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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 | |
---|---|---|---|---|---|---|---|---|---|---|
0.49 | 0.87% | 56.51 | 55.15 | 58.10 | 56.73 | 55.71 | 56.51 | 106,681 | 01:00:00 |
|
|
☒
|
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.)
|
|
|
|
|
|
1947 Briarfield Boulevard
|
|
|
|
Maumee
|
Ohio
|
|
43537
|
(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:
|
Common stock, $0.00 par value, $0.01 stated value
|
|
ANDE
|
|
The NASDAQ Stock Market LLC
|
|
Page No.
|
PART I. FINANCIAL INFORMATION
|
|
|
|
PART II. OTHER INFORMATION
|
|
The Andersons, Inc.
Condensed Consolidated Balance Sheets
(Unaudited)(In thousands)
|
|||||||||||
|
March 31,
2020 |
|
December 31,
2019 |
|
March 31,
2019 |
||||||
Assets
|
|
|
|
|
|
||||||
Current assets:
|
|
|
|
|
|
||||||
Cash, cash equivalents and restricted cash
|
$
|
19,693
|
|
|
$
|
54,895
|
|
|
$
|
29,991
|
|
Accounts receivable, net
|
539,671
|
|
|
536,367
|
|
|
611,290
|
|
|||
1,028,076
|
|
|
1,170,536
|
|
|
1,026,465
|
|
||||
149,070
|
|
|
107,863
|
|
|
158,277
|
|
||||
Other current assets
|
85,372
|
|
|
75,681
|
|
|
60,586
|
|
|||
Total current assets
|
1,821,882
|
|
|
1,945,342
|
|
|
1,886,609
|
|
|||
Other assets:
|
|
|
|
|
|
||||||
Goodwill
|
135,360
|
|
|
135,360
|
|
|
119,641
|
|
|||
Other intangible assets, net
|
167,398
|
|
|
175,312
|
|
|
206,572
|
|
|||
Right of use assets, net
|
62,182
|
|
|
76,401
|
|
|
85,766
|
|
|||
Equity method investments
|
22,910
|
|
|
23,857
|
|
|
121,781
|
|
|||
Other assets, net
|
24,305
|
|
|
21,753
|
|
|
30,449
|
|
|||
Total other assets
|
412,155
|
|
|
432,683
|
|
|
564,209
|
|
|||
597,069
|
|
|
584,298
|
|
|
537,629
|
|
||||
921,585
|
|
|
938,418
|
|
|
671,805
|
|
||||
Total assets
|
$
|
3,752,691
|
|
|
$
|
3,900,741
|
|
|
$
|
3,660,252
|
|
The Andersons, Inc.
Condensed Consolidated Balance Sheets (continued)
(Unaudited)(In thousands)
|
|||||||||||
|
March 31,
2020 |
|
December 31,
2019 |
|
March 31,
2019 |
||||||
Liabilities and equity
|
|
|
|
|
|
||||||
Current liabilities:
|
|
|
|
|
|
||||||
$
|
392,450
|
|
|
$
|
147,031
|
|
|
$
|
434,304
|
|
|
Trade and other payables
|
553,416
|
|
|
873,081
|
|
|
590,258
|
|
|||
Customer prepayments and deferred revenue
|
121,148
|
|
|
133,585
|
|
|
148,345
|
|
|||
90,491
|
|
|
46,942
|
|
|
66,623
|
|
||||
80,758
|
|
|
62,899
|
|
|
55,160
|
|
||||
Accrued expenses and other current liabilities
|
147,225
|
|
|
176,381
|
|
|
151,648
|
|
|||
Total current liabilities
|
1,385,488
|
|
|
1,439,919
|
|
|
1,446,338
|
|
|||
Long-term lease liabilities
|
43,308
|
|
|
51,091
|
|
|
57,451
|
|
|||
987,526
|
|
|
1,016,248
|
|
|
982,025
|
|
||||
Deferred income taxes
|
156,804
|
|
|
146,155
|
|
|
138,598
|
|
|||
Other long-term liabilities
|
65,703
|
|
|
51,673
|
|
|
37,554
|
|
|||
Total liabilities
|
2,638,829
|
|
|
2,705,086
|
|
|
2,661,966
|
|
|||
|
|
|
|
|
|||||||
Shareholders’ equity:
|
|
|
|
|
|
||||||
Common shares, without par value (63,000 shares authorized; 33,550 shares issued at 3/31/2020, 12/31/2019 and 3/31/2019)
|
137
|
|
|
137
|
|
|
137
|
|
|||
Preferred shares, without par value (1,000 shares authorized; none issued)
|
—
|
|
|
—
|
|
|
—
|
|
|||
Additional paid-in-capital
|
341,382
|
|
|
345,359
|
|
|
324,753
|
|
|||
Treasury shares, at cost (21, 207 and 193 shares at 3/31/2020, 12/31/2019 and 3/31/2019, respectively)
|
(652
|
)
|
|
(7,342
|
)
|
|
(7,216
|
)
|
|||
Accumulated other comprehensive income (loss)
|
(27,649
|
)
|
|
(7,231
|
)
|
|
2,474
|
|
|||
Retained earnings
|
599,039
|
|
|
642,687
|
|
|
627,136
|
|
|||
Total shareholders’ equity of The Andersons, Inc.
|
912,257
|
|
|
973,610
|
|
|
947,284
|
|
|||
Noncontrolling interests
|
201,605
|
|
|
222,045
|
|
|
51,002
|
|
|||
Total equity
|
1,113,862
|
|
|
1,195,655
|
|
|
998,286
|
|
|||
Total liabilities and equity
|
$
|
3,752,691
|
|
|
$
|
3,900,741
|
|
|
$
|
3,660,252
|
|
|
Three months ended March 31,
|
||||||
|
2020
|
|
2019
|
||||
Sales and merchandising revenues
|
$
|
1,853,105
|
|
|
$
|
1,976,792
|
|
Cost of sales and merchandising revenues
|
1,789,975
|
|
|
1,867,128
|
|
||
Gross profit
|
63,130
|
|
|
109,664
|
|
||
Operating, administrative and general expenses
|
105,060
|
|
|
113,349
|
|
||
Interest expense, net
|
15,587
|
|
|
15,910
|
|
||
Other income, net:
|
|
|
|
||||
Equity in earnings of affiliates, net
|
129
|
|
|
1,519
|
|
||
Other income (loss), net
|
4,813
|
|
|
(1,514
|
)
|
||
Loss before income taxes
|
(52,575
|
)
|
|
(19,590
|
)
|
||
Income tax benefit
|
(1,464
|
)
|
|
(5,442
|
)
|
||
Net loss
|
(51,111
|
)
|
|
(14,148
|
)
|
||
Net loss attributable to the noncontrolling interests
|
(13,449
|
)
|
|
(155
|
)
|
||
Net loss attributable to The Andersons, Inc.
|
$
|
(37,662
|
)
|
|
$
|
(13,993
|
)
|
Per common share:
|
|
|
|
||||
Basic loss attributable to The Andersons, Inc. common shareholders
|
$
|
(1.15
|
)
|
|
$
|
(0.43
|
)
|
Diluted loss attributable to The Andersons, Inc. common shareholders
|
$
|
(1.15
|
)
|
|
$
|
(0.43
|
)
|
|
Three months ended March 31,
|
||||||
|
2020
|
|
2019
|
||||
Net loss
|
$
|
(51,111
|
)
|
|
$
|
(14,148
|
)
|
Other comprehensive income (loss), net of tax:
|
|
|
|
||||
Change in unrecognized actuarial loss and prior service cost (net of income tax of $26 and $43)
|
(116
|
)
|
|
(126
|
)
|
||
Cash flow hedge activity (net of income tax of $4,519 and $1,201)
|
(13,663
|
)
|
|
(3,622
|
)
|
||
Foreign currency translation adjustments (net of income tax of $0 for both periods)
|
(6,639
|
)
|
|
12,609
|
|
||
Other comprehensive income (loss)
|
(20,418
|
)
|
|
8,861
|
|
||
Comprehensive loss
|
(71,529
|
)
|
|
(5,287
|
)
|
||
Comprehensive loss attributable to the noncontrolling interests
|
(13,449
|
)
|
|
(155
|
)
|
||
Comprehensive loss attributable to The Andersons, Inc.
|
$
|
(58,080
|
)
|
|
$
|
(5,132
|
)
|
|
Three months ended March 31,
|
||||||
|
2020
|
|
2019
|
||||
Operating Activities
|
|
|
|
||||
Net loss
|
$
|
(51,111
|
)
|
|
$
|
(14,148
|
)
|
Adjustments to reconcile net income (loss) to cash used in operating activities:
|
|
|
|
||||
Depreciation and amortization
|
46,898
|
|
|
33,760
|
|
||
Bad debt expense
|
4,310
|
|
|
318
|
|
||
Equity in earnings of affiliates, net of dividends
|
(129
|
)
|
|
(1,465
|
)
|
||
Gains on sales of Rail Group assets and related leases
|
(645
|
)
|
|
(736
|
)
|
||
Stock-based compensation expense
|
2,880
|
|
|
4,799
|
|
||
Deferred federal income tax
|
16,474
|
|
|
(5,640
|
)
|
||
Inventory write down
|
10,571
|
|
|
—
|
|
||
Other
|
4,001
|
|
|
4,528
|
|
||
Changes in operating assets and liabilities:
|
|
|
|
||||
Accounts receivable
|
(11,737
|
)
|
|
(79,295
|
)
|
||
Inventories
|
122,323
|
|
|
124,741
|
|
||
Commodity derivatives
|
1,231
|
|
|
(9,149
|
)
|
||
Other assets
|
(10,887
|
)
|
|
11,337
|
|
||
Payables and other accrued expenses
|
(362,609
|
)
|
|
(191,095
|
)
|
||
Net cash used in operating activities
|
(228,430
|
)
|
|
(122,045
|
)
|
||
Investing Activities
|
|
|
|
||||
Acquisition of business, net of cash acquired
|
—
|
|
|
(147,343
|
)
|
||
Purchases of Rail Group assets
|
(13,270
|
)
|
|
(15,873
|
)
|
||
Proceeds from sale of Rail Group assets
|
2,405
|
|
|
1,948
|
|
||
Purchases of property, plant and equipment and capitalized software
|
(19,307
|
)
|
|
(44,728
|
)
|
||
Proceeds from sale of assets
|
36
|
|
|
400
|
|
||
Purchase of investments
|
(280
|
)
|
|
(240
|
)
|
||
Net cash used in investing activities
|
(30,416
|
)
|
|
(205,836
|
)
|
||
Financing Activities
|
|
|
|
||||
Net change in short-term borrowings
|
251,712
|
|
|
9,942
|
|
||
Proceeds from issuance of long-term debt
|
90,736
|
|
|
693,761
|
|
||
Payments of long-term debt
|
(104,913
|
)
|
|
(361,067
|
)
|
||
Contributions by noncontrolling interest owner
|
3,307
|
|
|
4,715
|
|
||
Distributions to noncontrolling interest owner
|
(10,298
|
)
|
|
—
|
|
||
Payments of debt issuance costs
|
(250
|
)
|
|
(5,788
|
)
|
||
Dividends paid
|
(5,723
|
)
|
|
(5,515
|
)
|
||
Other
|
(994
|
)
|
|
2
|
|
||
Net cash provided by financing activities
|
223,577
|
|
|
336,050
|
|
||
Effect of exchange rates on cash, cash equivalents and restricted cash
|
67
|
|
|
(771
|
)
|
||
Increase (Decrease) in cash, cash equivalents and restricted cash
|
(35,202
|
)
|
|
7,398
|
|
||
Cash, cash equivalents and restricted cash at beginning of period
|
54,895
|
|
|
22,593
|
|
||
Cash, cash equivalents and restricted cash at end of period
|
$
|
19,693
|
|
|
$
|
29,991
|
|
|
Three Months Ended
|
||||||||||||||||||||||||||
|
Common
Shares
|
|
Additional
Paid-in
Capital
|
|
Treasury
Shares
|
|
Accumulated
Other
Comprehensive Income
(Loss)
|
|
Retained
Earnings
|
|
Noncontrolling
Interests
|
|
Total
|
||||||||||||||
Balance at December 31, 2018
|
$
|
96
|
|
|
$
|
224,396
|
|
|
$
|
(35,300
|
)
|
|
$
|
(6,387
|
)
|
|
$
|
647,517
|
|
|
$
|
46,442
|
|
|
$
|
876,764
|
|
Net loss
|
|
|
|
|
|
|
|
|
(13,993
|
)
|
|
(155
|
)
|
|
(14,148
|
)
|
|||||||||||
Other comprehensive loss
|
|
|
|
|
|
|
(2,770
|
)
|
|
|
|
|
|
(2,770
|
)
|
||||||||||||
Amounts reclassified from accumulated other comprehensive loss
|
|
|
|
|
|
|
11,631
|
|
|
|
|
|
|
11,631
|
|
||||||||||||
Contributions received from noncontrolling interest
|
|
|
|
|
|
|
|
|
|
|
4,715
|
|
|
4,715
|
|
||||||||||||
Adoption of accounting standard, net of income tax of ($237)
|
|
|
|
|
|
|
|
|
(711
|
)
|
|
|
|
(711
|
)
|
||||||||||||
Stock awards, stock option exercises and other shares issued to employees and directors, net of income tax of $0 (740 shares)
|
|
|
(22,756
|
)
|
|
27,944
|
|
|
|
|
|
|
|
|
5,188
|
|
|||||||||||
Dividends declared ($0.17 per common share)
|
|
|
|
|
|
|
|
|
(5,529
|
)
|
|
|
|
(5,529
|
)
|
||||||||||||
Shares issued for acquisition
|
41
|
|
|
123,105
|
|
|
|
|
|
|
|
|
|
|
123,146
|
|
|||||||||||
Restricted share award dividend equivalents
|
|
|
8
|
|
|
140
|
|
|
|
|
(148
|
)
|
|
|
|
—
|
|
||||||||||
Balance at March 31, 2019
|
$
|
137
|
|
|
$
|
324,753
|
|
|
$
|
(7,216
|
)
|
|
$
|
2,474
|
|
|
$
|
627,136
|
|
|
$
|
51,002
|
|
|
$
|
998,286
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Balance at December 31, 2019
|
$
|
137
|
|
|
$
|
345,359
|
|
|
$
|
(7,342
|
)
|
|
$
|
(7,231
|
)
|
|
$
|
642,687
|
|
|
$
|
222,045
|
|
|
$
|
1,195,655
|
|
Net loss
|
|
|
|
|
|
|
|
|
(37,662
|
)
|
|
(13,449
|
)
|
|
(51,111
|
)
|
|||||||||||
Other comprehensive loss
|
|
|
|
|
|
|
(20,974
|
)
|
|
|
|
|
|
(20,974
|
)
|
||||||||||||
Amounts reclassified from accumulated other comprehensive loss
|
|
|
|
|
|
|
556
|
|
|
|
|
|
|
556
|
|
||||||||||||
Contributions from noncontrolling interest
|
|
|
|
|
|
|
|
|
|
|
|
3,307
|
|
|
3,307
|
|
|||||||||||
Distributions to noncontrolling interest
|
|
|
|
|
|
|
|
|
|
|
(10,298
|
)
|
|
(10,298
|
)
|
||||||||||||
Stock awards, stock option exercises and other shares issued to employees and directors, net of income tax of $0 (181 shares)
|
|
|
(3,977
|
)
|
|
6,452
|
|
|
|
|
|
|
|
|
2,475
|
|
|||||||||||
Dividends declared ($0.175 per common share)
|
|
|
|
|
|
|
|
|
(5,748
|
)
|
|
|
|
(5,748
|
)
|
||||||||||||
Restricted share award dividend equivalents
|
|
|
|
|
238
|
|
|
|
|
(238
|
)
|
|
|
|
—
|
|
|||||||||||
Balance at March 31, 2020
|
$
|
137
|
|
|
$
|
341,382
|
|
|
$
|
(652
|
)
|
|
$
|
(27,649
|
)
|
|
$
|
599,039
|
|
|
$
|
201,605
|
|
|
$
|
1,113,862
|
|
(in thousands)
|
March 31,
2020 |
|
December 31,
2019 |
|
March 31,
2019 |
||||||
Grain and other agricultural products
|
$
|
750,281
|
|
|
$
|
907,482
|
|
|
$
|
812,361
|
|
Frac sand and propane
|
5,723
|
|
|
15,438
|
|
|
8,172
|
|
|||
Ethanol and co-products
|
87,706
|
|
|
95,432
|
|
|
16,302
|
|
|||
Plant nutrients and cob products
|
178,028
|
|
|
146,164
|
|
|
183,886
|
|
|||
Railcar repair parts
|
6,338
|
|
|
6,020
|
|
|
5,744
|
|
|||
Total Inventories
|
$
|
1,028,076
|
|
|
$
|
1,170,536
|
|
|
$
|
1,026,465
|
|
(in thousands)
|
March 31,
2020 |
|
December 31,
2019 |
|
March 31,
2019 |
||||||
Land
|
$
|
40,336
|
|
|
$
|
40,442
|
|
|
$
|
39,552
|
|
Land improvements and leasehold improvements
|
95,327
|
|
|
103,148
|
|
|
82,681
|
|
|||
Buildings and storage facilities
|
381,258
|
|
|
373,961
|
|
|
337,631
|
|
|||
Machinery and equipment
|
861,812
|
|
|
835,156
|
|
|
481,454
|
|
|||
Construction in progress
|
41,824
|
|
|
59,993
|
|
|
151,895
|
|
|||
|
1,420,557
|
|
|
1,412,700
|
|
|
1,093,213
|
|
|||
Less: accumulated depreciation
|
498,972
|
|
|
474,282
|
|
|
421,408
|
|
|||
Property, plant and equipment, net
|
$
|
921,585
|
|
|
$
|
938,418
|
|
|
$
|
671,805
|
|
(in thousands)
|
March 31,
2020 |
|
December 31,
2019 |
|
March 31,
2019 |
||||||
Rail Group assets leased to others
|
$
|
740,809
|
|
|
$
|
723,004
|
|
|
$
|
660,747
|
|
Less: accumulated depreciation
|
143,740
|
|
|
138,706
|
|
|
123,118
|
|
|||
Rail Group assets, net
|
$
|
597,069
|
|
|
$
|
584,298
|
|
|
$
|
537,629
|
|
(in thousands)
|
March 31,
2020 |
|
December 31,
2019 |
|
March 31,
2019 |
||||||
Short-term Debt – Non-Recourse
|
$
|
83,791
|
|
|
$
|
54,029
|
|
|
$
|
97,304
|
|
Short-term Debt – Recourse
|
308,659
|
|
|
93,002
|
|
|
337,000
|
|
|||
Total Short-term Debt
|
$
|
392,450
|
|
|
$
|
147,031
|
|
|
$
|
434,304
|
|
|
|
|
|
|
|
||||||
Current Maturities of Long-term Debt – Non-Recourse
|
$
|
5,212
|
|
|
$
|
9,545
|
|
|
$
|
7,793
|
|
Current Maturities of Long-term Debt – Recourse
|
75,546
|
|
|
53,354
|
|
|
47,367
|
|
|||
Total Current Maturities of Long-term Debt
|
$
|
80,758
|
|
|
$
|
62,899
|
|
|
$
|
55,160
|
|
|
|
|
|
|
|
||||||
Long-term Debt, Less: Current Maturities – Non-Recourse
|
$
|
329,462
|
|
|
$
|
330,251
|
|
|
$
|
177,955
|
|
Long-term Debt, Less: Current Maturities – Recourse
|
658,064
|
|
|
685,997
|
|
|
804,070
|
|
|||
Total Long-term Debt, Less: Current Maturities
|
$
|
987,526
|
|
|
$
|
1,016,248
|
|
|
$
|
982,025
|
|
|
March 31, 2020
|
|
December 31, 2019
|
|
March 31, 2019
|
||||||||||||||||||
(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
|
||||||||||||
Cash collateral paid
|
$
|
22,855
|
|
|
$
|
—
|
|
|
$
|
56,005
|
|
|
$
|
—
|
|
|
$
|
21,751
|
|
|
$
|
—
|
|
Fair value of derivatives
|
20,977
|
|
|
—
|
|
|
(10,323
|
)
|
|
—
|
|
|
38,580
|
|
|
—
|
|
||||||
Balance at end of period
|
$
|
43,832
|
|
|
$
|
—
|
|
|
$
|
45,682
|
|
|
$
|
—
|
|
|
$
|
60,331
|
|
|
$
|
—
|
|
|
March 31, 2020
|
||||||||||||||||||
(in thousands)
|
Commodity Derivative Assets - Current
|
|
Commodity Derivative Assets - Noncurrent
|
|
Commodity Derivative Liabilities - Current
|
|
Commodity Derivative Liabilities - Noncurrent
|
|
Total
|
||||||||||
Commodity derivative assets
|
$
|
164,700
|
|
|
$
|
3,240
|
|
|
$
|
9,648
|
|
|
$
|
142
|
|
|
$
|
177,730
|
|
Commodity derivative liabilities
|
(38,485
|
)
|
|
(119
|
)
|
|
(100,139
|
)
|
|
(2,667
|
)
|
|
(141,410
|
)
|
|||||
Cash collateral paid
|
22,855
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
22,855
|
|
|||||
Balance sheet line item totals
|
$
|
149,070
|
|
|
$
|
3,121
|
|
|
$
|
(90,491
|
)
|
|
$
|
(2,525
|
)
|
|
$
|
59,175
|
|
|
December 31, 2019
|
||||||||||||||||||
(in thousands)
|
Commodity Derivative Assets - Current
|
|
Commodity Derivative Assets - Noncurrent
|
|
Commodity Derivative Liabilities - Current
|
|
Commodity Derivative Liabilities - Noncurrent
|
|
Total
|
||||||||||
Commodity derivative assets
|
$
|
92,429
|
|
|
$
|
1,045
|
|
|
$
|
7,439
|
|
|
$
|
18
|
|
|
$
|
100,931
|
|
Commodity derivative liabilities
|
(40,571
|
)
|
|
(96
|
)
|
|
(54,381
|
)
|
|
(523
|
)
|
|
(95,571
|
)
|
|||||
Cash collateral paid
|
56,005
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
56,005
|
|
|||||
Balance sheet line item totals
|
$
|
107,863
|
|
|
$
|
949
|
|
|
$
|
(46,942
|
)
|
|
$
|
(505
|
)
|
|
$
|
61,365
|
|
|
March 31, 2019
|
||||||||||||||||||
(in thousands)
|
Commodity Derivative Assets - Current
|
|
Commodity Derivative Assets - Noncurrent
|
|
Commodity Derivative Liabilities - Current
|
|
Commodity Derivative Liabilities - Noncurrent
|
|
Total
|
||||||||||
Commodity derivative assets
|
$
|
142,262
|
|
|
$
|
3,781
|
|
|
$
|
665
|
|
|
$
|
93
|
|
|
$
|
146,801
|
|
Commodity derivative liabilities
|
(5,736
|
)
|
|
(24
|
)
|
|
(67,288
|
)
|
|
(3,914
|
)
|
|
(76,962
|
)
|
|||||
Cash collateral paid
|
21,751
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
21,751
|
|
|||||
Balance sheet line item totals
|
$
|
158,277
|
|
|
$
|
3,757
|
|
|
$
|
(66,623
|
)
|
|
$
|
(3,821
|
)
|
|
$
|
91,590
|
|
|
Three months ended March 31,
|
||||||
(in thousands)
|
2020
|
|
2019
|
||||
Gains on commodity derivatives included in cost of sales and merchandising revenues
|
$
|
30,960
|
|
|
$
|
66,419
|
|
|
March 31, 2020
|
||||||||||
Commodity (in thousands)
|
Number of Bushels
|
|
Number of Gallons
|
|
Number of Pounds
|
|
Number of Tons
|
||||
Non-exchange traded:
|
|
|
|
|
|
|
|
||||
Corn
|
555,782
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Soybeans
|
33,950
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Wheat
|
92,374
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Oats
|
56,582
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Ethanol
|
—
|
|
|
103,252
|
|
|
—
|
|
|
—
|
|
Corn oil
|
—
|
|
|
—
|
|
|
6,275
|
|
|
—
|
|
Other
|
18,734
|
|
|
1,500
|
|
|
296
|
|
|
2,010
|
|
Subtotal
|
757,422
|
|
|
104,752
|
|
|
6,571
|
|
|
2,010
|
|
Exchange traded:
|
|
|
|
|
|
|
|
||||
Corn
|
165,295
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Soybeans
|
37,875
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Wheat
|
59,135
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Oats
|
1,490
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Ethanol
|
—
|
|
|
44,440
|
|
|
—
|
|
|
—
|
|
Propane
|
—
|
|
|
11,760
|
|
|
—
|
|
|
—
|
|
Other
|
—
|
|
|
11,970
|
|
|
—
|
|
|
213
|
|
Subtotal
|
263,795
|
|
|
68,170
|
|
|
—
|
|
|
213
|
|
Total
|
1,021,217
|
|
|
172,922
|
|
|
6,571
|
|
|
2,223
|
|
|
December 31, 2019
|
||||||||||
Commodity (in thousands)
|
Number of Bushels
|
|
Number of Gallons
|
|
Number of Pounds
|
|
Number of Tons
|
||||
Non-exchange traded:
|
|
|
|
|
|
|
|
||||
Corn
|
552,359
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Soybeans
|
34,912
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Wheat
|
100,996
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Oats
|
24,700
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Ethanol
|
—
|
|
|
116,448
|
|
|
—
|
|
|
—
|
|
Corn oil
|
—
|
|
|
—
|
|
|
14,568
|
|
|
—
|
|
Other
|
11,363
|
|
|
4,000
|
|
|
305
|
|
|
2,263
|
|
Subtotal
|
724,330
|
|
|
120,448
|
|
|
14,873
|
|
|
2,263
|
|
Exchange traded:
|
|
|
|
|
|
|
|
||||
Corn
|
221,740
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Soybeans
|
39,145
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Wheat
|
68,171
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Oats
|
2,090
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Ethanol
|
—
|
|
|
175,353
|
|
|
—
|
|
|
—
|
|
Propane
|
—
|
|
|
5,166
|
|
|
—
|
|
|
—
|
|
Other
|
—
|
|
|
15
|
|
|
—
|
|
|
232
|
|
Subtotal
|
331,146
|
|
|
180,534
|
|
|
—
|
|
|
232
|
|
Total
|
1,055,476
|
|
|
300,982
|
|
|
14,873
|
|
|
2,495
|
|
|
March 31, 2019
|
||||||||||
Commodity (in thousands)
|
Number of Bushels
|
|
Number of Gallons
|
|
Number of Pounds
|
|
Number of Tons
|
||||
Non-exchange traded:
|
|
|
|
|
|
|
|
||||
Corn
|
624,612
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Soybeans
|
42,859
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Wheat
|
118,909
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Oats
|
26,361
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Ethanol
|
—
|
|
|
233,420
|
|
|
—
|
|
|
—
|
|
Corn oil
|
—
|
|
|
—
|
|
|
6,733
|
|
|
—
|
|
Other
|
5,574
|
|
|
2,032
|
|
|
6
|
|
|
2,508
|
|
Subtotal
|
818,315
|
|
|
235,452
|
|
|
6,739
|
|
|
2,508
|
|
Exchange traded:
|
|
|
|
|
|
|
|
||||
Corn
|
197,210
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Soybeans
|
47,860
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Wheat
|
103,955
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Oats
|
770
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Ethanol
|
—
|
|
|
110,758
|
|
|
—
|
|
|
—
|
|
Gasoline
|
—
|
|
|
12,936
|
|
|
—
|
|
|
—
|
|
Propane
|
—
|
|
|
14,784
|
|
|
—
|
|
|
—
|
|
Other
|
2
|
|
|
—
|
|
|
—
|
|
|
205
|
|
Subtotal
|
349,797
|
|
|
138,478
|
|
|
—
|
|
|
205
|
|
Total
|
1,168,112
|
|
|
373,930
|
|
|
6,739
|
|
|
2,713
|
|
(in thousands)
|
March 31, 2020
|
|
December 31, 2019
|
|
March 31, 2019
|
||||||
Derivatives not designated as hedging instruments
|
|
|
|
|
|
||||||
Interest rate contracts included in Other long-term liabilities
|
$
|
(1,913
|
)
|
|
$
|
(1,007
|
)
|
|
$
|
(4,494
|
)
|
Foreign currency contracts included in Other current assets (Accrued expenses and other current liabilities)
|
$
|
440
|
|
|
$
|
2,742
|
|
|
$
|
(344
|
)
|
Derivatives designated as hedging instruments
|
|
|
|
|
|
||||||
Interest rate contracts included in Accrued expenses and other current liabilities
|
$
|
(8,081
|
)
|
|
$
|
(3,118
|
)
|
|
$
|
—
|
|
Interest rate contracts included in Other long-term assets (Other long-term liabilities)
|
$
|
(22,620
|
)
|
|
$
|
(9,382
|
)
|
|
$
|
(4,552
|
)
|
|
Three months ended March 31,
|
||||||
(in thousands)
|
2020
|
|
2019
|
||||
Derivatives not designated as hedging instruments
|
|
|
|
||||
Interest rate derivative gains (losses) included in Interest income (expense), net
|
$
|
(784
|
)
|
|
$
|
(990
|
)
|
Foreign currency derivative gains (losses) included in Other income (loss), net
|
$
|
—
|
|
|
$
|
(1,467
|
)
|
Derivatives designated as hedging instruments
|
|
|
|
||||
Interest rate derivative gains (losses) included in Other Comprehensive Income (Loss)
|
$
|
(18,182
|
)
|
|
$
|
(4,991
|
)
|
Interest rate derivatives gains (losses) included in Interest income (expense), net
|
$
|
(1,290
|
)
|
|
$
|
165
|
|
Interest Rate Hedging Instrument
|
|
Year Entered
|
|
Year of Maturity
|
|
Initial Notional Amount
(in millions)
|
|
Description
|
|
Interest Rate
|
||
Long-term
|
|
|
|
|
|
|
|
|
|
|
||
Swap
|
|
2014
|
|
2023
|
|
$
|
23.0
|
|
|
Interest rate component of debt - not accounted for as a hedge
|
|
1.9%
|
Collar
|
|
2016
|
|
2021
|
|
$
|
40.0
|
|
|
Interest rate component of debt - not accounted for as a hedge
|
|
3.5% to 4.8%
|
Swap
|
|
2017
|
|
2022
|
|
$
|
20.0
|
|
|
Interest rate component of debt - accounted for as a hedge
|
|
1.8%
|
Swap
|
|
2018
|
|
2023
|
|
$
|
10.0
|
|
|
Interest rate component of debt - accounted for as a hedge
|
|
2.6%
|
Swap
|
|
2018
|
|
2025
|
|
$
|
20.0
|
|
|
Interest rate component of debt - accounted for as a hedge
|
|
2.7%
|
Swap
|
|
2018
|
|
2021
|
|
$
|
40.0
|
|
|
Interest rate component of debt - accounted for as a hedge
|
|
2.6%
|
Swap
|
|
2019
|
|
2021
|
|
$
|
25.0
|
|
|
Interest rate component of debt - accounted for as a hedge
|
|
2.5%
|
Swap
|
|
2019
|
|
2021
|
|
$
|
50.0
|
|
|
Interest rate component of debt - accounted for as a hedge
|
|
2.5%
|
Swap
|
|
2019
|
|
2025
|
|
$
|
100.0
|
|
|
Interest rate component of debt - accounted for as a hedge
|
|
2.5%
|
Swap
|
|
2019
|
|
2025
|
|
$
|
50.0
|
|
|
Interest rate component of debt - accounted for as a hedge
|
|
2.5%
|
Swap
|
|
2019
|
|
2025
|
|
$
|
50.0
|
|
|
Interest rate component of debt - accounted for as a hedge
|
|
2.5%
|
Swap
|
|
2020
|
|
2023
|
|
$
|
50.0
|
|
|
Interest rate component of debt - accounted for as a hedge
|
|
0.8%
|
Swap
|
|
2020
|
|
2023
|
|
$
|
50.0
|
|
|
Interest rate component of debt - accounted for as a hedge
|
|
0.7%
|
Swap
|
|
2020
|
|
2030
|
|
$
|
50.0
|
|
|
Interest rate component of debt - accounted for as a hedge
|
|
0.0% to 0.8%
|
Swap
|
|
2020
|
|
2030
|
|
$
|
50.0
|
|
|
Interest rate component of debt - accounted for as a hedge
|
|
0.0% to 0.8%
|
|
Three months ended March 31,
|
||||||
(in thousands)
|
2020
|
|
2019
|
||||
Revenues under ASC 606
|
$
|
347,502
|
|
|
$
|
315,172
|
|
Revenues under ASC 842
|
25,551
|
|
|
28,868
|
|
||
Revenues under ASC 815
|
1,480,052
|
|
|
1,632,752
|
|
||
Total Revenues
|
$
|
1,853,105
|
|
|
$
|
1,976,792
|
|
|
Three months ended March 31, 2020
|
||||||||||||||||||
(in thousands)
|
Trade
|
|
Ethanol
|
|
Plant Nutrient
|
|
Rail
|
|
Total
|
||||||||||
Specialty nutrients
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
73,231
|
|
|
$
|
—
|
|
|
$
|
73,231
|
|
Primary nutrients
|
—
|
|
|
—
|
|
|
45,690
|
|
|
—
|
|
|
45,690
|
|
|||||
Services
|
1,686
|
|
|
—
|
|
|
182
|
|
|
8,736
|
|
|
10,604
|
|
|||||
Ethanol products and co-products
|
53,165
|
|
|
101,698
|
|
|
—
|
|
|
—
|
|
|
154,863
|
|
|||||
Frac sand and propane
|
49,875
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
49,875
|
|
|||||
Other
|
3,989
|
|
|
616
|
|
|
5,810
|
|
|
2,824
|
|
|
13,239
|
|
|||||
Total
|
$
|
108,715
|
|
|
$
|
102,314
|
|
|
$
|
124,913
|
|
|
$
|
11,560
|
|
|
$
|
347,502
|
|
|
Three months ended March 31, 2019
|
||||||||||||||||||
(in thousands)
|
Trade
|
|
Ethanol
|
|
Plant Nutrient
|
|
Rail
|
|
Total
|
||||||||||
Specialty nutrients
|
$
|
3,938
|
|
|
$
|
—
|
|
|
$
|
68,400
|
|
|
$
|
—
|
|
|
$
|
72,338
|
|
Primary nutrients
|
427
|
|
|
—
|
|
|
53,089
|
|
|
—
|
|
|
53,516
|
|
|||||
Service
|
825
|
|
|
3,436
|
|
|
162
|
|
|
9,947
|
|
|
14,370
|
|
|||||
Ethanol products and co-products
|
62,758
|
|
|
21,472
|
|
|
—
|
|
|
—
|
|
|
84,230
|
|
|||||
Frac sand and propane
|
80,463
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
80,463
|
|
|||||
Other
|
1,157
|
|
|
—
|
|
|
6,874
|
|
|
2,224
|
|
|
10,255
|
|
|||||
Total
|
$
|
149,568
|
|
|
$
|
24,908
|
|
|
$
|
128,525
|
|
|
$
|
12,171
|
|
|
$
|
315,172
|
|
|
|
Changes in Accumulated Other Comprehensive Income (Loss) by Component (a)
|
||||||||||||||||||
|
|
Three months ended March 31, 2020
|
||||||||||||||||||
(in thousands)
|
Cash Flow Hedges
|
|
Foreign Currency Translation Adjustment
|
|
Investment in Convertible Preferred Securities
|
|
Defined Benefit Plan Items
|
|
Total
|
|||||||||||
Beginning Balance
|
$
|
(9,443
|
)
|
|
$
|
1,065
|
|
|
$
|
258
|
|
|
$
|
889
|
|
|
$
|
(7,231
|
)
|
|
|
Other comprehensive loss before reclassifications
|
(14,390
|
)
|
|
(6,639
|
)
|
|
—
|
|
|
55
|
|
|
$
|
(20,974
|
)
|
||||
|
Amounts reclassified from accumulated other comprehensive income (loss)
|
727
|
|
|
—
|
|
|
—
|
|
|
(171
|
)
|
|
$
|
556
|
|
||||
Net current-period other comprehensive income (loss)
|
(13,663
|
)
|
|
(6,639
|
)
|
|
—
|
|
|
(116
|
)
|
|
(20,418
|
)
|
||||||
Ending balance
|
$
|
(23,106
|
)
|
|
$
|
(5,574
|
)
|
|
$
|
258
|
|
|
$
|
773
|
|
|
$
|
(27,649
|
)
|
|
|
Changes in Accumulated Other Comprehensive Income (Loss) by Component (a)
|
||||||||||||||||||
|
|
Three months ended March 31, 2019
|
||||||||||||||||||
(in thousands)
|
Cash Flow Hedges
|
|
Foreign Currency Translation Adjustment
|
|
Investment in Convertible Preferred Securities
|
|
Defined Benefit Plan Items
|
|
Total
|
|||||||||||
Beginning Balance
|
$
|
(126
|
)
|
|
$
|
(11,550
|
)
|
|
$
|
258
|
|
|
$
|
5,031
|
|
|
$
|
(6,387
|
)
|
|
|
Other comprehensive loss before reclassifications
|
(3,758
|
)
|
|
943
|
|
|
—
|
|
|
45
|
|
|
$
|
(2,770
|
)
|
||||
|
Amounts reclassified from accumulated other comprehensive income (loss) (b)
|
136
|
|
|
11,666
|
|
|
—
|
|
|
(171
|
)
|
|
$
|
11,631
|
|
||||
Net current-period other comprehensive income (loss)
|
(3,622
|
)
|
|
12,609
|
|
|
—
|
|
|
(126
|
)
|
|
8,861
|
|
||||||
Ending balance
|
$
|
(3,748
|
)
|
|
$
|
1,059
|
|
|
$
|
258
|
|
|
$
|
4,905
|
|
|
$
|
2,474
|
|
|
|
Reclassifications Out of Accumulated Other Comprehensive Income (Loss) (a)
|
||||
(in thousands)
|
|
Three months ended March 31, 2020
|
||||
Details about Accumulated Other Comprehensive Income (Loss) Components
|
|
Amount Reclassified from Accumulated Other Comprehensive Income (Loss)
|
|
Affected Line Item in the Statement Where Net Income Is Presented
|
||
Defined Benefit Plan Items
|
|
|
|
|
||
Amortization of prior-service cost
|
|
$
|
(228
|
)
|
|
(b)
|
|
|
(228
|
)
|
|
Total before tax
|
|
|
|
57
|
|
|
Income tax provision (benefit)
|
|
|
|
$
|
(171
|
)
|
|
Net of tax
|
|
|
|
|
|
||
Cash Flow Hedges
|
|
|
|
|
||
Interest payments
|
|
$
|
969
|
|
|
Interest expense
|
|
|
969
|
|
|
Total before tax
|
|
|
|
(242
|
)
|
|
Income tax provision
|
|
|
|
$
|
727
|
|
|
Net of tax
|
|
|
|
|
|
||
Total reclassifications for the period
|
|
$
|
556
|
|
|
Net of tax
|
|
|
Reclassifications Out of Accumulated Other Comprehensive Income (Loss) (a)
|
||||
(in thousands)
|
|
Three months ended March 31, 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
|
||
Defined Benefit Plan Items
|
|
|
|
|
||
Amortization of prior-service cost
|
|
$
|
(228
|
)
|
|
(b)
|
|
|
(228
|
)
|
|
Total before tax
|
|
|
|
57
|
|
|
Income tax provision (benefit)
|
|
|
|
$
|
(171
|
)
|
|
Net of tax
|
|
|
|
|
|
||
Cash Flow Hedges
|
|
|
|
|
||
Interest payments
|
|
$
|
182
|
|
|
Interest expense
|
|
|
182
|
|
|
Total before tax
|
|
|
|
(46
|
)
|
|
Income tax provision
|
|
|
|
$
|
136
|
|
|
Net of tax
|
|
|
|
|
|
||
Foreign Currency Translation Adjustment
|
|
|
|
|
||
Realized loss on pre-existing investment
|
|
$
|
11,666
|
|
|
Other income, net
|
|
|
11,666
|
|
|
Total before tax
|
|
|
|
—
|
|
|
Income tax provision
|
|
|
|
$
|
11,666
|
|
|
Net of tax
|
|
|
|
|
|
||
Total reclassifications for the period
|
|
$
|
11,631
|
|
|
Net of tax
|
(in thousands, except per common share data)
|
Three months ended March 31,
|
||||||
2020
|
|
2019
|
|||||
Net loss attributable to The Andersons, Inc.
|
$
|
(37,662
|
)
|
|
$
|
(13,993
|
)
|
Earnings per share – basic:
|
|
|
|
||||
Weighted average shares outstanding – basic
|
32,821
|
|
|
32,501
|
|
||
Earnings per common share – basic
|
$
|
(1.15
|
)
|
|
$
|
(0.43
|
)
|
Earnings per share – diluted:
|
|
|
|
||||
Weighted average shares outstanding – basic
|
32,821
|
|
|
32,501
|
|
||
Effect of dilutive awards
|
—
|
|
|
—
|
|
||
Weighted average shares outstanding – diluted
|
32,821
|
|
|
32,501
|
|
||
Earnings per common share – diluted
|
$
|
(1.15
|
)
|
|
$
|
(0.43
|
)
|
(in thousands)
|
March 31, 2020
|
||||||||||||||
Assets (liabilities)
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
Commodity derivatives, net (a)
|
$
|
43,832
|
|
|
$
|
15,343
|
|
|
$
|
—
|
|
|
$
|
59,175
|
|
Provisionally priced contracts (b)
|
(94,834
|
)
|
|
(51,061
|
)
|
|
—
|
|
|
(145,895
|
)
|
||||
Convertible preferred securities (c)
|
—
|
|
|
—
|
|
|
8,654
|
|
|
8,654
|
|
||||
Other assets and liabilities (d)
|
5,373
|
|
|
(32,614
|
)
|
|
—
|
|
|
(27,241
|
)
|
||||
Total
|
$
|
(45,629
|
)
|
|
$
|
(68,332
|
)
|
|
$
|
8,654
|
|
|
$
|
(105,307
|
)
|
(in thousands)
|
December 31, 2019
|
||||||||||||||
Assets (liabilities)
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
Commodity derivatives, net (a)
|
$
|
45,682
|
|
|
$
|
15,683
|
|
|
$
|
—
|
|
|
$
|
61,365
|
|
Provisionally priced contracts (b)
|
(118,414
|
)
|
|
(68,237
|
)
|
|
—
|
|
|
(186,651
|
)
|
||||
Convertible preferred securities (c)
|
—
|
|
|
—
|
|
|
8,404
|
|
|
8,404
|
|
||||
Other assets and liabilities (d)
|
9,469
|
|
|
(13,507
|
)
|
|
—
|
|
|
(4,038
|
)
|
||||
Total
|
$
|
(63,263
|
)
|
|
$
|
(66,061
|
)
|
|
$
|
8,404
|
|
|
$
|
(120,920
|
)
|
(in thousands)
|
March 31, 2019
|
||||||||||||||
Assets (liabilities)
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
Commodity derivatives, net (a)
|
$
|
60,331
|
|
|
$
|
31,259
|
|
|
$
|
—
|
|
|
$
|
91,590
|
|
Provisionally priced contracts (b)
|
(48,430
|
)
|
|
(49,393
|
)
|
|
—
|
|
|
(97,823
|
)
|
||||
Convertible preferred securities (c)
|
—
|
|
|
—
|
|
|
7,404
|
|
|
7,404
|
|
||||
Other assets and liabilities (d)
|
5,772
|
|
|
(4,494
|
)
|
|
—
|
|
|
1,278
|
|
||||
Total
|
$
|
17,673
|
|
|
$
|
(22,628
|
)
|
|
$
|
7,404
|
|
|
$
|
2,449
|
|
(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 assets, net” on the Company’s Consolidated Balance Sheets related to certain available for sale securities.
|
(d)
|
Included in other assets and liabilities are assets held by the Company 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)
|
|
2020
|
|
2019
|
||||
Assets (liabilities) at January 1,
|
|
$
|
8,404
|
|
|
$
|
7,154
|
|
Additional Investments
|
|
250
|
|
|
250
|
|
||
Assets (liabilities) at March 31,
|
|
$
|
8,654
|
|
|
$
|
7,404
|
|
|
Quantitative Information about Recurring Level 3 Fair Value Measurements
|
||||||||
(in thousands)
|
Fair Value as of March 31, 2020
|
|
Valuation Method
|
|
Unobservable Input
|
|
Weighted Average
|
||
Convertible preferred securities (a)
|
$
|
8,654
|
|
|
Implied based on market prices
|
|
N/A
|
|
N/A
|
(in thousands)
|
Fair Value as of December 31, 2019
|
|
Valuation Method
|
|
Unobservable Input
|
|
Weighted Average
|
||
Convertible preferred securities (a)
|
$
|
8,404
|
|
|
Implied based on market prices
|
|
N/A
|
|
N/A
|
(in thousands)
|
Fair Value as of March 31, 2019
|
|
Valuation Method
|
|
Unobservable Input
|
|
Weighted Average
|
||
Convertible preferred securities (a)
|
$
|
7,404
|
|
|
Implied based on market prices
|
|
N/A
|
|
N/A
|
(in thousands)
|
March 31,
2020 |
|
December 31,
2019 |
|
March 31,
2019 |
||||||
Fair value of long-term debt, including current maturities
|
$
|
1,113,042
|
|
|
$
|
1,096,010
|
|
|
$
|
1,043,503
|
|
Fair value in excess of carrying value (a)
|
36,461
|
|
|
8,257
|
|
|
2,318
|
|
|
Three months ended March 31,
|
||||||
(in thousands)
|
2020
|
|
2019
|
||||
Sales revenues
|
$
|
54,694
|
|
|
$
|
61,168
|
|
Service fee revenues (a)
|
—
|
|
|
4,112
|
|
||
Purchases of product and capital assets
|
15,577
|
|
|
169,229
|
|
||
Lease income (b)
|
147
|
|
|
1,014
|
|
||
Labor and benefits reimbursement (c)
|
—
|
|
|
3,857
|
|
(a)
|
Service fee revenues include management fees, corn origination fees, ethanol and distillers dried grains (DDG) marketing fees, and other commissions. These revenues are now eliminated in consolidation as a result of the TAMH merger.
|
(b)
|
Lease income includes certain railcars leased to related parties and the lease of the Company’s Albion, Michigan and Clymers, Indiana grain facilities from the prior period and are now eliminated in consolidation as a result of the TAMH merger.
|
(c)
|
Prior to the TAMH merger the Company provided all operations labor to the unconsolidated ethanol LLCs and charged them an amount equal to the Company's costs of the related services for the prior periods.
|
(in thousands)
|
March 31, 2020
|
|
December 31, 2019
|
|
March 31, 2019
|
||||||
Accounts receivable (d)
|
$
|
6,586
|
|
|
$
|
10,603
|
|
|
$
|
20,134
|
|
Accounts payable (e)
|
6,364
|
|
|
12,303
|
|
|
24,644
|
|
(d)
|
Accounts receivable represents amounts due from related parties for the sale of ethanol and other various items.
|
(e)
|
Accounts payable represents amounts due to related parties for purchases of ethanol equipment and other various items.
|
|
Three months ended March 31,
|
||||||
(in thousands)
|
2020
|
|
2019
|
||||
Revenues from external customers
|
|
|
|
||||
Trade
|
$
|
1,378,040
|
|
|
$
|
1,537,686
|
|
Ethanol
|
313,039
|
|
|
269,166
|
|
||
Plant Nutrient
|
124,913
|
|
|
128,525
|
|
||
Rail
|
37,113
|
|
|
41,415
|
|
||
Total
|
$
|
1,853,105
|
|
|
$
|
1,976,792
|
|
|
Three months ended March 31,
|
||||||
(in thousands)
|
2020
|
|
2019
|
||||
Inter-segment sales
|
|
|
|
||||
Trade
|
$
|
609
|
|
|
$
|
181
|
|
Plant Nutrient
|
887
|
|
|
20
|
|
||
Rail
|
1,605
|
|
|
1,275
|
|
||
Total
|
$
|
3,101
|
|
|
$
|
1,476
|
|
|
Three months ended March 31,
|
||||||
(in thousands)
|
2020
|
|
2019
|
||||
Income (loss) before income taxes, net of noncontrolling interest
|
|
|
|
||||
Trade
|
$
|
(9,983
|
)
|
|
$
|
(17,903
|
)
|
Ethanol
|
(23,976
|
)
|
|
3,011
|
|
||
Plant Nutrient
|
(1,192
|
)
|
|
(3,929
|
)
|
||
Rail
|
1,007
|
|
|
4,312
|
|
||
Other
|
(4,982
|
)
|
|
(4,926
|
)
|
||
Income (loss) before income taxes, net of noncontrolling interest
|
(39,126
|
)
|
|
(19,435
|
)
|
||
Noncontrolling interests
|
(13,449
|
)
|
|
(155
|
)
|
||
Income (loss) before income taxes
|
$
|
(52,575
|
)
|
|
$
|
(19,590
|
)
|
(in thousands)
|
March 31, 2020
|
|
December 31, 2019
|
|
March 31, 2019
|
||||||
Identifiable assets
|
|
|
|
|
|
||||||
Trade
|
$
|
1,878,812
|
|
|
$
|
2,012,060
|
|
|
$
|
2,116,254
|
|
Ethanol
|
653,928
|
|
|
690,548
|
|
|
333,060
|
|
|||
Plant Nutrient
|
434,512
|
|
|
383,781
|
|
|
455,529
|
|
|||
Rail
|
658,271
|
|
|
693,931
|
|
|
642,596
|
|
|||
Other
|
127,168
|
|
|
120,421
|
|
|
112,813
|
|
|||
Total
|
$
|
3,752,691
|
|
|
$
|
3,900,741
|
|
|
$
|
3,660,252
|
|
|
Three months ended March 31,
|
||||||
(in thousands)
|
2020
|
|
2019
|
||||
Supplemental disclosure of cash flow information
|
|
|
|
||||
Interest paid
|
$
|
16,180
|
|
|
$
|
16,711
|
|
Noncash investing and financing activity
|
|
|
|
||||
Dividends declared not yet paid
|
5,748
|
|
|
5,527
|
|
||
Capital projects incurred but not yet paid
|
8,459
|
|
|
15,974
|
|
||
Equity issued in conjunction with acquisition
|
—
|
|
|
123,146
|
|
||
Removal of pre-existing equity method investment
|
—
|
|
|
(159,459
|
)
|
||
Purchase price holdback/ other accrued liabilities
|
—
|
|
|
31,518
|
|
|
Three months ended March 31,
|
||||||
(in thousands)
|
2020
|
|
2019
|
||||
Net sales
|
$
|
1,853,105
|
|
|
$
|
2,031,510
|
|
Net income
|
(51,111
|
)
|
|
(15,228
|
)
|
(in thousands)
|
Trade
|
|
Ethanol
|
|
Plant Nutrient
|
|
Rail
|
|
Total
|
||||||||||
Balance as of January 1, 2020
|
$
|
127,781
|
|
|
$
|
2,726
|
|
|
$
|
686
|
|
|
$
|
4,167
|
|
|
$
|
135,360
|
|
Reorganization (a)
|
(5,714
|
)
|
|
5,714
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Balance as of March 31, 2020
|
$
|
122,067
|
|
|
$
|
8,440
|
|
|
$
|
686
|
|
|
$
|
4,167
|
|
|
$
|
135,360
|
|
|
Three months ended March 31,
|
||||
(in thousands)
|
2020
|
|
2019
|
||
Ethanol (gallons shipped)
|
147,345
|
|
|
131,028
|
|
E-85 (gallons shipped)
|
9,093
|
|
|
8,932
|
|
Corn Oil (pounds shipped)
|
29,294
|
|
|
4,932
|
|
DDG (tons shipped) *
|
536
|
|
|
36
|
|
|
Three months ended March 31,
|
||||
(in thousands)
|
2020
|
|
2019
|
||
Ag Supply Chain
|
211
|
|
|
170
|
|
Specialty Liquids
|
73
|
|
|
59
|
|
Engineered Granules
|
121
|
|
|
130
|
|
Total tons
|
405
|
|
|
359
|
|
|
Three months ended March 31, 2020
|
||||||||||||||||||||||
(in thousands)
|
Trade
|
|
Ethanol
|
|
Plant Nutrient
|
|
Rail
|
|
Other
|
|
Total
|
||||||||||||
Sales and merchandising revenues
|
$
|
1,378,040
|
|
|
$
|
313,039
|
|
|
$
|
124,913
|
|
|
$
|
37,113
|
|
|
$
|
—
|
|
|
$
|
1,853,105
|
|
Cost of sales and merchandising revenues
|
1,315,574
|
|
|
342,438
|
|
|
104,549
|
|
|
27,414
|
|
|
—
|
|
|
1,789,975
|
|
||||||
Gross profit
|
62,466
|
|
|
(29,399
|
)
|
|
20,364
|
|
|
9,699
|
|
|
—
|
|
|
63,130
|
|
||||||
Operating, administrative and general expenses
|
68,155
|
|
|
6,115
|
|
|
19,741
|
|
|
5,259
|
|
|
5,790
|
|
|
105,060
|
|
||||||
Interest expense (income), net
|
7,188
|
|
|
2,357
|
|
|
1,785
|
|
|
4,483
|
|
|
(226
|
)
|
|
15,587
|
|
||||||
Equity in earnings (losses) of affiliates, net
|
129
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
129
|
|
||||||
Other income (expense), net
|
2,765
|
|
|
446
|
|
|
(30
|
)
|
|
1,050
|
|
|
582
|
|
|
4,813
|
|
||||||
Income (loss) before income taxes
|
(9,983
|
)
|
|
(37,425
|
)
|
|
(1,192
|
)
|
|
1,007
|
|
|
(4,982
|
)
|
|
(52,575
|
)
|
||||||
Income (loss) before income taxes attributable to the noncontrolling interests
|
—
|
|
|
(13,449
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(13,449
|
)
|
||||||
Non-GAAP Income (loss) before income taxes, net of noncontrolling interests attributable to The Andersons, Inc.
|
$
|
(9,983
|
)
|
|
$
|
(23,976
|
)
|
|
$
|
(1,192
|
)
|
|
$
|
1,007
|
|
|
$
|
(4,982
|
)
|
|
$
|
(39,126
|
)
|
|
Three months ended March 31, 2019
|
||||||||||||||||||||||
(in thousands)
|
Trade
|
|
Ethanol
|
|
Plant Nutrient
|
|
Rail
|
|
Other
|
|
Total
|
||||||||||||
Sales and merchandising revenues
|
$
|
1,537,686
|
|
|
$
|
269,166
|
|
|
$
|
128,525
|
|
|
$
|
41,415
|
|
|
$
|
—
|
|
|
$
|
1,976,792
|
|
Cost of sales and merchandising revenues
|
1,470,289
|
|
|
263,766
|
|
|
107,591
|
|
|
25,482
|
|
|
—
|
|
|
1,867,128
|
|
||||||
Gross profit
|
67,397
|
|
|
5,400
|
|
|
20,934
|
|
|
15,933
|
|
|
—
|
|
|
109,664
|
|
||||||
Operating, administrative and general expenses
|
71,375
|
|
|
4,990
|
|
|
23,169
|
|
|
8,151
|
|
|
5,664
|
|
|
113,349
|
|
||||||
Interest expense (income), net
|
10,804
|
|
|
(712
|
)
|
|
2,261
|
|
|
3,679
|
|
|
(122
|
)
|
|
15,910
|
|
||||||
Equity in earnings (losses) of affiliates, net
|
(131
|
)
|
|
1,650
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,519
|
|
||||||
Other income (expense), net
|
(2,990
|
)
|
|
84
|
|
|
567
|
|
|
209
|
|
|
616
|
|
|
(1,514
|
)
|
||||||
Income (loss) before income taxes
|
(17,903
|
)
|
|
2,856
|
|
|
(3,929
|
)
|
|
4,312
|
|
|
(4,926
|
)
|
|
(19,590
|
)
|
||||||
Income (loss) before income taxes attributable to the noncontrolling interests
|
—
|
|
|
(155
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(155
|
)
|
||||||
Non-GAAP Income (loss) before income taxes, net of noncontrolling interests attributable to The Andersons, Inc.
|
$
|
(17,903
|
)
|
|
$
|
3,011
|
|
|
$
|
(3,929
|
)
|
|
$
|
4,312
|
|
|
$
|
(4,926
|
)
|
|
$
|
(19,435
|
)
|
(in thousands)
|
March 31, 2020
|
|
March 31, 2019
|
|
Variance
|
||||||
Current Assets:
|
|
|
|
|
|
||||||
Cash, cash equivalents and restricted cash
|
$
|
19,693
|
|
|
$
|
29,991
|
|
|
$
|
(10,298
|
)
|
Accounts receivable, net
|
539,671
|
|
|
611,290
|
|
|
(71,619
|
)
|
|||
Inventories
|
1,028,076
|
|
|
1,026,465
|
|
|
1,611
|
|
|||
Commodity derivative assets – current
|
149,070
|
|
|
158,277
|
|
|
(9,207
|
)
|
|||
Other current assets
|
85,372
|
|
|
60,586
|
|
|
24,786
|
|
|||
Total current assets
|
$
|
1,821,882
|
|
|
$
|
1,886,609
|
|
|
$
|
(64,727
|
)
|
Current Liabilities:
|
|
|
|
|
|
||||||
Short-term debt
|
392,450
|
|
|
434,304
|
|
|
(41,854
|
)
|
|||
Trade and other payables
|
553,416
|
|
|
590,258
|
|
|
(36,842
|
)
|
|||
Customer prepayments and deferred revenue
|
121,148
|
|
|
148,345
|
|
|
(27,197
|
)
|
|||
Commodity derivative liabilities – current
|
90,491
|
|
|
66,623
|
|
|
23,868
|
|
|||
Current maturities of long-term debt
|
80,758
|
|
|
55,160
|
|
|
25,598
|
|
|||
Accrued expenses and other current liabilities
|
147,225
|
|
|
151,648
|
|
|
(4,423
|
)
|
|||
Total current liabilities
|
$
|
1,385,488
|
|
|
$
|
1,446,338
|
|
|
$
|
(60,850
|
)
|
Working Capital
|
$
|
436,394
|
|
|
$
|
440,271
|
|
|
$
|
(3,877
|
)
|
|
|
Three Months Ended
|
||||||
(in thousands)
|
|
March 31, 2020
|
|
March 31, 2019
|
||||
Net cash used in operating activities
|
|
$
|
(228,430
|
)
|
|
$
|
(122,045
|
)
|
Net cash used in investing activities
|
|
(30,416
|
)
|
|
(205,836
|
)
|
||
Net cash provided by financing activities
|
|
223,577
|
|
|
336,050
|
|
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
|
|||||
January 2020
|
|
64,420
|
|
|
$
|
25.28
|
|
|
—
|
|
|
—
|
|
February 2020
|
|
2,101
|
|
|
22.79
|
|
|
—
|
|
|
—
|
|
|
March 2020
|
|
1,913
|
|
|
18.85
|
|
|
—
|
|
|
—
|
|
|
Total
|
|
68,434
|
|
|
$
|
25.02
|
|
|
—
|
|
|
—
|
|
|
|
|
Exhibit Number
|
|
Description
|
|
|
|
10.1*
|
|
|
|
|
|
10.2*
|
|
|
|
|
|
31.1*
|
|
|
|
|
|
31.2*
|
|
|
|
|
|
32.1**
|
|
|
|
|
|
95.1*
|
|
|
|
|
|
101**
|
|
Inline XBRL Document Set for the condensed consolidated financial statements and accompanying notes in Part I, Item 1, “Financial Statements” of this Quarterly Report on Form 10-Q.
|
|
|
|
104**
|
|
Inline XBRL for the cover page of this Quarterly Report on Form 10-Q, included in the Exhibit 101 Inline XBRL Document Set.
|
|
|
|
* Filed herewith
|
||
** Furnished herewith
|
||
|
|
|
|
|
|
|
|
THE ANDERSONS, INC.
(Registrant)
|
|
|
|
Date: May 8, 2020
|
|
By /s/ Patrick E. Bowe
|
|
|
Patrick E. Bowe
|
|
|
Chief Executive Officer (Principal Executive Officer)
|
|
|
|
Date: May 8, 2020
|
|
By /s/ Brian A. Valentine
|
|
|
Brian A. Valentine
|
|
|
Executive Vice President and Chief Financial Officer (Principal Financial Officer)
|
|
|
1 Year Andersons Chart |
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