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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Andersons Inc | NASDAQ:ANDE | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 56.02 | 52.04 | 58.00 | 0 | 12:00:00 |
|
|
ý
|
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
|
|
|
OHIO
|
|
34-1562374
|
(State of incorporation
or organization)
|
|
(I.R.S. Employer
Identification No.)
|
480 W. Dussel Drive, Maumee, Ohio
|
|
43537
|
(Address of principal executive offices)
|
|
(Zip Code)
|
|
Large accelerated filer
|
ý
|
Accelerated Filer
|
¨
|
Non-accelerated filer
|
¨
|
Smaller reporting company
|
¨
|
|
Page No.
|
PART I. FINANCIAL INFORMATION
|
|
|
|
PART II. OTHER INFORMATION
|
|
The Andersons, Inc.
Condensed Consolidated Balance Sheets
(Unaudited)(In thousands)
|
|||||||||||
|
June 30,
2016 |
|
December 31,
2015 |
|
June 30,
2015 |
||||||
Assets
|
|
|
|
|
|
||||||
Current assets:
|
|
|
|
|
|
||||||
Cash and cash equivalents
|
$
|
31,383
|
|
|
$
|
63,750
|
|
|
$
|
40,773
|
|
Restricted cash
|
987
|
|
|
451
|
|
|
941
|
|
|||
Accounts receivable, net
|
212,588
|
|
|
170,912
|
|
|
238,601
|
|
|||
Inventories (Note 2)
|
486,236
|
|
|
747,399
|
|
|
508,408
|
|
|||
Commodity derivative assets – current (Note 5)
|
115,924
|
|
|
49,826
|
|
|
39,860
|
|
|||
Deferred income taxes
|
—
|
|
|
6,772
|
|
|
6,069
|
|
|||
Other current assets
|
48,754
|
|
|
90,412
|
|
|
44,765
|
|
|||
Total current assets
|
895,872
|
|
|
1,129,522
|
|
|
879,417
|
|
|||
Other assets:
|
|
|
|
|
|
||||||
Commodity derivative assets – noncurrent (Note 5)
|
1,934
|
|
|
412
|
|
|
2,990
|
|
|||
Goodwill
|
63,934
|
|
|
63,934
|
|
|
117,859
|
|
|||
Other intangible assets, net
|
113,245
|
|
|
120,240
|
|
|
126,443
|
|
|||
Other assets, net
|
6,549
|
|
|
9,515
|
|
|
33,370
|
|
|||
Equity method investments
|
238,478
|
|
|
242,107
|
|
|
224,380
|
|
|||
|
424,140
|
|
|
436,208
|
|
|
505,042
|
|
|||
Rail Group assets leased to others, net (Note 3)
|
340,136
|
|
|
338,111
|
|
|
330,832
|
|
|||
Property, plant and equipment, net (Note 3)
|
447,267
|
|
|
455,260
|
|
|
437,074
|
|
|||
Total assets
|
$
|
2,107,415
|
|
|
$
|
2,359,101
|
|
|
$
|
2,152,365
|
|
The Andersons, Inc.
Condensed Consolidated Balance Sheets (continued)
(Unaudited)(In thousands)
|
|||||||||||
|
June 30,
2016 |
|
December 31,
2015 |
|
June 30,
2015 |
||||||
Liabilities and equity
|
|
|
|
|
|
||||||
Current liabilities:
|
|
|
|
|
|
||||||
Short-term debt (Note 4)
|
$
|
179,404
|
|
|
$
|
16,990
|
|
|
$
|
141,250
|
|
Trade and other payables
|
302,413
|
|
|
668,788
|
|
|
358,190
|
|
|||
Customer prepayments and deferred revenue
|
18,252
|
|
|
66,762
|
|
|
25,927
|
|
|||
Commodity derivative liabilities – current (Note 5)
|
43,183
|
|
|
37,387
|
|
|
42,622
|
|
|||
Accrued expenses and other current liabilities
|
71,169
|
|
|
70,324
|
|
|
72,034
|
|
|||
Current maturities of long-term debt (Note 4)
|
53,720
|
|
|
27,786
|
|
|
27,188
|
|
|||
Total current liabilities
|
668,141
|
|
|
888,037
|
|
|
667,211
|
|
|||
Other long-term liabilities
|
30,430
|
|
|
18,176
|
|
|
14,934
|
|
|||
Commodity derivative liabilities – noncurrent (Note 5)
|
2,182
|
|
|
1,063
|
|
|
2,177
|
|
|||
Employee benefit plan obligations
|
44,902
|
|
|
45,805
|
|
|
57,686
|
|
|||
Long-term debt, less current maturities (Note 4)
|
398,746
|
|
|
436,208
|
|
|
417,279
|
|
|||
Deferred income taxes
|
179,911
|
|
|
186,073
|
|
|
171,163
|
|
|||
Total liabilities
|
1,324,312
|
|
|
1,575,362
|
|
|
1,330,450
|
|
|||
Commitments and contingencies (Note 13)
|
|
|
|
|
|
||||||
Shareholders’ equity:
|
|
|
|
|
|
||||||
Common shares, without par value (63,000 shares authorized; 29,430, 29,353 and 29,430 shares issued at 6/30/16, 12/31/15 and 6/30/15, respectively)
|
96
|
|
|
96
|
|
|
96
|
|
|||
Preferred shares, without par value (1,000 shares authorized; none issued)
|
—
|
|
|
—
|
|
|
—
|
|
|||
Additional paid-in-capital
|
219,489
|
|
|
222,848
|
|
|
223,802
|
|
|||
Treasury shares, at cost (1,190, 1,397 and 1,014 shares at 6/30/16, 12/31/15 and 6/30/15, respectively)
|
(44,970
|
)
|
|
(52,902
|
)
|
|
(38,880
|
)
|
|||
Accumulated other comprehensive loss
|
(17,094
|
)
|
|
(20,939
|
)
|
|
(55,159
|
)
|
|||
Retained earnings
|
606,177
|
|
|
615,151
|
|
|
671,655
|
|
|||
Total shareholders’ equity of The Andersons, Inc.
|
763,698
|
|
|
764,254
|
|
|
801,514
|
|
|||
Noncontrolling interests
|
19,405
|
|
|
19,485
|
|
|
20,401
|
|
|||
Total equity
|
783,103
|
|
|
783,739
|
|
|
821,915
|
|
|||
Total liabilities and equity
|
$
|
2,107,415
|
|
|
$
|
2,359,101
|
|
|
$
|
2,152,365
|
|
|
Three months ended June 30,
|
|
Six months ended June 30,
|
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Sales and merchandising revenues
|
$
|
1,064,244
|
|
|
$
|
1,187,704
|
|
|
$
|
1,952,123
|
|
|
$
|
2,105,929
|
|
Cost of sales and merchandising revenues
|
967,202
|
|
|
1,079,531
|
|
|
1,787,326
|
|
|
1,914,445
|
|
||||
Gross profit
|
97,042
|
|
|
108,173
|
|
|
164,797
|
|
|
191,484
|
|
||||
Operating, administrative and general expenses
|
75,405
|
|
|
83,743
|
|
|
155,286
|
|
|
162,346
|
|
||||
Interest expense
|
6,554
|
|
|
4,025
|
|
|
13,605
|
|
|
10,063
|
|
||||
Other income (loss):
|
|
|
|
|
|
|
|
||||||||
Equity in earnings (loss) of affiliates, net
|
2,344
|
|
|
16,190
|
|
|
(4,633
|
)
|
|
19,450
|
|
||||
Other income (loss), net
|
5,682
|
|
|
13,772
|
|
|
8,928
|
|
|
16,880
|
|
||||
Income (loss) before income taxes
|
23,109
|
|
|
50,367
|
|
|
201
|
|
|
55,405
|
|
||||
Income tax provision (benefit)
|
7,668
|
|
|
17,969
|
|
|
382
|
|
|
19,061
|
|
||||
Net income (loss)
|
15,441
|
|
|
32,398
|
|
|
(181
|
)
|
|
36,344
|
|
||||
Net income (loss) attributable to the noncontrolling interests
|
1,018
|
|
|
1,306
|
|
|
92
|
|
|
1,155
|
|
||||
Net income (loss) attributable to The Andersons, Inc.
|
$
|
14,423
|
|
|
$
|
31,092
|
|
|
$
|
(273
|
)
|
|
$
|
35,189
|
|
Per common share:
|
|
|
|
|
|
|
|
||||||||
Basic earnings (loss) attributable to The Andersons, Inc. common shareholders
|
$
|
0.51
|
|
|
$
|
1.09
|
|
|
$
|
(0.01
|
)
|
|
$
|
1.23
|
|
Diluted earnings (loss) attributable to The Andersons, Inc. common shareholders
|
$
|
0.51
|
|
|
$
|
1.09
|
|
|
$
|
(0.01
|
)
|
|
$
|
1.23
|
|
Dividends declared
|
$
|
0.155
|
|
|
$
|
0.14
|
|
|
$
|
0.31
|
|
|
$
|
0.28
|
|
|
Three months ended June 30,
|
|
Six months ended June 30,
|
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Net income (loss)
|
$
|
15,441
|
|
|
$
|
32,398
|
|
|
$
|
(181
|
)
|
|
$
|
36,344
|
|
Other comprehensive income (loss), net of tax:
|
|
|
|
|
|
|
|
||||||||
Recognition of gain on sale of debt securities (net of income tax of $0, $0, $74 and $0)
|
—
|
|
|
—
|
|
|
(126
|
)
|
|
—
|
|
||||
Change in unrecognized actuarial loss and prior service cost (net of income tax of $653, $1,289, $663 and $1,525 - Note 8)
|
1,121
|
|
|
2,128
|
|
|
1,294
|
|
|
2,518
|
|
||||
Foreign currency translation adjustments (net of income tax of $0, $0, $0 and $(613))
|
52
|
|
|
779
|
|
|
2,557
|
|
|
(3,204
|
)
|
||||
Cash flow hedge activity (net of income tax of $36, $39, $72 and $74)
|
60
|
|
|
64
|
|
|
120
|
|
|
122
|
|
||||
Other comprehensive income (loss)
|
1,233
|
|
|
2,971
|
|
|
3,845
|
|
|
(564
|
)
|
||||
Comprehensive income (loss)
|
16,674
|
|
|
35,369
|
|
|
3,664
|
|
|
35,780
|
|
||||
Comprehensive income (loss) attributable to the noncontrolling interests
|
1,018
|
|
|
1,306
|
|
|
92
|
|
|
1,155
|
|
||||
Comprehensive income (loss) attributable to The Andersons, Inc.
|
$
|
15,656
|
|
|
$
|
34,063
|
|
|
$
|
3,572
|
|
|
$
|
34,625
|
|
|
Six months ended June 30,
|
||||||
|
2016
|
|
2015
|
||||
Operating Activities
|
|
|
|
||||
Net income (loss)
|
$
|
(181
|
)
|
|
$
|
36,344
|
|
Adjustments to reconcile net income to cash used in operating activities:
|
|
|
|
||||
Depreciation and amortization
|
41,379
|
|
|
36,596
|
|
||
Bad debt expense
|
491
|
|
|
484
|
|
||
Equity in losses (earnings) of affiliates, net of dividends
|
7,181
|
|
|
(1,980
|
)
|
||
Gain on sale of investments
|
(685
|
)
|
|
—
|
|
||
Gains on sales of Rail Group assets and related leases
|
(4,725
|
)
|
|
(9,213
|
)
|
||
Excess tax benefit from share-based payment arrangement
|
—
|
|
|
(1,299
|
)
|
||
Deferred income taxes
|
(1,601
|
)
|
|
10,736
|
|
||
Stock-based compensation expense
|
3,696
|
|
|
1,988
|
|
||
Other
|
234
|
|
|
833
|
|
||
Changes in operating assets and liabilities:
|
|
|
|
||||
Accounts receivable
|
(43,650
|
)
|
|
(42,209
|
)
|
||
Inventories
|
224,368
|
|
|
312,341
|
|
||
Commodity derivatives
|
(60,443
|
)
|
|
27,835
|
|
||
Other assets
|
35,612
|
|
|
17,173
|
|
||
Trade and other payables
|
(396,037
|
)
|
|
(449,027
|
)
|
||
Net cash provided by (used in) operating activities
|
(194,361
|
)
|
|
(59,398
|
)
|
||
Investing Activities
|
|
|
|
||||
Acquisition of business, net of cash acquired
|
—
|
|
|
(124,328
|
)
|
||
Purchases of Rail Group assets
|
(27,504
|
)
|
|
(53,756
|
)
|
||
Proceeds from sale of Rail Group assets
|
10,397
|
|
|
26,355
|
|
||
Purchases of property, plant and equipment
|
(34,443
|
)
|
|
(28,214
|
)
|
||
Proceeds from sale of property, plant and equipment
|
173
|
|
|
453
|
|
||
Proceeds from sale of investments
|
15,013
|
|
|
1,866
|
|
||
Proceeds from sale of facilities
|
54,330
|
|
|
—
|
|
||
Purchase of Investments
|
(2,523
|
)
|
|
—
|
|
||
Change in restricted cash
|
(538
|
)
|
|
(513
|
)
|
||
Net cash provided by (used in) investing activities
|
14,905
|
|
|
(178,137
|
)
|
||
Financing Activities
|
|
|
|
||||
Net change in short-term borrowings
|
164,000
|
|
|
138,000
|
|
||
Proceeds from issuance of long-term debt
|
77,564
|
|
|
151,608
|
|
||
Payments of long-term debt
|
(85,177
|
)
|
|
(82,014
|
)
|
||
Purchase of treasury stock
|
—
|
|
|
(34,160
|
)
|
||
Distributions to noncontrolling interest owner
|
—
|
|
|
(1,700
|
)
|
||
Proceeds from sale of treasury shares to employees and directors
|
1,282
|
|
|
426
|
|
||
Payments of debt issuance costs
|
(309
|
)
|
|
(271
|
)
|
||
Dividends paid
|
(8,679
|
)
|
|
(8,044
|
)
|
||
Excess tax benefit from share-based payment arrangement
|
—
|
|
|
1,299
|
|
||
Other
|
(1,592
|
)
|
|
(1,540
|
)
|
||
Net cash provided by (used in) financing activities
|
147,089
|
|
|
163,604
|
|
||
Decrease in cash and cash equivalents
|
(32,367
|
)
|
|
(73,931
|
)
|
||
Cash and cash equivalents at beginning of period
|
63,750
|
|
|
114,704
|
|
||
Cash and cash equivalents at end of period
|
$
|
31,383
|
|
|
$
|
40,773
|
|
|
Common
Shares
|
|
Additional
Paid-in
Capital
|
|
Treasury
Shares
|
|
Accumulated
Other
Comprehensive
Loss
|
|
Retained
Earnings
|
|
Noncontrolling
Interests
|
|
Total
|
||||||||||||||
Balance at December 31, 2014
|
$
|
96
|
|
|
$
|
222,789
|
|
|
$
|
(9,743
|
)
|
|
$
|
(54,595
|
)
|
|
$
|
644,556
|
|
|
$
|
20,946
|
|
|
$
|
824,049
|
|
Net income
|
|
|
|
|
|
|
|
|
35,189
|
|
|
1,155
|
|
|
36,344
|
|
|||||||||||
Other comprehensive loss
|
|
|
|
|
|
|
(564
|
)
|
|
|
|
|
|
(564
|
)
|
||||||||||||
Cash distributions to noncontrolling interest
|
|
|
|
|
|
|
|
|
|
|
(1,700
|
)
|
|
(1,700
|
)
|
||||||||||||
Stock awards, stock option exercises and other shares issued to employees and directors, net of income tax of $819 (163 shares)
|
|
|
(3,428
|
)
|
|
5,023
|
|
|
|
|
|
|
|
|
1,595
|
|
|||||||||||
Purchase of Treasury Shares (786 shares)
|
|
|
|
|
|
(34,160
|
)
|
|
|
|
|
|
|
|
(34,160
|
)
|
|||||||||||
Dividends declared ($0.28 per common share)
|
|
|
|
|
|
|
|
|
(7,952
|
)
|
|
|
|
(7,952
|
)
|
||||||||||||
Shares Issued for acquisitions (77 shares)
|
|
|
4,303
|
|
|
|
|
|
|
|
|
|
|
4,303
|
|
||||||||||||
Performance share unit dividend equivalents
|
|
|
138
|
|
|
|
|
|
|
(138
|
)
|
|
|
|
—
|
|
|||||||||||
Balance at June 30, 2015
|
$
|
96
|
|
|
$
|
223,802
|
|
|
$
|
(38,880
|
)
|
|
$
|
(55,159
|
)
|
|
$
|
671,655
|
|
|
$
|
20,401
|
|
|
$
|
821,915
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Balance at December 31, 2015
|
$
|
96
|
|
|
$
|
222,848
|
|
|
$
|
(52,902
|
)
|
|
$
|
(20,939
|
)
|
|
$
|
615,151
|
|
|
$
|
19,485
|
|
|
$
|
783,739
|
|
Net loss
|
|
|
|
|
|
|
|
|
(273
|
)
|
|
92
|
|
|
(181
|
)
|
|||||||||||
Other comprehensive income
|
|
|
|
|
|
|
3,845
|
|
|
|
|
|
|
3,845
|
|
||||||||||||
Other change in noncontrolling interest
|
|
|
|
|
|
|
|
|
|
|
(172
|
)
|
|
(172
|
)
|
||||||||||||
Stock awards, stock option exercises and other shares issued to employees and directors, net of income tax of $424 (207 shares)
|
|
|
(3,379
|
)
|
|
7,932
|
|
|
|
|
|
|
|
|
4,553
|
|
|||||||||||
Dividends declared ($0.155 per common share)
|
|
|
|
|
|
|
|
|
(8,681
|
)
|
|
|
|
(8,681
|
)
|
||||||||||||
Restricted share award dividend equivalents
|
|
|
$
|
20
|
|
|
|
|
|
|
$
|
(20
|
)
|
|
|
|
—
|
|
|||||||||
Balance at June 30, 2016
|
$
|
96
|
|
|
$
|
219,489
|
|
|
$
|
(44,970
|
)
|
|
$
|
(17,094
|
)
|
|
$
|
606,177
|
|
|
$
|
19,405
|
|
|
$
|
783,103
|
|
(in thousands)
|
June 30,
2016 |
|
December 31,
2015 |
|
June 30,
2015 |
||||||
Grain
|
$
|
348,757
|
|
|
$
|
534,548
|
|
|
$
|
327,480
|
|
Ethanol and by-products
|
15,298
|
|
|
8,576
|
|
|
12,802
|
|
|||
Plant nutrients and cob products
|
91,227
|
|
|
172,815
|
|
|
136,472
|
|
|||
Retail merchandise
|
25,161
|
|
|
24,510
|
|
|
25,415
|
|
|||
Railcar repair parts
|
5,793
|
|
|
6,894
|
|
|
6,050
|
|
|||
Other
|
—
|
|
|
56
|
|
|
189
|
|
|||
|
$
|
486,236
|
|
|
$
|
747,399
|
|
|
$
|
508,408
|
|
(in thousands)
|
June 30,
2016 |
|
December 31,
2015 |
|
June 30,
2015 |
||||||
Land
|
$
|
28,472
|
|
|
$
|
29,928
|
|
|
$
|
29,902
|
|
Land improvements and leasehold improvements
|
77,849
|
|
|
77,191
|
|
|
75,822
|
|
|||
Buildings and storage facilities
|
290,528
|
|
|
303,482
|
|
|
296,035
|
|
|||
Machinery and equipment
|
374,107
|
|
|
375,028
|
|
|
356,759
|
|
|||
Construction in progress
|
51,672
|
|
|
32,871
|
|
|
21,803
|
|
|||
|
822,628
|
|
|
818,500
|
|
|
780,321
|
|
|||
Less: accumulated depreciation
|
375,361
|
|
|
363,240
|
|
|
343,247
|
|
|||
|
$
|
447,267
|
|
|
$
|
455,260
|
|
|
$
|
437,074
|
|
(in thousands)
|
June 30,
2016 |
|
December 31,
2015 |
|
June 30,
2015 |
||||||
Rail Group assets leased to others
|
$
|
442,239
|
|
|
$
|
434,051
|
|
|
$
|
422,810
|
|
Less: accumulated depreciation
|
102,103
|
|
|
95,940
|
|
|
91,978
|
|
|||
|
$
|
340,136
|
|
|
$
|
338,111
|
|
|
$
|
330,832
|
|
(in thousands)
|
June 30,
2016 |
|
December 31,
2015 |
|
June 30,
2015 |
||||||
Short-term Debt – Non-Recourse
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Short-term Debt – Recourse
|
$
|
179,404
|
|
|
16,990
|
|
|
141,250
|
|
||
Total Short-term Debt
|
179,404
|
|
|
16,990
|
|
|
141,250
|
|
|||
|
|
|
|
|
|
||||||
Current Maturities of Long-term Debt – Non-Recourse
|
—
|
|
|
—
|
|
|
—
|
|
|||
Current Maturities of Long-term Debt – Recourse
|
53,720
|
|
|
27,786
|
|
|
27,188
|
|
|||
Total Current Maturities of Long-term Debt
|
53,720
|
|
|
27,786
|
|
|
27,188
|
|
|||
|
|
|
|
|
|
||||||
Long-term Debt, Less: Current Maturities – Non-Recourse
|
—
|
|
|
—
|
|
|
—
|
|
|||
Long-term Debt, Less: Current Maturities – Recourse
|
398,746
|
|
|
436,208
|
|
|
417,279
|
|
|||
Total Long-term Debt, Less: Current Maturities
|
$
|
398,746
|
|
|
$
|
436,208
|
|
|
$
|
417,279
|
|
|
June 30, 2016
|
|
December 31, 2015
|
|
June 30, 2015
|
||||||||||||||||||
(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)
|
$
|
38,252
|
|
|
$
|
(480
|
)
|
|
$
|
3,008
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
49,007
|
|
Fair value of derivatives
|
13,491
|
|
|
1,480
|
|
|
25,356
|
|
|
—
|
|
|
—
|
|
|
(58,195
|
)
|
||||||
Balance at end of period
|
$
|
51,743
|
|
|
$
|
1,000
|
|
|
$
|
28,364
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(9,188
|
)
|
|
June 30, 2016
|
||||||||||||||||||
(in thousands)
|
Commodity derivative assets - current
|
|
Commodity derivative assets - noncurrent
|
|
Commodity derivative liabilities - current
|
|
Commodity derivative liabilities - noncurrent
|
|
Total
|
||||||||||
Commodity derivative assets
|
$
|
134,504
|
|
|
$
|
2,095
|
|
|
$
|
5,925
|
|
|
$
|
84
|
|
|
$
|
142,608
|
|
Commodity derivative liabilities
|
(56,832
|
)
|
|
(161
|
)
|
|
(48,628
|
)
|
|
(2,266
|
)
|
|
(107,887
|
)
|
|||||
Cash collateral
|
38,252
|
|
|
—
|
|
|
(480
|
)
|
|
—
|
|
|
37,772
|
|
|||||
Balance sheet line item totals
|
$
|
115,924
|
|
|
$
|
1,934
|
|
|
$
|
(43,183
|
)
|
|
$
|
(2,182
|
)
|
|
$
|
72,493
|
|
|
December 31, 2015
|
||||||||||||||||||
(in thousands)
|
Commodity derivative assets - current
|
|
Commodity derivative assets - noncurrent
|
|
Commodity derivative liabilities - current
|
|
Commodity derivative liabilities - noncurrent
|
|
Total
|
||||||||||
Commodity derivative assets
|
$
|
51,647
|
|
|
$
|
412
|
|
|
$
|
371
|
|
|
$
|
2
|
|
|
$
|
52,432
|
|
Commodity derivative liabilities
|
(4,829
|
)
|
|
—
|
|
|
(37,758
|
)
|
|
(1,065
|
)
|
|
(43,652
|
)
|
|||||
Cash collateral
|
3,008
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,008
|
|
|||||
Balance sheet line item totals
|
$
|
49,826
|
|
|
$
|
412
|
|
|
$
|
(37,387
|
)
|
|
$
|
(1,063
|
)
|
|
$
|
11,788
|
|
|
June 30, 2015
|
||||||||||||||||||
(in thousands)
|
Commodity derivative assets - current
|
|
Commodity derivative assets - noncurrent
|
|
Commodity derivative liabilities - current
|
|
Commodity derivative liabilities - noncurrent
|
|
Total
|
||||||||||
Commodity derivative assets
|
$
|
52,405
|
|
|
$
|
3,072
|
|
|
$
|
3,956
|
|
|
$
|
43
|
|
|
$
|
59,476
|
|
Commodity derivative liabilities
|
(61,552
|
)
|
|
(82
|
)
|
|
(46,578
|
)
|
|
(2,220
|
)
|
|
(110,432
|
)
|
|||||
Cash collateral
|
49,007
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
49,007
|
|
|||||
Balance sheet line item totals
|
$
|
39,860
|
|
|
$
|
2,990
|
|
|
$
|
(42,622
|
)
|
|
$
|
(2,177
|
)
|
|
$
|
(1,949
|
)
|
|
Three months ended June 30,
|
|
Six months ended June 30,
|
||||||||||||
(in thousands)
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Gains (losses) on commodity derivatives included in cost of sales and merchandising revenues
|
$
|
34,800
|
|
|
$
|
(41,017
|
)
|
|
$
|
25,941
|
|
|
$
|
2,805
|
|
|
June 30, 2016
|
||||||||||
Commodity
|
Number of bushels
(in thousands)
|
|
Number of gallons
(in thousands)
|
|
Number of pounds
(in thousands)
|
|
Number of tons
(in thousands)
|
||||
Non-exchange traded:
|
|
|
|
|
|
|
|
||||
Corn
|
242,269
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Soybeans
|
52,599
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Wheat
|
13,100
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Oats
|
30,722
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Ethanol
|
—
|
|
|
130,464
|
|
|
—
|
|
|
—
|
|
Corn oil
|
—
|
|
|
—
|
|
|
13,800
|
|
|
—
|
|
Other
|
17
|
|
|
—
|
|
|
—
|
|
|
128
|
|
Subtotal
|
338,707
|
|
|
130,464
|
|
|
13,800
|
|
|
128
|
|
Exchange traded:
|
|
|
|
|
|
|
|
||||
Corn
|
148,665
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Soybeans
|
46,570
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Wheat
|
22,790
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Oats
|
2,820
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Ethanol
|
—
|
|
|
36,540
|
|
|
—
|
|
|
—
|
|
Other
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Subtotal
|
220,845
|
|
|
36,540
|
|
|
—
|
|
|
—
|
|
Total
|
559,552
|
|
|
167,004
|
|
|
13,800
|
|
|
128
|
|
|
December 31, 2015
|
||||||||||
Commodity
|
Number of bushels
(in thousands)
|
|
Number of gallons
(in thousands)
|
|
Number of pounds
(in thousands)
|
|
Number of tons
(in thousands)
|
||||
Non-exchange traded:
|
|
|
|
|
|
|
|
||||
Corn
|
227,248
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Soybeans
|
13,357
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Wheat
|
13,710
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Oats
|
15,019
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Ethanol
|
—
|
|
|
138,660
|
|
|
—
|
|
|
—
|
|
Corn oil
|
—
|
|
|
—
|
|
|
11,532
|
|
|
—
|
|
Other
|
297
|
|
|
—
|
|
|
—
|
|
|
116
|
|
Subtotal
|
269,631
|
|
|
138,660
|
|
|
11,532
|
|
|
116
|
|
Exchange traded:
|
|
|
|
|
|
|
|
||||
Corn
|
106,260
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Soybeans
|
17,255
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Wheat
|
28,135
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Oats
|
3,480
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Ethanol
|
—
|
|
|
840
|
|
|
—
|
|
|
—
|
|
Other
|
—
|
|
|
840
|
|
|
—
|
|
|
—
|
|
Subtotal
|
155,130
|
|
|
1,680
|
|
|
—
|
|
|
—
|
|
Total
|
424,761
|
|
|
140,340
|
|
|
11,532
|
|
|
116
|
|
|
June 30, 2015
|
||||||||||
Commodity
|
Number of bushels
(in thousands)
|
|
Number of gallons
(in thousands)
|
|
Number of pounds
(in thousands)
|
|
Number of tons
(in thousands)
|
||||
Non-exchange traded:
|
|
|
|
|
|
|
|
||||
Corn
|
233,812
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Soybeans
|
29,823
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Wheat
|
8,809
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Oats
|
24,180
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Ethanol
|
—
|
|
|
139,789
|
|
|
—
|
|
|
—
|
|
Corn oil
|
—
|
|
|
—
|
|
|
6,394
|
|
|
—
|
|
Other
|
350
|
|
|
—
|
|
|
—
|
|
|
118
|
|
Subtotal
|
296,974
|
|
|
139,789
|
|
|
6,394
|
|
|
118
|
|
Exchange traded:
|
|
|
|
|
|
|
|
||||
Corn
|
139,965
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Soybeans
|
30,945
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Wheat
|
22,585
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Oats
|
4,690
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Ethanol
|
—
|
|
|
25,620
|
|
|
—
|
|
|
—
|
|
Other
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Subtotal
|
198,185
|
|
|
25,620
|
|
|
—
|
|
|
—
|
|
Total
|
495,159
|
|
|
165,409
|
|
|
6,394
|
|
|
118
|
|
|
June 30,
|
|
December 31,
|
|
June 30,
|
||||||
(in thousands)
|
2016
|
|
2015
|
|
2015
|
||||||
Derivatives not designated as hedging instruments
|
|
|
|
|
|
||||||
Interest rate contracts included in other long term liabilities
|
(5,422
|
)
|
|
(3,133
|
)
|
|
—
|
|
|||
Total fair value of interest rate derivatives not designated as hedging instruments
|
$
|
(5,422
|
)
|
|
$
|
(3,133
|
)
|
|
$
|
—
|
|
Derivatives designated as hedging instruments
|
|
|
|
|
|
||||||
Interest rate contract included in other short term liabilities
|
—
|
|
|
(191
|
)
|
|
—
|
|
|||
Total fair value of interest rate derivatives designated as hedging instruments
|
$
|
—
|
|
|
$
|
(191
|
)
|
|
$
|
—
|
|
|
Three months ended June 30,
|
|
Six months ended June 30,
|
||||||||||||
(in thousands)
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Interest expense
|
$
|
(694
|
)
|
|
$
|
—
|
|
|
$
|
(2,294
|
)
|
|
$
|
—
|
|
|
June 30,
|
|
December 31,
|
|
June 30,
|
||||||
(in thousands)
|
2016
|
|
2015
|
|
2015
|
||||||
Derivatives not designated as hedging instruments
|
|
|
|
|
|
||||||
Foreign currency contracts included in short term assets
|
1,391
|
|
|
—
|
|
|
—
|
|
|||
Total fair value of foreign currency contract derivatives not designated as hedging instruments
|
$
|
1,391
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
Three months ended June 30,
|
|
Six months ended June 30,
|
||||||||||||
(in thousands)
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Foreign currency derivative gains (losses) included in Other income, net
|
$
|
(87
|
)
|
|
$
|
—
|
|
|
$
|
1,391
|
|
|
$
|
—
|
|
|
Pension Benefits
|
|||||||||||||
(in thousands)
|
Three months ended June 30,
|
|
Six months ended June 30,
|
|||||||||||
2016
|
|
2015
|
|
2016
|
2015
|
|||||||||
Service cost
|
$
|
—
|
|
|
$
|
63
|
|
|
$
|
—
|
|
$
|
118
|
|
Interest cost
|
48
|
|
|
(1,118
|
)
|
|
97
|
|
91
|
|
||||
Expected return on plan assets
|
—
|
|
|
1,561
|
|
|
—
|
|
—
|
|
||||
Recognized net actuarial loss
|
37
|
|
|
388
|
|
|
73
|
|
758
|
|
||||
Benefit cost
|
$
|
85
|
|
|
$
|
894
|
|
|
$
|
170
|
|
$
|
967
|
|
|
Post-retirement Benefits
|
|||||||||||||
(in thousands)
|
Three months ended June 30,
|
|
Six months ended June 30,
|
|||||||||||
2016
|
|
2015
|
|
2016
|
2015
|
|||||||||
Service cost
|
$
|
167
|
|
|
$
|
210
|
|
|
$
|
380
|
|
$
|
450
|
|
Interest cost
|
370
|
|
|
386
|
|
|
775
|
|
792
|
|
||||
Amortization of prior service cost
|
(89
|
)
|
|
(136
|
)
|
|
(177
|
)
|
(272
|
)
|
||||
Recognized net actuarial loss
|
149
|
|
|
367
|
|
|
384
|
|
759
|
|
||||
Benefit cost
|
$
|
597
|
|
|
$
|
827
|
|
|
$
|
1,362
|
|
$
|
1,729
|
|
|
|
|
Changes in Accumulated Other Comprehensive Income (Loss) by Component (a)
|
||||||||||||||||||||||||||||||||||||||
|
|
|
For the three months ended June 30, 2016
|
|
For the Six months ended June 30, 2016
|
||||||||||||||||||||||||||||||||||||
(in thousands)
|
|
Losses on Cash Flow Hedges
|
|
Foreign Currency Translation Adjustment
|
|
Investment in Debt Securities
|
|
Defined Benefit Plan Items
|
|
Total
|
|
Losses on Cash Flow Hedges
|
|
Foreign Currency Translation Adjustment
|
|
Investment in Debt Securities
|
|
Defined Benefit Plan Items
|
|
Total
|
|||||||||||||||||||||
Beginning Balance
|
|
$
|
(51
|
)
|
|
$
|
(9,536
|
)
|
|
$
|
—
|
|
|
$
|
(8,740
|
)
|
|
$
|
(18,327
|
)
|
|
$
|
(111
|
)
|
|
$
|
(12,041
|
)
|
|
$
|
126
|
|
|
$
|
(8,913
|
)
|
|
$
|
(20,939
|
)
|
|
|
Other comprehensive income (loss) before reclassifications
|
|
60
|
|
|
52
|
|
|
—
|
|
|
1,177
|
|
|
1,289
|
|
|
120
|
|
|
2,557
|
|
|
—
|
|
|
1,406
|
|
|
4,083
|
|
||||||||||
|
Amounts reclassified from accumulated other comprehensive loss
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(56
|
)
|
|
(56
|
)
|
|
—
|
|
|
—
|
|
|
(126
|
)
|
|
(112
|
)
|
|
(238
|
)
|
||||||||||
Net current-period other comprehensive income (loss)
|
|
60
|
|
|
52
|
|
|
—
|
|
|
1,121
|
|
|
1,233
|
|
|
120
|
|
|
2,557
|
|
|
(126
|
)
|
|
1,294
|
|
|
3,845
|
|
|||||||||||
Ending balance
|
|
$
|
9
|
|
|
$
|
(9,484
|
)
|
|
$
|
—
|
|
|
$
|
(7,619
|
)
|
|
$
|
(17,094
|
)
|
|
$
|
9
|
|
|
$
|
(9,484
|
)
|
|
$
|
—
|
|
|
$
|
(7,619
|
)
|
|
$
|
(17,094
|
)
|
|
|
|
Changes in Accumulated Other Comprehensive Income (Loss) by Component (a)
|
||||||||||||||||||||||||||||||||||||||
|
|
|
For the three months ended June 30, 2015
|
|
For the six months ended June 30, 2015
|
||||||||||||||||||||||||||||||||||||
(in thousands)
|
|
Losses on Cash Flow Hedges
|
|
Foreign Currency Translation Adjustment
|
|
Investment in Debt Securities
|
|
Defined Benefit Plan Items
|
|
Total
|
|
Losses on Cash Flow Hedges
|
|
Foreign Currency Translation Adjustment
|
|
Investment in Debt Securities
|
|
Defined Benefit Plan Items
|
|
Total
|
|||||||||||||||||||||
Beginning Balance
|
|
$
|
(306
|
)
|
|
$
|
(8,692
|
)
|
|
$
|
126
|
|
|
$
|
(49,258
|
)
|
|
$
|
(58,130
|
)
|
|
$
|
(364
|
)
|
|
$
|
(4,709
|
)
|
|
$
|
126
|
|
|
$
|
(49,648
|
)
|
|
$
|
(54,595
|
)
|
|
|
Other comprehensive income (loss) before reclassifications
|
|
64
|
|
|
779
|
|
|
—
|
|
|
2,213
|
|
|
3,056
|
|
|
122
|
|
|
(3,204
|
)
|
|
—
|
|
|
2,688
|
|
|
(394
|
)
|
||||||||||
|
Amounts reclassified from accumulated other comprehensive loss
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(85
|
)
|
|
(85
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(170
|
)
|
|
(170
|
)
|
||||||||||
Net current-period other comprehensive income (loss)
|
|
64
|
|
|
779
|
|
|
—
|
|
|
2,128
|
|
|
2,971
|
|
|
122
|
|
|
(3,204
|
)
|
|
—
|
|
|
2,518
|
|
|
(564
|
)
|
|||||||||||
Ending balance
|
|
$
|
(242
|
)
|
|
$
|
(7,913
|
)
|
|
$
|
126
|
|
|
$
|
(47,130
|
)
|
|
$
|
(55,159
|
)
|
|
$
|
(242
|
)
|
|
$
|
(7,913
|
)
|
|
$
|
126
|
|
|
$
|
(47,130
|
)
|
|
$
|
(55,159
|
)
|
|
|
Reclassifications Out of Accumulated Other Comprehensive Income (Loss) (a)
|
||||||||||
(in thousands)
|
For the three months ended June 30, 2016
|
|
For the Six months ended June 30, 2016
|
|||||||||
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
|
|
$
|
(89
|
)
|
|
(b)
|
|
$
|
(177
|
)
|
|
(b)
|
|
|
(89
|
)
|
|
Total before tax
|
|
(177
|
)
|
|
Total before tax
|
||
|
|
33
|
|
|
Income tax provision
|
|
65
|
|
|
Income tax provision
|
||
|
|
$
|
(56
|
)
|
|
Net of tax
|
|
$
|
(112
|
)
|
|
Net of tax
|
|
|
|
|
|
|
|
|
|
||||
Other items
|
|
|
|
|
|
|
|
|
||||
Recognition of gain on sale of investment
|
|
$
|
—
|
|
|
|
|
(200
|
)
|
|
|
|
|
|
—
|
|
|
Total before tax
|
|
(200
|
)
|
|
Total before tax
|
||
|
|
—
|
|
|
Income tax provision
|
|
74
|
|
|
Income tax provision
|
||
|
|
$
|
—
|
|
|
Net of tax
|
|
$
|
(126
|
)
|
|
Net of tax
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
||||
Total reclassifications for the period
|
|
(56
|
)
|
|
Net of tax
|
|
(238
|
)
|
|
Net of tax
|
|
|
Reclassifications Out of Accumulated Other Comprehensive Income (Loss) (a)
|
||||||||||
(in thousands)
|
For the three months ended June 30, 2015
|
|
For the six months ended June 30, 2015
|
|||||||||
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
|
|
$
|
(136
|
)
|
|
(b)
|
|
$
|
(272
|
)
|
|
(b)
|
|
|
(136
|
)
|
|
Total before tax
|
|
(272
|
)
|
|
Total before tax
|
||
|
|
51
|
|
|
Income tax provision
|
|
102
|
|
|
Income tax provision
|
||
|
|
$
|
(85
|
)
|
|
Net of tax
|
|
$
|
(170
|
)
|
|
Net of tax
|
|
|
|
|
|
|
|
|
|
||||
Total reclassifications for the period
|
|
$
|
(85
|
)
|
|
Net of tax
|
|
$
|
(170
|
)
|
|
Net of tax
|
(in thousands, except per common share data)
|
Three months ended June 30,
|
|
Six months ended June 30,
|
||||||||||||
2016
|
|
2015
|
|
2016
|
|
2015
|
|||||||||
Net income (loss) attributable to The Andersons, Inc.
|
$
|
14,423
|
|
|
$
|
31,092
|
|
|
$
|
(273
|
)
|
|
$
|
35,189
|
|
Less: Distributed and undistributed earnings allocated to nonvested restricted stock
|
8
|
|
|
52
|
|
|
5
|
|
|
66
|
|
||||
Earnings (loss) available to common shareholders
|
$
|
14,415
|
|
|
$
|
31,040
|
|
|
$
|
(278
|
)
|
|
$
|
35,123
|
|
Earnings per share – basic:
|
|
|
|
|
|
|
|
||||||||
Weighted average shares outstanding – basic
|
28,227
|
|
|
28,375
|
|
|
28,164
|
|
|
28,558
|
|
||||
Earnings (loss) per common share – basic
|
$
|
0.51
|
|
|
$
|
1.09
|
|
|
$
|
(0.01
|
)
|
|
$
|
1.23
|
|
Earnings per share – diluted:
|
|
|
|
|
|
|
|
||||||||
Weighted average shares outstanding – basic
|
28,227
|
|
|
28,375
|
|
|
28,164
|
|
|
28,558
|
|
||||
Effect of dilutive awards
|
86
|
|
|
13
|
|
|
—
|
|
|
51
|
|
||||
Weighted average shares outstanding – diluted
|
28,313
|
|
|
28,388
|
|
|
28,164
|
|
|
28,609
|
|
||||
Earnings (loss) per common share – diluted
|
$
|
0.51
|
|
|
$
|
1.09
|
|
|
$
|
(0.01
|
)
|
|
$
|
1.23
|
|
(in thousands)
|
June 30, 2016
|
||||||||||||||
Assets (liabilities)
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
Cash equivalents
|
$
|
11,578
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
11,578
|
|
Restricted cash
|
987
|
|
|
—
|
|
|
—
|
|
|
987
|
|
||||
Commodity derivatives, net (a)
|
48,412
|
|
|
24,083
|
|
|
—
|
|
|
72,495
|
|
||||
Provisionally priced contracts (b)
|
(42,213
|
)
|
|
(18,495
|
)
|
|
—
|
|
|
(60,708
|
)
|
||||
Convertible preferred securities (c)
|
—
|
|
|
—
|
|
|
3,294
|
|
|
3,294
|
|
||||
Other assets and liabilities (d)
|
6,080
|
|
|
(5,426
|
)
|
|
—
|
|
|
654
|
|
||||
Total
|
$
|
24,844
|
|
|
$
|
162
|
|
|
$
|
3,294
|
|
|
$
|
28,300
|
|
(in thousands)
|
December 31, 2015
|
||||||||||||||
Assets (liabilities)
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
Cash equivalents
|
$
|
26,931
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
26,931
|
|
Restricted cash
|
450
|
|
|
—
|
|
|
—
|
|
|
450
|
|
||||
Commodity derivatives, net (a)
|
26,890
|
|
|
(15,101
|
)
|
|
—
|
|
|
11,789
|
|
||||
Provisionally priced contracts (b)
|
(133,842
|
)
|
|
(103,148
|
)
|
|
—
|
|
|
(236,990
|
)
|
||||
Convertible preferred securities (c)
|
—
|
|
|
—
|
|
|
13,550
|
|
|
13,550
|
|
||||
Other assets and liabilities (d)
|
8,635
|
|
|
(3,324
|
)
|
|
350
|
|
|
5,661
|
|
||||
Total
|
$
|
(70,936
|
)
|
|
$
|
(121,573
|
)
|
|
$
|
13,900
|
|
|
$
|
(178,609
|
)
|
(in thousands)
|
June 30, 2015
|
||||||||||||||
Assets (liabilities)
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
Cash equivalents
|
$
|
8,943
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
8,943
|
|
Restricted cash
|
941
|
|
|
—
|
|
|
—
|
|
|
941
|
|
||||
Commodity derivatives, net (a)
|
(6,960
|
)
|
|
5,011
|
|
|
—
|
|
|
(1,949
|
)
|
||||
Provisionally priced contracts (b)
|
(50,001
|
)
|
|
(35,085
|
)
|
|
—
|
|
|
(85,086
|
)
|
||||
Convertible preferred securities (c)
|
—
|
|
|
—
|
|
|
13,300
|
|
|
13,300
|
|
||||
Other assets and liabilities (d)
|
11,531
|
|
|
(2,565
|
)
|
|
—
|
|
|
8,966
|
|
||||
Total
|
$
|
(35,546
|
)
|
|
$
|
(32,639
|
)
|
|
$
|
13,300
|
|
|
$
|
(54,885
|
)
|
(a)
|
Includes associated cash posted/received as collateral
|
(b)
|
Included in "Provisionally priced contracts" are those instruments based only on underlying futures values (Level 1) and delayed price contracts (Level 2)
|
(c)
|
Recorded in “Other noncurrent assets” on the Company’s Condensed Consolidated Balance Sheets
|
(d)
|
Included in other assets and liabilities are deferred compensation assets, ethanol risk management contracts, and foreign exchange derivative contracts (Level 1), interest rate derivatives (Level 2), and contingent consideration to the former owners of Kay Flo Industries, Inc (Level 3).
|
(in thousands)
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
|
Contingent Consideration
|
|
Contingent Consideration
|
|
Convertible Securities
|
|
Convertible Securities
|
||||||||
Asset (liability) at January 1,
|
$
|
(350
|
)
|
|
$
|
—
|
|
|
$
|
13,550
|
|
|
$
|
13,300
|
|
Gains (losses) included in earnings
|
190
|
|
|
—
|
|
|
710
|
|
|
—
|
|
||||
Sales proceeds
|
—
|
|
|
—
|
|
|
(13,485
|
)
|
|
—
|
|
||||
Asset (liability) at March 31,
|
$
|
(160
|
)
|
|
$
|
—
|
|
|
$
|
775
|
|
|
$
|
13,300
|
|
Gains (losses) included in earnings
|
160
|
|
|
—
|
|
|
19
|
|
|
—
|
|
||||
New agreements
|
—
|
|
|
—
|
|
|
2,500
|
|
|
—
|
|
||||
Asset (liability) at June 30,
|
—
|
|
|
—
|
|
|
3,294
|
|
|
13,300
|
|
(in thousands)
|
Fair Value as of December 31, 2015
|
|
Valuation Method
|
|
Unobservable Input
|
|
Weighted Average
|
|||
Convertible Preferred Securities
|
$
|
12,800
|
|
|
Market Approach
|
|
EBITDA Multiples
|
|
5.6
|
|
|
|
|
Income Approach
|
|
Discount Rate
|
|
14.5
|
%
|
||
|
|
|
|
|
|
|
|
|||
Convertible Notes
|
$
|
750
|
|
|
Cost basis plus interest
|
|
N/A
|
|
N/A
|
|
|
|
|
|
|
|
|
|
(in thousands)
|
Fair Value as of June 30, 2015
|
|
Valuation Method
|
|
Unobservable Input
|
|
Weighted Average
|
|||
Convertible Preferred Securities
|
$
|
13,300
|
|
|
Market Approach
|
|
EBITDA Multiples
|
|
6.15
|
|
|
|
|
Income Approach
|
|
Discount Rate
|
|
14.5
|
%
|
(in thousands)
|
June 30,
2016 |
|
December 31,
2015 |
|
June 30,
2015 |
||||||
Fair value of long-term debt, including current maturities
|
$
|
472,714
|
|
|
$
|
467,703
|
|
|
$
|
448,298
|
|
Fair value in excess of carrying value
|
16,498
|
|
|
3,708
|
|
|
3,831
|
|
(in thousands)
|
June 30, 2016
|
|
December 31, 2015
|
|
June 30, 2015
|
||||||
The Andersons Albion Ethanol LLC
|
$
|
34,133
|
|
|
$
|
32,871
|
|
|
$
|
30,943
|
|
The Andersons Clymers Ethanol LLC
|
30,088
|
|
|
29,278
|
|
|
29,698
|
|
|||
The Andersons Marathon Ethanol LLC
|
31,158
|
|
|
31,255
|
|
|
29,681
|
|
|||
Lansing Trade Group, LLC
|
90,884
|
|
|
101,531
|
|
|
84,092
|
|
|||
Thompsons Limited (a)
|
47,948
|
|
|
43,964
|
|
|
47,232
|
|
|||
Other
|
4,267
|
|
|
3,208
|
|
|
2,734
|
|
|||
Total
|
$
|
238,478
|
|
|
$
|
242,107
|
|
|
$
|
224,380
|
|
|
|
|
Three months ended June 30,
|
|
Six months ended June 30,
|
||||||||||||
(in thousands)
|
% Ownership at
June 30, 2016 |
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
The Andersons Albion Ethanol LLC
|
55%
|
|
$
|
1,650
|
|
|
$
|
2,324
|
|
|
$
|
1,328
|
|
|
$
|
3,416
|
|
The Andersons Clymers Ethanol LLC
|
38%
|
|
1,889
|
|
|
3,180
|
|
|
810
|
|
|
3,468
|
|
||||
The Andersons Marathon Ethanol LLC
|
50%
|
|
1,712
|
|
|
2,812
|
|
|
(97
|
)
|
|
3,144
|
|
||||
Lansing Trade Group, LLC
|
33% (a)
|
|
(5,333
|
)
|
|
5,498
|
|
|
(8,101
|
)
|
|
7,908
|
|
||||
Thompsons Limited (b)
|
50%
|
|
2,426
|
|
|
2,229
|
|
|
1,427
|
|
|
1,367
|
|
||||
Other
|
5% - 34%
|
|
—
|
|
|
147
|
|
|
—
|
|
|
147
|
|
||||
Total
|
|
|
$
|
2,344
|
|
|
$
|
16,190
|
|
|
$
|
(4,633
|
)
|
|
$
|
19,450
|
|
(in thousands)
|
Three months ended June 30,
|
Six months ended June 30,
|
||||||||||||
2016
|
|
2015
|
2016
|
|
2015
|
|||||||||
Revenues
|
$
|
1,340,809
|
|
|
$
|
1,357,038
|
|
$
|
3,029,680
|
|
|
$
|
2,880,689
|
|
Gross profit
|
52,204
|
|
|
77,891
|
|
77,782
|
|
|
137,686
|
|
||||
Income (loss) from continuing operations
|
556
|
|
|
37,506
|
|
(17,568
|
)
|
|
47,719
|
|
||||
Net income (loss)
|
(2,051
|
)
|
|
33,859
|
|
(20,164
|
)
|
|
42,386
|
|
||||
Net income (loss) attributable to companies
|
(1,410
|
)
|
|
34,340
|
|
(19,122
|
)
|
|
41,856
|
|
|
Three months ended June 30,
|
Six months ended June 30,
|
||||||||||||
(in thousands)
|
2016
|
|
2015
|
2016
|
|
2015
|
||||||||
Sales revenues
|
$
|
176,865
|
|
|
$
|
197,253
|
|
$
|
371,702
|
|
|
$
|
346,724
|
|
Service fee revenues (a)
|
9,490
|
|
|
6,330
|
|
14,126
|
|
|
11,255
|
|
||||
Purchases of product
|
116,556
|
|
|
113,314
|
|
218,509
|
|
|
216,108
|
|
||||
Lease income (b)
|
1,994
|
|
|
1,582
|
|
3,861
|
|
|
3,245
|
|
||||
Labor and benefits reimbursement (c)
|
6,841
|
|
|
2,779
|
|
10,738
|
|
|
5,811
|
|
||||
Other expenses (d)
|
—
|
|
|
224
|
|
149
|
|
|
557
|
|
(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 and IANR.
|
(c)
|
The Company provides all operational labor to the unconsolidated ethanol LLCs and charges them an amount equal to the Company’s costs of the related services.
|
(d)
|
Other expenses include payments to IANR for repair facility rent and use of their railroad reporting mark, payment to LTG for the lease of railcars and other various expenses.
|
(in thousands)
|
June 30, 2016
|
|
December 31, 2015
|
|
June 30, 2015
|
||||||
Accounts receivable (e)
|
$
|
20,685
|
|
|
$
|
13,362
|
|
|
$
|
31,495
|
|
Accounts payable (f)
|
10,022
|
|
|
13,784
|
|
|
13,848
|
|
(e)
|
Accounts receivable represents amounts due from related parties for sales of corn, leasing revenue and service fees.
|
(f)
|
Accounts payable represents amounts due to related parties for purchases of ethanol and other various items.
|
|
Three months ended June 30,
|
|
Six months ended June 30,
|
||||||||||||
(in thousands)
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Revenues from external customers
|
|
|
|
|
|
|
|
||||||||
Grain
|
$
|
522,989
|
|
|
$
|
601,397
|
|
|
$
|
1,061,803
|
|
|
$
|
1,160,073
|
|
Ethanol
|
142,520
|
|
|
142,564
|
|
|
257,213
|
|
|
275,365
|
|
||||
Plant Nutrient
|
320,036
|
|
|
357,186
|
|
|
487,027
|
|
|
511,137
|
|
||||
Rail
|
40,342
|
|
|
45,523
|
|
|
79,951
|
|
|
89,739
|
|
||||
Retail
|
38,357
|
|
|
41,034
|
|
|
66,129
|
|
|
69,615
|
|
||||
Total
|
$
|
1,064,244
|
|
|
$
|
1,187,704
|
|
|
$
|
1,952,123
|
|
|
$
|
2,105,929
|
|
|
Three months ended June 30,
|
|
Six months ended June 30,
|
||||||||||||
(in thousands)
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Inter-segment sales
|
|
|
|
|
|
|
|
||||||||
Grain
|
$
|
174
|
|
|
$
|
440
|
|
|
$
|
1,625
|
|
|
$
|
2,129
|
|
Plant Nutrient
|
114
|
|
|
148
|
|
|
361
|
|
|
465
|
|
||||
Rail
|
355
|
|
|
243
|
|
|
734
|
|
|
424
|
|
||||
Total
|
$
|
643
|
|
|
$
|
831
|
|
|
$
|
2,720
|
|
|
$
|
3,018
|
|
|
Three months ended June 30,
|
|
Six months ended June 30,
|
||||||||||||
(in thousands)
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Income (loss) before income taxes
|
|
|
|
|
|
|
|
||||||||
Grain
|
$
|
(13,037
|
)
|
|
$
|
3,149
|
|
|
$
|
(30,442
|
)
|
|
$
|
3,892
|
|
Ethanol
|
6,187
|
|
|
9,667
|
|
|
3,507
|
|
|
14,946
|
|
||||
Plant Nutrient
|
23,535
|
|
|
18,873
|
|
|
25,239
|
|
|
19,297
|
|
||||
Rail
|
6,569
|
|
|
21,689
|
|
|
15,944
|
|
|
32,002
|
|
||||
Retail
|
1,010
|
|
|
1,469
|
|
|
(1,066
|
)
|
|
(714
|
)
|
||||
Other
|
(2,173
|
)
|
|
(5,786
|
)
|
|
(13,073
|
)
|
|
(15,173
|
)
|
||||
Noncontrolling interests
|
1,018
|
|
|
1,306
|
|
|
92
|
|
|
1,155
|
|
||||
Total
|
$
|
23,109
|
|
|
$
|
50,367
|
|
|
$
|
201
|
|
|
$
|
55,405
|
|
(in thousands)
|
June 30, 2016
|
|
December 31, 2015
|
|
June 30, 2015
|
||||||
Identifiable assets
|
|
|
|
|
|
||||||
Grain
|
$
|
879,055
|
|
|
$
|
1,010,810
|
|
|
$
|
867,655
|
|
Ethanol
|
192,470
|
|
|
183,080
|
|
|
194,359
|
|
|||
Plant Nutrient
|
448,225
|
|
|
531,753
|
|
|
517,586
|
|
|||
Rail
|
388,456
|
|
|
405,702
|
|
|
395,798
|
|
|||
Retail
|
43,878
|
|
|
44,135
|
|
|
45,194
|
|
|||
Other
|
155,331
|
|
|
183,621
|
|
|
131,773
|
|
|||
Total
|
$
|
2,107,415
|
|
|
$
|
2,359,101
|
|
|
$
|
2,152,365
|
|
|
Six months ended June 30,
|
||||||
(in thousands)
|
2016
|
|
2015
|
||||
Noncash investing and financing activity
|
|
|
|
||||
Capital projects incurred but not yet paid
|
$
|
9,653
|
|
|
$
|
5,709
|
|
Purchase of a productive asset through seller-financing
|
—
|
|
|
1,010
|
|
||
Purchase of Rail Group assets not yet paid
|
—
|
|
|
2,209
|
|
||
Shares issued for acquisition of business
|
—
|
|
|
4,303
|
|
||
Dividends declared not yet paid
|
4,341
|
|
|
3,967
|
|
(in thousands)
|
Three months ended June 30,
|
Six months ended June 30,
|
||||||||
|
2016
|
|
2015
|
2016
|
|
2015
|
||||
Ethanol (gallons shipped)
|
75,463
|
|
|
73,171
|
|
149,246
|
|
|
148,695
|
|
E-85 (gallons shipped)
|
9,093
|
|
|
9,580
|
|
15,413
|
|
|
15,139
|
|
Corn Oil (pounds shipped)
|
3,668
|
|
|
3,989
|
|
7,282
|
|
|
7,357
|
|
DDG (tons shipped) *
|
40
|
|
|
41
|
|
80
|
|
|
82
|
|
(in thousands)
|
Three months ended June 30,
|
|
Six months ended June 30,
|
||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||
Sales tons
|
836
|
|
|
813
|
|
|
1,233
|
|
|
1,140
|
|
Service tons
|
89
|
|
|
81
|
|
|
132
|
|
|
122
|
|
Total tons
|
925
|
|
|
894
|
|
|
1,365
|
|
|
1,262
|
|
|
Three months ended June 30,
|
|
Six months ended June 30,
|
||||||||||||
(in thousands)
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Sales and merchandising revenues
|
$
|
1,064,244
|
|
|
$
|
1,187,704
|
|
|
$
|
1,952,123
|
|
|
$
|
2,105,929
|
|
Cost of sales and merchandising revenues
|
967,202
|
|
|
1,079,531
|
|
|
1,787,326
|
|
|
1,914,445
|
|
||||
Gross profit
|
97,042
|
|
|
108,173
|
|
|
164,797
|
|
|
191,484
|
|
||||
Operating, administrative and general expenses
|
75,405
|
|
|
83,744
|
|
|
155,286
|
|
|
162,346
|
|
||||
Interest expense
|
6,554
|
|
|
4,024
|
|
|
13,605
|
|
|
10,063
|
|
||||
Equity in earnings (loss) of affiliates, net
|
2,344
|
|
|
16,190
|
|
|
(4,633
|
)
|
|
19,450
|
|
||||
Other income, net
|
5,682
|
|
|
13,772
|
|
|
8,928
|
|
|
16,880
|
|
||||
Income (loss) before income taxes
|
23,109
|
|
|
50,367
|
|
|
201
|
|
|
55,405
|
|
||||
Income (loss) attributable to noncontrolling interests
|
1,018
|
|
|
1,306
|
|
|
92
|
|
|
1,155
|
|
||||
Income (loss) before income taxes attributable to The Andersons, Inc.
|
$
|
22,091
|
|
|
$
|
49,061
|
|
|
$
|
109
|
|
|
$
|
54,250
|
|
|
Three months ended June 30,
|
||||||
(in thousands)
|
2016
|
|
2015
|
||||
Sales and merchandising revenues
|
$
|
522,989
|
|
|
$
|
601,397
|
|
Cost of sales and merchandising revenues
|
505,438
|
|
|
576,392
|
|
||
Gross profit
|
17,551
|
|
|
25,005
|
|
||
Operating, administrative and general expenses
|
27,362
|
|
|
28,971
|
|
||
Interest expense
|
2,961
|
|
|
1,992
|
|
||
Equity in earnings (loss) of affiliates, net
|
(2,907
|
)
|
|
7,875
|
|
||
Other income, net
|
2,642
|
|
|
1,230
|
|
||
Income (loss) before income taxes
|
(13,037
|
)
|
|
3,147
|
|
||
Income (loss) attributable to noncontrolling interest
|
—
|
|
|
(2
|
)
|
||
Income (loss) before income taxes attributable to The Andersons, Inc.
|
$
|
(13,037
|
)
|
|
$
|
3,149
|
|
|
Three months ended June 30,
|
||||||
(in thousands)
|
2016
|
|
2015
|
||||
Sales and merchandising revenues
|
$
|
142,520
|
|
|
$
|
142,564
|
|
Cost of sales and merchandising revenues
|
137,950
|
|
|
136,721
|
|
||
Gross profit
|
4,570
|
|
|
5,843
|
|
||
Operating, administrative and general expenses
|
2,607
|
|
|
3,170
|
|
||
Interest expense
|
12
|
|
|
19
|
|
||
Equity in earnings (loss) of affiliates, net
|
5,251
|
|
|
8,315
|
|
||
Other income, net
|
3
|
|
|
6
|
|
||
Income (loss) before income taxes
|
7,205
|
|
|
10,975
|
|
||
Income (loss) attributable to noncontrolling interests
|
1,018
|
|
|
1,308
|
|
||
Income (loss) before income taxes attributable to The Andersons, Inc.
|
$
|
6,187
|
|
|
$
|
9,667
|
|
|
Three months ended June 30,
|
||||||
(in thousands)
|
2016
|
|
2015
|
||||
Sales and merchandising revenues
|
$
|
320,036
|
|
|
$
|
357,186
|
|
Cost of sales and merchandising revenues
|
270,459
|
|
|
310,488
|
|
||
Gross profit
|
49,577
|
|
|
46,698
|
|
||
Operating, administrative and general expenses
|
25,186
|
|
|
26,326
|
|
||
Interest expense
|
2,078
|
|
|
1,958
|
|
||
Other income, net
|
1,222
|
|
|
459
|
|
||
Income (loss) before income taxes
|
$
|
23,535
|
|
|
$
|
18,873
|
|
|
Three months ended June 30,
|
||||||
(in thousands)
|
2016
|
|
2015
|
||||
Sales and merchandising revenues
|
$
|
40,342
|
|
|
$
|
45,523
|
|
Cost of sales and merchandising revenues
|
26,740
|
|
|
27,274
|
|
||
Gross profit
|
13,602
|
|
|
18,249
|
|
||
Operating, administrative and general expenses
|
4,997
|
|
|
6,500
|
|
||
Interest expense
|
2,221
|
|
|
1,894
|
|
||
Other income, net
|
185
|
|
|
11,834
|
|
||
Income (loss) before income taxes
|
$
|
6,569
|
|
|
$
|
21,689
|
|
|
Three months ended June 30,
|
||||||
(in thousands)
|
2016
|
|
2015
|
||||
Sales and merchandising revenues
|
$
|
38,357
|
|
|
$
|
41,034
|
|
Cost of sales and merchandising revenues
|
26,615
|
|
|
28,656
|
|
||
Gross profit
|
11,742
|
|
|
12,378
|
|
||
Operating, administrative and general expenses
|
10,666
|
|
|
10,870
|
|
||
Interest expense
|
157
|
|
|
133
|
|
||
Other income, net
|
91
|
|
|
94
|
|
||
Income (loss) before income taxes
|
$
|
1,010
|
|
|
$
|
1,469
|
|
|
Three months ended June 30,
|
||||||
(in thousands)
|
2016
|
|
2015
|
||||
Sales and merchandising revenues
|
$
|
—
|
|
|
$
|
—
|
|
Cost of sales and merchandising revenues
|
—
|
|
|
—
|
|
||
Gross profit
|
—
|
|
|
—
|
|
||
Operating, administrative and general expenses
|
4,587
|
|
|
7,907
|
|
||
Interest expense
|
(875
|
)
|
|
(1,972
|
)
|
||
Other income, net
|
1,539
|
|
|
149
|
|
||
Income (loss) before income taxes
|
$
|
(2,173
|
)
|
|
$
|
(5,786
|
)
|
|
Six months ended June 30,
|
||||||
(in thousands)
|
2016
|
|
2015
|
||||
Sales and merchandising revenues
|
$
|
1,061,803
|
|
|
$
|
1,160,073
|
|
Cost of sales and merchandising revenues
|
1,028,052
|
|
|
1,105,343
|
|
||
Gross profit
|
33,751
|
|
|
54,730
|
|
||
Operating, administrative and general expenses
|
55,384
|
|
|
57,932
|
|
||
Interest expense
|
5,448
|
|
|
4,398
|
|
||
Equity in earnings (loss) of affiliates, net
|
(6,674
|
)
|
|
9,423
|
|
||
Other income, net
|
3,310
|
|
|
2,064
|
|
||
Income (loss) before income taxes
|
(30,445
|
)
|
|
3,887
|
|
||
Income (loss) attributable to noncontrolling interest
|
(3
|
)
|
|
(5
|
)
|
||
Income (loss) before income taxes attributable to The Andersons, Inc.
|
$
|
(30,442
|
)
|
|
$
|
3,892
|
|
|
Six months ended June 30,
|
||||||
(in thousands)
|
2016
|
|
2015
|
||||
Sales and merchandising revenues
|
$
|
257,213
|
|
|
$
|
275,365
|
|
Cost of sales and merchandising revenues
|
250,307
|
|
|
263,236
|
|
||
Gross profit
|
6,906
|
|
|
12,129
|
|
||
Operating, administrative and general expenses
|
5,355
|
|
|
6,062
|
|
||
Interest expense
|
23
|
|
|
36
|
|
||
Equity in earnings (loss) of affiliates, net
|
2,041
|
|
|
10,027
|
|
||
Other income, net
|
33
|
|
|
48
|
|
||
Income (loss) before income taxes
|
3,602
|
|
|
16,106
|
|
||
Income (loss) attributable to noncontrolling interests
|
95
|
|
|
1,160
|
|
||
Income (loss) before income taxes attributable to The Andersons, Inc.
|
$
|
3,507
|
|
|
$
|
14,946
|
|
|
Three months ended June 30,
|
||||||
(in thousands)
|
2016
|
|
2015
|
||||
Sales and merchandising revenues
|
$
|
487,027
|
|
|
$
|
511,137
|
|
Cost of sales and merchandising revenues
|
410,761
|
|
|
442,473
|
|
||
Gross profit
|
76,266
|
|
|
68,664
|
|
||
Operating, administrative and general expenses
|
49,068
|
|
|
47,543
|
|
||
Interest expense
|
3,976
|
|
|
3,318
|
|
||
Other income, net
|
2,017
|
|
|
1,494
|
|
||
Income (loss) before income taxes
|
$
|
25,239
|
|
|
$
|
19,297
|
|
|
Three months ended June 30,
|
||||||
(in thousands)
|
2016
|
|
2015
|
||||
Sales and merchandising revenues
|
$
|
79,951
|
|
|
$
|
89,739
|
|
Cost of sales and merchandising revenues
|
51,789
|
|
|
54,168
|
|
||
Gross profit
|
28,162
|
|
|
35,571
|
|
||
Operating, administrative and general expenses
|
9,868
|
|
|
12,819
|
|
||
Interest expense
|
3,912
|
|
|
3,423
|
|
||
Other income, net
|
1,562
|
|
|
12,673
|
|
||
Income (loss) before income taxes
|
$
|
15,944
|
|
|
$
|
32,002
|
|
|
Three months ended June 30,
|
||||||
(in thousands)
|
2016
|
|
2015
|
||||
Sales and merchandising revenues
|
$
|
66,129
|
|
|
$
|
69,615
|
|
Cost of sales and merchandising revenues
|
46,417
|
|
|
49,225
|
|
||
Gross profit
|
19,712
|
|
|
20,390
|
|
||
Operating, administrative and general expenses
|
20,655
|
|
|
21,037
|
|
||
Interest expense
|
303
|
|
|
258
|
|
||
Other income, net
|
180
|
|
|
191
|
|
||
Income (loss) before income taxes
|
$
|
(1,066
|
)
|
|
$
|
(714
|
)
|
|
Three months ended June 30,
|
||||||
(in thousands)
|
2016
|
|
2015
|
||||
Sales and merchandising revenues
|
$
|
—
|
|
|
$
|
—
|
|
Cost of sales and merchandising revenues
|
—
|
|
|
—
|
|
||
Gross profit
|
—
|
|
|
—
|
|
||
Operating, administrative and general expenses
|
14,956
|
|
|
16,953
|
|
||
Interest expense
|
(57
|
)
|
|
(1,370
|
)
|
||
Other income, net
|
1,826
|
|
|
410
|
|
||
Income (loss) before income taxes
|
$
|
(13,073
|
)
|
|
$
|
(15,173
|
)
|
(in thousands)
|
June 30, 2016
|
|
June 30, 2015
|
|
Variance
|
||||||
Current Assets:
|
|
|
|
|
|
||||||
Cash and cash equivalents
|
$
|
31,383
|
|
|
$
|
40,773
|
|
|
$
|
(9,390
|
)
|
Restricted cash
|
987
|
|
|
941
|
|
|
46
|
|
|||
Accounts receivable, net
|
212,588
|
|
|
238,601
|
|
|
(26,013
|
)
|
|||
Inventories
|
486,236
|
|
|
508,408
|
|
|
(22,172
|
)
|
|||
Commodity derivative assets – current
|
115,924
|
|
|
39,860
|
|
|
76,064
|
|
|||
Deferred income taxes
|
—
|
|
|
6,069
|
|
|
(6,069
|
)
|
|||
Other current assets
|
48,754
|
|
|
44,765
|
|
|
3,989
|
|
|||
Total current assets
|
895,872
|
|
|
879,417
|
|
|
16,455
|
|
|||
Current Liabilities:
|
|
|
|
|
|
||||||
Short-term debt
|
179,404
|
|
|
141,250
|
|
|
38,154
|
|
|||
Trade and other payables
|
302,413
|
|
|
358,190
|
|
|
(55,777
|
)
|
|||
Customer prepayments and deferred revenue
|
18,252
|
|
|
25,927
|
|
|
(7,675
|
)
|
|||
Commodity derivative liabilities – current
|
43,183
|
|
|
42,622
|
|
|
561
|
|
|||
Accrued expenses and other current liabilities
|
71,169
|
|
|
72,034
|
|
|
(865
|
)
|
|||
Current maturities of long-term debt
|
53,720
|
|
|
27,188
|
|
|
26,532
|
|
|||
Total current liabilities
|
668,141
|
|
|
667,211
|
|
|
930
|
|
|||
Working Capital
|
$
|
227,731
|
|
|
$
|
212,206
|
|
|
$
|
15,525
|
|
Method of Control
|
Financial Statement
|
|
Units
|
|
Owned-railcars available for sale
|
On balance sheet – current
|
|
228
|
|
Owned-railcar assets leased to others
|
On balance sheet – non-current
|
|
16,111
|
|
Railcars leased from financial intermediaries
|
Off balance sheet
|
|
3,992
|
|
Railcars – non-recourse arrangements
|
Off balance sheet
|
|
2,849
|
|
Total Railcars
|
|
|
23,180
|
|
Locomotive assets leased to others
|
On balance sheet – non-current
|
|
36
|
|
Locomotives leased from financial intermediaries
|
Off balance sheet
|
|
4
|
|
Total Locomotives
|
|
|
40
|
|
Barge assets leased to others
|
On balance sheet – non-current
|
|
—
|
|
Barge assets leased from financial intermediaries
|
Off balance sheet
|
|
40
|
|
Total Barges
|
|
|
40
|
|
|
|
|
No.
|
|
Description
|
|
|
|
12
|
|
Computation of Ratio of Earnings to Fixed Charges
|
|
|
|
31.1
|
|
Certification of the Chief Executive Officer under Rule 13(a)-14(a)/15d-14(a)
|
|
|
|
31.2
|
|
Certification of the Chief Financial Officer under Rule 13(a)-14(a)/15d-14(a)
|
|
|
|
32.1
|
|
Certifications Pursuant to 18 U.S.C. Section 1350
|
|
|
|
101
|
|
Financial Statements from the interim report on Form 10-Q of The Andersons, Inc. for the period ended June 30, 2016, formatted in XBRL: (i) the Condensed Consolidated Statements of Operations, (ii) the Condensed Consolidated Statements of Comprehensive Income, (iii) the Condensed Consolidated Balance Sheets, (iv) the Condensed Consolidated Statements of Equity, (v) the Condensed Consolidated Statement of Cash Flows and (vi) the Notes to Condensed Consolidated Financial Statements.
|
|
|
|
|
|
THE ANDERSONS, INC.
(Registrant)
|
|
|
|
Date: August 4, 2016
|
|
By /s/ Patrick E. Bowe
|
|
|
Patrick E. Bowe
|
|
|
Chief Executive Officer (Principal Executive Officer)
|
|
|
|
Date: August 4, 2016
|
|
By /s/ John Granato
|
|
|
John Granato
|
|
|
Chief Financial Officer (Principal Financial Officer)
|
|
|
|
|
|
No.
|
|
Description
|
|
|
|
12
|
|
Computation of Ratio of Earnings to Fixed Charges
|
|
|
|
31.1
|
|
Certification of the Chief Executive Officer under Rule 13(a)-14(a)/15d-14(a)
|
|
|
|
31.2
|
|
Certification of the Chief Financial Officer under Rule 13(a)-14(a)/15d-14(a)
|
|
|
|
32.1
|
|
Certifications Pursuant to 18 U.S.C. Section 1350
|
|
|
|
101
|
|
Financial Statements from the interim report on Form 10-Q of The Andersons, Inc. for the period ended June 30, 2016, formatted in XBRL: (i) the Condensed Consolidated Statements of Operations, (ii) the Condensed Consolidated Statements of Comprehensive Income, (iii) the Condensed Consolidated Balance Sheets, (iv) the Condensed Consolidated Statements of Equity, (v) the Condensed Consolidated Statement of Cash Flows and (vi) the Notes to Condensed Consolidated Financial Statements.
|
1 Year Andersons Chart |
1 Month Andersons Chart |
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