Revenue (Tables)

6 Months Ended

Jun. 30, 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 June 30, 2018		Six months ended June 30, 2018
Revenues under ASC 606	$	356,883	$	550,533
Revenues under ASC 840	26,228		52,257
Revenues under ASC 815	528,291		944,351
Total Revenues	$	911,402	$	1,547,141

Schedule of Disaggregation of Revenues

The following tables disaggregate revenues under ASC 606 by major product/service line:

	Three months ended June 30, 2018
(in thousands)	Grain		Ethanol		Plant Nutrient		Rail		Total
Specialty nutrients	$	—	$	—	$	94,281	$	—	$	94,281
Primary nutrients	—		—		200,288		—		200,288
Service	3,381		2,760		2,412		9,308		17,861
Co-products	—		32,462		—		—		32,462
Other	292		—		6,124		5,575		11,991
Total	$	3,673	$	35,222	$	303,105	$	14,883	$	356,883

Approximately 5% of revenues accounted for under ASC 606 are recorded over time which primarily relates to service revenues noted above.

	Six months ended June 30, 2018
(in thousands)	Grain		Ethanol		Plant Nutrient		Rail		Total
Specialty nutrients	$	—	$	—	$	169,359	$	—	$	169,359
Primary nutrients	—		—		253,507		—		253,507
Service	7,799		5,305		2,621		17,425		33,150
Co-products	—		59,108		—		—		59,108
Other	502		—		13,235		21,672		35,409
Total	$	8,301	$	64,413	$	438,722	$	39,097	$	550,533

Approximately 6% of revenues accounted for under ASC 606 are recorded over time which primarily relates to service revenues noted above.

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
Balance at June 30, 2018	10,047

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

	Statement of Operations
	Three months ended June 30, 2018
(in thousands)	As Reported			ASC 606 Impact			Pro forma as if the previous accounting guidance was in effect
Sales and merchandising revenues	$	911,402		$	185,276		$	1,096,678
Cost of sales and merchandising revenues	820,928			185,765			1,006,693
Gross profit	90,474			(489		)	89,985
Operating, administrative and general expenses	59,853			—			59,853
Asset impairment	6,272			—			6,272
Interest expense	7,825			(395		)	7,430
Other income:
Equity in earnings of affiliates, net	9,803			—			9,803
Other income, net	2,828			—			2,828
Income (loss) before income taxes	29,155			(94		)	29,061
Income tax provision	7,742			(16		)	7,726
Net income (loss)	21,413			(78		)	21,335
Net income attributable to the noncontrolling interests	(116		)	—			(116		)
Net income (loss) attributable to The Andersons, Inc.	$	21,529		$	(78	)	$	21,451

	Statement of Operations
	Six months ended June 30, 2018
(in thousands)	As Reported			ASC 606 Impact			Pro forma as if the previous accounting guidance was in effect
Sales and merchandising revenues	$	1,547,141		$	349,465		$	1,896,606
Cost of sales and merchandising revenues	1,392,962			350,415			1,743,377
Gross profit	154,179			(950		)	153,229
Operating, administrative and general expenses	124,110			—			124,110
Asset impairment	6,272			—			6,272
Interest expense	14,824			(798		)	14,026
Other income:
Equity in earnings of affiliates, net	13,376			—			13,376
Other income, net	4,514			—			4,514
Income (loss) before income taxes	26,863			(152		)	26,711
Income tax provision	7,432			(38		)	7,394
Net income (loss)	19,431			(114		)	19,317
Net income attributable to the noncontrolling interests	(398		)	—			(398		)
Net income (loss) attributable to The Andersons, Inc.	$	19,829		$	(114	)	$	19,715

The following table compares the reported condensed consolidated balance sheet, as of June 30, 2018, to the pro forma amounts had the previous guidance been in effect:

	Balance Sheet
	June 30, 2018
(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	$	58,611	$	—		$	58,611
Accounts receivable, net	218,476		—			218,476
Inventories	495,611		158			495,769
Commodity derivative assets - current	54,259		—			54,259
Other current assets	52,464		(202		)	52,262
Other noncurrent assets	371,368		—			371,368
Rail Group assets leased to others, net	458,424		(24,131		)	434,293
Property, plant and equipment, net	408,575		—			408,575
Total assets	2,117,788		(24,175		)	2,093,613
Short-term debt and current maturities of long-term debt	198,700		(2,922		)	195,778
Trade and other payables and accrued expenses and other current liabilities	356,733		—			356,733
Commodity derivative liabilities - current	85,160		—			85,160
Customer prepayments and deferred revenue	16,103		—			16,103
Commodity derivative liabilities - noncurrent and Other long-term liabilities	33,527		—			33,527
Employee benefit plan obligations	26,131		—			26,131
Long-term debt, less current maturities	435,580		(32,597		)	402,983
Deferred income taxes	118,864		2,869			121,733
Total liabilities	1,270,798		(32,650		)	1,238,148
Retained earnings	635,438		8,475			643,913
Common shares, additional paid-in-capital, treasury shares, accumulated other comprehensive loss and noncontrolling interests	211,552		—			211,552
Total equity	846,990		8,475			855,465
Total liabilities and equity	2,117,788		(24,175		)	2,093,613