☒ | 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 |
Large accelerated filer | ☐ | Accelerated filer | ý | ||||||||
Non-accelerated filer | ☐ | Smaller reporting company | ☐ | ||||||||
Emerging growth company | ☐ | ||||||||||
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. | ☐ |
Page No. | |||||
PART I. FINANCIAL INFORMATION | |||||
PART II. OTHER INFORMATION | |||||
June 30, 2021 | December 31, 2020 | June 30, 2020 | |||||||||||||||
Assets | |||||||||||||||||
Current assets: | |||||||||||||||||
Cash and cash equivalents | $ | 27,538 | $ | 29,123 | $ | 30,011 | |||||||||||
Accounts receivable, net | 721,575 | 659,834 | 537,011 | ||||||||||||||
912,299 | 1,300,693 | 616,323 | |||||||||||||||
507,148 | 320,706 | 112,089 | |||||||||||||||
Other current assets | 65,740 | 106,053 | 102,755 | ||||||||||||||
Total current assets | 2,234,300 | 2,416,409 | 1,398,189 | ||||||||||||||
Other assets: | |||||||||||||||||
Goodwill | 135,709 | 135,709 | 135,709 | ||||||||||||||
Other intangible assets, net | 127,756 | 142,940 | 160,180 | ||||||||||||||
Right of use assets, net | 61,299 | 56,031 | 62,838 | ||||||||||||||
Other assets, net | 73,678 | 49,907 | 48,235 | ||||||||||||||
Total other assets | 398,442 | 384,587 | 406,962 | ||||||||||||||
574,585 | 591,946 | 592,821 | |||||||||||||||
841,762 | 879,179 | 906,017 | |||||||||||||||
Total assets | $ | 4,049,089 | $ | 4,272,121 | $ | 3,303,989 | |||||||||||
Liabilities and equity | |||||||||||||||||
Current liabilities: | |||||||||||||||||
$ | 757,271 | $ | 403,703 | $ | 96,071 | ||||||||||||
Trade and other payables | 547,169 | 957,683 | 503,892 | ||||||||||||||
Customer prepayments and deferred revenue | 58,155 | 180,160 | 45,734 | ||||||||||||||
90,366 | 146,990 | 65,186 | |||||||||||||||
56,582 | 75,475 | 68,477 | |||||||||||||||
Accrued expenses and other current liabilities | 181,015 | 167,671 | 147,422 | ||||||||||||||
Total current liabilities | 1,690,558 | 1,931,682 | 926,782 | ||||||||||||||
Long-term lease liabilities | 41,852 | 37,177 | 41,061 | ||||||||||||||
866,454 | 916,540 | 975,973 | |||||||||||||||
Deferred income taxes | 173,212 | 170,147 | 162,475 | ||||||||||||||
Other long-term liabilities | 52,049 | 55,915 | 65,615 | ||||||||||||||
Total liabilities | 2,824,125 | 3,111,461 | 2,171,906 | ||||||||||||||
0 | 0 | 0 | |||||||||||||||
Shareholders’ equity: | |||||||||||||||||
Common shares, without par value (63,000 shares authorized; 33,786, 33,599 and 33,599 shares issued at 6/30/2021, 12/31/2020 and 6/30/2020, respectively) | 140 | 138 | 138 | ||||||||||||||
Preferred shares, without par value (1,000 shares authorized; NaN issued) | 0 | 0 | 0 | ||||||||||||||
Additional paid-in-capital | 357,606 | 348,714 | 343,730 | ||||||||||||||
Treasury shares, at cost (111, 45 and 40 shares at 6/30/2021, 12/31/2020 and 6/30/2020, respectively) | (2,650) | (966) | (953) | ||||||||||||||
Accumulated other comprehensive loss | (1,837) | (12,076) | (26,245) | ||||||||||||||
Retained earnings | 669,241 | 626,081 | 622,718 | ||||||||||||||
Total shareholders’ equity of The Andersons, Inc. | 1,022,500 | 961,891 | 939,388 | ||||||||||||||
Noncontrolling interests | 202,464 | 198,769 | 192,695 | ||||||||||||||
Total equity | 1,224,964 | 1,160,660 | 1,132,083 | ||||||||||||||
Total liabilities and equity | $ | 4,049,089 | $ | 4,272,121 | $ | 3,303,989 |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
$ | 2,998,824 | $ | 1,885,586 | $ | 8,829,348 | $ | 5,556,317 | ||||||||||||||||
Cost of sales and merchandising revenues | 2,876,989 | 1,792,349 | 8,430,665 | 5,314,101 | |||||||||||||||||||
Gross profit | 121,835 | 93,237 | 398,683 | 242,216 | |||||||||||||||||||
Operating, administrative and general expenses | 110,275 | 92,610 | 312,833 | 277,363 | |||||||||||||||||||
Interest expense, net | 8,799 | 6,853 | 28,848 | 25,951 | |||||||||||||||||||
Other income, net: | |||||||||||||||||||||||
Equity in earnings (losses) of affiliates, net | (250) | 20 | 2,389 | 228 | |||||||||||||||||||
Other income, net | 13,806 | 3,846 | 24,743 | 10,154 | |||||||||||||||||||
Income (loss) before income taxes from continuing operations | 16,317 | (2,360) | 84,134 | (50,716) | |||||||||||||||||||
Income tax provision (benefit) from continuing operations | 4,027 | (4,148) | 18,065 | (18,628) | |||||||||||||||||||
Net income (loss) from continuing operations | 12,290 | 1,788 | 66,069 | (32,088) | |||||||||||||||||||
Income from discontinued operations, net of income taxes | 1,846 | 427 | 7,453 | 3,224 | |||||||||||||||||||
Net income (loss) | 14,136 | 2,215 | 73,522 | (28,864) | |||||||||||||||||||
Net income (loss) attributable to noncontrolling interests | (1,602) | 3,273 | (822) | (20,583) | |||||||||||||||||||
Net income (loss) attributable to The Andersons, Inc. | $ | 15,738 | $ | (1,058) | $ | 74,344 | $ | (8,281) | |||||||||||||||
Basic earnings (loss): | |||||||||||||||||||||||
Continuing operations | $ | 0.42 | $ | (0.04) | $ | 2.01 | $ | (0.35) | |||||||||||||||
Discontinued operations | 0.06 | 0.01 | 0.22 | 0.10 | |||||||||||||||||||
$ | 0.48 | $ | (0.03) | $ | 2.23 | $ | (0.25) | ||||||||||||||||
Diluted earnings (loss): | |||||||||||||||||||||||
Continuing operations | $ | 0.41 | $ | (0.04) | $ | 1.99 | $ | (0.35) | |||||||||||||||
Discontinued operations | 0.05 | 0.01 | 0.22 | 0.10 | |||||||||||||||||||
$ | 0.46 | $ | (0.03) | $ | 2.21 | $ | (0.25) |
Three months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
$ | 3,273,726 | $ | 1,890,180 | $ | 5,909,455 | $ | 3,743,286 | ||||||||||||||||
Cost of sales and merchandising revenues | 3,099,682 | 1,783,914 | 5,612,699 | 3,573,890 | |||||||||||||||||||
Gross profit | 174,044 | 106,266 | 296,756 | 169,396 | |||||||||||||||||||
Operating, administrative and general expenses | 109,976 | 90,136 | 209,848 | 195,196 | |||||||||||||||||||
Interest expense, net | 13,454 | 11,827 | 26,623 | 27,414 | |||||||||||||||||||
Other income, net: | |||||||||||||||||||||||
Equity in earnings of affiliates, net | 845 | 79 | 2,639 | 209 | |||||||||||||||||||
Other income, net | 5,307 | 3,450 | 12,849 | 8,263 | |||||||||||||||||||
Income (loss) before income taxes | 56,766 | 7,832 | 75,773 | (44,742) | |||||||||||||||||||
Income tax provision (benefit) | 10,642 | (12,200) | 16,387 | (13,664) | |||||||||||||||||||
Net income (loss) | 46,124 | 20,032 | 59,386 | (31,078) | |||||||||||||||||||
Net income (loss) attributable to noncontrolling interests | 2,625 | (10,407) | 780 | (23,856) | |||||||||||||||||||
Net income (loss) attributable to The Andersons, Inc. | $ | 43,499 | $ | 30,439 | $ | 58,606 | $ | (7,222) | |||||||||||||||
Per common share: | |||||||||||||||||||||||
$ | 1.31 | $ | 0.92 | $ | 1.76 | $ | (0.22) | ||||||||||||||||
$ | 1.30 | $ | 0.92 | $ | 1.74 | $ | (0.22) |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Net income (loss) | $ | 14,136 | $ | 2,215 | $ | 73,522 | $ | (28,864) | |||||||||||||||
Other comprehensive income (loss), net of tax: | |||||||||||||||||||||||
Change in unrecognized actuarial loss and prior service cost | (102) | (119) | (439) | (220) | |||||||||||||||||||
Foreign currency translation adjustments | (3,004) | 2,351 | (311) | (1,039) | |||||||||||||||||||
Cash flow hedge activity | 1,537 | 1,783 | 9,420 | (13,740) | |||||||||||||||||||
Other comprehensive income (loss) | (1,569) | 4,015 | 8,670 | (14,999) | |||||||||||||||||||
Comprehensive income (loss) | 12,567 | 6,230 | 82,192 | (43,863) | |||||||||||||||||||
Comprehensive income (loss) attributable to the noncontrolling interests | (1,602) | 3,273 | (822) | (20,583) | |||||||||||||||||||
Comprehensive income (loss) attributable to The Andersons, Inc. | $ | 14,169 | $ | 2,957 | $ | 83,014 | $ | (23,280) |
Three months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Net income (loss) | $ | 46,124 | $ | 20,032 | $ | 59,386 | $ | (31,078) | |||||||||||||||
Other comprehensive income (loss), net of tax: | |||||||||||||||||||||||
Change in unrecognized actuarial gain (loss) and prior service cost | (234) | 15 | (337) | (101) | |||||||||||||||||||
Foreign currency translation adjustments | 1,469 | 3,249 | 2,693 | (3,390) | |||||||||||||||||||
Cash flow hedge activity | (1,858) | (1,860) | 7,883 | (15,523) | |||||||||||||||||||
Other comprehensive income (loss) | (623) | 1,404 | 10,239 | (19,014) | |||||||||||||||||||
Comprehensive income (loss) | 45,501 | 21,436 | 69,625 | (50,092) | |||||||||||||||||||
Comprehensive income (loss) attributable to the noncontrolling interests | 2,625 | (10,407) | 780 | (23,856) | |||||||||||||||||||
Comprehensive income (loss) attributable to The Andersons, Inc. | $ | 42,876 | $ | 31,843 | $ | 68,845 | $ | (26,236) |
(In thousands) | September 30, 2021 | December 31, 2020 | September 30, 2020 | ||||||||||||||
Assets | |||||||||||||||||
Current assets: | |||||||||||||||||
Cash and cash equivalents | $ | 216,874 | $ | 29,123 | $ | 13,693 | |||||||||||
Accounts receivable, net | 735,349 | 641,326 | 509,964 | ||||||||||||||
1,017,804 | 1,293,066 | 747,588 | |||||||||||||||
409,647 | 320,706 | 140,065 | |||||||||||||||
26,561 | 32,659 | 45,132 | |||||||||||||||
Other current assets | 92,159 | 99,529 | 83,807 | ||||||||||||||
Total current assets | 2,498,394 | 2,416,409 | 1,540,249 | ||||||||||||||
Other assets: | |||||||||||||||||
Goodwill | 129,342 | 131,542 | 131,542 | ||||||||||||||
Other intangible assets, net | 118,690 | 140,084 | 148,846 | ||||||||||||||
Right of use assets, net | 50,270 | 33,387 | 33,547 | ||||||||||||||
38,863 | 643,474 | 642,538 | |||||||||||||||
Other assets, net | 74,923 | 46,914 | 44,738 | ||||||||||||||
Total other assets | 412,088 | 995,401 | 1,001,211 | ||||||||||||||
797,660 | 860,311 | 870,151 | |||||||||||||||
Total assets | $ | 3,708,142 | $ | 4,272,121 | $ | 3,411,611 | |||||||||||
Liabilities and equity | |||||||||||||||||
Current liabilities: | |||||||||||||||||
$ | 281,199 | $ | 403,703 | $ | 100,405 | ||||||||||||
Trade and other payables | 825,923 | 954,809 | 635,206 | ||||||||||||||
Customer prepayments and deferred revenue | 147,225 | 178,226 | 47,906 | ||||||||||||||
78,702 | 146,990 | 79,159 | |||||||||||||||
106,255 | 69,366 | 62,499 | |||||||||||||||
Accrued taxes | 97,215 | 17,465 | 15,178 | ||||||||||||||
13,427 | 25,277 | 27,996 | |||||||||||||||
Accrued expenses and other current liabilities | 173,215 | 135,846 | 128,187 | ||||||||||||||
Total current liabilities | 1,723,161 | 1,931,682 | 1,096,536 | ||||||||||||||
Long-term lease liabilities | 31,332 | 19,835 | 19,216 | ||||||||||||||
542,821 | 886,453 | 717,198 | |||||||||||||||
Deferred income taxes | 79,636 | 170,147 | 163,454 | ||||||||||||||
13,592 | 48,096 | 221,334 | |||||||||||||||
Other long-term liabilities | 81,587 | 55,248 | 56,646 | ||||||||||||||
Total liabilities | 2,472,129 | 3,111,461 | 2,274,384 | ||||||||||||||
0 | 0 | 0 | |||||||||||||||
Shareholders’ equity: | |||||||||||||||||
Common shares, without par value (63,000 shares authorized; 33,786, 33,599 and 33,599 shares issued at 9/30/2021, 12/31/2020 and 9/30/2020, respectively) | 140 | 138 | 138 | ||||||||||||||
Preferred shares, without par value (1,000 shares authorized; none issued) | — | — | — | ||||||||||||||
Additional paid-in-capital | 360,159 | 348,714 | 346,280 | ||||||||||||||
Treasury shares, at cost (110, 45 and 41 shares at 9/30/2021, 12/31/2020 and 9/30/2020, respectively) | (2,611) | (966) | (879) | ||||||||||||||
Accumulated other comprehensive loss | (3,406) | (12,076) | (22,230) | ||||||||||||||
Retained earnings | 679,154 | 626,081 | 615,890 | ||||||||||||||
Total shareholders’ equity of The Andersons, Inc. | 1,033,436 | 961,891 | 939,199 | ||||||||||||||
Noncontrolling interests | 202,577 | 198,769 | 198,028 | ||||||||||||||
Total equity | 1,236,013 | 1,160,660 | 1,137,227 | ||||||||||||||
Total liabilities and equity | $ | 3,708,142 | $ | 4,272,121 | $ | 3,411,611 |
Six months ended June 30, | Nine months ended September 30, | |||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Operating Activities | Operating Activities | Operating Activities | ||||||||||||||||||||
Net income (loss) from continuing operations | Net income (loss) from continuing operations | $ | 66,069 | $ | (32,088) | |||||||||||||||||
Income from discontinued operations, net of income taxes | Income from discontinued operations, net of income taxes | 7,453 | 3,224 | |||||||||||||||||||
Net income (loss) | Net income (loss) | $ | 59,386 | $ | (31,078) | Net income (loss) | 73,522 | (28,864) | ||||||||||||||
Adjustments to reconcile net income (loss) to cash (used in) provided by operating activities: | Adjustments to reconcile net income (loss) to cash (used in) provided by operating activities: | Adjustments to reconcile net income (loss) to cash (used in) provided by operating activities: | ||||||||||||||||||||
Depreciation and amortization | Depreciation and amortization | 95,154 | 93,898 | Depreciation and amortization | 142,137 | 141,167 | ||||||||||||||||
Bad debt (recovery) expense, net | Bad debt (recovery) expense, net | (1,156) | 6,290 | Bad debt (recovery) expense, net | (2,182) | 8,049 | ||||||||||||||||
Equity in earnings of affiliates, net of dividends | Equity in earnings of affiliates, net of dividends | (2,639) | (209) | Equity in earnings of affiliates, net of dividends | (2,389) | (228) | ||||||||||||||||
Gain on sales of Rail assets and related leases, net | (4,987) | (569) | ||||||||||||||||||||
(Gain) loss on sales of assets, net | (1,266) | 341 | ||||||||||||||||||||
Gain on sale of business from continuing operations | Gain on sale of business from continuing operations | (14,619) | — | |||||||||||||||||||
Loss on sale of business from discontinued operations | Loss on sale of business from discontinued operations | 1,491 | — | |||||||||||||||||||
Gain on sales of assets, net | Gain on sales of assets, net | (6,505) | (1,037) | |||||||||||||||||||
Stock-based compensation expense | Stock-based compensation expense | 4,112 | 5,016 | Stock-based compensation expense | 6,727 | 7,742 | ||||||||||||||||
Deferred federal income tax | Deferred federal income tax | 170 | 21,761 | Deferred federal income tax | (93,725) | 21,917 | ||||||||||||||||
Inventory write down | Inventory write down | 2,599 | 10,922 | Inventory write down | 3,399 | 10,933 | ||||||||||||||||
Other | Other | 2,971 | 2,797 | Other | 7,005 | 4,141 | ||||||||||||||||
Changes in operating assets and liabilities: | Changes in operating assets and liabilities: | Changes in operating assets and liabilities: | ||||||||||||||||||||
Accounts receivable | Accounts receivable | (58,338) | (9,181) | Accounts receivable | (89,902) | (1,952) | ||||||||||||||||
Inventories | Inventories | 390,506 | 536,951 | Inventories | 266,865 | 400,262 | ||||||||||||||||
Commodity derivatives | Commodity derivatives | (250,691) | 14,980 | Commodity derivatives | (158,741) | (2,574) | ||||||||||||||||
Other assets | Other assets | 35,568 | (24,784) | Other assets | (3,357) | (34,343) | ||||||||||||||||
Payables and other accrued expenses | Payables and other accrued expenses | (516,883) | (481,624) | Payables and other accrued expenses | (10,659) | (329,422) | ||||||||||||||||
Net cash (used in) provided by operating activities | (245,494) | 145,511 | ||||||||||||||||||||
Net cash provided by operating activities | Net cash provided by operating activities | 119,067 | 195,791 | |||||||||||||||||||
Investing Activities | Investing Activities | Investing Activities | ||||||||||||||||||||
Purchases of property, plant and equipment and capitalized software | Purchases of property, plant and equipment and capitalized software | (52,730) | (59,414) | |||||||||||||||||||
Proceeds from sale of assets | Proceeds from sale of assets | 3,999 | 8,121 | |||||||||||||||||||
Purchases of investments | Purchases of investments | (5,993) | (2,849) | |||||||||||||||||||
Proceeds from sale of business from continuing operations | Proceeds from sale of business from continuing operations | 18,130 | 2,467 | |||||||||||||||||||
Proceeds from sale of business from discontinued operations | Proceeds from sale of business from discontinued operations | 543,102 | — | |||||||||||||||||||
Purchases of Rail assets | Purchases of Rail assets | (4,751) | (24,649) | Purchases of Rail assets | (6,039) | (26,258) | ||||||||||||||||
Proceeds from sale of Rail assets | Proceeds from sale of Rail assets | 15,616 | 4,637 | Proceeds from sale of Rail assets | 18,705 | 7,774 | ||||||||||||||||
Purchases of property, plant and equipment and capitalized software | (34,264) | (44,644) | ||||||||||||||||||||
Proceeds from sale of assets | 3,794 | 1,503 | ||||||||||||||||||||
Purchase of investments | (4,701) | (2,849) | ||||||||||||||||||||
Other | Other | 832 | 0 | Other | 349 | — | ||||||||||||||||
Net cash used in investing activities | (23,474) | (66,002) | ||||||||||||||||||||
Net cash provided by (used in) investing activities | Net cash provided by (used in) investing activities | 519,523 | (70,159) | |||||||||||||||||||
Financing Activities | Financing Activities | Financing Activities | ||||||||||||||||||||
Net borrowings (payments) under lines of credit | (258,157) | (47,564) | ||||||||||||||||||||
Net payments under lines of credit | Net payments under lines of credit | (324,279) | (44,183) | |||||||||||||||||||
Proceeds from issuance of short-term debt | Proceeds from issuance of short-term debt | 608,250 | 0 | Proceeds from issuance of short-term debt | 608,250 | — | ||||||||||||||||
Payments of short-term debt | Payments of short-term debt | (408,250) | — | |||||||||||||||||||
Proceeds from issuance of long-term debt | Proceeds from issuance of long-term debt | 108,300 | 165,975 | Proceeds from issuance of long-term debt | 186,800 | 213,906 | ||||||||||||||||
Payments of long-term debt | Payments of long-term debt | (177,586) | (203,835) | Payments of long-term debt | (485,527) | (310,694) | ||||||||||||||||
Contributions from noncontrolling interest owner | Contributions from noncontrolling interest owner | 2,940 | 4,409 | Contributions from noncontrolling interest owner | 4,655 | 6,493 | ||||||||||||||||
Distributions to noncontrolling interest owner | Distributions to noncontrolling interest owner | (25) | (10,298) | Distributions to noncontrolling interest owner | (25) | (10,322) | ||||||||||||||||
Payments of debt issuance costs | Payments of debt issuance costs | (2,059) | (250) | Payments of debt issuance costs | (2,059) | (250) | ||||||||||||||||
Dividends paid | Dividends paid | (11,677) | (11,469) | Dividends paid | (17,503) | (17,234) | ||||||||||||||||
Other | Other | (2,436) | (2,036) | Other | (12,709) | (4,143) | ||||||||||||||||
Net cash provided by (used in) financing activities | 267,550 | (105,068) | ||||||||||||||||||||
Net cash used in financing activities | Net cash used in financing activities | (450,647) | (166,427) | |||||||||||||||||||
Effect of exchange rates on cash and cash equivalents | Effect of exchange rates on cash and cash equivalents | (167) | 675 | Effect of exchange rates on cash and cash equivalents | (192) | (407) | ||||||||||||||||
Decrease in cash and cash equivalents | (1,585) | (24,884) | ||||||||||||||||||||
Increase (decrease) in cash and cash equivalents | Increase (decrease) in cash and cash equivalents | 187,751 | (41,202) | |||||||||||||||||||
Cash and cash equivalents at beginning of period | Cash and cash equivalents at beginning of period | 29,123 | 54,895 | Cash and cash equivalents at beginning of period | 29,123 | 54,895 | ||||||||||||||||
Cash and cash equivalents at end of period | Cash and cash equivalents at end of period | $ | 27,538 | $ | 30,011 | Cash and cash equivalents at end of period | $ | 216,874 | $ | 13,693 |
Three Months Ended | Three Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Shares | Additional Paid-in Capital | Treasury Shares | Accumulated Other Comprehensive Income (Loss) | Retained Earnings | Noncontrolling Interests | Total | Common Shares | Additional Paid-in Capital | Treasury Shares | Accumulated Other Comprehensive Income (Loss) | Retained Earnings | Noncontrolling Interests | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2020 | $ | 137 | $ | 341,382 | $ | (652) | $ | (27,649) | $ | 599,039 | $ | 201,605 | $ | 1,113,862 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2020 | Balance at June 30, 2020 | $ | 138 | $ | 343,730 | $ | (953) | $ | (26,245) | $ | 622,718 | $ | 192,695 | $ | 1,132,083 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | Net income (loss) | (1,058) | 3,273 | 2,215 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | Other comprehensive income | 1,868 | 1,868 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income | Amounts reclassified from accumulated other comprehensive income | 2,147 | 2,147 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Contributions from noncontrolling interests | Contributions from noncontrolling interests | 2,083 | 2,083 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interests | Distributions to noncontrolling interests | (23) | (23) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock awards, stock option exercises and other shares issued to employees and directors, net of income tax of $0 (0 shares) | Stock awards, stock option exercises and other shares issued to employees and directors, net of income tax of $0 (0 shares) | 0 | 2,550 | 74 | 0 | 2,624 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends declared ($0.175 per common share) | Dividends declared ($0.175 per common share) | (5,770) | (5,770) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2020 | Balance at September 30, 2020 | $ | 138 | $ | 346,280 | $ | (879) | $ | (22,230) | $ | 615,890 | $ | 198,028 | $ | 1,137,227 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2021 | Balance at June 30, 2021 | $ | 140 | $ | 357,606 | $ | (2,650) | $ | (1,837) | $ | 669,241 | $ | 202,464 | $ | 1,224,964 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | Net income (loss) | 30,439 | (10,407) | 20,032 | Net income (loss) | 15,738 | (1,602) | 14,136 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | Other comprehensive loss | (234) | (234) | Other comprehensive loss | (3,081) | (3,081) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income | Amounts reclassified from accumulated other comprehensive income | 1,638 | 1,638 | Amounts reclassified from accumulated other comprehensive income | 1,512 | 1,512 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Contributions from noncontrolling interests | Contributions from noncontrolling interests | 1,102 | 1,102 | Contributions from noncontrolling interests | 1,715 | 1,715 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noncontrolling interests recognized in connection with business combination | (459) | 395 | (64) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock awards, stock option exercises and other shares issued to employees and directors, net of income tax of $0 (20 shares) | 1 | 2,807 | (454) | (843) | 1,511 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock awards, stock option exercises and other shares issued to employees and directors, net of income tax of $0 (2 shares) | Stock awards, stock option exercises and other shares issued to employees and directors, net of income tax of $0 (2 shares) | 2,553 | 39 | 2,592 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends declared ($0.175 per common share) | Dividends declared ($0.175 per common share) | (5,764) | (5,764) | Dividends declared ($0.175 per common share) | (5,825) | (5,825) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restricted share award dividend equivalents | 153 | (153) | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2020 | $ | 138 | $ | 343,730 | $ | (953) | $ | (26,245) | $ | 622,718 | $ | 192,695 | $ | 1,132,083 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2021 | $ | 140 | $ | 355,961 | $ | (2,872) | $ | (1,214) | $ | 631,652 | $ | 198,884 | $ | 1,182,551 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | 43,499 | 2,625 | 46,124 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | (2,108) | (2,108) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income | 1,485 | 1,485 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Contributions from noncontrolling interests | 980 | 980 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interests | (25) | (25) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock awards, stock option exercises and other shares issued to employees and directors, net of income tax of $0 (11 shares) | 1,645 | 138 | 1,783 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends declared ($0.175 per common share) | (5,826) | (5,826) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restricted share award dividend equivalents | 84 | (84) | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2021 | $ | 140 | $ | 357,606 | $ | (2,650) | $ | (1,837) | $ | 669,241 | $ | 202,464 | $ | 1,224,964 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2021 | Balance at September 30, 2021 | $ | 140 | $ | 360,159 | $ | (2,611) | $ | (3,406) | $ | 679,154 | $ | 202,577 | $ | 1,236,013 |
Six Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Shares | Additional Paid-in Capital | Treasury Shares | Accumulated Other Comprehensive Income (Loss) | Retained Earnings | Noncontrolling Interests | Total | Common Shares | Additional Paid-in Capital | Treasury Shares | Accumulated Other Comprehensive Income (Loss) | Retained Earnings | Noncontrolling Interests | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2019 | Balance at December 31, 2019 | $ | 137 | $ | 345,359 | $ | (7,342) | $ | (7,231) | $ | 642,687 | $ | 222,045 | $ | 1,195,655 | Balance at December 31, 2019 | $ | 137 | $ | 345,359 | $ | (7,342) | $ | (7,231) | $ | 642,687 | $ | 222,045 | $ | 1,195,655 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | Net income (loss) | (7,222) | (23,856) | (31,078) | Net income (loss) | (8,281) | (20,583) | (28,864) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | Other comprehensive loss | (21,208) | (21,208) | Other comprehensive loss | (19,340) | (19,340) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income | Amounts reclassified from accumulated other comprehensive income | 2,194 | 2,194 | Amounts reclassified from accumulated other comprehensive income | 4,341 | 4,341 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Contributions from noncontrolling interests | Contributions from noncontrolling interests | 4,409 | 4,409 | Contributions from noncontrolling interests | 6,493 | 6,493 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interests | Distributions to noncontrolling interests | (10,298) | (10,298) | Distributions to noncontrolling interests | (10,322) | (10,322) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noncontrolling interests recognized in connection with business combination | Noncontrolling interests recognized in connection with business combination | (459) | 395 | (64) | Noncontrolling interests recognized in connection with business combination | (459) | 395 | (64) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock awards, stock option exercises and other shares issued to employees and directors, net of income tax of $0 (167 shares) | Stock awards, stock option exercises and other shares issued to employees and directors, net of income tax of $0 (167 shares) | 1 | (1,170) | 5,998 | (843) | 3,986 | Stock awards, stock option exercises and other shares issued to employees and directors, net of income tax of $0 (167 shares) | 1 | 1,380 | 6,072 | (843) | 6,610 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends declared ($0.350 per common share) | (11,513) | (11,513) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends declared ($0.525 per common share) | Dividends declared ($0.525 per common share) | (17,282) | (17,282) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restricted share award dividend equivalents | Restricted share award dividend equivalents | 391 | (391) | 0 | Restricted share award dividend equivalents | 391 | (391) | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2020 | $ | 138 | $ | 343,730 | $ | (953) | $ | (26,245) | $ | 622,718 | $ | 192,695 | $ | 1,132,083 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2020 | Balance at September 30, 2020 | $ | 138 | $ | 346,280 | $ | (879) | $ | (22,230) | $ | 615,890 | $ | 198,028 | $ | 1,137,227 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2020 | Balance at December 31, 2020 | $ | 138 | $ | 348,714 | $ | (966) | $ | (12,076) | $ | 626,081 | $ | 198,769 | $ | 1,160,660 | Balance at December 31, 2020 | $ | 138 | $ | 348,714 | $ | (966) | $ | (12,076) | $ | 626,081 | $ | 198,769 | $ | 1,160,660 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | Net income (loss) | 58,606 | 780 | 59,386 | Net income (loss) | 74,344 | (822) | 73,522 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | Other comprehensive income | 7,311 | 7,311 | Other comprehensive income | 4,230 | 4,230 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income | Amounts reclassified from accumulated other comprehensive income | 2,928 | 2,928 | Amounts reclassified from accumulated other comprehensive income | 4,440 | 4,440 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Contributions from noncontrolling interests | Contributions from noncontrolling interests | 2,940 | 2,940 | Contributions from noncontrolling interests | 4,655 | 4,655 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interests | Distributions to noncontrolling interests | (25) | (25) | Distributions to noncontrolling interests | (25) | (25) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock awards, stock option exercises and other shares issued to employees and directors, net of income tax of $0 (67 shares) | 2 | 8,892 | (2,016) | (3,480) | 3,398 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends declared ($0.350 per common share) | (11,634) | (11,634) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock awards, stock option exercises and other shares issued to employees and directors, net of income tax of $0 (65 shares) | Stock awards, stock option exercises and other shares issued to employees and directors, net of income tax of $0 (65 shares) | 2 | 11,445 | (1,977) | (3,479) | 5,991 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends declared ($0.525 per common share) | Dividends declared ($0.525 per common share) | (17,460) | (17,460) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restricted share award dividend equivalents | Restricted share award dividend equivalents | 332 | (332) | 0 | Restricted share award dividend equivalents | 332 | (332) | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2021 | $ | 140 | $ | 357,606 | $ | (2,650) | $ | (1,837) | $ | 669,241 | $ | 202,464 | $ | 1,224,964 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2021 | Balance at September 30, 2021 | $ | 140 | $ | 360,159 | $ | (2,611) | $ | (3,406) | $ | 679,154 | $ | 202,577 | $ | 1,236,013 |
(in thousands) | (in thousands) | June 30, 2021 | December 31, 2020 | June 30, 2020 | (in thousands) | September 30, 2021 | December 31, 2020 | September 30, 2020 | ||||||||||||||||||||||||||
Grain and other agricultural products (a) | Grain and other agricultural products (a) | $ | 636,380 | $ | 1,025,809 | $ | 452,339 | Grain and other agricultural products (a) | $ | 732,512 | $ | 1,025,809 | $ | 557,808 | ||||||||||||||||||||
Frac sand and propane (a) | Frac sand and propane (a) | 11,265 | 12,477 | 6,498 | Frac sand and propane (a) | 18,481 | 12,477 | 10,064 | ||||||||||||||||||||||||||
Ethanol and co-products (a) | Ethanol and co-products (a) | 155,993 | 114,895 | 63,195 | Ethanol and co-products (a) | 105,052 | 114,895 | 59,543 | ||||||||||||||||||||||||||
Plant nutrients and cob products | Plant nutrients and cob products | 101,286 | 139,885 | 87,346 | Plant nutrients and cob products | 161,759 | 139,885 | 120,173 | ||||||||||||||||||||||||||
Railcar repair parts | 7,375 | 7,627 | 6,945 | |||||||||||||||||||||||||||||||
Total Inventories | Total Inventories | $ | 912,299 | $ | 1,300,693 | $ | 616,323 | Total Inventories | $ | 1,017,804 | $ | 1,293,066 | $ | 747,588 |
(in thousands) | (in thousands) | June 30, 2021 | December 31, 2020 | June 30, 2020 | (in thousands) | September 30, 2021 | December 31, 2020 | September 30, 2020 | ||||||||||||||||||||||||||
Land | Land | $ | 39,884 | $ | 40,222 | $ | 40,188 | Land | $ | 39,159 | $ | 39,704 | $ | 39,705 | ||||||||||||||||||||
Land improvements and leasehold improvements | Land improvements and leasehold improvements | 97,454 | 96,700 | 96,028 | Land improvements and leasehold improvements | 89,941 | 92,455 | 92,138 | ||||||||||||||||||||||||||
Buildings and storage facilities | Buildings and storage facilities | 386,832 | 387,992 | 377,652 | Buildings and storage facilities | 368,678 | 379,195 | 375,715 | ||||||||||||||||||||||||||
Machinery and equipment | Machinery and equipment | 948,517 | 925,074 | 881,144 | Machinery and equipment | 920,232 | 898,557 | 881,617 | ||||||||||||||||||||||||||
Construction in progress | Construction in progress | 19,987 | 19,725 | 35,982 | Construction in progress | 24,556 | 19,473 | 20,936 | ||||||||||||||||||||||||||
1,492,674 | 1,469,713 | 1,430,994 | 1,442,566 | 1,429,384 | 1,410,111 | |||||||||||||||||||||||||||||
Less: accumulated depreciation | Less: accumulated depreciation | 650,912 | 590,534 | 524,977 | Less: accumulated depreciation | 644,906 | 569,073 | 539,960 | ||||||||||||||||||||||||||
Property, plant and equipment, net | Property, plant and equipment, net | $ | 841,762 | $ | 879,179 | $ | 906,017 | Property, plant and equipment, net | $ | 797,660 | $ | 860,311 | $ | 870,151 |
(in thousands) | June 30, 2021 | December 31, 2020 | June 30, 2020 | ||||||||||||||
Rail assets leased to others | $ | 735,255 | $ | 750,473 | $ | 742,107 | |||||||||||
Less: accumulated depreciation | 160,670 | 158,527 | 149,286 | ||||||||||||||
Rail assets, net | $ | 574,585 | $ | 591,946 | $ | 592,821 |
(in thousands) | (in thousands) | June 30, 2021 | December 31, 2020 | June 30, 2020 | (in thousands) | September 30, 2021 | December 31, 2020 | September 30, 2020 | ||||||||||||||||||||||||||
Short-term debt – non-recourse | Short-term debt – non-recourse | $ | 120,020 | $ | 93,192 | $ | 43,284 | Short-term debt – non-recourse | $ | 81,494 | $ | 93,192 | $ | 40,985 | ||||||||||||||||||||
Short-term debt – recourse | Short-term debt – recourse | 637,251 | 310,511 | 52,787 | Short-term debt – recourse | 199,705 | 310,511 | 59,420 | ||||||||||||||||||||||||||
Total short-term debt | Total short-term debt | $ | 757,271 | $ | 403,703 | $ | 96,071 | Total short-term debt | $ | 281,199 | $ | 403,703 | $ | 100,405 | ||||||||||||||||||||
Current maturities of long-term debt – non-recourse | Current maturities of long-term debt – non-recourse | $ | 9,078 | $ | 6,438 | $ | 4,845 | Current maturities of long-term debt – non-recourse | $ | 69,932 | $ | 678 | $ | 211 | ||||||||||||||||||||
Current maturities of long-term debt – recourse | Current maturities of long-term debt – recourse | 47,504 | 69,037 | 63,632 | Current maturities of long-term debt – recourse | 36,323 | 68,688 | 62,288 | ||||||||||||||||||||||||||
Total current maturities of long-term debt | Total current maturities of long-term debt | $ | 56,582 | $ | 75,475 | $ | 68,477 | Total current maturities of long-term debt | $ | 106,255 | $ | 69,366 | $ | 62,499 | ||||||||||||||||||||
Long-term debt, less: current maturities – non-recourse | Long-term debt, less: current maturities – non-recourse | $ | 116,219 | $ | 143,406 | $ | 325,819 | Long-term debt, less: current maturities – non-recourse | $ | — | $ | 127,192 | $ | 89,419 | ||||||||||||||||||||
Long-term debt, less: current maturities – recourse | Long-term debt, less: current maturities – recourse | 750,235 | 773,134 | 650,154 | Long-term debt, less: current maturities – recourse | 542,821 | 759,261 | 627,779 | ||||||||||||||||||||||||||
Total long-term debt, less: current maturities | Total long-term debt, less: current maturities | $ | 866,454 | $ | 916,540 | $ | 975,973 | Total long-term debt, less: current maturities | $ | 542,821 | $ | 886,453 | $ | 717,198 |
(in thousands) | (in thousands) | June 30, 2021 | December 31, 2020 | June 30, 2020 | (in thousands) | September 30, 2021 | December 31, 2020 | September 30, 2020 | ||||||||||||||||||||||||||
Cash collateral paid | Cash collateral paid | $ | 219,469 | $ | 208,670 | $ | 799 | Cash collateral paid | $ | 136,977 | $ | 208,670 | $ | 70,446 | ||||||||||||||||||||
Fair value of derivatives | Fair value of derivatives | (180,842) | (157,301) | 21,363 | Fair value of derivatives | (14,100) | (157,301) | (58,495) | ||||||||||||||||||||||||||
Net derivative asset position | Net derivative asset position | $ | 38,627 | $ | 51,369 | $ | 22,162 | Net derivative asset position | $ | 122,877 | $ | 51,369 | $ | 11,951 |
June 30, 2021 | September 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | (in thousands) | Commodity Derivative Assets - Current | Commodity Derivative Assets - Noncurrent | Commodity Derivative Liabilities - Current | Commodity Derivative Liabilities - Noncurrent | Total | (in thousands) | Commodity Derivative Assets - Current | Commodity Derivative Assets - Noncurrent | Commodity Derivative Liabilities - Current | Commodity Derivative Liabilities - Noncurrent | Total | ||||||||||||||||||||||||||||||||||||||||||||||
Commodity derivative assets | Commodity derivative assets | $ | 547,186 | $ | 16,480 | $ | 34,327 | $ | 423 | $ | 598,416 | Commodity derivative assets | $ | 380,391 | $ | 11,704 | $ | 27,035 | $ | 461 | $ | 419,591 | ||||||||||||||||||||||||||||||||||||
Commodity derivative liabilities | Commodity derivative liabilities | (259,507) | (873) | (124,693) | (3,874) | (388,947) | Commodity derivative liabilities | (107,721) | (370) | (105,737) | (7,645) | (221,473) | ||||||||||||||||||||||||||||||||||||||||||||||
Cash collateral paid | Cash collateral paid | 219,469 | 0 | 0 | 0 | 219,469 | Cash collateral paid | 136,977 | — | — | — | 136,977 | ||||||||||||||||||||||||||||||||||||||||||||||
Balance sheet line item totals | Balance sheet line item totals | $ | 507,148 | $ | 15,607 | $ | (90,366) | $ | (3,451) | $ | 428,938 | Balance sheet line item totals | $ | 409,647 | $ | 11,334 | $ | (78,702) | $ | (7,184) | $ | 335,095 |
December 31, 2020 | December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | (in thousands) | Commodity Derivative Assets - Current | Commodity Derivative Assets - Noncurrent | Commodity Derivative Liabilities - Current | Commodity Derivative Liabilities - Noncurrent | Total | (in thousands) | Commodity Derivative Assets - Current | Commodity Derivative Assets - Noncurrent | Commodity Derivative Liabilities - Current | Commodity Derivative Liabilities - Noncurrent | Total | ||||||||||||||||||||||||||||||||||||||||||||||
Commodity derivative assets | Commodity derivative assets | $ | 304,533 | $ | 4,328 | $ | 19,386 | $ | 14 | $ | 328,261 | Commodity derivative assets | $ | 304,533 | $ | 4,328 | $ | 19,386 | $ | 14 | $ | 328,261 | ||||||||||||||||||||||||||||||||||||
Commodity derivative liabilities | Commodity derivative liabilities | (192,023) | (348) | (166,850) | (243) | (359,464) | Commodity derivative liabilities | (192,023) | (348) | (166,850) | (243) | (359,464) | ||||||||||||||||||||||||||||||||||||||||||||||
Cash collateral paid | Cash collateral paid | 208,196 | 0 | 474 | 0 | 208,670 | Cash collateral paid | 208,196 | — | 474 | — | 208,670 | ||||||||||||||||||||||||||||||||||||||||||||||
Balance sheet line item totals | Balance sheet line item totals | $ | 320,706 | $ | 3,980 | $ | (146,990) | $ | (229) | $ | 177,467 | Balance sheet line item totals | $ | 320,706 | $ | 3,980 | $ | (146,990) | $ | (229) | $ | 177,467 |
June 30, 2020 | September 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | (in thousands) | Commodity Derivative Assets - Current | Commodity Derivative Assets - Noncurrent | Commodity Derivative Liabilities - Current | Commodity Derivative Liabilities - Noncurrent | Total | (in thousands) | Commodity Derivative Assets - Current | Commodity Derivative Assets - Noncurrent | Commodity Derivative Liabilities - Current | Commodity Derivative Liabilities - Noncurrent | Total | ||||||||||||||||||||||||||||||||||||||||||||||
Commodity derivative assets | Commodity derivative assets | $ | 142,110 | $ | 2,916 | $ | 5,511 | $ | 124 | $ | 150,661 | Commodity derivative assets | $ | 159,553 | $ | 3,565 | $ | 7,323 | $ | 42 | $ | 170,483 | ||||||||||||||||||||||||||||||||||||
Commodity derivative liabilities | Commodity derivative liabilities | (30,820) | (214) | (70,697) | (3,813) | (105,544) | Commodity derivative liabilities | (89,933) | (508) | (86,482) | (490) | (177,413) | ||||||||||||||||||||||||||||||||||||||||||||||
Cash collateral paid | Cash collateral paid | 799 | 0 | 0 | 0 | 799 | Cash collateral paid | 70,446 | — | — | — | 70,446 | ||||||||||||||||||||||||||||||||||||||||||||||
Balance sheet line item totals | Balance sheet line item totals | $ | 112,089 | $ | 2,702 | $ | (65,186) | $ | (3,689) | $ | 45,916 | Balance sheet line item totals | $ | 140,066 | $ | 3,057 | $ | (79,159) | $ | (448) | $ | 63,516 |
Three months ended June 30, | Six months ended June 30, | Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||||||||||||||||||||||||||
(in thousands) | (in thousands) | 2021 | 2020 | 2021 | 2020 | (in thousands) | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||||||||||||
Gains on commodity derivatives included in cost of sales and merchandising revenues | $ | 73,688 | $ | 8,797 | $ | 240,673 | $ | 39,757 | ||||||||||||||||||||||||||||||||||||||
Gains (losses) on commodity derivatives included in cost of sales and merchandising revenues | Gains (losses) on commodity derivatives included in cost of sales and merchandising revenues | $ | (11,353) | $ | (52,047) | $ | 229,320 | $ | (12,290) |
June 30, 2021 | September 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | (in thousands) | Number of Bushels | Number of Gallons | Number of Pounds | Number of Tons | (in thousands) | Number of Bushels | Number of Gallons | Number of Pounds | Number of Tons | ||||||||||||||||||||||||||||||||||||
Non-exchange traded: | Non-exchange traded: | Non-exchange traded: | ||||||||||||||||||||||||||||||||||||||||||||
Corn | Corn | 696,674 | 0 | 0 | 0 | Corn | 687,177 | — | — | — | ||||||||||||||||||||||||||||||||||||
Soybeans | Soybeans | 75,507 | 0 | 0 | 0 | Soybeans | 96,061 | — | — | — | ||||||||||||||||||||||||||||||||||||
Wheat | Wheat | 129,264 | 0 | 0 | 0 | Wheat | 94,132 | — | — | — | ||||||||||||||||||||||||||||||||||||
Oats | Oats | 45,810 | 0 | 0 | 0 | Oats | 35,460 | — | — | — | ||||||||||||||||||||||||||||||||||||
Ethanol | Ethanol | 0 | 198,316 | 0 | 0 | Ethanol | — | 174,381 | — | — | ||||||||||||||||||||||||||||||||||||
Corn oil | Corn oil | 0 | 0 | 70,637 | 0 | Corn oil | — | — | 92,709 | — | ||||||||||||||||||||||||||||||||||||
Soybean Oil | Soybean Oil | 0 | 0 | 23,952 | 0 | Soybean Oil | — | — | 41,322 | — | ||||||||||||||||||||||||||||||||||||
Other | Other | 7,803 | 3,957 | 2,757 | 1,925 | Other | 31,086 | 2,264 | 1,959 | 2,324 | ||||||||||||||||||||||||||||||||||||
Subtotal | Subtotal | 955,058 | 202,273 | 97,346 | 1,925 | Subtotal | 943,916 | 176,645 | 135,990 | 2,324 | ||||||||||||||||||||||||||||||||||||
Exchange traded: | Exchange traded: | Exchange traded: | ||||||||||||||||||||||||||||||||||||||||||||
Corn | Corn | 243,190 | 0 | 0 | 0 | Corn | 236,395 | — | — | — | ||||||||||||||||||||||||||||||||||||
Soybeans | Soybeans | 49,375 | 0 | 0 | 0 | Soybeans | 60,660 | — | — | — | ||||||||||||||||||||||||||||||||||||
Wheat | Wheat | 80,004 | 0 | 0 | 0 | Wheat | 101,087 | — | — | — | ||||||||||||||||||||||||||||||||||||
Oats | Oats | 1,430 | 0 | 0 | 0 | Oats | 1,290 | — | — | — | ||||||||||||||||||||||||||||||||||||
Ethanol | Ethanol | 0 | 112,812 | 0 | 0 | Ethanol | — | 96,894 | — | — | ||||||||||||||||||||||||||||||||||||
Propane | Propane | 0 | 18,480 | 0 | 0 | Propane | — | 24,402 | — | — | ||||||||||||||||||||||||||||||||||||
Other | Other | 0 | 5 | 2,351 | 197 | Other | — | 8 | 1,890 | 240 | ||||||||||||||||||||||||||||||||||||
Subtotal | Subtotal | 373,999 | 131,297 | 2,351 | 197 | Subtotal | 399,432 | 121,304 | 1,890 | 240 | ||||||||||||||||||||||||||||||||||||
Total | Total | 1,329,057 | 333,570 | 99,697 | 2,122 | Total | 1,343,348 | 297,949 | 137,880 | 2,564 |
December 31, 2020 | December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | (in thousands) | Number of Bushels | Number of Gallons | Number of Pounds | Number of Tons | (in thousands) | Number of Bushels | Number of Gallons | Number of Pounds | Number of Tons | ||||||||||||||||||||||||||||||||||||||||||||||||
Non-exchange traded: | Non-exchange traded: | Non-exchange traded: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Corn | Corn | 684,654 | 0 | 0 | 0 | Corn | 684,654 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Soybeans | Soybeans | 73,521 | 0 | 0 | 0 | Soybeans | 73,521 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Wheat | Wheat | 109,661 | 0 | 0 | 0 | Wheat | 109,661 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Oats | Oats | 27,482 | 0 | 0 | 0 | Oats | 27,482 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Ethanol | Ethanol | 0 | 124,795 | 0 | 0 | Ethanol | — | 124,795 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Corn oil | Corn oil | 0 | 0 | 36,015 | 0 | Corn oil | — | — | 36,015 | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Soybean oil | Soybean oil | 0 | 0 | 26,510 | 0 | Soybean oil | — | — | 26,510 | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Other | Other | 4,371 | 2,058 | 740 | 1,859 | Other | 4,371 | 2,058 | 740 | 1,859 | ||||||||||||||||||||||||||||||||||||||||||||||||
Subtotal | Subtotal | 899,689 | 126,853 | 63,265 | 1,859 | Subtotal | 899,689 | 126,853 | 63,265 | 1,859 | ||||||||||||||||||||||||||||||||||||||||||||||||
Exchange traded: | Exchange traded: | Exchange traded: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Corn | Corn | 267,792 | 0 | 0 | 0 | Corn | 267,792 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Soybeans | Soybeans | 53,730 | 0 | 0 | 0 | Soybeans | 53,730 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Wheat | Wheat | 80,733 | 0 | 0 | 0 | Wheat | 80,733 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Oats | Oats | 1,800 | 0 | 0 | 0 | Oats | 1,800 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Ethanol | Ethanol | 0 | 73,584 | 0 | 0 | Ethanol | — | 73,584 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Propane | Propane | 0 | 17,094 | 0 | 0 | Propane | — | 17,094 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Other | Other | 0 | 2,898 | 14 | 149 | Other | — | 2,898 | 14 | 149 | ||||||||||||||||||||||||||||||||||||||||||||||||
Subtotal | Subtotal | 404,055 | 93,576 | 14 | 149 | Subtotal | 404,055 | 93,576 | 14 | 149 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | 1,303,744 | 220,429 | 63,279 | 2,008 | Total | 1,303,744 | 220,429 | 63,279 | 2,008 |
June 30, 2020 | |||||||||||||||||||||||
(in thousands) | Number of Bushels | Number of Gallons | Number of Pounds | Number of Tons | |||||||||||||||||||
Non-exchange traded: | |||||||||||||||||||||||
Corn | 437,275 | 0 | 0 | 0 | |||||||||||||||||||
Soybeans | 50,012 | 0 | 0 | 0 | |||||||||||||||||||
Wheat | 95,133 | 0 | 0 | 0 | |||||||||||||||||||
Oats | 49,053 | 0 | 0 | 0 | |||||||||||||||||||
Ethanol | 0 | 141,549 | 0 | 0 | |||||||||||||||||||
Corn oil | 0 | 0 | 8,098 | 0 | |||||||||||||||||||
Other | 25,005 | 5,000 | 415 | 2,370 | |||||||||||||||||||
Subtotal | 656,478 | 146,549 | 8,513 | 2,370 | |||||||||||||||||||
Exchange traded: | |||||||||||||||||||||||
Corn | 287,840 | 0 | 0 | 0 | |||||||||||||||||||
Soybeans | 36,970 | 0 | 0 | 0 | |||||||||||||||||||
Wheat | 67,040 | 0 | 0 | 0 | |||||||||||||||||||
Oats | 685 | 0 | 0 | 0 | |||||||||||||||||||
Ethanol | 0 | 27,300 | 0 | 0 | |||||||||||||||||||
Propane | 0 | 28,602 | 0 | 0 | |||||||||||||||||||
Other | 0 | 13,650 | 340 | 208 | |||||||||||||||||||
Subtotal | 392,535 | 69,552 | 340 | 208 | |||||||||||||||||||
Total | 1,049,013 | 216,101 | 8,853 | 2,578 |
September 30, 2020 | |||||||||||||||||||||||
(in thousands) | Number of Bushels | Number of Gallons | Number of Pounds | Number of Tons | |||||||||||||||||||
Non-exchange traded: | |||||||||||||||||||||||
Corn | 527,924 | — | — | — | |||||||||||||||||||
Soybeans | 121,248 | — | — | — | |||||||||||||||||||
Wheat | 80,546 | — | — | — | |||||||||||||||||||
Oats | 40,004 | — | — | — | |||||||||||||||||||
Ethanol | — | 96,470 | — | — | |||||||||||||||||||
Corn oil | — | — | 45,144 | — | |||||||||||||||||||
Soybean oil | — | — | 17,262 | — | |||||||||||||||||||
Other | 42,235 | 3,655 | 350 | 2,237 | |||||||||||||||||||
Subtotal | 811,957 | 100,125 | 62,756 | 2,237 | |||||||||||||||||||
Exchange traded: | |||||||||||||||||||||||
Corn | 250,445 | — | — | — | |||||||||||||||||||
Soybeans | 62,785 | — | — | — | |||||||||||||||||||
Wheat | 108,805 | — | — | — | |||||||||||||||||||
Oats | 715 | — | — | — | |||||||||||||||||||
Ethanol | — | 19,488 | — | — | |||||||||||||||||||
Propane | — | 31,962 | — | — | |||||||||||||||||||
Other | — | 7,140 | 16 | 183 | |||||||||||||||||||
Subtotal | 422,750 | 58,590 | 16 | 183 | |||||||||||||||||||
Total | 1,234,707 | 158,715 | 62,772 | 2,420 |
(in thousands) | (in thousands) | June 30, 2021 | December 31, 2020 | June 30, 2020 | (in thousands) | September 30, 2021 | December 31, 2020 | September 30, 2020 | ||||||||||||||||||||||||||
Derivatives not designated as hedging instruments | Derivatives not designated as hedging instruments | Derivatives not designated as hedging instruments | ||||||||||||||||||||||||||||||||
Interest rate contracts included in Accrued expenses and other current liabilities | Interest rate contracts included in Accrued expenses and other current liabilities | $ | 0 | $ | (589) | $ | (1,174) | Interest rate contracts included in Accrued expenses and other current liabilities | $ | — | $ | (589) | $ | (879) | ||||||||||||||||||||
Interest rate contracts included in Other long-term liabilities | Interest rate contracts included in Other long-term liabilities | (309) | (430) | (553) | Interest rate contracts included in Other long-term liabilities | (258) | (430) | (491) | ||||||||||||||||||||||||||
Foreign currency contracts included in Other current assets | 1,523 | 2,753 | 791 | |||||||||||||||||||||||||||||||
Foreign currency contracts included in Other assets | Foreign currency contracts included in Other assets | 491 | 2,753 | 326 | ||||||||||||||||||||||||||||||
Derivatives designated as hedging instruments | Derivatives designated as hedging instruments | Derivatives designated as hedging instruments | ||||||||||||||||||||||||||||||||
Interest rate contracts included in Other current assets | $ | 3,849 | $ | 164 | $ | 0 | ||||||||||||||||||||||||||||
Interest rate contracts included in Other assets | Interest rate contracts included in Other assets | $ | 4,431 | $ | 164 | $ | — | |||||||||||||||||||||||||||
Interest rate contracts included in Accrued expenses and other current liabilities | Interest rate contracts included in Accrued expenses and other current liabilities | (6,944) | (6,664) | (8,806) | Interest rate contracts included in Accrued expenses and other current liabilities | (6,892) | (6,664) | (8,431) | ||||||||||||||||||||||||||
Interest rate contracts included in Other long-term liabilities | Interest rate contracts included in Other long-term liabilities | (11,506) | (18,539) | (24,388) | Interest rate contracts included in Other long-term liabilities | (9,146) | (18,539) | (22,409) |
Three months ended June 30, | Six months ended June 30, | Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||||||||||||||||||||||||||
(in thousands) | (in thousands) | 2021 | 2020 | 2021 | 2020 | (in thousands) | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||||||||||||
Derivatives not designated as hedging instruments | Derivatives not designated as hedging instruments | Derivatives not designated as hedging instruments | ||||||||||||||||||||||||||||||||||||||||||||
Interest rate derivative gains (losses) included in Interest income (expense), net | Interest rate derivative gains (losses) included in Interest income (expense), net | $ | 355 | $ | 186 | $ | 709 | $ | (720) | Interest rate derivative gains (losses) included in Interest income (expense), net | $ | 51 | $ | 357 | $ | 760 | $ | (363) | ||||||||||||||||||||||||||||
Derivatives designated as hedging instruments | Derivatives designated as hedging instruments | Derivatives designated as hedging instruments | ||||||||||||||||||||||||||||||||||||||||||||
Interest rate derivative losses included in Other comprehensive income (loss) | Interest rate derivative losses included in Other comprehensive income (loss) | 2,471 | (2,475) | $ | (10,476) | $ | (20,657) | Interest rate derivative losses included in Other comprehensive income (loss) | $ | (2,044) | $ | 2,373 | $ | (12,520) | $ | (18,284) | ||||||||||||||||||||||||||||||
Interest rate derivatives losses included in Interest income (expense), net | Interest rate derivatives losses included in Interest income (expense), net | $ | (1,656) | $ | (1,917) | (3,273) | (2,700) | Interest rate derivatives losses included in Interest income (expense), net | (1,746) | (2,345) | (5,020) | (5,045) |
Interest Rate Hedging Instrument | Interest Rate Hedging Instrument | Year Entered | Year of Maturity | Initial Notional Amount (in millions) | Description | Interest Rate | Interest Rate Hedging Instrument | Year Entered | Year of Maturity | Initial Notional Amount (in millions) | Description | Interest Rate | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-term | Long-term | Long-term | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Swap | Swap | 2014 | 2023 | $ | 23.0 | Interest rate component of debt - not accounted for as a hedge | 1.9% | Swap | 2014 | 2023 | $ | 23.0 | Interest rate component of debt - not accounted for as a hedge | 1.9% | ||||||||||||||||||||||||||||||||||||||||||||||||||
Swap | Swap | 2017 | 2022 | $ | 20.0 | Interest rate component of debt - accounted for as a hedge | 1.8% | Swap | 2017 | 2022 | $ | 20.0 | Interest rate component of debt - accounted for as a hedge | 1.8% | ||||||||||||||||||||||||||||||||||||||||||||||||||
Swap | Swap | 2018 | 2023 | $ | 10.0 | Interest rate component of debt - accounted for as a hedge | 2.6% | Swap | 2018 | 2023 | $ | 10.0 | Interest rate component of debt - accounted for as a hedge | 2.6% | ||||||||||||||||||||||||||||||||||||||||||||||||||
Swap | Swap | 2018 | 2025 | $ | 20.0 | Interest rate component of debt - accounted for as a hedge | 2.7% | Swap | 2018 | 2025 | $ | 20.0 | Interest rate component of debt - accounted for as a hedge | 2.7% | ||||||||||||||||||||||||||||||||||||||||||||||||||
Swap | Swap | 2019 | 2025 | $ | 100.0 | 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 | 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 | 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 | Swap | 2020 | 2023 | $ | 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% | ||||||||||||||||||||||||||||||||||||||||||||||||||
Swap | Swap | 2020 | 2023 | $ | 50.0 | Interest rate component of debt - accounted for as a hedge | 0.0% to 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% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Swap | 2020 | 2030 | $ | 50.0 | Interest rate component of debt - accounted for as a hedge | 0.0% to 0.8% |
Three months ended June 30, | Six months ended June 30, | Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||||||||||||||||||||||||||
(in thousands) | (in thousands) | 2021 | 2020 | 2021 | 2020 | (in thousands) | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||||||||||||
Revenues under ASC 606 | Revenues under ASC 606 | $ | 640,083 | $ | 459,105 | $ | 1,146,551 | $ | 806,607 | Revenues under ASC 606 | $ | 457,621 | $ | 282,258 | $ | 1,568,529 | $ | 1,066,620 | ||||||||||||||||||||||||||||
Revenues under ASC 815 | Revenues under ASC 815 | 2,611,981 | 1,406,307 | 4,719,603 | 2,886,360 | Revenues under ASC 815 | 2,541,203 | 1,603,328 | 7,260,819 | 4,489,697 | ||||||||||||||||||||||||||||||||||||
Revenues under ASC 842 | 21,662 | 24,768 | 43,301 | 50,319 | ||||||||||||||||||||||||||||||||||||||||||
Total revenues | Total revenues | $ | 3,273,726 | $ | 1,890,180 | $ | 5,909,455 | $ | 3,743,286 | Total revenues | $ | 2,998,824 | $ | 1,885,586 | $ | 8,829,348 | $ | 5,556,317 |
Three months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||
(in thousands) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Operating lease revenue | $ | 20,458 | $ | 23,276 | $ | 41,308 | $ | 47,332 | |||||||||||||||
Sales-type lease revenue | 101 | 232 | 202 | 334 | |||||||||||||||||||
Variable lease revenue | 1,103 | 1,260 | 1,791 | 2,653 | |||||||||||||||||||
Total revenues | $ | 21,662 | $ | 24,768 | $ | 43,301 | $ | 50,319 |
Three months ended June 30, 2021 | Three months ended September 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | (in thousands) | Trade | Ethanol | Plant Nutrient | Rail | Total | (in thousands) | Trade | Ethanol | Plant Nutrient | Total | |||||||||||||||||||||||||||||||||||||||||
Specialty nutrients | Specialty nutrients | $ | 0 | $ | 0 | $ | 84,915 | $ | 0 | $ | 84,915 | Specialty nutrients | $ | — | $ | — | $ | 49,249 | $ | 49,249 | ||||||||||||||||||||||||||||||||
Primary nutrients | Primary nutrients | 0 | 0 | 213,604 | 0 | 213,604 | Primary nutrients | — | — | 69,835 | 69,835 | |||||||||||||||||||||||||||||||||||||||||
Services | Services | 2,114 | 0 | 3,869 | 9,233 | 15,216 | Services | 8,828 | — | 2,233 | 11,061 | |||||||||||||||||||||||||||||||||||||||||
Products and co-products | Products and co-products | 74,948 | 184,263 | 0 | 0 | 259,211 | Products and co-products | 70,924 | 183,225 | — | 254,149 | |||||||||||||||||||||||||||||||||||||||||
Frac sand and propane | Frac sand and propane | 36,649 | 0 | 0 | 0 | 36,649 | Frac sand and propane | 49,379 | — | — | 49,379 | |||||||||||||||||||||||||||||||||||||||||
Other | Other | 4,037 | 394 | 19,020 | 7,037 | 30,488 | Other | 2,163 | 1,046 | 20,739 | 23,948 | |||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 117,748 | $ | 184,657 | $ | 321,408 | $ | 16,270 | $ | 640,083 | Total | $ | 131,294 | $ | 184,271 | $ | 142,056 | $ | 457,621 |
Three months ended June 30, 2020 | Three months ended September 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | (in thousands) | Trade | Ethanol | Plant Nutrient | Rail | Total | (in thousands) | Trade | Ethanol | Plant Nutrient | Total | |||||||||||||||||||||||||||||||||||||||||
Specialty nutrients | Specialty nutrients | $ | 0 | $ | 0 | $ | 82,634 | $ | 0 | $ | 82,634 | Specialty nutrients | $ | — | $ | — | $ | 31,835 | $ | 31,835 | ||||||||||||||||||||||||||||||||
Primary nutrients | Primary nutrients | 0 | 0 | 188,463 | 0 | 188,463 | Primary nutrients | — | — | 62,094 | 62,094 | |||||||||||||||||||||||||||||||||||||||||
Service | Service | 2,357 | 0 | 2,596 | 8,658 | 13,611 | Service | 2,010 | — | 975 | 2,985 | |||||||||||||||||||||||||||||||||||||||||
Products and co-products | Products and co-products | 63,344 | 75,773 | 0 | 0 | 139,117 | Products and co-products | 55,235 | 97,703 | — | 152,938 | |||||||||||||||||||||||||||||||||||||||||
Frac sand and propane | Frac sand and propane | 21,439 | 0 | 0 | 0 | 21,439 | Frac sand and propane | 21,676 | — | — | 21,676 | |||||||||||||||||||||||||||||||||||||||||
Other | Other | 5,330 | 352 | 6,132 | 2,027 | 13,841 | Other | 2,414 | 513 | 7,803 | 10,730 | |||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 92,470 | $ | 76,125 | $ | 279,825 | $ | 10,685 | $ | 459,105 | Total | $ | 81,335 | $ | 98,216 | $ | 102,707 | $ | 282,258 |
Six months ended June 30, 2021 | Nine months ended September 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | (in thousands) | Trade | Ethanol | Plant Nutrient | Rail | Total | (in thousands) | Trade | Ethanol | Plant Nutrient | Total | |||||||||||||||||||||||||||||||||||||||||
Specialty nutrients | Specialty nutrients | $ | 0 | $ | 0 | $ | 161,721 | $ | 0 | $ | 161,721 | Specialty nutrients | $ | — | $ | — | $ | 210,971 | $ | 210,971 | ||||||||||||||||||||||||||||||||
Primary nutrients | Primary nutrients | 0 | 0 | 285,263 | 0 | 285,263 | Primary nutrients | — | — | 355,098 | 355,098 | |||||||||||||||||||||||||||||||||||||||||
Service | Service | 3,568 | 0 | 5,158 | 19,177 | 27,903 | Service | 12,396 | — | 7,391 | 19,787 | |||||||||||||||||||||||||||||||||||||||||
Products and co-products | Products and co-products | 146,936 | 329,907 | 0 | 0 | 476,843 | Products and co-products | 217,859 | 513,132 | — | 730,991 | |||||||||||||||||||||||||||||||||||||||||
Frac sand and propane | Frac sand and propane | 128,714 | 0 | 0 | 0 | 128,714 | Frac sand and propane | 178,094 | — | — | 178,094 | |||||||||||||||||||||||||||||||||||||||||
Other | Other | 6,969 | 4,153 | 38,518 | 16,467 | 66,107 | Other | 9,132 | 5,199 | 59,257 | 73,588 | |||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 286,187 | $ | 334,060 | $ | 490,660 | $ | 35,644 | $ | 1,146,551 | Total | $ | 417,481 | $ | 518,331 | $ | 632,717 | $ | 1,568,529 |
Nine months ended September 30, 2020 | |||||||||||||||||||||||
(in thousands) | Trade | Ethanol | Plant Nutrient | Total | |||||||||||||||||||
Specialty nutrients | $ | — | $ | — | $ | 187,700 | $ | 187,700 | |||||||||||||||
Primary nutrients | — | — | 296,247 | 296,247 | |||||||||||||||||||
Service | 6,053 | — | 3,753 | 9,806 | |||||||||||||||||||
Products and co-products | 171,744 | 275,175 | — | 446,919 | |||||||||||||||||||
Frac sand and propane | 92,990 | — | — | 92,990 | |||||||||||||||||||
Other | 11,732 | 1,481 | 19,745 | 32,958 | |||||||||||||||||||
Total | $ | 282,519 | $ | 276,656 | $ | 507,445 | $ | 1,066,620 |
Six months ended June 30, 2020 | |||||||||||||||||||||||||||||
(in thousands) | Trade | Ethanol | Plant Nutrient | Rail | Total | ||||||||||||||||||||||||
Specialty nutrients | $ | 0 | $ | 0 | $ | 155,865 | $ | 0 | $ | 155,865 | |||||||||||||||||||
Primary nutrients | 0 | 0 | 234,153 | 0 | 234,153 | ||||||||||||||||||||||||
Service | 4,043 | 0 | 2,778 | 17,394 | 24,215 | ||||||||||||||||||||||||
Products and co-products | 116,509 | 177,472 | 0 | 0 | 293,981 | ||||||||||||||||||||||||
Frac sand and propane | 71,314 | 0 | 0 | 0 | 71,314 | ||||||||||||||||||||||||
Other | 9,318 | 968 | 11,942 | 4,851 | 27,079 | ||||||||||||||||||||||||
Total | $ | 201,184 | $ | 178,440 | $ | 404,738 | $ | 22,245 | $ | 806,607 |
Three months ended June 30, | Six months ended June 30, | Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | (in thousands) | 2021 | 2020 | 2021 | 2020 | (in thousands) | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||||||||||||||||||
Currency Translation Adjustment | Currency Translation Adjustment | Currency Translation Adjustment | ||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning balance | Beginning balance | $ | 6,963 | $ | (5,574) | $ | 5,739 | $ | 1,065 | Beginning balance | $ | 8,432 | $ | (2,325) | $ | 5,739 | $ | 1,065 | ||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) before reclassifications | Other comprehensive income (loss) before reclassifications | 1,469 | 3,249 | 2,693 | (3,390) | Other comprehensive income (loss) before reclassifications | (3,004) | 2,351 | (311) | (1,039) | ||||||||||||||||||||||||||||||||||||||||||
Tax effect | Tax effect | 0 | 0 | 0 | 0 | Tax effect | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss), net of tax | Other comprehensive income (loss), net of tax | 1,469 | 3,249 | 2,693 | (3,390) | Other comprehensive income (loss), net of tax | (3,004) | 2,351 | (311) | (1,039) | ||||||||||||||||||||||||||||||||||||||||||
Ending balance | Ending balance | $ | 8,432 | $ | (2,325) | $ | 8,432 | $ | (2,325) | Ending balance | $ | 5,428 | $ | 26 | $ | 5,428 | $ | 26 | ||||||||||||||||||||||||||||||||||
Hedging Adjustment | Hedging Adjustment | Hedging Adjustment | ||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning balance | Beginning balance | $ | (8,365) | $ | (23,106) | $ | (18,106) | $ | (9,443) | Beginning balance | $ | (10,223) | $ | (24,966) | $ | (18,106) | $ | (9,443) | ||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) before reclassifications | Other comprehensive income (loss) before reclassifications | (3,514) | (3,669) | 4,613 | (18,059) | Other comprehensive income (loss) before reclassifications | (146) | (535) | 4,467 | (18,594) | ||||||||||||||||||||||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss)(a) | Amounts reclassified from accumulated other comprehensive income (loss)(a) | 2,208 | 2,412 | 4,360 | 3,381 | Amounts reclassified from accumulated other comprehensive income (loss)(a) | 2,244 | 3,090 | 6,604 | 6,471 | ||||||||||||||||||||||||||||||||||||||||||
Tax effect | Tax effect | (552) | (603) | (1,090) | (845) | Tax effect | (561) | (772) | (1,651) | (1,617) | ||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss), net of tax | Other comprehensive income (loss), net of tax | (1,858) | (1,860) | 7,883 | (15,523) | Other comprehensive income (loss), net of tax | 1,537 | 1,783 | 9,420 | (13,740) | ||||||||||||||||||||||||||||||||||||||||||
Ending balance | Ending balance | $ | (10,223) | $ | (24,966) | $ | (10,223) | $ | (24,966) | Ending balance | $ | (8,686) | $ | (23,183) | $ | (8,686) | $ | (23,183) | ||||||||||||||||||||||||||||||||||
Pension and Other Postretirement Adjustment | Pension and Other Postretirement Adjustment | Pension and Other Postretirement Adjustment | ||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning balance | Beginning balance | $ | (70) | $ | 773 | $ | 33 | $ | 889 | Beginning balance | $ | (304) | $ | 788 | $ | 33 | $ | 889 | ||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) before reclassifications | Other comprehensive income (loss) before reclassifications | (63) | 186 | 5 | 241 | Other comprehensive income (loss) before reclassifications | 69 | 52 | 74 | 293 | ||||||||||||||||||||||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss)(b) | Amounts reclassified from accumulated other comprehensive income (loss)(b) | (228) | (228) | (456) | (456) | Amounts reclassified from accumulated other comprehensive income (loss)(b) | (228) | (228) | (684) | (684) | ||||||||||||||||||||||||||||||||||||||||||
Tax effect | Tax effect | 57 | 57 | 114 | 114 | Tax effect | 57 | 57 | 171 | 171 | ||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss), net of tax | Other comprehensive income (loss), net of tax | (234) | 15 | (337) | (101) | Other comprehensive income (loss), net of tax | (102) | (119) | (439) | (220) | ||||||||||||||||||||||||||||||||||||||||||
Ending balance | Ending balance | $ | (304) | $ | 788 | $ | (304) | $ | 788 | Ending balance | $ | (406) | $ | 669 | $ | (406) | $ | 669 | ||||||||||||||||||||||||||||||||||
Investments in Convertible Preferred Securities Adjustment | Investments in Convertible Preferred Securities Adjustment | Investments in Convertible Preferred Securities Adjustment | ||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning balance | Beginning balance | $ | 258 | $ | 258 | $ | 258 | $ | 258 | Beginning balance | $ | 258 | $ | 258 | $ | 258 | $ | 258 | ||||||||||||||||||||||||||||||||||
Other comprehensive income (loss), net of tax | Other comprehensive income (loss), net of tax | 0 | 0 | 0 | 0 | Other comprehensive income (loss), net of tax | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Ending balance | Ending balance | $ | 258 | $ | 258 | $ | 258 | $ | 258 | Ending balance | $ | 258 | $ | 258 | $ | 258 | $ | 258 | ||||||||||||||||||||||||||||||||||
Total AOCI Ending Balance | Total AOCI Ending Balance | $ | (1,837) | $ | (26,245) | $ | (1,837) | $ | (26,245) | Total AOCI Ending Balance | $ | (3,406) | $ | (22,230) | $ | (3,406) | $ | (22,230) |
(in thousands, except per common share data) | (in thousands, except per common share data) | Three months ended June 30, | Six months ended June 30, | (in thousands, except per common share data) | Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||||||||||||||||
Numerator: | Numerator: | Numerator: | ||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) available to The Andersons Inc. common shareholders | $ | 43,499 | $ | 30,439 | $ | 58,606 | $ | (7,222) | ||||||||||||||||||||||||||||||||||||||
Net income (loss) from continuing operations | Net income (loss) from continuing operations | $ | 12,290 | $ | 1,788 | $ | 66,069 | $ | (32,088) | |||||||||||||||||||||||||||||||||||||
Net income (loss) attributable to noncontrolling interests(a) | Net income (loss) attributable to noncontrolling interests(a) | (1,602) | 3,273 | (822) | (20,583) | |||||||||||||||||||||||||||||||||||||||||
Net income (loss) available to The Andersons Inc. common shareholders from continuing operations | Net income (loss) available to The Andersons Inc. common shareholders from continuing operations | $ | 13,892 | $ | (1,485) | $ | 66,891 | $ | (11,505) | |||||||||||||||||||||||||||||||||||||
Income (loss) from discontinued operations, net of income taxes | Income (loss) from discontinued operations, net of income taxes | $ | 1,846 | $ | 427 | $ | 7,453 | $ | 3,224 | |||||||||||||||||||||||||||||||||||||
Denominator: | Denominator: | Denominator: | ||||||||||||||||||||||||||||||||||||||||||||
Weighted average shares outstanding – basic | Weighted average shares outstanding – basic | 33,263 | 32,932 | 33,226 | 32,876 | Weighted average shares outstanding – basic | 33,284 | 32,962 | 33,246 | 32,905 | ||||||||||||||||||||||||||||||||||||
Effect of dilutive awards | Effect of dilutive awards | 316 | 77 | 391 | 0 | Effect of dilutive awards | 350 | — | 424 | — | ||||||||||||||||||||||||||||||||||||
Weighted average shares outstanding – diluted | Weighted average shares outstanding – diluted | 33,579 | 33,009 | 33,617 | 32,876 | Weighted average shares outstanding – diluted | 33,634 | 32,962 | 33,670 | 32,905 | ||||||||||||||||||||||||||||||||||||
Earnings (loss) per share | ||||||||||||||||||||||||||||||||||||||||||||||
Basic | $ | 1.31 | $ | 0.92 | $ | 1.76 | $ | (0.22) | ||||||||||||||||||||||||||||||||||||||
Diluted | $ | 1.30 | $ | 0.92 | $ | 1.74 | $ | (0.22) | ||||||||||||||||||||||||||||||||||||||
Earnings (loss) per share attributable to The Andersons, Inc. common shareholders: | Earnings (loss) per share attributable to The Andersons, Inc. common shareholders: | |||||||||||||||||||||||||||||||||||||||||||||
Basic earnings (loss): | Basic earnings (loss): | |||||||||||||||||||||||||||||||||||||||||||||
Continuing operations | Continuing operations | $ | 0.42 | $ | (0.04) | $ | 2.01 | $ | (0.35) | |||||||||||||||||||||||||||||||||||||
Discontinued operations | Discontinued operations | 0.06 | 0.01 | 0.22 | 0.10 | |||||||||||||||||||||||||||||||||||||||||
$ | 0.48 | $ | (0.03) | $ | 2.23 | $ | (0.25) | |||||||||||||||||||||||||||||||||||||||
Diluted earnings (loss): | Diluted earnings (loss): | |||||||||||||||||||||||||||||||||||||||||||||
Continuing operations | Continuing operations | $ | 0.41 | $ | (0.04) | $ | 1.99 | $ | (0.35) | |||||||||||||||||||||||||||||||||||||
Discontinued operations | Discontinued operations | 0.05 | 0.01 | 0.22 | 0.10 | |||||||||||||||||||||||||||||||||||||||||
$ | 0.46 | $ | (0.03) | $ | 2.21 | $ | (0.25) |
(in thousands) | (in thousands) | June 30, 2021 | (in thousands) | September 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||
Assets (liabilities) | Assets (liabilities) | Level 1 | Level 2 | Level 3 | Total | Assets (liabilities) | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||||||||||||||||
Commodity derivatives, net (a) | Commodity derivatives, net (a) | $ | 38,627 | $ | 390,311 | $ | 0 | $ | 428,938 | Commodity derivatives, net (a) | $ | 122,877 | $ | 212,218 | $ | — | $ | 335,095 | ||||||||||||||||||||||||||||
Provisionally priced contracts (b) | Provisionally priced contracts (b) | 32,710 | (25,210) | 0 | 7,500 | Provisionally priced contracts (b) | 28,469 | (25,134) | — | 3,335 | ||||||||||||||||||||||||||||||||||||
Convertible preferred securities (c) | Convertible preferred securities (c) | 0 | 0 | 13,550 | 13,550 | Convertible preferred securities (c) | — | — | 11,066 | 11,066 | ||||||||||||||||||||||||||||||||||||
Other assets and liabilities (d) | Other assets and liabilities (d) | 5,373 | (14,909) | 0 | (9,536) | Other assets and liabilities (d) | 4,171 | (11,865) | — | (7,694) | ||||||||||||||||||||||||||||||||||||
Total | Total | $ | 76,710 | $ | 350,192 | $ | 13,550 | $ | 440,452 | Total | $ | 155,517 | $ | 175,219 | $ | 11,066 | $ | 341,802 |
(in thousands) | December 31, 2020 | ||||||||||||||||||||||
Assets (liabilities) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||
Commodity derivatives, net (a) | $ | 51,369 | $ | 126,098 | $ | 0 | $ | 177,467 | |||||||||||||||
Provisionally priced contracts (b) | 19,793 | (48,818) | 0 | (29,025) | |||||||||||||||||||
Convertible preferred securities (c) | 0 | 0 | 8,849 | 8,849 | |||||||||||||||||||
Other assets and liabilities (d) | 7,972 | (26,058) | 0 | (18,086) | |||||||||||||||||||
Total | $ | 79,134 | $ | 51,222 | $ | 8,849 | $ | 139,205 |
(in thousands) | (in thousands) | June 30, 2020 | (in thousands) | December 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||
Assets (liabilities) | Assets (liabilities) | Level 1 | Level 2 | Level 3 | Total | Assets (liabilities) | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||||||||||||||||
Commodity derivatives, net (a) | Commodity derivatives, net (a) | $ | 22,162 | $ | 23,754 | $ | 0 | $ | 45,916 | Commodity derivatives, net (a) | $ | 51,369 | $ | 126,098 | $ | — | $ | 177,467 | ||||||||||||||||||||||||||||
Provisionally priced contracts (b) | Provisionally priced contracts (b) | (15,139) | (41,897) | 0 | (57,036) | Provisionally priced contracts (b) | 19,793 | (48,818) | — | (29,025) | ||||||||||||||||||||||||||||||||||||
Convertible preferred securities (c) | Convertible preferred securities (c) | 0 | 0 | 8,654 | 8,654 | Convertible preferred securities (c) | — | — | 8,849 | 8,849 | ||||||||||||||||||||||||||||||||||||
Other assets and liabilities (d) | Other assets and liabilities (d) | 4,102 | (34,922) | 0 | (30,820) | Other assets and liabilities (d) | 7,972 | (26,058) | — | (18,086) | ||||||||||||||||||||||||||||||||||||
Total | Total | $ | 11,125 | $ | (53,065) | $ | 8,654 | $ | (33,286) | Total | $ | 79,134 | $ | 51,222 | $ | 8,849 | $ | 139,205 |
(in thousands) | September 30, 2020 | ||||||||||||||||||||||
Assets (liabilities) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||
Commodity derivatives, net (a) | $ | 11,951 | $ | 51,565 | $ | — | $ | 63,516 | |||||||||||||||
Provisionally priced contracts (b) | (5,190) | (22,541) | — | (27,731) | |||||||||||||||||||
Convertible preferred securities (c) | — | — | 8,654 | 8,654 | |||||||||||||||||||
Other assets and liabilities (d) | 4,998 | (32,210) | — | (27,212) | |||||||||||||||||||
Total | $ | 11,759 | $ | (3,186) | $ | 8,654 | $ | 17,227 |
Convertible Preferred Securities | |||||||||||
(in thousands) | 2021 | 2020 | |||||||||
Assets at January 1, | $ | 8,849 | $ | 8,404 | |||||||
Additional investments | 2,800 | 250 | |||||||||
Assets at March 31, | $ | 11,649 | $ | 8,654 | |||||||
Additional Investments | 1,901 | 0 | |||||||||
Assets at June 30, | $ | 13,550 | $ | 8,654 | |||||||
Convertible Preferred Securities | |||||||||||
(in thousands) | 2021 | 2020 | |||||||||
Assets at January 1, | $ | 8,849 | $ | 8,404 | |||||||
Additional investments | 2,800 | 250 | |||||||||
Assets at March 31, | $ | 11,649 | $ | 8,654 | |||||||
Additional Investments | 1,901 | — | |||||||||
Assets at June 30, | $ | 13,550 | $ | 8,654 | |||||||
Additional investments | 300 | — | |||||||||
Losses included in earnings | (2,784) | — | |||||||||
Assets at September 30, | $ | 11,066 | $ | 8,654 |
Quantitative Information about Recurring Level 3 Fair Value Measurements | Quantitative Information about Recurring Level 3 Fair Value Measurements | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value as of | Fair Value as of | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | (in thousands) | June 30, 2021 | December 31, 2020 | June 30, 2020 | Valuation Method | Unobservable Input | Weighted Average | (in thousands) | September 30, 2021 | December 31, 2020 | September 30, 2020 | Valuation Method | Unobservable Input | Weighted Average | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Convertible preferred securities (a) | Convertible preferred securities (a) | $ | 13,550 | $ | 8,849 | $ | 8,654 | Implied based on market prices | N/A | N/A | Convertible preferred securities (a) | $ | 11,066 | $ | 8,849 | $ | 8,654 | Implied based on market prices | N/A | N/A |
Three months ended June 30, | Six months ended June 30, | Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||||||||||||||||||||||||||
(in thousands) | (in thousands) | 2021 | 2020 | 2021 | 2020 | (in thousands) | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||||||||||||
Sales revenues | Sales revenues | $ | 85,294 | $ | 29,659 | $ | 151,940 | $ | 84,353 | Sales revenues | $ | 77,577 | $ | 44,789 | $ | 229,517 | $ | 129,143 | ||||||||||||||||||||||||||||
Purchases of product and capital assets | Purchases of product and capital assets | 8,662 | 6,419 | 20,336 | 21,996 | Purchases of product and capital assets | 9,715 | 16,641 | 30,051 | 38,637 |
(in thousands) | (in thousands) | June 30, 2021 | December 31, 2020 | June 30, 2020 | (in thousands) | September 30, 2021 | December 31, 2020 | September 30, 2020 | ||||||||||||||||||||||||||
Accounts receivable (a) | Accounts receivable (a) | $ | 11,835 | $ | 5,623 | $ | 7,332 | Accounts receivable (a) | $ | 13,523 | $ | 5,623 | $ | 7,184 | ||||||||||||||||||||
Accounts payable (b) | Accounts payable (b) | 2,287 | 5,251 | 2,598 | Accounts payable (b) | 2,514 | 5,251 | 3,058 |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||
(in thousands) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Revenues from external customers | |||||||||||||||||||||||
Trade | $ | 2,242,131 | $ | 1,432,922 | $ | 6,522,508 | $ | 4,162,130 | |||||||||||||||
Ethanol | 614,637 | 349,957 | 1,674,123 | 886,742 | |||||||||||||||||||
Plant Nutrient | 142,056 | 102,707 | 632,717 | 507,445 | |||||||||||||||||||
Total | $ | 2,998,824 | $ | 1,885,586 | $ | 8,829,348 | $ | 5,556,317 | |||||||||||||||
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||
(in thousands) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Income (loss) before income taxes attributable to the Company from continuing operations | |||||||||||||||||||||||
Trade | $ | 41,999 | $ | 5,941 | $ | 69,631 | $ | (3,650) | |||||||||||||||
Ethanol | (3,636) | 1,148 | 22,821 | (21,960) | |||||||||||||||||||
Plant Nutrient | (5,832) | (5,387) | 26,686 | 12,828 | |||||||||||||||||||
Other | (14,612) | (7,335) | (34,182) | (17,351) | |||||||||||||||||||
Income (loss) before income taxes attributable to the Company from continuing operations | 17,919 | (5,633) | 84,956 | (30,133) | |||||||||||||||||||
Income (loss) attributable to noncontrolling interests | (1,602) | 3,273 | (822) | (20,583) | |||||||||||||||||||
Income (loss) before income taxes from continuing operations | $ | 16,317 | $ | (2,360) | $ | 84,134 | $ | (50,716) |
(in thousands) | September 30, 2021 | December 31, 2020 | September 30, 2020 | ||||||||||||||
Identifiable assets | |||||||||||||||||
Trade | $ | 2,313,417 | $ | 2,486,412 | $ | 1,642,219 | |||||||||||
Ethanol | 679,687 | 666,839 | 625,587 | ||||||||||||||
Plant Nutrient | 409,112 | 374,653 | 343,121 | ||||||||||||||
Other | 240,502 | 68,084 | 113,014 | ||||||||||||||
Total assets of continuing operations | 3,642,718 | 3,595,988 | 2,723,941 | ||||||||||||||
Assets of discontinued operations | 65,424 | 676,133 | 687,670 | ||||||||||||||
Total assets | $ | 3,708,142 | $ | 4,272,121 | $ | 3,411,611 |
Three months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||
(in thousands) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Revenues from external customers | |||||||||||||||||||||||
Trade | $ | 2,297,869 | $ | 1,351,168 | $ | 4,280,377 | $ | 2,729,209 | |||||||||||||||
Ethanol | 616,527 | 223,745 | 1,059,486 | 536,784 | |||||||||||||||||||
Plant Nutrient | 321,409 | 279,825 | 490,661 | 404,738 | |||||||||||||||||||
Rail | 37,921 | 35,442 | 78,931 | 72,555 | |||||||||||||||||||
Total | $ | 3,273,726 | $ | 1,890,180 | $ | 5,909,455 | $ | 3,743,286 | |||||||||||||||
Three months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||
(in thousands) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Income (loss) before income taxes attributable to the Company | |||||||||||||||||||||||
Trade | $ | 13,777 | $ | 393 | $ | 27,632 | $ | (9,591) | |||||||||||||||
Ethanol | 23,531 | 868 | 26,457 | (23,108) | |||||||||||||||||||
Plant Nutrient | 23,995 | 19,407 | 32,518 | 18,215 | |||||||||||||||||||
Rail | 3,064 | 2,606 | 7,955 | 3,613 | |||||||||||||||||||
Other | (10,226) | (5,035) | (19,569) | (10,015) | |||||||||||||||||||
Income (loss) before income taxes attributable to the Company | 54,141 | 18,239 | 74,993 | (20,886) | |||||||||||||||||||
Income (loss) attributable to noncontrolling interests | 2,625 | (10,407) | 780 | (23,856) | |||||||||||||||||||
Income (loss) before income taxes | $ | 56,766 | $ | 7,832 | $ | 75,773 | $ | (44,742) |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||
(in thousands) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Sales and merchandising revenues | $ | 25,018 | $ | 36,647 | $ | 103,950 | $ | 109,202 | |||||||||||||||
Cost of sales and merchandising revenues | 19,065 | 28,049 | 78,089 | 80,187 | |||||||||||||||||||
Gross profit | 5,953 | 8,598 | 25,861 | 29,015 | |||||||||||||||||||
Operating, administrative and general expenses | 3,415 | 5,609 | 10,705 | 16,052 | |||||||||||||||||||
Interest expense, net | 2,139 | 3,716 | 8,714 | 12,032 | |||||||||||||||||||
Other income, net: | |||||||||||||||||||||||
Other income (loss), net | (1,330) | 588 | 583 | 2,543 | |||||||||||||||||||
Income (loss) from discontinued operations before income taxes | (931) | (139) | 7,025 | 3,474 | |||||||||||||||||||
Income tax provision (benefit) | (2,777) | (566) | (428) | 250 | |||||||||||||||||||
Income (loss) from discontinued operations, net of income taxes | $ | 1,846 | $ | 427 | $ | 7,453 | $ | 3,224 |
(in thousands) | September 30, 2021 | December 31, 2020 | September 30, 2020 | ||||||||||||||
Assets | |||||||||||||||||
Current assets: | |||||||||||||||||
Cash and cash equivalents | $ | — | $ | — | $ | — | |||||||||||
Accounts receivable, net | 18,389 | 18,508 | 19,620 | ||||||||||||||
Inventories | 6,803 | 7,627 | 7,016 | ||||||||||||||
Other current assets | 1,369 | 6,524 | 18,496 | ||||||||||||||
Current assets held-for-sale | 26,561 | 32,659 | 45,132 | ||||||||||||||
Other assets: | |||||||||||||||||
Rail assets leased to others, net | 458 | 591,946 | 587,848 | ||||||||||||||
Property, plant and equipment, net | 17,439 | 18,868 | 18,360 | ||||||||||||||
Goodwill | 4,167 | 4,167 | 4,167 | ||||||||||||||
Other intangible assets, net | 24 | 2,855 | 3,369 | ||||||||||||||
Right of use assets, net | 16,521 | 22,644 | 24,561 | ||||||||||||||
Other assets, net | 254 | 2,994 | 4,233 | ||||||||||||||
Total non-current assets held-for-sale | 38,863 | 643,474 | 642,538 | ||||||||||||||
Total assets held-for-sale | $ | 65,424 | $ | 676,133 | $ | 687,670 | |||||||||||
Liabilities | |||||||||||||||||
Current liabilities: | |||||||||||||||||
Trade and other payables | $ | 4,223 | $ | 2,874 | $ | 6,607 | |||||||||||
Customer prepayments and deferred revenue | 128 | 1,934 | 1,667 | ||||||||||||||
Current maturities of long-term debt | — | 6,109 | 5,286 | ||||||||||||||
Accrued expenses and other current liabilities | 9,076 | 14,360 | 14,436 | ||||||||||||||
Total current liabilities held-for-sale | 13,427 | 25,277 | 27,996 | ||||||||||||||
Long-term lease liabilities | 13,592 | 17,342 | 19,016 | ||||||||||||||
Long-term debt, less current maturities | — | 30,087 | 198,889 | ||||||||||||||
Other long-term liabilities | — | 667 | 3,429 | ||||||||||||||
Non-current liabilities held-for-sale | 13,592 | 48,096 | 221,334 | ||||||||||||||
Total liabilities held-for-sale | $ | 27,019 | $ | 73,373 | $ | 249,330 |
Nine months ended September 30, | |||||||||||
(in thousands) | 2021 | 2020 | |||||||||
Depreciation and amortization | $ | 21,786 | $ | 26,670 | |||||||
Capital expenditures | (8,368) | (29,460) | |||||||||
Proceeds from sale of assets | 18,705 | 7,774 | |||||||||
Loss on sale of discontinued operations | 1,491 | — | |||||||||
Non-cash operating activities - Gain on sale of railcars | (5,603) | (175) | |||||||||
Non-cash operating activities - fixed asset impairment | 626 | — | |||||||||
Non-cash investing activities - capital expenditures, consisting of unpaid capital expenditure liabilities at period end | — | 1,081 |
(in thousands) | Trade | Ethanol | Plant Nutrient | Total | |||||||||||||||||||
Balance at December 31, 2020 | $ | 122,067 | $ | 8,789 | $ | 686 | $ | 131,542 | |||||||||||||||
Divestitures (a) | (2,200) | — | — | (2,200) | |||||||||||||||||||
Balance at September 30, 2021 | $ | 119,867 | $ | 8,789 | $ | 686 | $ | 129,342 | |||||||||||||||
Three months ended June 30, | Six months ended June 30, | Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||||||||||||||||||||||||||
(in thousands) | (in thousands) | 2021 | 2020 | 2021 | 2020 | (in thousands) | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||||||||||||
Ethanol (gallons shipped) | Ethanol (gallons shipped) | 186,396 | 119,528 | 358,608 | 266,873 | Ethanol (gallons shipped) | 184,655 | 169,409 | 538,955 | 436,282 | ||||||||||||||||||||||||||||||||||||
E-85 (gallons shipped) | E-85 (gallons shipped) | 11,914 | 4,396 | 19,805 | 13,489 | E-85 (gallons shipped) | 12,977 | 7,455 | 32,781 | 20,955 | ||||||||||||||||||||||||||||||||||||
Corn oil (pounds shipped) | Corn oil (pounds shipped) | 56,760 | 20,968 | 104,708 | 50,262 | Corn oil (pounds shipped) | 79,756 | 33,257 | 188,974 | 83,519 | ||||||||||||||||||||||||||||||||||||
DDG (tons shipped)* | DDG (tons shipped)* | 454 | 334 | 931 | 964 | DDG (tons shipped)* | 570 | 536 | 1,544 | 1,384 |
Three months ended June 30, | Six months ended June 30, | Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||||||||||||||||||||||||||
(in thousands) | (in thousands) | 2021 | 2020 | 2021 | 2020 | (in thousands) | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||||||||||||
Ag Supply Chain | Ag Supply Chain | 661 | 690 | 1,008 | 904 | Ag Supply Chain | 253 | 273 | 1,261 | 1,178 | ||||||||||||||||||||||||||||||||||||
Specialty Liquids | Specialty Liquids | 133 | 121 | 233 | 196 | Specialty Liquids | 71 | 64 | 304 | 257 | ||||||||||||||||||||||||||||||||||||
Engineered Granules | Engineered Granules | 165 | 151 | 323 | 273 | Engineered Granules | 60 | 59 | 383 | 331 | ||||||||||||||||||||||||||||||||||||
Total tons | Total tons | 959 | 962 | 1,564 | 1,373 | Total tons | 384 | 396 | 1,948 | 1,766 |
Three months ended June 30, 2021 | Three months ended September 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | (in thousands) | Trade | Ethanol | Plant Nutrient | Rail | Other | Total | (in thousands) | Trade | Ethanol | Plant Nutrient | Other | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||
Sales and merchandising revenues | Sales and merchandising revenues | $ | 2,297,869 | $ | 616,527 | $ | 321,409 | $ | 37,921 | $ | — | $ | 3,273,726 | Sales and merchandising revenues | $ | 2,242,131 | $ | 614,637 | $ | 142,056 | $ | — | $ | 2,998,824 | ||||||||||||||||||||||||||||||||||||||||
Cost of sales and merchandising revenues | Cost of sales and merchandising revenues | 2,220,038 | 581,811 | 270,549 | 27,284 | — | 3,099,682 | Cost of sales and merchandising revenues | 2,143,935 | 608,886 | 124,168 | — | 2,876,989 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Gross profit | Gross profit | 77,831 | 34,716 | 50,860 | 10,637 | — | 174,044 | Gross profit | 98,196 | 5,751 | 17,888 | — | 121,835 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Operating, administrative and general expenses | Operating, administrative and general expenses | 61,514 | 6,577 | 26,568 | 4,416 | 10,901 | 109,976 | Operating, administrative and general expenses | 67,590 | 10,014 | 22,883 | 9,788 | 110,275 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Interest expense (income), net | Interest expense (income), net | 7,452 | 2,021 | 1,146 | 3,394 | (559) | 13,454 | Interest expense (income), net | 5,243 | 1,658 | 1,146 | 752 | 8,799 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Equity in earnings of affiliates, net | 845 | — | — | — | — | 845 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity in earnings (losses) of affiliates, net | Equity in earnings (losses) of affiliates, net | (250) | — | — | — | (250) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other income, net | Other income, net | 4,067 | 38 | 849 | 237 | 116 | 5,307 | Other income, net | 16,886 | 683 | 309 | (4,072) | 13,806 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Income (loss) before income taxes | $ | 13,777 | $ | 26,156 | $ | 23,995 | $ | 3,064 | $ | (10,226) | $ | 56,766 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Income (loss) before income taxes from continuing operations | Income (loss) before income taxes from continuing operations | $ | 41,999 | $ | (5,238) | $ | (5,832) | $ | (14,612) | $ | 16,317 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Income (loss) before income taxes attributable to the noncontrolling interests | Income (loss) before income taxes attributable to the noncontrolling interests | — | 2,625 | — | — | — | 2,625 | Income (loss) before income taxes attributable to the noncontrolling interests | — | (1,602) | — | — | (1,602) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Non-GAAP Income (loss) before income taxes attributable to the Company | $ | 13,777 | $ | 23,531 | $ | 23,995 | $ | 3,064 | $ | (10,226) | $ | 54,141 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-GAAP Income (loss) before income taxes attributable to the Company from continuing operations | Non-GAAP Income (loss) before income taxes attributable to the Company from continuing operations | $ | 41,999 | $ | (3,636) | $ | (5,832) | $ | (14,612) | $ | 17,919 |
Three months ended June 30, 2020 | Three months ended September 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | (in thousands) | Trade | Ethanol | Plant Nutrient | Rail | Other | Total | (in thousands) | Trade | Ethanol | Plant Nutrient | Other | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||
Sales and merchandising revenues | Sales and merchandising revenues | $ | 1,351,168 | $ | 223,745 | $ | 279,825 | $ | 35,442 | $ | — | $ | 1,890,180 | Sales and merchandising revenues | $ | 1,432,922 | $ | 349,957 | $ | 102,707 | $ | — | $ | 1,885,586 | ||||||||||||||||||||||||||||||||||||||||
Cost of sales and merchandising revenues | Cost of sales and merchandising revenues | 1,291,786 | 226,344 | 241,060 | 24,724 | — | 1,783,914 | Cost of sales and merchandising revenues | 1,367,350 | 338,788 | 86,211 | — | 1,792,349 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Gross profit | Gross profit | 59,382 | (2,599) | 38,765 | 10,718 | — | 106,266 | Gross profit | 65,572 | 11,169 | 16,496 | — | 93,237 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Operating, administrative and general expenses | Operating, administrative and general expenses | 54,998 | 5,506 | 18,281 | 5,184 | 6,167 | 90,136 | Operating, administrative and general expenses | 58,385 | 5,650 | 21,175 | 7,400 | 92,610 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Interest expense (income), net | Interest expense (income), net | 5,056 | 1,900 | 1,463 | 3,833 | (425) | 11,827 | Interest expense (income), net | 4,380 | 1,651 | 1,287 | (465) | 6,853 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Equity in earnings (losses) of affiliates, net | Equity in earnings (losses) of affiliates, net | 79 | — | — | — | — | 79 | Equity in earnings (losses) of affiliates, net | 20 | — | — | — | 20 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Other income (expense), net | Other income (expense), net | 986 | 466 | 386 | 905 | 707 | 3,450 | Other income (expense), net | 3,114 | 553 | 579 | (400) | 3,846 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Income (loss) before income taxes | $ | 393 | $ | (9,539) | $ | 19,407 | $ | 2,606 | $ | (5,035) | $ | 7,832 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Income (loss) before income taxes from continuing operations | Income (loss) before income taxes from continuing operations | $ | 5,941 | $ | 4,421 | $ | (5,387) | $ | (7,335) | $ | (2,360) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Income (loss) before income taxes attributable to the noncontrolling interests | Income (loss) before income taxes attributable to the noncontrolling interests | — | (10,407) | — | — | — | (10,407) | Income (loss) before income taxes attributable to the noncontrolling interests | — | 3,273 | — | — | 3,273 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Non-GAAP Income (loss) before income taxes attributable to the Company | $ | 393 | $ | 868 | $ | 19,407 | $ | 2,606 | $ | (5,035) | $ | 18,239 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-GAAP Income (loss) before income taxes attributable to the Company from continuing operations | Non-GAAP Income (loss) before income taxes attributable to the Company from continuing operations | $ | 5,941 | $ | 1,148 | $ | (5,387) | $ | (7,335) | $ | (5,633) |
Six months ended June 30, 2021 | Nine months ended September 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | (in thousands) | Trade | Ethanol | Plant Nutrient | Rail | Other | Total | (in thousands) | Trade | Ethanol | Plant Nutrient | Other | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||
Sales and merchandising revenues | Sales and merchandising revenues | $ | 4,280,377 | $ | 1,059,486 | $ | 490,661 | $ | 78,931 | $ | — | $ | 5,909,455 | Sales and merchandising revenues | $ | 6,522,508 | $ | 1,674,123 | $ | 632,717 | $ | — | $ | 8,829,348 | ||||||||||||||||||||||||||||||||||||||||
Cost of sales and merchandising revenues | Cost of sales and merchandising revenues | 4,129,989 | 1,016,287 | 407,400 | 59,023 | — | 5,612,699 | Cost of sales and merchandising revenues | 6,273,924 | 1,625,173 | 531,568 | — | 8,430,665 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Gross profit | Gross profit | 150,388 | 43,199 | 83,261 | 19,908 | — | 296,756 | Gross profit | 248,584 | 48,950 | 101,149 | — | 398,683 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Operating, administrative and general expenses | Operating, administrative and general expenses | 118,445 | 13,233 | 49,967 | 7,290 | 20,913 | 209,848 | Operating, administrative and general expenses | 186,035 | 23,247 | 72,850 | 30,701 | 312,833 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Interest expense (income), net | Interest expense (income), net | 14,503 | 4,094 | 2,212 | 6,574 | (760) | 26,623 | Interest expense (income), net | 19,746 | 5,752 | 3,358 | (8) | 28,848 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Equity in earnings (losses) of affiliates, net | Equity in earnings (losses) of affiliates, net | 2,639 | — | — | — | — | 2,639 | Equity in earnings (losses) of affiliates, net | 2,389 | — | — | — | 2,389 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Other income (expense), net | Other income (expense), net | 7,553 | 1,365 | 1,436 | 1,911 | 584 | 12,849 | Other income (expense), net | 24,439 | 2,048 | 1,745 | (3,489) | 24,743 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Income (loss) before income taxes | $ | 27,632 | $ | 27,237 | $ | 32,518 | $ | 7,955 | $ | (19,569) | $ | 75,773 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Income (loss) before income taxes from continuing operations | Income (loss) before income taxes from continuing operations | $ | 69,631 | $ | 21,999 | $ | 26,686 | $ | (34,182) | $ | 84,134 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Income (loss) before income taxes attributable to the noncontrolling interests | Income (loss) before income taxes attributable to the noncontrolling interests | — | 780 | — | — | — | 780 | Income (loss) before income taxes attributable to the noncontrolling interests | — | (822) | — | — | (822) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Non-GAAP Income (loss) before income taxes attributable to the Company | $ | 27,632 | $ | 26,457 | $ | 32,518 | $ | 7,955 | $ | (19,569) | $ | 74,993 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-GAAP Income (loss) before income taxes attributable to the Company from continuing operations | Non-GAAP Income (loss) before income taxes attributable to the Company from continuing operations | $ | 69,631 | $ | 22,821 | $ | 26,686 | $ | (34,182) | $ | 84,956 |
Six months ended June 30, 2020 | |||||||||||||||||||||||||||||||||||
(in thousands) | Trade | Ethanol | Plant Nutrient | Rail | Other | Total | |||||||||||||||||||||||||||||
Sales and merchandising revenues | $ | 2,729,209 | $ | 536,784 | $ | 404,738 | $ | 72,555 | $ | — | $ | 3,743,286 | |||||||||||||||||||||||
Cost of sales and merchandising revenues | 2,607,361 | 568,782 | 345,609 | 52,138 | — | 3,573,890 | |||||||||||||||||||||||||||||
Gross profit | 121,848 | (31,998) | 59,129 | 20,417 | — | 169,396 | |||||||||||||||||||||||||||||
Operating, administrative and general expenses | 123,153 | 11,621 | 38,022 | 10,443 | 11,957 | 195,196 | |||||||||||||||||||||||||||||
Interest expense (income), net | 12,245 | 4,257 | 3,248 | 8,316 | (652) | 27,414 | |||||||||||||||||||||||||||||
Equity in earnings (losses) of affiliates, net | 209 | — | — | — | — | 209 | |||||||||||||||||||||||||||||
Other income (expense), net | 3,750 | 912 | 356 | 1,955 | 1,290 | 8,263 | |||||||||||||||||||||||||||||
Income (loss) before income taxes | $ | (9,591) | $ | (46,964) | $ | 18,215 | $ | 3,613 | $ | (10,015) | $ | (44,742) | |||||||||||||||||||||||
Income (loss) before income taxes attributable to the noncontrolling interests | — | (23,856) | — | — | — | (23,856) | |||||||||||||||||||||||||||||
Non-GAAP Income (loss) before income taxes attributable to the Company | $ | (9,591) | $ | (23,108) | $ | 18,215 | $ | 3,613 | $ | (10,015) | $ | (20,886) |
Nine months ended September 30, 2020 | |||||||||||||||||||||||||||||
(in thousands) | Trade | Ethanol | Plant Nutrient | Other | Total | ||||||||||||||||||||||||
Sales and merchandising revenues | $ | 4,162,130 | $ | 886,742 | $ | 507,445 | $ | — | $ | 5,556,317 | |||||||||||||||||||
Cost of sales and merchandising revenues | 3,974,710 | 907,571 | 431,820 | — | 5,314,101 | ||||||||||||||||||||||||
Gross profit | 187,420 | (20,829) | 75,625 | — | 242,216 | ||||||||||||||||||||||||
Operating, administrative and general expenses | 181,539 | 17,271 | 59,197 | 19,356 | 277,363 | ||||||||||||||||||||||||
Interest expense (income), net | 16,624 | 5,908 | 4,535 | (1,116) | 25,951 | ||||||||||||||||||||||||
Equity in earnings (losses) of affiliates, net | 228 | — | — | — | 228 | ||||||||||||||||||||||||
Other income (expense), net | 6,865 | 1,465 | 935 | 889 | 10,154 | ||||||||||||||||||||||||
Income (loss) before income taxes from continuing operations | $ | (3,650) | $ | (42,543) | $ | 12,828 | $ | (17,351) | $ | (50,716) | |||||||||||||||||||
Income (loss) before income taxes attributable to the noncontrolling interests | — | (20,583) | — | — | (20,583) | ||||||||||||||||||||||||
Non-GAAP Income (loss) before income taxes attributable to the Company from continuing operations | $ | (3,650) | $ | (21,960) | $ | 12,828 | $ | (17,351) | $ | (30,133) |
(in thousands) | (in thousands) | June 30, 2021 | June 30, 2020 | Variance | (in thousands) | September 30, 2021 | September 30, 2020 | Variance | ||||||||||||||||||||||||||
Current Assets: | ||||||||||||||||||||||||||||||||||
Current Assets from Continuing Operations: | Current Assets from Continuing Operations: | |||||||||||||||||||||||||||||||||
Cash and cash equivalents | Cash and cash equivalents | $ | 27,538 | $ | 30,011 | $ | (2,473) | Cash and cash equivalents | $ | 216,874 | $ | 13,693 | $ | 203,181 | ||||||||||||||||||||
Accounts receivable, net | Accounts receivable, net | 721,575 | 537,011 | 184,564 | Accounts receivable, net | 735,349 | 509,964 | 225,385 | ||||||||||||||||||||||||||
Inventories | Inventories | 912,299 | 616,323 | 295,976 | Inventories | 1,017,804 | 747,588 | 270,216 | ||||||||||||||||||||||||||
Commodity derivative assets – current | Commodity derivative assets – current | 507,148 | 112,089 | 395,059 | Commodity derivative assets – current | 409,647 | 140,065 | 269,582 | ||||||||||||||||||||||||||
Other current assets | Other current assets | 65,740 | 102,755 | (37,015) | Other current assets | 92,159 | 83,807 | 8,352 | ||||||||||||||||||||||||||
Total current assets | $ | 2,234,300 | $ | 1,398,189 | $ | 836,111 | ||||||||||||||||||||||||||||
Current Liabilities: | ||||||||||||||||||||||||||||||||||
Total current assets from continuing operations | Total current assets from continuing operations | $ | 2,471,833 | $ | 1,495,117 | $ | 976,716 | |||||||||||||||||||||||||||
Current Liabilities from Continuing Operations: | Current Liabilities from Continuing Operations: | |||||||||||||||||||||||||||||||||
Short-term debt | Short-term debt | 757,271 | 96,071 | 661,200 | Short-term debt | 281,199 | 100,405 | 180,794 | ||||||||||||||||||||||||||
Trade and other payables | Trade and other payables | 547,169 | 503,892 | 43,277 | Trade and other payables | 825,923 | 635,206 | 190,717 | ||||||||||||||||||||||||||
Customer prepayments and deferred revenue | Customer prepayments and deferred revenue | 58,155 | 45,734 | 12,421 | Customer prepayments and deferred revenue | 147,225 | 47,906 | 99,319 | ||||||||||||||||||||||||||
Commodity derivative liabilities – current | Commodity derivative liabilities – current | 90,366 | 65,186 | 25,180 | Commodity derivative liabilities – current | 78,702 | 79,159 | (457) | ||||||||||||||||||||||||||
Current maturities of long-term debt | Current maturities of long-term debt | 56,582 | 68,477 | (11,895) | Current maturities of long-term debt | 106,255 | 62,499 | 43,756 | ||||||||||||||||||||||||||
Accrued taxes | Accrued taxes | 97,215 | 15,178 | 82,037 | ||||||||||||||||||||||||||||||
Accrued expenses and other current liabilities | Accrued expenses and other current liabilities | 181,015 | 147,422 | 33,593 | Accrued expenses and other current liabilities | 173,215 | 128,187 | 45,028 | ||||||||||||||||||||||||||
Total current liabilities | $ | 1,690,558 | $ | 926,782 | $ | 763,776 | ||||||||||||||||||||||||||||
Working Capital | $ | 543,742 | $ | 471,407 | $ | 72,335 | ||||||||||||||||||||||||||||
Total current liabilities from continuing operations | Total current liabilities from continuing operations | $ | 1,709,734 | $ | 1,068,540 | $ | 641,194 | |||||||||||||||||||||||||||
Working Capital from Continuing Operations | Working Capital from Continuing Operations | $ | 762,099 | $ | 426,577 | $ | 335,522 |
Six Months Ended | ||||||||||||||
(in thousands) | June 30, 2021 | June 30, 2020 | ||||||||||||
Net cash (used in) provided by operating activities | $ | (245,494) | $ | 145,511 | ||||||||||
Net cash used in investing activities | (23,474) | (66,002) | ||||||||||||
Net cash provided by (used in) financing activities | 267,550 | (105,068) |
Nine Months Ended | ||||||||||||||
(in thousands) | September 30, 2021 | September 30, 2020 | ||||||||||||
Net cash provided by operating activities | $ | 119,067 | $ | 195,791 | ||||||||||
Net cash provided by (used in) investing activities | 519,523 | (70,159) | ||||||||||||
Net cash used in financing activities | (450,647) | (166,427) |
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 | ||||||||||||||||||||||
April 2021 | 12,760 | $ | 27.38 | — | — | |||||||||||||||||||||
May 2021 | — | — | — | — | ||||||||||||||||||||||
June 2021 | 177 | 30.86 | — | — | ||||||||||||||||||||||
Total | 12,937 | $ | 27.43 | — | — |
Periods | Total Number of Shares Purchased | Average Price Paid Per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs (1) | ||||||||||||||||||||||
July 2021 | — | $ | — | — | $ | — | ||||||||||||||||||||
August 2021 | — | — | — | — | ||||||||||||||||||||||
September 2021 | 1,305 | 28.40 | — | — | ||||||||||||||||||||||
Total | 1,305 | $ | 28.40 | — | $ | 100,000,000 |
Exhibit Number | Description | |||||||
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. | ||||||||
Date: | /s/ Patrick E. Bowe | |||||||
Patrick E. Bowe | ||||||||
President and Chief Executive Officer | ||||||||
Date: | /s/ Brian A. Valentine | |||||||
Brian A. Valentine | ||||||||
Executive Vice President and Chief Financial Officer | ||||||||