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, 2018

¨ 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.)

1947 Briarfield Boulevard, 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,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer	ý	Accelerated Filer	¨
Non-accelerated filer	¨	Smaller reporting company	¨
Emerging growth company	¨
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ¨

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 28.3 million common shares outstanding, no par value, at April 27, 2018.

THE ANDERSONS, INC.

INDEX

	Page No.
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements (Unaudited)
Condensed Consolidated Balance Sheets – March 31, 2018, December 31, 2017 and March 31, 2017	3
Condensed Consolidated Statements of Operations – Three months ended March 31, 2018 and 2017	5
Condensed Consolidated Statements of Comprehensive Income (Loss) – Three months ended March 31, 2018 and 2017	6
Condensed Consolidated Statements of Cash Flows – Three months ended March 31, 2018 and 2017	7
Condensed Consolidated Statements of Equity – Three months ended March 31, 2018 and 2017	8
Notes to Condensed Consolidated Financial Statements	9
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations	32
Item 3. Quantitative and Qualitative Disclosures about Market Risk	40
Item 4. Controls and Procedures	40
PART II. OTHER INFORMATION
Item 1. Legal Proceedings	41
Item 1A. Risk Factors	41
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds	41
Item 6. Exhibits	42

2

Part I. Financial Information

Item 1. Financial Statements

The Andersons, Inc. Condensed Consolidated Balance Sheets (Unaudited)(In thousands)
	March 31, 2018		December 31, 2017		March 31, 2017
Assets
Current assets:
Cash and cash equivalents	$	31,497	$	34,919	$	29,645
Restricted cash	—		—		752
Accounts receivable, net	216,021		183,238		190,628
Inventories (Note 2)	731,629		648,703		641,294
Commodity derivative assets – current (Note 5)	43,810		30,702		48,049
Other current assets	57,147		63,790		83,623
Assets held for sale	57,775		37,859		—
Total current assets	1,137,879		999,211		993,991
Other assets:
Commodity derivative assets – noncurrent (Note 5)	1,739		310		339
Goodwill	6,024		6,024		63,934
Other intangible assets, net	108,855		112,893		103,057
Other assets, net	28,566		12,557		8,108
Equity method investments	224,449		223,239		208,993
	369,633		355,023		384,431
Rail Group assets leased to others, net (Note 3)	462,253		423,443		342,936
Property, plant and equipment, net (Note 3)	393,763		384,677		440,395
Total assets	$	2,363,528	$	2,162,354	$	2,161,753

3

The Andersons, Inc. Condensed Consolidated Balance Sheets (continued) (Unaudited)(In thousands)
	March 31, 2018			December 31, 2017			March 31, 2017
Liabilities and equity
Current liabilities:
Short-term debt (Note 4)	$	489,000		$	22,000		$	255,000
Trade and other payables	263,519			503,571			276,834
Customer prepayments and deferred revenue	81,778			59,710			81,628
Commodity derivative liabilities – current (Note 5)	15,424			29,651			29,914
Accrued expenses and other current liabilities	60,095			69,579			65,952
Current maturities of long-term debt (Note 4)	14,134			54,205			56,144
Total current liabilities	923,950			738,716			765,472
Other long-term liabilities	31,536			33,129			36,125
Commodity derivative liabilities – noncurrent (Note 5)	1,414			825			450
Employee benefit plan obligations	26,310			26,716			34,832
Long-term debt, less current maturities (Note 4)	438,628			418,339			365,971
Deferred income taxes	118,933			121,730			181,541
Total liabilities	1,540,771			1,339,455			1,384,391
Commitments and contingencies (Note 14)
Shareholders’ equity:
Common shares, without par value (63,000 shares authorized; 29,430 shares issued at 3/31/2018, 12/31/17 and 3/31/2017)	96			96			96
Preferred shares, without par value (1,000 shares authorized; none issued)	—			—			—
Additional paid-in-capital	221,990			224,622			220,366
Treasury shares, at cost (955, 1,063 and 1,074 shares at 3/31/2018, 12/31/17 and 3/31/2017, respectively)	(36,028		)	(40,312		)	(40,727		)
Accumulated other comprehensive loss	(3,988		)	(2,700		)	(11,964		)
Retained earnings	618,572			633,496			601,560
Total shareholders’ equity of The Andersons, Inc.	800,642			815,202			769,331
Noncontrolling interests	22,115			7,697			8,031
Total equity	822,757			822,899			777,362
Total liabilities and equity	$	2,363,528		$	2,162,354		$	2,161,753

See Notes to Condensed Consolidated Financial Statements

4

The Andersons, Inc.

Condensed Consolidated Statements of Operations

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

	Three months ended March 31,
	2018			2017
Sales and merchandising revenues	$	635,739		$	852,016
Cost of sales and merchandising revenues	572,034			775,558
Gross profit	63,705			76,458
Operating, administrative and general expenses	64,257			81,545
Interest expense	6,999			6,100
Other income:
Equity in earnings (loss) of affiliates, net	3,573			(1,878		)
Other income, net	1,686			7,495
Income (loss) before income taxes	(2,292		)	(5,570		)
Income tax provision (benefit)	(310		)	(2,535		)
Net income (loss)	(1,982		)	(3,035		)
Net income (loss) attributable to the noncontrolling interests	(282		)	54
Net income (loss) attributable to The Andersons, Inc.	$	(1,700	)	$	(3,089	)
Per common share:
Basic earnings (loss) attributable to The Andersons, Inc. common shareholders	$	(0.06	)	$	(0.11	)
Diluted earnings (loss) attributable to The Andersons, Inc. common shareholders	$	(0.06	)	$	(0.11	)
Dividends declared	$	0.165		$	0.160

See Notes to Condensed Consolidated Financial Statements

5

The Andersons, Inc.

Condensed Consolidated Statements of Comprehensive Income (Loss)

(Unaudited)(In thousands)

	Three months ended March 31,
	2018			2017
Net income (loss)	$	(1,982	)	$	(3,035	)
Other comprehensive income (loss), net of tax:
Change in fair value of convertible preferred securities (net of income tax of $(87) and $0)	(87		)	—
Change in unrecognized actuarial loss and prior service cost (net of income tax of $15 and $7)	(51		)	(10		)
Foreign currency translation adjustments (net of income tax of $0 and $0)	(1,150		)	514
Other comprehensive income (loss)	(1,288		)	504
Comprehensive income (loss)	(3,270		)	(2,531		)
Comprehensive income (loss) attributable to the noncontrolling interests	(282		)	54
Comprehensive income (loss) attributable to The Andersons, Inc.	$	(2,988	)	$	(2,585	)

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,
	2018			2017
Operating Activities
Net income (loss)	$	(1,982	)	$	(3,035	)
Adjustments to reconcile net income (loss) to cash used in operating activities:
Depreciation and amortization	22,679			21,003
Bad debt expense (recovery)	(531		)	629
Equity in (earnings) losses of affiliates, net of dividends	(2,360		)	1,931
Gains on sale of Rail Group assets and related leases	(2,280		)	(3,609		)
(Gain) loss on sale of assets	277			(4,698		)
Stock-based compensation expense	1,268			1,220
Other	(70		)	(725		)
Changes in operating assets and liabilities:
Accounts receivable	(30,730		)	7,563
Inventories	(85,262		)	33,456
Commodity derivatives	(45,775		)	4,017
Other assets	1,134			(9,375		)
Payables and other accrued expenses	(235,075		)	(277,612		)
Net cash provided by (used in) operating activities	(378,707		)	(229,235		)
Investing Activities
Purchases of Rail Group assets	(29,516		)	(25,074		)
Proceeds from sale of Rail Group assets	14,575			5,621
Purchases of property, plant and equipment and capitalized software	(29,414		)	(5,608		)
Proceeds from sale of assets	6			13,912
Purchase of investments	—			(1,817		)
Other	—			(281		)
Net cash provided by (used in) investing activities	(44,349		)	(13,247		)
Financing Activities
Net change in short-term borrowings	467,000			226,000
Proceeds from issuance of long-term debt	50,000			15,175
Proceeds from long-term financing arrangement	—			10,396
Payments of long-term debt	(106,515		)	(37,852		)
Proceeds from noncontrolling interest owner	14,700			—
Proceeds from sale of treasury shares to employees and directors	—			511
Payments of debt issuance costs	(787		)	(33		)
Dividends paid	(4,650		)	(4,483		)
Other	(114		)	(217		)
Net cash provided by (used in) financing activities	419,634			209,497
Decrease in cash and cash equivalents	(3,422		)	(32,985		)
Cash and cash equivalents at beginning of period	34,919			62,630
Cash and cash equivalents at end of period	$	31,497		$	29,645

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, 2016	$	96	$	222,910		$	(45,383	)	$	(12,468	)	$	609,206		$	16,336		$	790,697
Net income (loss)												(3,089		)	54			(3,035		)
Other comprehensive income (loss)									504									504
Other change in noncontrolling interest															(8,359		)	(8,359		)
Stock awards, stock option exercises and other shares issued to employees and directors, net of income tax of $(323) (126 shares)			(2,549		)	4,604												2,055
Dividends declared ($0.16 per common share)												(4,500		)				(4,500		)
Restricted share award dividend equivalents			5			52						(57		)				—
Balance at March 31, 2017	$	96	$	220,366		$	(40,727	)	$	(11,964	)	$	601,560		$	8,031		$	777,362
Balance at December 31, 2017	$	96	$	224,622		$	(40,312	)	$	(2,700	)	$	633,496		$	7,697		$	822,899
Net income (loss)												(1,700		)	(282		)	(1,982		)
Other comprehensive income (loss)									(1,288		)							(1,288		)
Cash received from noncontrolling interest															14,700			14,700
Adoption of accounting standard, net of income tax of $2,869												(8,441		)				(8,441		)
Stock awards, stock option exercises and other shares issued to employees and directors, net of income tax of $(0) (105 shares)			(2,632		)	4,164												1,532
Dividends declared ($0.165 per common share)												(4,663		)				(4,663		)
Restricted share award dividend equivalents						120						(120		)				—
Balance at March 31, 2018	$	96	$	221,990		$	(36,028	)	$	(3,988	)	$	618,572		$	22,115		$	822,757

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 the 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, 2018. An unaudited Condensed Consolidated Balance Sheet as of March 31, 2017 has been included as the Company operates in several seasonal industries. Certain prior year amounts within the operating and investing activities sections of the statements of cash flows have been reclassified to conform to current year presentation.

The Condensed Consolidated Balance Sheet data at December 31, 2017 was derived from the audited Consolidated Financial Statements, but does not include all disclosures required by accounting principles generally accepted in the United States of America. 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, 2017 (the “2017 Form 10-K”).

New Accounting Standards

Revenue Recognition

In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2014-09, Revenue from Contracts with Customers (ASC 606). The FASB issued subsequent amendments to the initial guidance in August 2015, March 2016, April 2016, May 2016, and December 2016 within ASU 2015-14, ASU 2016-08, ASU 2016-10 ASU 2016-12 and ASU 2016-20, respectively.  The core principle of the new revenue standard 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 Company adopted the standard in the current period using the modified retrospective method. As a result of the adoption we recognized a cumulative catch-up transition adjustment in beginning retained earnings at January 1, 2018 for non-recourse financing transactions that were open as of December 31, 2017. This resulted in a $25.6 million increase in Rail Group net assets, $34.0 million increase in financing liabilities and deferred tax liabilities and $8.4 million decrease to retained earnings. See Note 7 for further detail.

Leasing

In February 2016, the FASB issued ASU No. 2016-02, Leases (ASC 842). ASC 842 supersedes the current accounting for leases. The new standard, while retaining two distinct types of leases, finance and operating, (i) requires lessees to record a right of use asset and a related liability for the rights and obligations associated with a lease, regardless of lease classification, and recognize lease expense in a manner similar to current accounting, (ii) eliminates current real estate specific lease provisions, (iii) modifies the lease classification criteria and (iv) aligns many of the underlying lessor model principles with those in the new revenue standard. ASC 842 is effective for fiscal years beginning after December 15, 2018, and interim periods within. Early adoption is permitted, however the Company does not plan to early adopt. The new standard is effective for the Company beginning January 1, 2019 and must be adopted using either the modified retrospective approach, which requires application of the new guidance at the beginning of the earliest comparative period presented or the optional alternative approach, which requires application of the new guidance at the beginning of the standard’s effective date.

The Company expects this standard to have the effect of bringing certain off balance-sheet rail assets onto the balance sheet along with a corresponding liability for the associated obligations. Additionally, we have other arrangements currently classified as operating leases which will be recorded as a right of use asset and corresponding liability on the balance sheet. We are currently evaluating the impact these changes will have on the Consolidated Financial Statements.

9

Other applicable standards

In February 2018, the FASB issued ASU 2018-02, Income Statement-Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income, which allows companies to reclassify stranded income tax effects resulting from the Tax Cuts and Jobs Act from accumulated other comprehensive income to retained earnings in their consolidated financial statements. This guidance is effective for fiscal years beginning after December 15, 2018. We have evaluated the impact of this new standard on our consolidated financial statements and do not expect the impact to be material. Early adoption is permitted, however the Company has not chosen to do so at this time.

In August 2017, the FASB issued ASU 2017-12 Targeted Improvements to Accounting for Hedging Activities. This standard simplifies the recognition and presentation of changes in the fair value of hedging instruments. The ASU is effective for annual periods beginning December 15, 2018. Early adoption is permitted, and the Company plans to adopt this standard in the second quarter of 2018. The Company does not expect the impact from adoption of this standard to be material to its Consolidated Financial Statements and disclosures.

In May 2017, the FASB issued ASU 2017-09 Compensation-Stock Compensation (Topic 718): Scope of Modification Accounting. This standard states that if the vesting conditions, fair value, and classification of the awards are the same immediately before and after the modification an entity would not apply modification accounting. The Company has adopted this standard in the current period noting no impact as the Company has not made any modifications to our stock compensation awards.

In March 2017, the FASB issued ASU 2017-07 Compensation-Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost. This standard requires that the service cost component be reported in the same line item as other compensation costs arising from services rendered by the employees during the period. The other components of net benefit costs should be presented in the income statement separately from the service cost component and outside of income from operations if that subtotal is presented. The Company has adopted this standard in the current period and prior periods have been recast to reflect this change.

In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments. This standard clarifies how companies present and classify certain cash receipts and payments in the statement of cash flows. The Company has adopted this standard in the current period noting the impact is immaterial.

In June 2016, the FASB issued ASU 2016-13, Measurement of Credit Losses on Financial Instruments. This update changes the accounting for credit losses on loans and held-to-maturity debt securities and requires a current expected credit loss (CECL) approach to determine the allowance for credit losses. This includes allowances for trade receivables. The Company has not historically incurred significant credit losses and does not currently anticipate circumstances that would lead to a CECL approach differing from the Company's existing allowance estimates in a material way. The guidance is effective for fiscal years beginning after December 15, 2019 with a cumulative-effect adjustment to retained earnings as of the beginning of the year of adoption. Early adoption is permitted, however the Company does not plan to do so.

In January 2016, the FASB issued ASU 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities. The FASB issued subsequent amendments to the initial guidance in February 2018 and March 2018 within ASU 2018-03 and ASU 2018-04, respectively. This standard provides guidance for the recognition, measurement, presentation, and disclosure of financial instruments. The Company has adopted this standard in the current period noting the impact is immaterial.

2. Inventories

Major classes of inventories are as follows:

(in thousands)	March 31, 2018		December 31, 2017		March 31, 2017
Grain	$	541,272	$	505,217	$	443,870
Ethanol and co-products	14,320		11,003		15,549
Plant nutrients and cob products	170,748		126,962		165,584
Retail merchandise	—		—		11,082
Railcar repair parts	5,289		5,521		5,209
	$	731,629	$	648,703	$	641,294

10

Inventories on the Condensed Consolidated Balance Sheets at March 31, 2018, December 31, 2017 and March 31, 2017 do not include 0.7 million, 1.0 million and 2.7 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, net are as follows:

(in thousands)	March 31, 2018		December 31, 2017		March 31, 2017
Land	$	29,915	$	22,388	$	29,331
Land improvements and leasehold improvements	69,320		69,127		78,798
Buildings and storage facilities	285,084		284,820		321,344
Machinery and equipment	377,563		373,127		388,230
Construction in progress	15,116		7,502		13,113
	776,998		756,964		830,816
Less: accumulated depreciation	383,235		372,287		390,421
	$	393,763	$	384,677	$	440,395

Depreciation expense on property, plant and equipment was $11.6 million and $12.1 million for the three months ended March 31, 2018 and 2017, respectively.

In December 2017, the Company recorded charges totaling $10.9 million for impairment of property, plant and equipment in the Grain segment, of which $5.6 million relates to assets that are deemed held and used and $5.3 million related to assets that have been reclassified as assets held for sale at December 31, 2017. The Company wrote down the value of these assets to the extent their carrying amounts exceeded fair value. The Company classified the significant assumptions used to determine the fair value of the impaired assets as Level 3 inputs in the fair value hierarchy.

Rail Group Assets

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

(in thousands)	March 31, 2018		December 31, 2017		March 31, 2017
Rail Group assets leased to others	$	577,678	$	531,391	$	448,761
Less: accumulated depreciation	115,425		107,948		105,825
	$	462,253	$	423,443	$	342,936

Depreciation expense on Rail Group assets leased to others amounted to $6.2 million and $4.7 million for the three months ended March 31, 2018 and 2017, respectively.

4. Debt

The Company has a line of credit agreement with a syndicate of banks. The agreement provides for a credit facility in the amount of $800 million. Total borrowing capacity for the Company under all lines of credit is currently at $950.0 million, including subsidiary debt that is non-recourse to the Company of $15.0 million for The Andersons Denison Ethanol LLC ("TADE"), $70 million for ELEMENT LLC and $65 million for The Andersons Railcar Leasing Company LLC. At March 31, 2018, the Company had a total of $338.3 million available for borrowing under its lines of credit. The Company's 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, 2018.

ELEMENT, LLC, a consolidated subsidiary of the Company, entered into a financing agreement during the first quarter. This agreement provides a construction loan of up to $70.0 million.  Upon project completion, the agreement provides the opportunity for the Company to convert the construction loan to a term loan of up to $50.0 million and a revolving term loan of up to $20.0 million.  The maturity date of the credit agreement is March 2, 2025. During the construction period, borrowings under the credit agreement bear interest at variable interest rates, which are based off LIBOR plus an applicable spread.  Upon

11

conversion of the construction loan to a term loan, the Company will have the option of fixing the interest on portions of the loans, or continuing at the previously described variable interest rates. There are no outstanding borrowings under this agreement as of March 31, 2018. The agreements include both financial and non-financial covenants that ELEMENT LLC, among other things, is required at a minimum to maintain various working capital levels and debt service coverage ratios based on project milestones as well as a minimum owner's equity level.

The Andersons Railcar Leasing Company LLC, a consolidated subsidiary of the Company, entered into a revolving asset based loan agreement on March 22, 2018 that provides for a credit facility in the amount of $65 million. The maturity date of the loan agreement is March 23, 2021. Borrowings under the agreement bear interest at market driven, variable interest rates which was 3.88% as of March 31, 2018 The agreement includes both financial and non-financial covenants, including maintaining certain leverage and interest coverage ratios, tangible net worth and utilization levels. There are $40.0 million of outstanding borrowings under this agreement as of March 31, 2018, the proceeds of which were used to pay down outstanding balances of the Company's primary credit facility agreement.

The Company’s short-term and long-term debt at March 31, 2018, December 31, 2017 and March 31, 2017 consisted of the following:

(in thousands)	March 31, 2018		December 31, 2017		March 31, 2017
Short-term Debt – Non-Recourse	$	—	$	—	$	—
Short-term Debt – Recourse	489,000		22,000		255,000
Total Short-term Debt	$	489,000	$	22,000	$	255,000
Current Maturities of Long-term Debt – Non-Recourse	$	2,922	$	—	$	—
Current Maturities of Long-term Debt – Recourse	11,212		54,205		56,144
Total Current Maturities of Long-term Debt	$	14,134	$	54,205	$	56,144
Long-term Debt, Less: Current Maturities – Non-Recourse	$	72,977	$	—	$	—
Long-term Debt, Less: Current Maturities – Recourse	365,651		418,339		365,971
Total Long-term Debt, Less: Current Maturities	$	438,628	$	418,339	$	365,971

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. These contracts are primarily traded via the regulated 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.

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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 cost of 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, 2018, December 31, 2017 and March 31, 2017, 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, 2018					December 31, 2017				March 31, 2017
(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)	$	54,762		$	—	$	1,351	$	—	$	(2,769	)	$	—
Fair value of derivatives	(18,874		)	—		17,252		—		32,310			—
Balance at end of period	$	35,888		$	—	$	18,603	$	—	$	29,541		$	—

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

	March 31, 2018
(in thousands)	Commodity Derivative Assets - Current			Commodity Derivative Assets - Noncurrent			Commodity Derivative Liabilities - Current			Commodity Derivative Liabilities - Noncurrent			Total
Commodity derivative assets	$	29,861		$	1,851		$	3,115		$	47		$	34,874
Commodity derivative liabilities	(40,813		)	(112		)	(18,539		)	(1,461		)	(60,925		)
Cash collateral	54,762			—			—			—			54,762
Balance sheet line item totals	$	43,810		$	1,739		$	(15,424	)	$	(1,414	)	$	28,711

	December 31, 2017
(in thousands)	Commodity Derivative Assets - Current			Commodity Derivative Assets - Noncurrent			Commodity Derivative Liabilities - Current			Commodity Derivative Liabilities - Noncurrent			Total
Commodity derivative assets	$	36,929		$	311		$	489		$	1		$	37,730
Commodity derivative liabilities	(7,578		)	(1		)	(30,140		)	(826		)	(38,545		)
Cash collateral	1,351			—			—			—			1,351
Balance sheet line item totals	$	30,702		$	310		$	(29,651	)	$	(825	)	$	536

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	March 31, 2017
(in thousands)	Commodity Derivative Assets - Current			Commodity Derivative Assets - Noncurrent			Commodity Derivative Liabilities - Current			Commodity Derivative Liabilities - Noncurrent			Total
Commodity derivative assets	$	57,499		$	341		$	554		$	3		$	58,397
Commodity derivative liabilities	(6,681		)	(2		)	(30,468		)	(453		)	(37,604		)
Cash collateral	(2,769		)	—			—			—			(2,769		)
Balance sheet line item totals	$	48,049		$	339		$	(29,914	)	$	(450	)	$	18,024

The net pre-tax gains and losses on commodity derivatives not designated as hedging instruments included in the Company’s Condensed Consolidated Statements of Operations and the line items in which they are located for the three months ended March 31, 2018 and 2017 are as follows:

	Three months ended March 31,
(in thousands)	2018			2017
Gains (losses) on commodity derivatives included in cost of sales and merchandising revenues	$	(25,236	)	$	27,025

The Company had the following volume of commodity derivative contracts outstanding (on a gross basis) at March 31, 2018, December 31, 2017 and March 31, 2017:

	March 31, 2018
Commodity (in thousands)	Number of Bushels	Number of Gallons	Number of Pounds	Number of Tons
Non-exchange traded:
Corn	335,887	—	—	—
Soybeans	48,003	—	—	—
Wheat	16,639	—	—	—
Oats	40,555	—	—	—
Ethanol	—	280,243		—
Corn oil	—	—	5,048	—
Other	27	4,500		90
Subtotal	441,111	284,743	5,048	90
Exchange traded:
Corn	146,505	—	—	—
Soybeans	52,460	—	—	—
Wheat	74,805	—	—	—
Oats	2,290	—	—	—
Ethanol	—	108,108	—	—
Subtotal	276,060	108,108	—	—
Total	717,171	392,851	5,048	90

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	December 31, 2017
Commodity (in thousands)	Number of Bushels	Number of Gallons	Number of Pounds	Number of Tons
Non-exchange traded:
Corn	218,391			—
Soybeans	18,127	—	—	—
Wheat	14,577	—	—	—
Oats	25,953	—	—	—
Ethanol	—	197,607	—	—
Corn oil	—	—	6,074	—
Other	47	—	—	97
Subtotal	277,095	197,607	6,074	97
Exchange traded:
Corn	82,835	—	—	—
Soybeans	37,170	—	—	—
Wheat	65,640	—	—	—
Oats	1,345	—	—	—
Ethanol	—	39,438	—	—
Other	—	840	—	—
Subtotal	186,990	40,278	—	—
Total	464,085	237,885	6,074	97

	March 31, 2017
Commodity (in thousands)	Number of Bushels	Number of Gallons	Number of Pounds	Number of Tons
Non-exchange traded:
Corn	201,200	—	—	—
Soybeans	29,015	—	—	—
Wheat	7,956	—	—	—
Oats	46,861	—	—	—
Ethanol	—	178,040	—	—
Corn oil	—	—	6,279	—
Other	100	1,000	—	239
Subtotal	285,132	179,040	6,279	239
Exchange traded:
Corn	104,790	—	—	—
Soybeans	47,605	—	—	—
Wheat	40,855	—	—	—
Oats	1,660	—	—	—
Ethanol	—	16,590	—	—
Other	—	—	—	15
Subtotal	194,910	16,590	—	15
Total	480,042	195,630	6,279	254

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At March 31, 2018, December 31, 2017 and March 31, 2017, the Company had recorded the following amounts for the fair value of the Company's other derivatives not designated as hedging instruments:

	March 31, 2018			December 31, 2017			March 31, 2017
(in thousands)
Interest rate contracts included in other long-term liabilities	$	(453	)	$	(1,244	)	$	(2,141	)
Foreign currency contracts included in other current assets (Accrued expenses and other current liabilities)	(695		)	426			(14		)

The gains and losses included in the Company's Consolidated Statements of Operations and the line item in which they are located for derivatives not designated as hedging instruments are as follows:

	Three months ended March 31,
(in thousands)	2018			2017
Interest rate derivative gains (losses) included in Interest income (expense)	$	1,408		$	389
Foreign currency derivative gains (losses) included in Other income, net	(1,122		)	98

6. Employee Benefit Plans

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, 2018 and 2017:

	Pension Benefits
(in thousands)	Three months ended March 31,
	2018		2017
Interest cost	$	33	$	39
Recognized net actuarial loss	61		63
Benefit cost	$	94	$	102

	Postretirement Benefits
(in thousands)	Three months ended March 31,
	2018			2017
Service cost	$	87		$	123
Interest cost	187			300
Amortization of prior service cost	(228		)	—
Benefit cost	$	46		$	423

7. Revenue

Many of the Company’s revenues are generated from contracts that are outside the scope of ASC 606 and thus are accounted for under other accounting standards. Specifically, many of the Company's Grain and Ethanol sales contracts are derivatives under ASC 815, Derivatives and Hedging and the Rail Group's leasing revenue is accounted for under ASC 840, Leases. The breakdown of revenues between ASC 606 and other standards is as follows:

(in thousands)	Three months ended March 31, 2018
Revenues under ASC 606	$	193,650
Revenues under ASC 840	26,029
Revenues under ASC 815	416,060
Total Revenues	$	635,739

The remainder of this note applies only to those revenues that are accounted for under ASC 606.

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Disaggregation of revenue

The following table disaggregates revenues under ASC 606 by major product/service line:

	Three months ended March 31, 2018
(in thousands)	Grain		Ethanol		Plant Nutrient		Rail		Total
Specialty nutrients	$	—	$	—	$	75,078	$	—	$	75,078
Primary nutrients	—		—		53,219		—		53,219
Service	4,418		2,545		209		8,117		15,289
Co-products	—		26,646		—		—		26,646
Other	210		—		7,111		16,097		23,418
Total	$	4,628	$	29,191	$	135,617	$	24,214	$	193,650

Approximately 8% of revenues accounted for under ASC 606 are recorded over time which primarily relates to service revenues noted above.

Specialty and primary nutrients

The Company sells several different types of specialty nutrient products, including: low-salt liquid starter fertilizers, micro-nutrients and other specialty lawn products. These products can be sold through the wholesale distribution channels as well as directly to end users at the farm center locations. Similarly, the Company sells several different types of primary nutrient products, including: nitrogen, phosphorus and potassium. These products may be purchased and re-sold as is or sold as finished goods resulting from a blending and manufacturing process. The contracts associated with specialty and primary nutrients generally have just a single performance obligation, as the Company has elected the accounting policy to consider shipping and handling costs as fulfillment costs. Revenue is recognized when control of the product has passed to the customer. Payment terms generally range from 0 - 30 days.

Service

Service revenues primarily relate to the railcar repair business. The Company owns several railcar repair shops which repair railcars through specific contracts with customers or through operating as an agent for a particular railroad to repair cars that are on their rail line per American Association of Railroads (“AAR”) standards. These contracts contain a single performance obligation which is to complete the requested and/or required repairs on the railcars. As the customer simultaneously receives and consumes the benefit of the repair work we perform, revenue for these contracts is recognized over time. The Company uses an input-based measure of progress using costs incurred to total expected costs as that is the measure that most faithfully depicts our progress towards satisfying our performance obligation. Upon completion of the work, the invoice is sent to the customer, with payment terms that generally range from 0 - 30 days.

Co-products

In addition to the ethanol sales contracts that are considered derivative instruments, the Ethanol Group sells several other co-products that remain subject to ASC 606, including E-85, DDGs, syrups and renewable identification numbers (“RINs”). RINs are credits for compliance with the Environmental Protection Agency's Renewable Fuel Standard Program and are created by renewable fuel producers. Contracts for these co-products generally have a single performance obligation, as the Company has elected the accounting policy to consider shipping and handling costs as fulfillment costs. Revenue is recognized when control of the product has passed to the customer which follows shipping terms on the contract. Payment terms generally range from 5 - 15 days.

Contract balances

The opening and closing balances of the Company’s contract liabilities are as follows:

in thousands	Contract liabilities
Balance at January 1, 2018	$	25,520
Balance at March 31, 2018	$	67,715

The difference between the opening and closing balances of the Company’s contract liabilities primarily results from the timing difference between the Company’s performance and the customer’s payment. Contract liabilities relate to the Plant Nutrient business for payments received in advance of fulfilling our performance obligations under our customer contracts. Further, due

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to seasonality of this business, the amount of revenue recognized in the current period related to the beginning of the year contract liability is not material.

Impact of New Revenue Guidance on Financial Statement Line Items

The following table compares the reported condensed consolidated balance sheet and statement of operations, as of and for the three months ended March 31, 2018, to the pro forma amounts had the previous guidance been in effect:

	Balance Sheet
(in thousands)	As Reported		ASC 606 Impact			Pro forma as if the previous accounting guidance was in effect
Cash and cash equivalents and restricted cash	$	31,497	$	—		$	31,497
Accounts receivable, net	216,021		—			216,021
Inventories	731,629		145			731,774
Commodity derivative assets - current	43,810		—			43,810
Other current assets	114,922		(170		)	114,752
Other noncurrent assets	369,633		—			369,633
Rail Group assets leased to others, net	462,253		(24,844		)	437,409
Property, plant and equipment	393,763		—			393,763
Total assets	2,363,528		(24,869		)	2,338,659
Short-term debt and current maturities of long-term debt	503,134		(2,922		)	500,212
Trade and other payables and accrued expenses and other current liabilities	323,614		—			323,614
Commodity derivative liabilities - current	15,424		—			15,424
Customer prepayments and deferred revenue	81,778		—			81,778
Commodity derivative liabilities - noncurrent and Other long-term liabilities	32,950		—			32,950
Employee benefit plan obligations	26,310		—			26,310
Long-term debt, less current maturities	438,628		(33,318		)	405,310
Deferred income taxes	118,933		2,942			121,875
Total liabilities	1,540,771		(33,298		)	1,507,473
Retained earnings	618,572		8,429			627,001
Common shares, additional paid-in-capital, treasury shares, accumulated other comprehensive loss and noncontrolling interests	204,185		—			204,185
Total equity	822,757		8,429			831,186
Total liabilities and equity	2,363,528		(24,869		)	2,338,659

Total reported assets were $24.9 million greater than the pro forma balance sheet, which assumes the previous guidance remained in effect as of March 31, 2018. This was largely due to the Rail Group assets that were recorded on the balance sheet as part of the cumulative catch-up adjustment upon the adoption of ASC 606.

Total reported liabilities were $33.3 million greater than the pro forma balance sheet, which assumes the previous guidance remained in effect as of March 31, 2018. This was largely due to the financing obligation and deferred taxes related to the Rail Group assets that were recorded on the balance sheet as part of the cumulative catch-up adjustment upon the adoption of ASC 606.

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	Statement of Operations
in thousands	As Reported			ASC 606 Impact			Pro forma as if the previous accounting guidance was in effect
Sales and merchandising revenues	$	635,739		$	164,189		$	799,928
Cost of sales and merchandising revenues	572,034			164,650			736,684
Gross profit	63,705			(461		)	63,244
Operating, administrative and general expenses	64,257			—			64,257
Goodwill impairment				—			—
Interest expense	6,999			(403		)	6,596
Other income:
Equity in earnings of affiliates, net	3,573			—			3,573
Other income, net	1,686			—			1,686
Income (loss) before income taxes	(2,292		)	(58		)	(2,350		)
Income tax provision	(310		)	(22		)	(332		)
Net income (loss)	(1,982		)	(36		)	(2,018		)
Net income attributable to the noncontrolling interests	(282		)	—			(282		)
Net income (loss) attributable to The Andersons, Inc.	$	(1,700	)	$	(36	)	$	(1,736	)

The following summarizes the significant changes on the Company’s condensed consolidated statement of operations for the three months ended March 31, 2018 as a result of the adoption of ASC 606 on January 1, 2018 compared to if the Company had continued to recognize revenues under ASC 605:

• While grain origination agreements, and their related sales contracts, will be accounted for under ASC 815, we are still required to evaluate the principal versus agent guidance in ASC 606 to determine whether realized gains or losses should be presented on a gross or net basis in the consolidated statements of operations upon physical settlement. The Company has determined that it is the agent in certain origination arrangements within our Grain Group and therefore realized gains or losses will be presented on a net basis upon adoption of ASC 606. As a result of these transactions now being recorded on a net basis, revenues and related cost of sales would have been $161.9 million higher under the previous guidance.

• ASC 606 required certain Rail Group assets and related financing obligations to be recorded on the balance sheet as these transactions no longer qualified as sales as a result of the existence of repurchase options within the sales contracts. The result of this change primarily impacts geography within the income statement, as lease expense to the financial institution will be replaced with a combination of depreciation and interest expense.

The net impact of accounting for revenue under the new guidance had an immaterial impact on net income (loss) and no impact on the Company's earnings per common share for the three months ended March 31, 2018.

The adoption of ASC 606 had an immaterial on the Company’s cash flows from operations. The aforementioned impacts resulted in offsetting shifts in cash flows throughout net income and various changes in working capital balances.

Transaction Price Allocated to Future Performance Obligations

ASC 606 requires that the Company disclose the aggregate amount of transaction price that is allocated to performance obligations that have not yet been satisfied at period end. The guidance provides certain practical expedients that limit this requirement. The Company has various contracts that meet the following practical expedients provided by ASC 606:

• The performance obligation is part of a contract that has an original expected duration of one year or less.

• The variable consideration is allocated entirely to a wholly unsatisfied performance obligation or to a wholly unsatisfied promise to transfer a distinct good or service that forms part of a single performance obligation in accordance with ASC 606-10-25-14(b), for which the criteria in ASC 606-10-32-40 have been met.

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Contract costs

The company has elected to apply the practical expedient and accordingly recognizes the incremental costs of obtaining contracts as an expense when incurred if the amortization period of the assets that the Company otherwise would have recognized is one year or less. These costs are included in Operating, administrative and general expenses.

Significant judgments

In making its determination of standalone selling price, the Company maximizes its use of observable inputs.  Standalone selling price, once established, is then used to allocate total consideration proportionally to the various performance obligations, if applicable, within a contract.

To estimate variable consideration, the Company applies both the “expected value” method and “most likely amount” method based on the form of variable consideration, according to which method would provide the best prediction.  The expected value method involves a probability-weighted determination of the expected amount, whereas the most likely amount method identifies the single most likely outcome in a range of possible amounts.  However, once a method has been applied to one form of variable consideration, it is applied consistently throughout the contract term.

The primary types of variable consideration present in the Company’s contracts are product returns, volume rebates and the CPI index.  The overall impact of this variable consideration is not material.

Practical expedients

The Company has elected to apply the following practical expedients provided by ASC 606:

• Future performance obligations - see discussion above.

• Contract costs - see discussion above.

• Shipping and handling activities - see discussion above.

• Sales tax presentation - the Company has elected to exclude from the transaction price all sales taxes that are assessed by a governmental authority that are imposed on and concurrent with a specific revenue-producing transaction and collected by the entity from a customer.

• Modified retrospective approach - see discussion in Note 1. regarding adoption elections.

8. 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.

For the three months ended March 31, 2018, the Company recorded income tax benefit of $0.3 million at an effective tax rate of 13.5%. The annual effective tax rate differs from the statutory U.S. Federal tax rate due to the impact of state income taxes and nondeductible compensation. The effective tax rate for the three month period ended March 31, 2018 also includes tax benefits from the release of reserves upon the expiration of statutes of limitation, offset by changes in the state allocation/apportionment as a result of a statutory merger and excess tax expense from stock-based compensation. The decrease in effective tax rate for the three months ended March 31, 2018 as compared to the same period last year was primarily attributed to the reduction of the U.S. corporate tax rate from 35% to 21% as a result of the U.S. tax reform. For the three months ended March 31, 2017, the Company recorded an income tax benefit of $2.5 million at an effective tax rate of 45.5%.

The Company’s accounting for the certain elements of the Tax Act was incomplete as of the period ended December 31, 2017, and remains incomplete as of March 31, 2018. However, the Company was able to make reasonable estimates of the effects and, therefore, recorded provisional estimates for these items. In connection with its initial analysis of the impact of the Tax Act, the Company recorded a provisional discrete net tax benefit of $73.5 million in the period ended December 31, 2017. This provisional estimate consists of a net expense of $1.4 million for the one-time transition tax and a net benefit of $74.9 million related to revaluation of deferred tax assets and liabilities, caused by the new lower corporate tax rate. To determine the transition tax, the Company must determine the amount of post-1986 accumulated earnings and profits of the relevant subsidiaries, as well as the amount of non-U.S. income taxes paid on such earnings. While the Company was able to make a reasonable estimate of the transition tax, the Company continues to gather additional information to more precisely compute the final amount. Likewise, while the Company was able to make a reasonable estimate of the impact of the reduction to the corporate tax rate, its rate may be affected by other analysis related to the Tax Act, including, but not limited to, the state tax

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effect of adjustments made to federal temporary differences. Due to the complexity of the new global intangible low-taxed income ("GILTI") tax rules, the company is continuing to evaluate this provision of the Tax Act and the application of ASC 740. Under GAAP, the Company is allowed to make an accounting policy choice to either (i) treat taxes due on future U.S. inclusions in taxable income related to GILTI as a current-period expense when incurred (the “period cost method"); or (ii) factor in such amounts into a company’s measurement of its deferred taxes (the “deferred method”). The Company’s selection of an accounting policy with respect to the new GILTI tax rules is dependent on additional analysis and potential future modifications to existing structures, which are not currently known. The Company has not made a policy decision regarding whether to record deferred taxes on GILTI. The Company will continue to analyze the full effects of the Tax Act on its Consolidated Financial Statements.

9. 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, 2018 and 2017:

		Changes in Accumulated Other Comprehensive Income (Loss) by Component (a)
		Three months ended March 31, 2018
(in thousands)		Foreign Currency Translation Adjustment			Investment in Convertible Preferred Securities			Defined Benefit Plan Items			Total
Beginning Balance		$	(7,716	)	$	344		$	4,672		$	(2,700	)
	Other comprehensive income (loss) before reclassifications	(1,150		)	(87		)	117			$	(1,120	)
	Amounts reclassified from accumulated other comprehensive loss	—			—			(168		)	$	(168	)
Net current-period other comprehensive income (loss)		(1,150		)	(87		)	(51		)	(1,288		)
Ending balance		$	(8,866	)	$	257		$	4,621		$	(3,988	)

		Changes in Accumulated Other Comprehensive Income (Loss) by Component (a)
		Three months ended March 31, 2017
(in thousands)			Foreign Currency Translation Adjustment			Defined Benefit Plan Items			Total
Beginning Balance			$	(11,002	)	$	(1,466	)	$	(12,468	)
	Other comprehensive income (loss) before reclassifications		514			(10		)	504
	Amounts reclassified from accumulated other comprehensive loss		—			—			—
Net current-period other comprehensive income (loss)			514			(10		)	504
Ending balance			$	(10,488	)	$	(1,476	)	$	(11,964	)

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

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The following table shows the reclassification adjustments from accumulated other comprehensive loss to net income for the three months ended March 31, 2018:

	Reclassifications Out of Accumulated Other Comprehensive Income (Loss) (a)
(in thousands)	Three months ended March 31, 2018
Details about Accumulated Other Comprehensive Income (Loss) Components	Amount Reclassified from Accumulated Other Comprehensive Income (Loss)			Affected Line Item in the Statement Where Net Income Is Presented
Defined Benefit Plan Items
Amortization of prior-service cost	(228		)	(b)
	(228		)	Total before tax
	60			Income tax provision
	$	(168	)	Net of tax
Total reclassifications for the period	$	(168	)	Net of tax

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

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

There were no reclassification adjustments from accumulated other comprehensive loss to net income for the three months ended March 31, 2017.

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10. Earnings Per Share

The Company’s non-vested 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. 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.

(in thousands, except per common share data)	Three months ended March 31,
	2018			2017
Net income (loss) attributable to The Andersons, Inc.	$	(1,700	)	$	(3,089	)
Less: Distributed and undistributed earnings allocated to nonvested restricted stock	—			—
Earnings (losses) available to common shareholders	$	(1,700	)	$	(3,089	)
Earnings per share – basic:
Weighted average shares outstanding – basic	28,237			28,281
Earnings (losses) per common share – basic	$	(0.06	)	$	(0.11	)
Earnings per share – diluted:
Weighted average shares outstanding – basic	28,237			28,281
Effect of dilutive awards	—			—
Weighted average shares outstanding – diluted	28,237			28,281
Earnings (losses) per common share – diluted	$	(0.06	)	$	(0.11	)

All outstanding share awards were antidilutive for the three months ended March 31, 2018 and March 31, 2017 as the Company experienced a net loss in both periods.

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11. Fair Value Measurements

The following table presents the Company’s assets and liabilities measured at fair value on a recurring basis at March 31, 2018, December 31, 2017 and March 31, 2017:

(in thousands)	March 31, 2018
Assets (liabilities)	Level 1			Level 2			Level 3		Total
Commodity derivatives, net (a)	$	35,888		$	(7,177	)	$	—	$	28,711
Provisionally priced contracts (b)	(48,478		)	(31,847		)	—		(80,325		)
Convertible preferred securities (c)	—			—			7,388		7,388
Other assets and liabilities (d)	8,947			(454		)	—		8,493
Total	$	(3,643	)	$	(39,478	)	$	7,388	$	(35,733	)

(in thousands)	December 31, 2017
Assets (liabilities)	Level 1			Level 2			Level 3		Total
Commodity derivatives, net (a)	18,603			(18,067		)	—		536
Provisionally priced contracts (b)	(98,190		)	(67,094		)	—		(165,284		)
Convertible preferred securities (c)	—			—			7,388		7,388
Other assets and liabilities (d)	9,705			(1,244		)	—		8,461
Total	$	(69,882	)	$	(86,405	)	$	7,388	$	(148,899	)

(in thousands)	March 31, 2017
Assets (liabilities)	Level 1			Level 2			Level 3		Total
Restricted cash	$	752		$	—		$	—	$	752
Commodity derivatives, net (a)	29,566			(11,542		)	—		18,024
Provisionally priced contracts (b)	(86,314		)	(37,643		)	—		(123,957		)
Convertible preferred securities (c)	—			—			3,294		3,294
Other assets and liabilities (d)	8,518			(2,141		)	—		6,377
Total	$	(47,478	)	$	(51,326	)	$	3,294	$	(95,510	)

(a) Includes associated cash posted/received as collateral

(b) Included in "Provisionally priced contracts" are those instruments based only on underlying futures values (Level 1) and delayed price contracts (Level 2)

(c) Recorded in “Other noncurrent assets” on the Company’s Condensed Consolidated Balance Sheets related to certain available securities.

(d) Included in other assets and liabilities are assets held in rabbi trusts to fund deferred compensation plans, ethanol risk management contracts, and foreign exchange derivative contracts (Level 1), and interest rate derivatives (Level 2).

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.

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

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.

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These fair value disclosures exclude physical grain inventories measured at net realizable value. The net realizable value used to measure the Company’s agricultural commodity inventories is the fair value (spot price of the commodity in an exchange), less cost of disposal and transportation based on the local market. This valuation would generally be considered Level 2. The amount is disclosed in Note 2. Changes in the net realizable value of commodity inventories are recognized as a component of cost of sales and merchandising revenues.

Provisionally priced contract liabilities are those for which the Company has taken ownership and possession of grain but the final purchase price has not been established. In the case of payables where the unpriced portion of the contract is limited to the futures price of the underlying commodity or the Company has delivered provisionally priced grain and a subsequent payable or receivable is set up for any future changes in the grain price, quoted CBOT prices are used and the liability is deemed to be Level 1 in the fair value hierarchy. All other unpriced contracts, primarily delayed price contracts, are determined on the basis of local grain market prices at the balance sheet date and, as such, are deemed to be Level 2 in the fair value hierarchy as they include variable future and basis components.

The risk management contract liability allows related ethanol customers to effectively unprice the futures component of their inventory for a period of time, subjecting the bushels to market fluctuations. The Company records an asset or liability for the market value changes of the commodities over the life of the contracts based on quoted CBOT prices and as such, the balance is deemed to be Level 1 in the fair value hierarchy.

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

	Convertible Preferred Securities
(in thousands)	2018		2017
Assets (liabilities) at January 1,	$	7,388	$	3,294
Gains (losses) included in earnings	—		—
Assets (liabilities) at March 31,	$	7,388	$	3,294

The following tables summarize quantitative information about the Company's Level 3 fair value measurements as of March 31, 2018, December 31, 2017 and March 31, 2017:

Quantitative Information about Level 3 Fair Value Measurements
(in thousands)	Fair Value as of March 31, 2018		Valuation Method	Unobservable Input	Weighted Average
Convertible preferred securities (a)	$	7,388	Implied based on market prices	N/A	N/A
Real Property (b)	$	29,347	Third Party Appraisal	N/A	N/A

(in thousands)	Fair Value as of December 31, 2017		Valuation Method	Unobservable Input	Weighted Average
Convertible preferred securities (a)	$	7,388	Implied based on market prices	N/A	N/A
Real Property (b)	$	29,347	Third-Party Appraisal	N/A	N/A

(in thousands)	Fair Value as of March 31, 2017		Valuation Method	Unobservable Input	Weighted Average
Convertible preferred securities (a)	$	3,294	Cost Basis, Plus Interest	N/A	N/A

(a) Due to early stages of business and timing of investments, cost basis, plus interest was deemed to approximate fair value in prior periods. As the underlying enterprises have matured, additional market data is available to consider in order to estimate fair value, including additional capital raising, internal valuation models, progress towards key business milestones, and other relevant market data points.

(b) The Company recognized impairment charges on certain grain assets during 2017 and measured the fair value using Level 3 inputs on a nonrecurring basis. The fair value of the grain assets was determined using prior transactions, prior third-party appraisals and a pending sale of grain assets held by the Company.

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.

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(in thousands)	March 31, 2018		December 31, 2017		March 31, 2017
Fair value of long-term debt, including current maturities	$	448,346	$	474,769	$	426,105
Fair value in excess of carrying value (a)	8,241		1,451		1,036

(a) Carrying value used for this purpose excludes unamortized prepaid debt issuance costs

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

12. 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.

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

(in thousands)	March 31, 2018		December 31, 2017		March 31, 2017
The Andersons Albion Ethanol LLC	$	46,145	$	45,024	$	38,694
The Andersons Clymers Ethanol LLC	20,339		19,830		19,946
The Andersons Marathon Ethanol LLC	12,615		12,660		13,266
Lansing Trade Group, LLC	94,483		93,088		88,339
Thompsons Limited (a)	48,362		50,198		46,054
Other	2,505		2,439		2,694
Total	$	224,449	$	223,239	$	208,993

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

On January 1, 2017, The Andersons Ethanol Investment LLC (“TAEI”) was merged with and into The Andersons Marathon Ethanol LLC (“TAME”). The Company had owned (66%) of TAEI, which, in turn, had owned 50% of TAME. Pursuant to the merger, the Company’s ownership units in TAEI were canceled and converted into ownership units in TAME. As a result, the Company now directly owns 33% of the outstanding ownership units of TAME.

Prior to this transaction, the noncontrolling interest in TAEI was attributed 33% of the gains and losses of TAME recorded by the Company in its equity in earnings of affiliates.

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

		Three months ended March 31,
(in thousands)	% Ownership at March 31, 2018	2018			2017
The Andersons Albion Ethanol LLC	55%	$	1,121		$	(277	)
The Andersons Clymers Ethanol LLC	39%	509			207
The Andersons Marathon Ethanol LLC	33%	(44		)	(463		)
Lansing Trade Group, LLC	33% (a)	2,584			(711		)
Thompsons Limited (b)	50%	(669		)	(595		)
Other	5% - 50%	72			(39		)
Total		$	3,573		$	(1,878	)

 (a) This does not consider restricted management units which once vested will reduce the ownership percentage by approximately 1%

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

Total distributions received from unconsolidated affiliates were $1.2 million for the three months ended March 31, 2018. There were no distributions received from unconsolidated affiliates for the three months ended March 31, 2017.

In the first quarter of 2018, The Andersons Albion Ethanol LLC, The Andersons Clymers Ethanol LLC, Lansing Trade Group, and Thompsons Limited 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, 2018 and 2017:

(in thousands)	Three months ended March 31,
	2018		2017
Revenues	$	1,459,331	$	1,459,557
Gross profit	56,096		38,391
Income (loss) from continuing operations	8,908		(3,765		)
Net income (loss)	9,462		(4,298		)
Net income (loss) attributable to companies	9,462		(3,867		)

Related Party Transactions

In the ordinary course of business and on an arms-length basis, the Company will enter into related party transactions with each of the investments described above, along with other related parties.

On March 2, 2018, the Company invested in ELEMENT, LLC.  The Company owns 51% of ELEMENT, LLC and ICM, Inc. owns the remaining 49% interest.  ELEMENT, LLC will construct a 70 million-gallon-per-year bio-refinery.  As part of the Company’s investment into ELEMENT, LLC, the Company and ICM, Inc. entered into a number of agreements with the entity.  Most notably, ICM, Inc. will operate the facility under a management contract and manage the initial construction of the facility, while the Company will provide corn origination, ethanol marketing, and risk management services.  The results of operations for ELEMENT, LLC have been included in our consolidated results of operations beginning on March 2, 2018 and are a component of our Ethanol segment.  Consolidation is based on a combination of ownership interest and control of operational decision-making authority.  Construction is underway and the plant is expected to be operational in 2019.

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

	Three months ended March 31,
(in thousands)	2018		2017
Sales revenues	$	88,815	$	198,068
Service fee revenues (a)	5,117		4,627
Purchases of product and capital assets	181,524		134,508
Lease income (b)	1,582		1,287
Labor and benefits reimbursement (c)	3,567		3,690

(a) Service fee revenues include management fees, corn origination fees, ethanol and distillers dried grains (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.

(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.

(in thousands)	March 31, 2018		December 31, 2017		March 31, 2017
Accounts receivable (d)	$	27,438	$	30,252	$	19,999
Accounts payable (e)	33,184		27,866		19,888

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

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

For the three months ended March 31, 2018 and 2017, revenues recognized for the sale of ethanol and other co-products that the Company purchased from the unconsolidated ethanol LLCs were $146.2 million and $123.3 million, respectively.

For the three months ended March 31, 2017 revenues recognized for the sale of corn to the unconsolidated ethanol LLCs were $117.5 million. As a result of the new revenue guidance, these transactions are now being recorded on a net basis instead of a gross basis, which is included in service fee revenues above. See Note 7 for further discussion.

From time to time, the Company enters into derivative contracts with certain of its related parties, including the unconsolidated ethanol LLCs, LTG, and the Thompsons Limited joint ventures, for the purchase and sale of grain and ethanol, for 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 as of March 31, 2018, December 31, 2017 and March 31, 2017 was $0.6 million, $0.2 million and $2.0 million, respectively. The fair value of derivative contract liabilities with related parties as of March 31, 2018, December 31, 2017 and March 31, 2017 was $2.9 million, $2.5 million and $0.5 million, respectively.

13. Segment Information

The Company’s operations include four 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 Thompsons Limited. The Ethanol business purchases and sells ethanol, and provides risk management, origination and management services to ethanol production facilities. These facilities are organized as limited liability companies, two are consolidated and three are investments accounted for under the equity method. The Company performs a combination of these services under various 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 turf care and corncob-based products. Prior to 2018, the Company reported the Retail operations as a fifth reportable business segment even though it did not meet the quantitative thresholds for segment disclosures. As previously disclosed, the Company closed the Retail business during 2017, and accordingly has recast the prior results for this segment within the Other category, which also includes other corporate level costs not attributable to an operating segment.

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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)	2018		2017
Revenues from external customers
Grain	$	276,852	$	478,528
Ethanol	172,838		154,153
Plant Nutrient	135,617		146,587
Rail	50,432		40,390
Other	—		32,358
Total	$	635,739	$	852,016

	Three months ended March 31,
(in thousands)	2018		2017
Inter-segment sales
Grain	$	531	$	66
Plant Nutrient	—		171
Rail	333		292
Total	$	864	$	529

	Three months ended March 31,
(in thousands)	2018			2017
Income (loss) before income taxes
Grain	$	(30	)	$	(5,073	)
Ethanol	1,839			1,716
Plant Nutrient	1,091			6,672
Rail	3,969			6,078
Other	(8,879		)	(15,017		)
Noncontrolling interests	(282		)	54
Total	$	(2,292	)	$	(5,570	)

(in thousands)	March 31, 2018		December 31, 2017		March 31, 2017
Identifiable assets
Grain	$	1,031,150	$	948,871	$	884,870
Ethanol	210,169		180,173		170,020
Plant Nutrient	455,148		379,309		512,744
Rail	530,994		490,448		415,801
Other	136,067		163,553		178,318
Total	$	2,363,528	$	2,162,354	$	2,161,753

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14. 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 losses for all other outstanding claims that are considered reasonably possible is not material.

Commitments

In the first quarter of 2018, the Company began construction of a new ethanol facility, which is expected to be completed in 2019. Portions of the project are covered by design and build contracts, with approximately $150 million of remaining obligation, of which $14.9 million has been prepaid, as of March 31, 2018.

Build-to-Suit Lease

In August 2015, the Company entered into a lease agreement with an initial term of15 yearsfor a build-to-suit facility to be used as the new corporate headquarters which was completed in the third quarter of 2016. Since the Company is deemed to be the owner of this facility for accounting purposes during the construction period, it has recognized an asset and a corresponding financing obligation.

The Company has recorded a build-to-suit financing obligation in other long-term liabilities of $23.9 million, $24.3 million, and $24.1 million at March 31, 2018, December 31, 2017, and March 31, 2017, respectively. The Company has recorded a build-to-suit financing obligation in other current liabilities of $1.4 million, $1.4 million, and $0.8 million at March 31, 2018, December 31, 2017, and March 31, 2017, respectively.

15. Supplemental Cash Flow Information

Certain supplemental cash flow information, including noncash investing and financing activities for the three months ended March 31, 2018 and 2017 are as follows:

	Three months ended March 31,
(in thousands)	2018		2017
Supplemental disclosure of cash flow information
Interest paid	$	9,854	$	8,670
Noncash investing and financing activity
Capital projects incurred but not yet paid	7,115		2,216
Investment merger (decreasing equity method investments and non-controlling interest)	—		8,360
Outstanding receivable for sale of assets	—		3,597
Dividends declared not yet paid	4,663		4,501
Debt as a result of accounting standard adoption	36,953		—
Railcar assets as a result of accounting standard adoption	25,643		—

16. Sale of Assets

On March 31, 2017 the Company sold four farm center locations in Florida for $17.4 million and recorded a $4.7 million gain, net of transaction costs in Other income, net. The sale price included a working capital adjustment of $3.6 million.

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17. Exit Costs and Assets Held for Sale

The Retail business closed during the second quarter of 2017. Inventory and fixtures liquidation efforts were completed throughout the year, and no additional charges were incurred during the first quarter of 2018. During the first quarter of 2017, the Company incurred exit charges of $7.8 million, consisting primarily of employee severance and related benefits.

The Company classified assets aggregating $57.8 million of assets held for sale on the Condensed Consolidated Balance Sheet at March 31, 2018. This includes $19.4 million of Property, plant and equipment, net, $13.8 million of Inventories, and $18.8 million of Commodity derivative assets related to certain Western Tennessee locations in the Grain group. The Company classified $4.2 million and $1.6 million of additional Property, plant and equipment, net as Assets held for sale related to the remaining Retail store assets and administrative offices at an outlying location in the Plant Nutrient Group, respectively.

The Company classified assets aggregating $37.9 million of assets held for sale on the Condensed Consolidated Balance Sheet at December 31, 2017. This includes $19.5 million of Property, plant and equipment, net, $11.4 million of Inventories, and $1.2 million of Commodity derivative assets related to certain Western Tennessee locations in the Grain group. The Company classified $4.2 million and $1.6 million of additional Property, plant and equipment, net as Assets held for sale related to the remaining Retail store assets and administrative offices at an outlying location in the Plant Nutrient Group, respectively.

18. Subsequent Events

On April 2, 2018, the Company closed on an agreement to sell its grain elevators in Humboldt, Kenton and Dyer, Tennessee for $19.5 million, plus working capital.

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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. The reader is 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, 2017 (“2017 Form 10-K”). In some cases, the reader 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 2017 Form 10-K, have not materially changed through the first quarter of 2018, other than as a result of adopting the new revenue recognition accounting standard. See additional information regarding these policies in the Notes to the Condensed Consolidated Financial statements herein in Notes 1 and 7.

Executive Overview

Our operations are organized, managed and classified into four reportable business segments: Grain, Ethanol, Plant Nutrient, and Rail. Each of these segments is based on the nature of products and services offered. Prior to 2018, we reported the Retail operations as a fifth reportable business segment even though it did not meet the quantitative thresholds for segment disclosures. As previously disclosed, we closed the Retail business during 2017, and accordingly have recast the prior results for this segment within the Other category, which also includes other corporate level costs not attributable to an operating segment.

The 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 between periods may not necessarily be indicative of the overall performance of the business and more focus should be placed on changes in gross profit.

Grain Group

The Grain Group's performance in the first quarter reflects continued recovery with improved earnings in the first quarter of 2018 compared to the first quarter of 2017. Market volatility as well as strong execution by our origination team has led to an increase in risk management income. The results of the food business and equity investments also improved over those of the prior year.

Grain inventories on hand at March 31, 2018 were 108.4 million bushels, of which 0.7 million bushels were stored for others. These amounts compare to 100.1 million bushels on hand at March 31, 2017, of which 2.7 million bushels were stored for others. While total grain storage capacity, including temporary pile storage, remained unchanged at approximately 153 million bushels at March 31, 2018 and March 31, 2017, the sale of three Tennessee locations in the second quarter will decrease storage by approximately 8 million bushels.

While weather will play a factor, the spring planting season is still in its early stages. The Grain Group will focus on growing originations, risk management services, and its food ingredients business.

Ethanol Group

The Ethanol Group's first quarter results reflect an increase in volumes primarily due to the Albion plant expansion and higher DDG values due to the lack of vomitoxin issues in the current year. The Company also began construction of its new bio-refinery facility, which is expected to be completed in 2019.

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Ethanol and related coproducts volumes for three months ended March 31, 2018 and 2017 were as follows:

(in thousands)	Three months ended March 31,
	2018	2017
Ethanol (gallons shipped)	103,075	89,423
E-85 (gallons shipped)	14,901	9,257
Corn Oil (pounds shipped)	4,807	4,260
DDG (tons shipped) *	39	42

* DDG tons shipped converts wet tons to a dry ton equivalent amount

The above table shows only shipped volumes that flow through the Company's sales revenues. Total ethanol, corn oil and DDG production by the unconsolidated LLCs is higher. However, the portion of that volume that is sold directly to its customers is excluded here.

Plant Nutrient Group

The Plant Nutrient Group's first quarter results reflect a continued depressed nutrient market and continued delay in market improvements around the specialty products. These circumstances were partially offset by volume and margin increases in lawn products. We expect volume and margin pressures to continue to be a challenge in the remaining quarters of 2018.

Storage capacity at our wholesale nutrient and farm center facilities, including leased storage, was approximately 484 thousand tons for dry nutrients and approximately 513 thousand tons for liquid nutrients at March 31, 2018 comparable to approximately 486 thousand tons for dry nutrients and approximately 528 thousand tons for liquid nutrients at March 31, 2017.

Tons of product sold for the three months ended March 31, 2018 and 2017 were as follows:

(in thousands)	Three months ended March 31,
	2018	2017
Primary nutrients	202	217
Specialty nutrients	186	209
Other	16	23
Total tons	404	449

In the table above, primary nutrients is comprised of nitrogen, phosphorus, and potassium from our wholesale and farm center businesses. Specialty nutrients encompasses low-salt liquid starter fertilizers, micro-nutrients for wholesale and farm center businesses as well as the lawn business. Other tons includes those from the cob business.

Rail Group

As anticipated, the Rail Group's results are lower in 2018 as they reflect additional certification expenses and the inability to record gains on nonrecourse financing of rail cars in the quarter as a result of the new revenue recognition accounting standard. Despite these headwinds, the group saw an increase in utilization rates from 83.6 percent in the first quarter of 2017 to 87.9 percent in the first quarter of 2018. While Rail Group assets under management (owned, leased or managed for financial institutions in non-recourse arrangements) at March 31, 2018 were 23,044 compared to 23,394 at March 31, 2017, the number of cars on lease increased by 4% from the prior year. The Group also purchased over 350 railcars in the first quarter of 2018 and scrapped just over 560 cars, taking advantage of an increase in scrap prices.

The Group will continue to focus on managing the age of its fleet by making strategic purchases and taking advantage of higher scrap prices, increasing the percent of cars under lease.

Other

Our “Other” activities include corporate income and expense and cost for functions that provide support and services to the operating segments. The results include expenses and benefits not allocated to the operating segments, including a portion of our ERP project. The results of our former retail business, which was closed in 2017, are also included in "Other" activities.

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Operating Results

The following discussion focuses on the operating results as shown in the Condensed Consolidated Statements of Operations and includes a separate discussion by segment. Additional segment information is included in the Notes to the Condensed Consolidated Financial Statements herein in Note 13 Segment Information.

	Three months ended March 31,
(in thousands)	2018			2017
Sales and merchandising revenues	$	635,739		$	852,016
Cost of sales and merchandising revenues	572,034			775,558
Gross profit	63,705			76,458
Operating, administrative and general expenses	64,257			81,545
Interest expense (income)	6,999			6,100
Equity in earnings (losses) of affiliates, net	3,573			(1,878		)
Other income (expense), net	1,686			7,495
Income (loss) before income taxes	(2,292		)	(5,570		)
Income (loss) attributable to noncontrolling interests	(282		)	54
Income (loss) before income taxes attributable to The Andersons, Inc.	$	(2,010	)	$	(5,624	)

Comparison of the three months ended March 31, 2018 with the three months ended March 31, 2017:

Grain Group

	Three months ended March 31,
(in thousands)	2018			2017
Sales and merchandising revenues	$	276,852		$	478,528
Cost of sales and merchandising revenues	250,802			454,879
Gross profit	26,050			23,649
Operating, administrative and general expenses	25,954			25,327
Interest expense (income)	2,959			2,696
Equity in earnings (losses) of affiliates, net	1,987			(1,345		)
Other income (expense), net	846			646
Income (loss) before income taxes	$	(30	)	$	(5,073	)

Operating results for the Grain Group improved by $5.0 million compared to the results of the same period last year. Sales and merchandising revenues decreased$201.7 million which was more than offset by a decrease in cost of sales and merchandising revenues of $204.1 million for a net favorable gross profit impact of $2.4 million. The adoption of ASC 606 led to a decrease in revenue of $164.4 million and an equal offsetting decrease to cost of sales. The gross profit increase was driven by accelerated basis appreciation and an increase in risk management fees in the first quarter.

Equity in earnings of affiliates improved by $3.3 million due to better operating results from Lansing Trade Group during the quarter.

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Ethanol Group

	Three months ended March 31,
(in thousands)	2018			2017
Sales and merchandising revenues	$	172,838		$	154,153
Cost of sales and merchandising revenues	169,972			148,613
Gross profit	2,866			5,540
Operating, administrative and general expenses	3,029			3,247
Interest expense (income)	(41		)	(3		)
Equity in earnings (losses) of affiliates, net	1,586			(533		)
Other income (expense), net	93			7
Income (loss) before income taxes	1,557			1,770
Income (loss) attributable to noncontrolling interests	(282		)	54
Income (loss) before income taxes attributable to The Andersons, Inc.	$	1,839		$	1,716

Operating results for the Ethanol Group improved$0.1 million from the same period last year. Sales and merchandising revenues increased$18.7 million compared to the results of the same period last year. This was driven by a 16% increase in ethanol gallons sold, a portion of which is attributable to the Albion plant expansion that was not operating at its current capacity until the second quarter of 2017, and a 61% increase in E-85 sales. Cost of sales and merchandising revenues increased as a result of the increase in sales volume. Gross profit declined due to a decrease of 8% in the average selling price of ethanol.

Equity in earnings of affiliates increased$2.1 million due to improved results from the unconsolidated ethanol LLCs. These results were driven by the Albion plant expansion and higher DDG values in the first quarter, each accounting for approximately half of the increase.

Plant Nutrient Group

	Three months ended March 31,
(in thousands)	2018		2017
Sales and merchandising revenues	$	135,617	$	146,587
Cost of sales and merchandising revenues	113,380		120,779
Gross profit	22,237		25,808
Operating, administrative and general expenses	20,357		23,060
Interest expense (income)	1,441		1,640
Other income (expense), net	652		5,564
Income (loss) before income taxes	$	1,091	$	6,672

Operating results for the Plant Nutrient Group declined$5.6 million over the same period in the prior year. Sales and merchandising revenues decreased$11.0 million. A 72% decrease in farm center tons sold as a result of the sale of Florida locations led to a $14.1 million revenue decrease. This decrease was partially offset by a 13% increase in lawn product tons sold which led to an increase of $6.2 million of revenue. Cost of sales and merchandising revenues decreased$7.4 million, primarily due to a decrease in farm center tons sold noted above which was partially offset by the increase in lawn tons sold.

Operating, administrative and general expenses decreased$2.7 million, largely due to $0.9 million of labor and benefit reductions. Smaller reductions were also realized in a number of other expenses categories as part of our overall cost control efforts and as a result of Florida locations being excluded in current year results.

Other income (expense), net decreased $4.9 million as 2017 includes a $4.7 million gain on the sale of farm center locations in Florida.

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Rail Group

	Three months ended March 31,
(in thousands)	2018		2017
Sales and merchandising revenues	$	50,432	$	40,390
Cost of sales and merchandising revenues	37,880		28,082
Gross profit	12,552		12,308
Operating, administrative and general expenses	6,231		5,500
Interest expense (income)	2,368		1,809
Other income (expense), net	16		1,079
Income (loss) before income taxes	$	3,969	$	6,078

Operating results declined $2.1 million from the same period last year. Sales and merchandising revenues increased$10.0 million. Revenue from car sales increased by $10.0 million. Leasing revenues increased by $2.0 million due to higher utilization which was offset by a $2.0 million decrease in repair and other revenue. Cost of sales and merchandising revenues increased$9.8 million compared to the prior year due to an increase in car sales which was partially offset by a decrease in repair cost of sales related to the decrease in repair revenue. As a result, gross profit increased $0.2 million compared to last year.

Operating, administrative and general expenses increased primarily due to an increase in depreciation from cars added to the balance sheet as a result of the new revenue accounting standard.

Other income decreased $1.1 million, as end of lease settlements that occurred in the first quarter of 2017 did not recur.

Other

	Three months ended March 31,
(in thousands)	2018			2017
Sales and merchandising revenues	$	—		$	32,358
Cost of sales and merchandising revenues	—			23,205
Gross profit	—			9,153
Operating, administrative and general expenses	8,686			24,411
Interest expense (income)	272			(42		)
Other income (expense), net	79			199
Income (loss) before income taxes	$	(8,879	)	$	(15,017	)

Sales and merchandising revenues decreased $32.4 million, cost of sales and merchandising revenues decreased $23.2 million and gross profit decreased $9.2 million. All of these decreases are a result of the retail business operating in the first quarter of 2017 but no longer operational in 2018.

Operating, administrative and general expenses decreased $15.7 million primarily due to a decrease in labor, severance, benefits and other operating expenses that were incurred in the first quarter of 2017 but not incurred in the first quarter of 2018 as a result of the shutdown of the retail business. Unallocated corporate operating expenses increased slightly due to an increase in severance costs.

Income Taxes

In the first quarter of 2018, an income tax benefit of $0.3 million was provided at an effective rate of 13.5%. In the first quarter of 2017, an income tax benefit of $2.5 million was provided at 45.5%. The lower 2018 effective tax rate is primarily due to the benefits of tax reform.

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Liquidity and Capital Resources

Working Capital

At March 31, 2018, the Company had working capital of $213.9 million. The following table presents changes in the components of current assets and current liabilities:

(in thousands)	March 31, 2018		March 31, 2017		Variance
Current Assets:
Cash and cash equivalents	$	31,497	$	29,645	$	1,852
Restricted cash	—		752		(752		)
Accounts receivable, net	216,021		190,628		25,393
Inventories	731,629		641,294		90,335
Commodity derivative assets – current	43,810		48,049		(4,239		)
Other current assets	57,147		83,623		(26,476		)
Assets held for sale	57,775		—		57,775
Total current assets	1,137,879		993,991		143,888
Current Liabilities:
Short-term debt	489,000		255,000		234,000
Trade and other payables	263,519		276,834		(13,315		)
Customer prepayments and deferred revenue	81,778		81,628		150
Commodity derivative liabilities – current	15,424		29,914		(14,490		)
Accrued expenses and other current liabilities	60,095		65,952		(5,857		)
Current maturities of long-term debt	14,134		56,144		(42,010		)
Total current liabilities	923,950		765,472		158,478
Working Capital	$	213,929	$	228,519	$	(14,590	)

March 31, 2018 current assets increased $143.9 million in comparison to those of March 31, 2017. This increase was primarily due to increases in inventories and accounts receivable. The increase in inventory relates to higher grain inventories from higher bean prices and more bushels owned. Accounts receivable increased due to the amount and timing of sales in the Grain and Ethanol business. Other current assets decreased due to a decrease to railcars placed into service out of idle storage. Assets held for sale increased due to an increase in inventory and commodity derivative assets held for sale which was reclassed from the respective lines on the balance sheet, having no net impact on total current assets. Current commodity derivative assets and liabilities, which reflects the customer net asset or liability based on the value of forward contracts as compared to market prices at the end of the period, have decreased. See the discussion below on additional sources and uses of cash for an understanding of the decrease in cash from prior year.

Current liabilities increased $158.5 million compared to the prior year due to an increase in short-term debt which was a result of higher inventories and increased margin funding. This increase was partially offset by a decrease in current maturities of long-term debt due to timing of debt maturities as well as timing of payments in accounts payable.

Sources and Uses of Cash

Operating Activities

Our operating activities used cash of $378.7 million and $229.2 million in the first three months of 2018 and 2017, respectively. The increase in cash used was due to the increases in accounts receivable, inventories and commodity derivatives discussed above.

Investing Activities

Investing activities used cash of $44.3 million through the first three months of 2018 compared to cash used of $13.2 million in the prior year. Cash used for the purchases of property, plant, equipment, and software increased due to costs associated with the beginning stages of the construction of the bio-refinery that began in the first quarter of 2018. Additionally, there was a decrease of $13.9 million proceeds from the sale of assets as 2017 reflected the sale of Florida farm centers.

In 2018, we expect to spend a total of $145 million for the purchase of railcars and related leases and capitalized modifications of railcars. We also expect these purchases to be funded from sales and dispositions or non-recourse debt of approximately $125 million during the year.

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In addition to the construction of the bio-refinery, total capital spending for 2018 on property, plant and equipment in our base business excluding rail leasing activity, but inclusive of information technology spending is expected to be approximately $60 million.

Financing Activities

Financing activities provided cash of $419.6 million and $209.5 million for the three months ended March 31, 2018 and 2017, respectively. This was largely due to an increase in short-term borrowings which is a result of an increase in commodity prices and associated working capital requirements. In addition, the current year saw a $68.7 million increase in long-term debt payments which was partially offset by an increase of $34.8 million in funds provided by the issuance of long-term debt.

We are party to borrowing arrangements with a syndicate of banks that provide a total of $950.0 million in borrowings. This amount includes $15.0 million of debt of The Andersons Denison Ethanol LLC, $70 million of debt of ELEMENT LLC and $65 million of debt of The Andersons Railcar Leasing Company LLC, that is non-recourse to the Company. Of that total, we had $338.3 million available for borrowing at March 31, 2018. Peak short-term borrowings to date were $541 million on March 14, 2018. Typically, our highest borrowing occurs in the late winter and early spring due to seasonal inventory requirements in our fertilizer and grain businesses.

We paid $4.7 million in dividends in the first quarter of 2018 compared to $4.5 million in the prior year. We paid $0.165 per common share for the dividends paid in January 2018 and $0.16 per common share for the dividends paid in January 2017. On February 23, 2018 we declared a cash dividend of $0.165 per common share payable on April 23, 2018 to shareholders of record on April 2, 2018.

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, 2018. 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 borrower 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.

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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.

The following table describes our Rail Group asset positions at March 31, 2018:

Method of Control	Financial Statement	Units
Owned - railcars available for sale	On balance sheet – current	503
Owned - railcar assets leased to others	On balance sheet – non-current	18,441
Railcars leased from financial intermediaries	Off balance sheet	3,138
Railcars in non-recourse arrangements	Off balance sheet	861
Total Railcars		22,943
Locomotive assets leased to others	On balance sheet – non-current	32
Locomotives leased from financial intermediaries	Off balance sheet	4
Total Locomotives		36
Barge assets leased to others	On balance sheet – non-current	—
Barge assets leased from financial intermediaries	Off balance sheet	65
Total Barges		65

In addition, we manage 539 railcars for third party customers or owners for which we receive a fee.

39

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, 2017. There were no material changes in market risk, specifically commodity and interest rate risk during the quarter ended March 31, 2018.

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, 2018, 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, 2017.  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 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.

40

Part II. Other Information

Item 1. Legal Proceedings

We are 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 most significant factors known to us that could materially adversely affect our business, financial condition or operating results are described in our 2017 Form 10-K (Item 1A).

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

No sales or repurchases of shares have occurred in 2018.

41

Item 6. Exhibits

(a) Exhibits

No.	Description
10.1	Form of Performance Share Unit Agreement - Earnings Per Share
10.2	Form of Performance Share Unit Agreement - Total Shareholder Return
10.3	Form of Restricted Share Award
10.4	Form of Restricted Share Award - Non-Employee Directors Agreement
12	Computation of Ratio of Earnings to Fixed Charges
31.1	Certification of the 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, 2018, formatted in XBRL: (i) the Condensed Consolidated Statements of Operations, (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.

42

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, 2018	By /s/ Patrick E. Bowe
	Patrick E. Bowe
	Chief Executive Officer (Principal Executive Officer)
Date: May 8, 2018	By /s/ Anne G. Rex
	Anne G. Rex
	Vice President, Corporate Controller & Interim Chief Financial Officer (Principal Financial Officer)

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Exhibit Index

The Andersons, Inc.

No.	Description
10.1	Form of Performance Share Unit Agreement - Earnings Per Share
10.2	Form of Performance Share Unit Agreement - Total Shareholder Return
10.3	Form of Restricted Share Award
10.4	Form of Restricted Share Award - Non-Employee Directors Agreement
12	Computation of Ratio of Earnings to Fixed Charges
31.1	Certification of the 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, 2018 formatted in XBRL: (i) the Condensed Consolidated Statements of Operations, (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.

44

EX-10.1

Exhibit 10.1

EPS PERFORMANCE STOCK UNIT AGREEMENT

PURSUANT TO THE

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

* * * * *

Participant:<participant name>

Grant Date:<grant date>

Target Number of

Performance Stock Units (the “Target PSUs”): <number of units 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 Units. 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, 2018 and ending December 31, 2020.

(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 $4.55. 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 as soon as administratively feasible immediately following the 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. 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 PSUs with respect to which they were paid, and shall be deliverable as soon as administratively feasible immediately following the time that the Vested PSUs are settled in Common Stock in accordance with the terms of this Agreement.

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, and any additional shares deliverable pursuant to Section 6 of this Agreement, rounded to the nearest whole unit, shall be delivered, in each case 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 State Disability Insurance 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 in 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 Vice President 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, the Vested PSU Payout Percent provided below shall be multiplied by the Target PSUs stated in this Agreement in determining the number of Vested PSUs. Linear interpolation shall be used to determine Vested PSUs earned between goal points listed in the chart below rounded to the nearest whole number of PSUs.

Vested PSU Payout Percent	Performance Goals * 3-Year (2018-2020) Cumulative EPS
Maximum (200%)	$9.73 and above
Target (100%)	$6.89
Threshold (20%)	$4.55
0%	below $4.55

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.

* Performance Goals were impacted by the recently enacted Tax Cuts and Jobs Act (the “Act”). The Performance Goals set forth in the table above were based upon the new federal corporate tax rates provided by the Act and assumed unchanged state corporate tax rates in an attempt to neutralize the impact of the new corporate tax rates upon our performance test. The Company and the Participant acknowledge that the Act will create new and different regulation, further federal and state legislation, new judicial and administrative interpretations, and further economic consequences which cannot be predicted with certainty. Therefore, those Performance Goals and resulting Vested PSU’s are subject to further adjustment, applicable as of the Grant Date or other dates, as determined by the Committee in its sole discretion, to offset any further negative or positive changes to the Company’s reported performance which may arise as a result of the Act, or any of the other potential events described in the preceding sentence.

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

THE ANDERSONS, INC.

By:     ______________________________

Name: Valerie M. Blanchett_____________

Title: Vice President, Human Resources____

Date: March 1, 2018___________________

PARTICIPANT

Name: <electronic signature>

Acceptance Date: <acceptance date>

EX-10.2

Exhibit 10.2

TSR PERFORMANCE STOCK UNIT AGREEMENT
PURSUANT TO THETHE ANDERSONS, INC. 2014 LONG-TERM INCENTIVE COMPENSATION PLAN

* * * * *    

Participant:    <participant name>

Grant Date:    <grant date>

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 3hereof, 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, 2018 and ending December 31, 2020.

(b)PSUs shall vest following the conclusion of the Performance Period based on the Company’s annualized total shareholder return (“TSR” or the “Performance Goal”), as defined below, relative to the annualized TSR of the Russell 3000 Index, (the “Comparator Group”) computed during the Performance Period. The number of PSUs that become vested based upon the level of satisfaction of the Performance Goal are referred to herein as “Vested PSUs.”

(c)For purposes of this Agreement, “TSR” for the Company shall mean the sum of (i) the average stock price at the end of the Performance Period plus (ii) the value of all dividends paid during the Performance Period if those dividends had been reinvested in additional shares of stock on the date of payment divided by (iii) the average stock price at the beginning of the Performance Period, annualized as a compound annual rate of return. “TSR” for the Comparator Group shall mean the average index price at the end of the Performance Period divided by the average index price at the beginning of the Performance Period, expressed as a compound annual percentage rate of return. When computing TSR for the Company and the Comparator Group, the average stock or index price at the beginning of the Performance Period will be the average closing stock or index price over the trading days in the month immediately preceding the start of the Performance Period (December 2017), and the average stock or index price at the end of the Performance Period will be the average closing stock or index price over the trading days in the last month of the Performance Period (December 2020).

(d) The Committee shall certify the level of TSR achievement following the end of the Performance Period and prior to settlement of the Vested PSUs. No PSUs will be considered Vested PSUs if the Company’s annualized TSR during the Performance Period is positive but more than twelve (12) percentage points below the Comparator Group’s annualized TSR during the Performance Period. If the Company’s annualized TSR is negative, no PSUs will be considered Vested PSUs if the Company’s annualized TSR during the Performance Period is twelve (12) or more percentage points below the Comparator Group’s annualized TSR during the Performance Period. 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. The Committee reserves the right to adjust the number of Vested PSUs to reflect extraordinary transactions or events which impact TSR as it determines in its sole discretion.

(e)The number of Vested PSUs, if any, for the Performance Period shall be determined in accordance with Appendix A corresponding to the Company’s annualized TSR relative to the Comparator Group’s annualized TSR, (the “Vested PSU Payout Percent”).

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

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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 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 as 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 as soon as administratively feasible following the 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 value 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 date Vested PSUs are converted and settled in Common Stock, as determined by the Committee. 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 PSUs with respect to which they were paid, and shall be deliverable as soon as administratively feasible following the time that the Vested PSUs are settled in Common Stock in accordance with the terms of this Agreement.

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7.Payment of Vested PSUs: Vested PSUs, rounded to the nearest whole unit, shall be delivered to the Participant in the form of an equal number of shares of Common Stock, and any additional shares deliverable pursuant to Section 6 of this Agreement, rounded to the nearest whole unit, shall be delivered, in each case, 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 State Disability Insurance 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 fifteen (15) 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 fifteen (15) 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 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 PSUs may, at the discretion of the Committee, be satisfied by reducing the number 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 VP 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.

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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 awarded 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.

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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.

* * * * *

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APPENDIX A

TSR PERFORMANCE STOCK UNIT AGREEMENT* * * * *

For purposes of this Agreement, the Vested PSU Payout Percent provided below shall be multiplied by the Target PSUs stated in this Agreement in determining the number of Vested PSUs. Linear interpolation shall be used to determine Vested PSUs earned between goal achievement levels listed in the chart below rounded to the nearest whole number of PSUs. Notwithstanding the foregoing, if the Company’s annualized TSR for the Performance Period is below zero, the Vested PSU Payout Percent achieved at Target will be no higher than 100% as provided below. The Vested PSU Payout Percent will then be further reduced 5% for every 1% the Company’s annualized TSR is below the Comparator Group’s annualized TSR.

Goal Achievement	Company’s Annualized TSR Relative to Comparator Group’s Annualized TSR	Vested PSU Payout Percent
		% of Target PSUs if Company TSR is Positive	% of Target PSUs if Company TSR is Negative
Maximum	+18 percentage points or more above Target	200%	100%
Above Target	For every +1 percentage points Company TSR is above Target	100% plus 5.56% of target	100%
Target	Comparator Group’s Annualized TSR	100%	100%
Below Target	For every -1 percentage points Company TSR is below Comparator Group	100% less 5% of target	100% less 5% of target
Threshold	-12 percentage points below Comparator Group	40%	40%
Below Threshold	More than -12 percentage points below Comparator Group	0%	0%

For Example, at the “Target” goal achievement level, 100% of the Target PSUs granted to the Participant under this Agreement would become Vested PSUs. At the “Maximum” goal achievement level when the Company’s annualized TSR for the Performance Period is positive, 200% of the Target PSUs granted to the Participant under this Agreement would become Vested PSUs. If the Company’s annualized TSR for the Performance Period is negative, Vested PSUs are capped at 100% of Target PSUs.

Appendix A to TSR Performance Stock Unit Agreement

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

THE ANDERSONS, INC.    

By:

Name: Valerie M. Blanchett______________

Title: Vice President, Human Resources____

Date: March 1, 2018    

PARTICIPANT

Name: <electronic signature>

Acceptance Date: <acceptance date>

Signature Page to TSR Performance Stock Unit Agreement

EX-10.3

Exhibit 10.3

RESTRICTED STOCK AGREEMENT
PURSUANT TO THETHE ANDERSONS, INC. 2014 LONG-TERM INCENTIVE COMPENSATION PLAN

* * * * *

Participant: <participant name>

Grant Date: <grant date>

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, 2019	33.3%
January 2, 2020	33.3%
January 2, 2021	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.

(a)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 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 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

2

or a Subsidiary, other than for Cause and other than due to the Participant’s explicit request, death or Disability.

(b)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.

(c)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. If any dividends or other distributions are paid with respect to the Common Stock of the Company while the Participant holds the Restricted Stock and prior to the time that the Restricted Stock becomes vested in accordance with the terms of this Agreement, the Participant shall be entitled to receive such dividends and other distributions attributable to the Restricted Stock in the form of additional shares of Common Stock, provided that any such dividends or other distributions will be subject to the same vesting requirements as the underlying Restricted Stock. Additional shares of Common Stock attributable to dividends or other distributions will be issued to the Participant as soon as administratively feasible following the time the Restricted Stock become vested in accordance with the terms of the Agreement, but in no event later than March 15 of the calendar year following the calendar year in which the Restricted Stock became vested. 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 Restricted Stock become vested in accordance with the terms of the Agreement, by (ii) the number of shares of Restricted Stock that become vested in accordance with the terms of this Agreement, and then dividing such total by the Fair Market Value of the Common Stock on the last trading day prior to the applicable vesting date, as determined by the Committee. 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 State Disability Insurance 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

3

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 VP 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.

4

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

5

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.

* * * * *

6

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

THE ANDERSONS, INC.

By:

Name: Valerie M. Blanchett    

Title: Vice President, Human Resources    

Date: March 1, 2018    

PARTICIPANT

Name: <electronic signature>

Acceptance Date: <acceptance date>

Signature Page to Restricted Stock Grant Agreement

14RSAMGT18

EX-10.4

Exhibit 10.4

NON-EMPLOYEE DIRECTOR

RESTRICTED STOCK AGREEMENT
PURSUANT TO THETHE ANDERSONS, INC. 2014 LONG-TERM INCENTIVE COMPENSATION PLAN

* * * * *

Participant: <participant name>

Grant Date: <grant date>

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
May 1, 2018	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.

(a)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 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 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).

(b)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.

(c)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. If any dividends or other distributions are paid with respect to the Common Stock of the Company while the Participant holds the Restricted Stock and prior to the time that the Restricted Stock becomes vested in accordance with the terms of this Agreement, the Participant shall be entitled to receive such dividends and other distributions attributable to the Restricted Stock in the form of additional shares of Common Stock, provided that any

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such dividends or other distributions will be subject to the same vesting requirements as the underlying Restricted Stock. Additional shares of Common Stock attributable to dividends or other distributions will be issued to the Participant as soon as administratively feasible following the time the Restricted Stock becomes vested in accordance with the terms of the Agreement, but in no event later than March 15 of the calendar year following the calendar year in which the Restricted Stock became vested. 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 Restricted Stock become vested in accordance with the terms of the Agreement, by (ii) the number of shares of Restricted Stock that become vested in accordance with the terms of this Agreement, and then dividing such total by the Fair Market Value of the Common Stock on the last trading day prior to the applicable vesting date, as determined by the Committee. 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

    3

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 VP 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.

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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.

* * * * *

    5

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

THE ANDERSONS, INC.

By:

Name: Valerie M. Blanchett    

Title: Vice President, Human Resources    

Date: March 1, 2018    

PARTICIPANT

Name: <electronic signature>

Acceptance Date: <acceptance date>

Signature Page to Restricted Stock Grant Agreement

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)	2018			2017
Computation of earnings
Pretax income (a)	$	(5,864	)	$	(3,692	)
Add:
Interest expense on indebtedness	6,999			6,100
Amortization of debt issue costs	391			292
Interest portion of rent expense (b)	1,740			2,537
Distributed income of equity investees	1,189			—
Earnings	$	4,455		$	5,237
Computation of fixed charges
Interest expense on indebtedness	$	6,999		$	6,100
Amortization of debt issue costs	391			292
Interest portion of rent expense (b)	1,740			2,537
Fixed charges	$	9,130		$	8,929
Ratio of earnings to fixed charges	0.49			0.59

(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, Patrick E. Bowe, 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, 2018

/s/ Patrick E. Bowe

Patrick E. Bowe

Chief Executive Officer (Principal Executive Officer)

EX-31.2

Exhibit 31.2

Certifications

I, Anne Rex, 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, 2018

/s/ Anne G. Rex

Anne G. Rex

Vice President, Corporate Controller & Interim 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, 2018, 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, 2018

/s/ Patrick E. Bowe

Patrick E. Bowe

Chief Executive Officer

/s/ Anne G. Rex

Anne G. Rex

Vice President, Corporate Controller & Interim Chief Financial Officer (Principal Financial Officer)

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Document and Entity Information - shares shares in Millions	3 Months Ended
	Mar. 31, 2018	Apr. 27, 2018
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, 2018
Amendment Flag	false
Document Fiscal Year Focus	2018
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		28.3

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Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands		Mar. 31, 2018	Dec. 31, 2017	Mar. 31, 2017
Current assets:
Cash and cash equivalents		$ 31,497	$ 34,919	$ 29,645
Restricted cash		0	0	752
Accounts receivable, net		216,021	183,238	190,628
Inventories		731,629	648,703	641,294
Commodity derivative assets – current		43,810	30,702	48,049
Other current assets		57,147	63,790	83,623
Assets held for sale		57,775	37,859	0
Total current assets		1,137,879	999,211	993,991
Other assets:
Commodity derivative assets – noncurrent		1,739	310	339
Goodwill		6,024	6,024	63,934
Other intangible assets, net		108,855	112,893	103,057
Other assets, net		28,566	12,557	8,108
Equity method investments		224,449	223,239	208,993
Investments and Other Noncurrent Assets		369,633	355,023	384,431
Rail Group assets leased to others, net		462,253	423,443	342,936
Property, plant and equipment, net		393,763	384,677	440,395
Total assets		2,363,528	2,162,354	2,161,753
Current liabilities:
Short-term debt		489,000	22,000	255,000
Trade and other payables		263,519	503,571	276,834
Customer prepayments and deferred revenue		81,778	59,710	81,628
Commodity derivative liabilities – current		15,424	29,651	29,914
Accrued expenses and other current liabilities		60,095	69,579	65,952
Current maturities of long-term debt		14,134	54,205	56,144
Total current liabilities		923,950	738,716	765,472
Other long-term liabilities		31,536	33,129	36,125
Commodity derivative liabilities – noncurrent		1,414	825	450
Employee benefit plan obligations		26,310	26,716	34,832
Long-term debt, less current maturities		438,628	418,339	365,971
Deferred income taxes		118,933	121,730	181,541
Total liabilities		1,540,771	1,339,455	1,384,391
Commitments and contingencies
Shareholders’ equity:
Common shares, without par value (63,000 shares authorized; 29,430 shares issued at 3/31/2018, 12/31/17 and 3/31/2017)		96	96	96
Preferred shares, without par value (1,000 shares authorized; none issued)		0	0	0
Additional paid-in-capital		221,990	224,622	220,366
Treasury shares, at cost (955, 1,063 and 1,074 shares at 3/31/2018, 12/31/17 and 3/31/2017, respectively)		(36,028)	(40,312)	(40,727)
Accumulated other comprehensive loss	[1]	(3,988)	(2,700)	(11,964)
Retained earnings		618,572	633,496	601,560
Total shareholders’ equity of The Andersons, Inc.		800,642	815,202	769,331
Noncontrolling interests		22,115	7,697	8,031
Total equity		822,757	822,899	777,362
Total liabilities and equity		$ 2,363,528	$ 2,162,354	$ 2,161,753

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

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Condensed Consolidated Balance Sheets (Parenthetical) (Unaudited) - $ / shares	Mar. 31, 2018	Dec. 31, 2017	Mar. 31, 2017
Statement of Financial Position [Abstract]
Common shares, par value (dollars per share)
Common shares, shares authorized (shares)	63,000,000	63,000,000	63,000,000
Common shares, shares issued (shares)	29,430,000	29,430,000	29,430,000
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)	955,000	1,063,000	1,074,000

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Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Income Statement [Abstract]
Sales and merchandising revenues	$ 635,739	$ 852,016
Cost of sales and merchandising revenues	572,034	775,558
Gross profit	63,705	76,458
Operating, administrative and general expenses	64,257	81,545
Interest expense	6,999	6,100
Other income:
Equity in earnings (loss) of affiliates, net	3,573	(1,878)
Other income, net	1,686	7,495
Income (loss) before income taxes	(2,292)	(5,570)
Income tax provision (benefit)	(310)	(2,535)
Net income (loss)	(1,982)	(3,035)
Net income (loss) attributable to the noncontrolling interests	(282)	54
Net income (loss) attributable to The Andersons, Inc.	$ (1,700)	$ (3,089)
Per common share:
Basic earnings attributable to The Andersons, Inc. common shareholders (dollars per share)	$ (0.06)	$ (0.11)
Diluted earnings attributable to The Andersons, Inc. common shareholders (dollars per share)	(0.06)	(0.11)
Dividends declared (dollars per share)	$ 0.165	$ 0.16

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Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2018	Mar. 31, 2017
Statement of Comprehensive Income [Abstract]
Net income (loss)		$ (1,982)	$ (3,035)
Other comprehensive income (loss), net of tax:
Change in fair value of convertible preferred securities (net of income tax of $(87) and $0)		(87)	0
Change in unrecognized actuarial loss and prior service cost (net of income tax of $15 and $7)		(51)	(10)
Foreign currency translation adjustments (net of income tax of $0 and $0)		(1,150)	514
Other comprehensive income (loss)	[1]	(1,288)	504
Comprehensive income (loss)		(3,270)	(2,531)
Comprehensive income (loss) attributable to the noncontrolling interests		(282)	54
Comprehensive income (loss) attributable to The Andersons, Inc.		$ (2,988)	$ (2,585)

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

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Condensed Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Statement of Comprehensive Income [Abstract]
Increase in estimated fair value of investment in debt securities, income taxes	$ (87)	$ 0
Unrecognized actuarial loss and prior service cost, income taxes	15	7
Foreign Currency Translation, income taxes	$ 0	$ 0

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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Operating activities
Net income (loss)	$ (1,982)	$ (3,035)
Adjustments to reconcile net income (loss) to cash used in operating activities:
Depreciation and amortization	22,679	21,003
Bad debt expense (recovery)	(531)	629
Equity in (earnings) losses of affiliates, net of dividends	(2,360)	1,931
Gains on sale of Rail Group assets and related leases	(2,280)	(3,609)
(Gain) loss on sale of assets	277	(4,698)
Stock-based compensation expense	1,268	1,220
Other	(70)	(725)
Changes in operating assets and liabilities:
Accounts receivable	(30,730)	7,563
Inventories	(85,262)	33,456
Commodity derivatives	(45,775)	4,017
Other assets	1,134	(9,375)
Payables and other accrued expenses	(235,075)	(277,612)
Net cash provided by (used in) operating activities	(378,707)	(229,235)
Investing Activities
Purchases of Rail Group assets	(29,516)	(25,074)
Proceeds from sale of Rail Group assets	14,575	5,621
Purchases of property, plant and equipment and capitalized software	(29,414)	(5,608)
Proceeds from sale of assets	6	13,912
Purchase of investments	0	(1,817)
Other	0	(281)
Net cash provided by (used in) investing activities	(44,349)	(13,247)
Financing Activities
Net change in short-term borrowings	467,000	226,000
Proceeds from issuance of long-term debt	50,000	15,175
Proceeds from long-term financing arrangement	0	10,396
Payments of long-term debt	(106,515)	(37,852)
Proceeds from noncontrolling interest owner	14,700	0
Proceeds from sale of treasury shares to employees and directors	0	511
Payments of debt issuance costs	(787)	(33)
Dividends paid	(4,650)	(4,483)
Other	(114)	(217)
Net cash provided by (used in) financing activities	419,634	209,497
Decrease in cash and cash equivalents	(3,422)	(32,985)
Cash and cash equivalents at beginning of period	34,919	62,630
Cash and cash equivalents at end of period	$ 31,497	$ 29,645

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Condensed Consolidated Statements of Equity (Unaudited) - USD ($) $ in Thousands	Total		Common Shares	Additional Paid-in Capital	Treasury Shares	Accumulated Other Comprehensive Loss	Retained Earnings	Noncontrolling Interests
Beginning Balance at Dec. 31, 2016	$ 790,697		$ 96	$ 222,910	$ (45,383)	$ (12,468)	$ 609,206	$ 16,336
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(3,035)						(3,089)	54
Other comprehensive income (loss)	504	[1]				504
Other change in noncontrolling interest	(8,359)							(8,359)
Stock awards, stock option exercises and other shares issued to employees and directors, net of income tax of ($0) (105 shares) and ($323) (126 shares)	2,055			(2,549)	4,604
Dividends declared ($0.16 and $0.165 per common share)	(4,500)						(4,500)
Restricted share award dividend equivalents	0			5	52		(57)
Ending Balance at Mar. 31, 2017	777,362		96	220,366	(40,727)	(11,964)	601,560	8,031
Beginning Balance at Dec. 31, 2017	822,899		96	224,622	(40,312)	(2,700)	633,496	7,697
Beginning Balance at Dec. 31, 2017	822,899		96	224,622	(40,312)	(2,700)	633,496	7,697
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(1,982)						(1,700)	(282)
Other comprehensive income (loss)	(1,288)	[1]				(1,288)
Stock awards, stock option exercises and other shares issued to employees and directors, net of income tax of ($0) (105 shares) and ($323) (126 shares)	1,532			(2,632)	4,164
Cash received from noncontrolling interest	14,700							14,700
Adoption of accounting standard, net of income tax of $2,869	(8,441)						(8,441)
Dividends declared ($0.16 and $0.165 per common share)	(4,663)						(4,663)
Restricted share award dividend equivalents	0				120		(120)
Ending Balance at Mar. 31, 2018	$ 822,757		$ 96	$ 221,990	$ (36,028)	$ (3,988)	$ 618,572	$ 22,115

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

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Condensed Consolidated Statements of Equity (Parenthetical) (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Dividends declared, per common share	$ 0.165	$ 0.16
Adoption of new accounting standard, tax	$ 2,869
Additional Paid-in Capital
Income tax on stock option exercise and other shares issued to employees and directors	$ 0	$ (323)
Stock option exercises and other shares issued to employees and directors, shares	105	126
Retained Earnings
Dividends declared, per common share	$ 0.165	$ 0.16

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Basis of Presentation and Consolidation

3 Months Ended

Mar. 31, 2018

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 the 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, 2018. An unaudited Condensed Consolidated Balance Sheet as of March 31, 2017 has been included as the Company operates in several seasonal industries. Certain prior year amounts within the operating and investing activities sections of the statements of cash flows have been reclassified to conform to current year presentation.

The Condensed Consolidated Balance Sheet data at December 31, 2017 was derived from the audited Consolidated Financial Statements, but does not include all disclosures required by accounting principles generally accepted in the United States of America. 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, 2017 (the “2017 Form 10-K”).

New Accounting Standards

Revenue Recognition

In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2014-09, Revenue from Contracts with Customers (ASC 606). The FASB issued subsequent amendments to the initial guidance in August 2015, March 2016, April 2016, May 2016, and December 2016 within ASU 2015-14, ASU 2016-08, ASU 2016-10 ASU 2016-12 and ASU 2016-20, respectively.  The core principle of the new revenue standard 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 Company adopted the standard in the current period using the modified retrospective method. As a result of the adoption we recognized a cumulative catch-up transition adjustment in beginning retained earnings at January 1, 2018 for non-recourse financing transactions that were open as of December 31, 2017. This resulted in a $25.6 million increase in Rail Group net assets, $34.0 million increase in financing liabilities and deferred tax liabilities and $8.4 million decrease to retained earnings. See Note 7 for further detail.

Leasing

In February 2016, the FASB issued ASU No. 2016-02, Leases (ASC 842). ASC 842 supersedes the current accounting for leases. The new standard, while retaining two distinct types of leases, finance and operating, (i) requires lessees to record a right of use asset and a related liability for the rights and obligations associated with a lease, regardless of lease classification, and recognize lease expense in a manner similar to current accounting, (ii) eliminates current real estate specific lease provisions, (iii) modifies the lease classification criteria and (iv) aligns many of the underlying lessor model principles with those in the new revenue standard. ASC 842 is effective for fiscal years beginning after December 15, 2018, and interim periods within. Early adoption is permitted, however the Company does not plan to early adopt. The new standard is effective for the Company beginning January 1, 2019 and must be adopted using either the modified retrospective approach, which requires application of the new guidance at the beginning of the earliest comparative period presented or the optional alternative approach, which requires application of the new guidance at the beginning of the standard’s effective date.

The Company expects this standard to have the effect of bringing certain off balance-sheet rail assets onto the balance sheet along with a corresponding liability for the associated obligations. Additionally, we have other arrangements currently classified as operating leases which will be recorded as a right of use asset and corresponding liability on the balance sheet. We are currently evaluating the impact these changes will have on the Consolidated Financial Statements.

Other applicable standards

In February 2018, the FASB issued ASU 2018-02, Income Statement-Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income, which allows companies to reclassify stranded income tax effects resulting from the Tax Cuts and Jobs Act from accumulated other comprehensive income to retained earnings in their consolidated financial statements. This guidance is effective for fiscal years beginning after December 15, 2018. We have evaluated the impact of this new standard on our consolidated financial statements and do not expect the impact to be material. Early adoption is permitted, however the Company has not chosen to do so at this time.

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Inventories

3 Months Ended

Mar. 31, 2018

Inventory, Net [Abstract]

Inventories

Inventories

Major classes of inventories are as follows:

(in thousands)	March 31, 2018		December 31, 2017		March 31, 2017
Grain	$	541,272	$	505,217	$	443,870
Ethanol and co-products	14,320		11,003		15,549
Plant nutrients and cob products	170,748		126,962		165,584
Retail merchandise	—		—		11,082
Railcar repair parts	5,289		5,521		5,209
	$	731,629	$	648,703	$	641,294

Inventories on the Condensed Consolidated Balance Sheets at March 31, 2018, December 31, 2017 and March 31, 2017 do not include 0.7 million, 1.0 million and 2.7 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.

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Property, Plant and Equipment

3 Months Ended

Mar. 31, 2018

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

Property, Plant and Equipment

The components of Property, plant and equipment, net are as follows:

(in thousands)	March 31, 2018		December 31, 2017		March 31, 2017
Land	$	29,915	$	22,388	$	29,331
Land improvements and leasehold improvements	69,320		69,127		78,798
Buildings and storage facilities	285,084		284,820		321,344
Machinery and equipment	377,563		373,127		388,230
Construction in progress	15,116		7,502		13,113
	776,998		756,964		830,816
Less: accumulated depreciation	383,235		372,287		390,421
	$	393,763	$	384,677	$	440,395

Depreciation expense on property, plant and equipment was $11.6 million and $12.1 million for the three months ended March 31, 2018 and 2017, respectively.

In December 2017, the Company recorded charges totaling $10.9 million for impairment of property, plant and equipment in the Grain segment, of which $5.6 million relates to assets that are deemed held and used and $5.3 million related to assets that have been reclassified as assets held for sale at December 31, 2017. The Company wrote down the value of these assets to the extent their carrying amounts exceeded fair value. The Company classified the significant assumptions used to determine the fair value of the impaired assets as Level 3 inputs in the fair value hierarchy.

Rail Group Assets

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

(in thousands)	March 31, 2018		December 31, 2017		March 31, 2017
Rail Group assets leased to others	$	577,678	$	531,391	$	448,761
Less: accumulated depreciation	115,425		107,948		105,825
	$	462,253	$	423,443	$	342,936

Depreciation expense on Rail Group assets leased to others amounted to $6.2 million and $4.7 million for the three months ended March 31, 2018 and 2017, respectively.

Sale of Assets

On March 31, 2017 the Company sold four farm center locations in Florida for $17.4 million and recorded a $4.7 million gain, net of transaction costs in Other income, net. The sale price included a working capital adjustment of $3.6 million.

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Debt

3 Months Ended

Mar. 31, 2018

Debt Disclosure [Abstract]

Debt

Debt

The Company has a line of credit agreement with a syndicate of banks. The agreement provides for a credit facility in the amount of $800 million. Total borrowing capacity for the Company under all lines of credit is currently at $950.0 million, including subsidiary debt that is non-recourse to the Company of $15.0 million for The Andersons Denison Ethanol LLC ("TADE"), $70 million for ELEMENT LLC and $65 million for The Andersons Railcar Leasing Company LLC. At March 31, 2018, the Company had a total of $338.3 million available for borrowing under its lines of credit. The Company's 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, 2018.

ELEMENT, LLC, a consolidated subsidiary of the Company, entered into a financing agreement during the first quarter. This agreement provides a construction loan of up to $70.0 million.  Upon project completion, the agreement provides the opportunity for the Company to convert the construction loan to a term loan of up to $50.0 million and a revolving term loan of up to $20.0 million.  The maturity date of the credit agreement is March 2, 2025. During the construction period, borrowings under the credit agreement bear interest at variable interest rates, which are based off LIBOR plus an applicable spread.  Upon conversion of the construction loan to a term loan, the Company will have the option of fixing the interest on portions of the loans, or continuing at the previously described variable interest rates. There are no outstanding borrowings under this agreement as of March 31, 2018. The agreements include both financial and non-financial covenants that ELEMENT LLC, among other things, is required at a minimum to maintain various working capital levels and debt service coverage ratios based on project milestones as well as a minimum owner's equity level.

The Andersons Railcar Leasing Company LLC, a consolidated subsidiary of the Company, entered into a revolving asset based loan agreement on March 22, 2018 that provides for a credit facility in the amount of $65 million. The maturity date of the loan agreement is March 23, 2021. Borrowings under the agreement bear interest at market driven, variable interest rates which was 3.88% as of March 31, 2018 The agreement includes both financial and non-financial covenants, including maintaining certain leverage and interest coverage ratios, tangible net worth and utilization levels. There are $40.0 million of outstanding borrowings under this agreement as of March 31, 2018, the proceeds of which were used to pay down outstanding balances of the Company's primary credit facility agreement.

The Company’s short-term and long-term debt at March 31, 2018, December 31, 2017 and March 31, 2017 consisted of the following:

(in thousands)	March 31, 2018		December 31, 2017		March 31, 2017
Short-term Debt – Non-Recourse	$	—	$	—	$	—
Short-term Debt – Recourse	489,000		22,000		255,000
Total Short-term Debt	$	489,000	$	22,000	$	255,000
Current Maturities of Long-term Debt – Non-Recourse	$	2,922	$	—	$	—
Current Maturities of Long-term Debt – Recourse	11,212		54,205		56,144
Total Current Maturities of Long-term Debt	$	14,134	$	54,205	$	56,144
Long-term Debt, Less: Current Maturities – Non-Recourse	$	72,977	$	—	$	—
Long-term Debt, Less: Current Maturities – Recourse	365,651		418,339		365,971
Total Long-term Debt, Less: Current Maturities	$	438,628	$	418,339	$	365,971

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Derivatives

3 Months Ended

Mar. 31, 2018

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. These contracts are primarily traded via the regulated 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 cost of 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, 2018, December 31, 2017 and March 31, 2017, 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, 2018					December 31, 2017				March 31, 2017
(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)	$	54,762		$	—	$	1,351	$	—	$	(2,769	)	$	—
Fair value of derivatives	(18,874		)	—		17,252		—		32,310			—
Balance at end of period	$	35,888		$	—	$	18,603	$	—	$	29,541		$	—

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

	March 31, 2018
(in thousands)	Commodity Derivative Assets - Current			Commodity Derivative Assets - Noncurrent			Commodity Derivative Liabilities - Current			Commodity Derivative Liabilities - Noncurrent			Total
Commodity derivative assets	$	29,861		$	1,851		$	3,115		$	47		$	34,874
Commodity derivative liabilities	(40,813		)	(112		)	(18,539		)	(1,461		)	(60,925		)
Cash collateral	54,762			—			—			—			54,762
Balance sheet line item totals	$	43,810		$	1,739		$	(15,424	)	$	(1,414	)	$	28,711

	December 31, 2017
(in thousands)	Commodity Derivative Assets - Current			Commodity Derivative Assets - Noncurrent			Commodity Derivative Liabilities - Current			Commodity Derivative Liabilities - Noncurrent			Total
Commodity derivative assets	$	36,929		$	311		$	489		$	1		$	37,730
Commodity derivative liabilities	(7,578		)	(1		)	(30,140		)	(826		)	(38,545		)
Cash collateral	1,351			—			—			—			1,351
Balance sheet line item totals	$	30,702		$	310		$	(29,651	)	$	(825	)	$	536

	March 31, 2017
(in thousands)	Commodity Derivative Assets - Current			Commodity Derivative Assets - Noncurrent			Commodity Derivative Liabilities - Current			Commodity Derivative Liabilities - Noncurrent			Total
Commodity derivative assets	$	57,499		$	341		$	554		$	3		$	58,397
Commodity derivative liabilities	(6,681		)	(2		)	(30,468		)	(453		)	(37,604		)
Cash collateral	(2,769		)	—			—			—			(2,769		)
Balance sheet line item totals	$	48,049		$	339		$	(29,914	)	$	(450	)	$	18,024

The net pre-tax gains and losses on commodity derivatives not designated as hedging instruments included in the Company’s Condensed Consolidated Statements of Operations and the line items in which they are located for the three months ended March 31, 2018 and 2017 are as follows:

	Three months ended March 31,
(in thousands)	2018			2017
Gains (losses) on commodity derivatives included in cost of sales and merchandising revenues	$	(25,236	)	$	27,025

The Company had the following volume of commodity derivative contracts outstanding (on a gross basis) at March 31, 2018, December 31, 2017 and March 31, 2017:

	March 31, 2018
Commodity (in thousands)	Number of Bushels	Number of Gallons	Number of Pounds	Number of Tons
Non-exchange traded:
Corn	335,887	—	—	—
Soybeans	48,003	—	—	—
Wheat	16,639	—	—	—
Oats	40,555	—	—	—
Ethanol	—	280,243		—
Corn oil	—	—	5,048	—
Other	27	4,500		90
Subtotal	441,111	284,743	5,048	90
Exchange traded:
Corn	146,505	—	—	—
Soybeans	52,460	—	—	—
Wheat	74,805	—	—	—
Oats	2,290	—	—	—
Ethanol	—	108,108	—	—
Subtotal	276,060	108,108	—	—
Total	717,171	392,851	5,048	90

	December 31, 2017
Commodity (in thousands)	Number of Bushels	Number of Gallons	Number of Pounds	Number of Tons
Non-exchange traded:
Corn	218,391			—
Soybeans	18,127	—	—	—
Wheat	14,577	—	—	—
Oats	25,953	—	—	—
Ethanol	—	197,607	—	—
Corn oil	—	—	6,074	—
Other	47	—	—	97
Subtotal	277,095	197,607	6,074	97
Exchange traded:
Corn	82,835	—	—	—
Soybeans	37,170	—	—	—
Wheat	65,640	—	—	—
Oats	1,345	—	—	—
Ethanol	—	39,438	—	—
Other	—	840	—	—
Subtotal	186,990	40,278	—	—
Total	464,085	237,885	6,074	97

	March 31, 2017
Commodity (in thousands)	Number of Bushels	Number of Gallons	Number of Pounds	Number of Tons
Non-exchange traded:
Corn	201,200	—	—	—
Soybeans	29,015	—	—	—
Wheat	7,956	—	—	—
Oats	46,861	—	—	—
Ethanol	—	178,040	—	—
Corn oil	—	—	6,279	—
Other	100	1,000	—	239
Subtotal	285,132	179,040	6,279	239
Exchange traded:
Corn	104,790	—	—	—
Soybeans	47,605	—	—	—
Wheat	40,855	—	—	—
Oats	1,660	—	—	—
Ethanol	—	16,590	—	—
Other	—	—	—	15
Subtotal	194,910	16,590	—	15
Total	480,042	195,630	6,279	254

At March 31, 2018, December 31, 2017 and March 31, 2017, the Company had recorded the following amounts for the fair value of the Company's other derivatives not designated as hedging instruments:

	March 31, 2018			December 31, 2017			March 31, 2017
(in thousands)
Interest rate contracts included in other long-term liabilities	$	(453	)	$	(1,244	)	$	(2,141	)
Foreign currency contracts included in other current assets (Accrued expenses and other current liabilities)	(695		)	426			(14		)

The gains and losses included in the Company's Consolidated Statements of Operations and the line item in which they are located for derivatives not designated as hedging instruments are as follows:

	Three months ended March 31,
(in thousands)	2018			2017
Interest rate derivative gains (losses) included in Interest income (expense)	$	1,408		$	389
Foreign currency derivative gains (losses) included in Other income, net	(1,122		)	98

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Employee Benefit Plans

3 Months Ended

Mar. 31, 2018

Retirement Benefits [Abstract]

Employee Benefit Plans

Employee Benefit Plans

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, 2018 and 2017:

	Pension Benefits
(in thousands)	Three months ended March 31,
	2018		2017
Interest cost	$	33	$	39
Recognized net actuarial loss	61		63
Benefit cost	$	94	$	102

	Postretirement Benefits
(in thousands)	Three months ended March 31,
	2018			2017
Service cost	$	87		$	123
Interest cost	187			300
Amortization of prior service cost	(228		)	—
Benefit cost	$	46		$	423

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Revenue

3 Months Ended

Mar. 31, 2018

Revenue from Contract with Customer [Abstract]

Revenue

Revenue

Many of the Company’s revenues are generated from contracts that are outside the scope of ASC 606 and thus are accounted for under other accounting standards. Specifically, many of the Company's Grain and Ethanol sales contracts are derivatives under ASC 815, Derivatives and Hedging and the Rail Group's leasing revenue is accounted for under ASC 840, Leases. The breakdown of revenues between ASC 606 and other standards is as follows:

(in thousands)	Three months ended March 31, 2018
Revenues under ASC 606	$	193,650
Revenues under ASC 840	26,029
Revenues under ASC 815	416,060
Total Revenues	$	635,739

The remainder of this note applies only to those revenues that are accounted for under ASC 606.

Disaggregation of revenue

The following table disaggregates revenues under ASC 606 by major product/service line:

	Three months ended March 31, 2018
(in thousands)	Grain		Ethanol		Plant Nutrient		Rail		Total
Specialty nutrients	$	—	$	—	$	75,078	$	—	$	75,078
Primary nutrients	—		—		53,219		—		53,219
Service	4,418		2,545		209		8,117		15,289
Co-products	—		26,646		—		—		26,646
Other	210		—		7,111		16,097		23,418
Total	$	4,628	$	29,191	$	135,617	$	24,214	$	193,650

Approximately 8% of revenues accounted for under ASC 606 are recorded over time which primarily relates to service revenues noted above.

Specialty and primary nutrients

The Company sells several different types of specialty nutrient products, including: low-salt liquid starter fertilizers, micro-nutrients and other specialty lawn products. These products can be sold through the wholesale distribution channels as well as directly to end users at the farm center locations. Similarly, the Company sells several different types of primary nutrient products, including: nitrogen, phosphorus and potassium. These products may be purchased and re-sold as is or sold as finished goods resulting from a blending and manufacturing process. The contracts associated with specialty and primary nutrients generally have just a single performance obligation, as the Company has elected the accounting policy to consider shipping and handling costs as fulfillment costs. Revenue is recognized when control of the product has passed to the customer. Payment terms generally range from 0 - 30 days.

Service

Service revenues primarily relate to the railcar repair business. The Company owns several railcar repair shops which repair railcars through specific contracts with customers or through operating as an agent for a particular railroad to repair cars that are on their rail line per American Association of Railroads (“AAR”) standards. These contracts contain a single performance obligation which is to complete the requested and/or required repairs on the railcars. As the customer simultaneously receives and consumes the benefit of the repair work we perform, revenue for these contracts is recognized over time. The Company uses an input-based measure of progress using costs incurred to total expected costs as that is the measure that most faithfully depicts our progress towards satisfying our performance obligation. Upon completion of the work, the invoice is sent to the customer, with payment terms that generally range from 0 - 30 days.

Co-products

In addition to the ethanol sales contracts that are considered derivative instruments, the Ethanol Group sells several other co-products that remain subject to ASC 606, including E-85, DDGs, syrups and renewable identification numbers (“RINs”). RINs are credits for compliance with the Environmental Protection Agency's Renewable Fuel Standard Program and are created by renewable fuel producers. Contracts for these co-products generally have a single performance obligation, as the Company has elected the accounting policy to consider shipping and handling costs as fulfillment costs. Revenue is recognized when control of the product has passed to the customer which follows shipping terms on the contract. Payment terms generally range from 5 - 15 days.

Contract balances

The opening and closing balances of the Company’s contract liabilities are as follows:

in thousands	Contract liabilities
Balance at January 1, 2018	$	25,520
Balance at March 31, 2018	$	67,715

The difference between the opening and closing balances of the Company’s contract liabilities primarily results from the timing difference between the Company’s performance and the customer’s payment. Contract liabilities relate to the Plant Nutrient business for payments received in advance of fulfilling our performance obligations under our customer contracts. Further, due to seasonality of this business, the amount of revenue recognized in the current period related to the beginning of the year contract liability is not material.

Impact of New Revenue Guidance on Financial Statement Line Items

The following table compares the reported condensed consolidated balance sheet and statement of operations, as of and for the three months ended March 31, 2018, to the pro forma amounts had the previous guidance been in effect:

	Balance Sheet
(in thousands)	As Reported		ASC 606 Impact			Pro forma as if the previous accounting guidance was in effect
Cash and cash equivalents and restricted cash	$	31,497	$	—		$	31,497
Accounts receivable, net	216,021		—			216,021
Inventories	731,629		145			731,774
Commodity derivative assets - current	43,810		—			43,810
Other current assets	114,922		(170		)	114,752
Other noncurrent assets	369,633		—			369,633
Rail Group assets leased to others, net	462,253		(24,844		)	437,409
Property, plant and equipment	393,763		—			393,763
Total assets	2,363,528		(24,869		)	2,338,659
Short-term debt and current maturities of long-term debt	503,134		(2,922		)	500,212
Trade and other payables and accrued expenses and other current liabilities	323,614		—			323,614
Commodity derivative liabilities - current	15,424		—			15,424
Customer prepayments and deferred revenue	81,778		—			81,778
Commodity derivative liabilities - noncurrent and Other long-term liabilities	32,950		—			32,950
Employee benefit plan obligations	26,310		—			26,310
Long-term debt, less current maturities	438,628		(33,318		)	405,310
Deferred income taxes	118,933		2,942			121,875
Total liabilities	1,540,771		(33,298		)	1,507,473
Retained earnings	618,572		8,429			627,001
Common shares, additional paid-in-capital, treasury shares, accumulated other comprehensive loss and noncontrolling interests	204,185		—			204,185
Total equity	822,757		8,429			831,186
Total liabilities and equity	2,363,528		(24,869		)	2,338,659

Total reported assets were $24.9 million greater than the pro forma balance sheet, which assumes the previous guidance remained in effect as of March 31, 2018. This was largely due to the Rail Group assets that were recorded on the balance sheet as part of the cumulative catch-up adjustment upon the adoption of ASC 606.

Total reported liabilities were $33.3 million greater than the pro forma balance sheet, which assumes the previous guidance remained in effect as of March 31, 2018. This was largely due to the financing obligation and deferred taxes related to the Rail Group assets that were recorded on the balance sheet as part of the cumulative catch-up adjustment upon the adoption of ASC 606.

	Statement of Operations
in thousands	As Reported			ASC 606 Impact			Pro forma as if the previous accounting guidance was in effect
Sales and merchandising revenues	$	635,739		$	164,189		$	799,928
Cost of sales and merchandising revenues	572,034			164,650			736,684
Gross profit	63,705			(461		)	63,244
Operating, administrative and general expenses	64,257			—			64,257
Goodwill impairment				—			—
Interest expense	6,999			(403		)	6,596
Other income:
Equity in earnings of affiliates, net	3,573			—			3,573
Other income, net	1,686			—			1,686
Income (loss) before income taxes	(2,292		)	(58		)	(2,350		)
Income tax provision	(310		)	(22		)	(332		)
Net income (loss)	(1,982		)	(36		)	(2,018		)
Net income attributable to the noncontrolling interests	(282		)	—			(282		)
Net income (loss) attributable to The Andersons, Inc.	$	(1,700	)	$	(36	)	$	(1,736	)

The following summarizes the significant changes on the Company’s condensed consolidated statement of operations for the three months ended March 31, 2018 as a result of the adoption of ASC 606 on January 1, 2018 compared to if the Company had continued to recognize revenues under ASC 605:

• While grain origination agreements, and their related sales contracts, will be accounted for under ASC 815, we are still required to evaluate the principal versus agent guidance in ASC 606 to determine whether realized gains or losses should be presented on a gross or net basis in the consolidated statements of operations upon physical settlement. The Company has determined that it is the agent in certain origination arrangements within our Grain Group and therefore realized gains or losses will be presented on a net basis upon adoption of ASC 606. As a result of these transactions now being recorded on a net basis, revenues and related cost of sales would have been $161.9 million higher under the previous guidance.

• ASC 606 required certain Rail Group assets and related financing obligations to be recorded on the balance sheet as these transactions no longer qualified as sales as a result of the existence of repurchase options within the sales contracts. The result of this change primarily impacts geography within the income statement, as lease expense to the financial institution will be replaced with a combination of depreciation and interest expense.

The net impact of accounting for revenue under the new guidance had an immaterial impact on net income (loss) and no impact on the Company's earnings per common share for the three months ended March 31, 2018.

The adoption of ASC 606 had an immaterial on the Company’s cash flows from operations. The aforementioned impacts resulted in offsetting shifts in cash flows throughout net income and various changes in working capital balances.

Transaction Price Allocated to Future Performance Obligations

ASC 606 requires that the Company disclose the aggregate amount of transaction price that is allocated to performance obligations that have not yet been satisfied at period end. The guidance provides certain practical expedients that limit this requirement. The Company has various contracts that meet the following practical expedients provided by ASC 606:

• The performance obligation is part of a contract that has an original expected duration of one year or less.

• The variable consideration is allocated entirely to a wholly unsatisfied performance obligation or to a wholly unsatisfied promise to transfer a distinct good or service that forms part of a single performance obligation in accordance with ASC 606-10-25-14(b), for which the criteria in ASC 606-10-32-40 have been met.

Contract costs

The company has elected to apply the practical expedient and accordingly recognizes the incremental costs of obtaining contracts as an expense when incurred if the amortization period of the assets that the Company otherwise would have recognized is one year or less. These costs are included in Operating, administrative and general expenses.

Significant judgments

In making its determination of standalone selling price, the Company maximizes its use of observable inputs.  Standalone selling price, once established, is then used to allocate total consideration proportionally to the various performance obligations, if applicable, within a contract.

To estimate variable consideration, the Company applies both the “expected value” method and “most likely amount” method based on the form of variable consideration, according to which method would provide the best prediction.  The expected value method involves a probability-weighted determination of the expected amount, whereas the most likely amount method identifies the single most likely outcome in a range of possible amounts.  However, once a method has been applied to one form of variable consideration, it is applied consistently throughout the contract term.

The primary types of variable consideration present in the Company’s contracts are product returns, volume rebates and the CPI index.  The overall impact of this variable consideration is not material.

Practical expedients

The Company has elected to apply the following practical expedients provided by ASC 606:

• Future performance obligations - see discussion above.

• Contract costs - see discussion above.

• Shipping and handling activities - see discussion above.

• Sales tax presentation - the Company has elected to exclude from the transaction price all sales taxes that are assessed by a governmental authority that are imposed on and concurrent with a specific revenue-producing transaction and collected by the entity from a customer.

• Modified retrospective approach - see discussion in Note 1. regarding adoption elections.

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Income Taxes

3 Months Ended

Mar. 31, 2018

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.

For the three months ended March 31, 2018, the Company recorded income tax benefit of $0.3 million at an effective tax rate of 13.5%. The annual effective tax rate differs from the statutory U.S. Federal tax rate due to the impact of state income taxes and nondeductible compensation. The effective tax rate for the three month period ended March 31, 2018 also includes tax benefits from the release of reserves upon the expiration of statutes of limitation, offset by changes in the state allocation/apportionment as a result of a statutory merger and excess tax expense from stock-based compensation. The decrease in effective tax rate for the three months ended March 31, 2018 as compared to the same period last year was primarily attributed to the reduction of the U.S. corporate tax rate from 35% to 21% as a result of the U.S. tax reform. For the three months ended March 31, 2017, the Company recorded an income tax benefit of $2.5 million at an effective tax rate of 45.5%.

The Company’s accounting for the certain elements of the Tax Act was incomplete as of the period ended December 31, 2017, and remains incomplete as of March 31, 2018. However, the Company was able to make reasonable estimates of the effects and, therefore, recorded provisional estimates for these items. In connection with its initial analysis of the impact of the Tax Act, the Company recorded a provisional discrete net tax benefit of $73.5 million in the period ended December 31, 2017. This provisional estimate consists of a net expense of $1.4 million for the one-time transition tax and a net benefit of $74.9 million related to revaluation of deferred tax assets and liabilities, caused by the new lower corporate tax rate. To determine the transition tax, the Company must determine the amount of post-1986 accumulated earnings and profits of the relevant subsidiaries, as well as the amount of non-U.S. income taxes paid on such earnings. While the Company was able to make a reasonable estimate of the transition tax, the Company continues to gather additional information to more precisely compute the final amount. Likewise, while the Company was able to make a reasonable estimate of the impact of the reduction to the corporate tax rate, its rate may be affected by other analysis related to the Tax Act, including, but not limited to, the state tax effect of adjustments made to federal temporary differences. Due to the complexity of the new global intangible low-taxed income ("GILTI") tax rules, the company is continuing to evaluate this provision of the Tax Act and the application of ASC 740. Under GAAP, the Company is allowed to make an accounting policy choice to either (i) treat taxes due on future U.S. inclusions in taxable income related to GILTI as a current-period expense when incurred (the “period cost method"); or (ii) factor in such amounts into a company’s measurement of its deferred taxes (the “deferred method”). The Company’s selection of an accounting policy with respect to the new GILTI tax rules is dependent on additional analysis and potential future modifications to existing structures, which are not currently known. The Company has not made a policy decision regarding whether to record deferred taxes on GILTI. The Company will continue to analyze the full effects of the Tax Act on its Consolidated Financial Statements.

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Accumulated Other Comprehensive Loss

3 Months Ended

Mar. 31, 2018

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, 2018 and 2017:

		Changes in Accumulated Other Comprehensive Income (Loss) by Component (a)
		Three months ended March 31, 2018
(in thousands)		Foreign Currency Translation Adjustment			Investment in Convertible Preferred Securities			Defined Benefit Plan Items			Total
Beginning Balance		$	(7,716	)	$	344		$	4,672		$	(2,700	)
	Other comprehensive income (loss) before reclassifications	(1,150		)	(87		)	117			$	(1,120	)
	Amounts reclassified from accumulated other comprehensive loss	—			—			(168		)	$	(168	)
Net current-period other comprehensive income (loss)		(1,150		)	(87		)	(51		)	(1,288		)
Ending balance		$	(8,866	)	$	257		$	4,621		$	(3,988	)

		Changes in Accumulated Other Comprehensive Income (Loss) by Component (a)
		Three months ended March 31, 2017
(in thousands)			Foreign Currency Translation Adjustment			Defined Benefit Plan Items			Total
Beginning Balance			$	(11,002	)	$	(1,466	)	$	(12,468	)
	Other comprehensive income (loss) before reclassifications		514			(10		)	504
	Amounts reclassified from accumulated other comprehensive loss		—			—			—
Net current-period other comprehensive income (loss)			514			(10		)	504
Ending balance			$	(10,488	)	$	(1,476	)	$	(11,964	)

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

The following table shows the reclassification adjustments from accumulated other comprehensive loss to net income for the three months ended March 31, 2018:

	Reclassifications Out of Accumulated Other Comprehensive Income (Loss) (a)
(in thousands)	Three months ended March 31, 2018
Details about Accumulated Other Comprehensive Income (Loss) Components	Amount Reclassified from Accumulated Other Comprehensive Income (Loss)			Affected Line Item in the Statement Where Net Income Is Presented
Defined Benefit Plan Items
Amortization of prior-service cost	(228		)	(b)
	(228		)	Total before tax
	60			Income tax provision
	$	(168	)	Net of tax
Total reclassifications for the period	$	(168	)	Net of tax

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

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

There were no reclassification adjustments from accumulated other comprehensive loss to net income for the three months ended March 31, 2017.

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Earnings Per Share

3 Months Ended

Mar. 31, 2018

Earnings Per Share [Abstract]

Earnings Per Share

Earnings Per Share

The Company’s non-vested 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. 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.

(in thousands, except per common share data)	Three months ended March 31,
	2018			2017
Net income (loss) attributable to The Andersons, Inc.	$	(1,700	)	$	(3,089	)
Less: Distributed and undistributed earnings allocated to nonvested restricted stock	—			—
Earnings (losses) available to common shareholders	$	(1,700	)	$	(3,089	)
Earnings per share – basic:
Weighted average shares outstanding – basic	28,237			28,281
Earnings (losses) per common share – basic	$	(0.06	)	$	(0.11	)
Earnings per share – diluted:
Weighted average shares outstanding – basic	28,237			28,281
Effect of dilutive awards	—			—
Weighted average shares outstanding – diluted	28,237			28,281
Earnings (losses) per common share – diluted	$	(0.06	)	$	(0.11	)

All outstanding share awards were antidilutive for the three months ended March 31, 2018 and March 31, 2017 as the Company experienced a net loss in both periods.

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Fair Value Measurements

3 Months Ended

Mar. 31, 2018

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, 2018, December 31, 2017 and March 31, 2017:

(in thousands)	March 31, 2018
Assets (liabilities)	Level 1			Level 2			Level 3		Total
Commodity derivatives, net (a)	$	35,888		$	(7,177	)	$	—	$	28,711
Provisionally priced contracts (b)	(48,478		)	(31,847		)	—		(80,325		)
Convertible preferred securities (c)	—			—			7,388		7,388
Other assets and liabilities (d)	8,947			(454		)	—		8,493
Total	$	(3,643	)	$	(39,478	)	$	7,388	$	(35,733	)

(in thousands)	December 31, 2017
Assets (liabilities)	Level 1			Level 2			Level 3		Total
Commodity derivatives, net (a)	18,603			(18,067		)	—		536
Provisionally priced contracts (b)	(98,190		)	(67,094		)	—		(165,284		)
Convertible preferred securities (c)	—			—			7,388		7,388
Other assets and liabilities (d)	9,705			(1,244		)	—		8,461
Total	$	(69,882	)	$	(86,405	)	$	7,388	$	(148,899	)

(in thousands)	March 31, 2017
Assets (liabilities)	Level 1			Level 2			Level 3		Total
Restricted cash	$	752		$	—		$	—	$	752
Commodity derivatives, net (a)	29,566			(11,542		)	—		18,024
Provisionally priced contracts (b)	(86,314		)	(37,643		)	—		(123,957		)
Convertible preferred securities (c)	—			—			3,294		3,294
Other assets and liabilities (d)	8,518			(2,141		)	—		6,377
Total	$	(47,478	)	$	(51,326	)	$	3,294	$	(95,510	)

(a) Includes associated cash posted/received as collateral

(b) Included in "Provisionally priced contracts" are those instruments based only on underlying futures values (Level 1) and delayed price contracts (Level 2)

(c) Recorded in “Other noncurrent assets” on the Company’s Condensed Consolidated Balance Sheets related to certain available securities.

(d) Included in other assets and liabilities are assets held in rabbi trusts to fund deferred compensation plans, ethanol risk management contracts, and foreign exchange derivative contracts (Level 1), and interest rate derivatives (Level 2).

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.

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

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.

These fair value disclosures exclude physical grain inventories measured at net realizable value. The net realizable value used to measure the Company’s agricultural commodity inventories is the fair value (spot price of the commodity in an exchange), less cost of disposal and transportation based on the local market. This valuation would generally be considered Level 2. The amount is disclosed in Note 2. Changes in the net realizable value of commodity inventories are recognized as a component of cost of sales and merchandising revenues.

Provisionally priced contract liabilities are those for which the Company has taken ownership and possession of grain but the final purchase price has not been established. In the case of payables where the unpriced portion of the contract is limited to the futures price of the underlying commodity or the Company has delivered provisionally priced grain and a subsequent payable or receivable is set up for any future changes in the grain price, quoted CBOT prices are used and the liability is deemed to be Level 1 in the fair value hierarchy. All other unpriced contracts, primarily delayed price contracts, are determined on the basis of local grain market prices at the balance sheet date and, as such, are deemed to be Level 2 in the fair value hierarchy as they include variable future and basis components.

The risk management contract liability allows related ethanol customers to effectively unprice the futures component of their inventory for a period of time, subjecting the bushels to market fluctuations. The Company records an asset or liability for the market value changes of the commodities over the life of the contracts based on quoted CBOT prices and as such, the balance is deemed to be Level 1 in the fair value hierarchy.

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

	Convertible Preferred Securities
(in thousands)	2018		2017
Assets (liabilities) at January 1,	$	7,388	$	3,294
Gains (losses) included in earnings	—		—
Assets (liabilities) at March 31,	$	7,388	$	3,294

The following tables summarize quantitative information about the Company's Level 3 fair value measurements as of March 31, 2018, December 31, 2017 and March 31, 2017:

Quantitative Information about Level 3 Fair Value Measurements
(in thousands)	Fair Value as of March 31, 2018		Valuation Method	Unobservable Input	Weighted Average
Convertible preferred securities (a)	$	7,388	Implied based on market prices	N/A	N/A
Real Property (b)	$	29,347	Third Party Appraisal	N/A	N/A

(in thousands)	Fair Value as of December 31, 2017		Valuation Method	Unobservable Input	Weighted Average
Convertible preferred securities (a)	$	7,388	Implied based on market prices	N/A	N/A
Real Property (b)	$	29,347	Third-Party Appraisal	N/A	N/A

(in thousands)	Fair Value as of March 31, 2017		Valuation Method	Unobservable Input	Weighted Average
Convertible preferred securities (a)	$	3,294	Cost Basis, Plus Interest	N/A	N/A

(a) Due to early stages of business and timing of investments, cost basis, plus interest was deemed to approximate fair value in prior periods. As the underlying enterprises have matured, additional market data is available to consider in order to estimate fair value, including additional capital raising, internal valuation models, progress towards key business milestones, and other relevant market data points.

(b) The Company recognized impairment charges on certain grain assets during 2017 and measured the fair value using Level 3 inputs on a nonrecurring basis. The fair value of the grain assets was determined using prior transactions, prior third-party appraisals and a pending sale of grain assets held by the Company.

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, 2018		December 31, 2017		March 31, 2017
Fair value of long-term debt, including current maturities	$	448,346	$	474,769	$	426,105
Fair value in excess of carrying value (a)	8,241		1,451		1,036

(a) Carrying value used for this purpose excludes unamortized prepaid debt issuance costs

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

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Related Party Transactions

3 Months Ended

Mar. 31, 2018

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.

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

(in thousands)	March 31, 2018		December 31, 2017		March 31, 2017
The Andersons Albion Ethanol LLC	$	46,145	$	45,024	$	38,694
The Andersons Clymers Ethanol LLC	20,339		19,830		19,946
The Andersons Marathon Ethanol LLC	12,615		12,660		13,266
Lansing Trade Group, LLC	94,483		93,088		88,339
Thompsons Limited (a)	48,362		50,198		46,054
Other	2,505		2,439		2,694
Total	$	224,449	$	223,239	$	208,993

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

On January 1, 2017, The Andersons Ethanol Investment LLC (“TAEI”) was merged with and into The Andersons Marathon Ethanol LLC (“TAME”). The Company had owned (66%) of TAEI, which, in turn, had owned 50% of TAME. Pursuant to the merger, the Company’s ownership units in TAEI were canceled and converted into ownership units in TAME. As a result, the Company now directly owns 33% of the outstanding ownership units of TAME.

Prior to this transaction, the noncontrolling interest in TAEI was attributed 33% of the gains and losses of TAME recorded by the Company in its equity in earnings of affiliates.

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

		Three months ended March 31,
(in thousands)	% Ownership at March 31, 2018	2018			2017
The Andersons Albion Ethanol LLC	55%	$	1,121		$	(277	)
The Andersons Clymers Ethanol LLC	39%	509			207
The Andersons Marathon Ethanol LLC	33%	(44		)	(463		)
Lansing Trade Group, LLC	33% (a)	2,584			(711		)
Thompsons Limited (b)	50%	(669		)	(595		)
Other	5% - 50%	72			(39		)
Total		$	3,573		$	(1,878	)

 (a) This does not consider restricted management units which once vested will reduce the ownership percentage by approximately 1%

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

Total distributions received from unconsolidated affiliates were $1.2 million for the three months ended March 31, 2018. There were no distributions received from unconsolidated affiliates for the three months ended March 31, 2017.

In the first quarter of 2018, The Andersons Albion Ethanol LLC, The Andersons Clymers Ethanol LLC, Lansing Trade Group, and Thompsons Limited 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, 2018 and 2017:

(in thousands)	Three months ended March 31,
	2018		2017
Revenues	$	1,459,331	$	1,459,557
Gross profit	56,096		38,391
Income (loss) from continuing operations	8,908		(3,765		)
Net income (loss)	9,462		(4,298		)
Net income (loss) attributable to companies	9,462		(3,867		)

Related Party Transactions

In the ordinary course of business and on an arms-length basis, the Company will enter into related party transactions with each of the investments described above, along with other related parties.

On March 2, 2018, the Company invested in ELEMENT, LLC.  The Company owns 51% of ELEMENT, LLC and ICM, Inc. owns the remaining 49% interest.  ELEMENT, LLC will construct a 70 million-gallon-per-year bio-refinery.  As part of the Company’s investment into ELEMENT, LLC, the Company and ICM, Inc. entered into a number of agreements with the entity.  Most notably, ICM, Inc. will operate the facility under a management contract and manage the initial construction of the facility, while the Company will provide corn origination, ethanol marketing, and risk management services.  The results of operations for ELEMENT, LLC have been included in our consolidated results of operations beginning on March 2, 2018 and are a component of our Ethanol segment.  Consolidation is based on a combination of ownership interest and control of operational decision-making authority.  Construction is underway and the plant is expected to be operational in 2019.

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

	Three months ended March 31,
(in thousands)	2018		2017
Sales revenues	$	88,815	$	198,068
Service fee revenues (a)	5,117		4,627
Purchases of product and capital assets	181,524		134,508
Lease income (b)	1,582		1,287
Labor and benefits reimbursement (c)	3,567		3,690

(a) Service fee revenues include management fees, corn origination fees, ethanol and distillers dried grains (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.

(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.

(in thousands)	March 31, 2018		December 31, 2017		March 31, 2017
Accounts receivable (d)	$	27,438	$	30,252	$	19,999
Accounts payable (e)	33,184		27,866		19,888

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

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

For the three months ended March 31, 2018 and 2017, revenues recognized for the sale of ethanol and other co-products that the Company purchased from the unconsolidated ethanol LLCs were $146.2 million and $123.3 million, respectively.

For the three months ended March 31, 2017 revenues recognized for the sale of corn to the unconsolidated ethanol LLCs were $117.5 million. As a result of the new revenue guidance, these transactions are now being recorded on a net basis instead of a gross basis, which is included in service fee revenues above. See Note 7 for further discussion.

From time to time, the Company enters into derivative contracts with certain of its related parties, including the unconsolidated ethanol LLCs, LTG, and the Thompsons Limited joint ventures, for the purchase and sale of grain and ethanol, for 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 as of March 31, 2018, December 31, 2017 and March 31, 2017 was $0.6 million, $0.2 million and $2.0 million, respectively. The fair value of derivative contract liabilities with related parties as of March 31, 2018, December 31, 2017 and March 31, 2017 was $2.9 million, $2.5 million and $0.5 million, respectively.

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Segment Information

3 Months Ended

Mar. 31, 2018

Segment Reporting [Abstract]

Segment Information

Segment Information

The Company’s operations include four 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 Thompsons Limited. The Ethanol business purchases and sells ethanol, and provides risk management, origination and management services to ethanol production facilities. These facilities are organized as limited liability companies, two are consolidated and three are investments accounted for under the equity method. The Company performs a combination of these services under various 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 turf care and corncob-based products. Prior to 2018, the Company reported the Retail operations as a fifth reportable business segment even though it did not meet the quantitative thresholds for segment disclosures. As previously disclosed, the Company closed the Retail business during 2017, and accordingly has recast the prior results for this segment within the Other category, which also includes other corporate level costs not attributable to an operating segment.

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)	2018		2017
Revenues from external customers
Grain	$	276,852	$	478,528
Ethanol	172,838		154,153
Plant Nutrient	135,617		146,587
Rail	50,432		40,390
Other	—		32,358
Total	$	635,739	$	852,016

	Three months ended March 31,
(in thousands)	2018		2017
Inter-segment sales
Grain	$	531	$	66
Plant Nutrient	—		171
Rail	333		292
Total	$	864	$	529

	Three months ended March 31,
(in thousands)	2018			2017
Income (loss) before income taxes
Grain	$	(30	)	$	(5,073	)
Ethanol	1,839			1,716
Plant Nutrient	1,091			6,672
Rail	3,969			6,078
Other	(8,879		)	(15,017		)
Noncontrolling interests	(282		)	54
Total	$	(2,292	)	$	(5,570	)

(in thousands)	March 31, 2018		December 31, 2017		March 31, 2017
Identifiable assets
Grain	$	1,031,150	$	948,871	$	884,870
Ethanol	210,169		180,173		170,020
Plant Nutrient	455,148		379,309		512,744
Rail	530,994		490,448		415,801
Other	136,067		163,553		178,318
Total	$	2,363,528	$	2,162,354	$	2,161,753

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Commitments and Contingencies

3 Months Ended

Mar. 31, 2018

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 losses for all other outstanding claims that are considered reasonably possible is not material.

Commitments

In the first quarter of 2018, the Company began construction of a new ethanol facility, which is expected to be completed in 2019. Portions of the project are covered by design and build contracts, with approximately $150 million of remaining obligation, of which $14.9 million has been prepaid, as of March 31, 2018.

Build-to-Suit Lease

In August 2015, the Company entered into a lease agreement with an initial term of15 yearsfor a build-to-suit facility to be used as the new corporate headquarters which was completed in the third quarter of 2016. Since the Company is deemed to be the owner of this facility for accounting purposes during the construction period, it has recognized an asset and a corresponding financing obligation.

The Company has recorded a build-to-suit financing obligation in other long-term liabilities of $23.9 million, $24.3 million, and $24.1 million at March 31, 2018, December 31, 2017, and March 31, 2017, respectively. The Company has recorded a build-to-suit financing obligation in other current liabilities of $1.4 million, $1.4 million, and $0.8 million at March 31, 2018, December 31, 2017, and March 31, 2017, respectively.

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Sale of Assets

3 Months Ended

Mar. 31, 2018

Property, Plant and Equipment [Abstract]

Sale of Assets

Property, Plant and Equipment

The components of Property, plant and equipment, net are as follows:

(in thousands)	March 31, 2018		December 31, 2017		March 31, 2017
Land	$	29,915	$	22,388	$	29,331
Land improvements and leasehold improvements	69,320		69,127		78,798
Buildings and storage facilities	285,084		284,820		321,344
Machinery and equipment	377,563		373,127		388,230
Construction in progress	15,116		7,502		13,113
	776,998		756,964		830,816
Less: accumulated depreciation	383,235		372,287		390,421
	$	393,763	$	384,677	$	440,395

Depreciation expense on property, plant and equipment was $11.6 million and $12.1 million for the three months ended March 31, 2018 and 2017, respectively.

In December 2017, the Company recorded charges totaling $10.9 million for impairment of property, plant and equipment in the Grain segment, of which $5.6 million relates to assets that are deemed held and used and $5.3 million related to assets that have been reclassified as assets held for sale at December 31, 2017. The Company wrote down the value of these assets to the extent their carrying amounts exceeded fair value. The Company classified the significant assumptions used to determine the fair value of the impaired assets as Level 3 inputs in the fair value hierarchy.

Rail Group Assets

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

(in thousands)	March 31, 2018		December 31, 2017		March 31, 2017
Rail Group assets leased to others	$	577,678	$	531,391	$	448,761
Less: accumulated depreciation	115,425		107,948		105,825
	$	462,253	$	423,443	$	342,936

Depreciation expense on Rail Group assets leased to others amounted to $6.2 million and $4.7 million for the three months ended March 31, 2018 and 2017, respectively.

Sale of Assets

On March 31, 2017 the Company sold four farm center locations in Florida for $17.4 million and recorded a $4.7 million gain, net of transaction costs in Other income, net. The sale price included a working capital adjustment of $3.6 million.

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Supplemental Cash Flow Information

3 Months Ended

Mar. 31, 2018

Supplemental Cash Flow Information [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, 2018 and 2017 are as follows:

	Three months ended March 31,
(in thousands)	2018		2017
Supplemental disclosure of cash flow information
Interest paid	$	9,854	$	8,670
Noncash investing and financing activity
Capital projects incurred but not yet paid	7,115		2,216
Investment merger (decreasing equity method investments and non-controlling interest)	—		8,360
Outstanding receivable for sale of assets	—		3,597
Dividends declared not yet paid	4,663		4,501
Debt as a result of accounting standard adoption	36,953		—
Railcar assets as a result of accounting standard adoption	25,643		—

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Exit Costs and Assets Held for Sale

3 Months Ended

Mar. 31, 2018

Restructuring and Related Activities [Abstract]

Exit Costs and Assets Held for Sale

Exit Costs and Assets Held for Sale

The Retail business closed during the second quarter of 2017. Inventory and fixtures liquidation efforts were completed throughout the year, and no additional charges were incurred during the first quarter of 2018. During the first quarter of 2017, the Company incurred exit charges of $7.8 million, consisting primarily of employee severance and related benefits.

The Company classified assets aggregating $57.8 million of assets held for sale on the Condensed Consolidated Balance Sheet at March 31, 2018. This includes $19.4 million of Property, plant and equipment, net, $13.8 million of Inventories, and $18.8 million of Commodity derivative assets related to certain Western Tennessee locations in the Grain group. The Company classified $4.2 million and $1.6 million of additional Property, plant and equipment, net as Assets held for sale related to the remaining Retail store assets and administrative offices at an outlying location in the Plant Nutrient Group, respectively.

The Company classified assets aggregating $37.9 million of assets held for sale on the Condensed Consolidated Balance Sheet at December 31, 2017. This includes $19.5 million of Property, plant and equipment, net, $11.4 million of Inventories, and $1.2 million of Commodity derivative assets related to certain Western Tennessee locations in the Grain group. The Company classified $4.2 million and $1.6 million of additional Property, plant and equipment, net as Assets held for sale related to the remaining Retail store assets and administrative offices at an outlying location in the Plant Nutrient Group, respectively.

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Subsequent Events

3 Months Ended

Mar. 31, 2018

Subsequent Events [Abstract]

Subsequent Events

Subsequent Events

On April 2, 2018, the Company closed on an agreement to sell its grain elevators in Humboldt, Kenton and Dyer, Tennessee for $19.5 million, plus working capital.

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Inventories (Tables)

3 Months Ended

Mar. 31, 2018

Inventory, Net [Abstract]

Classes of inventories

Major classes of inventories are as follows:

(in thousands)	March 31, 2018		December 31, 2017		March 31, 2017
Grain	$	541,272	$	505,217	$	443,870
Ethanol and co-products	14,320		11,003		15,549
Plant nutrients and cob products	170,748		126,962		165,584
Retail merchandise	—		—		11,082
Railcar repair parts	5,289		5,521		5,209
	$	731,629	$	648,703	$	641,294

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Property, Plant and Equipment (Tables)

3 Months Ended

Mar. 31, 2018

Property, Plant and Equipment [Abstract]

Components of property, plant and equipment

The components of Property, plant and equipment, net are as follows:

(in thousands)	March 31, 2018		December 31, 2017		March 31, 2017
Land	$	29,915	$	22,388	$	29,331
Land improvements and leasehold improvements	69,320		69,127		78,798
Buildings and storage facilities	285,084		284,820		321,344
Machinery and equipment	377,563		373,127		388,230
Construction in progress	15,116		7,502		13,113
	776,998		756,964		830,816
Less: accumulated depreciation	383,235		372,287		390,421
	$	393,763	$	384,677	$	440,395

Components of railcar assets leased to others

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

(in thousands)	March 31, 2018		December 31, 2017		March 31, 2017
Rail Group assets leased to others	$	577,678	$	531,391	$	448,761
Less: accumulated depreciation	115,425		107,948		105,825
	$	462,253	$	423,443	$	342,936

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Debt (Tables)

3 Months Ended

Mar. 31, 2018

Debt Disclosure [Abstract]

Schedule of Short-term and Long-term Debt

The Company’s short-term and long-term debt at March 31, 2018, December 31, 2017 and March 31, 2017 consisted of the following:

(in thousands)	March 31, 2018		December 31, 2017		March 31, 2017
Short-term Debt – Non-Recourse	$	—	$	—	$	—
Short-term Debt – Recourse	489,000		22,000		255,000
Total Short-term Debt	$	489,000	$	22,000	$	255,000
Current Maturities of Long-term Debt – Non-Recourse	$	2,922	$	—	$	—
Current Maturities of Long-term Debt – Recourse	11,212		54,205		56,144
Total Current Maturities of Long-term Debt	$	14,134	$	54,205	$	56,144
Long-term Debt, Less: Current Maturities – Non-Recourse	$	72,977	$	—	$	—
Long-term Debt, Less: Current Maturities – Recourse	365,651		418,339		365,971
Total Long-term Debt, Less: Current Maturities	$	438,628	$	418,339	$	365,971

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Derivatives (Tables)

3 Months Ended

Mar. 31, 2018

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, 2018					December 31, 2017				March 31, 2017
(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)	$	54,762		$	—	$	1,351	$	—	$	(2,769	)	$	—
Fair value of derivatives	(18,874		)	—		17,252		—		32,310			—
Balance at end of period	$	35,888		$	—	$	18,603	$	—	$	29,541		$	—

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, 2018
(in thousands)	Commodity Derivative Assets - Current			Commodity Derivative Assets - Noncurrent			Commodity Derivative Liabilities - Current			Commodity Derivative Liabilities - Noncurrent			Total
Commodity derivative assets	$	29,861		$	1,851		$	3,115		$	47		$	34,874
Commodity derivative liabilities	(40,813		)	(112		)	(18,539		)	(1,461		)	(60,925		)
Cash collateral	54,762			—			—			—			54,762
Balance sheet line item totals	$	43,810		$	1,739		$	(15,424	)	$	(1,414	)	$	28,711

	December 31, 2017
(in thousands)	Commodity Derivative Assets - Current			Commodity Derivative Assets - Noncurrent			Commodity Derivative Liabilities - Current			Commodity Derivative Liabilities - Noncurrent			Total
Commodity derivative assets	$	36,929		$	311		$	489		$	1		$	37,730
Commodity derivative liabilities	(7,578		)	(1		)	(30,140		)	(826		)	(38,545		)
Cash collateral	1,351			—			—			—			1,351
Balance sheet line item totals	$	30,702		$	310		$	(29,651	)	$	(825	)	$	536

	March 31, 2017
(in thousands)	Commodity Derivative Assets - Current			Commodity Derivative Assets - Noncurrent			Commodity Derivative Liabilities - Current			Commodity Derivative Liabilities - Noncurrent			Total
Commodity derivative assets	$	57,499		$	341		$	554		$	3		$	58,397
Commodity derivative liabilities	(6,681		)	(2		)	(30,468		)	(453		)	(37,604		)
Cash collateral	(2,769		)	—			—			—			(2,769		)
Balance sheet line item totals	$	48,049		$	339		$	(29,914	)	$	(450	)	$	18,024

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, 2018, December 31, 2017 and March 31, 2017:

	March 31, 2018
Commodity (in thousands)	Number of Bushels	Number of Gallons	Number of Pounds	Number of Tons
Non-exchange traded:
Corn	335,887	—	—	—
Soybeans	48,003	—	—	—
Wheat	16,639	—	—	—
Oats	40,555	—	—	—
Ethanol	—	280,243		—
Corn oil	—	—	5,048	—
Other	27	4,500		90
Subtotal	441,111	284,743	5,048	90
Exchange traded:
Corn	146,505	—	—	—
Soybeans	52,460	—	—	—
Wheat	74,805	—	—	—
Oats	2,290	—	—	—
Ethanol	—	108,108	—	—
Subtotal	276,060	108,108	—	—
Total	717,171	392,851	5,048	90

	December 31, 2017
Commodity (in thousands)	Number of Bushels	Number of Gallons	Number of Pounds	Number of Tons
Non-exchange traded:
Corn	218,391			—
Soybeans	18,127	—	—	—
Wheat	14,577	—	—	—
Oats	25,953	—	—	—
Ethanol	—	197,607	—	—
Corn oil	—	—	6,074	—
Other	47	—	—	97
Subtotal	277,095	197,607	6,074	97
Exchange traded:
Corn	82,835	—	—	—
Soybeans	37,170	—	—	—
Wheat	65,640	—	—	—
Oats	1,345	—	—	—
Ethanol	—	39,438	—	—
Other	—	840	—	—
Subtotal	186,990	40,278	—	—
Total	464,085	237,885	6,074	97

	March 31, 2017
Commodity (in thousands)	Number of Bushels	Number of Gallons	Number of Pounds	Number of Tons
Non-exchange traded:
Corn	201,200	—	—	—
Soybeans	29,015	—	—	—
Wheat	7,956	—	—	—
Oats	46,861	—	—	—
Ethanol	—	178,040	—	—
Corn oil	—	—	6,279	—
Other	100	1,000	—	239
Subtotal	285,132	179,040	6,279	239
Exchange traded:
Corn	104,790	—	—	—
Soybeans	47,605	—	—	—
Wheat	40,855	—	—	—
Oats	1,660	—	—	—
Ethanol	—	16,590	—	—
Other	—	—	—	15
Subtotal	194,910	16,590	—	15
Total	480,042	195,630	6,279	254

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

	Three months ended March 31,
(in thousands)	2018			2017
Interest rate derivative gains (losses) included in Interest income (expense)	$	1,408		$	389
Foreign currency derivative gains (losses) included in Other income, net	(1,122		)	98

The net pre-tax gains and losses on commodity derivatives not designated as hedging instruments included in the Company’s Condensed Consolidated Statements of Operations and the line items in which they are located for the three months ended March 31, 2018 and 2017 are as follows:

	Three months ended March 31,
(in thousands)	2018			2017
Gains (losses) on commodity derivatives included in cost of sales and merchandising revenues	$	(25,236	)	$	27,025

Schedule of Fair Value of Interest Rate Derivative Liabilities

t March 31, 2018, December 31, 2017 and March 31, 2017, the Company had recorded the following amounts for the fair value of the Company's other derivatives not designated as hedging instruments:

	March 31, 2018			December 31, 2017			March 31, 2017
(in thousands)
Interest rate contracts included in other long-term liabilities	$	(453	)	$	(1,244	)	$	(2,141	)
Foreign currency contracts included in other current assets (Accrued expenses and other current liabilities)	(695		)	426			(14		)

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Employee Benefit Plans (Tables)

3 Months Ended

Mar. 31, 2018

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, 2018 and 2017:

	Pension Benefits
(in thousands)	Three months ended March 31,
	2018		2017
Interest cost	$	33	$	39
Recognized net actuarial loss	61		63
Benefit cost	$	94	$	102

Postretirement Benefits

Employee Benefit Plans [Line Items]

Schedule of Defined Benefit Plans Disclosures

	Postretirement Benefits
(in thousands)	Three months ended March 31,
	2018			2017
Service cost	$	87		$	123
Interest cost	187			300
Amortization of prior service cost	(228		)	—
Benefit cost	$	46		$	423

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Revenue (Tables)

3 Months Ended

Mar. 31, 2018

Revenue from Contract with Customer [Abstract]

Schedule of Breakdown of Revenues between ASC 606

The breakdown of revenues between ASC 606 and other standards is as follows:

(in thousands)	Three months ended March 31, 2018
Revenues under ASC 606	$	193,650
Revenues under ASC 840	26,029
Revenues under ASC 815	416,060
Total Revenues	$	635,739

Schedule of Disaggregation of Revenues

The following table disaggregates revenues under ASC 606 by major product/service line:

	Three months ended March 31, 2018
(in thousands)	Grain		Ethanol		Plant Nutrient		Rail		Total
Specialty nutrients	$	—	$	—	$	75,078	$	—	$	75,078
Primary nutrients	—		—		53,219		—		53,219
Service	4,418		2,545		209		8,117		15,289
Co-products	—		26,646		—		—		26,646
Other	210		—		7,111		16,097		23,418
Total	$	4,628	$	29,191	$	135,617	$	24,214	$	193,650

Schedule of Opening and Closing Balances of Company's Contract Assets and Liabilities

The opening and closing balances of the Company’s contract liabilities are as follows:

in thousands	Contract liabilities
Balance at January 1, 2018	$	25,520
Balance at March 31, 2018	$	67,715

Schedule of Effects of New Accounting Pronouncements in Balance Sheet and Statement of Operations

	Statement of Operations
in thousands	As Reported			ASC 606 Impact			Pro forma as if the previous accounting guidance was in effect
Sales and merchandising revenues	$	635,739		$	164,189		$	799,928
Cost of sales and merchandising revenues	572,034			164,650			736,684
Gross profit	63,705			(461		)	63,244
Operating, administrative and general expenses	64,257			—			64,257
Goodwill impairment				—			—
Interest expense	6,999			(403		)	6,596
Other income:
Equity in earnings of affiliates, net	3,573			—			3,573
Other income, net	1,686			—			1,686
Income (loss) before income taxes	(2,292		)	(58		)	(2,350		)
Income tax provision	(310		)	(22		)	(332		)
Net income (loss)	(1,982		)	(36		)	(2,018		)
Net income attributable to the noncontrolling interests	(282		)	—			(282		)
Net income (loss) attributable to The Andersons, Inc.	$	(1,700	)	$	(36	)	$	(1,736	)

The following table compares the reported condensed consolidated balance sheet and statement of operations, as of and for the three months ended March 31, 2018, to the pro forma amounts had the previous guidance been in effect:

	Balance Sheet
(in thousands)	As Reported		ASC 606 Impact			Pro forma as if the previous accounting guidance was in effect
Cash and cash equivalents and restricted cash	$	31,497	$	—		$	31,497
Accounts receivable, net	216,021		—			216,021
Inventories	731,629		145			731,774
Commodity derivative assets - current	43,810		—			43,810
Other current assets	114,922		(170		)	114,752
Other noncurrent assets	369,633		—			369,633
Rail Group assets leased to others, net	462,253		(24,844		)	437,409
Property, plant and equipment	393,763		—			393,763
Total assets	2,363,528		(24,869		)	2,338,659
Short-term debt and current maturities of long-term debt	503,134		(2,922		)	500,212
Trade and other payables and accrued expenses and other current liabilities	323,614		—			323,614
Commodity derivative liabilities - current	15,424		—			15,424
Customer prepayments and deferred revenue	81,778		—			81,778
Commodity derivative liabilities - noncurrent and Other long-term liabilities	32,950		—			32,950
Employee benefit plan obligations	26,310		—			26,310
Long-term debt, less current maturities	438,628		(33,318		)	405,310
Deferred income taxes	118,933		2,942			121,875
Total liabilities	1,540,771		(33,298		)	1,507,473
Retained earnings	618,572		8,429			627,001
Common shares, additional paid-in-capital, treasury shares, accumulated other comprehensive loss and noncontrolling interests	204,185		—			204,185
Total equity	822,757		8,429			831,186
Total liabilities and equity	2,363,528		(24,869		)	2,338,659

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Accumulated Other Comprehensive Loss (Tables)

3 Months Ended

Mar. 31, 2018

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, 2018 and 2017:

		Changes in Accumulated Other Comprehensive Income (Loss) by Component (a)
		Three months ended March 31, 2018
(in thousands)		Foreign Currency Translation Adjustment			Investment in Convertible Preferred Securities			Defined Benefit Plan Items			Total
Beginning Balance		$	(7,716	)	$	344		$	4,672		$	(2,700	)
	Other comprehensive income (loss) before reclassifications	(1,150		)	(87		)	117			$	(1,120	)
	Amounts reclassified from accumulated other comprehensive loss	—			—			(168		)	$	(168	)
Net current-period other comprehensive income (loss)		(1,150		)	(87		)	(51		)	(1,288		)
Ending balance		$	(8,866	)	$	257		$	4,621		$	(3,988	)

		Changes in Accumulated Other Comprehensive Income (Loss) by Component (a)
		Three months ended March 31, 2017
(in thousands)			Foreign Currency Translation Adjustment			Defined Benefit Plan Items			Total
Beginning Balance			$	(11,002	)	$	(1,466	)	$	(12,468	)
	Other comprehensive income (loss) before reclassifications		514			(10		)	504
	Amounts reclassified from accumulated other comprehensive loss		—			—			—
Net current-period other comprehensive income (loss)			514			(10		)	504
Ending balance			$	(10,488	)	$	(1,476	)	$	(11,964	)

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

Reclassification out of Accumulated Other Comprehensive Income

The following table shows the reclassification adjustments from accumulated other comprehensive loss to net income for the three months ended March 31, 2018:

	Reclassifications Out of Accumulated Other Comprehensive Income (Loss) (a)
(in thousands)	Three months ended March 31, 2018
Details about Accumulated Other Comprehensive Income (Loss) Components	Amount Reclassified from Accumulated Other Comprehensive Income (Loss)			Affected Line Item in the Statement Where Net Income Is Presented
Defined Benefit Plan Items
Amortization of prior-service cost	(228		)	(b)
	(228		)	Total before tax
	60			Income tax provision
	$	(168	)	Net of tax
Total reclassifications for the period	$	(168	)	Net of tax

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

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

There were no reclassification adjustments from accumulated other comprehensive loss to net income for the three months ended March 31, 2017.

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Earnings Per Share (Tables)

3 Months Ended

Mar. 31, 2018

Earnings Per Share [Abstract]

Earnings per share

(in thousands, except per common share data)	Three months ended March 31,
	2018			2017
Net income (loss) attributable to The Andersons, Inc.	$	(1,700	)	$	(3,089	)
Less: Distributed and undistributed earnings allocated to nonvested restricted stock	—			—
Earnings (losses) available to common shareholders	$	(1,700	)	$	(3,089	)
Earnings per share – basic:
Weighted average shares outstanding – basic	28,237			28,281
Earnings (losses) per common share – basic	$	(0.06	)	$	(0.11	)
Earnings per share – diluted:
Weighted average shares outstanding – basic	28,237			28,281
Effect of dilutive awards	—			—
Weighted average shares outstanding – diluted	28,237			28,281
Earnings (losses) per common share – diluted	$	(0.06	)	$	(0.11	)

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Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2018

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, 2018, December 31, 2017 and March 31, 2017:

(in thousands)	March 31, 2018
Assets (liabilities)	Level 1			Level 2			Level 3		Total
Commodity derivatives, net (a)	$	35,888		$	(7,177	)	$	—	$	28,711
Provisionally priced contracts (b)	(48,478		)	(31,847		)	—		(80,325		)
Convertible preferred securities (c)	—			—			7,388		7,388
Other assets and liabilities (d)	8,947			(454		)	—		8,493
Total	$	(3,643	)	$	(39,478	)	$	7,388	$	(35,733	)

(in thousands)	December 31, 2017
Assets (liabilities)	Level 1			Level 2			Level 3		Total
Commodity derivatives, net (a)	18,603			(18,067		)	—		536
Provisionally priced contracts (b)	(98,190		)	(67,094		)	—		(165,284		)
Convertible preferred securities (c)	—			—			7,388		7,388
Other assets and liabilities (d)	9,705			(1,244		)	—		8,461
Total	$	(69,882	)	$	(86,405	)	$	7,388	$	(148,899	)

(in thousands)	March 31, 2017
Assets (liabilities)	Level 1			Level 2			Level 3		Total
Restricted cash	$	752		$	—		$	—	$	752
Commodity derivatives, net (a)	29,566			(11,542		)	—		18,024
Provisionally priced contracts (b)	(86,314		)	(37,643		)	—		(123,957		)
Convertible preferred securities (c)	—			—			3,294		3,294
Other assets and liabilities (d)	8,518			(2,141		)	—		6,377
Total	$	(47,478	)	$	(51,326	)	$	3,294	$	(95,510	)

(a) Includes associated cash posted/received as collateral

(b) Included in "Provisionally priced contracts" are those instruments based only on underlying futures values (Level 1) and delayed price contracts (Level 2)

(c) Recorded in “Other noncurrent assets” on the Company’s Condensed Consolidated Balance Sheets related to certain available securities.

(d) Included in other assets and liabilities are assets held in rabbi trusts to fund deferred compensation plans, ethanol risk management contracts, and foreign exchange derivative contracts (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:

	Convertible Preferred Securities
(in thousands)	2018		2017
Assets (liabilities) at January 1,	$	7,388	$	3,294
Gains (losses) included in earnings	—		—
Assets (liabilities) at March 31,	$	7,388	$	3,294

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, 2018, December 31, 2017 and March 31, 2017:

Quantitative Information about Level 3 Fair Value Measurements
(in thousands)	Fair Value as of March 31, 2018		Valuation Method	Unobservable Input	Weighted Average
Convertible preferred securities (a)	$	7,388	Implied based on market prices	N/A	N/A
Real Property (b)	$	29,347	Third Party Appraisal	N/A	N/A

(in thousands)	Fair Value as of December 31, 2017		Valuation Method	Unobservable Input	Weighted Average
Convertible preferred securities (a)	$	7,388	Implied based on market prices	N/A	N/A
Real Property (b)	$	29,347	Third-Party Appraisal	N/A	N/A

(in thousands)	Fair Value as of March 31, 2017		Valuation Method	Unobservable Input	Weighted Average
Convertible preferred securities (a)	$	3,294	Cost Basis, Plus Interest	N/A	N/A

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

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, 2018		December 31, 2017		March 31, 2017
Fair value of long-term debt, including current maturities	$	448,346	$	474,769	$	426,105
Fair value in excess of carrying value (a)	8,241		1,451		1,036

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Related Party Transactions (Tables)

3 Months Ended

Mar. 31, 2018

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, 2018		December 31, 2017		March 31, 2017
The Andersons Albion Ethanol LLC	$	46,145	$	45,024	$	38,694
The Andersons Clymers Ethanol LLC	20,339		19,830		19,946
The Andersons Marathon Ethanol LLC	12,615		12,660		13,266
Lansing Trade Group, LLC	94,483		93,088		88,339
Thompsons Limited (a)	48,362		50,198		46,054
Other	2,505		2,439		2,694
Total	$	224,449	$	223,239	$	208,993

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

The following table presents combined summarized unaudited financial information of these investments for the three months ended March 31, 2018 and 2017:

(in thousands)	Three months ended March 31,
	2018		2017
Revenues	$	1,459,331	$	1,459,557
Gross profit	56,096		38,391
Income (loss) from continuing operations	8,908		(3,765		)
Net income (loss)	9,462		(4,298		)
Net income (loss) attributable to companies	9,462		(3,867		)

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

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

		Three months ended March 31,
(in thousands)	% Ownership at March 31, 2018	2018			2017
The Andersons Albion Ethanol LLC	55%	$	1,121		$	(277	)
The Andersons Clymers Ethanol LLC	39%	509			207
The Andersons Marathon Ethanol LLC	33%	(44		)	(463		)
Lansing Trade Group, LLC	33% (a)	2,584			(711		)
Thompsons Limited (b)	50%	(669		)	(595		)
Other	5% - 50%	72			(39		)
Total		$	3,573		$	(1,878	)

 (a) This does not consider restricted management units which once vested will reduce the ownership percentage by approximately 1%

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

Schedule of aggregate summarized financial information of subsidiaries

The following table presents combined summarized unaudited financial information of these investments for the three months ended March 31, 2018 and 2017:

(in thousands)	Three months ended March 31,
	2018		2017
Revenues	$	1,459,331	$	1,459,557
Gross profit	56,096		38,391
Income (loss) from continuing operations	8,908		(3,765		)
Net income (loss)	9,462		(4,298		)
Net income (loss) attributable to companies	9,462		(3,867		)

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

	Three months ended March 31,
(in thousands)	2018		2017
Sales revenues	$	88,815	$	198,068
Service fee revenues (a)	5,117		4,627
Purchases of product and capital assets	181,524		134,508
Lease income (b)	1,582		1,287
Labor and benefits reimbursement (c)	3,567		3,690

(a) Service fee revenues include management fees, corn origination fees, ethanol and distillers dried grains (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.

(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.

(in thousands)	March 31, 2018		December 31, 2017		March 31, 2017
Accounts receivable (d)	$	27,438	$	30,252	$	19,999
Accounts payable (e)	33,184		27,866		19,888

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

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

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Segment Information (Tables)

3 Months Ended

Mar. 31, 2018

Segment Reporting [Abstract]

Segment Information

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)	2018		2017
Revenues from external customers
Grain	$	276,852	$	478,528
Ethanol	172,838		154,153
Plant Nutrient	135,617		146,587
Rail	50,432		40,390
Other	—		32,358
Total	$	635,739	$	852,016

	Three months ended March 31,
(in thousands)	2018		2017
Inter-segment sales
Grain	$	531	$	66
Plant Nutrient	—		171
Rail	333		292
Total	$	864	$	529

	Three months ended March 31,
(in thousands)	2018			2017
Income (loss) before income taxes
Grain	$	(30	)	$	(5,073	)
Ethanol	1,839			1,716
Plant Nutrient	1,091			6,672
Rail	3,969			6,078
Other	(8,879		)	(15,017		)
Noncontrolling interests	(282		)	54
Total	$	(2,292	)	$	(5,570	)

(in thousands)	March 31, 2018		December 31, 2017		March 31, 2017
Identifiable assets
Grain	$	1,031,150	$	948,871	$	884,870
Ethanol	210,169		180,173		170,020
Plant Nutrient	455,148		379,309		512,744
Rail	530,994		490,448		415,801
Other	136,067		163,553		178,318
Total	$	2,363,528	$	2,162,354	$	2,161,753

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Supplemental Cash Flow Information (Tables)

3 Months Ended

Mar. 31, 2018

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, 2018 and 2017 are as follows:

	Three months ended March 31,
(in thousands)	2018		2017
Supplemental disclosure of cash flow information
Interest paid	$	9,854	$	8,670
Noncash investing and financing activity
Capital projects incurred but not yet paid	7,115		2,216
Investment merger (decreasing equity method investments and non-controlling interest)	—		8,360
Outstanding receivable for sale of assets	—		3,597
Dividends declared not yet paid	4,663		4,501
Debt as a result of accounting standard adoption	36,953		—
Railcar assets as a result of accounting standard adoption	25,643		—

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Basis of Presentation and Consolidation (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Jan. 01, 2018	Dec. 31, 2017	Mar. 31, 2017
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Decrease to retained earnings	$ (618,572)		$ (633,496)	$ (601,560)
Rail Group | Revenues under ASC 606 | Assets, Net
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Increase in net assetx		$ 26,000
Rail Group | Revenues under ASC 606 | Financing Obligations
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Increase in financing liabilities and deferred tax liabilities		34,000
ASC 606 Impact | Revenues under ASC 606
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Decrease to retained earnings		(8,429)
ASC 606 Impact | Rail Group | Revenues under ASC 606
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Decrease to retained earnings		$ 8,000

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Inventories (Details) $ in Thousands, bu in Millions	Mar. 31, 2018 USD ($) bu	Dec. 31, 2017 USD ($) bu	Mar. 31, 2017 USD ($) bu
Inventory, Net [Abstract]
Grain	$ 541,272	$ 505,217	$ 443,870
Ethanol and co-products	14,320	11,003	15,549
Plant nutrients and cob products	170,748	126,962	165,584
Retail merchandise	0	0	11,082
Railcar repair parts	5,289	5,521	5,209
Total inventories	$ 731,629	$ 648,703	$ 641,294
Bushels of grain held in storage and excluded from inventory calculations | bu	0.7	1.0	2.7

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Property, Plant and Equipment (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017	Mar. 31, 2017
Components of property, plant and equipment
Land	$ 29,915	$ 22,388	$ 29,331
Land improvements and leasehold improvements	69,320	69,127	78,798
Buildings and storage facilities	285,084	284,820	321,344
Machinery and equipment	377,563	373,127	388,230
Construction in progress	15,116	7,502	13,113
Property, plant and equipment, gross	776,998	756,964	830,816
Less: accumulated depreciation	383,235	372,287	390,421
Property, plant and equipment, net	$ 393,763	$ 384,677	$ 440,395

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Property, Plant and Equipment (Details Textual) - USD ($) $ in Millions	1 Months Ended	3 Months Ended		12 Months Ended
	Dec. 31, 2017	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Property, Plant and Equipment [Line Items]
Depreciation expense		$ 11.6	$ 12.1
Depreciation expense on railcar assets leased to others		$ 6.2	$ 4.7
Retail
Property, Plant and Equipment [Line Items]
Impairment of long-lived assets held-for-use				$ 10.9
Grain
Property, Plant and Equipment [Line Items]
Impairment of long-lived assets held-for-use	$ 5.6
Impairment of long-lived assets held-for-sale	$ 5.3

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Property, Plant and Equipment (Details 1) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017	Mar. 31, 2017
Components of Railcar assets leased to others
Rail Group assets leased to others, gross	$ 577,678	$ 531,391	$ 448,761
Less: accumulated depreciation	115,425	107,948	105,825
Railcar assets leased to others, net	$ 462,253	$ 423,443	$ 342,936

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Debt (Details Textual) - USD ($)	Mar. 31, 2018	Mar. 22, 2018	Apr. 13, 2017
Line of credit | Line of credit
Line of Credit Facility [Line Items]
Credit facility, maximum borrowing capacity	$ 950,000,000		$ 800,000,000
Total available for borrowings under lines of credit	338,300,000
Line of credit | Line of credit | TADE
Line of Credit Facility [Line Items]
Credit facility, maximum borrowing capacity	15,000,000
Line of credit | Line of credit | ELEMENT, LLC | Subsidiary
Line of Credit Facility [Line Items]
Credit facility, maximum borrowing capacity	70,000,000
Line of credit | Line of credit | The Andersons Railcar Leasing Company LLC
Line of Credit Facility [Line Items]
Credit facility, maximum borrowing capacity	$ 65,000,000
Line of credit | Revolving | The Andersons Railcar Leasing Company LLC | Subsidiary
Line of Credit Facility [Line Items]
Credit facility, maximum borrowing capacity		$ 65,000,000
Debt instrument, market-driven variable interest rate	3.88%
Borrowings under lines of credit	$ 40,000,000
Construction Loan Payable | ELEMENT, LLC | Subsidiary
Line of Credit Facility [Line Items]
Credit facility, maximum borrowing capacity	70,000,000
Borrowings under lines of credit	0
Construction Loan Payable | Term | ELEMENT, LLC | Subsidiary
Line of Credit Facility [Line Items]
Credit facility, maximum borrowing capacity	50,000,000
Construction Loan Payable | Revolving | ELEMENT, LLC | Subsidiary
Line of Credit Facility [Line Items]
Credit facility, maximum borrowing capacity	$ 20,000,000

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Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017	Mar. 31, 2017
Debt Instrument [Line Items]
Short-term debt	$ 489,000	$ 22,000	$ 255,000
Long-term debt
Total current maturities of long-term debt	14,134	54,205	56,144
Long-term debt, less current maturities	438,628	418,339	365,971
Nonrecourse
Debt Instrument [Line Items]
Short-term debt	0	0	0
Long-term debt
Total current maturities of long-term debt	2,922	0	0
Long-term debt, less current maturities	72,977	0	0
Recourse
Debt Instrument [Line Items]
Short-term debt	489,000	22,000	255,000
Long-term debt
Total current maturities of long-term debt	11,212	54,205	56,144
Long-term debt, less current maturities	$ 365,651	$ 418,339	$ 365,971

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Derivatives (Details Textual)	3 Months Ended
	Mar. 31, 2018
Derivatives (Textual) [Abstract]
Maximum period in which contracts for the sale of grain to processors or other consumers extend (years)	1 year

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Derivatives (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017	Mar. 31, 2017
Estimated fair value of Company's commodity derivative instruments for cash collateral and associated cash as collateral
Net derivative asset position, Collateral paid (received)	$ 54,762	$ 1,351	$ (2,769)
Net derivative asset position, Fair value of derivatives	(18,874)	17,252	32,310
Net derivative asset position, net	35,888	18,603	29,541
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

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Derivatives (Details 1) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017	Mar. 31, 2017
Derivatives, Fair Value [Line Items]
Commodity derivative assets	$ (18,874)	$ 17,252	$ 32,310
Commodity derivative liabilities	0	0	0
Commodity derivative assets - current	43,810	30,702	48,049
Commodity derivative assets - noncurrent	1,739	310	339
Commodity derivative liabilities - current	(15,424)	(29,651)	(29,914)
Commodity derivative liabilities - noncurrent	(1,414)	(825)	(450)
Commodity
Derivatives, Fair Value [Line Items]
Commodity derivative assets	34,874	37,730	58,397
Commodity derivative liabilities	(60,925)	(38,545)	(37,604)
Cash collateral	54,762	1,351	(2,769)
Total	28,711	536	18,024
Commodity Derivative Assets - Current | Commodity
Derivatives, Fair Value [Line Items]
Commodity derivative assets	29,861	36,929	57,499
Commodity derivative liabilities	(40,813)	(7,578)	(6,681)
Cash collateral	54,762	1,351	(2,769)
Commodity derivative assets - current	43,810	30,702	48,049
Commodity Derivative Assets - Noncurrent | Commodity
Derivatives, Fair Value [Line Items]
Commodity derivative assets	1,851	311	341
Commodity derivative liabilities	(112)	(1)	(2)
Cash collateral	0	0	0
Commodity derivative assets - noncurrent	1,739	310	339
Commodity Derivative Liabilities - Current | Commodity
Derivatives, Fair Value [Line Items]
Commodity derivative assets	3,115	489	554
Commodity derivative liabilities	(18,539)	(30,140)	(30,468)
Cash collateral	0	0	0
Commodity derivative liabilities - current	(15,424)	(29,651)	(29,914)
Commodity Derivative Liabilities - Noncurrent | Commodity
Derivatives, Fair Value [Line Items]
Commodity derivative assets	47	1	3
Commodity derivative liabilities	(1,461)	(826)	(453)
Cash collateral	0	0	0
Commodity derivative liabilities - noncurrent	$ (1,414)	$ (825)	$ (450)

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Derivatives (Details 2) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Commodity | Cost of Sales and Merchandising Revenues
Derivative Instruments, Gain (Loss) [Line Items]
Gains (losses) on derivatives instruments	$ (25,236)	$ 27,025
Not Designated as Hedging Instrument | Interest rate contracts | Interest Income (Expense)
Derivative Instruments, Gain (Loss) [Line Items]
Gains (losses) on derivatives instruments	1,408	389
Not Designated as Hedging Instrument | Foreign currency contract | Other Income
Derivative Instruments, Gain (Loss) [Line Items]
Gains (losses) on derivatives instruments	$ (1,122)	$ 98

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Derivatives (Details 3) lb in Thousands, gal in Thousands, bu in Thousands, T in Thousands	Mar. 31, 2018 lb	Mar. 31, 2018 bu	Mar. 31, 2018 T	Mar. 31, 2018 gal	Dec. 31, 2017 lb	Dec. 31, 2017 bu	Dec. 31, 2017 T	Dec. 31, 2017 gal	Mar. 31, 2017 lb	Mar. 31, 2017 bu	Mar. 31, 2017 T	Mar. 31, 2017 gal
Amounts of quantities outstanding included in commodity derivative contracts
Nonmonetary notional amount	5,048	717,171	90	392,851	6,074	464,085	97	237,885	6,279	480,042	254	195,630
Non-exchange Traded
Amounts of quantities outstanding included in commodity derivative contracts
Nonmonetary notional amount	5,048	441,111	90	284,743	6,074	277,095	97	197,607	6,279	285,132	239	179,040
Non-exchange Traded | Corn
Amounts of quantities outstanding included in commodity derivative contracts
Nonmonetary notional amount	0	335,887	0	0		218,391	0		0	201,200	0	0
Non-exchange Traded | Soybeans
Amounts of quantities outstanding included in commodity derivative contracts
Nonmonetary notional amount	0	48,003	0	0	0	18,127	0	0	0	29,015	0	0
Non-exchange Traded | Wheat
Amounts of quantities outstanding included in commodity derivative contracts
Nonmonetary notional amount	0	16,639	0	0	0	14,577	0	0	0	7,956	0	0
Non-exchange Traded | Oats
Amounts of quantities outstanding included in commodity derivative contracts
Nonmonetary notional amount	0	40,555	0	0	0	25,953	0	0	0	46,861	0	0
Non-exchange Traded | Ethanol
Amounts of quantities outstanding included in commodity derivative contracts
Nonmonetary notional amount		0	0	280,243	0	0	0	197,607	0	0	0	178,040
Non-exchange Traded | Corn Oil
Amounts of quantities outstanding included in commodity derivative contracts
Nonmonetary notional amount	5,048	0	0	0	6,074	0	0	0	6,279	0	0	0
Non-exchange Traded | Other
Amounts of quantities outstanding included in commodity derivative contracts
Nonmonetary notional amount		27	90	4,500	0	47	97	0	0	100	239	1,000
Exchange Traded
Amounts of quantities outstanding included in commodity derivative contracts
Nonmonetary notional amount	0	276,060	0	108,108	0	186,990	0	40,278	0	194,910	15	16,590
Exchange Traded | Corn
Amounts of quantities outstanding included in commodity derivative contracts
Nonmonetary notional amount	0	146,505	0	0	0	82,835	0	0	0	104,790	0	0
Exchange Traded | Soybeans
Amounts of quantities outstanding included in commodity derivative contracts
Nonmonetary notional amount	0	52,460	0	0	0	37,170	0	0	0	47,605	0	0
Exchange Traded | Wheat
Amounts of quantities outstanding included in commodity derivative contracts
Nonmonetary notional amount	0	74,805	0	0	0	65,640	0	0	0	40,855	0	0
Exchange Traded | Oats
Amounts of quantities outstanding included in commodity derivative contracts
Nonmonetary notional amount	0	2,290	0	0	0	1,345	0	0	0	1,660	0	0
Exchange Traded | Ethanol
Amounts of quantities outstanding included in commodity derivative contracts
Nonmonetary notional amount	0	0	0	108,108	0	0	0	39,438	0	0	0	16,590
Exchange Traded | Other
Amounts of quantities outstanding included in commodity derivative contracts
Nonmonetary notional amount					0	0	0	840	0	0	15	0

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Derivatives (Details 4) - Not Designated as Hedging Instrument - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017	Mar. 31, 2017
Other long term liabilities | Interest rate contracts
Derivative [Line Items]
Derivative liabilities	$ (453)	$ (1,244)	$ (2,141)
Short term assets (liabilities) | Foreign currency contract
Derivative [Line Items]
Derivative assets	$ (695)	$ 426	$ (14)

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Employee Benefit Plans (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Pension Benefits
Components of the net periodic benefit cost
Interest cost	$ 33	$ 39
Recognized net actuarial loss	61	63
Benefit cost (income)	94	102
Postretirement Benefits
Components of the net periodic benefit cost
Service cost	87	123
Interest cost	187	300
Amortization of prior service cost	(228)	0
Benefit cost (income)	$ 46	$ 423

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Revenue (Breakdown of Revenues by Accounting Standards) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2018 USD ($)
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total Revenues	$ 635,739
Revenues under ASC 606
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total Revenues	193,650
Revenues under ASC 840
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total Revenues	26,029
Revenues under ASC 815
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total Revenues	$ 416,060

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Revenue (Disaggregation of Revenues) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2018 USD ($)
Disaggregation of Revenue [Line Items]
Total	$ 193,650
Specialty nutrients
Disaggregation of Revenue [Line Items]
Total	75,078
Primary nutrients
Disaggregation of Revenue [Line Items]
Total	53,219
Service
Disaggregation of Revenue [Line Items]
Total	15,289
Co-products
Disaggregation of Revenue [Line Items]
Total	26,646
Other
Disaggregation of Revenue [Line Items]
Total	23,418
Grain
Disaggregation of Revenue [Line Items]
Total	4,628
Grain | Specialty nutrients
Disaggregation of Revenue [Line Items]
Total	0
Grain | Primary nutrients
Disaggregation of Revenue [Line Items]
Total	0
Grain | Service
Disaggregation of Revenue [Line Items]
Total	4,418
Grain | Co-products
Disaggregation of Revenue [Line Items]
Total	0
Grain | Other
Disaggregation of Revenue [Line Items]
Total	210
Ethanol
Disaggregation of Revenue [Line Items]
Total	29,191
Ethanol | Specialty nutrients
Disaggregation of Revenue [Line Items]
Total	0
Ethanol | Primary nutrients
Disaggregation of Revenue [Line Items]
Total	0
Ethanol | Service
Disaggregation of Revenue [Line Items]
Total	2,545
Ethanol | Co-products
Disaggregation of Revenue [Line Items]
Total	26,646
Ethanol | Other
Disaggregation of Revenue [Line Items]
Total	0
Plant Nutrient
Disaggregation of Revenue [Line Items]
Total	135,617
Plant Nutrient | Specialty nutrients
Disaggregation of Revenue [Line Items]
Total	75,078
Plant Nutrient | Primary nutrients
Disaggregation of Revenue [Line Items]
Total	53,219
Plant Nutrient | Service
Disaggregation of Revenue [Line Items]
Total	209
Plant Nutrient | Co-products
Disaggregation of Revenue [Line Items]
Total	0
Plant Nutrient | Other
Disaggregation of Revenue [Line Items]
Total	7,111
Rail
Disaggregation of Revenue [Line Items]
Total	24,214
Rail | Specialty nutrients
Disaggregation of Revenue [Line Items]
Total	0
Rail | Primary nutrients
Disaggregation of Revenue [Line Items]
Total	0
Rail | Service
Disaggregation of Revenue [Line Items]
Total	8,117
Rail | Co-products
Disaggregation of Revenue [Line Items]
Total	0
Rail | Other
Disaggregation of Revenue [Line Items]
Total	$ 16,097

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Revenue (Textual) (Details) - USD ($) $ in Millions		3 Months Ended
	Jan. 01, 2018	Mar. 31, 2018
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Expected increase on sales and related costs calculated under the previous accounting guidance	$ 161.9
Expected duration of performance obligations		1 year
Amortization period of contract costs		1 year
Assets, Total | ASC 606 Impact | Revenues under ASC 606
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Impact on Balance Sheet of adoption of new accounting guidance	24.9
Liabilities, Total | ASC 606 Impact | Revenues under ASC 606
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Impact on Balance Sheet of adoption of new accounting guidance	$ 33.3
Service | Transferred over Time
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue from contract with customer, percentage of service revenues		8.00%
Service | Minimum | Transferred at Point in Time
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Expected payment period		0 days
Service | Maximum | Transferred at Point in Time
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Expected payment period		30 days
Specialty nutrients | Minimum | Transferred at Point in Time
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Expected payment period		0 days
Specialty nutrients | Maximum | Transferred at Point in Time
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Expected payment period		30 days
Co-products | Minimum | Transferred at Point in Time
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Expected payment period		5 days
Co-products | Maximum | Transferred at Point in Time
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Expected payment period		15 days

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Revenue (Contract Liabilities Balances) (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Jan. 01, 2018
Revenue from Contract with Customer [Abstract]
Contract Liabilities	$ 67,715	$ 25,520

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Revenue (Impact of New Revenue Guidance on Financial Statements) (Details) - USD ($) $ in Thousands		3 Months Ended
	Jan. 01, 2018	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017	Dec. 31, 2016
Balance Sheet
Cash and cash equivalents and restricted cash		$ 31,497
Accounts receivable, net		216,021	$ 190,628	$ 183,238
Inventories		731,629	641,294	648,703
Commodity derivative assets - current		43,810	48,049	30,702
Other current assets		114,922
Other noncurrent assets		369,633	384,431	355,023
Rail Group assets leased to others, net		462,253	342,936	423,443
Property, plant and equipment		393,763	440,395	384,677
Total assets		2,363,528	2,161,753	2,162,354
Short-term debt and current maturities of long-term debt		503,134
Commodity derivative liabilities - current		323,614
Commodity derivative liabilities - current		15,424	29,914	29,651
Customer prepayments and deferred revenue		81,778	81,628	59,710
Commodity derivative liabilities - noncurrent and Other long-term liabilities		32,950
Employee benefit plan obligations		26,310	34,832	26,716
Long-term debt, less current maturities		438,628	365,971	418,339
Deferred income taxes		118,933	181,541	121,730
Total liabilities		1,540,771	1,384,391	1,339,455
Retained earnings		618,572	601,560	633,496
Common shares, additional paid-in-capital, treasury shares, accumulated other comprehensive loss and noncontrolling interests		204,185
Total equity		822,757	777,362	822,899	$ 790,697
Total liabilities and equity		2,363,528	2,161,753	$ 2,162,354
Income Statement Related Disclosures [Abstract]
Sales and merchandising revenues		635,739	852,016
Cost of sales and merchandising revenues		572,034	775,558
Gross profit		63,705	76,458
Operating, administrative and general expenses		64,257	81,545
Goodwill impairment
Interest expense		6,999	6,100
Equity in earnings (loss) of affiliates, net		3,573	(1,878)
Other income, net		1,686	7,495
Income (loss) before income taxes		(2,292)	(5,570)
Income tax provision (benefit)		(310)	(2,535)
Net income (loss)		(1,982)	(3,035)
Net income (loss) attributable to the noncontrolling interests		(282)	54
Net income attributable to The Andersons, Inc.		$ (1,700)	$ (3,089)
ASC 606 Impact | Revenues under ASC 606
Balance Sheet
Cash and cash equivalents and restricted cash	$ 0
Accounts receivable, net	0
Inventories	145
Commodity derivative assets - current	0
Other current assets	(170)
Other noncurrent assets	0
Rail Group assets leased to others, net	(24,844)
Property, plant and equipment	0
Total assets	(24,869)
Short-term debt and current maturities of long-term debt	(2,922)
Commodity derivative liabilities - current	0
Commodity derivative liabilities - current	0
Customer prepayments and deferred revenue	0
Commodity derivative liabilities - noncurrent and Other long-term liabilities	0
Employee benefit plan obligations	0
Long-term debt, less current maturities	(33,318)
Deferred income taxes	2,942
Total liabilities	(33,298)
Retained earnings	8,429
Common shares, additional paid-in-capital, treasury shares, accumulated other comprehensive loss and noncontrolling interests	0
Total equity	8,429
Total liabilities and equity	(24,869)
Income Statement Related Disclosures [Abstract]
Sales and merchandising revenues	164,189
Cost of sales and merchandising revenues	164,650
Gross profit	(461)
Operating, administrative and general expenses	0
Goodwill impairment	0
Interest expense	(403)
Equity in earnings (loss) of affiliates, net	0
Other income, net	0
Income (loss) before income taxes	(58)
Income tax provision (benefit)	(22)
Net income (loss)	(36)
Net income (loss) attributable to the noncontrolling interests	0
Net income attributable to The Andersons, Inc.	(36)
Pro forma as if the previous accounting guidance was in effect
Balance Sheet
Cash and cash equivalents and restricted cash	31,497
Accounts receivable, net	216,021
Inventories	731,774
Commodity derivative assets - current	43,810
Other current assets	114,752
Other noncurrent assets	369,633
Rail Group assets leased to others, net	437,409
Property, plant and equipment	393,763
Total assets	2,338,659
Short-term debt and current maturities of long-term debt	500,212
Commodity derivative liabilities - current	323,614
Commodity derivative liabilities - current	15,424
Customer prepayments and deferred revenue	81,778
Commodity derivative liabilities - noncurrent and Other long-term liabilities	32,950
Employee benefit plan obligations	26,310
Long-term debt, less current maturities	405,310
Deferred income taxes	121,875
Total liabilities	1,507,473
Retained earnings	627,001
Common shares, additional paid-in-capital, treasury shares, accumulated other comprehensive loss and noncontrolling interests	204,185
Total equity	831,186
Total liabilities and equity	2,338,659
Income Statement Related Disclosures [Abstract]
Sales and merchandising revenues	799,928
Cost of sales and merchandising revenues	736,684
Gross profit	63,244
Operating, administrative and general expenses	64,257
Goodwill impairment	0
Interest expense	6,596
Equity in earnings (loss) of affiliates, net	3,573
Other income, net	1,686
Income (loss) before income taxes	(2,350)
Income tax provision (benefit)	(332)
Net income (loss)	(2,018)
Net income (loss) attributable to the noncontrolling interests	(282)
Net income attributable to The Andersons, Inc.	$ (1,736)

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Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Income Tax Disclosure [Abstract]
Income tax expense (benefit)	$ 310	$ 2,535
Effective income tax rate	13.50%	45.50%
Provisional discrete net tax benefit recorded as result of changes in tax law			$ 73,500
Provisional net tax expense for one-time transition tax recorded as result of changes in tax law			1,400
Provisional net tax benefit recorded for revaluation of deferred tax assets and liabilities as result of changes in tax law			$ 74,900

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Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2018	Mar. 31, 2017
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning Balance	[1]	$ (2,700)
Other comprehensive income (loss) before reclassifications	[1]	(1,120)	$ 504
Amounts reclassified from accumulated other comprehensive income (loss)	[1]	(168)	0
Other comprehensive income (loss)	[1]	(1,288)	504
Ending balance	[1]	(3,988)	(11,964)
Foreign Currency Translation Adjustment
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning Balance	[1]	(7,716)	(11,002)
Other comprehensive income (loss) before reclassifications	[1]	(1,150)	514
Amounts reclassified from accumulated other comprehensive income (loss)	[1]	0	0
Other comprehensive income (loss)		(1,150)	514	[1]
Ending balance	[1]	(8,866)	(10,488)
Investment in Convertible Preferred and Debt Securities
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning Balance		344
Other comprehensive income (loss) before reclassifications		(87)
Amounts reclassified from accumulated other comprehensive income (loss)		0
Other comprehensive income (loss)		(87)
Ending balance		257
Defined Benefit Plan Items
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning Balance	[1]	4,672	(1,466)
Other comprehensive income (loss) before reclassifications	[1]	117	(10)
Amounts reclassified from accumulated other comprehensive income (loss)	[1]	(168)	0
Other comprehensive income (loss)		(51)	(10)	[1]
Ending balance	[1]	$ 4,621	$ (1,476)

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

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Accumulated Other Comprehensive Loss - Schedule of Reclassifications Out of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2018	Mar. 31, 2017
Schedule of Reclassifciations Out of Accumulated Other Comprehensive Income [Line Items]
Income (loss) before income taxes		$ (2,292)	$ (5,570)
Income tax provision (benefit)		(310)	(2,535)
Net income (loss)		(1,982)	$ (3,035)
Reclassification out of Accumulated Other Comprehensive Income
Schedule of Reclassifciations Out of Accumulated Other Comprehensive Income [Line Items]
Net income (loss)	[1]	(168)
Reclassification out of Accumulated Other Comprehensive Income | Amortization of prior-service cost
Schedule of Reclassifciations Out of Accumulated Other Comprehensive Income [Line Items]
Amortization of prior-service cost	[2],[3]	(228)
Income (loss) before income taxes		(228)
Income tax provision (benefit)		60
Net income (loss)		$ (168)

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

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

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

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Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Earnings Per Share [Abstract]
Net income attributable to The Andersons, Inc.	$ (1,700)	$ (3,089)
Less: Distributed and undistributed earnings allocated to nonvested restricted stock	0	0
Earnings available to common shareholders	$ (1,700)	$ (3,089)
Earnings per share - basic:
Weighted average shares outstanding - basic (shares)	28,237,000	28,281,000
Earnings per common share - basic (dollars per share)	$ (0.06)	$ (0.11)
Earnings per share - diluted:
Weighted average shares outstanding - basic (shares)	28,237,000	28,281,000
Effect of dilutive awards (shares)	0	0
Weighted average shares outstanding - diluted (shares)	28,237,000	28,281,000
Earnings per common share - diluted (dollars per share)	$ (0.06)	$ (0.11)
Earnings Per Share (Textual) [Abstract]
Antidilutive stock-based awards outstanding (shares)	43,000	0

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Fair Value Measurements (Details) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017	Mar. 31, 2017
Assets and liabilities measured at fair value on a recurring basis
Restricted cash			$ 752
Commodity derivatives, net	$ 28,711	$ 536	18,024
Provisionally price contracts	(80,325)	(165,284)	(123,957)
Convertible preferred securities	7,388	7,388	3,294
Other assets and liabilities	8,493	8,461	6,377
Total	(35,733)	(148,899)	(95,510)
Level 1
Assets and liabilities measured at fair value on a recurring basis
Restricted cash			752
Commodity derivatives, net	35,888	18,603	29,566
Provisionally price contracts	(48,478)	(98,190)	(86,314)
Convertible preferred securities	0	0	0
Other assets and liabilities	8,947	9,705	8,518
Total	(3,643)	(69,882)	(47,478)
Level 2
Assets and liabilities measured at fair value on a recurring basis
Restricted cash			0
Commodity derivatives, net	(7,177)	(18,067)	(11,542)
Provisionally price contracts	(31,847)	(67,094)	(37,643)
Convertible preferred securities	0	0	0
Other assets and liabilities	(454)	(1,244)	(2,141)
Total	(39,478)	(86,405)	(51,326)
Level 3
Assets and liabilities measured at fair value on a recurring basis
Restricted cash			0
Commodity derivatives, net	0	0	0
Provisionally price contracts	0	0	0
Convertible preferred securities	7,388	7,388	3,294
Other assets and liabilities	0	0	0
Total	$ 7,388	$ 7,388	$ 3,294

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Fair Value Measurements (Details 1) - Level 3 - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Convertible preferred securities (a)
Reconciliation of Fair Value Measurements Using Level 3
Asset (liability), Beginning Balance	$ 7,388	$ 3,294
Gains (losses) included in earnings	0	0
Asset (liability), Ending Balance	7,388	3,294
Convertible preferred securities (a) | Implied based on market prices
Quantitative Information about Level 3 Fair Value Measurements
Convertible preferred securities (a)	7,388	$ 3,294	$ 7,388
Real Property | Third-Party Appraisal
Quantitative Information about Level 3 Fair Value Measurements
Real Property (b)	$ 29,347		$ 29,347

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Fair Value Measurements (Details 2) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017	Mar. 31, 2017
Fair value of long-term debt estimated using quoted market prices or discounted future cash flows
Fair value of long-term debt, including current maturities	$ 448,346	$ 474,769	$ 426,105
Fair value in excess of carrying value (a)	$ 8,241	$ 1,451	$ 1,036

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Related Party Transactions (Details) - USD ($) $ in Thousands		Mar. 31, 2018	Dec. 31, 2017	Mar. 31, 2017
Equity Method Investment Companys Investment Balance In Each Equity Method Investees By Entity [Abstract]
Equity method investments		$ 224,449	$ 223,239	$ 208,993
The Andersons Albion Ethanol LLC
Equity Method Investment Companys Investment Balance In Each Equity Method Investees By Entity [Abstract]
Equity method investments		46,145	45,024	38,694
The Andersons Clymers Ethanol LLC
Equity Method Investment Companys Investment Balance In Each Equity Method Investees By Entity [Abstract]
Equity method investments		20,339	19,830	19,946
The Andersons Marathon Ethanol LLC
Equity Method Investment Companys Investment Balance In Each Equity Method Investees By Entity [Abstract]
Equity method investments		12,615	12,660	13,266
Lansing Trade Group LLC
Equity Method Investment Companys Investment Balance In Each Equity Method Investees By Entity [Abstract]
Equity method investments		94,483	93,088	88,339
Thompsons Limited
Equity Method Investment Companys Investment Balance In Each Equity Method Investees By Entity [Abstract]
Equity method investments	[1]	48,362	50,198	46,054
Other
Equity Method Investment Companys Investment Balance In Each Equity Method Investees By Entity [Abstract]
Equity method investments		$ 2,505	$ 2,439	$ 2,694

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

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Related Party Transactions (Details Textual)	3 Months Ended
	Mar. 31, 2018 USD ($)	Mar. 31, 2017 USD ($)	Mar. 02, 2018 gal	Dec. 31, 2017 USD ($)	Jan. 01, 2017
Related Party Transaction [Line Items]
Total distributions received from unconsolidated affiliates	$ 1,200,000	$ 0
Revenues recognized for the sale of ethanol	146,200,000	123,300,000
Revenues recognized for the sale of corn		117,500,000
Related party, gross assets	600,000	2,000,000		$ 200,000
Related party, gross liability	$ 2,900,000	$ 500,000		$ 2,500,000
ELEMENT, LLC | Subsidiary
Related Party Transaction [Line Items]
Noncontrolling interest is attributed of all gains and losses of parent (percentage)			49.00%
Percentage of company's interest in subsidiary			51.00%
Maximum production capacity of bio-refinery (gallons) | gal			70,000,000
TAEI
Related Party Transaction [Line Items]
Percentage of company ownership interest (percentage)					66.00%
TAME
Related Party Transaction [Line Items]
Percentage of company ownership interest (percentage)	33.00%				50.00%
Noncontrolling interest is attributed of all gains and losses of parent (percentage)	33.00%

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Related Party Transactions (Details 1) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2018	Mar. 31, 2017	Jan. 01, 2017
Income Earned From Companys Equity Method Investments By Entity [Abstract]
Income earned from Company's equity method investees		$ 3,573	$ (1,878)
Reduction in ownership percentage (percentage)		1.00%	1.00%
The Andersons Albion Ethanol LLC
Income Earned From Companys Equity Method Investments By Entity [Abstract]
Percentage of company ownership interest (percentage)		55.00%
Income earned from Company's equity method investees		$ 1,121	$ (277)
The Andersons Clymers Ethanol LLC
Income Earned From Companys Equity Method Investments By Entity [Abstract]
Percentage of company ownership interest (percentage)		39.00%
Income earned from Company's equity method investees		$ 509	207
The Andersons Marathon Ethanol LLC
Income Earned From Companys Equity Method Investments By Entity [Abstract]
Percentage of company ownership interest (percentage)		33.00%		50.00%
Income earned from Company's equity method investees		$ (44)	(463)
Lansing Trade Group LLC
Income Earned From Companys Equity Method Investments By Entity [Abstract]
Percentage of company ownership interest (percentage)	[1]	33.00%
Income earned from Company's equity method investees		$ 2,584	(711)
Thompsons Limited
Income Earned From Companys Equity Method Investments By Entity [Abstract]
Percentage of company ownership interest (percentage)	[2]	50.00%
Income earned from Company's equity method investees	[3]	$ (669)	(595)
Other
Income Earned From Companys Equity Method Investments By Entity [Abstract]
Income earned from Company's equity method investees		$ 72	$ (39)
Other | Minimum
Income Earned From Companys Equity Method Investments By Entity [Abstract]
Percentage of company ownership interest (percentage)		5.00%
Other | Maximum
Income Earned From Companys Equity Method Investments By Entity [Abstract]
Percentage of company ownership interest (percentage)		50.00%

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

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

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

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Related Party Transactions (Details 2) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Related Party Transactions [Abstract]
Revenues	$ 1,459,331	$ 1,459,557
Gross profit	56,096	38,391
Income (loss) from continuing operations	8,908	(3,765)
Net income (loss)	9,462	(4,298)
Net income (loss) attributable to companies	$ 9,462	$ (3,867)

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Related Party Transactions (Details 3) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Related party transactions entered into for the time periods presented
Sales revenues		$ 88,815	$ 198,068
Service fee revenues	[1]	5,117	4,627
Purchases of product		181,524	134,508
Lease income	[2]	1,582	1,287
Labor and benefits reimbursement	[3]	3,567	3,690
Accounts receivable	[4]	27,438	19,999	$ 30,252
Accounts payable	[5]	$ 33,184	$ 19,888	$ 27,866

[1] Service fee revenues include management fees, corn origination fees, ethanol and distillers dried grains (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.

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

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

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Segment Information (Details Textual)	3 Months Ended
	Mar. 31, 2018 segment
Segment Reporting [Abstract]
Number of reportable segments (business segments)	4
Number of consolidated segments	2
Number of segments accounted for as equity method investments	3

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Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Segment Reporting Information [Line Items]
Sales and merchandising revenues	$ 635,739	$ 852,016
Income (loss) before income taxes	(2,292)	(5,570)
Total assets	2,363,528	2,161,753	$ 2,162,354
Operating Segments | Grain
Segment Reporting Information [Line Items]
Sales and merchandising revenues	276,852	478,528
Income (loss) before income taxes	(30)	(5,073)
Total assets	1,031,150	884,870	948,871
Operating Segments | Ethanol
Segment Reporting Information [Line Items]
Sales and merchandising revenues	172,838	154,153
Income (loss) before income taxes	1,839	1,716
Total assets	210,169	170,020	180,173
Operating Segments | Plant Nutrient
Segment Reporting Information [Line Items]
Sales and merchandising revenues	135,617	146,587
Income (loss) before income taxes	1,091	6,672
Total assets	455,148	512,744	379,309
Operating Segments | Rail
Segment Reporting Information [Line Items]
Sales and merchandising revenues	50,432	40,390
Income (loss) before income taxes	3,969	6,078
Total assets	530,994	415,801	490,448
Operating Segments | Retail
Segment Reporting Information [Line Items]
Sales and merchandising revenues	0	32,358
Segment Reconciling Items
Segment Reporting Information [Line Items]
Sales and merchandising revenues	864	529
Segment Reconciling Items | Grain
Segment Reporting Information [Line Items]
Sales and merchandising revenues	531	66
Segment Reconciling Items | Plant Nutrient
Segment Reporting Information [Line Items]
Sales and merchandising revenues	0	171
Segment Reconciling Items | Rail
Segment Reporting Information [Line Items]
Sales and merchandising revenues	333	292
Other
Segment Reporting Information [Line Items]
Income (loss) before income taxes	(8,879)	(15,017)
Total assets	136,067	178,318	$ 163,553
Noncontrolling interests
Segment Reporting Information [Line Items]
Income (loss) before income taxes	$ (282)	$ 54

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Commitments and Contingencies (Details) - USD ($) $ in Millions	1 Months Ended	21 Months Ended
	Aug. 31, 2015	Dec. 31, 2019	Mar. 31, 2018	Dec. 31, 2017	Mar. 31, 2017
Build-to-Suit Lease
Operating Leased Assets [Line Items]
Term of leasing contract	15 years
Other long term liabilities | Build-to-Suit Lease
Operating Leased Assets [Line Items]
Financing obligation			$ 23.9	$ 24.3	$ 24.1
Other current liabilities | Build-to-Suit Lease
Operating Leased Assets [Line Items]
Financing obligation			1.4	$ 1.4	$ 0.8
Capital Addition Purchase Commitments
Operating Leased Assets [Line Items]
Amount prepaid under long-term commitment obligation			$ 14.9
Capital Addition Purchase Commitments | Scenario, Forecast
Operating Leased Assets [Line Items]
Amount remaining under long-term commitment obligation		$ 150.0

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Sale of Assets (Details) - Farm Center - Florida $ in Millions	Mar. 31, 2018 USD ($)	Mar. 31, 2017 USD ($) location
Business Acquisition [Line Items]
Number of locations sold | location		4
Proceeds from sale of assets	$ 17.4
Gain on sale of assets	$ 4.7
Working capital adjustment receivable		$ 3.6

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Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Supplemental Cash Flow Information [Abstract]
Interest paid	$ 9,854	$ 8,670
Noncash investing and financing activity
Capital projects incurred but not yet paid	7,115	2,216
Investment merger (decreasing equity method investments and non-controlling interest)	0	8,360
Outstanding receivable for sale of assets	0	3,597
Dividends declared not yet paid	4,663	4,501
Debt as a result of accounting standard adoption	36,953	0
Railcar assets as a result of accounting standard adoption	$ 25,643	$ 0

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Exit Costs and Assets Held for Sale (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Dec. 31, 2017	Mar. 31, 2017
Restructuring Cost and Reserve [Line Items]
Property, plant and equipment part of disposal group, held for sale	$ 57,775	$ 37,859	$ 0
Retail Store [Member] | Disposal Group, Held-for-sale, Not Discontinued Operations
Restructuring Cost and Reserve [Line Items]
Disposal Group, Including Discontinued Operation, Property, Plant and Equipment	4,200	4,200
Plant Nutrient Group [Member] | Disposal Group, Held-for-sale, Not Discontinued Operations
Restructuring Cost and Reserve [Line Items]
Disposal Group, Including Discontinued Operation, Property, Plant and Equipment	1,600	1,600
Retail | Retail Segment
Restructuring Cost and Reserve [Line Items]
Exit charges	7,800
Retail | Retail Segment | Disposal Group, Held-for-sale, Not Discontinued Operations
Restructuring Cost and Reserve [Line Items]
Property, plant and equipment part of disposal group, held for sale	57,800	37,900
TENNESSEE | Grain Group [Member] | Disposal Group, Held-for-sale, Not Discontinued Operations
Restructuring Cost and Reserve [Line Items]
Disposal Group, Including Discontinued Operation, Property, Plant and Equipment	19,400	19,500
Disposal Group, Including Discontinued Operation, Inventory	0	11,400
Disposal Group, Including Discontinued Operation, Commodity Contract Asset	$ 18,800	$ 1,200

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Subsequent Events (Details) $ in Millions	Apr. 02, 2018 USD ($)
Subsequent Event | Disposal Group, Held-for-sale, Not Discontinued Operations | Grain Elevators [Member] | Humboldt, Kenton and Dyer, Tennessee [Member]
Subsequent Event [Line Items]
Consideration on sell of assets	$ 19.5