QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | |
(State of incorporation or organization) | (I.R.S. Employer Identification No.) | ||
(Address of principal executive offices) | (Zip Code) | ||
Securities registered pursuant to Section 12(b) of the Act: | ||||
Title of each class: | Trading Symbol | Name of each exchange on which registered: | ||
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. | |||
Page No. | |
PART I. FINANCIAL INFORMATION | |
PART II. OTHER INFORMATION | |
The Andersons, Inc. Condensed Consolidated Balance Sheets (Unaudited)(In thousands) | |||||||||||
September 30, 2019 | December 31, 2018 | September 30, 2018 | |||||||||
Assets | |||||||||||
Current assets: | |||||||||||
Cash, cash equivalents and restricted cash | $ | $ | $ | ||||||||
Accounts receivable, net | |||||||||||
Assets held for sale | |||||||||||
Other current assets | |||||||||||
Total current assets | |||||||||||
Other assets: | |||||||||||
Goodwill | |||||||||||
Other intangible assets, net | |||||||||||
Right of use assets, net | |||||||||||
Equity method investments | |||||||||||
Other assets, net | |||||||||||
Total other assets | |||||||||||
Total assets | $ | $ | $ | ||||||||
The Andersons, Inc. Condensed Consolidated Balance Sheets (continued) (Unaudited)(In thousands) | |||||||||||
September 30, 2019 | December 31, 2018 | September 30, 2018 | |||||||||
Liabilities and equity | |||||||||||
Current liabilities: | |||||||||||
$ | $ | $ | |||||||||
Trade and other payables | |||||||||||
Customer prepayments and deferred revenue | |||||||||||
Accrued expenses and other current liabilities | |||||||||||
Total current liabilities | |||||||||||
Long-term lease liabilities | |||||||||||
Employee benefit plan obligations | |||||||||||
Deferred income taxes | |||||||||||
Other long-term liabilities | |||||||||||
Total liabilities | |||||||||||
Shareholders’ equity: | |||||||||||
Common shares, without par value (63,000 shares authorized; 33,336 shares issued at 9/30/2019, 29,430 shares issued at 12/31/2018 and 9/30/2018) | |||||||||||
Preferred shares, without par value (1,000 shares authorized; none issued) | |||||||||||
Additional paid-in-capital | |||||||||||
Treasury shares, at cost (213, 936 and 943 shares at 9/30/2019, 12/31/2018 and 9/30/2018, respectively) | ( | ) | ( | ) | ( | ) | |||||
Accumulated other comprehensive loss | ( | ) | ( | ) | ( | ) | |||||
Retained earnings | |||||||||||
Total shareholders’ equity of The Andersons, Inc. | |||||||||||
Noncontrolling interests | |||||||||||
Total equity | |||||||||||
Total liabilities and equity | $ | $ | $ | ||||||||
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
Sales and merchandising revenues | $ | $ | $ | $ | |||||||||||
Cost of sales and merchandising revenues | |||||||||||||||
Gross profit | |||||||||||||||
Operating, administrative and general expenses | |||||||||||||||
Asset impairment | |||||||||||||||
Interest expense | |||||||||||||||
Other income: | |||||||||||||||
Equity in earnings (loss) of affiliates, net | ( | ) | ( | ) | |||||||||||
Other income (loss), net | |||||||||||||||
Income (loss) before income taxes | ( | ) | ( | ) | |||||||||||
Income tax provision (benefit) | ( | ) | ( | ) | ( | ) | |||||||||
Net income (loss) | ( | ) | ( | ) | |||||||||||
Net income (loss) attributable to the noncontrolling interests | ( | ) | ( | ) | ( | ) | |||||||||
Net income (loss) attributable to The Andersons, Inc. | $ | ( | ) | $ | ( | ) | $ | $ | |||||||
Per common share: | |||||||||||||||
Basic earnings (loss) attributable to The Andersons, Inc. common shareholders | $ | ( | ) | $ | ( | ) | $ | $ | |||||||
Diluted earnings (loss) attributable to The Andersons, Inc. common shareholders | $ | ( | ) | $ | ( | ) | $ | $ | |||||||
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
Net income (loss) | $ | ( | ) | $ | ( | ) | $ | $ | |||||||
Other comprehensive income (loss), net of tax: | |||||||||||||||
Change in fair value of convertible preferred securities (net of income tax of $0 for all periods) | ( | ) | |||||||||||||
Change in unrecognized actuarial loss and prior service cost (net of income tax expense (benefit) of $(43), $(38), $(337) and $(139)) | ( | ) | ( | ) | ( | ) | ( | ) | |||||||
Cash flow hedge activity (net of income tax of $(946), $40, $(4,121) and $56) | ( | ) | ( | ) | |||||||||||
Foreign currency translation adjustments (net of income tax of $0 for all periods) | ( | ) | |||||||||||||
Other comprehensive income (loss) | ( | ) | ( | ) | ( | ) | |||||||||
Comprehensive income (loss) | ( | ) | ( | ) | |||||||||||
Comprehensive income (loss) attributable to the noncontrolling interests | ( | ) | ( | ) | ( | ) | |||||||||
Comprehensive income (loss) attributable to The Andersons, Inc. | $ | ( | ) | $ | ( | ) | $ | $ | |||||||
Nine months ended September 30, | |||||||
2019 | 2018 | ||||||
Operating Activities | |||||||
Net income (loss) | $ | $ | |||||
Adjustments to reconcile net income (loss) to cash used in operating activities: | |||||||
Depreciation and amortization | |||||||
Bad debt expense (recovery) | ( | ) | |||||
Equity in (earnings) losses of affiliates, net of dividends | ( | ) | |||||
Gains on sales of Rail Group assets and related leases | ( | ) | ( | ) | |||
Loss (gain) on sales of assets | ( | ) | |||||
Stock-based compensation expense | |||||||
Deferred federal income tax | ( | ) | |||||
Asset impairment | |||||||
Other | ( | ) | |||||
Changes in operating assets and liabilities: | |||||||
Accounts receivable | ( | ) | |||||
Inventories | |||||||
Commodity derivatives | |||||||
Other assets | |||||||
Payables and other accrued expenses | ( | ) | ( | ) | |||
Net cash provided by (used in) operating activities | |||||||
Investing Activities | |||||||
Acquisition of business, net of cash acquired | ( | ) | |||||
Purchases of Rail Group assets | ( | ) | ( | ) | |||
Proceeds from sale of Rail Group assets | |||||||
Purchases of property, plant and equipment and capitalized software | ( | ) | ( | ) | |||
Proceeds from sale of assets | |||||||
Purchase of investments | ( | ) | ( | ) | |||
Net cash provided by (used in) investing activities | ( | ) | ( | ) | |||
Financing Activities | |||||||
Net change in short-term borrowings | ( | ) | |||||
Proceeds from issuance of long-term debt | |||||||
Payments of long-term debt | ( | ) | ( | ) | |||
Proceeds from noncontrolling interest owner | |||||||
Payments of debt issuance costs | ( | ) | ( | ) | |||
Dividends paid | ( | ) | ( | ) | |||
Other | ( | ) | ( | ) | |||
Net cash provided by (used in) financing activities | |||||||
Effect of exchange rates on cash, cash equivalents and restricted cash | |||||||
Increase (Decrease) in cash, cash equivalents and restricted cash | ( | ) | ( | ) | |||
Cash, cash equivalents and restricted cash at beginning of period | |||||||
Cash, cash equivalents and restricted cash at end of period | $ | $ | |||||
Three Months Ended | |||||||||||||||||||||||||||
Common Shares | Additional Paid-in Capital | Treasury Shares | Accumulated Other Comprehensive Income (Loss) | Retained Earnings | Noncontrolling Interests | Total | |||||||||||||||||||||
Balance at June 30, 2018 | $ | $ | $ | ( | ) | $ | ( | ) | $ | $ | $ | ||||||||||||||||
Net income (loss) | ( | ) | ( | ) | |||||||||||||||||||||||
Other comprehensive income (loss) | |||||||||||||||||||||||||||
Cash received from (paid to) noncontrolling interest | ( | ) | ( | ) | |||||||||||||||||||||||
Stock awards, stock option exercises and other shares issued to employees and directors, net of income tax of $0 (14 shares) | |||||||||||||||||||||||||||
Dividends declared ($0.165 per common share) | ( | ) | ( | ) | |||||||||||||||||||||||
Balance at September 30, 2018 | $ | $ | $ | ( | ) | $ | ( | ) | $ | $ | $ | ||||||||||||||||
Balance at June 30, 2019 | $ | $ | $ | ( | ) | $ | ( | ) | $ | $ | $ | ||||||||||||||||
Net income (loss) | ( | ) | ( | ) | ( | ) | |||||||||||||||||||||
Other comprehensive income (loss) | ( | ) | ( | ) | |||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive loss | |||||||||||||||||||||||||||
Cash received from (paid to) noncontrolling interest | |||||||||||||||||||||||||||
Stock awards, stock option exercises and other shares issued to employees and directors, net of income tax of $0 (41 shares) | ( | ) | |||||||||||||||||||||||||
Dividends declared ($0.17 per common share) | ( | ) | ( | ) | |||||||||||||||||||||||
Restricted share award dividend equivalents | ( | ) | |||||||||||||||||||||||||
Balance at September 30, 2019 | $ | $ | $ | ( | ) | $ | ( | ) | $ | $ | $ | ||||||||||||||||
Nine Months Ended | |||||||||||||||||||||||||||
Common Shares | Additional Paid-in Capital | Treasury Shares | Accumulated Other Comprehensive Income (Loss) | Retained Earnings | Noncontrolling Interests | Total | |||||||||||||||||||||
Balance at December 31, 2017 | $ | $ | $ | ( | ) | $ | ( | ) | $ | $ | $ | ||||||||||||||||
Net income (loss) | ( | ) | |||||||||||||||||||||||||
Other comprehensive income (loss) | ( | ) | ( | ) | |||||||||||||||||||||||
Cash received from (paid to) noncontrolling interest | ( | ) | |||||||||||||||||||||||||
Adoption of accounting standard, net of income tax of $2,869 | ( | ) | ( | ) | |||||||||||||||||||||||
Stock awards, stock option exercises and other shares issued to employees and directors, net of income tax of $0 (134 shares) | |||||||||||||||||||||||||||
Dividends declared ($0.495 per common share) | ( | ) | ( | ) | |||||||||||||||||||||||
Restricted share award dividend equivalents | ( | ) | |||||||||||||||||||||||||
Balance at September 30, 2018 | $ | $ | $ | ( | ) | $ | ( | ) | $ | $ | $ | ||||||||||||||||
Balance at December 31, 2018 | $ | $ | $ | ( | ) | $ | ( | ) | $ | $ | $ | ||||||||||||||||
Net income (loss) | ( | ) | |||||||||||||||||||||||||
Other comprehensive income (loss) | ( | ) | ( | ) | |||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive loss | |||||||||||||||||||||||||||
Cash received from (paid to) noncontrolling interest | |||||||||||||||||||||||||||
Adoption of accounting standard, net of income tax of ($237) | ( | ) | ( | ) | |||||||||||||||||||||||
Stock awards, stock option exercises and other shares issued to employees and directors, net of income tax of $0 (723 shares) | ( | ) | |||||||||||||||||||||||||
Dividends declared ($0.51 per common share) | ( | ) | ( | ) | |||||||||||||||||||||||
Stock awards granted due to acquisition | |||||||||||||||||||||||||||
Restricted share award dividend equivalents | ( | ) | |||||||||||||||||||||||||
Balance at September 30, 2019 | $ | $ | $ | ( | ) | $ | ( | ) | $ | $ | $ | ||||||||||||||||
(in thousands) | September 30, 2019 | December 31, 2018 | September 30, 2018 | ||||||||
Grain and other agricultural products | $ | $ | $ | ||||||||
Frac sand and propane | |||||||||||
Ethanol and co-products | |||||||||||
Plant nutrients and cob products | |||||||||||
Railcar repair parts | |||||||||||
Total Inventories | $ | $ | $ | ||||||||
(in thousands) | September 30, 2019 | December 31, 2018 | September 30, 2018 | ||||||||
Land | $ | $ | $ | ||||||||
Land improvements and leasehold improvements | |||||||||||
Buildings and storage facilities | |||||||||||
Machinery and equipment | |||||||||||
Construction in progress | |||||||||||
Less: accumulated depreciation | |||||||||||
Property, plant and equipment, net | $ | $ | $ | ||||||||
(in thousands) | September 30, 2019 | December 31, 2018 | September 30, 2018 | ||||||||
Rail Group assets leased to others | $ | $ | $ | ||||||||
Less: accumulated depreciation | |||||||||||
Rail Group assets, net | $ | $ | $ | ||||||||
(in thousands) | September 30, 2019 | December 31, 2018 | September 30, 2018 | ||||||||
Short-term Debt – Non-Recourse (a) | $ | $ | $ | ||||||||
Short-term Debt – Recourse | |||||||||||
Total Short-term Debt | $ | $ | $ | ||||||||
Current Maturities of Long-term Debt – Non-Recourse (b) | $ | $ | $ | ||||||||
Current Maturities of Long-term Debt – Recourse (c) | |||||||||||
Finance lease liability (d) | |||||||||||
Total Current Maturities of Long-term Debt | $ | $ | $ | ||||||||
Long-term Debt, Less: Current Maturities – Non-Recourse (b) | $ | $ | $ | ||||||||
Long-term Debt, Less: Current Maturities – Recourse (c) | |||||||||||
Finance lease liability (d) | |||||||||||
Total Long-term Debt, Less: Current Maturities | $ | $ | $ | ||||||||
September 30, 2019 | December 31, 2018 | September 30, 2018 | |||||||||||||||||||||
(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) | $ | $ | $ | $ | $ | $ | |||||||||||||||||
Fair value of derivatives | |||||||||||||||||||||||
Balance at end of period | $ | $ | $ | $ | $ | $ | |||||||||||||||||
September 30, 2019 | |||||||||||||||||||
(in thousands) | Commodity Derivative Assets - Current | Commodity Derivative Assets - Noncurrent | Commodity Derivative Liabilities - Current | Commodity Derivative Liabilities - Noncurrent | Total | ||||||||||||||
Commodity derivative assets | $ | $ | $ | $ | $ | ||||||||||||||
Commodity derivative liabilities | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | |||||||||
Cash collateral paid (received) | ( | ) | |||||||||||||||||
Balance sheet line item totals | $ | $ | $ | ( | ) | $ | ( | ) | $ | ||||||||||
December 31, 2018 | |||||||||||||||||||
(in thousands) | Commodity Derivative Assets - Current | Commodity Derivative Assets - Noncurrent | Commodity Derivative Liabilities - Current | Commodity Derivative Liabilities - Noncurrent | Total | ||||||||||||||
Commodity derivative assets | $ | $ | $ | $ | $ | ||||||||||||||
Commodity derivative liabilities | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | |||||||||
Cash collateral (received) | |||||||||||||||||||
Balance sheet line item totals | $ | $ | $ | ( | ) | $ | ( | ) | $ | ||||||||||
September 30, 2018 | |||||||||||||||||||
(in thousands) | Commodity Derivative Assets - Current | Commodity Derivative Assets - Noncurrent | Commodity Derivative Liabilities - Current | Commodity Derivative Liabilities - Noncurrent | Total | ||||||||||||||
Commodity derivative assets | $ | $ | $ | $ | $ | ||||||||||||||
Commodity derivative liabilities | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | |||||||||
Cash collateral (received) | |||||||||||||||||||
Balance sheet line item totals | $ | $ | $ | ( | ) | $ | ( | ) | $ | ( | ) | ||||||||
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||
(in thousands) | 2019 | 2018 | 2019 | 2018 | |||||||||||
Gains (losses) on commodity derivatives included in cost of sales and merchandising revenues | $ | ( | ) | $ | ( | ) | $ | $ | ( | ) | |||||
September 30, 2019 | |||||||||||
Commodity (in thousands) | Number of Bushels | Number of Gallons | Number of Pounds | Number of Tons | |||||||
Non-exchange traded: | |||||||||||
Corn | |||||||||||
Soybeans | |||||||||||
Wheat | |||||||||||
Oats | |||||||||||
Ethanol | |||||||||||
Corn oil | |||||||||||
Other | |||||||||||
Subtotal | |||||||||||
Exchange traded: | |||||||||||
Corn | |||||||||||
Soybeans | |||||||||||
Wheat | |||||||||||
Oats | |||||||||||
Ethanol | |||||||||||
Propane | |||||||||||
Other | |||||||||||
Subtotal | |||||||||||
Total | |||||||||||
December 31, 2018 | |||||||||||
Commodity (in thousands) | Number of Bushels | Number of Gallons | Number of Pounds | Number of Tons | |||||||
Non-exchange traded: | |||||||||||
Corn | |||||||||||
Soybeans | |||||||||||
Wheat | |||||||||||
Oats | |||||||||||
Ethanol | |||||||||||
Corn oil | |||||||||||
Other | |||||||||||
Subtotal | |||||||||||
Exchange traded: | |||||||||||
Corn | |||||||||||
Soybeans | |||||||||||
Wheat | |||||||||||
Oats | |||||||||||
Ethanol | |||||||||||
Subtotal | |||||||||||
Total | |||||||||||
September 30, 2018 | |||||||||||
Commodity (in thousands) | Number of Bushels | Number of Gallons | Number of Pounds | Number of Tons | |||||||
Non-exchange traded: | |||||||||||
Corn | |||||||||||
Soybeans | |||||||||||
Wheat | |||||||||||
Oats | |||||||||||
Ethanol | |||||||||||
Corn oil | |||||||||||
Other | |||||||||||
Subtotal | |||||||||||
Exchange traded: | |||||||||||
Corn | |||||||||||
Soybeans | |||||||||||
Wheat | |||||||||||
Oats | |||||||||||
Ethanol | |||||||||||
Subtotal | |||||||||||
Total | |||||||||||
(in thousands) | September 30, 2019 | December 31, 2018 | September 30, 2018 | ||||||||
Derivatives not designated as hedging instruments | |||||||||||
Interest rate contracts included in Other long-term assets (Other long-term liabilities) | $ | ( | ) | $ | ( | ) | $ | ||||
Foreign currency contracts included in Other current assets (Accrued expenses and other current liabilities) | $ | $ | ( | ) | $ | ( | ) | ||||
Derivatives designated as hedging instruments | |||||||||||
Interest rate contracts included in Other current assets (Accrued expenses and other current liabilities) | $ | ( | ) | $ | $ | ||||||
Interest rate contracts included in Other long-term assets (Other long-term liabilities) | $ | ( | ) | $ | ( | ) | $ | ||||
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||
(in thousands) | 2019 | 2018 | 2019 | 2018 | |||||||||||
Derivatives not designated as hedging instruments | |||||||||||||||
Interest rate derivative gains (losses) included in Interest income (expense) | $ | ( | ) | $ | $ | ( | ) | $ | |||||||
Foreign currency derivative gains (losses) included in Other income, net | $ | ( | ) | $ | $ | ( | ) | $ | ( | ) | |||||
Derivatives designated as hedging instruments | |||||||||||||||
Interest rate derivative gains (losses) included in Other Comprehensive Income (Loss) | $ | ( | ) | $ | $ | ( | ) | $ | |||||||
Interest rate derivatives gains (losses) included in Interest income (expense) | $ | ( | ) | $ | $ | ( | ) | $ | |||||||
Interest Rate Hedging Instrument | Year Entered | Year of Maturity | Initial Notional Amount (in millions) | Description | Interest Rate | |||||||
Long-term | ||||||||||||
Swap | 2014 | 2023 | $ | Interest rate component of debt - not accounted for as a hedge | ||||||||
Collar | 2016 | 2021 | $ | Interest rate component of debt - not accounted for as a hedge | 3.5% to 4.8% | |||||||
Swap | * | 2017 | 2022 | $ | Interest rate component of debt - accounted for as a hedge | |||||||
Swap | * | 2018 | 2023 | $ | Interest rate component of debt - accounted for as a hedge | |||||||
Swap | * | 2018 | 2025 | $ | Interest rate component of debt - accounted for as a hedge | |||||||
Swap | 2018 | 2021 | $ | Interest rate component of debt - accounted for as a hedge | ||||||||
Swap | 2019 | 2021 | $ | Interest rate component of debt - accounted for as a hedge | ||||||||
Swap | 2019 | 2021 | $ | Interest rate component of debt - accounted for as a hedge | ||||||||
Swap | 2019 | 2025 | $ | Interest rate component of debt - accounted for as a hedge | ||||||||
Swap | 2019 | 2025 | $ | Interest rate component of debt - accounted for as a hedge | ||||||||
Swap | 2019 | 2025 | $ | Interest rate component of debt - accounted for as a hedge | ||||||||
Pension Benefits | |||||||||||||||
(in thousands) | Three months ended September 30, | Nine months ended September 30, | |||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
Interest cost | $ | $ | $ | $ | |||||||||||
Recognized net actuarial loss | |||||||||||||||
Benefit cost | $ | $ | $ | $ | |||||||||||
Postretirement Benefits | |||||||||||||||
(in thousands) | Three months ended September 30, | Nine months ended September 30, | |||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
Service cost | $ | $ | $ | $ | |||||||||||
Interest cost | |||||||||||||||
Amortization of prior service cost | ( | ) | ( | ) | ( | ) | ( | ) | |||||||
Benefit cost | $ | $ | $ | $ | |||||||||||
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||
(in thousands) | 2019 | 2018 | 2019 | 2018 | |||||||||||
Revenues under ASC 606 | $ | $ | $ | $ | |||||||||||
Revenues under ASC 842 | |||||||||||||||
Revenues under ASC 815 | |||||||||||||||
Total Revenues | $ | $ | $ | $ | |||||||||||
Three months ended September 30, 2019 | |||||||||||||||||||
(in thousands) | Trade | Ethanol | Plant Nutrient | Rail | Total | ||||||||||||||
Specialty nutrients | $ | $ | $ | $ | $ | ||||||||||||||
Primary nutrients | |||||||||||||||||||
Services | |||||||||||||||||||
Products and co-products | |||||||||||||||||||
Frac sand and propane | |||||||||||||||||||
Other | |||||||||||||||||||
Total | $ | $ | $ | $ | $ | ||||||||||||||
Three months ended September 30, 2018 | |||||||||||||||||||
(in thousands) | Trade | Ethanol | Plant Nutrient | Rail | Total | ||||||||||||||
Specialty nutrients | $ | $ | $ | $ | $ | ||||||||||||||
Primary nutrients | |||||||||||||||||||
Service | |||||||||||||||||||
Co-products | |||||||||||||||||||
Other | |||||||||||||||||||
Total | $ | $ | $ | $ | $ | ||||||||||||||
Nine months ended September 30, 2019 | |||||||||||||||||||
(in thousands) | Trade | Ethanol | Plant Nutrient | Rail | Total | ||||||||||||||
Specialty nutrients | $ | $ | $ | $ | $ | ||||||||||||||
Primary nutrients | |||||||||||||||||||
Service | |||||||||||||||||||
Products and Co-products | |||||||||||||||||||
Frac sand and propane | |||||||||||||||||||
Other | |||||||||||||||||||
Total | $ | $ | $ | $ | $ | ||||||||||||||
Nine months ended September 30, 2018 | |||||||||||||||||||
(in thousands) | Trade | Ethanol | Plant Nutrient | Rail | Total | ||||||||||||||
Specialty nutrients | $ | $ | $ | $ | $ | ||||||||||||||
Primary nutrients | |||||||||||||||||||
Service | |||||||||||||||||||
Co-products | |||||||||||||||||||
Other | |||||||||||||||||||
Total | $ | $ | $ | $ | $ | ||||||||||||||
(in thousands) | 2019 | 2018 | |||||
Balance at January 1, | $ | $ | |||||
Balance at March 31, | |||||||
Balance at June 30, | |||||||
Balance at September 30, | |||||||
Changes in Accumulated Other Comprehensive Income (Loss) by Component (a) | ||||||||||||||||||||||||||||||||||||||||
Three months ended September 30, 2019 | Nine months ended September 30, 2019 | |||||||||||||||||||||||||||||||||||||||
(in thousands) | Cash Flow Hedges | Foreign Currency Translation Adjustment | Investment in Convertible Preferred Securities | Defined Benefit Plan Items | Total | Cash Flow Hedges | Foreign Currency Translation Adjustment | Investment in Convertible Preferred Securities | Defined Benefit Plan Items | Total | ||||||||||||||||||||||||||||||
Beginning Balance | $ | ( | ) | $ | ( | ) | $ | $ | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | $ | $ | ( | ) | ||||||||||||||||||
Other comprehensive loss before reclassifications | ( | ) | $ | ( | ) | ( | ) | ( | ) | ( | ) | |||||||||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) (b) | ( | ) | $ | ( | ) | |||||||||||||||||||||||||||||||||||
Net current-period other comprehensive income (loss) | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||||||||||||||||||||||
Ending balance | $ | ( | ) | $ | $ | $ | $ | ( | ) | $ | ( | ) | $ | $ | $ | $ | ( | ) | ||||||||||||||||||||||
Changes in Accumulated Other Comprehensive Income (Loss) by Component (a) | ||||||||||||||||||||||||||||||||||||||||
Three months ended September 30, 2018 | Nine months ended September 30, 2018 | |||||||||||||||||||||||||||||||||||||||
(in thousands) | Cash Flow Hedges | Foreign Currency Translation Adjustment | Investment in Convertible Preferred Securities | Defined Benefit Plan Items | Total | Cash Flow Hedges | Foreign Currency Translation Adjustment | Investment in Convertible Preferred Securities | Defined Benefit Plan Items | Total | ||||||||||||||||||||||||||||||
Beginning Balance | $ | $ | ( | ) | $ | $ | $ | ( | ) | $ | $ | ( | ) | $ | $ | $ | ( | ) | ||||||||||||||||||||||
Other comprehensive income (loss) before reclassifications | ( | ) | ( | ) | ( | ) | ||||||||||||||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive loss | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||||||||||||||||||||||||||
Net current-period other comprehensive income (loss) | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||||||||||||||||||||||||
Ending balance | $ | $ | ( | ) | $ | $ | $ | ( | ) | $ | $ | ( | ) | $ | $ | $ | ( | ) | ||||||||||||||||||||||
Reclassifications Out of Accumulated Other Comprehensive Income (Loss) (a) | ||||||||||||
(in thousands) | Three months ended September 30, 2019 | Nine months ended September 30, 2019 | ||||||||||
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 | 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 | $ | ( | ) | (b) | $ | ( | ) | (b) | ||||
( | ) | Total before tax | ( | ) | Total before tax | |||||||
Income tax provision | Income tax provision | |||||||||||
$ | ( | ) | Net of tax | $ | ( | ) | Net of tax | |||||
Cash Flow Hedges | ||||||||||||
Interest payments | $ | Interest expense | $ | Interest expense | ||||||||
Total before tax | Total before tax | |||||||||||
( | ) | Income tax provision | ( | ) | Income tax provision | |||||||
$ | Net of tax | $ | Net of tax | |||||||||
Foreign Currency Translation Adjustment | ||||||||||||
Realized loss on pre-existing investment | $ | Other income, net | $ | Other income, net | ||||||||
Total before tax | Total before tax | |||||||||||
Income tax provision | Income tax provision | |||||||||||
$ | Net of tax | $ | Net of tax | |||||||||
Total reclassifications for the period | $ | Net of tax | $ | Net of tax | ||||||||
Reclassifications Out of Accumulated Other Comprehensive Income (Loss) (a) | ||||||||||||
(in thousands) | Three months ended September 30, 2018 | Nine months ended September 30, 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 | 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 | $ | ( | ) | (b) | $ | ( | ) | (b) | ||||
( | ) | Total before tax | ( | ) | Total before tax | |||||||
Income tax provision | Income tax provision | |||||||||||
$ | ( | ) | Net of tax | $ | ( | ) | Net of tax | |||||
Cash Flow Hedges | ||||||||||||
Interest payments | $ | Interest expense | $ | Interest expense | ||||||||
Total before tax | Total before tax | |||||||||||
( | ) | Income tax provision | ( | ) | Income tax provision | |||||||
$ | Net of tax | $ | Net of tax | |||||||||
Total reclassifications for the period | $ | ( | ) | Net of tax | $ | ( | ) | Net of tax | ||||
(in thousands, except per common share data) | Three months ended September 30, | Nine months ended September 30, | |||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
Net income (loss) attributable to The Andersons, Inc. | $ | ( | ) | $ | ( | ) | $ | $ | |||||||
Earnings per share – basic: | |||||||||||||||
Weighted average shares outstanding – basic | |||||||||||||||
Earnings per common share – basic | $ | ( | ) | $ | ( | ) | $ | $ | |||||||
Earnings per share – diluted: | |||||||||||||||
Weighted average shares outstanding – basic | |||||||||||||||
Effect of dilutive awards | |||||||||||||||
Weighted average shares outstanding – diluted | |||||||||||||||
Earnings per common share – diluted | $ | ( | ) | $ | ( | ) | $ | $ | |||||||
(in thousands) | September 30, 2019 | ||||||||||||||
Assets (liabilities) | Level 1 | Level 2 | Level 3 | Total | |||||||||||
Commodity derivatives, net (a) | $ | $ | $ | $ | |||||||||||
Provisionally priced contracts (b) | ( | ) | ( | ) | ( | ) | |||||||||
Convertible preferred securities (c) | |||||||||||||||
Other assets and liabilities (d) | ( | ) | ( | ) | |||||||||||
Total | $ | ( | ) | $ | ( | ) | $ | $ | ( | ) | |||||
(in thousands) | December 31, 2018 | ||||||||||||||
Assets (liabilities) | Level 1 | Level 2 | Level 3 | Total | |||||||||||
Commodity derivatives, net (a) | $ | $ | ( | ) | $ | $ | |||||||||
Provisionally priced contracts (b) | ( | ) | ( | ) | ( | ) | |||||||||
Convertible preferred securities (c) | |||||||||||||||
Other assets and liabilities (d) | ( | ) | |||||||||||||
Total | $ | ( | ) | $ | ( | ) | $ | $ | ( | ) | |||||
(in thousands) | September 30, 2018 | ||||||||||||||
Assets (liabilities) | Level 1 | Level 2 | Level 3 | Total | |||||||||||
Commodity derivatives, net (a) | $ | $ | ( | ) | $ | $ | ( | ) | |||||||
Provisionally priced contracts (b) | ( | ) | ( | ) | ( | ) | |||||||||
Convertible preferred securities (c) | |||||||||||||||
Other assets and liabilities (d) | |||||||||||||||
Total | $ | $ | ( | ) | $ | $ | ( | ) | |||||||
(a) |
(b) |
(c) | Recorded in “Other noncurrent assets” on the Company’s Condensed Consolidated Balance Sheets. |
(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). |
Convertible Preferred Securities | ||||||||
(in thousands) | 2019 | 2018 | ||||||
Assets (liabilities) at January 1, | $ | $ | ||||||
Additional Investments | ||||||||
Assets (liabilities) at March 31, | $ | $ | ||||||
Additional investments | ||||||||
Asset (liabilities) at June 30, | $ | $ | ||||||
Gains (losses) included in earnings | ||||||||
Additional Investments | ||||||||
Sale proceeds | ( | ) | ||||||
Asset (liability) at September 30, | $ | $ | ||||||
Quantitative Information about Level 3 Fair Value Measurements | |||||||||
(in thousands) | Fair Value as of September 30, 2019 | Valuation Method | Unobservable Input | Weighted Average | |||||
Convertible preferred securities (a) | $ | Implied based on market prices | N/A | N/A | |||||
(in thousands) | Fair Value as of December 31, 2018 | Valuation Method | Unobservable Input | Weighted Average | |||||
Convertible preferred securities (a) | $ | Implied based on market prices | N/A | N/A | |||||
(in thousands) | Fair Value as of September 30, 2018 | Valuation Method | Unobservable Input | Weighted Average | |||||
Convertible preferred securities (a) | $ | Implied based on market prices | N/A | N/A | |||||
(in thousands) | September 30, 2019 | December 31, 2018 | September 30, 2018 | ||||||||
Fair value of long-term debt, including current maturities | $ | $ | $ | ||||||||
Fair value in excess of carrying value (a) | |||||||||||
(in thousands) | September 30, 2019 | December 31, 2018 | September 30, 2018 | ||||||||
The Andersons Albion Ethanol LLC | $ | $ | $ | ||||||||
The Andersons Clymers Ethanol LLC | |||||||||||
The Andersons Marathon Ethanol LLC | |||||||||||
Lansing Trade Group, LLC (a) | |||||||||||
Thompsons Limited (a) | |||||||||||
Providence Grain Group Inc. | |||||||||||
Other | |||||||||||
Total | $ | $ | $ | ||||||||
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||
(in thousands) | % Ownership at September 30, 2019 | 2019 | 2018 | 2019 | 2018 | ||||||||||||
The Andersons Albion Ethanol LLC | $ | ( | ) | $ | $ | ( | ) | $ | |||||||||
The Andersons Clymers Ethanol LLC | ( | ) | ( | ) | |||||||||||||
The Andersons Marathon Ethanol LLC | ( | ) | |||||||||||||||
Lansing Trade Group, LLC (a) | 100% (a) | ||||||||||||||||
Thompsons Limited (a) | 100% (a) | ||||||||||||||||
Providence Grain Group Inc. | ( | ) | ( | ) | |||||||||||||
Other | 5% - 51% | ( | ) | ( | ) | ||||||||||||
Total | $ | ( | ) | $ | $ | ( | ) | $ | |||||||||
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||
(in thousands) | 2019 | 2018 | 2019 | 2018 | |||||||||||
Sales revenues | $ | $ | $ | $ | |||||||||||
Service fee revenues (a) | |||||||||||||||
Purchases of product and capital assets | |||||||||||||||
Lease income (b) | |||||||||||||||
Labor and benefits reimbursement (c) | |||||||||||||||
(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) |
(in thousands) | September 30, 2019 | December 31, 2018 | September 30, 2018 | ||||||||
Accounts receivable (d) | $ | $ | $ | ||||||||
Accounts payable (e) | |||||||||||
(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. |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||
(in thousands) | 2019 | 2018 | 2019 | 2018 | |||||||||||
Revenues from external customers | |||||||||||||||
Trade | $ | $ | $ | $ | |||||||||||
Ethanol | |||||||||||||||
Plant Nutrient | |||||||||||||||
Rail | |||||||||||||||
Total | $ | $ | $ | $ | |||||||||||
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||
(in thousands) | 2019 | 2018 | 2019 | 2018 | |||||||||||
Inter-segment sales | |||||||||||||||
Trade | $ | $ | $ | $ | |||||||||||
Plant Nutrient | |||||||||||||||
Rail | |||||||||||||||
Total | $ | $ | $ | $ | |||||||||||
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||
(in thousands) | 2019 | 2018 | 2019 | 2018 | |||||||||||
Income (loss) before income taxes, net of noncontrolling interest | |||||||||||||||
Trade | $ | ( | ) | $ | ( | ) | $ | $ | ( | ) | |||||
Ethanol | |||||||||||||||
Plant Nutrient | ( | ) | ( | ) | |||||||||||
Rail | |||||||||||||||
Other | ( | ) | ( | ) | ( | ) | ( | ) | |||||||
Income (loss) before income taxes, net of noncontrolling interest | ( | ) | ( | ) | |||||||||||
Noncontrolling interests | ( | ) | ( | ) | ( | ) | |||||||||
Income (loss) before income taxes | $ | ( | ) | $ | ( | ) | $ | $ | |||||||
(in thousands) | September 30, 2019 | December 31, 2018 | September 30, 2018 | ||||||||
Identifiable assets | |||||||||||
Trade | $ | $ | $ | ||||||||
Ethanol | |||||||||||
Plant Nutrient | |||||||||||
Rail | |||||||||||
Other | |||||||||||
Total | $ | $ | $ | ||||||||
(in thousands) | Condensed Consolidated Balance Sheet Classification | September 30, 2019 | ||||
Assets | ||||||
Operating lease assets | Right of use assets, net | $ | ||||
Finance lease assets | Property, plant and equipment, net | |||||
Finance lease assets | Rail Group assets leased to others, net | |||||
Total leased assets | $ | |||||
Liabilities | ||||||
Current operating leases | Accrued expenses and other current liabilities | |||||
Non-current operating leases | Long-term lease liabilities | |||||
Total operating lease liabilities | $ | |||||
Current finance leases | Current maturities of long-term debt | |||||
Non-current finance leases | Long-term debt | |||||
Total finance lease liabilities | $ | |||||
Total lease liabilities | $ | |||||
(in thousands) | Condensed Consolidated Statement of Operations Classification | Three months ended September 30, 2019 | Nine months ended September 30, 2019 | |||||||
Lease cost: | ||||||||||
Operating lease cost | Cost of sales and merchandising revenues | $ | $ | |||||||
Operating lease cost | Operating, administrative and general expenses | |||||||||
Finance lease cost | ||||||||||
Amortization of right-of-use assets | Operating, administrative and general expenses | |||||||||
Interest expense on lease liabilities | Interest expense | |||||||||
Other lease cost (a) | Cost of sales and merchandising revenues | |||||||||
Other lease cost (a) | Operating, administrative and general expenses | |||||||||
Total lease cost | $ | $ | ||||||||
Weighted Average Remaining Lease Term | |
Operating leases | |
Finance leases | |
Weighted Average Discount Rate | ||
Operating leases | % | |
Finance leases | % | |
(in thousands) | September 30, 2019 | ||||
Cash paid for amounts included in the measurement of lease liabilities: | |||||
Operating cash flows from operating leases | $ | ||||
Operating cash flows from finance leases | |||||
Financing cash flows from finance leases | |||||
Right-of-use assets obtained in exchange for lease obligations: | |||||
Operating leases | |||||
Finance leases | |||||
September 30, 2019 | |||||||||||
(in thousands) | Operating Leases | Finance Leases | Total | ||||||||
2019 (excluding the nine months ended September 30, 2019) | $ | $ | $ | ||||||||
2020 | |||||||||||
2021 | |||||||||||
2022 | |||||||||||
2023 | |||||||||||
Thereafter | |||||||||||
Total lease payments | $ | $ | $ | ||||||||
Less: interest | |||||||||||
Total | $ | $ | $ | ||||||||
Nine months ended September 30, | |||||||
(in thousands) | 2019 | 2018 | |||||
Supplemental disclosure of cash flow information | |||||||
Interest paid | $ | $ | |||||
Noncash investing and financing activity | |||||||
Equity issued in conjunction with acquisition | |||||||
Removal of pre-existing equity method investment | ( | ) | |||||
Purchase price holdback/ other accrued liabilities | |||||||
Dividends declared not yet paid | |||||||
Debt resulting from accounting standard adoption | |||||||
Railcar assets and liabilities resulting from accounting standard adoption | |||||||
Capital projects incurred but not yet paid | |||||||
(in thousands) | |||
Cash consideration paid | $ | 171,147 | |
Equity consideration | 127,841 | ||
Purchase price holdback/ other accrued liabilities | 29,956 | ||
Total purchase price consideration | $ | ||
(in thousands) | |||
Cash and cash equivalents | $ | ||
Accounts receivable | |||
Inventories | |||
Commodity derivative assets - current | |||
Other current assets | |||
Commodity derivative assets - noncurrent | |||
Goodwill | |||
Other intangible assets | |||
Right of use asset | |||
Equity method investments | |||
Other assets, net | |||
Property, plant and equipment, net | |||
$ | |||
Short-term debt | |||
Trade and other payables | |||
Commodity derivative liabilities - current | |||
Customer prepayments and deferred revenue | |||
Accrued expense and other current liabilities | |||
Other long-term liabilities, including commodity derivative liabilities - noncurrent | |||
Long-term lease liabilities | |||
Long-term debt, including current maturities | |||
Deferred income taxes | |||
$ | |||
Fair value of acquired assets and assumed liabilities | $ | ||
Removal of preexisting ownership interest, including associated cumulative translation adjustment | ( | ) | |
Pretax loss on derecognition of preexisting ownership interest | |||
Total purchase price consideration | $ | ||
(in thousands) | Estimated useful life | ||||
Customer relationships | $ | ||||
Noncompete agreements | |||||
Total other intangible assets | $ | * | |||
Three months ended September 30, | Nine months ended September 30, | ||||||||||||
(in thousands) | 2019 | 2018 | 2019 | 2018 | |||||||||
Net sales | $ | 2,020,746 | $ | 6,282,656 | |||||||||
Net income | ( | ) | 2,934 | 35,004 | |||||||||
(in thousands) | Trade | Plant Nutrient | Rail | Total | |||||||||||
Balance as of January 1, 2019 | $ | $ | $ | $ | |||||||||||
Acquisitions (a) | |||||||||||||||
Balance as of September 30, 2019 | $ | $ | $ | $ | |||||||||||
Three months ended September 30, | Nine months ended September 30, | ||||||||||
(in thousands) | 2019 | 2018 | 2019 | 2018 | |||||||
Ethanol (gallons shipped) | 131,878 | 117,848 | 393,203 | 337,984 | |||||||
E-85 (gallons shipped) | 9,284 | 16,022 | 36,412 | 47,501 | |||||||
Corn Oil (pounds shipped) | 5,067 | 5,200 | 14,821 | 15,574 | |||||||
DDG (tons shipped) * | 49 | 40 | 122 | 120 | |||||||
Three months ended September 30, | Nine months ended September 30, | ||||||||||
(in thousands) | 2019 | 2018 | 2019 | 2018 | |||||||
Primary nutrients | 287 | 214 | 1,054 | 1,072 | |||||||
Specialty nutrients | 95 | 108 | 468 | 541 | |||||||
Other | 13 | 13 | 42 | 42 | |||||||
Total tons | 395 | 335 | 1,564 | 1,655 | |||||||
Three months ended September 30, 2019 | |||||||||||||||||||||||
(in thousands) | Trade | Ethanol | Plant Nutrient | Rail | Other | Total | |||||||||||||||||
Sales and merchandising revenues | $ | 1,580,157 | $ | 254,055 | $ | 109,446 | $ | 39,097 | $ | — | $ | 1,982,755 | |||||||||||
Cost of sales and merchandising revenues | 1,505,405 | 247,345 | 93,595 | 27,269 | — | 1,873,614 | |||||||||||||||||
Gross profit | 74,752 | 6,710 | 15,851 | 11,828 | — | 109,141 | |||||||||||||||||
Operating, administrative and general expenses | 69,662 | 3,971 | 21,970 | 5,334 | 6,181 | 107,118 | |||||||||||||||||
Interest expense (income) | 7,869 | 210 | 1,831 | 4,211 | (146 | ) | 13,975 | ||||||||||||||||
Equity in earnings (losses) of affiliates, net | (98 | ) | (3,630 | ) | — | — | — | (3,728 | ) | ||||||||||||||
Other income (expense), net | 876 | 417 | 510 | 854 | (59 | ) | 2,598 | ||||||||||||||||
Income (loss) before income taxes | (2,001 | ) | (684 | ) | (7,440 | ) | 3,137 | (6,094 | ) | (13,082 | ) | ||||||||||||
Income (loss) before income taxes attributable to the noncontrolling interests | — | (1,633 | ) | — | — | — | (1,633 | ) | |||||||||||||||
Non-GAAP Income (loss) before income taxes, net of noncontrolling interests attributable to The Andersons, Inc. | $ | (2,001 | ) | $ | 949 | $ | (7,440 | ) | $ | 3,137 | $ | (6,094 | ) | $ | (11,449 | ) | |||||||
Three months ended September 30, 2018 | |||||||||||||||||||||||
(in thousands) | Trade | Ethanol | Plant Nutrient | Rail | Other | Total | |||||||||||||||||
Sales and merchandising revenues | $ | 342,610 | $ | 195,669 | $ | 104,188 | $ | 43,112 | $ | — | $ | 685,579 | |||||||||||
Cost of sales and merchandising revenues | 326,819 | 187,888 | 88,646 | 28,362 | — | 631,715 | |||||||||||||||||
Gross profit | 15,791 | 7,781 | 15,542 | 14,750 | — | 53,864 | |||||||||||||||||
Operating, administrative and general expenses | 26,083 | 3,355 | 22,829 | 6,636 | 7,083 | 65,986 | |||||||||||||||||
Interest expense (income) | 2,126 | (784 | ) | 1,315 | 2,602 | (83 | ) | 5,176 | |||||||||||||||
Equity in earnings (losses) of affiliates, net | 2,412 | 4,813 | — | — | — | 7,225 | |||||||||||||||||
Other income (expense), net | 92 | 553 | 626 | 220 | 4,943 | 6,434 | |||||||||||||||||
Income (loss) before income taxes | (9,914 | ) | 10,576 | (7,976 | ) | 5,732 | (2,057 | ) | (3,639 | ) | |||||||||||||
Income (loss) before income taxes attributable to the noncontrolling interests | — | 223 | — | — | — | 223 | |||||||||||||||||
Non-GAAP Income (loss) before income taxes, net of noncontrolling interests attributable to The Andersons, Inc. | $ | (9,914 | ) | $ | 10,353 | $ | (7,976 | ) | $ | 5,732 | $ | (2,057 | ) | $ | (3,862 | ) | |||||||
Nine months ended September 30, 2019 | |||||||||||||||||||||||
(in thousands) | Trade | Ethanol | Plant Nutrient | Rail | Other | Total | |||||||||||||||||
Sales and merchandising revenues | $ | 4,944,483 | $ | 708,029 | $ | 508,548 | $ | 123,528 | $ | — | $ | 6,284,588 | |||||||||||
Cost of sales and merchandising revenues | 4,697,896 | 693,199 | 432,965 | 80,995 | — | 5,905,055 | |||||||||||||||||
Gross profit | 246,587 | 14,830 | 75,583 | 42,533 | — | 379,533 | |||||||||||||||||
Operating, administrative and general expenses | 210,073 | 12,617 | 66,218 | 21,225 | 17,252 | 327,385 | |||||||||||||||||
Asset impairment | 3,081 | — | — | — | — | 3,081 | |||||||||||||||||
Interest expense (income) | 29,028 | (1,520 | ) | 6,478 | 12,071 | (444 | ) | 45,613 | |||||||||||||||
Equity in earnings (losses) of affiliates, net | (1,843 | ) | (524 | ) | — | — | — | (2,367 | ) | ||||||||||||||
Other income (expense), net | 1,706 | 695 | 1,647 | 1,392 | 1,209 | 6,649 | |||||||||||||||||
Income (loss) before income taxes | 4,268 | 3,904 | 4,534 | 10,629 | (15,599 | ) | 7,736 | ||||||||||||||||
Income (loss) before income taxes attributable to the noncontrolling interests | — | (2,265 | ) | — | — | — | (2,265 | ) | |||||||||||||||
Non-GAAP Income (loss) before income taxes, net of noncontrolling interests attributable to The Andersons, Inc. | $ | 4,268 | $ | 6,169 | $ | 4,534 | $ | 10,629 | $ | (15,599 | ) | $ | 10,001 | ||||||||||
Nine months ended September 30, 2018 | |||||||||||||||||||||||
(in thousands) | Trade | Ethanol | Plant Nutrient | Rail | Other | Total | |||||||||||||||||
Sales and merchandising revenues | $ | 983,737 | $ | 571,090 | $ | 542,911 | $ | 134,982 | $ | — | $ | 2,232,720 | |||||||||||
Cost of sales and merchandising revenues | 908,834 | 553,756 | 467,965 | 94,122 | — | 2,024,677 | |||||||||||||||||
Gross profit | 74,903 | 17,334 | 74,946 | 40,860 | — | 208,043 | |||||||||||||||||
Operating, administrative and general expenses | 77,298 | 10,337 | 64,210 | 18,730 | 19,521 | 190,096 | |||||||||||||||||
Asset impairment | 1,564 | — | — | 4,708 | — | 6,272 | |||||||||||||||||
Interest expense (income) | 9,018 | (1,098 | ) | 4,397 | 7,688 | (5 | ) | 20,000 | |||||||||||||||
Equity in earnings (losses) of affiliates, net | 9,909 | 10,692 | — | — | — | 20,601 | |||||||||||||||||
Other income (expense), net | 615 | 1,741 | 1,900 | 911 | 5,782 | 10,949 | |||||||||||||||||
Income (loss) before income taxes | (2,453 | ) | 20,528 | 8,239 | 10,645 | (13,734 | ) | 23,225 | |||||||||||||||
Income (loss) before income taxes attributable to the noncontrolling interests | — | (175 | ) | — | — | — | (175 | ) | |||||||||||||||
Non-GAAP Income (loss) before income taxes, net of noncontrolling interests attributable to The Andersons, Inc. | $ | (2,453 | ) | $ | 20,703 | $ | 8,239 | $ | 10,645 | $ | (13,734 | ) | $ | 23,400 | |||||||||
(in thousands) | September 30, 2019 | September 30, 2018 | Variance | ||||||||
Current Assets: | |||||||||||
Cash, cash equivalents and restricted cash | $ | 21,299 | $ | 16,820 | $ | 4,479 | |||||
Accounts receivable, net | 523,110 | 206,380 | 316,730 | ||||||||
Inventories | 741,086 | 490,331 | 250,755 | ||||||||
Commodity derivative assets – current | 120,510 | 76,861 | 43,649 | ||||||||
Other current assets | 82,197 | 58,374 | 23,823 | ||||||||
Assets held for sale | 573 | 29,527 | (28,954 | ) | |||||||
Total current assets | $ | 1,488,775 | $ | 878,293 | $ | 610,482 | |||||
Current Liabilities: | |||||||||||
Short-term debt | 138,249 | 132,000 | 6,249 | ||||||||
Trade and other payables | 594,708 | 344,406 | 250,302 | ||||||||
Customer prepayments and deferred revenue | 35,274 | 38,242 | (2,968 | ) | |||||||
Commodity derivative liabilities – current | 67,606 | 91,403 | (23,797 | ) | |||||||
Accrued expenses and other current liabilities | 162,749 | 68,925 | 93,824 | ||||||||
Current maturities of long-term debt | 66,899 | 15,677 | 51,222 | ||||||||
Total current liabilities | $ | 1,065,485 | $ | 690,653 | $ | 374,832 | |||||
Working Capital | $ | 423,290 | $ | 187,640 | $ | 235,650 | |||||
Payments Due by Period | |||||||||||||||||||
(in thousands) | 2019 (remaining three months) | 2020-2021 | 2022-2023 | After 2023 | Total | ||||||||||||||
Long-term debt, recourse | $ | 44,192 | $ | 133,096 | $ | 312,667 | $ | 325,801 | $ | 815,756 | |||||||||
Long-term debt, non-recourse | 4,829 | 130,859 | 9,961 | 6,370 | 152,019 | ||||||||||||||
Interest obligations (a) | 32,978 | 58,858 | 15,450 | 29,241 | 136,527 | ||||||||||||||
Operating leases (b) | 8,612 | 39,845 | 19,277 | 10,748 | 78,482 | ||||||||||||||
Finance leases | 1,140 | 19,947 | 4,683 | 18,184 | 43,954 | ||||||||||||||
Purchase commitments (c) | 1,809,263 | 909,153 | 6,498 | — | 2,724,914 | ||||||||||||||
Other long-term liabilities (d) | 3,317 | 6,711 | 6,804 | 24,695 | 41,527 | ||||||||||||||
Construction commitment (e) | 5,199 | — | — | — | 5,199 | ||||||||||||||
Total contractual cash obligations | $ | 1,909,530 | $ | 1,298,469 | $ | 375,340 | $ | 415,039 | $ | 3,998,378 | |||||||||
Method of Control | Financial Statement | Units | ||
Owned - railcars available for sale | On balance sheet – current | 1,328 | ||
Owned - railcar assets leased to others | On balance sheet – non-current | 21,394 | ||
Railcars leased from financial intermediaries | Off balance sheet | 1,922 | ||
Railcars in non-recourse arrangements | Off balance sheet | 177 | ||
Total Railcars | 24,821 | |||
Locomotive assets leased to others | On balance sheet – non-current | 24 | ||
Locomotives leased from financial intermediaries | Off balance sheet | 4 | ||
Total Locomotives | 28 | |||
Barge assets leased from financial intermediaries | Off balance sheet | 15 | ||
Total Barges | 15 | |||
Period | Total Number of Shares Purchased (1) | Average Price Paid Per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (2) | Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs | |||||||||
July 2019 | 37,174 | $ | 27.23 | — | — | ||||||||
August 2019 | — | — | — | — | |||||||||
September 2019 | 532 | 22.71 | — | — | |||||||||
Total | 37,706 | $ | 27.17 | — | — | ||||||||
No. | Description | |
31.1 | ||
31.2 | ||
32.1 | Certifications Pursuant to 18 U.S.C. Section 1350 (filed herewith). | |
95 | Mine Safety Disclosure (filed herewith). | |
101 | Financial Statements from the interim report on Form 10-Q of The Andersons, Inc. for the period ended September 30, 2019, formatted in XBRL: (i) the Condensed Consolidated Statements of Operations, (ii) the Condensed Consolidated Statements of Comprehensive Income (Loss), (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. | |
THE ANDERSONS, INC. (Registrant) | ||
Date: November 8, 2019 | By /s/ Patrick E. Bowe | |
Patrick E. Bowe | ||
Chief Executive Officer (Principal Executive Officer) | ||
Date: November 8, 2019 | By /s/ Brian A. Valentine | |
Brian A. Valentine | ||
Senior Vice President and Chief Financial Officer (Principal Financial Officer) | ||
No. | Description | |
31.1 | ||
31.2 | ||
32.1 | Certifications Pursuant to 18 U.S.C. Section 1350 (filed herewith). | |
95 | Mine Safety Disclosure (filed herewith). | |
101 | Financial Statements from the interim report on Form 10-Q of The Andersons, Inc. for the period ended September 30, 2019, formatted in XBRL: (i) the Condensed Consolidated Statements of Operations, (ii) the Condensed Consolidated Statements of Comprehensive Income (Loss), (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. | |
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. | |
/s/ Patrick E. Bowe | |
Patrick E. Bowe | |
Chief Executive Officer (Principal Executive Officer) | |
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. | |
/s/ Brian A. Valentine | |
Brian A. Valentine | |
Senior Vice President and Chief Financial Officer (Principle Financial Officer) | |
(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. |
/s/ Patrick E. Bowe | |
Patrick E. Bowe | |
Chief Executive Officer (Principal Executive Officer) | |
/s/ Brian A. Valentine | |
Brian A. Valentine | |
Senior Vice President and Chief Financial Officer (Principle Financial Officer) | |
(A) | Mine Act Section 104 Significant and Substantial (“S&S”) citations shown below are for alleged violations of mandatory health or safety standards that could significantly and substantially contribute to a mine health and safety hazard. |
(B) | Mine Act Section 104(b) orders are for alleged failures to totally abate a citation within the time period specified in the citation. |
(C) | Mine Act Section 104(d) citations and orders are for an alleged unwarrantable failure (i.e., aggravated conduct constituting more than ordinary negligence) to comply with mandatory health or safety standards. |
(D) | Mine Act Section 110(b)(2) violations are for an alleged “flagrant” failure (i.e., reckless or repeated) to make reasonable efforts to eliminate a known violation of a mandatory safety or health standard that substantially and proximately caused, or reasonably could have been expected to cause, death or serious bodily injury. |
(E) | Mine Act Section 107(a) orders are for alleged conditions or practices which could reasonably be expected to cause death or serious physical harm before such condition or practice can be abated and result in orders of immediate withdrawal from the area of the mine affected by the condition. |
(G) | Mine Act Section 104(e) written notices are for an alleged pattern of violations of mandatory health or safety standards that could significantly and substantially contribute to a mine safety or health hazard. |
Three months ended September 30, 2019 | ||||||||||||
(A) | (B) | (C) | (D) | (E) | (F) | |||||||
Mine Name/MSHA ID No. | Section 104 S&S Citations | Section 104(b) Orders | Section 104(d) Citations/Orders | Section 110(b)(2) Citations/Orders | Section 107(a) Orders | Total Dollar Value of MSHA Assessments Proposed (In thousands) | ||||||
Industrial Sand Processing Plt-North Branch/21-02917 | — | — | — | — | — | $— | ||||||
Titan Lansing OKC Sand Plant/34-02189 | 2 | — | — | — | — | $0.2 | ||||||
Three months ended September 30, 2019 | ||||||||||
(G) | ||||||||||
Mine Name/MSHA ID No. | Received Notice of Pattern of Violations Under Section 104(e) (yes/no) | Total Number of Mining Related Fatalities | Legal Actions Pending as of Last Day of Period | Legal Actions Initiated During Period | Legal Actions Resolved During Period | |||||
Industrial Sand Processing Plt-North Branch/21-02917 | No | — | — | — | — | |||||
Titan Lansing OKC Sand Plant/34-02189 | No | — | — | — | — | |||||
Business Acquisitions (Pro Forma Financial Information) (Details) - LTG - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended |
|---|---|---|
Sep. 30, 2019 |
Sep. 30, 2019 |
|
| Business Acquisition [Line Items] | ||
| Net sales | $ 1,982,755 | $ 6,284,588 |
| Net income | $ (5,869) | $ 13,364 |
Employee Benefit Plans (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Sep. 30, 2019 |
Sep. 30, 2018 |
Sep. 30, 2019 |
Sep. 30, 2018 |
|
| Pension Benefits | ||||
| Components of the net periodic benefit cost | ||||
| Interest cost | $ 29 | $ 33 | $ 87 | $ 98 |
| Recognized net actuarial loss | 58 | 61 | 174 | 183 |
| Benefit cost | 87 | 94 | 261 | 281 |
| Postretirement Benefits | ||||
| Components of the net periodic benefit cost | ||||
| Interest cost | 214 | 188 | 641 | 565 |
| Service cost | 68 | 81 | 206 | 243 |
| Amortization of prior service cost | (228) | (227) | (684) | (683) |
| Benefit cost | $ 54 | $ 42 | $ 163 | $ 125 |
Revenue (Contract Liabilities Balances) (Details) - USD ($) $ in Thousands |
Sep. 30, 2019 |
Jun. 30, 2019 |
Mar. 31, 2019 |
Jan. 01, 2019 |
Sep. 30, 2018 |
Jun. 30, 2018 |
Mar. 31, 2018 |
Jan. 01, 2018 |
|---|---|---|---|---|---|---|---|---|
| Revenue from Contract with Customer [Abstract] | ||||||||
| Contract Liabilities | $ 34,306 | $ 48,225 | $ 146,824 | $ 28,858 | $ 29,836 | $ 10,047 | $ 67,715 | $ 25,520 |
Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Sep. 30, 2019 |
Sep. 30, 2018 |
Sep. 30, 2019 |
Sep. 30, 2018 |
|
| Earnings Per Share [Abstract] | ||||
| Net income attributable to The Andersons, Inc. | $ (4,237) | $ (2,098) | $ 11,658 | $ 17,732 |
| Earnings per share - basic: | ||||
| Weighted average shares outstanding - basic (shares) | 32,626,000 | 28,263,000 | 32,550,000 | 28,254,000 |
| Earnings per common share - basic (dollars per share) | $ (0.13) | $ (0.07) | $ 0.36 | $ 0.63 |
| Earnings per share - diluted: | ||||
| Weighted average shares outstanding - basic (shares) | 32,626,000 | 28,263,000 | 32,550,000 | 28,254,000 |
| Effect of dilutive awards (shares) | 0 | 0 | 484,000 | 233,000 |
| Weighted average shares outstanding - diluted (shares) | 32,626,000 | 28,263,000 | 33,034,000 | 28,487,000 |
| Earnings per common share - diluted (dollars per share) | $ (0.13) | $ (0.07) | $ 0.35 | $ 0.62 |
| Antidilutive shares excluded from computation of earnings per share (in shares) | 60,000 | 0 | ||
Inventories (Details) $ in Thousands, bu in Millions |
Sep. 30, 2019
USD ($)
bu
|
Dec. 31, 2018
USD ($)
|
Sep. 30, 2018
USD ($)
|
|---|---|---|---|
| Inventory, Net [Abstract] | |||
| Grain and other agricultural products | $ 560,626 | $ 527,471 | $ 324,232 |
| Frac sand and propane | 14,592 | 0 | 0 |
| Ethanol and co-products | 26,218 | 11,918 | 15,419 |
| Plant nutrients and cob products | 133,839 | 145,693 | 145,363 |
| Railcar repair parts | 5,811 | 5,722 | 5,317 |
| Total inventories | $ 741,086 | $ 690,804 | $ 490,331 |
| Bushels of grain held in storage for others and excluded from inventory calculations | bu | 2.7 |
Supplemental Cash Flow Information (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Supplemental Cash Flow Information [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Cash Flow Supplemental Information | Certain supplemental cash flow information, including noncash investing and financing activities for the nine months ended September 30, 2019 and 2018 are as follows:
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Segment Information |
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| 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 Trade business includes grain merchandising, the operation of terminal grain elevator facilities and, historically, the investments in LTG and Thompsons Limited. In January 2019, the Company acquired the remaining 67.5% of LTG equity that it did not already own. The transaction also resulted in the consolidation of Thompsons Limited of Ontario, Canada and related entities, which LTG and the Company jointly owned. The Company has evaluated its segment reporting structure as a result of the acquisition. The presentation includes a majority of the acquired business within the legacy Grain Group which has been renamed, Trade Group. The acquired ethanol trading business of LTG is included within the Ethanol Group. The Company also moved certain commission income and an elevator lease from the legacy Grain Group to the Ethanol Group to better align business segments. Prior year results have been recast to reflect this change. 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. The Plant Nutrient business manufactures and distributes agricultural inputs, primarily fertilizer, to dealers and farmers, along with turf care and corncob-based products. Rail operations include the leasing, marketing and fleet management of railcars and other assets, railcar repair and metal fabrication. The Other category 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 revenue.
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Business Acquisitions |
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| Business Combinations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Business Acquisitions | Business Acquisition Effective January 1, 2019, the Company completed its acquisition of the remaining 67.5% equity of LTG. The transaction resulted in the consolidation of Thompsons Limited of Ontario, Canada and related entities as they were jointly owned by the Company and LTG in equal portions. Total consideration paid by the Company to complete the acquisition of LTG was $328.9 million. The Company paid $171.1 million in cash, which includes preliminary working capital adjustments of $30.0 million, and issued 4.4 million unregistered shares valued at $127.8 million based upon the stock price of the Company at the date of the acquisition. The purchase price allocation is preliminary, pending completion of the full valuation report, finalization of deferred income taxes and a final working capital adjustment. A summarized preliminary purchase price allocation is as follows:
The preliminary purchase price allocation at January 1, 2019, is as follows:
The goodwill recognized as a result of the LTG acquisition is $129.8 million and is allocated to the Trade Group segment. A portion of the goodwill is expected to be deductible for tax purposes. The goodwill recognized is primarily attributable to the addition of an assembled workforce and complementary assets with greater scale that significantly expands the Company's reach in the agricultural marketplace. Details of the intangible assets acquired are as follows:
*weighted average number of years Pro Forma Financial Information The summary pro forma financial information for the periods presented below gives effect to the LTG acquisition as if it had occurred at January 1, 2018.
Pro forma net income was also adjusted to account for the tax effects of the pro forma adjustments noted above using a statutory tax rate of 25%. The amount of LTG’s and Thompsons’ revenue and earnings included in the Company’s consolidated statement of operations for the period ended September 30, 2019 are not practicable to determine given the level of integration of LTG and Thompsons into the Company’s operations effective January 1, 2019.
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Accumulated Other Comprehensive Loss (Tables) |
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| 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 and nine months ended September 30, 2019 and 2018:
(a) All amounts are net of tax. Amounts in parentheses indicate debits. (b) Reflects foreign currency translation adjustments attributable to the consolidation of Thompsons Limited as summarized in Note 17.
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| Reclassification out of Accumulated Other Comprehensive Income |
(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).
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Debt (Tables) |
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| Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Short-term and Long-term Debt | Short-term and long-term debt at September 30, 2019, December 31, 2018 and September 30, 2018 consisted of the following:
(a) In conjunction with the Lansing Trade Group ("LTG") acquisition, the Company assumed a revolving line of credit and a term loan with a syndicate of banks, which are non-recourse to the Company. The credit agreement provides the Company with a maximum availability of $181.2 million and had $146.0 million available for borrowing on this line of credit as of September 30, 2019. Any borrowings under the line of credit bear interest at variable rates, which are based on LIBOR or Bankers’ Acceptances plus an applicable spread. The maturity date for the revolving line of credit is June 26, 2023. (b) In conjunction with the LTG acquisition, the Company also assumed a term loan with a syndicate of banks. The term loan had a balance of $32.9 million at September 30, 2019. Interest rates for the term loans were 4.45% as of September 30, 2019 and are based on LIBOR plus an applicable spread. Payments of $0.6 million are made on a quarterly basis. (c) On January 11, 2019 the Company entered into a 5-year term loan in the amount of $250 million and a 7-year term loan of $250 million. A portion of the term loans were used to pay down debt assumed in the LTG acquisition. Interest rates are based on LIBOR plus an applicable spread. At September 30, 2019, the interest rates for the 5-year and 7-year term loan were 3.77% and 4.02%, respectively. Payments on the term loans will be made on a quarterly basis. (d) See Note 14, Leases, for additional information. September 30, 2019 balances include the former build-to-suit lease that was reclassed from other current liabilities and other long-term liabilities as a result of the adoption of ASC 842. |
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Basis of Presentation and Consolidation |
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| 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, 2019. An unaudited Condensed Consolidated Balance Sheet as of September 30, 2018 has been included as the Company operates in several seasonal industries. The Condensed Consolidated Balance Sheet data at December 31, 2018 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, 2018 (the “2018 Form 10-K”). The Company had restricted cash of $9.0 million as of September 30, 2019. This restricted cash balance was related to posting collateral for the release of a mortgage on one of the Company's ethanol assets to be contributed into The Andersons Marathon Holdings LLC. The restricted cash is scheduled to be released from escrow in the fourth quarter after the successful completion of the merger and related credit facility. The Company had no restricted cash balances as of December 31, 2018 or September 30, 2018. New Accounting Standards Leasing In February 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") (No. 2016-02, Leases (ASC 842). The FASB issued subsequent amendments to the initial guidance in July 2018 with ASU 2018-10 and in August 2018 with ASU 2018-11. 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. Effective January 1, 2019, the Company adopted the standard using the Comparative Under ASC 840 method, which requires lease assets and liabilities to be recognized in the 2019 balance sheet and statement of equity and forgo the comparative reporting requirements under the modified retrospective transition method. The Company also made an accounting policy election to keep short-term leases less than twelve months off the balance sheet for all classes of underlying assets, as well as elected to use the practical expedient that allows the combination of lease and non-lease contract components in all of its underlying asset categories. In addition, the Company elected to apply the package of practical expedients that allows entities to forego reassessing at the transition date: (1) whether any expired or existing contracts are or contain leases; (2) lease classification for any expired or existing leases; and (3) whether unamortized initial direct costs for existing leases meet the definition of initial direct costs under the new guidance. See Note 14 for additional information. Other applicable standards In August 2018, the FASB issued ASU No. 2018-15, Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that is a Service Contract. This ASU reduces the complexity of accounting for costs of implementing a cloud computing service arrangement. This standard aligns the accounting for implementation costs of hosting arrangements, regardless of whether they convey a license to the hosted software. The guidance is effective for fiscal years beginning after December 15, 2019. We have evaluated the impact of this new standard on our consolidated financial statements noting it is not material. Early adoption is permitted, but the Company does not plan to do so. 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. The Company adopted this standard in the current year which did not have a material impact on its financial statements or disclosures. In June 2016, the FASB issued ASU 2016-13, Measurement of Credit Losses on Financial Instruments. The FASB issued subsequent amendments to the initial guidance in November 2018, April 2019 and May 2019 with ASU 2018-19, ASU 2019-04 and ASU 2019-05, respectively. 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. We have evaluated the impact of this new standard on our consolidated financial statements noting it is not expected to be material. 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, but the Company does not plan to do so.
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Derivatives |
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| Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Derivatives | Derivatives The Company’s operating results are affected by changes to commodity prices. The Trade 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 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 regulated commodity exchanges. 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. Most contracts for the sale of commodities to processors or other commercial consumers generally do not extend beyond one year. Most 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 primarily 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 September 30, 2019, December 31, 2018 and September 30, 2018, 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:
The following table presents, on a gross basis, current and noncurrent commodity derivative assets and liabilities:
The net pretax gains and losses on commodity derivatives not designated as hedging instruments included in the Company’s Condensed Consolidated Statements of Operations and the line item in which they are located for the three and nine months ended September 30, 2019 and 2018 are as follows:
The Company had the following volume of commodity derivative contracts outstanding (on a gross basis) at September 30, 2019, December 31, 2018 and September 30, 2018:
Interest Rate and Other Derivatives The Company’s objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish these objectives, the Company primarily uses interest rate swaps as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. The gains or losses on the derivatives are recorded in Other Comprehensive Income (Loss) and subsequently reclassified into interest expense in the same periods during which the hedged transaction affects earnings. Amounts reported in accumulated other comprehensive income related to derivatives will be reclassified to interest expense as interest payments are made on the Company’s variable-rate debt. At September 30, 2019, December 31, 2018 and September 30, 2018, the Company had recorded the following amounts for the fair value of the Company's other derivatives:
The recording of derivatives gains and losses and the financial statement line in which they are located are as follows:
Outstanding interest rate derivatives, as of September 30, 2019, are as follows:
* Acquired on 1/1/2019 in conjunction with the acquisition of LTG.
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Accumulated Other Comprehensive Loss |
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| Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Accumulated Other Comprehensive Loss | 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 and nine months ended September 30, 2019 and 2018:
(a) All amounts are net of tax. Amounts in parentheses indicate debits. (b) Reflects foreign currency translation adjustments attributable to the consolidation of Thompsons Limited as summarized in Note 17.
(a) All amounts are net of tax. Amounts in parentheses indicate debits.
(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).
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Leases (Components of Lease Cost) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended |
|---|---|---|
Sep. 30, 2019 |
Sep. 30, 2019 |
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| Lease cost: | ||
| Amortization of right-of-use assets | $ 443 | $ 1,042 |
| Interest expense on lease liabilities | 236 | 779 |
| Total lease cost | 10,111 | 31,885 |
| Cost of sales and merchandising revenues | ||
| Lease cost: | ||
| Operating lease cost | 5,761 | 18,881 |
| Operating, administrative and general expenses | ||
| Lease cost: | ||
| Operating lease cost | 3,417 | 10,251 |
| Other lease cost | 193 | 731 |
| Operating, administrative and general expenses | ||
| Lease cost: | ||
| Other lease cost | $ 61 | $ 201 |
Business Acquisitions (Intangible Assets Acquired) (Details) - LTG $ in Thousands |
Jan. 01, 2019
USD ($)
|
|---|---|
| Acquired Finite-Lived Intangible Assets [Line Items] | |
| Other intangible assets | $ 106,600 |
| Estimated useful life | 8 years |
| Customer relationships | |
| Acquired Finite-Lived Intangible Assets [Line Items] | |
| Other intangible assets | $ 86,300 |
| Estimated useful life | 10 years |
| Noncompete agreements | |
| Acquired Finite-Lived Intangible Assets [Line Items] | |
| Other intangible assets | $ 20,300 |
| Estimated useful life | 3 years |
Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands |
9 Months Ended | |
|---|---|---|
Sep. 30, 2019 |
Sep. 30, 2018 |
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| Supplemental Cash Flow Information [Abstract] | ||
| Interest paid | $ 47,164 | $ 23,327 |
| Noncash investing and financing activity | ||
| Equity issued in conjunction with acquisition | 127,841 | 0 |
| Removal of pre-existing equity method investment | (159,459) | 0 |
| Purchase price holdback/ other accrued liabilities | 29,956 | 0 |
| Dividends declared not yet paid | 5,547 | 4,663 |
| Debt resulting from accounting standard adoption | 0 | 36,953 |
| Railcar assets and liabilities resulting from accounting standard adoption | 0 | 25,643 |
| Capital projects incurred but not yet paid | $ 8,245 | $ 13,941 |
Related Party Transactions (Transactions Entered Into For the Time Periods Presented) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2019 |
Sep. 30, 2018 |
Sep. 30, 2019 |
Sep. 30, 2018 |
Dec. 31, 2018 |
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| Related party transactions entered into for the time periods presented | ||||||||||||||||
| Sales revenues | $ 52,875 | $ 82,394 | $ 171,897 | $ 278,974 | ||||||||||||
| Service fee revenues | [1] | 2,852 | 5,231 | 11,015 | 15,539 | |||||||||||
| Purchases of product | 174,420 | 177,583 | 520,091 | 556,551 | ||||||||||||
| Lease income | [2] | 1,887 | 1,623 | 5,195 | 4,829 | |||||||||||
| Labor and benefits reimbursement | [3] | 3,513 | 3,436 | 10,973 | 10,603 | |||||||||||
| Accounts receivable | [4] | 23,394 | 32,584 | 23,394 | 32,584 | $ 17,829 | ||||||||||
| Accounts payable | [5] | $ 21,201 | $ 32,347 | $ 21,201 | $ 32,347 | $ 28,432 | ||||||||||
| ||||||||||||||||
Fair Value Measurements (Fair Value of Company's Long-term Debt) (Details) - USD ($) $ in Thousands |
Sep. 30, 2019 |
Dec. 31, 2018 |
Sep. 30, 2018 |
||
|---|---|---|---|---|---|
| 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 | $ 1,046,063 | $ 517,998 | $ 445,342 | ||
| Fair value in excess of carrying value | [1] | $ 11,047 | $ 5,813 | $ 11,629 | |
| |||||
Leases (Weighted Average Discount Rate) (Details) |
Sep. 30, 2019 |
|---|---|
| Leases [Abstract] | |
| Operating leases | 4.16% |
| Finance leases | 3.78% |
Condensed Consolidated Statements of Equity (Parenthetical) - USD ($) $ in Thousands |
3 Months Ended | |
|---|---|---|
Sep. 30, 2019 |
Sep. 30, 2018 |
|
| Additional Paid-in Capital | ||
| Income tax on stock option exercise and other shares issued to employees and directors | $ 0 | $ 0 |
| Retained Earnings | ||
| Dividends declared, per common share (in dollars per share) | $ 0.17 | $ 0.165 |
Debt (Textual) (Details) - Line of credit |
Sep. 30, 2019
USD ($)
|
|---|---|
| Line of Credit Facility [Line Items] | |
| Credit facility, maximum borrowing capacity | $ 1,628,700,000 |
| Total available for borrowings under lines of credit | $ 1,207,700,000 |
Derivatives (Pre-tax Gains and Losses) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Sep. 30, 2019 |
Sep. 30, 2018 |
Sep. 30, 2019 |
Sep. 30, 2018 |
|
| Commodity | Cost of sales and merchandising revenues | ||||
| Derivative Instruments, Gain (Loss) [Line Items] | ||||
| Gains (losses) on derivatives instruments recognized in earnings | $ (27,586) | $ (51,059) | $ 25,469 | $ (30,451) |
| Not Designated as Hedging Instrument | Interest rate contracts | Operating, administrative and general expenses | ||||
| Derivative Instruments, Gain (Loss) [Line Items] | ||||
| Gains (losses) on derivatives instruments recognized in earnings | (36) | 521 | (972) | 1,662 |
| Not Designated as Hedging Instrument | Foreign currency contract | Other Income, Net | ||||
| Derivative Instruments, Gain (Loss) [Line Items] | ||||
| Gains (losses) on derivatives instruments recognized in earnings | (615) | 372 | (684) | (1,163) |
| Designated as Hedging Instrument | Interest rate contracts | ||||
| Derivative Instruments, Gain (Loss) [Line Items] | ||||
| Interest rate derivative gains (losses) included in Other Comprehensive Income (Loss) | (3,798) | 159 | (16,547) | 226 |
| Designated as Hedging Instrument | Interest rate contracts | Operating, administrative and general expenses | ||||
| Derivative Instruments, Gain (Loss) [Line Items] | ||||
| Interest rate derivatives gains (losses) included in Interest income (expense) | $ (224) | $ 54 | $ (243) | $ 126 |
Cover page - shares shares in Millions |
9 Months Ended | |
|---|---|---|
Sep. 30, 2019 |
Oct. 25, 2019 |
|
| Cover page. | ||
| Document Type | 10-Q | |
| Document Quarterly Report | true | |
| Document Period End Date | Sep. 30, 2019 | |
| Document Transition Report | false | |
| Entity File Number | 000-20557 | |
| Entity Registrant Name | ANDERSONS, INC. | |
| Entity Incorporation, State or Country Code | OH | |
| Entity Tax Identification Number | 34-1562374 | |
| Entity Address, Address Line One | 1947 Briarfield Boulevard | |
| Entity Address, City or Town | Maumee | |
| Entity Address, State or Province | OH | |
| Entity Address, Postal Zip Code | 43537 | |
| City Area Code | 419 | |
| Local Phone Number | 893-5050 | |
| Title of 12(b) Security | Common stock, $0.00 par value, $0.01 stated value | |
| Trading Symbol | ANDE | |
| Security Exchange Name | NASDAQ | |
| Entity Current Reporting Status | Yes | |
| Entity Interactive Data Current | Yes | |
| Entity Filer Category | Large Accelerated Filer | |
| Entity Small Business | false | |
| Entity Emerging Growth Company | false | |
| Entity Shell Company | false | |
| Entity Common Stock, Shares Outstanding | 32.6 | |
| Entity Central Index Key | 0000821026 | |
| Amendment Flag | false | |
| Document Fiscal Year Focus | 2019 | |
| Document Fiscal Period Focus | Q3 | |
| Current Fiscal Year End Date | --12-31 |
Revenue (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 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:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Disaggregation of Revenues | The following tables disaggregate revenues under ASC 606 by major product/service line for the three and nine months ended September 30, 2019 and 2018, respectively:
|
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| 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:
|
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Property, Plant and Equipment (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Components of property, plant and equipment | The components of Property, plant and equipment, net are as follows:
|
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| Components of railcar assets leased to others | The components of Rail Group assets leased to others are as follows:
|
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Earnings Per Share |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Earnings Per Share | Earnings Per Share
|
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Inventories |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Inventory, Net [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Inventories | Inventories Major classes of inventories are as follows:
Inventories on the Condensed Consolidated Balance Sheets at September 30, 2019, do not include 2.7 million bushels of grain held in storage for others. Grain inventories held in storage for others were de minimis as of December 31, 2018 and September 30, 2018. 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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Employee Benefit Plans |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 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 and nine months ended September 30, 2019 and 2018:
|
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Commitments and Contingencies (Details) $ in Millions |
Jan. 01, 2019
USD ($)
|
|---|---|
| LTG | |
| Operating Leased Assets [Line Items] | |
| Reserve relating to outstanding non-regulatory litigation claim | $ 5.0 |
Related Party Transactions (Textual) (Details) |
3 Months Ended | 9 Months Ended | ||||
|---|---|---|---|---|---|---|
|
Sep. 30, 2019
USD ($)
|
Sep. 30, 2018
USD ($)
|
Sep. 30, 2019
USD ($)
|
Sep. 30, 2018
USD ($)
|
Dec. 31, 2018
USD ($)
|
Mar. 02, 2018
gal
|
|
| Related Party Transaction [Line Items] | ||||||
| Total distributions received from unconsolidated affiliates | $ 400,000 | $ 2,200,000 | ||||
| Revenues recognized for the sale of ethanol | $ 158,500,000 | $ 161,900,000 | 456,700,000 | 480,400,000 | ||
| Related party, gross assets | 400,000 | 6,800,000 | 400,000 | 6,800,000 | $ 1,900,000 | |
| Related party, gross liability | 2,600,000 | $ 7,200,000 | 2,600,000 | $ 7,200,000 | $ 6,300,000 | |
| ELEMENT, LLC | Subsidiary | ||||||
| Related Party Transaction [Line Items] | ||||||
| Percentage of company's interest in subsidiary | 51.00% | |||||
| Noncontrolling interest is attributed of all gains and losses of parent (percentage) | 49.00% | |||||
| Maximum production capacity of bio-refinery (gallons) | gal | 70,000,000 | |||||
| Remaining obligation | $ 5,200,000 | $ 5,200,000 | ||||
Fair Value Measurements (Reconciliation of Beginning and Ending Balances of Level 3 Measurements) (Details) - Level 3 - Convertible preferred securities - USD ($) $ in Thousands |
3 Months Ended | ||||||
|---|---|---|---|---|---|---|---|
Sep. 30, 2019 |
Jun. 30, 2019 |
Mar. 31, 2019 |
Sep. 30, 2018 |
Jun. 30, 2018 |
Mar. 31, 2018 |
Dec. 31, 2018 |
|
| Reconciliation of Fair Value Measurements Using Level 3 | |||||||
| Asset (liability), Beginning Balance | $ 8,404 | $ 7,404 | $ 7,154 | $ 7,488 | $ 7,388 | $ 7,388 | |
| Additional investments | 0 | 1,000 | 250 | 986 | 100 | 0 | |
| Gains (losses) included in earnings | 0 | 5,080 | |||||
| Sale proceeds | 0 | (6,400) | |||||
| Asset (liability), Ending Balance | 8,404 | $ 8,404 | $ 7,404 | 7,154 | $ 7,488 | $ 7,388 | |
| Implied based on market prices | |||||||
| Quantitative Information about Level 3 Fair Value Measurements | |||||||
| Asset fair value | $ 8,404 | $ 7,154 | $ 7,154 | ||||
Leases (Weighted Average Remaining Lease Term) (Details) |
Sep. 30, 2019 |
|---|---|
| Leases [Abstract] | |
| Operating leases | 4 years 2 months 12 days |
| Finance leases | 6 years 10 months 24 days |
Leases (Summary of Amounts Recognized in Condensed Consolidated Balance Sheet) (Details) - USD ($) $ in Thousands |
Sep. 30, 2019 |
Dec. 31, 2018 |
Sep. 30, 2018 |
|||
|---|---|---|---|---|---|---|
| Assets | ||||||
| Operating lease assets | $ 70,773 | $ 0 | $ 0 | |||
| Finance lease assets | 24,003 | |||||
| Total leased assets | 111,912 | |||||
| Liabilities | ||||||
| Current operating leases | 24,544 | |||||
| Non-current operating leases | 47,299 | 0 | 0 | |||
| Total operating lease liabilities | 71,843 | |||||
| Current finance leases | [1] | 17,331 | 0 | 0 | ||
| Non-current finance leases | [1] | 21,925 | $ 0 | $ 0 | ||
| Total finance lease liabilities | 39,256 | |||||
| Total lease liabilities | 111,099 | |||||
| Rail | ||||||
| Assets | ||||||
| Finance lease assets | $ 17,136 | |||||
| ||||||
Business Acquisitions (Fair Value of Assets Acquired and Liabilities Assumed) (Details) - USD ($) $ in Thousands |
9 Months Ended | |||
|---|---|---|---|---|
Jan. 01, 2019 |
Sep. 30, 2019 |
Sep. 30, 2018 |
Dec. 31, 2018 |
|
| Business Acquisition [Line Items] | ||||
| Goodwill | $ 135,872 | $ 6,024 | $ 6,024 | |
| Removal of preexisting ownership interest, including associated cumulative translation adjustment | (159,459) | $ 0 | ||
| Pretax loss on derecognition of preexisting ownership interest | $ 1,078 | |||
| LTG | ||||
| Business Acquisition [Line Items] | ||||
| Cash and cash equivalents | $ 21,525 | |||
| Accounts receivable | 320,467 | |||
| Inventories | 456,963 | |||
| Commodity derivative assets - current | 82,595 | |||
| Other current assets | 27,474 | |||
| Commodity derivative assets - noncurrent | 13,576 | |||
| Goodwill | 129,848 | |||
| Other intangible assets | 106,600 | |||
| Right of use asset | 37,894 | |||
| Equity method investments | 28,728 | |||
| Other assets, net | 5,582 | |||
| Property, plant and equipment, net | 171,820 | |||
| Total Assets Acquired | 1,403,072 | |||
| Short-term debt | 218,901 | |||
| Trade and other payables | 303,321 | |||
| Commodity derivative liabilities - current | 29,024 | |||
| Customer prepayments and deferred revenue | 99,530 | |||
| Accrued expense and other current liabilities | 64,512 | |||
| Other long-term liabilities, including commodity derivative liabilities - noncurrent | 3,175 | |||
| Long-term debt, including current maturities | 21,193 | |||
| Long-term debt, including current maturities | 161,688 | |||
| Deferred income taxes | 14,403 | |||
| Total Liabilities Assumed | 915,747 | |||
| Fair value of acquired assets and assumed liabilities | 487,325 | |||
| Total purchase price consideration | $ 328,944 | |||
Derivatives (Textual) (Details) |
9 Months Ended |
|---|---|
Sep. 30, 2019 | |
| Derivative [Line Items] | |
| Maximum period in which contracts for the sale of grain to processors or other consumers extend (years) | 1 year |
Condensed Consolidated Statements of Operations - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Sep. 30, 2019 |
Sep. 30, 2018 |
Sep. 30, 2019 |
Sep. 30, 2018 |
|
| Income Statement [Abstract] | ||||
| Revenues from external customers | $ 1,982,755 | $ 685,579 | $ 6,284,588 | $ 2,232,720 |
| Cost of sales and merchandising revenues | 1,873,614 | 631,715 | 5,905,055 | 2,024,677 |
| Gross profit | 109,141 | 53,864 | 379,533 | 208,043 |
| Operating, administrative and general expenses | 107,118 | 65,986 | 327,385 | 190,096 |
| Asset impairment | 0 | 0 | 3,081 | 6,272 |
| Interest expense | 13,975 | 5,176 | 45,613 | 20,000 |
| Other income: | ||||
| Equity in earnings (loss) of affiliates, net | (3,728) | 7,225 | (2,367) | 20,601 |
| Other income (loss), net | 2,598 | 6,434 | 6,649 | 10,949 |
| Income (loss) before income taxes | (13,082) | (3,639) | 7,736 | 23,225 |
| Income tax provision (benefit) | (7,212) | (1,764) | (1,657) | 5,668 |
| Net income (loss) | (5,870) | (1,875) | 9,393 | 17,557 |
| Net income (loss) attributable to the noncontrolling interests | (1,633) | 223 | (2,265) | (175) |
| Net income (loss) attributable to The Andersons, Inc. | $ (4,237) | $ (2,098) | $ 11,658 | $ 17,732 |
| Per common share: | ||||
| Basic earnings attributable to The Andersons, Inc. common shareholders (dollars per share) | $ (0.13) | $ (0.07) | $ 0.36 | $ 0.63 |
| Diluted earnings attributable to The Andersons, Inc. common shareholders (dollars per share) | $ (0.13) | $ (0.07) | $ 0.35 | $ 0.62 |
Derivatives (Volume of Contracts Outstanding) (Details) lb in Thousands, gal in Thousands, bu in Thousands, T in Thousands |
Sep. 30, 2019
lb
|
Sep. 30, 2019
bu
|
Sep. 30, 2019
T
|
Sep. 30, 2019
gal
|
Dec. 31, 2018
lb
|
Dec. 31, 2018
bu
|
Dec. 31, 2018
T
|
Dec. 31, 2018
gal
|
Sep. 30, 2018
lb
|
Sep. 30, 2018
bu
|
Sep. 30, 2018
T
|
Sep. 30, 2018
gal
|
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Amounts of quantities outstanding included in commodity derivative contracts | ||||||||||||
| Nonmonetary notional amount | 5,385 | 1,258,761 | 3,467 | 421,253 | 2,920 | 506,417 | 66 | 323,975 | 2,560 | 562,872 | 115 | 324,087 |
| Non-exchange Traded | ||||||||||||
| Amounts of quantities outstanding included in commodity derivative contracts | ||||||||||||
| Nonmonetary notional amount | 5,385 | 842,811 | 3,178 | 262,965 | 2,920 | 313,612 | 66 | 246,863 | 2,560 | 362,632 | 115 | 231,813 |
| Non-exchange Traded | Corn | ||||||||||||
| Amounts of quantities outstanding included in commodity derivative contracts | ||||||||||||
| Nonmonetary notional amount | 0 | 653,757 | 0 | 0 | 0 | 250,408 | 0 | 0 | 0 | 277,774 | 0 | 0 |
| Non-exchange Traded | Soybeans | ||||||||||||
| Amounts of quantities outstanding included in commodity derivative contracts | ||||||||||||
| Nonmonetary notional amount | 0 | 46,895 | 0 | 0 | 0 | 22,463 | 0 | 0 | 0 | 45,755 | 0 | 0 |
| Non-exchange Traded | Wheat | ||||||||||||
| Amounts of quantities outstanding included in commodity derivative contracts | ||||||||||||
| Nonmonetary notional amount | 0 | 90,598 | 0 | 0 | 0 | 14,017 | 0 | 0 | 0 | 7,948 | 0 | 0 |
| Non-exchange Traded | Oats | ||||||||||||
| Amounts of quantities outstanding included in commodity derivative contracts | ||||||||||||
| Nonmonetary notional amount | 0 | 36,365 | 0 | 0 | 0 | 26,230 | 0 | 0 | 0 | 31,155 | 0 | 0 |
| Non-exchange Traded | Ethanol | ||||||||||||
| Amounts of quantities outstanding included in commodity derivative contracts | ||||||||||||
| Nonmonetary notional amount | 0 | 0 | 0 | 256,815 | 0 | 0 | 0 | 244,863 | 0 | 0 | 0 | 230,813 |
| Non-exchange Traded | Corn oil | ||||||||||||
| Amounts of quantities outstanding included in commodity derivative contracts | ||||||||||||
| Nonmonetary notional amount | 5,022 | 0 | 0 | 0 | 2,920 | 0 | 0 | 0 | 2,560 | 0 | 0 | 0 |
| Non-exchange Traded | Other | ||||||||||||
| Amounts of quantities outstanding included in commodity derivative contracts | ||||||||||||
| Nonmonetary notional amount | 363 | 15,196 | 3,178 | 6,150 | 0 | 494 | 66 | 2,000 | 0 | 115 | 1,000 | |
| Exchange Traded | ||||||||||||
| Amounts of quantities outstanding included in commodity derivative contracts | ||||||||||||
| Nonmonetary notional amount | 0 | 415,950 | 289 | 158,288 | 0 | 192,805 | 0 | 77,112 | 0 | 200,240 | 0 | 92,274 |
| Exchange Traded | Corn | ||||||||||||
| Amounts of quantities outstanding included in commodity derivative contracts | ||||||||||||
| Nonmonetary notional amount | 0 | 280,890 | 0 | 0 | 0 | 130,585 | 0 | 0 | 0 | 123,250 | 0 | 0 |
| Exchange Traded | Soybeans | ||||||||||||
| Amounts of quantities outstanding included in commodity derivative contracts | ||||||||||||
| Nonmonetary notional amount | 0 | 58,980 | 0 | 0 | 0 | 26,985 | 0 | 0 | 0 | 31,855 | 0 | 0 |
| Exchange Traded | Wheat | ||||||||||||
| Amounts of quantities outstanding included in commodity derivative contracts | ||||||||||||
| Nonmonetary notional amount | 0 | 75,345 | 0 | 0 | 0 | 33,760 | 0 | 0 | 0 | 44,130 | 0 | 0 |
| Exchange Traded | Oats | ||||||||||||
| Amounts of quantities outstanding included in commodity derivative contracts | ||||||||||||
| Nonmonetary notional amount | 0 | 735 | 0 | 0 | 0 | 1,475 | 0 | 0 | 0 | 1,005 | 0 | 0 |
| Exchange Traded | Ethanol | ||||||||||||
| Amounts of quantities outstanding included in commodity derivative contracts | ||||||||||||
| Nonmonetary notional amount | 0 | 0 | 0 | 145,769 | 0 | 0 | 0 | 77,112 | 0 | 0 | 0 | 92,274 |
| Exchange Traded | Propane | ||||||||||||
| Amounts of quantities outstanding included in commodity derivative contracts | ||||||||||||
| Nonmonetary notional amount | 0 | 0 | 0 | 12,516 | ||||||||
| Exchange Traded | Other | ||||||||||||
| Amounts of quantities outstanding included in commodity derivative contracts | ||||||||||||
| Nonmonetary notional amount | 0 | 0 | 289 | 3 |
Condensed Consolidated Statements of Equity - USD ($) $ in Thousands |
Total |
Common Shares |
Additional Paid-in Capital |
Treasury Shares |
Accumulated Other Comprehensive Income (Loss) |
Retained Earnings |
Noncontrolling Interests |
||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| 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) | 17,557 | 17,732 | (175) | ||||||||
| Other comprehensive income (loss) | (1,664) | [1] | (1,664) | ||||||||
| Cash received from (paid to) noncontrolling interest | 21,116 | (2,268) | 23,384 | ||||||||
| 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 | 5,167 | 14 | 5,153 | ||||||||
| Dividends declared per common share | (13,991) | (13,991) | |||||||||
| Restricted share award dividend equivalents | 0 | 120 | (120) | ||||||||
| Ending Balance at Sep. 30, 2018 | 842,643 | 96 | 222,368 | (35,039) | (4,364) | 628,676 | 30,906 | ||||
| Beginning Balance at Jun. 30, 2018 | 846,990 | 96 | 223,259 | (35,561) | (5,347) | 635,438 | 29,105 | ||||
| Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
| Net income (loss) | (1,875) | (2,098) | 223 | ||||||||
| Other comprehensive income (loss) | 983 | [1] | 983 | ||||||||
| Cash received from (paid to) noncontrolling interest | (690) | (2,268) | 1,578 | ||||||||
| Stock awards, stock option exercises and other shares issued to employees and directors, net of income tax | 1,899 | 1,377 | 522 | ||||||||
| Dividends declared per common share | (4,664) | (4,664) | |||||||||
| Ending Balance at Sep. 30, 2018 | 842,643 | 96 | 222,368 | (35,039) | (4,364) | 628,676 | 30,906 | ||||
| Beginning Balance at Dec. 31, 2018 | 876,764 | 96 | 224,396 | (35,300) | (6,387) | 647,517 | 46,442 | ||||
| Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
| Net income (loss) | 9,393 | 11,658 | (2,265) | ||||||||
| Other comprehensive income (loss) | [1] | (1,233) | |||||||||
| Cash received from (paid to) noncontrolling interest | 4,879 | 164 | 4,715 | ||||||||
| Other comprehensive income (loss) | (12,719) | (12,719) | |||||||||
| Amounts reclassified from accumulated other comprehensive loss | 11,486 | 11,486 | |||||||||
| Adoption of accounting standard, net of income tax of $2,869 | (711) | (711) | |||||||||
| Stock awards, stock option exercises and other shares issued to employees and directors, net of income tax | 11,023 | (16,452) | 27,475 | ||||||||
| Dividends declared per common share | (16,606) | (16,606) | |||||||||
| Stock awards granted due to acquisition | 127,841 | 41 | 127,800 | ||||||||
| Restricted share award dividend equivalents | 0 | 8 | 243 | (251) | |||||||
| Ending Balance at Sep. 30, 2019 | 1,011,350 | 137 | 335,916 | (7,582) | (7,620) | 641,607 | 48,892 | ||||
| Beginning Balance at Jun. 30, 2019 | 1,020,639 | 137 | 331,186 | (6,449) | (6,241) | 651,481 | 50,525 | ||||
| Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
| Net income (loss) | (5,870) | (4,237) | (1,633) | ||||||||
| Other comprehensive income (loss) | [1] | (1,379) | |||||||||
| Cash received from (paid to) noncontrolling interest | 164 | 164 | |||||||||
| Other comprehensive income (loss) | (1,405) | (1,405) | |||||||||
| Amounts reclassified from accumulated other comprehensive loss | 26 | 26 | |||||||||
| Stock awards, stock option exercises and other shares issued to employees and directors, net of income tax | 3,343 | 4,566 | (1,223) | ||||||||
| Dividends declared per common share | (5,547) | (5,547) | |||||||||
| Restricted share award dividend equivalents | 0 | 90 | (90) | ||||||||
| Ending Balance at Sep. 30, 2019 | $ 1,011,350 | $ 137 | $ 335,916 | $ (7,582) | $ (7,620) | $ 641,607 | $ 48,892 | ||||
| |||||||||||
Fair Value Measurements (Assets and Liabilities Measured on Recurring Basis) (Details) - Fair Value, Recurring [Member] - USD ($) $ in Thousands |
Sep. 30, 2019 |
Dec. 31, 2018 |
Sep. 30, 2018 |
|||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets and liabilities measured at fair value on a recurring basis | ||||||||||||
| Commodity derivatives, net | [1] | $ 52,887 | $ 18,365 | $ (16,324) | ||||||||
| Provisionally price contracts | [2] | (103,292) | (134,741) | (78,833) | ||||||||
| Convertible preferred securities | [3] | 8,404 | 7,154 | 7,154 | ||||||||
| Other assets and liabilities | [4] | (12,288) | 4,833 | 6,181 | ||||||||
| Total | (54,289) | (104,389) | (81,822) | |||||||||
| Level 1 | ||||||||||||
| Assets and liabilities measured at fair value on a recurring basis | ||||||||||||
| Commodity derivatives, net | [1] | 34,196 | 37,229 | 51,595 | ||||||||
| Provisionally price contracts | [2] | (79,757) | (76,175) | (55,697) | ||||||||
| Convertible preferred securities | [3] | 0 | 0 | 0 | ||||||||
| Other assets and liabilities | [4] | 5,603 | 5,186 | 5,988 | ||||||||
| Total | (39,958) | (33,760) | 1,886 | |||||||||
| Level 2 | ||||||||||||
| Assets and liabilities measured at fair value on a recurring basis | ||||||||||||
| Commodity derivatives, net | [1] | 18,691 | (18,864) | (67,919) | ||||||||
| Provisionally price contracts | [2] | (23,535) | (58,566) | (23,136) | ||||||||
| Convertible preferred securities | [3] | 0 | 0 | 0 | ||||||||
| Other assets and liabilities | [4] | (17,891) | (353) | 193 | ||||||||
| Total | (22,735) | (77,783) | (90,862) | |||||||||
| Level 3 | ||||||||||||
| Assets and liabilities measured at fair value on a recurring basis | ||||||||||||
| Commodity derivatives, net | [1] | 0 | 0 | 0 | ||||||||
| Provisionally price contracts | [2] | 0 | 0 | 0 | ||||||||
| Convertible preferred securities | [3] | 8,404 | 7,154 | 7,154 | ||||||||
| Other assets and liabilities | [4] | 0 | 0 | 0 | ||||||||
| Total | $ 8,404 | $ 7,154 | $ 7,154 | |||||||||
| ||||||||||||
Goodwill (Details) $ in Thousands |
9 Months Ended |
|---|---|
|
Sep. 30, 2019
USD ($)
| |
| Goodwill [Roll Forward] | |
| Balance as of January 1, 2019 | $ 6,024 |
| Acquisitions | 129,848 |
| Balance as of September 30, 2019 | 135,872 |
| Trade | |
| Goodwill [Roll Forward] | |
| Balance as of January 1, 2019 | 1,171 |
| Acquisitions | 129,848 |
| Balance as of September 30, 2019 | 131,019 |
| Plant Nutrient | |
| Goodwill [Roll Forward] | |
| Balance as of January 1, 2019 | 686 |
| Acquisitions | 0 |
| Balance as of September 30, 2019 | 686 |
| Rail | |
| Goodwill [Roll Forward] | |
| Balance as of January 1, 2019 | 4,167 |
| Acquisitions | 0 |
| Balance as of September 30, 2019 | $ 4,167 |
Revenue (Breakdown of Revenues by Accounting Standards) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Sep. 30, 2019 |
Sep. 30, 2018 |
Sep. 30, 2019 |
Sep. 30, 2018 |
|
| Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
| Revenue from contract with customers | $ 273,945 | $ 156,394 | $ 1,083,383 | $ 706,927 |
| Total Revenues | 1,982,755 | 685,579 | 6,284,588 | 2,232,720 |
| Revenues under ASC 606 | ||||
| Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
| Revenue from contract with customers | 273,945 | 156,394 | 1,083,383 | 706,927 |
| Revenues under ASC 842 | ||||
| Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
| Total Revenues | 26,418 | 25,853 | 87,122 | 78,110 |
| Revenues under ASC 815 | ||||
| Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
| Total Revenues | $ 1,682,392 | $ 503,332 | $ 5,114,083 | $ 1,447,683 |
Income Taxes (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Sep. 30, 2019 |
Sep. 30, 2018 |
Sep. 30, 2019 |
Sep. 30, 2018 |
|
| Income Tax Disclosure [Abstract] | ||||
| Income tax (benefit) expense | $ (7,212) | $ (1,764) | $ (1,657) | $ 5,668 |
| Effective income tax rate | (55.10%) | (48.50%) | (21.40%) | 24.40% |
| Income tax benefit, research and development credits | $ 3,900 | |||
| Unrecognized tax benefits | 17,700 | $ 600 | $ 17,700 | $ 600 |
| Unrecognized tax benefit, reduction of deferred tax asset and refundable credits | $ 17,200 | |||
Basis of Presentation and Consolidation (Details) $ in Millions |
Sep. 30, 2019
USD ($)
|
|---|---|
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
| Restricted cash | $ 9.0 |