Revenue (Tables)

9 Months Ended

Sep. 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 September 30, 2018		Nine months ended September 30, 2018
Revenues under ASC 606	$	156,394	$	706,927
Revenues under ASC 840	25,853		78,110
Revenues under ASC 815	503,332		1,447,683
Total Revenues	$	685,579	$	2,232,720

Schedule of Disaggregation of Revenues

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

	Three months ended September 30, 2018
(in thousands)	Grain		Ethanol		Plant Nutrient		Rail		Total
Specialty nutrients	$	—	$	—	$	36,856	$	—	$	36,856
Primary nutrients	—		—		60,460		—		60,460
Services	3,052		2,713		877		8,925		15,567
Co-products	—		29,282		—		—		29,282
Other	245		—		5,996		7,988		14,229
Total	$	3,297	$	31,995	$	104,189	$	16,913	$	156,394

For the three months ended September 30, 2018, approximately 10% of revenues accounted for under ASC 606 are recorded over time which primarily relates to service revenues noted above.

	Nine months ended September 30, 2018
(in thousands)	Grain		Ethanol		Plant Nutrient		Rail		Total
Specialty nutrients	$	—	$	—	$	206,215	$	—	$	206,215
Primary nutrients	—		—		313,967		—		313,967
Service	10,851		8,018		3,498		26,350		48,717
Co-products	—		88,390		—		—		88,390
Other	747		—		19,231		29,660		49,638
Total	$	11,598	$	96,408	$	542,911	$	56,010	$	706,927

For the nine months ended September 30, 2018, approximately 7% 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
Balance at September 30, 2018	29,836

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

	Statement of Operations
	Three months ended September 30, 2018
(in thousands)	As Reported			ASC 606 Impact			Pro forma as if the previous accounting guidance was in effect
Sales and merchandising revenues	$	685,579		$	173,183		$	858,762
Cost of sales and merchandising revenues	631,715			173,706			805,421
Gross profit	53,864			(523		)	53,341
Operating, administrative and general expenses	65,986			—			65,986
Asset impairment	—			—			—
Interest expense	5,176			(387		)	4,789
Other income:
Equity in earnings of affiliates, net	7,225			—			7,225
Other income, net	6,434			—			6,434
Income (loss) before income taxes	(3,639		)	(136		)	(3,775		)
Income tax provision	(1,764		)	(34		)	(1,798		)
Net income (loss)	(1,875		)	(102		)	(1,977		)
Net income attributable to the noncontrolling interests	223			—			223
Net income (loss) attributable to The Andersons, Inc.	$	(2,098	)	$	(102	)	$	(2,200	)

	Statement of Operations
	Nine months ended September 30, 2018
(in thousands)	As Reported			ASC 606 Impact			Pro forma as if the previous accounting guidance was in effect
Sales and merchandising revenues	$	2,232,720		$	522,648		$	2,755,368
Cost of sales and merchandising revenues	2,024,677			524,121			2,548,798
Gross profit	208,043			(1,473		)	206,570
Operating, administrative and general expenses	190,096			—			190,096
Asset impairment	6,272			—			6,272
Interest expense	20,000			(1,185		)	18,815
Other income:
Equity in earnings of affiliates, net	20,601			—			20,601
Other income, net	10,949			—			10,949
Income (loss) before income taxes	23,225			(288		)	22,937
Income tax provision	5,668			(72		)	5,596
Net income (loss)	17,557			(216		)	17,341
Net income attributable to the noncontrolling interests	(175		)	—			(175		)
Net income (loss) attributable to The Andersons, Inc.	$	17,732		$	(216	)	$	17,516

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

	Balance Sheet
	September 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	$	16,820	$	—		$	16,820
Accounts receivable, net	206,380		—			206,380
Inventories	490,331		178			490,509
Commodity derivative assets - current	76,861		—			76,861
Other current assets	87,901		(268		)	87,633
Other noncurrent assets	374,044		—			374,044
Rail Group assets leased to others, net	464,776		(23,337		)	441,439
Property, plant and equipment, net	434,505		—			434,505
Total assets	2,151,618		(23,427		)	2,128,191
Short-term debt and current maturities of long-term debt	147,677		(3,772		)	143,905
Trade and other payables and accrued expenses and other current liabilities	413,331		—			413,331
Commodity derivative liabilities - current	91,403		—			91,403
Customer prepayments and deferred revenue	38,242		—			38,242
Commodity derivative liabilities - noncurrent and Other long-term liabilities	33,163		—			33,163
Employee benefit plan obligations	25,356		—			25,356
Long-term debt, less current maturities	437,280		(31,018		)	406,262
Deferred income taxes	122,523		2,869			125,392
Total liabilities	1,308,975		(31,921		)	1,277,054
Retained earnings	628,676		8,494			637,170
Common shares, additional paid-in-capital, treasury shares, accumulated other comprehensive loss and noncontrolling interests	213,967		—			213,967
Total equity	842,643		8,494			851,137
Total liabilities and equity	$	2,151,618	$	(23,427	)	$	2,128,191