the shares of Restricted Stock are intended to be exempt from the applicable requirements of Section 409A of the Code and shall be limited, construed and interpreted in accordance with such intent.

17.Compensation Recoupment Policy. By accepting the Restricted Stock Grant, Participant acknowledges and agrees that all rights with respect to the Restricted Stock are subject to the Company’s Compensation and Recoupment Policy, as may be in effect from time to time, and Participant may be required to forfeit or repay any or all of the Restricted Stock pursuant to the terms of the Compensation Recoupment Policy. Further, Participant acknowledges and agrees that the Company may, to the extent permitted by law, enforce any repayment obligation pursuant to the Compensation Recoupment Policy by reducing any amounts that may be owing from time to time by the Company to participant, whether as wages, severance, vacation pay or in the form of any other benefit or for any other reason.

18.Binding Agreement; Assignment. This Agreement shall inure to the benefit of, be binding upon, and be enforceable by the Company and its successors and assigns. The Participant shall not assign (except in accordance with Section 5 hereof) any part of this Agreement without the prior express written consent of the Company.

19.Headings. The titles and headings of the various sections of this Agreement have been inserted for convenience of reference only and shall not be deemed to be a part of this Agreement.

20.Counterparts. This Agreement may be executed in one or more counterparts, each of which shall be deemed to be an original, but all of which shall constitute one and the same instrument.

21.Further Assurances. Each party hereto shall do and perform (or shall cause to be done and performed) all such further acts and shall execute and deliver all such other agreements, certificates, instruments and documents as either party hereto reasonably may request in order to carry out the intent and accomplish the purposes of this Agreement and the Plan and the consummation of the transactions contemplated thereunder.

22.Severability. The invalidity or unenforceability of any provisions of this Agreement in any jurisdiction shall not affect the validity, legality or enforceability of the remainder of this Agreement in such jurisdiction or the validity, legality or enforceability of any provision of this Agreement in any other jurisdiction, it being intended that all rights and obligations of the parties hereunder shall be enforceable to the fullest extent permitted by law.

23.Acquired Rights. The Participant acknowledges and agrees that: (a) the Company may terminate or amend the Plan at any time subject to the limitations contained in the Plan or this Agreement; (b) the grant of Restricted Stock made under this Agreement is completely independent of any other award or grant and is made at the sole discretion of the Company; (c) no past grants or awards (including, without limitation, the Restricted Stock granted hereunder) give the Participant any right to any grants or awards in the future whatsoever; and (d) any benefits granted under this Agreement are not part of the Participant’s ordinary salary, and shall not be considered as part of such salary in the event of severance, redundancy or resignation.

* * * * *

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first written above.

THE ANDERSONS, INC.

By: /s/ Arthur D. DePompei

Name: Arthur D. DePompei

Title: Vice President, Human Resources

Date: March 2, 2015

PARTICIPANT

Name: <electronic signature>

Acceptance Date: <acceptance date>

EX-10.71

Exhibit 10.71

NON-EMPLOYEE DIRECTORS

RESTRICTED STOCK AGREEMENT

PURSUANT TO THE

THE ANDERSONS, INC. 2014 LONG-TERM INCENTIVE COMPENSATION PLAN

* * * * *

Participant: <participant name>

Grant Date: March 2, 2015

Number of Shares of

Restricted Stock Granted: <number of awards granted>

* * * * *

THIS RESTRICTED STOCK AWARD AGREEMENT (this “Agreement”), dated as of the Grant Date specified above, is entered into by and between The Andersons, Inc., a corporation organized in the State of Ohio (the “Company”), and the Participant specified above, pursuant to the The Andersons, Inc. 2014 Long-Term Incentive Compensation Plan, as in effect and as amended from time to time (the “Plan”), which is administered by the Committee; and

WHEREAS, it has been determined under the Plan that it would be in the best interests of the Company to grant the shares of Restricted Stock provided herein to the Participant.

NOW, THEREFORE, in consideration of the mutual covenants and promises hereinafter set forth and for other good and valuable consideration, the parties hereto hereby mutually covenant and agree as follows:

1.Incorporation By Reference; Plan Document Receipt. This Agreement is subject in all respects to the terms and provisions of the Plan (including, without limitation, any amendments thereto adopted at any time and from time to time unless such amendments are expressly intended not to apply to the Restricted Stock Award provided hereunder), all of which terms and provisions are made a part of and incorporated in this Agreement as if they were each expressly set forth herein. Any capitalized term not defined in this Agreement shall have the same meaning as is ascribed thereto in the Plan. The Participant hereby acknowledges receipt of a true copy of the Plan and that the Participant has read the Plan carefully and fully understands its content. In the event of any conflict between the terms of this Agreement and the terms of the Plan, the terms of the Plan shall control.

2.Grant of Restricted Stock Award. The Company hereby grants to the Participant, as of the Grant Date specified above, the number of shares of Restricted Stock specified above. Except as otherwise provided by the Plan, the Participant agrees and understands that nothing contained in this Agreement provides, or is intended to provide, the Participant with any protection against potential future dilution of the Participant’s interest in the Company for any reason, and no adjustments shall be made for dividends in cash or other property, distributions or other rights in respect of any such shares, except as otherwise specifically provided for in the Plan or this Agreement. Subject to Section 4 hereof, the Participant shall not have the rights of a stockholder in respect of the shares underlying this Award until unrestricted shares are delivered to the Participant in accordance with Section 4 hereof.

3.Vesting.

(a)Subject to the provisions of Sections 3(b), 3(c), and 3(d) hereof, the Restricted Stock subject to this grant shall become unrestricted and vested as follows:

Vesting Date	Percent of Shares
March 2, 2016	100%

There shall be no proportionate or partial vesting in the period prior to the vesting date and all vesting shall occur only on the appropriate vesting date, subject to the Participant’s continued service on the Board on the applicable vesting date.

(b)Certain Terminations Prior to Vesting. The Participant’s right to vest in any of the Restricted Stock shall terminate in full and be immediately forfeited upon the Participant’s Termination for any reason; provided however,

that in the event of the Participant’s Termination due to Participant’s death or Disability (each a “Special Termination”), the Restricted Stock shall immediately become unrestricted and vested.

(c)Change in Control Prior to Vesting. The Participant’s right to vest in the Restricted Stock following a Change in Control shall depend on whether the Restricted Stock is assumed, converted or replaced by the continuing entity as follows:

(i)In the event that the Restricted Stock is not assumed, converted, or replaced by the continuing entity following the Change in Control (as determined by the Committee), the Restricted Stock shall immediately become unrestricted and vested.

(ii)In the event that the Restricted Stock is assumed, converted, or replaced by the continuing entity following the Change in Control (as determined by the Committee), the Restricted Stock shall not immediately vest and shall instead continue to vest in accordance with Section 3(a).

(d)Committee Discretion to Accelerate Vesting. Notwithstanding the foregoing, the Committee may, in its sole discretion, provide for accelerated vesting of the Restricted Stock at any time and for any reason.

(e)Forfeiture. Subject to the Committee’s discretion to accelerate vesting hereunder, all unvested shares of Restricted Stock shall be immediately forfeited upon the Participant’s Termination for any reason other than a Special Termination.

4.Dividends and Other Distributions; Voting. Participants holding Restricted Stock shall be entitled to receive cash dividends and other distributions paid with respect to such shares, provided that any such dividends or other distributions will be subject to the same vesting requirements as the underlying Restricted Stock and shall be paid at the same time the Restricted Stock becomes vested pursuant to Section 3 hereof. If any dividends or distributions are paid in shares, the shares shall be deposited with the Company and shall be subject to the same restrictions on transferability and forfeitability as the Restricted Stock with respect to which they were paid The Participant may exercise full voting rights with respect to the Restricted Stock granted hereunder.

5.Non-Transferability. The shares of Restricted Stock, and any rights and interests with respect thereto, issued under this Agreement and the Plan shall not, prior to vesting, be sold, exchanged, transferred, assigned or otherwise disposed of in any way by the Participant (or any beneficiary of the Participant), other than by testamentary disposition by the Participant or the laws of descent and distribution and other than to the Company as a result of forfeiture of the Restricted Stock as provided herein. Any attempt to sell, exchange, transfer, assign, pledge, encumber or otherwise dispose of or hypothecate in any way any of the Restricted Stock, or the levy of any execution, attachment or similar legal process upon the Restricted Stock, contrary to the terms and provisions of this Agreement and/or the Plan shall be null and void and without legal force or effect.

6.Governing Law. All questions concerning the construction, validity and interpretation of this Agreement shall be governed by, and construed in accordance with, the laws of the State of Ohio, without regard to the choice of law principles thereof.

7.Section 83(b). If the Participant properly elects (as required by Section 83(b) of the Code) within 30 days after the issuance of the Restricted Stock to include in gross income for federal income tax purposes in the year of issuance the Fair Market Value of such shares of Restricted Stock, the Participant shall pay to the Company or make arrangements satisfactory to the Company to pay to the Company upon such election, any federal, state or local taxes required to be withheld with respect to the Restricted Stock. If the Participant shall fail to make such payment, the Company shall, to the extent permitted by law, have the right to deduct from any payment of any kind otherwise due to the Participant any federal, state or local taxes of any kind required by law to be withheld with respect to the Restricted Stock, as well as the rights set forth in Section 1 hereof. The Participant acknowledges that it is the Participant’s sole responsibility, and not the Company’s, to file timely and properly the election under Section 83(b) of the Code and any corresponding provisions of state tax laws if the Participant elects to make such election, and the Participant agrees to timely provide the Company with a copy of any such election.

8.Limited Power of Attorney to Transfer Unvested Shares Upon Termination. In order to facilitate the transfer to the Company of any Shares in which Participant forfeits vesting rights pursuant to the terms of this Agreement, Participant agrees to hereby appoint the Treasurer of the Company Participant’s attorney in fact with full power of substitution, to act for Participant in Participant’s name and place to sell, assign, and transfer Shares of the Company registered in Participant’s name on the books of the Company as represented by the Company’s Registrar and Transfer Agent, in book entry form, and to receive the consideration for the Shares. Such power of attorney is irrevocable and coupled with an interest. By accepting this Agreement, Participant hereby ratifies all acts which Participant’s attorney in fact or the Treasurer of the Company substitute lawfully performs pursuant to the power conferred by this instrument.

9.Entire Agreement; Amendment. This Agreement, together with the Plan and any severance or change in control agreement, contains the entire agreement between the parties hereto with respect to the subject matter contained herein, and supersedes all prior agreements or prior understandings, whether written or oral, between the parties relating to such subject matter. The Committee shall have the right, in its sole discretion, to modify or amend this Agreement from time to time in accordance with and as provided in the Plan. This Agreement may also be modified or amended by a writing signed by both the Company and the Participant. The Company shall give written notice to the Participant of any such modification or amendment of this Agreement as soon as practicable after the adoption thereof.

10.Notices. Any notice hereunder by the Participant shall be given to the Company in writing and such notice shall be deemed duly given only upon receipt thereof by the General Counsel, the Head of Human Resources, or any other administrative agent designated by the Committee. Any notice hereunder by the Company shall be given to the Participant in writing and such notice shall be deemed duly given only upon receipt thereof at such address as the Participant may have on file with the Company.

11.Acceptance. As required by Section 8.2 of the Plan, the Participant may forfeit the Restricted Stock if the Participant does not execute this Agreement within a period of ninety (90) days from the date that the Participant receives this Agreement (or such other period as the Committee shall provide).

12.Transfer of Personal Data. The Participant authorizes, agrees and unambiguously consents to the transmission by the Company (or any Subsidiary) of any personal data information related to the Restricted Stock awarded under this Agreement for legitimate business purposes. This authorization and consent is freely given by the Participant.

13.Compliance with Laws. The issuance of the Restricted Stock or unrestricted shares pursuant to this Agreement shall be subject to, and shall comply with, any applicable requirements of any foreign and U.S. federal and state securities laws, rules and regulations (including, without limitation, the provisions of the Securities Act, the Exchange Act and in each case any respective rules and regulations promulgated thereunder) and any other law, rule, regulation or exchange requirement applicable thereto. The Company shall not be obligated to issue the Restricted Stock or any of the shares pursuant to this Agreement if any such issuance would violate any such requirements. As a condition to settlement of the Restricted Stock, the Company may require the Participant to satisfy any qualifications that may be necessary or appropriate to evidence compliance with any applicable law or regulation.

14.Section 409A. Notwithstanding anything herein or in the Plan to the contrary, the shares of Restricted Stock are intended to be exempt from the applicable requirements of Section 409A of the Code and shall be limited, construed and interpreted in accordance with such intent.

15.Binding Agreement; Assignment. This Agreement shall inure to the benefit of, be binding upon, and be enforceable by the Company and its successors and assigns. The Participant shall not assign (except in accordance with Section 5 hereof) any part of this Agreement without the prior express written consent of the Company.

16.Headings. The titles and headings of the various sections of this Agreement have been inserted for convenience of reference only and shall not be deemed to be a part of this Agreement.

17.Counterparts. This Agreement may be executed in one or more counterparts, each of which shall be deemed to be an original, but all of which shall constitute one and the same instrument.

18.Further Assurances. Each party hereto shall do and perform (or shall cause to be done and performed) all such further acts and shall execute and deliver all such other agreements, certificates, instruments and documents as either party hereto reasonably may request in order to carry out the intent and accomplish the purposes of this Agreement and the Plan and the consummation of the transactions contemplated thereunder.

19.Severability. The invalidity or unenforceability of any provisions of this Agreement in any jurisdiction shall not affect the validity, legality or enforceability of the remainder of this Agreement in such jurisdiction or the validity, legality or enforceability of any provision of this Agreement in any other jurisdiction, it being intended that all rights and obligations of the parties hereunder shall be enforceable to the fullest extent permitted by law.

20.Acquired Rights. The Participant acknowledges and agrees that: (a) the Company may terminate or amend the Plan at any time subject to the limitations contained in the Plan or this Agreement; (b) the grant of Restricted Stock made under this Agreement is completely independent of any other award or grant and is made at the sole discretion of the Company; and (c) no past grants or awards (including, without limitation, the Restricted Stock granted hereunder) give the Participant any right to any grants or awards in the future whatsoever.

* * * * *

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first written above.

THE ANDERSONS, INC.

By: /s/ Arthur D. DePompei

Name: Arthur D. DePompei

Title: Vice President, Human Resources

Date: March 2, 2015

PARTICIPANT

Name: <electronic signature>

Acceptance Date: <acceptance date>

EX-12

Exhibit 12

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

THE ANDERSONS, INC.

	Three months ended March 31,
(in thousands, except for ratio)	2015		2014
Computation of earnings
Pretax income (a)	$	1,777	$	19,400
Add:
Interest expense on indebtedness	6,039		6,002
Amortization of debt issue costs	270		565
Interest portion of rent expense (b)	2,102		1,875
Distributed income of equity investees	4,550		65,575
Earnings	$	14,738	$	93,417
Computation of fixed charges
Interest expense on indebtedness	$	6,039	$	6,002
Amortization of debt issue costs	270		565
Interest portion of rent expense (b)	2,102		1,875
Fixed charges	$	8,411	$	8,442
Ratio of earnings to fixed charges	1.75		11.07

(a) Pretax income as presented is income from continuing operations before adjustment for income or loss from equity investees.

(b) The portion of rent expense on operating leases included in the calculation of the fixed charges ratio above is a reasonable approximation of the interest factor on those agreements.

EX-31.1

Exhibit 31.1

Certifications

I, Michael J. Anderson, certify that:

1 I have reviewed this report on Form 10-Q of The Andersons, Inc.

2 Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3 Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4 The registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this annual report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5 The registrant’s other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

May 8, 2015

/s/ Michael J. Anderson

Michael J. Anderson

Chairman and Chief Executive Officer (Principal Executive Officer)

EX-31.2

Exhibit 31.2

Certifications

I, John Granato, certify that:

1 I have reviewed this report on Form 10-Q of The Andersons, Inc.

2 Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3 Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4 The registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this annual report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5 The registrant’s other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

May 8, 2015

/s/ John Granato

John Granato

Chief Financial Officer (Principal Financial Officer)

EX-32.1

Exhibit 32.1

The Andersons, Inc.

Certifications Pursuant to 18 U.S.C. Section 1350

In connection with the Quarterly Report of The Andersons, Inc. (the “Company”) on Form 10-Q for the quarter ended March 31, 2015, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), each of the undersigned officers of the Company certifies pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to such officer’s knowledge:

(1) The Report fully complies with the requirements of 13(a) or 15(d) of the Securities Exchange Act of 1934, and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company as of the dates and for the periods expressed in the Report.

May 8, 2015

/s/ Michael J. Anderson

Michael J. Anderson

Chairman and Chief Executive Officer

/s/ John Granato

John Granato

Chief Financial Officer

XML

Property, Plant and Equipment (Details Textual) (USD $) In Millions, unless otherwise specified	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Property, Plant and Equipment [Line Items]
Depreciation, Depletion and Amortization, Nonproduction	$ 12.4	$ 9.9
Depreciation expense on railcar assets leased to others	$ 4.0	$ 3.4

XML

Fair Value Measurements (Details 2) (USD $) In Thousands, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014	Mar. 31, 2014
Fair value of long-term debt estimated using quoted market prices or discounted future cash flows
Fair value of long-term debt	$ 350,684	$ 382,139	$ 400,495
Fair value in excess of carrying value	$ 8,390	$ 7,086	$ 3,574

XML

Income Taxes (Details Textual) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Income Tax Disclosure [Abstract]
U.S. Federal tax rate	35.00%	35.00%
Income tax provision	$ 1,093	$ 13,872
Foreign affiliate investment tax benefit, percent	12.20%
Effective tax rate	21.70%	34.80%

XML

Related Party Transactions (Details) (USD $) In Thousands, unless otherwise specified	Mar. 31, 2015		Dec. 31, 2014		Mar. 31, 2014
Equity Method Investment Companys Investment Balance In Each Equity Method Investees By Entity [Abstract]
Equity method investments	$ 222,082		$ 226,857		$ 232,396
The Andersons Albion Ethanol LLC
Equity Method Investment Companys Investment Balance In Each Equity Method Investees By Entity [Abstract]
Equity method investments	28,726		27,824		31,867
The Andersons Clymers Ethanol LLC
Equity Method Investment Companys Investment Balance In Each Equity Method Investees By Entity [Abstract]
Equity method investments	36,063		37,624		40,412
The Andersons Marathon Ethanol LLC
Equity Method Investment Companys Investment Balance In Each Equity Method Investees By Entity [Abstract]
Equity method investments	31,869		31,537		45,946
Lansing Trade Group LLC
Equity Method Investment Companys Investment Balance In Each Equity Method Investees By Entity [Abstract]
Equity method investments	78,594		78,696		60,837
Thompsons Limited
Equity Method Investment Companys Investment Balance In Each Equity Method Investees By Entity [Abstract]
Equity method investments	44,224	[1]	48,455	[1]	49,520	[1]
Other
Equity Method Investment Companys Investment Balance In Each Equity Method Investees By Entity [Abstract]
Equity method investments	$ 2,606		$ 2,721		$ 3,814

[1] Thompsons Limited and related U.S. operating company held by joint ventures

XML

Derivatives (Details Textual)	3 Months Ended
	Mar. 31, 2015
Derivatives (Textual) [Abstract]
Maximum period in which contracts for the sale of grain to processors or other consumers extend (years)	1 year

XML

Related Party Transactions (Tables)

3 Months Ended

Mar. 31, 2015

Related Party Transactions [Abstract]

Company's investment balance in each of its equity method investees by entity

The following table presents the Company’s investment balance in each of its equity method investees by entity:

(in thousands)	March 31, 2015		December 31, 2014		March 31, 2014
The Andersons Albion Ethanol LLC	$	28,726	$	27,824	$	31,867
The Andersons Clymers Ethanol LLC	36,063		37,624		40,412
The Andersons Marathon Ethanol LLC	31,869		31,537		45,946
Lansing Trade Group, LLC	78,594		78,696		60,837
Thompsons Limited (a)	44,224		48,455		49,520
Other	2,606		2,721		3,814
Total	$	222,082	$	226,857	$	232,396

 (a) Thompsons Limited and related U.S. operating company held by joint ventures

In the first quarter of 2015, LTG and The Andersons Albion Ethanol LLC qualified as significant equity investees of the Company under the income test. The following table presents combined summarized unaudited financial information of these investments for the three months ended March 31, 2015 and 2014:

	Three months ended March 31,
(in thousands)	2015		2014
Sales	$	1,699,063	$	1,944,106
Gross Profit	47,659		41,124
Income before income taxes	10,586		17,314
Net income	9,345		14,885
Net income attributable to the entities	8,343		14,632

Income (loss) earned from the Company's equity method investments by entity

The following table summarizes income earned from the Company’s equity method investments by entity:

	% ownership at March 31, 2015	Three months ended March 31,
(in thousands)		2015			2014
The Andersons Albion Ethanol LLC	53%	$	1,091		$	4,943
The Andersons Clymers Ethanol LLC	38%	288			5,539
The Andersons Marathon Ethanol LLC	50%	333			8,135
Lansing Trade Group, LLC	40% (a)	2,410			2,221
Thompsons Limited (b)	50%	(861		)	(313		)
Other	5%-34%	—			(24		)
Total		$	3,261		$	20,501

 (a) This does not consider restricted management units which once vested will reduce the ownership percentage by approximately 1.5%

 (b) Thompsons Limited and related U.S. operating company held by joint ventures

Schedule of aggregate summarized financial information of subsidiaries

The following table sets forth the related party transactions entered into for the time periods presented:

	Three months ended March 31,
(in thousands)	2015		2014
Sales revenues	$	149,472	$	221,994
Service fee revenues (a)	4,925		5,638
Purchases of product	102,795		155,015
Lease income (b)	1,663		1,664
Labor and benefits reimbursement (c)	3,032		2,868
Other expenses (d)	338		486

(a) Service fee revenues include management fees, corn origination fees, ethanol and DDG marketing fees, and other commissions.

(b) Lease income includes the lease of the Company’s Albion, Michigan and Clymers, Indiana grain facilities as well as certain railcars to the various ethanol LLCs and IANR.

(c) The Company provides all operational labor to the unconsolidated ethanol LLCs and charges them an amount equal to the Company’s costs of the related services.

(d) Other expenses include payments to IANR for repair facility rent and use of their railroad reporting mark, payment to LTG for the lease of railcars and other various expenses.

(in thousands)	March 31, 2015		December 31, 2014		March 31, 2014
Accounts receivable (e)	$	13,507	$	25,049	$	30,609
Accounts payable (f)	12,911		17,687		24,454

(e) Accounts receivable represents amounts due from related parties for sales of corn, leasing revenue and service fees.

(f) Accounts payable represents amounts due to related parties for purchases of ethanol and other various items.

XML

Related Party Transactions (Details 2) (LTG and The Andersons Albion Ethanol LLC, USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
LTG and The Andersons Albion Ethanol LLC
Equity Method Investment, Summarized Financial Information, Income Statement [Abstract]
Sales	$ 1,699,063	$ 1,944,106
Gross profit	47,659	41,124
Income before income taxes	10,586	17,314
Net income	9,345	14,885
Net income attributable to the entities	$ 8,343	$ 14,632

XML

Inventories (Tables)

3 Months Ended

Mar. 31, 2015

Inventory, Net [Abstract]

Classes of inventories

Major classes of inventories are as follows:

(in thousands)	March 31, 2015		December 31, 2014		March 31, 2014
Grain	$	470,216	$	570,916	$	488,492
Ethanol and by-products	9,940		13,154		17,658
Plant nutrients and cob products	229,551		181,136		188,362
Retail merchandise	27,311		23,810		26,205
Railcar repair parts	6,739		6,431		4,661
Other	200		208		206
	$	743,957	$	795,655	$	725,584

XML

Accumulated Other Comprehensive Loss - Schedule of Reclassifications Out of Accumulated Other Comprehensive Income (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2015		Mar. 31, 2014
Schedule of Reclassifciations Out of Accumulated Other Comprehensive Income [Line Items]
Income (loss) before income taxes	$ 5,038		$ 39,901
Income tax benefit	(1,093)		(13,872)
Net income	3,945		26,029
Reclassification out of Accumulated Other Comprehensive Income
Schedule of Reclassifciations Out of Accumulated Other Comprehensive Income [Line Items]
Net income	(85)	[1]	(85)	[1]
Defined Benefit Plan Items | Reclassification out of Accumulated Other Comprehensive Income
Schedule of Reclassifciations Out of Accumulated Other Comprehensive Income [Line Items]
Amortization of prior-service cost	(136)	[1],[2]	(136)	[1],[2]
Income (loss) before income taxes	(136)	[1]	(136)	[1]
Income tax benefit	51	[1]	51	[1]
Net income	$ (85)	[1]	$ (85)	[1]

[1] Amounts in parentheses indicate debits to profit/loss

[2] This accumulated other comprehensive income component is included in the computation of net periodic benefit cost (see Note 6).

XML

Derivatives (Details) (USD $) In Thousands, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014	Mar. 31, 2014
Estimated fair value of Company's commodity derivative instruments for cash collateral and associated cash as collateral
Net derivative asset position, Collateral paid (received)	$ 39,521	$ 79,646	$ 142,791
Net derivative asset position, Fair value of derivatives	21,327	(10,981)	(88,498)
Net derivative asset position, net	60,848	68,665	54,293
Net derivative liability position, Collateral paid	0	0	0
Net derivative liability position, Fair value of derivatives	0	0	0
Net derivative liability position, net	$ 0	$ 0	$ 0

XML

Property, Plant and Equipment (Details) (USD $) In Thousands, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014	Mar. 31, 2014
Components of property, plant and equipment
Land	$ 23,380	$ 23,380	$ 21,906
Land improvements and leasehold improvements	73,651	71,817	67,876
Buildings and storage facilities	274,877	275,059	234,109
Machinery and equipment	340,109	333,559	309,283
Software	68,193	55,436	13,403
Construction in progress	18,354	29,620	52,200
Property, plant and equipment, gross	798,564	788,871	698,777
Less: accumulated depreciation and amortization	346,926	335,264	312,645
Property, plant and equipment, net	$ 451,638	$ 453,607	$ 386,132

XML

Fair Value Measurements (Details) (USD $) In Thousands, unless otherwise specified	Mar. 31, 2015		Dec. 31, 2014		Mar. 31, 2014
Assets and liabilities measured at fair value on a recurring basis
Cash equivalents	$ 1,491		$ 269		$ 25,821
Restricted cash	685		429		652
Commodity derivatives, net	29,582	[1]	25,885	[1]	87,808	[1]
Convertible preferred securities	13,300	[2]	13,300	[2]	20,530	[2]
Other assets and liabilities	8,066	[3]	8,203	[3]	10,009	[3]
Total	53,124		48,086		144,820
Level 1
Assets and liabilities measured at fair value on a recurring basis
Cash equivalents	1,491		269		25,821
Restricted cash	685		429		652
Commodity derivatives, net	60,796	[1]	72,868	[1]	82,626	[1]
Convertible preferred securities	0	[2]	0	[2]	0	[2]
Other assets and liabilities	11,583	[3]	10,869	[3]	10,960	[3]
Total	74,555		84,435		120,059
Level 2
Assets and liabilities measured at fair value on a recurring basis
Cash equivalents	0		0		0
Restricted cash	0		0		0
Commodity derivatives, net	(31,214)	[1]	(46,983)	[1]	5,182	[1]
Convertible preferred securities	0	[2]	0	[2]	0	[2]
Other assets and liabilities	(3,517)	[3]	(2,666)	[3]	(951)	[3]
Total	(34,731)		(49,649)		4,231
Level 3
Assets and liabilities measured at fair value on a recurring basis
Cash equivalents	0		0		0
Restricted cash	0		0		0
Commodity derivatives, net	0	[1]	0	[1]	0	[1]
Convertible preferred securities	13,300	[2]	13,300	[2]	20,530	[2]
Other assets and liabilities	0	[3]	0	[3]	0	[3]
Total	$ 13,300		$ 13,300		$ 20,530

[1] Includes associated cash posted/received as collateral

[2] Recorded in “Other noncurrent assets” on the Company’s Condensed Consolidated Balance Sheets

[3] Included in other assets and liabilities are deferred compensation assets (Level 1) and interest rate derivatives (Level 2)

XML

Segment Information (Details Textual)	3 Months Ended
	Mar. 31, 2015 segment
Segment Reporting [Abstract]
Number of reportable segments (business segments)	5

XML

Employee Benefit Plans (Details) (USD $)	12 Months Ended		3 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Mar. 31, 2015	Mar. 31, 2014
Employee Benefit Plans [Line Items]
Target asset allocation, fixed income investments, percentage	100.00%	49.00%
Amount of unamortized losses in other comprehensive income	$ 64,600,000
Additional company contributions to settle pension obligation	10,300,000
Pension Benefits
Components of the net periodic benefit cost
Service cost			55,000	43,000
Interest cost			1,209,000	1,162,000
Expected return on plan assets			(1,561,000)	(1,905,000)
Recognized net actuarial loss			370,000	207,000
Benefit cost (income)			73,000	(493,000)
Postretirement Benefits
Components of the net periodic benefit cost
Service cost			240,000	187,000
Interest cost			406,000	393,000
Amortization of prior service cost			(136,000)	(136,000)
Recognized net actuarial loss			392,000	229,000
Benefit cost (income)			$ 902,000	$ 673,000

XML

Condensed Consolidated Statements of Equity (Parenthetical) (Unaudited) (USD $) In Thousands, except Per Share data, unless otherwise specified	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Dividends declared, per common share	$ 0.14	$ 0.11
Additional Paid-in Capital
Income tax on stock option exercise and other shares issued to employees and directors	$ 216	$ 1,530
Stock option exercises and other shares issued to employees and directors, shares	162	214
Shares as a result of stock split	0	187
Shares issued in connection with acquisition	77
Retained Earnings
Dividends declared, per common share	$ 0.1400	$ 0.11
Treasury Shares
Treasury shares purchased	631

XML

Supplemental Cash Flow Information (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Noncash investing and financing activity
Capital projects incurred but not yet paid	$ 3,710	$ 4,020
Purchase of a productive asset through seller-financing	1,010	2,562
Shares issued for acquisition of business	4,303	0
Dividends declared not yet paid	$ 3,985	$ 3,126

XML

Derivatives (Details 1) (USD $) In Thousands, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014	Mar. 31, 2014
Derivatives, Fair Value [Line Items]
Commodity derivative assets	$ 21,327	$ (10,981)	$ (88,498)
Commodity derivative liabilities	0	0	0
Commodity derivative assets - current	86,824	92,771	119,330
Commodity derivative assets - noncurrent	243	507	1,365
Commodity derivative liabilities - current	(55,401)	(64,075)	(32,153)
Commodity derivative liabilities - noncurrent	(2,084)	(3,318)	(734)
Commodity
Derivatives, Fair Value [Line Items]
Commodity derivative assets	61,969	56,633	92,915
Commodity derivative liabilities	(71,908)	(110,394)	(147,898)
Cash collateral	39,521	79,646	142,791
Total	29,582	25,885	87,808
Commodity | Commodity derivative assets - current
Derivatives, Fair Value [Line Items]
Commodity derivative assets	60,071	49,847	86,512
Commodity derivative liabilities	(12,768)	(36,722)	(109,973)
Cash collateral	39,521	79,646	142,791
Commodity derivative assets - current	86,824	92,771	119,330
Commodity | Commodity derivative assets - noncurrent
Derivatives, Fair Value [Line Items]
Commodity derivative assets	254	545	1,543
Commodity derivative liabilities	(11)	(38)	(178)
Cash collateral	0	0	0
Commodity derivative assets - noncurrent	243	507	1,365
Commodity | Commodity derivative liabilities - current
Derivatives, Fair Value [Line Items]
Commodity derivative assets	1,615	6,123	4,552
Commodity derivative liabilities	(57,016)	(70,198)	(36,705)
Cash collateral	0	0	0
Commodity derivative liabilities - current	(55,401)	(64,075)	(32,153)
Commodity | Commodity derivative liabilities - noncurrent
Derivatives, Fair Value [Line Items]
Commodity derivative assets	29	118	308
Commodity derivative liabilities	(2,113)	(3,436)	(1,042)
Cash collateral	0	0	0
Commodity derivative liabilities - noncurrent	$ (2,084)	$ (3,318)	$ (734)

XML

Employee Benefit Plans (Tables)

3 Months Ended

Mar. 31, 2015

Pension Benefits

Employee Benefit Plans [Line Items]

Schedule of Defined Benefit Plans Disclosures

The following are components of the net periodic benefit cost for the pension and postretirement benefit plans maintained by the Company for the three months ended March 31, 2015 and 2014:

	Pension Benefits
(in thousands)	Three months ended March 31,
	2015			2014
Service cost	$	55		$	43
Interest cost	1,209			1,162
Expected return on plan assets	(1,561		)	(1,905		)
Recognized net actuarial loss	370			207
Benefit cost (income)	$	73		$	(493	)

Postretirement Benefits

Employee Benefit Plans [Line Items]

Schedule of Defined Benefit Plans Disclosures

	Postretirement Benefits
(in thousands)	Three months ended March 31,
	2015			2014
Service cost	$	240		$	187
Interest cost	406			393
Amortization of prior service cost	(136		)	(136		)
Recognized net actuarial loss	392			229
Benefit cost	$	902		$	673

XML

Derivatives (Tables)

3 Months Ended

Mar. 31, 2015

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Estimated fair value of Company's commodity derivative instruments for cash collateral and associated cash as collateral

The net asset or liability positions of these derivatives (net of their cash collateral) are determined on a counterparty-by-counterparty basis and are included within current or noncurrent commodity derivative assets (or liabilities) on the Condensed Consolidated Balance Sheets:

	March 31, 2015				December 31, 2014					March 31, 2014
(in thousands)	Net derivative asset position		Net derivative liability position		Net derivative asset position			Net derivative liability position		Net derivative asset position			Net derivative liability position
Collateral paid (received)	$	39,521	$	—	$	79,646		$	—	$	142,791		$	—
Fair value of derivatives	21,327		—		(10,981		)	—		(88,498		)	—
Balance at end of period	$	60,848	$	—	$	68,665		$	—	$	54,293		$	—

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value

The following table presents, on a gross basis, current and noncurrent commodity derivative assets and liabilities:

	March 31, 2015
(in thousands)	Commodity derivative assets - current			Commodity derivative assets - noncurrent			Commodity derivative liabilities - current			Commodity derivative liabilities - noncurrent			Total
Commodity derivative assets	$	60,071		$	254		$	1,615		$	29		$	61,969
Commodity derivative liabilities	(12,768		)	(11		)	(57,016		)	(2,113		)	(71,908		)
Cash collateral	39,521			—			—			—			39,521
Balance sheet line item totals	$	86,824		$	243		$	(55,401	)	$	(2,084	)	$	29,582

	December 31, 2014
(in thousands)	Commodity derivative assets - current			Commodity derivative assets - noncurrent			Commodity derivative liabilities - current			Commodity derivative liabilities - noncurrent			Total
Commodity derivative assets	$	49,847		$	545		$	6,123		$	118		$	56,633
Commodity derivative liabilities	(36,722		)	(38		)	(70,198		)	(3,436		)	(110,394		)
Cash collateral	79,646			—			—			—			79,646
Balance sheet line item totals	$	92,771		$	507		$	(64,075	)	$	(3,318	)	$	25,885

	March 31, 2014
(in thousands)	Commodity derivative assets - current			Commodity derivative assets - noncurrent			Commodity derivative liabilities - current			Commodity derivative liabilities - noncurrent			Total
Commodity derivative assets	$	86,512		$	1,543		$	4,552		$	308		$	92,915
Commodity derivative liabilities	(109,973		)	(178		)	(36,705		)	(1,042		)	(147,898		)
Cash collateral	142,791			—			—			—			142,791
Balance sheet line item totals	$	119,330		$	1,365		$	(32,153	)	$	(734	)	$	87,808

Company's Condensed Consolidated Statement of Income gains and location of line items

The gains included in the Company’s Condensed Consolidated Statements of Income and the line items in which they are located for the three months ended March 31, 2015 and 2014 are as follows:

	Three months ended March 31,
(in thousands)	2015		2014
Gains (losses) on commodity derivatives included in sales and merchandising revenues	$	67,811	$	(53,686	)

Amounts of quantities outstanding included in commodity derivative contracts

The Company had the following volume of commodity derivative contracts outstanding (on a gross basis) at March 31, 2015, December 31, 2014 and March 31, 2014:

	March 31, 2015
Commodity	Number of bushels (in thousands)	Number of gallons (in thousands)	Number of pounds (in thousands)	Number of tons (in thousands)
Non-exchange traded:
Corn	276,158	—	—	—
Soybeans	29,646	—	—	—
Wheat	13,232	—	—	—
Oats	29,883	—	—	—
Ethanol	—	197,961	—	—
Corn oil	—	—	5,651	—
Other	339	—	—	116
Subtotal	349,258	197,961	5,651	116
Exchange traded:
Corn	143,320	—	—	—
Soybeans	38,555	—	—	—
Wheat	26,675	—	—	—
Oats	6,390	—	—	—
Ethanol	—	26,334	—	—
Bean Oil	—	—	60,240	—
Other	—	—	—	10
Subtotal	214,940	26,334	60,240	10
Total	564,198	224,295	65,891	126

	December 31, 2014
Commodity	Number of bushels (in thousands)	Number of gallons (in thousands)	Number of pounds (in thousands)	Number of tons (in thousands)
Non-exchange traded:
Corn	265,574	—	—	—
Soybeans	23,820	—	—	—
Wheat	14,967	—	—	—
Oats	23,440	—	—	—
Ethanol	—	233,637	—	—
Corn oil	—	—	18,076	—
Other	28	—	—	139
Subtotal	327,829	233,637	18,076	139
Exchange traded:
Corn	159,575	—	—	—
Soybeans	31,265	—	—	—
Wheat	30,360	—	—	—
Oats	7,545	—	—	—
Ethanol	—	41,832	—	—
Bean oil	—	—	2,700	—
Other	—	—	—	5
Subtotal	228,745	41,832	2,700	5
Total	556,574	275,469	20,776	144

	March 31, 2014
Commodity	Number of bushels (in thousands)	Number of gallons (in thousands)	Number of pounds (in thousands)	Number of tons (in thousands)
Non-exchange traded:
Corn	274,762	—	—	—
Soybeans	29,332	—	—	—
Wheat	12,753	—	—	—
Oats	31,691	—	—	—
Ethanol	—	278,697	—	—
Corn oil	—	—	20,790	—
Other	207	—	—	110
Subtotal	348,745	278,697	20,790	110
Exchange traded:
Corn	197,405	—	—	—
Soybeans	20,810	—	—	—
Wheat	26,750	—	—	—
Oats	8,335	—	—	—
Ethanol	—	82,194	—	—
Subtotal	253,300	82,194	—	—
Total	602,045	360,891	20,790	110

XML

Related Party Transactions (Details 1) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2015		Mar. 31, 2014
Income Earned From Companys Equity Method Investments By Entity [Abstract]
Income earned from Company's equity method investees	$ 3,261		$ 20,501
Reduction in ownership percentage (percentage)	1.50%
The Andersons Albion Ethanol LLC
Income Earned From Companys Equity Method Investments By Entity [Abstract]
Percentage of company ownership interest (percentage)	53.00%
Income earned from Company's equity method investees	1,091		4,943
The Andersons Clymers Ethanol LLC
Income Earned From Companys Equity Method Investments By Entity [Abstract]
Percentage of company ownership interest (percentage)	38.00%
Income earned from Company's equity method investees	288		5,539
The Andersons Marathon Ethanol LLC
Income Earned From Companys Equity Method Investments By Entity [Abstract]
Percentage of company ownership interest (percentage)	50.00%
Income earned from Company's equity method investees	333		8,135
Lansing Trade Group LLC
Income Earned From Companys Equity Method Investments By Entity [Abstract]
Percentage of company ownership interest (percentage)	40.00%	[1]
Income earned from Company's equity method investees	2,410		2,221
Thompsons Limited
Income Earned From Companys Equity Method Investments By Entity [Abstract]
Percentage of company ownership interest (percentage)	50.00%	[2]
Income earned from Company's equity method investees	(861)	[2]	(313)	[2]
Other
Income Earned From Companys Equity Method Investments By Entity [Abstract]
Income earned from Company's equity method investees	$ 0		$ (24)
Minimum | Other
Income Earned From Companys Equity Method Investments By Entity [Abstract]
Percentage of company ownership interest (percentage)	5.00%
Maximum | Other
Income Earned From Companys Equity Method Investments By Entity [Abstract]
Percentage of company ownership interest (percentage)	34.00%

[1] This does not consider restricted management units which once vested will reduce the ownership percentage by approximately 1.5%

[2] Thompsons Limited and related U.S. operating company held by joint ventures

XML

Derivatives (Details 2) (Sales, USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Sales
Derivative Instruments, Gain (Loss) [Line Items]
Gains (losses) on commodity derivatives included in sales and merchandising revenues	$ 67,811	$ (53,686)

XML

Accumulated Other Comprehensive Loss (Tables)

3 Months Ended

Mar. 31, 2015

Equity [Abstract]

Schedule of Accumulated Other Comprehensive Income (Loss)

The following tables summarize the after-tax components of accumulated other comprehensive income (loss) attributable to the Company for the three months ended March 31, 2015 and 2014:

Changes in Accumulated Other Comprehensive Income (Loss) by Component (a)
		For the three months ended March 31, 2015
(in thousands)		Losses on Cash Flow Hedges			Foreign Currency Translation Adjustments			Investment in Debt Securities		Defined Benefit Plan Items			Total
Beginning Balance		$	(364	)	$	(4,709	)	$	126	$	(49,648	)	$	(54,595	)
	Other comprehensive income (loss) before reclassifications	58			(3,983		)	—		475			(3,450		)
	Amounts reclassified from accumulated other comprehensive loss	—			—			—		(85		)	(85		)
Net current-period other comprehensive income (loss)		58			(3,983		)	—		390			(3,535		)
Ending balance		$	(306	)	$	(8,692	)	$	126	$	(49,258	)	$	(58,130	)

Changes in Accumulated Other Comprehensive Income (Loss) by Component (a)
		For the three months ended March 31, 2014
(in thousands)		Losses on Cash Flow Hedges			Foreign Currency Translation Adjustments		Investment in Debt Securities			Defined Benefit Plan Items			Total
Beginning Balance		$	(637	)	$	—	$	7,861		$	(28,405	)	$	(21,181	)
	Other comprehensive income (loss) before reclassifications	69			—		(3,232		)	272			(2,891		)
	Amounts reclassified from accumulated other comprehensive loss	—			—		—			(85		)	(85		)
Net current-period other comprehensive income (loss)		69			—		(3,232		)	187			(2,976		)
Ending balance		$	(568	)	$	—	$	4,629		$	(28,218	)	$	(24,157	)

(a) All amounts are net of tax. Amounts in parentheses indicate debits

Reclassification out of Accumulated Other Comprehensive Income

The following tables show the reclassification adjustments from accumulated other comprehensive income to net income for the three months ended March 31, 2015 and 2014:

Reclassifications Out of Accumulated Other Comprehensive Income (Loss) (a)
(in thousands)	For the three months ended March 31, 2015
Details about Accumulated Other Comprehensive Income Components	Amount Reclassified from Accumulated Other Comprehensive Income			Affected Line Item in the Statement Where Net Income Is Presented
Defined Benefit Plan Items
Amortization of prior-service cost	$	(136	)	(b)
	(136		)	Total before tax
	51			Tax expense
	$	(85	)	Net of tax
Total reclassifications for the period	$	(85	)	Net of tax

Reclassifications Out of Accumulated Other Comprehensive Income (Loss) (a)
(in thousands)	For the three months ended March 31, 2014
Details about Accumulated Other Comprehensive Income Components	Amount Reclassified from Accumulated Other Comprehensive Income			Affected Line Item in the Statement Where Net Income Is Presented
Defined Benefit Plan Items
Amortization of prior-service cost	$	(136	)	(b)
	(136		)	Total before tax
	51			Tax expense
	$	(85	)	Net of tax
Total reclassifications for the period	$	(85	)	Net of tax

(a) Amounts in parentheses indicate debits to profit/loss

(b) This accumulated other comprehensive income component is included in the computation of net periodic benefit cost (see Note 6).

XML

Earnings Per Share (Tables)

3 Months Ended

Mar. 31, 2015

Earnings Per Share [Abstract]

Earnings per share

(in thousands, except per common share data)	Three months ended March 31,
	2015		2014
Net income attributable to The Andersons, Inc.	$	4,097	$	22,708
Less: Distributed and undistributed earnings allocated to nonvested restricted stock	8		104
Earnings available to common shareholders	$	4,089	$	22,604
Earnings per share – basic:
Weighted average shares outstanding – basic	28,742		28,155
Earnings per common share – basic	$	0.14	$	0.80
Earnings per share – diluted:
Weighted average shares outstanding – basic	28,742		28,155
Effect of dilutive awards	59		69
Weighted average shares outstanding – diluted	28,801		28,224
Earnings per common share – diluted	$	0.14	$	0.80

XML

Condensed Consolidated Statements of Equity (Unaudited) (USD $) In Thousands, unless otherwise specified	Total		Common Shares	Additional Paid-in Capital	Treasury Shares	Accumulated Other Comprehensive Loss	Retained Earnings	Noncontrolling Interests
Beginning Balance at Dec. 31, 2013	$ 724,421		$ 96	$ 184,380	$ (10,222)	$ (21,181)	$ 548,401	$ 22,947
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	26,029						22,708	3,321
Other comprehensive (loss)	(2,976)	[1]				(2,976)
Cash distributions to noncontrolling interest	(2,451)							(2,451)
Stock awards, stock option exercises and other shares issued to employees and directors, net of income tax of $216 (162 shares) and $1,530 (214 shares) for the period Marc 31, 2015 and 2014, respectively	1,490			18	1,472
Payment of cash in lieu for stock split (187 shares)	(58)			(58)
Dividends declared ($0.14 and $0.11 per common share for the year Marc 31, 2015 and 2014, respectively)	(3,126)						(3,126)
Performance share unit dividend equivalents	0			134			(134)
Ending Balance at Mar. 31, 2014	743,329		96	184,474	(8,750)	(24,157)	567,849	23,817
Beginning Balance at Dec. 31, 2014	824,049		96	222,789	(9,743)	(54,595)	644,556	20,946
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	3,945						4,097	(152)
Other comprehensive (loss)	(3,535)	[1]				(3,535)
Stock awards, stock option exercises and other shares issued to employees and directors, net of income tax of $216 (162 shares) and $1,530 (214 shares) for the period Marc 31, 2015 and 2014, respectively	924			(4,051)	4,975
Purchase of treasury shares (631 shares)	(27,783)				(27,783)
Dividends declared ($0.14 and $0.11 per common share for the year Marc 31, 2015 and 2014, respectively)	(3,985)						(3,985)
Shares issued for acquisitions (77 shares)	4,303			4,303
Performance share unit dividend equivalents	0			138			(138)
Ending Balance at Mar. 31, 2015	$ 797,918		$ 96	$ 223,179	$ (32,551)	$ (58,130)	$ 644,530	$ 20,794

[1] All amounts are net of tax. Amounts in parentheses indicate debits

XML

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2015

Fair Value Disclosures [Abstract]

Assets and liabilities measured at fair value on a recurring basis

The following table presents the Company’s assets and liabilities measured at fair value on a recurring basis at March 31, 2015, December 31, 2014 and March 31, 2014:

(in thousands)	March 31, 2015
Assets (liabilities)	Level 1		Level 2			Level 3		Total
Cash equivalents	$	1,491	$	—		$	—	$	1,491
Restricted cash	685		—			—		685
Commodity derivatives, net (a)	60,796		(31,214		)	—		29,582
Convertible preferred securities (b)	—		—			13,300		13,300
Other assets and liabilities (c)	11,583		(3,517		)	—		8,066
Total	$	74,555	$	(34,731	)	$	13,300	$	53,124

(in thousands)	December 31, 2014
Assets (liabilities)	Level 1		Level 2			Level 3		Total
Cash equivalents	$	269	$	—		$	—	$	269
Restricted cash	429		—			—		429
Commodity derivatives, net (a)	72,868		(46,983		)	—		25,885
Convertible preferred securities (b)	—		—			13,300		13,300
Other assets and liabilities (c)	10,869		(2,666		)	—		8,203
Total	$	84,435	$	(49,649	)	$	13,300	$	48,086

(in thousands)	March 31, 2014
Assets (liabilities)	Level 1		Level 2			Level 3		Total
Cash equivalents	$	25,821	$	—		$	—	$	25,821
Restricted cash	652		—			—		652
Commodity derivatives, net (a)	82,626		5,182			—		87,808
Convertible preferred securities (b)	—		—			20,530		20,530
Other assets and liabilities (c)	10,960		(951		)	—		10,009
Total	$	120,059	$	4,231		$	20,530	$	144,820

(a) Includes associated cash posted/received as collateral

(b) Recorded in “Other noncurrent assets” on the Company’s Condensed Consolidated Balance Sheets

(c) Included in other assets and liabilities are deferred compensation assets (Level 1) and interest rate derivatives (Level 2)

Beginning and ending balances for the Company's fair value measurements using Level 3 inputs

A reconciliation of beginning and ending balances for the Company’s fair value measurements using Level 3 inputs is as follows:

(in thousands)	2015		2014
	Convertible Preferred Securities		Convertible Preferred Securities
Asset at January 1,	$	13,300	$	25,720
Unrealized gains (losses) included in other comprehensive income	—		(5,190		)
Asset at March 31,	13,300		20,530

Fair Value Inputs, Assets, Quantitative Information

The following tables summarize quantitative information about the Company's Level 3 fair value measurements as of March 31, 2015, December 31, 2014 and March 31, 2014:

Quantitative Information about Level 3 Fair Value Measurements
(in thousands)	Fair Value as of March 31, 2015		Valuation Method	Unobservable Input	Weighted Average
Convertible Preferred Securities	$	13,300	Market Approach	EBITDA Multiples	6.61
			Income Approach	Discount Rate	14.5	%

(in thousands)	Fair Value as of December 31, 2014		Valuation Method	Unobservable Input	Weighted Average
Convertible Preferred Securities	$	13,300	Market Approach	EBITDA Multiples	7.00
			Income Approach	Discount Rate	14.5	%

(in thousands)	Fair Value as of March 31, 2014		Valuation Method	Unobservable Input	Weighted Average
Convertible Preferred Securities	$	20,530	Market Approach	EBITDA Multiples	7.75
			Income Approach	Discount Rate	14.5	%

Fair value of long-term debt estimated using quoted market prices or discounted future cash flows

(in thousands)	March 31, 2015		December 31, 2014		March 31, 2014
Fair value of long-term debt, including current maturities	$	350,684	$	382,139	$	400,495
Fair value in excess of carrying value	8,390		7,086		3,574

XML

Debt (Details) (USD $) In Thousands, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014	Mar. 31, 2014
Debt Instrument [Line Items]
Short-term debt	$ 311,660	$ 2,166	$ 226,100
Long-term debt
Total current maturities of long-term debt	19,037	76,415	90,760
Total long-term debt, less current maturities	323,258	298,638	306,161
Nonrecourse
Long-term debt
Total current maturities of long-term debt	0	0	6,012
Total long-term debt, less current maturities	0	0	3,288
Recourse
Debt Instrument [Line Items]
Short-term debt	311,660	2,166	226,100
Long-term debt
Total current maturities of long-term debt	19,037	76,415	84,748
Total long-term debt, less current maturities	$ 323,258	$ 298,638	$ 302,873

XML

Fair Value Measurements (Details 1) (USD $) In Thousands, unless otherwise specified	3 Months Ended		12 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014
Convertible Preferred Stock
Beginning and ending balances for the Company's fair value measurements using Level 3 inputs
Asset, Beginning Balance	13,300	25,720	25,720
Unrealized gains (losses) included in other comprehensive income	0	(5,190)
Asset, Ending Balance	13,300	20,530
Asset fair value	13,300	20,530
Level 3 | Convertible Preferred Stock
Beginning and ending balances for the Company's fair value measurements using Level 3 inputs
Asset, Ending Balance	13,300	20,530	13,300
Asset fair value	13,300	20,530	13,300
Market Approach Valuation Technique | Level 3 | Convertible Preferred Stock
Beginning and ending balances for the Company's fair value measurements using Level 3 inputs
Fair Value Inputs, Earnings before Interest, Taxes, Depreciation, and Amortization Multiple	6.61	7.75	7.00
Income Approach Valuation Technique | Level 3 | Convertible Preferred Stock
Beginning and ending balances for the Company's fair value measurements using Level 3 inputs
Fair Value Inputs, Discount Rate	14.50%	14.50%	14.50%

XML

Condensed Consolidated Balance Sheets (Unaudited) (USD $) In Thousands, unless otherwise specified	Mar. 31, 2015		Dec. 31, 2014		Mar. 31, 2014
Current assets:
Cash and cash equivalents	$ 54,461		$ 114,704		$ 43,693
Restricted cash	685		429		652
Accounts receivable, net	209,928		183,059		191,972
Inventories (Note 2)	743,957		795,655		725,584
Commodity derivative assets – current	86,824		92,771		119,330
Deferred income taxes	12,878		7,337		9,104
Other current assets	65,017		60,492		48,214
Total current assets	1,173,750		1,254,447		1,138,549
Other assets:
Commodity derivative assets – noncurrent	243		507		1,365
Goodwill	72,365		72,365		58,554
Other assets, net	54,454		59,162		55,974
Pension asset	0		0		15,079
Equity method investments	222,082		226,857		232,396
Investments and Other Noncurrent Assets	349,144		358,891		363,368
Rail Group assets leased to others, net (Note 3)	313,095		297,747		237,534
Property, plant and equipment, net (Note 3)	451,638		453,607		386,132
Total assets	2,287,627		2,364,692		2,125,583
Current liabilities:
Short-term debt	311,660		2,166		226,100
Accounts payable for grain	206,153		535,974		183,998
Other accounts payable	164,224		170,849		177,623
Customer prepayments and deferred revenue	130,254		99,617		124,981
Commodity derivative liabilities – current	55,401		64,075		32,153
Accrued expenses and other current liabilities	64,065		78,610		56,290
Current maturities of long-term debt (Note 4)	19,037		76,415		90,760
Total current liabilities	950,794		1,027,706		891,905
Other long-term liabilities	14,871		15,507		14,749
Commodity derivative liabilities – noncurrent	2,084		3,318		734
Employee benefit plan obligations	59,557		59,308		39,989
Long-term debt, less current maturities (Note 4)	323,258		298,638		306,161
Deferred income taxes	139,145		136,166		128,716
Total liabilities	1,489,709		1,540,643		1,382,254
Commitments and contingencies (Note 13)
Shareholders’ equity:
Common shares, without par value (42,000 shares authorized; 29,430, 29,353 and 28,797 shares issued at 3/31/15, 12/31/14 and 3/31/14, respectively)	96		96		96
Preferred shares, without par value (1,000 shares authorized; none issued)	0		0		0
Additional paid-in-capital	223,179		222,789		184,474
Treasury shares, at cost (859, 390 and 378 shares at 3/31/15, 12/31/14 and 3/31/14, respectively)	(32,551)		(9,743)		(8,750)
Accumulated other comprehensive loss	(58,130)	[1]	(54,595)	[1]	(24,157)	[1]
Retained earnings	644,530		644,556		567,849
Total shareholders’ equity of The Andersons, Inc.	777,124		803,103		719,512
Noncontrolling interests	20,794		20,946		23,817
Total equity	797,918		824,049		743,329
Total liabilities and equity	$ 2,287,627		$ 2,364,692		$ 2,125,583

[1] All amounts are net of tax. Amounts in parentheses indicate debits

XML

Derivatives (Details 3)	Mar. 31, 2015 T	Dec. 31, 2014 bu	Mar. 31, 2014 bu
Amounts of quantities outstanding included in commodity derivative contracts
Nonmonetary notional amount	126,000	556,574,000	602,045,000
Non-exchange Traded
Amounts of quantities outstanding included in commodity derivative contracts
Nonmonetary notional amount	116,000	327,829,000	278,697,000
Non-exchange Traded | Corn
Amounts of quantities outstanding included in commodity derivative contracts
Nonmonetary notional amount	276,158,000	0	0
Non-exchange Traded | Soybeans
Amounts of quantities outstanding included in commodity derivative contracts
Nonmonetary notional amount	0	0	0
Non-exchange Traded | Wheat
Amounts of quantities outstanding included in commodity derivative contracts
Nonmonetary notional amount	13,232,000	0	0
Non-exchange Traded | Oats
Amounts of quantities outstanding included in commodity derivative contracts
Nonmonetary notional amount	0	0	0
Non-exchange Traded | Ethanol
Amounts of quantities outstanding included in commodity derivative contracts
Nonmonetary notional amount	0	0	278,697,000
Non-exchange Traded | Corn Oil
Amounts of quantities outstanding included in commodity derivative contracts
Nonmonetary notional amount	0	18,076,000	0
Non-exchange Traded | Other
Amounts of quantities outstanding included in commodity derivative contracts
Nonmonetary notional amount	0	139,000	207,000
Exchange Traded
Amounts of quantities outstanding included in commodity derivative contracts
Nonmonetary notional amount	214,940,000	228,745,000	82,194,000
Exchange Traded | Corn
Amounts of quantities outstanding included in commodity derivative contracts
Nonmonetary notional amount	143,320,000	0	0
Exchange Traded | Soybeans
Amounts of quantities outstanding included in commodity derivative contracts
Nonmonetary notional amount	0	0	0
Exchange Traded | Wheat
Amounts of quantities outstanding included in commodity derivative contracts
Nonmonetary notional amount	0	0	0
Exchange Traded | Oats
Amounts of quantities outstanding included in commodity derivative contracts
Nonmonetary notional amount	0	0	0
Exchange Traded | Ethanol
Amounts of quantities outstanding included in commodity derivative contracts
Nonmonetary notional amount	26,334,000	0	0
Exchange Traded | Bean Oil
Amounts of quantities outstanding included in commodity derivative contracts
Nonmonetary notional amount	0	0
Exchange Traded | Other
Amounts of quantities outstanding included in commodity derivative contracts
Nonmonetary notional amount	0	0

XML

Condensed Consolidated Statements of Comprehensive Income (Parenthetical) (Unaudited) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Statement of Comprehensive Income [Abstract]
Increase in estimated fair value of investment in debt securities, tax expense (benefit)	$ 0	$ (1,958)
Unrecognized actuarial loss and prior service cost, tax expense (benefit)	236	113
Foreign currency translation adjustments, tax	(613)	0
Income tax on cash flow hedge activity	$ 35	$ 42

XML

Related Party Transactions (Details Textual) (USD $)	3 Months Ended			0 Months Ended
	Mar. 31, 2015		Mar. 31, 2014	Jan. 22, 2014	Dec. 31, 2014	Jan. 21, 2014
Related Party Transaction [Line Items]
Total distributions received from unconsolidated affiliates	$ 4,600,000		$ 65,600,000
Proceeds from returns of investments in affiliates	0		31,457,000
Percentage of shares acquired from subsidiary (percentage)	100.00%
Voting interest in IANR (percentage)	49.90%
Voting interest held by the common shareholders (percentage)	50.10%
Rate of dividends accrued annually (percentage)	14.00%
Estimated fair value of the Company's investment in IANR	13,300,000
Current maximum exposure to loss related to IANR	21,600,000
Investment and unpaid accrued dividends	8,300,000
Revenues recognized for the sale of ethanol	101,800,000		144,300,000
Revenues recognized for the sale of corn	96,700,000		117,200,000
Related party, Gross asset	2,400,000		24,000,000		1,400,000
Related party, Gross liability	300,000		10,300,000		3,800,000
Thompsons Limited
Related Party Transaction [Line Items]
Percentage of company ownership interest (percentage)	50.00%	[1]
The Andersons Ethanol Investment LLC
Related Party Transaction [Line Items]
Percentage of company ownership interest (percentage)	66.00%
Noncontrolling interest is attributed of all gains and losses of parent (percentage)	34.00%
The Andersons Marathon Ethanol LLC
Related Party Transaction [Line Items]
Percentage of company ownership interest (percentage)	50.00%
Lansing Trade Group LLC
Related Party Transaction [Line Items]
Agreement for partial redemption of equity method investment				60,000,000
Percentage of company ownership interest (percentage)				39.20%		47.50%
Total distributions received from unconsolidated affiliates				28,500,000
Proceeds from returns of investments in affiliates				31,500,000
Equity Method Investment, Realized Gain (Loss) on Disposal			17,100,000
Equity Method Investment, Realized Gain (Loss) on Disposal, Net of Tax			$ 10,700,000

[1] Thompsons Limited and related U.S. operating company held by joint ventures

XML

Supplemental Cash Flow Information (Tables)

3 Months Ended

Mar. 31, 2015

Supplemental Cash Flow Information [Abstract]

Schedule of Cash Flow Supplemental Information

Certain supplemental cash flow information, including noncash investing and financing activities for the three months ended March 31, 2015 and 2014 are as follows:

	Three months ended March 31,
(in thousands)	2015		2014
Noncash investing and financing activity
Capital projects incurred but not yet paid	$	3,710	$	4,020
Purchase of a productive asset through seller-financing	1,010		2,562
Shares issued for acquisition of business	4,303		—
Dividends declared not yet paid	3,985		3,126

XML

Commitments and Contingencies

3 Months Ended

Mar. 31, 2015

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Commitments and Contingencies

The Company is party to litigation, or threats thereof, both as defendant and plaintiff with some regularity, although individual cases that are material in size occur infrequently. As a defendant, the Company establishes reserves for claimed amounts that are considered probable, and capable of estimation. If those cases are resolved for lesser amounts, the excess reserves are taken into income and, conversely, if those cases are resolved for larger than the amount the Company has accrued, the Company records additional expense. The Company believes it is unlikely that the results of its current legal proceedings for which it is the defendant, even if unfavorable, will be material. As a plaintiff, amounts that are collected can also result in sudden, non-recurring income. Litigation results depend upon a variety of factors, including the availability of evidence, the credibility of witnesses, the performance of counsel, the state of the law, and the impressions of judges and jurors, any of which can be critical in importance, yet difficult, if not impossible, to predict. Consequently, cases currently pending, or future matters, may result in unexpected, and non-recurring losses, or income, from time to time. Finally, litigation results are often subject to judicial reconsideration, appeal and further negotiation by the parties, and as a result, the final impact of a particular judicial decision may be unknown for some time, or may result in continued reserves to account for the potential of such post-verdict actions.

The estimated range of loss for all outstanding claims that are considered reasonably possible of occurring is not material. The Company has received and is cooperating fully with a request for information from the United States Environmental Protection Agency (“U.S. EPA”) regarding the history of the grain and fertilizer facility along the Maumee River in Toledo, Ohio. The U.S. EPA is investigating the possible introduction into the Maumee River of hazardous materials potentially leaching from rouge piles deposited along the riverfront by glass manufacturing operations that existed in the area prior to the initial acquisition of the land in 1960. The Company has on several prior occasions cooperated with local, state and federal regulators to install or improve drainage systems to contain storm water runoff and sewer discharges along the riverfront property to minimize the potential for such leaching. Other area land owners and the successor to the original glass making operations have also been contacted by the U.S. EPA for information. No claim or finding has been asserted thus far.

XML

Inventories (Details) (USD $) In Thousands, unless otherwise specified	Mar. 31, 2015 bu	Dec. 31, 2014 bu	Mar. 31, 2014 bu
Inventory, Net [Abstract]
Grain	$ 470,216	$ 570,916	$ 488,492
Ethanol and by-products	9,940	13,154	17,658
Plant nutrients and cob products	229,551	181,136	188,362
Retail merchandise	27,311	23,810	26,205
Railcar repair parts	6,739	6,431	4,661
Other	200	208	206
Total inventories	$ 743,957	$ 795,655	$ 725,584
Bushels of grain held in storage and excluded from inventory calculations	1,800,000	3,100,000	5,600,000

XML

Business Acquisitions

3 Months Ended

Mar. 31, 2015

Business Combinations [Abstract]

Business Combinations

Business Acquisitions

There were no business acquisitions completed through the first quarter of 2015.

Prior Years Business Acquisitions

On October 7, 2014, the Company purchased Auburn Bean and Grain, which included six grain and four agronomy assets. The Company acquired 100% of the outstanding shares of Auburn Bean and Grain, in related transactions valued at an aggregate purchase price of $60.9 million. The purchase occurred in two transactions. For the shares of Auburn Bean and Grain, the Company paid $5.0 million in cash and approximately 637 thousand unregistered shares of the Company's common stock, valued at $35.5 million. Included in these amounts are approximately 80 thousand shares, valued at $4.5 million for an adjustment to working capital paid in 2015. The Company also paid $20.4 million in cash for certain facilities previously leased by Auburn Bean and Grain. The purchase provides combined grain storage capacity of approximately: 18.1 million bushels, 16.0 thousand tons of dry and 3.7 million gallons of liquid nutrient capacity. The purchase price allocation was finalized in the first quarter of 2015 with no changes noted from December 31, 2014.

The Company also completed various individually insignificant acquisitions in 2014 for a combined purchase price of $7.2 million. The purchase price allocations were finalized in the first quarter of 2015 with no changes noted from December 31, 2014.

XML

Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Operating activities
Net income	$ 3,945	$ 26,029
Adjustments to reconcile net income to cash used in operating activities:
Depreciation and amortization	17,523	13,856
Bad debt expense	188	377
Cash distributions in excess of (less than) income of unconsolidated affiliates	1,404	45,061
Gain on sale of investments in affiliates	0	(17,055)
Gains on sales of Rail Group assets and related leases	(4,522)	(10,769)
Excess tax benefit from share-based payment arrangement	(224)	(1,608)
Deferred income taxes	(3,446)	6,264
Stock-based compensation expense	736	1,462
Other	890	(2,504)
Changes in operating assets and liabilities:
Accounts receivable	(28,366)	(19,390)
Inventories	51,698	(110,661)
Commodity derivatives	(3,696)	(86,842)
Other assets	(4,042)	(1,730)
Accounts payable for grain	(329,821)	(408,185)
Other accounts payable and accrued expenses	11,074	67,082
Net cash used in operating activities	(286,659)	(498,613)
Investing Activities
Purchases of Rail Group assets	(23,455)	(14,005)
Proceeds from sale of Rail Group assets	12,851	25,465
Purchases of property, plant and equipment	(6,742)	(5,523)
Proceeds from sale of property, plant and equipment	80	108
Proceeds from returns of investments in affiliates	0	31,457
Change in restricted cash	(256)	(244)
Net cash (used in) provided by investing activities	(17,522)	37,258
Financing Activities
Net change in short-term borrowings	308,500	226,100
Proceeds from issuance of long-term debt	30,799	3,598
Payments of long-term debt	(63,466)	(30,560)
Purchase of treasury stock	(27,783)	0
Proceeds from sale of treasury shares to employees and directors	403	1,499
Payments of debt issuance costs	(107)	(3,175)
Dividends paid	(4,059)	(3,107)
Excess tax benefit from share-based payment arrangement	224	1,608
Other	(573)	0
Net cash provided by financing activities	243,938	195,963
Decrease in cash and cash equivalents	(60,243)	(265,392)
Cash and cash equivalents at beginning of period	114,704	309,085
Cash and cash equivalents at end of period	$ 54,461	$ 43,693

XML

Condensed Consolidated Balance Sheets (Parenthetical) (Unaudited) (USD $)	Mar. 31, 2015	Dec. 31, 2014	Mar. 31, 2014
Statement of Financial Position [Abstract]
Common shares, par value (dollars per share)	$ 0	$ 0	$ 0
Common shares, shares authorized (shares)	42,000,000	42,000,000	42,000,000
Common shares, shares issued (shares)	29,430,000	29,353,000	28,797,000
Preferred shares, par value (dollars per share)	$ 0	$ 0	$ 0
Preferred shares, shares authorized (shares)	1,000,000	1,000,000	1,000,000
Preferred shares, shares issued (shares)	0	0	0
Treasury shares, at cost (shares)	859,000	390,000	378,000

XML

Accumulated Other Comprehensive Loss

3 Months Ended

Mar. 31, 2015

Equity [Abstract]

Accumulated Other Comprehensive Loss

Accumulated Other Comprehensive Loss

The following tables summarize the after-tax components of accumulated other comprehensive income (loss) attributable to the Company for the three months ended March 31, 2015 and 2014:

Changes in Accumulated Other Comprehensive Income (Loss) by Component (a)
		For the three months ended March 31, 2015
(in thousands)		Losses on Cash Flow Hedges			Foreign Currency Translation Adjustments			Investment in Debt Securities		Defined Benefit Plan Items			Total
Beginning Balance		$	(364	)	$	(4,709	)	$	126	$	(49,648	)	$	(54,595	)
	Other comprehensive income (loss) before reclassifications	58			(3,983		)	—		475			(3,450		)
	Amounts reclassified from accumulated other comprehensive loss	—			—			—		(85		)	(85		)
Net current-period other comprehensive income (loss)		58			(3,983		)	—		390			(3,535		)
Ending balance		$	(306	)	$	(8,692	)	$	126	$	(49,258	)	$	(58,130	)

Changes in Accumulated Other Comprehensive Income (Loss) by Component (a)
		For the three months ended March 31, 2014
(in thousands)		Losses on Cash Flow Hedges			Foreign Currency Translation Adjustments		Investment in Debt Securities			Defined Benefit Plan Items			Total
Beginning Balance		$	(637	)	$	—	$	7,861		$	(28,405	)	$	(21,181	)
	Other comprehensive income (loss) before reclassifications	69			—		(3,232		)	272			(2,891		)
	Amounts reclassified from accumulated other comprehensive loss	—			—		—			(85		)	(85		)
Net current-period other comprehensive income (loss)		69			—		(3,232		)	187			(2,976		)
Ending balance		$	(568	)	$	—	$	4,629		$	(28,218	)	$	(24,157	)

(a) All amounts are net of tax. Amounts in parentheses indicate debits

The following tables show the reclassification adjustments from accumulated other comprehensive income to net income for the three months ended March 31, 2015 and 2014:

Reclassifications Out of Accumulated Other Comprehensive Income (Loss) (a)
(in thousands)	For the three months ended March 31, 2015
Details about Accumulated Other Comprehensive Income Components	Amount Reclassified from Accumulated Other Comprehensive Income			Affected Line Item in the Statement Where Net Income Is Presented
Defined Benefit Plan Items
Amortization of prior-service cost	$	(136	)	(b)
	(136		)	Total before tax
	51			Tax expense
	$	(85	)	Net of tax
Total reclassifications for the period	$	(85	)	Net of tax

Reclassifications Out of Accumulated Other Comprehensive Income (Loss) (a)
(in thousands)	For the three months ended March 31, 2014
Details about Accumulated Other Comprehensive Income Components	Amount Reclassified from Accumulated Other Comprehensive Income			Affected Line Item in the Statement Where Net Income Is Presented
Defined Benefit Plan Items
Amortization of prior-service cost	$	(136	)	(b)
	(136		)	Total before tax
	51			Tax expense
	$	(85	)	Net of tax
Total reclassifications for the period	$	(85	)	Net of tax

(a) Amounts in parentheses indicate debits to profit/loss

(b) This accumulated other comprehensive income component is included in the computation of net periodic benefit cost (see Note 6).

XML

Document and Entity Information In Millions, unless otherwise specified	3 Months Ended
	Mar. 31, 2015	Apr. 30, 2015
Document and Entity Information [Abstract]
Entity Registrant Name	Andersons, Inc.
Entity Central Index Key	0000821026
Document Type	10-Q
Document Period End Date	Mar. 31, 2015
Amendment Flag	false
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		28.4

XML

Earnings Per Share

3 Months Ended

Mar. 31, 2015

Earnings Per Share [Abstract]

Earnings Per Share

Earnings Per Share

Unvested share-based payment awards that contain non-forfeitable rights to dividends are participating securities and are included in the computation of earnings per share pursuant to the two-class method. The two-class method of computing earnings per share is an earnings allocation formula that determines earnings per share for common stock and any participating securities according to dividends declared (whether paid or unpaid) and participation rights in undistributed earnings. The Company’s nonvested restricted stock that was granted prior to March 2015 is considered a participating security since the share-based awards contain a non-forfeitable right to dividends irrespective of whether the awards ultimately vest.

(in thousands, except per common share data)	Three months ended March 31,
	2015		2014
Net income attributable to The Andersons, Inc.	$	4,097	$	22,708
Less: Distributed and undistributed earnings allocated to nonvested restricted stock	8		104
Earnings available to common shareholders	$	4,089	$	22,604
Earnings per share – basic:
Weighted average shares outstanding – basic	28,742		28,155
Earnings per common share – basic	$	0.14	$	0.80
Earnings per share – diluted:
Weighted average shares outstanding – basic	28,742		28,155
Effect of dilutive awards	59		69
Weighted average shares outstanding – diluted	28,801		28,224
Earnings per common share – diluted	$	0.14	$	0.80

There were no antidilutive stock-based awards outstanding at March 31, 2015 or 2014.

XML

Condensed Consolidated Statements of Income (Unaudited) (USD $) In Thousands, except Per Share data, unless otherwise specified	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Income Statement [Abstract]
Sales and merchandising revenues	$ 950,090	$ 1,003,294
Cost of sales and merchandising revenues	866,777	926,519
Gross profit	83,313	76,775
Operating, administrative and general expenses	78,604	70,985
Interest expense	6,039	6,002
Other income:
Equity in earnings of affiliates, net	3,261	20,501
Other income, net	3,107	19,612
Income before income taxes	5,038	39,901
Income tax provision	1,093	13,872
Net income	3,945	26,029
Net (loss) income attributable to the noncontrolling interests	(152)	3,321
Net income attributable to The Andersons, Inc.	$ 4,097	$ 22,708
Per common share:
Basic earnings attributable to The Andersons, Inc. common shareholders (dollars per share)	$ 0.14	$ 0.80
Diluted earnings attributable to The Andersons, Inc. common shareholders (dollars per share)	$ 0.14	$ 0.80
Dividends declared (dollars per share)	$ 0.14	$ 0.11

XML

Property, Plant and Equipment

3 Months Ended

Mar. 31, 2015

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

Property, Plant and Equipment

The components of property, plant and equipment are as follows:

(in thousands)	March 31, 2015		December 31, 2014		March 31, 2014
Land	$	23,380	$	23,380	$	21,906
Land improvements and leasehold improvements	73,651		71,817		67,876
Buildings and storage facilities	274,877		275,059		234,109
Machinery and equipment	340,109		333,559		309,283
Software	68,193		55,436		13,403
Construction in progress	18,354		29,620		52,200
	798,564		788,871		698,777
Less: accumulated depreciation and amortization	346,926		335,264		312,645
	$	451,638	$	453,607	$	386,132

Depreciation and amortization expense on property, plant and equipment amounted to $12.4 million and $9.9 million for the year-to-date periods ended March 31, 2015 and 2014, respectively.

Rail Group Assets

The components of Rail Group assets leased to others are as follows:

(in thousands)	March 31, 2015		December 31, 2014		March 31, 2014
Rail Group assets leased to others	$	402,509	$	384,958	$	316,520
Less: accumulated depreciation	89,414		87,211		78,986
	$	313,095	$	297,747	$	237,534

Depreciation expense on Rail Group assets leased to others amounted to $4.0 million and $3.4 million for the year-to-date periods ended March 31, 2015 and 2014, respectively.

XML

Inventories

3 Months Ended

Mar. 31, 2015

Inventory, Net [Abstract]

Inventories

Inventories

Major classes of inventories are as follows:

(in thousands)	March 31, 2015		December 31, 2014		March 31, 2014
Grain	$	470,216	$	570,916	$	488,492
Ethanol and by-products	9,940		13,154		17,658
Plant nutrients and cob products	229,551		181,136		188,362
Retail merchandise	27,311		23,810		26,205
Railcar repair parts	6,739		6,431		4,661
Other	200		208		206
	$	743,957	$	795,655	$	725,584

Inventories on the Condensed Consolidated Balance Sheets at March 31, 2015, December 31, 2014 and March 31, 2014 do not include 1.8 million, 3.1 million and 5.6 million bushels of grain, respectively, held in storage for others. The Company does not have title to the grain and is only liable for any deficiencies in grade or shortage of quantity that may arise during the storage period. Management has not experienced historical losses on any deficiencies and does not anticipate material losses in the future.

XML

Supplemental Cash Flow Information

3 Months Ended

Mar. 31, 2015

Supplemental Cash Flow Elements [Abstract]

Supplemental Cash Flow Information

Supplemental Cash Flow Information

Certain supplemental cash flow information, including noncash investing and financing activities for the three months ended March 31, 2015 and 2014 are as follows:

	Three months ended March 31,
(in thousands)	2015		2014
Noncash investing and financing activity
Capital projects incurred but not yet paid	$	3,710	$	4,020
Purchase of a productive asset through seller-financing	1,010		2,562
Shares issued for acquisition of business	4,303		—
Dividends declared not yet paid	3,985		3,126

XML

Fair Value Measurements

3 Months Ended

Mar. 31, 2015

Fair Value Disclosures [Abstract]

Fair Value Measurements

Fair Value Measurements

The following table presents the Company’s assets and liabilities measured at fair value on a recurring basis at March 31, 2015, December 31, 2014 and March 31, 2014:

(in thousands)	March 31, 2015
Assets (liabilities)	Level 1		Level 2			Level 3		Total
Cash equivalents	$	1,491	$	—		$	—	$	1,491
Restricted cash	685		—			—		685
Commodity derivatives, net (a)	60,796		(31,214		)	—		29,582
Convertible preferred securities (b)	—		—			13,300		13,300
Other assets and liabilities (c)	11,583		(3,517		)	—		8,066
Total	$	74,555	$	(34,731	)	$	13,300	$	53,124

(in thousands)	December 31, 2014
Assets (liabilities)	Level 1		Level 2			Level 3		Total
Cash equivalents	$	269	$	—		$	—	$	269
Restricted cash	429		—			—		429
Commodity derivatives, net (a)	72,868		(46,983		)	—		25,885
Convertible preferred securities (b)	—		—			13,300		13,300
Other assets and liabilities (c)	10,869		(2,666		)	—		8,203
Total	$	84,435	$	(49,649	)	$	13,300	$	48,086

(in thousands)	March 31, 2014
Assets (liabilities)	Level 1		Level 2			Level 3		Total
Cash equivalents	$	25,821	$	—		$	—	$	25,821
Restricted cash	652		—			—		652
Commodity derivatives, net (a)	82,626		5,182			—		87,808
Convertible preferred securities (b)	—		—			20,530		20,530
Other assets and liabilities (c)	10,960		(951		)	—		10,009
Total	$	120,059	$	4,231		$	20,530	$	144,820

(a) Includes associated cash posted/received as collateral

(b) Recorded in “Other noncurrent assets” on the Company’s Condensed Consolidated Balance Sheets

(c) Included in other assets and liabilities are deferred compensation assets (Level 1) and interest rate derivatives (Level 2)

Level 1 commodity derivatives reflect the fair value of the exchanged-traded futures and options contracts that the Company holds, net of the cash collateral that the Company has in its margin account.

The majority of the Company’s assets and liabilities measured at fair value are based on the market approach valuation technique. With the market approach, fair value is derived using prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities.

The Company’s net commodity derivatives primarily consist of futures or options contracts via regulated exchanges and contracts with producers or customers under which the future settlement date and bushels (or gallons in the case of ethanol contracts) of commodities to be delivered (primarily wheat, corn, soybeans and ethanol) are fixed and under which the price may or may not be fixed. Depending on the specifics of the individual contracts, the fair value is derived from the futures or options prices on the CME or the New York Mercantile Exchange for similar commodities and delivery dates as well as observable quotes for local basis adjustments (the difference, which is attributable to local market conditions, between the quoted futures price and the local cash price). Because basis for a particular commodity and location typically has multiple quoted prices from other agribusinesses in the same geographical vicinity and is used as a common pricing mechanism in the Agribusiness industry, we have concluded that basis is a Level 2 fair value input for purposes of the fair value disclosure requirements related to our commodity derivatives. Although nonperformance risk, both of the Company and the counterparty, is present in each of these commodity contracts and is a component of the estimated fair values, based on the Company’s historical experience with its producers and customers and the Company’s knowledge of their businesses, the Company does not view nonperformance risk to be a material input to fair value for these commodity contracts.

The Company’s convertible preferred securities are measured at fair value using a combination of the income and market approaches on a quarterly basis. Specifically, the income approach incorporates the use of the Discounted Cash Flow method, whereas the Market Approach incorporates the use of the Guideline Public Company method. Application of the Discounted Cash Flow method requires estimating the annual cash flows that the business enterprise is expected to generate in the future. The assumptions input into this method are estimated annual cash flows for a specified estimation period, the discount rate, and the terminal value at the end of the estimation period. In the Guideline Public Company method, valuation multiples, including total invested capital, are calculated based on financial statements and stock price data from selected guideline publicly traded companies. A comparative analysis is then performed for factors including, but not limited to size, profitability and growth to determine fair value.

A reconciliation of beginning and ending balances for the Company’s fair value measurements using Level 3 inputs is as follows:

(in thousands)	2015		2014
	Convertible Preferred Securities		Convertible Preferred Securities
Asset at January 1,	$	13,300	$	25,720
Unrealized gains (losses) included in other comprehensive income	—		(5,190		)
Asset at March 31,	13,300		20,530

The following tables summarize quantitative information about the Company's Level 3 fair value measurements as of March 31, 2015, December 31, 2014 and March 31, 2014:

Quantitative Information about Level 3 Fair Value Measurements
(in thousands)	Fair Value as of March 31, 2015		Valuation Method	Unobservable Input	Weighted Average
Convertible Preferred Securities	$	13,300	Market Approach	EBITDA Multiples	6.61
			Income Approach	Discount Rate	14.5	%

(in thousands)	Fair Value as of December 31, 2014		Valuation Method	Unobservable Input	Weighted Average
Convertible Preferred Securities	$	13,300	Market Approach	EBITDA Multiples	7.00
			Income Approach	Discount Rate	14.5	%

(in thousands)	Fair Value as of March 31, 2014		Valuation Method	Unobservable Input	Weighted Average
Convertible Preferred Securities	$	20,530	Market Approach	EBITDA Multiples	7.75
			Income Approach	Discount Rate	14.5	%

Fair Value of Financial Instruments

The fair value of the Company’s long-term debt is estimated using quoted market prices or discounted future cash flows based on the Company’s current incremental borrowing rates for similar types of borrowing arrangements. As such, the Company has concluded that the fair value of long-term debt is considered Level 2 in the fair value hierarchy.

(in thousands)	March 31, 2015		December 31, 2014		March 31, 2014
Fair value of long-term debt, including current maturities	$	350,684	$	382,139	$	400,495
Fair value in excess of carrying value	8,390		7,086		3,574

The fair value of the Company’s cash equivalents, accounts receivable and accounts payable approximate their carrying value as they are close to maturity.

XML

Employee Benefit Plans

3 Months Ended

Mar. 31, 2015

Compensation and Retirement Disclosure [Abstract]

Employee Benefit Plans

Employee Benefit Plans

In the fourth quarter of 2014, we began the process of terminating the funded defined benefit plan (the "Plan"), which will include settling the Plan liabilities by offering lump sum distributions to plan participants or purchasing annuity contracts for those who do not elect lump sums. While we expect to complete the termination in the near future, the timing is subject to regulatory approvals and other market factors. As part of the planned termination, in 2014 we adjusted our asset portfolio to a target asset allocation of 100% fixed income investments (up from 49%), which will provide a better matching of Plan assets to the characteristics of the liabilities. In the fourth quarter of 2014, we provided notice to plan participants of our intent to terminate the Plan and we applied for a determination with the Internal Revenue Service with regards to the termination. We will take further actions to minimize the volatility of the value of our pension assets relative to pension liabilities and to settle remaining Plan liabilities, including making such contributions to the Plan as may be necessary to make the Plan sufficient to settle all Plan liabilities.

As of December 31, 2014, we have valued the projected benefit obligations of the Plan based on the present value of estimated costs to settle the liabilities through a combination of lump sum payments to participants and purchasing annuities from an insurance company.  This reflects an estimate of how many participants we expect will accept a lump sum offering, and an estimate of lump sum payouts for those participants based on the current lump sum rates approved by the IRS.  Liabilities expected to be settled through annuity contracts have been estimated based on future benefit payments, discounted based on current interest rates that correspond to the liability payouts, adjusted to reflect a premium that would be assessed by the insurer. As the liabilities are settled, unamortized losses in accumulated other comprehensive income will be recognized based on the projected benefit obligations and assets measured as of the dates the settlements occur. Based on rates as of December 31, 2014, the amount of unamortized losses in other comprehensive income that would result in a one-time noncash pre-tax charge was estimated at $64.6 million. Prior to settling the liabilities, we will contribute such additional amounts (estimated to be approximately $10.3 million at as of December 31, 2014) as may be necessary to fully fund the Plan. Such contributions are expected to be made concurrent with settling the liabilities but may be made earlier at our discretion. The impact of termination is subject to rate changes at the time of settlement. This termination does not yet constitute a settlement of liability under applicable accounting guidance for pension plans. The Company anticipates the conversion to individual annuity policies along with the liability discharge to occur in the near future. The defined benefit plan is included in the accompanying table for all periods presented.

The following are components of the net periodic benefit cost for the pension and postretirement benefit plans maintained by the Company for the three months ended March 31, 2015 and 2014:

	Pension Benefits
(in thousands)	Three months ended March 31,
	2015			2014
Service cost	$	55		$	43
Interest cost	1,209			1,162
Expected return on plan assets	(1,561		)	(1,905		)
Recognized net actuarial loss	370			207
Benefit cost (income)	$	73		$	(493	)

	Postretirement Benefits
(in thousands)	Three months ended March 31,
	2015			2014
Service cost	$	240		$	187
Interest cost	406			393
Amortization of prior service cost	(136		)	(136		)
Recognized net actuarial loss	392			229
Benefit cost	$	902		$	673

XML

Segment Information (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014
Segment Reporting Information [Line Items]
Sales and merchandising revenues	$ 950,090	$ 1,003,294
Inter-segment sales	2,187	398
Other income (expense), net	3,107	19,612
Income (loss) before income taxes	5,038	39,901
Identifiable assets	2,287,627	2,125,583	2,364,692
Grain
Segment Reporting Information [Line Items]
Sales and merchandising revenues	585,162	583,159
Inter-segment sales	1,689	0
Income (loss) before income taxes	743	11,306
Identifiable assets	1,022,753	979,608	1,137,437
Ethanol
Segment Reporting Information [Line Items]
Sales and merchandising revenues	138,180	188,820
Income (loss) before income taxes	5,280	19,824
Identifiable assets	200,095	224,931	197,888
Plant Nutrient
Segment Reporting Information [Line Items]
Sales and merchandising revenues	153,951	151,355
Inter-segment sales	317	289
Income (loss) before income taxes	424	(36)
Identifiable assets	496,906	421,757	433,013
Rail
Segment Reporting Information [Line Items]
Sales and merchandising revenues	44,216	52,302
Inter-segment sales	181	109
Income (loss) before income taxes	10,313	15,045
Identifiable assets	381,909	303,532	365,531
Retail
Segment Reporting Information [Line Items]
Sales and merchandising revenues	28,581	27,658
Income (loss) before income taxes	(2,183)	(2,335)
Identifiable assets	47,413	47,710	44,536
Other
Segment Reporting Information [Line Items]
Income (loss) before income taxes	(9,387)	(7,224)
Identifiable assets	138,551	148,045	186,287
Noncontrolling Interests
Segment Reporting Information [Line Items]
Income (loss) before income taxes	$ (152)	$ 3,321

XML

Debt

3 Months Ended

Mar. 31, 2015

Debt Disclosure [Abstract]

Debt

Debt

The Company is party to borrowing arrangements with a syndicate of banks. See Note 10 in the Company’s 2014 Form 10-K for a description of these arrangements. Total borrowing capacity for the Company under all lines of credit is currently at $878.1 million, including $28.1 million of non-recourse debt of The Andersons Denison Ethanol LLC ("TADE"). At March 31, 2015, the Company had a total of $538.6 million available for borrowing under its lines of credit. Our borrowing capacity is reduced by a combination of outstanding borrowings and letters of credit. The Company was in compliance with all financial covenants as of March 31, 2015.

The Company’s short-term and long-term debt at March 31, 2015, December 31, 2014 and March 31, 2014 consisted of the following:

(in thousands)	March 31, 2015		December 31, 2014		March 31, 2014
Short-term debt – recourse	311,660		2,166		226,100
Total short-term debt	$	311,660	$	2,166	$	226,100
Current maturities of long-term debt – non-recourse	$	—	$	—	$	6,012
Current maturities of long-term debt – recourse	19,037		76,415		84,748
Total current maturities of long-term debt	$	19,037	$	76,415	$	90,760
Long-term debt, less current maturities – non-recourse	$	—	$	—	$	3,288
Long-term debt, less current maturities – recourse	323,258		298,638		302,873
Total long-term debt, less current maturities	$	323,258	$	298,638	$	306,161

In the first quarter of 2015, the Company entered into an agreement to obtain $30.0 million in senior notes payable. The notes payable include $14.0 million with an interest rate of 5.0% due 2040 and $16.0 million with an interest rate of 4.5% due 2030, subject to debt covenants similar to the Company's other borrowing arrangements. These notes payable partially replaced the $61.5 million note payable that matured in March 2015.

XML

Derivatives

3 Months Ended

Mar. 31, 2015

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivatives

Derivatives

The Company’s operating results are affected by changes to commodity prices. The Grain and Ethanol businesses have established “unhedged” position limits (the amount of a commodity, either owned or contracted for, that does not have an offsetting derivative contract to lock in the price). To reduce the exposure to market price risk on commodities owned and forward grain and ethanol purchase and sale contracts, the Company enters into exchange traded commodity futures and options contracts and over the counter forward and option contracts with various counterparties. The exchange traded contracts are primarily via the regulated Chicago Mercantile Exchange ("CME"). The Company’s forward purchase and sales contracts are for physical delivery of the commodity in a future period. Contracts to purchase commodities from producers generally relate to the current or future crop years for delivery periods quoted by regulated commodity exchanges. Contracts for the sale of commodities to processors or other commercial consumers generally do not extend beyond one year.

All of these contracts meet the definition of derivatives. While the Company considers its commodity contracts to be effective economic hedges, the Company does not designate or account for its commodity contracts as hedges as defined under current accounting standards. The Company accounts for its commodity derivatives at estimated fair value. The estimated fair value of the commodity derivative contracts that require the receipt or posting of cash collateral is recorded on a net basis (offset against cash collateral posted or received, also known as margin deposits) within commodity derivative assets or liabilities. Management determines fair value based on exchange-quoted prices and in the case of its forward purchase and sale contracts, estimated fair value is adjusted for differences in local markets and non-performance risk. For contracts for which physical delivery occurs, balance sheet classification is based on estimated delivery date. For futures, options and over-the-counter contracts in which physical delivery is not expected to occur but, rather, the contract is expected to be net settled, the Company classifies these contracts as current or noncurrent assets or liabilities, as appropriate, based on the Company’s expectations as to when such contracts will be settled.

Realized and unrealized gains and losses in the value of commodity contracts (whether due to changes in commodity prices, changes in performance or credit risk, or due to sale, maturity or extinguishment of the commodity contract) and grain inventories are included in sales and merchandising revenues.

Generally accepted accounting principles permit a party to a master netting arrangement to offset fair value amounts recognized for derivative instruments against the right to reclaim cash collateral or obligation to return cash collateral under the same master netting arrangement. The Company has master netting arrangements for its exchange traded futures and options contracts and certain over-the-counter contracts. When the Company enters into a future, option or an over-the-counter contract, an initial margin deposit may be required by the counterparty. The amount of the margin deposit varies by commodity. If the market price of a future, option or an over-the-counter contract moves in a direction that is adverse to the Company’s position, an additional margin deposit, called a maintenance margin, is required. The margin deposit assets and liabilities are included in short-term commodity derivative assets or liabilities, as appropriate, in the Condensed Consolidated Balance Sheets.

The following table presents at March 31, 2015, December 31, 2014 and March 31, 2014, a summary of the estimated fair value of the Company’s commodity derivative instruments that require cash collateral and the associated cash posted/received as collateral. The net asset or liability positions of these derivatives (net of their cash collateral) are determined on a counterparty-by-counterparty basis and are included within current or noncurrent commodity derivative assets (or liabilities) on the Condensed Consolidated Balance Sheets:

	March 31, 2015				December 31, 2014					March 31, 2014
(in thousands)	Net derivative asset position		Net derivative liability position		Net derivative asset position			Net derivative liability position		Net derivative asset position			Net derivative liability position
Collateral paid (received)	$	39,521	$	—	$	79,646		$	—	$	142,791		$	—
Fair value of derivatives	21,327		—		(10,981		)	—		(88,498		)	—
Balance at end of period	$	60,848	$	—	$	68,665		$	—	$	54,293		$	—

The following table presents, on a gross basis, current and noncurrent commodity derivative assets and liabilities:

	March 31, 2015
(in thousands)	Commodity derivative assets - current			Commodity derivative assets - noncurrent			Commodity derivative liabilities - current			Commodity derivative liabilities - noncurrent			Total
Commodity derivative assets	$	60,071		$	254		$	1,615		$	29		$	61,969
Commodity derivative liabilities	(12,768		)	(11		)	(57,016		)	(2,113		)	(71,908		)
Cash collateral	39,521			—			—			—			39,521
Balance sheet line item totals	$	86,824		$	243		$	(55,401	)	$	(2,084	)	$	29,582

	December 31, 2014
(in thousands)	Commodity derivative assets - current			Commodity derivative assets - noncurrent			Commodity derivative liabilities - current			Commodity derivative liabilities - noncurrent			Total
Commodity derivative assets	$	49,847		$	545		$	6,123		$	118		$	56,633
Commodity derivative liabilities	(36,722		)	(38		)	(70,198		)	(3,436		)	(110,394		)
Cash collateral	79,646			—			—			—			79,646
Balance sheet line item totals	$	92,771		$	507		$	(64,075	)	$	(3,318	)	$	25,885

	March 31, 2014
(in thousands)	Commodity derivative assets - current			Commodity derivative assets - noncurrent			Commodity derivative liabilities - current			Commodity derivative liabilities - noncurrent			Total
Commodity derivative assets	$	86,512		$	1,543		$	4,552		$	308		$	92,915
Commodity derivative liabilities	(109,973		)	(178		)	(36,705		)	(1,042		)	(147,898		)
Cash collateral	142,791			—			—			—			142,791
Balance sheet line item totals	$	119,330		$	1,365		$	(32,153	)	$	(734	)	$	87,808

The gains included in the Company’s Condensed Consolidated Statements of Income and the line items in which they are located for the three months ended March 31, 2015 and 2014 are as follows:

	Three months ended March 31,
(in thousands)	2015		2014
Gains (losses) on commodity derivatives included in sales and merchandising revenues	$	67,811	$	(53,686	)

The Company had the following volume of commodity derivative contracts outstanding (on a gross basis) at March 31, 2015, December 31, 2014 and March 31, 2014:

	March 31, 2015
Commodity	Number of bushels (in thousands)	Number of gallons (in thousands)	Number of pounds (in thousands)	Number of tons (in thousands)
Non-exchange traded:
Corn	276,158	—	—	—
Soybeans	29,646	—	—	—
Wheat	13,232	—	—	—
Oats	29,883	—	—	—
Ethanol	—	197,961	—	—
Corn oil	—	—	5,651	—
Other	339	—	—	116
Subtotal	349,258	197,961	5,651	116
Exchange traded:
Corn	143,320	—	—	—
Soybeans	38,555	—	—	—
Wheat	26,675	—	—	—
Oats	6,390	—	—	—
Ethanol	—	26,334	—	—
Bean Oil	—	—	60,240	—
Other	—	—	—	10
Subtotal	214,940	26,334	60,240	10
Total	564,198	224,295	65,891	126

	December 31, 2014
Commodity	Number of bushels (in thousands)	Number of gallons (in thousands)	Number of pounds (in thousands)	Number of tons (in thousands)
Non-exchange traded:
Corn	265,574	—	—	—
Soybeans	23,820	—	—	—
Wheat	14,967	—	—	—
Oats	23,440	—	—	—
Ethanol	—	233,637	—	—
Corn oil	—	—	18,076	—
Other	28	—	—	139
Subtotal	327,829	233,637	18,076	139
Exchange traded:
Corn	159,575	—	—	—
Soybeans	31,265	—	—	—
Wheat	30,360	—	—	—
Oats	7,545	—	—	—
Ethanol	—	41,832	—	—
Bean oil	—	—	2,700	—
Other	—	—	—	5
Subtotal	228,745	41,832	2,700	5
Total	556,574	275,469	20,776	144

	March 31, 2014
Commodity	Number of bushels (in thousands)	Number of gallons (in thousands)	Number of pounds (in thousands)	Number of tons (in thousands)
Non-exchange traded:
Corn	274,762	—	—	—
Soybeans	29,332	—	—	—
Wheat	12,753	—	—	—
Oats	31,691	—	—	—
Ethanol	—	278,697	—	—
Corn oil	—	—	20,790	—
Other	207	—	—	110
Subtotal	348,745	278,697	20,790	110
Exchange traded:
Corn	197,405	—	—	—
Soybeans	20,810	—	—	—
Wheat	26,750	—	—	—
Oats	8,335	—	—	—
Ethanol	—	82,194	—	—
Subtotal	253,300	82,194	—	—
Total	602,045	360,891	20,790	110

XML

Income Taxes

3 Months Ended

Mar. 31, 2015

Income Tax Disclosure [Abstract]

Income Taxes

Income Taxes

On a quarterly basis, the Company estimates the effective tax rate expected to be applicable for the full year and makes changes if necessary based on new information or events. The estimated annual effective tax rate is forecast based on actual historical information and forward-looking estimates and is used to provide for income taxes in interim reporting periods. The Company also recognizes the tax impact of certain unusual or infrequently occurring items, such as the effects of changes in tax laws or rates and impacts from settlements with tax authorities, discretely in the quarter in which they occur. Additionally, the annual effective tax rate differs from the statutory U.S. Federal tax rate of 35% primarily due to the impact of state income taxes and income or losses attributable to non-controlling interests that do not impact the Company’s income tax provision.

For the quarter ended March 31, 2015, the Company recorded income tax expense of $1.1 million at an effective tax rate of 21.7%, which varied from the U.S. Federal tax rate of 35% primarily due to a 12.2% non-recurring tax benefit attributable to the accounting for the investment in a foreign affiliate. For the quarter ended March 31, 2014, the Company recorded income tax expense of $13.9 million at an effective tax rate of 34.8%.

There have been no material changes to the balance of unrecognized tax benefits reported at December 31, 2014. The Company’s consolidated Federal income tax returns for 2011 and 2012 are currently being audited by the IRS, and it is anticipated that the IRS will substantially complete its examination in 2015. The Company does not expect that the resolution of the examination will have a material effect on its effective tax rate.

XML

Business Acquisition (Details) (USD $) In Millions, except Share data in Thousands, unless otherwise specified	3 Months Ended	0 Months Ended	12 Months Ended
	Mar. 31, 2015 business	Oct. 07, 2014	Dec. 31, 2014
Business Acquisition [Line Items]
Number of business acquisitions	0
Auburn Bean and Grain
Business Acquisition [Line Items]
Percentage of shares outstanding acquired		100.00%
Number of transactions		2
Cash payments to acquire businesses		$ 5.0
Shares issued in connection with business acquisition, adjustment to working capital, shares		80
Shares issued in connection with business acquisition, adjustment to working capital, value		4.5
Cash paid to acquire additional facilities		20.4
Additional grain storage capacity acquired (bushels)		18,100,000
Dry grain storage acquired (tons)		16,000
Grain storage acquired, liquid nutrient capacity (gallons)		3,700,000
Purchase price		60.9
Series of business acquisitions
Business Acquisition [Line Items]
Purchase price			7.2
Grain operations | Auburn Bean and Grain
Business Acquisition [Line Items]
Number of locations acquired		6
Agronomy operations | Auburn Bean and Grain
Business Acquisition [Line Items]
Number of locations acquired		4
Number of shares issued as part of acquisition		637
Shares issued in connection with business acquisition, value		$ 35.5

XML

Segment Information (Tables)

3 Months Ended

Mar. 31, 2015

Segment Reporting [Abstract]

Segment Information

	Three months ended March 31,
(in thousands)	2015		2014
Revenues from external customers
Grain	$	585,162	$	583,159
Ethanol	138,180		188,820
Plant Nutrient	153,951		151,355
Rail	44,216		52,302
Retail	28,581		27,658
Total	$	950,090	$	1,003,294

	Three months ended March 31,
(in thousands)	2015		2014
Inter-segment sales
Grain	$	1,689	$	—
Plant Nutrient	317		289
Rail	181		109
Total	$	2,187	$	398

	Three months ended March 31,
(in thousands)	2015			2014
Income (loss) before income taxes
Grain	$	743		$	11,306
Ethanol	5,280			19,824
Plant Nutrient	424			(36		)
Rail	10,313			15,045
Retail	(2,183		)	(2,335		)
Other	(9,387		)	(7,224		)
Noncontrolling interests	(152		)	3,321
Total	$	5,038		$	39,901

(in thousands)	March 31, 2015		December 31, 2014		March 31, 2014
Identifiable assets
Grain	$	1,022,753	$	1,137,437	$	979,608
Ethanol	200,095		197,888		224,931
Plant Nutrient	496,906		433,013		421,757
Rail	381,909		365,531		303,532
Retail	47,413		44,536		47,710
Other	138,551		186,287		148,045
Total	$	2,287,627	$	2,364,692	$	2,125,583

XML

Earnings Per Share (Details) (USD $) In Thousands, except Share data, unless otherwise specified	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Earnings Per Share [Abstract]
Net income attributable to The Andersons, Inc.	$ 4,097	$ 22,708
Participating Securities, Distributed and Undistributed Earnings (Loss), Basic	8	104
Earnings available to common shareholders	$ 4,089	$ 22,604
Earnings per share - basic:
Weighted average shares outstanding - basic (shares)	28,742,000	28,155,000
Earnings per common share - basic (dollars per share)	$ 0.14	$ 0.80
Earnings per share - diluted:
Weighted average shares outstanding - basic (shares)	28,742,000	28,155,000
Effect of dilutive awards (shares)	59,000	69,000
Weighted average shares outstanding - diluted (shares)	28,801,000	28,224,000
Earnings per common share - diluted (dollars per share)	$ 0.14	$ 0.80
Earnings Per Share (Textual) [Abstract]
Antidilutive stock-based awards outstanding (shares)	0	0

XML

Segment Information

3 Months Ended

Mar. 31, 2015

Segment Reporting [Abstract]

Segment Information

Segment Information

The Company’s operations include five reportable business segments that are distinguished primarily on the basis of products and services offered. The Grain business includes grain merchandising, the operation of terminal grain elevator facilities and the investments in LTG and the Thompsons Limited joint ventures. The Ethanol business purchases and sells ethanol and also manages the ethanol production facilities organized as limited liability companies, one is consolidated and three are investments accounted for under the equity method. There are various service contracts for these investments. Rail operations include the leasing, marketing and fleet management of railcars and other assets, railcar repair and metal fabrication. The Plant Nutrient business manufactures and distributes agricultural inputs, primarily fertilizer, to dealers and farmers, along with other turf care and corncob-based products. The Retail business operates large retail stores, a specialty food market, a distribution center and a lawn and garden equipment sales and service facility. Included in “Other” are the corporate level amounts not attributed to an operating segment.

In the first quarter of 2015, the Plant Nutrient Group merged with the Turf & Specialty Group, as announced in the fourth quarter of 2014. Management has adjusted its internal reporting structure to reflect this organizational change and the result of this merger is one reportable business segment, referred to as the Plant Nutrient Group. All prior periods have been restated to reflect this change.

The segment information below includes the allocation of expenses shared by one or more operating segments. Although management believes such allocations are reasonable, the operating information does not necessarily reflect how such data might appear if the segments were operated as separate businesses. Inter-segment sales are made at prices comparable to normal, unaffiliated customer sales. The Company does not have any customers who represent 10 percent or more of total revenues.

	Three months ended March 31,
(in thousands)	2015		2014
Revenues from external customers
Grain	$	585,162	$	583,159
Ethanol	138,180		188,820
Plant Nutrient	153,951		151,355
Rail	44,216		52,302
Retail	28,581		27,658
Total	$	950,090	$	1,003,294

	Three months ended March 31,
(in thousands)	2015		2014
Inter-segment sales
Grain	$	1,689	$	—
Plant Nutrient	317		289
Rail	181		109
Total	$	2,187	$	398

	Three months ended March 31,
(in thousands)	2015			2014
Income (loss) before income taxes
Grain	$	743		$	11,306
Ethanol	5,280			19,824
Plant Nutrient	424			(36		)
Rail	10,313			15,045
Retail	(2,183		)	(2,335		)
Other	(9,387		)	(7,224		)
Noncontrolling interests	(152		)	3,321
Total	$	5,038		$	39,901

(in thousands)	March 31, 2015		December 31, 2014		March 31, 2014
Identifiable assets
Grain	$	1,022,753	$	1,137,437	$	979,608
Ethanol	200,095		197,888		224,931
Plant Nutrient	496,906		433,013		421,757
Rail	381,909		365,531		303,532
Retail	47,413		44,536		47,710
Other	138,551		186,287		148,045
Total	$	2,287,627	$	2,364,692	$	2,125,583

XML

Property, Plant and Equipment (Tables)

3 Months Ended

Mar. 31, 2015

Property, Plant and Equipment [Abstract]

Components of property, plant and equipment

The components of property, plant and equipment are as follows:

(in thousands)	March 31, 2015		December 31, 2014		March 31, 2014
Land	$	23,380	$	23,380	$	21,906
Land improvements and leasehold improvements	73,651		71,817		67,876
Buildings and storage facilities	274,877		275,059		234,109
Machinery and equipment	340,109		333,559		309,283
Software	68,193		55,436		13,403
Construction in progress	18,354		29,620		52,200
	798,564		788,871		698,777
Less: accumulated depreciation and amortization	346,926		335,264		312,645
	$	451,638	$	453,607	$	386,132

Components of railcar assets leased to others

The components of Rail Group assets leased to others are as follows:

(in thousands)	March 31, 2015		December 31, 2014		March 31, 2014
Rail Group assets leased to others	$	402,509	$	384,958	$	316,520
Less: accumulated depreciation	89,414		87,211		78,986
	$	313,095	$	297,747	$	237,534

XML

Accumulated Other Comprehensive Loss (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2015		Mar. 31, 2014
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning Balance	$ (54,595)	[1]	$ (21,181)	[1]
Other comprehensive income before reclassifications	(3,450)	[1]	(2,891)	[1]
Amounts reclassified from accumulated other comprehensive income (loss)	(85)	[1]	(85)	[1]
Other comprehensive income (loss)	(3,535)	[1]	(2,976)	[1]
Ending balance	(58,130)	[1]	(24,157)	[1]
Losses on Cash Flow Hedges
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning Balance	(364)	[1]	(637)	[1]
Other comprehensive income before reclassifications	58	[1]	69	[1]
Amounts reclassified from accumulated other comprehensive income (loss)	0	[1]	0	[1]
Other comprehensive income (loss)	58	[1]	69	[1]
Ending balance	(306)	[1]	(568)	[1]
Foreign Currency Translation Adjustments
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning Balance	(4,709)	[1]	0	[1]
Other comprehensive income before reclassifications	(3,983)	[1]	0	[1]
Amounts reclassified from accumulated other comprehensive income (loss)	0	[1]	0	[1]
Other comprehensive income (loss)	(3,983)	[1]	0	[1]
Ending balance	(8,692)	[1]	0	[1]
Investment in Debt Securities
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning Balance	126	[1]	7,861	[1]
Other comprehensive income before reclassifications	0	[1]	(3,232)	[1]
Amounts reclassified from accumulated other comprehensive income (loss)	0	[1]	0	[1]
Other comprehensive income (loss)	0	[1]	(3,232)	[1]
Ending balance	126	[1]	4,629	[1]
Defined Benefit Plan Items
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning Balance	(49,648)	[1]	(28,405)	[1]
Other comprehensive income before reclassifications	475	[1]	272	[1]
Amounts reclassified from accumulated other comprehensive income (loss)	(85)	[1]	(85)	[1]
Other comprehensive income (loss)	390	[1]	187	[1]
Ending balance	$ (49,258)	[1]	$ (28,218)	[1]

[1] All amounts are net of tax. Amounts in parentheses indicate debits

XML

Debt (Details Textual) (USD $) In Millions, unless otherwise specified	Mar. 31, 2015
Line of Credit Facility [Line Items]
Notes payable, agreement amount	$ 30.0
Notes payable	61.5
Notes payable, due 2040
Line of Credit Facility [Line Items]
Notes payable, agreement amount	14.0
Interest rate of debt instruments	5.00%
Notes payable, due 2030
Line of Credit Facility [Line Items]
Notes payable, agreement amount	16.0
Interest rate of debt instruments	4.50%
Line of credit
Line of Credit Facility [Line Items]
Total borrowing capacity under lines of credit	878.1
Total available for borrowings under lines of credit	538.6
Line of credit | Secured Debt
Line of Credit Facility [Line Items]
Total borrowing capacity under lines of credit	$ 28.1

XML

Condensed Consolidated Statements of Comprehensive Income (Unaudited) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2015		Mar. 31, 2014
Statement of Comprehensive Income [Abstract]
Net income	$ 3,945		$ 26,029
Other comprehensive income (loss), net of tax:
Decrease in estimated fair value of investment in debt securities (net of income tax of $0 and $1,958)	0		(3,232)
Change in unrecognized actuarial loss and prior service cost (net of income tax of $(236) and $(113) - Note 8)	390		187
Foreign currency translation adjustments (net of income tax of $(613) and $0)	(3,983)		0
Cash flow hedge activity (net of income tax of $(35) and $(42))	58		69
Other comprehensive income (loss)	(3,535)	[1]	(2,976)	[1]
Comprehensive income	410		23,053
Comprehensive (loss) income attributable to the noncontrolling interests	(152)		3,321
Comprehensive income attributable to The Andersons, Inc.	$ 562		$ 19,732

[1] All amounts are net of tax. Amounts in parentheses indicate debits

XML

Basis of Presentation and Consolidation

3 Months Ended

Mar. 31, 2015

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Basis of Presentation and Consolidation

Basis of Presentation and Consolidation

These Condensed Consolidated Financial Statements include the accounts of The Andersons, Inc. and its wholly owned and controlled subsidiaries (the “Company”). All intercompany accounts and transactions are eliminated in consolidation.

Investments in unconsolidated entities in which the Company has significant influence, but not control, are accounted for using the equity method of accounting.

In the opinion of management, all adjustments consisting of normal and recurring items, considered necessary for fair presentation of the results of operations, financial position, and cash flows for the periods indicated, have been made. The results in these Condensed Consolidated Financial Statements are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2015.

The Condensed Consolidated Balance Sheet data at December 31, 2014 was derived from audited Consolidated Financial Statements, but does not include all disclosures required by accounting principles generally accepted in the United States of America. An unaudited Condensed Consolidated Balance Sheet as of March 31, 2014 has been included as the Company operates in several seasonal industries.

The accompanying unaudited Condensed Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and notes thereto included in The Andersons, Inc. Annual Report on Form 10-K for the year ended December 31, 2014 (the “2014 Form 10-K”).

New Accounting Standards

In April 2015, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update No. 2015-03, Simplifying the Presentation of Debt Issuance Costs. This standard requires debt issuance costs to be presented in the balance sheet as a direct deduction from the carrying value of the associated debt liability. The standard is effective for annual and interim periods beginning after December 15, 2015. The Company is currently assessing the impact this standard will have on its Consolidated Financial Statements and disclosures.

In February 2015, the FASB issued Accounting Standards Update No. 2015-02, Consolidation (Topic 810) - Amendments to the Consolidation Analysis. This standard provides amendments to the manner in which companies assess the characteristics of variable interest entities. The standard is effective for annual periods beginning after December 15, 2015. The Company is currently assessing the impact this standard will have on its Consolidated Financial Statements and disclosures.

In May 2014, the FASB issued Accounting Standards Update No. 2014-09, Revenue From Contracts With Customers. The core principle of the new revenue model is that an entity recognizes revenue from the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The standard is currently effective for annual and interim periods beginning after December 15, 2016, however, the FASB has tentatively extended the effective date for one year, pending final approval. The Company is currently assessing the method of adoption and the impact this standard will have on its Consolidated Financial Statements and disclosures.

XML

Related Party Transactions (Details 3) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2015		Mar. 31, 2014		Dec. 31, 2014
Related party transactions entered into for the time periods presented
Sales revenues	$ 149,472		$ 221,994
Service fee revenues	4,925	[1]	5,638	[1]
Purchases of product	102,795		155,015
Lease income	1,663	[2]	1,664	[2]
Labor and benefits reimbursement	3,032	[3]	2,868	[3]
Other expenses	338	[4]	486	[4]
Accounts receivable	13,507	[5]	30,609	[5]	25,049	[5]
Accounts payable	$ 12,911	[6]	$ 24,454	[6]	$ 17,687	[6]

[1] Service fee revenues include management fees, corn origination fees, ethanol and DDG marketing fees, and other commissions.

[2] Lease income includes the lease of the Company’s Albion, Michigan and Clymers, Indiana grain facilities as well as certain railcars to the various ethanol LLCs and IANR.

[3] The Company provides all operational labor to the unconsolidated ethanol LLCs and charges them an amount equal to the Company’s costs of the related services.

[4] Other expenses include payments to IANR for repair facility rent and use of their railroad reporting mark, payment to LTG for the lease of railcars and other various expenses.

[5] Accounts receivable represents amounts due from related parties for sales of corn, leasing revenue and service fees.

[6] Accounts payable represents amounts due to related parties for purchases of ethanol and other various items.

XML

Debt (Tables)

3 Months Ended

Mar. 31, 2015

Debt Disclosure [Abstract]

Long-term debt

The Company’s short-term and long-term debt at March 31, 2015, December 31, 2014 and March 31, 2014 consisted of the following:

(in thousands)	March 31, 2015		December 31, 2014		March 31, 2014
Short-term debt – recourse	311,660		2,166		226,100
Total short-term debt	$	311,660	$	2,166	$	226,100
Current maturities of long-term debt – non-recourse	$	—	$	—	$	6,012
Current maturities of long-term debt – recourse	19,037		76,415		84,748
Total current maturities of long-term debt	$	19,037	$	76,415	$	90,760
Long-term debt, less current maturities – non-recourse	$	—	$	—	$	3,288
Long-term debt, less current maturities – recourse	323,258		298,638		302,873
Total long-term debt, less current maturities	$	323,258	$	298,638	$	306,161

XML

Property, Plant and Equipment (Details 1) (USD $) In Thousands, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014	Mar. 31, 2014
Components of Railcar assets leased to others
Railcar assets leased to others	$ 402,509	$ 384,958	$ 316,520
Less: accumulated depreciation	89,414	87,211	78,986
Railcar assets leased to others, net	$ 313,095	$ 297,747	$ 237,534

XML

Related Party Transactions

3 Months Ended

Mar. 31, 2015

Related Party Transactions [Abstract]

Related Party Transactions

Related Party Transactions

Equity Method Investments

The Company, directly or indirectly, holds investments in companies that are accounted for under the equity method. The Company’s equity in these entities is presented at cost plus its accumulated proportional share of income or loss, less any distributions it has received.

On January 22, 2014, the Company entered into an agreement with Lansing Trade Group, LLC ("LTG") for a partial redemption of the Company's investment in LTG for $60 million. At the time of redemption, the Company's interest in LTG reduced from approximately 47.5 percent to approximately 39.2 percent on a fully diluted basis. A portion of the proceeds ($28.5 million) was considered a distribution of earnings and reduced the Company's cost basis in LTG. The difference between the remaining proceeds of $31.5 million and the new cost basis of the shares sold, net of deal costs, resulted in a book gain of $17.1 million ($10.7 million after tax). This gain was recorded in Other income.

The following table presents the Company’s investment balance in each of its equity method investees by entity:

(in thousands)	March 31, 2015		December 31, 2014		March 31, 2014
The Andersons Albion Ethanol LLC	$	28,726	$	27,824	$	31,867
The Andersons Clymers Ethanol LLC	36,063		37,624		40,412
The Andersons Marathon Ethanol LLC	31,869		31,537		45,946
Lansing Trade Group, LLC	78,594		78,696		60,837
Thompsons Limited (a)	44,224		48,455		49,520
Other	2,606		2,721		3,814
Total	$	222,082	$	226,857	$	232,396

 (a) Thompsons Limited and related U.S. operating company held by joint ventures

The Company holds a majority interest (66%) in The Andersons Ethanol Investment LLC (“TAEI”). This consolidated entity holds a 50% interest in The Andersons Marathon Ethanol LLC (“TAME”). The noncontrolling interest in TAEI is attributed 34% of the gains and losses of TAME recorded by the Company in its equity in earnings of affiliates.

The following table summarizes income earned from the Company’s equity method investments by entity:

	% ownership at March 31, 2015	Three months ended March 31,
(in thousands)		2015			2014
The Andersons Albion Ethanol LLC	53%	$	1,091		$	4,943
The Andersons Clymers Ethanol LLC	38%	288			5,539
The Andersons Marathon Ethanol LLC	50%	333			8,135
Lansing Trade Group, LLC	40% (a)	2,410			2,221
Thompsons Limited (b)	50%	(861		)	(313		)
Other	5%-34%	—			(24		)
Total		$	3,261		$	20,501

 (a) This does not consider restricted management units which once vested will reduce the ownership percentage by approximately 1.5%

 (b) Thompsons Limited and related U.S. operating company held by joint ventures

Total distributions received from unconsolidated affiliates were $4.6 million and $65.6 million for the three months ended March 31, 2015 and 2014, respectively.

In the first quarter of 2015, LTG and The Andersons Albion Ethanol LLC qualified as significant equity investees of the Company under the income test. The following table presents combined summarized unaudited financial information of these investments for the three months ended March 31, 2015 and 2014:

	Three months ended March 31,
(in thousands)	2015		2014
Sales	$	1,699,063	$	1,944,106
Gross Profit	47,659		41,124
Income before income taxes	10,586		17,314
Net income	9,345		14,885
Net income attributable to the entities	8,343		14,632

Investment in Debt Securities

The Company owns 100% of the cumulative convertible preferred shares of Iowa Northern Railway Corporation (“IANR”), which operates a short-line railroad in Iowa. As a result of this investment, the Company has a 49.9% voting interest in IANR, with the remaining 50.1% voting interest held by the common shareholders. The preferred shares have certain rights associated with them, including voting, dividends, liquidation preference, redemption and conversion rights. Dividends accrue to the Company at a rate of 14% annually whether or not declared by IANR and are cumulative in nature. The Company can convert its preferred shares into common shares of IANR at any time, but the shares cannot be redeemed until May 2015. This investment is accounted for as “available-for-sale” debt securities in accordance with ASC 320 and is carried at estimated fair value in “Other noncurrent assets” on the Company’s Condensed Consolidated Balance Sheet. The estimated fair value of the Company’s investment in IANR as of March 31, 2015 was $13.3 million. See Footnote 10 for additional discussion on the change in the investment value.

The Company’s current maximum exposure to loss related to IANR is $21.6 million, which represents the Company’s investment at fair value plus unpaid accrued dividends of $8.3 million as of March 31, 2015. The Company does not have any obligations or commitments to provide additional financial support to IANR.

Related Party Transactions

In the ordinary course of business, the Company will enter into related party transactions with each of the investments described above, along with other related parties. The following table sets forth the related party transactions entered into for the time periods presented:

	Three months ended March 31,
(in thousands)	2015		2014
Sales revenues	$	149,472	$	221,994
Service fee revenues (a)	4,925		5,638
Purchases of product	102,795		155,015
Lease income (b)	1,663		1,664
Labor and benefits reimbursement (c)	3,032		2,868
Other expenses (d)	338		486

(a) Service fee revenues include management fees, corn origination fees, ethanol and DDG marketing fees, and other commissions.

(b) Lease income includes the lease of the Company’s Albion, Michigan and Clymers, Indiana grain facilities as well as certain railcars to the various ethanol LLCs and IANR.

(c) The Company provides all operational labor to the unconsolidated ethanol LLCs and charges them an amount equal to the Company’s costs of the related services.

(d) Other expenses include payments to IANR for repair facility rent and use of their railroad reporting mark, payment to LTG for the lease of railcars and other various expenses.

(in thousands)	March 31, 2015		December 31, 2014		March 31, 2014
Accounts receivable (e)	$	13,507	$	25,049	$	30,609
Accounts payable (f)	12,911		17,687		24,454

(e) Accounts receivable represents amounts due from related parties for sales of corn, leasing revenue and service fees.

(f) Accounts payable represents amounts due to related parties for purchases of ethanol and other various items.

For the quarters ended March 31, 2015 and 2014, revenues recognized for the sale of ethanol that the Company purchased from the unconsolidated ethanol LLCs were $101.8 million and $144.3 million, respectively. For the quarters ended March 31, 2015 and 2014, revenues recognized for the sale of corn to the unconsolidated ethanol LLCs under these agreements were $96.7 million and $117.2 million, respectively.

From time to time, the Company enters into derivative contracts with certain of its related parties for the purchase and sale of corn and ethanol, for similar price risk mitigation purposes and on similar terms as the purchase and sale of derivative contracts it enters into with unrelated parties. The fair value of derivative contract assets with related parties for as of March 31, 2015, December 31, 2014 and March 31, 2014 was $2.4 million, $1.4 million and $24.0 million, respectively. The fair value of derivative contract liabilities with related parties as of March 31, 2015, December 31, 2014 and March 31, 2014 was $0.3 million, $3.8 million and $10.3 million, respectively.