Cover page
Cover page - shares | 9 Months Ended | |
Sep. 30, 2020 | Oct. 23, 2020 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2020 | |
Document Transition Report | false | |
Entity File Number | 000-20557 | |
Entity Registrant Name | ANDERSONS, INC. | |
Entity Incorporation, State or Country Code | OH | |
Entity Tax Identification Number | 34-1562374 | |
Entity Address, Address Line One | 1947 Briarfield Boulevard | |
Entity Address, City or Town | Maumee | |
Entity Address, State or Province | OH | |
Entity Address, Postal Zip Code | 43537 | |
City Area Code | 419 | |
Local Phone Number | 893-5050 | |
Title of 12(b) Security | Common stock, $0.00 par value, $0.01 stated value | |
Trading Symbol | ANDE | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 32,978,498 | |
Entity Central Index Key | 0000821026 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q3 | |
Current Fiscal Year End Date | --12-31 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) shares in Thousands, $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 | Sep. 30, 2019 |
Current assets: | |||
Cash, cash equivalents and restricted cash | $ 13,693 | $ 54,895 | $ 21,299 |
Accounts receivable, net | 529,584 | 536,367 | 523,110 |
Inventories | 754,604 | 1,170,536 | 741,086 |
Commodity derivative assets – current | 140,066 | 107,863 | 120,510 |
Other current assets | 102,302 | 75,681 | 82,770 |
Total current assets | 1,540,249 | 1,945,342 | 1,488,775 |
Other assets: | |||
Goodwill (Note 15) | 135,709 | 135,360 | 135,872 |
Other intangible assets, net | 152,214 | 175,312 | 181,100 |
Right of use assets, net | 58,108 | 76,401 | 70,773 |
Equity method investments | 25,368 | 23,857 | 117,348 |
Other assets, net | 23,601 | 21,753 | 21,442 |
Total other assets | 395,000 | 432,683 | 526,535 |
Rail Group assets leased to others, net | 587,851 | 584,298 | 565,746 |
Property, plant and equipment, net | 888,511 | 938,418 | 703,396 |
Total assets | 3,411,611 | 3,900,741 | 3,284,452 |
Current liabilities: | |||
Short-term debt | 100,405 | 147,031 | 138,249 |
Trade and other payables | 641,812 | 873,081 | 594,708 |
Customer prepayments and deferred revenue | 49,573 | 133,585 | 35,274 |
Commodity derivative liabilities – current | 79,159 | 46,942 | 67,606 |
Current maturities of long-term debt | 67,786 | 62,899 | 66,899 |
Accrued expenses and other current liabilities | 157,801 | 176,381 | 162,749 |
Total current liabilities | 1,096,536 | 1,439,919 | 1,065,485 |
Long-term lease liabilities | 38,232 | 51,091 | 47,299 |
Long-term debt, less current maturities | 916,087 | 1,016,248 | 968,117 |
Deferred income taxes | 163,454 | 146,155 | 128,003 |
Other long-term liabilities | 60,075 | 51,673 | 64,198 |
Total liabilities | 2,274,384 | 2,705,086 | 2,273,102 |
Commitments and contingencies | |||
Shareholders’ equity: | |||
Common shares, without par value (63,000 shares authorized; 33,599, 33,550 and 33,336 shares issued at 9/30/2020, 12/31/2019 and 9/30/2019, respectively) | 138 | 137 | 137 |
Preferred shares, without par value (1,000 shares authorized; none issued) | 0 | 0 | 0 |
Additional paid-in-capital | 346,280 | 345,359 | 335,916 |
Treasury shares, at cost (41, 207 and 213 shares at 9/30/2020, 12/31/2019 and 9/30/2019, respectively) | (879) | (7,342) | (7,582) |
Accumulated other comprehensive loss | (22,230) | (7,231) | (7,620) |
Retained earnings | 615,890 | 642,687 | 641,607 |
Total shareholders’ equity of The Andersons, Inc. | 939,199 | 973,610 | 962,458 |
Noncontrolling interests | 198,028 | 222,045 | 48,892 |
Total equity | 1,137,227 | 1,195,655 | 1,011,350 |
Total liabilities and equity | $ 3,411,611 | $ 3,900,741 | $ 3,284,452 |
Preferred Stock, Shares Issued | 0 | 0 | 0 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - shares | Sep. 30, 2020 | Dec. 31, 2019 | Sep. 30, 2019 |
Statement of Financial Position [Abstract] | |||
Common shares, shares authorized (shares) | 63,000,000 | 63,000,000 | 63,000,000 |
Common shares, shares issued (shares) | 33,599,000 | 33,550,000 | 33,336,000 |
Preferred shares, shares authorized (shares) | 1,000,000 | 1,000,000 | 1,000,000 |
Preferred shares, shares issued (shares) | 0 | 0 | 0 |
Treasury shares, at cost (shares) | 41,000 | 207,000 | 213,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Income Statement [Abstract] | ||||
Revenues from external customers | $ 1,922,233 | $ 1,982,755 | $ 5,665,519 | $ 6,284,588 |
Cost of sales and merchandising revenues | 1,820,398 | 1,873,614 | 5,394,288 | 5,905,055 |
Gross profit | 101,835 | 109,141 | 271,231 | 379,533 |
Operating, administrative and general expenses | 98,219 | 107,118 | 293,415 | 327,385 |
Asset impairment | 0 | 0 | 0 | 3,081 |
Interest expense, net | 10,569 | 13,975 | 37,983 | 45,613 |
Other income, net: | ||||
Equity in earnings (loss) of affiliates, net | 20 | (3,728) | 228 | (2,367) |
Other income, net | 4,434 | 2,598 | 12,697 | 6,649 |
Income (loss) before income taxes | (2,499) | (13,082) | (47,242) | 7,736 |
Income tax benefit | (4,714) | (7,212) | (18,378) | (1,657) |
Net income (loss) | 2,215 | (5,870) | (28,864) | 9,393 |
Net income (loss) attributable to the noncontrolling interests | 3,273 | (1,633) | (20,583) | (2,265) |
Net income (loss) attributable to The Andersons, Inc. | $ (1,058) | $ (4,237) | $ (8,281) | $ 11,658 |
Per common share: | ||||
Basic earnings attributable to The Andersons, Inc. common shareholders (dollars per share) | $ (0.03) | $ (0.13) | $ (0.25) | $ 0.36 |
Diluted earnings attributable to The Andersons, Inc. common shareholders (dollars per share) | $ (0.03) | $ (0.13) | $ (0.25) | $ 0.35 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income (loss) | $ 2,215 | $ (5,870) | $ (28,864) | $ 9,393 |
Other comprehensive income (loss), net of tax: | ||||
Change in unrecognized actuarial loss and prior service cost (net of income tax of $(27), $(43), $(46) and $(337)) | (119) | (127) | (220) | (981) |
Cash flow hedge activity (net of income tax of $590, $(946), $(4,544) and $(4,121)) | 1,783 | (2,852) | (13,740) | (12,426) |
Foreign currency translation adjustments (net of income tax of $0 for all periods) | 2,351 | 1,600 | (1,039) | 12,174 |
Other comprehensive income (loss) | 4,015 | (1,379) | (14,999) | (1,233) |
Comprehensive income (loss) | 6,230 | (7,249) | (43,863) | 8,160 |
Comprehensive income (loss) attributable to the noncontrolling interests | 3,273 | (1,633) | (20,583) | (2,265) |
Comprehensive income (loss) attributable to The Andersons, Inc. | $ 2,957 | $ (5,616) | $ (23,280) | $ 10,425 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Statement of Comprehensive Income [Abstract] | ||||
Change in unrecognized actuarial loss and prior service cost, tax | $ (27) | $ (43) | $ (46) | $ (337) |
Cash flow hedge activity, tax | 590 | (946) | (4,544) | (4,121) |
Foreign currency translation adjustments, tax | $ 0 | $ 0 | $ 0 | $ 0 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Operating activities | ||
Net income (loss) | $ (28,864) | $ 9,393 |
Adjustments to reconcile net income (loss) to cash used in operating activities: | ||
Depreciation and amortization | 141,167 | 98,396 |
Bad debt expense | 8,049 | 3,615 |
Equity in (earnings) losses of affiliates, net of dividends | (228) | 2,894 |
(Gain) loss on sales of Rail Group assets and related leases, net | (175) | (1,515) |
Gain (Loss) on Disposition of Assets | (862) | 101 |
Stock-based compensation expense | 7,742 | 11,637 |
Deferred federal income tax | 21,917 | (11,671) |
Inventory write down | 10,933 | 0 |
Asset impairment | 0 | 3,081 |
Other | 4,141 | 3,637 |
Changes in operating assets and liabilities: | ||
Accounts receivable | (1,952) | 4,879 |
Inventories | 400,262 | 405,620 |
Commodity derivatives | (2,574) | 29,942 |
Other assets | (34,343) | 18,782 |
Payables and other accrued expenses | (329,422) | (259,166) |
Net cash provided by operating activities | 195,791 | 319,625 |
Investing Activities | ||
Acquisition of business, net of cash acquired | 0 | (149,622) |
Purchases of Rail Group assets | (26,258) | (68,441) |
Proceeds from sale of Rail Group assets | 7,774 | 9,182 |
Purchases of property, plant and equipment and capitalized software | (59,414) | (125,351) |
Proceeds from sale of assets | 8,121 | 851 |
Proceeds from sale of business | 2,467 | 0 |
Purchase of investments | (2,849) | (1,490) |
Net cash used in investing activities | (70,159) | (334,871) |
Financing Activities | ||
Net change in short-term borrowings | (44,183) | (286,462) |
Proceeds from issuance of long-term debt | 213,906 | 811,698 |
Payments of long-term debt | (310,694) | (493,886) |
Contributions from noncontrolling interest owner | 6,493 | 4,714 |
Distributions to noncontrolling interest owner | (10,322) | 0 |
Payments of debt issuance costs | (250) | (5,649) |
Dividends paid | (17,234) | (16,571) |
Other | (4,143) | (1,587) |
Net cash provided by (used in) financing activities | (166,427) | 12,257 |
Effect of exchange rates on cash, cash equivalents and restricted cash | (407) | 1,695 |
Decrease in cash, cash equivalents and restricted cash | (41,202) | (1,294) |
Cash, cash equivalents and restricted cash at beginning of period | 54,895 | 22,593 |
Cash, cash equivalents and restricted cash at end of period | $ 13,693 | $ 21,299 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Equity - USD ($) $ in Thousands | Total | Common Shares | Additional Paid-in Capital | Treasury Shares | Accumulated Other Comprehensive Income (Loss) | Retained Earnings | Noncontrolling Interests | Adoption of accounting standard, adjustment | Adoption of accounting standard, adjustmentRetained Earnings |
Beginning Balance at Dec. 31, 2018 | $ 876,764 | $ 96 | $ 224,396 | $ (35,300) | $ (6,387) | $ 647,517 | $ 46,442 | $ (711) | $ (711) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income (loss) | 9,393 | 11,658 | (2,265) | ||||||
Other comprehensive income (loss) | (12,719) | (12,719) | |||||||
Amounts reclassified from accumulated other comprehensive income (loss) | 11,486 | 11,486 | |||||||
Contributions from noncontrolling interests | 4,879 | 164 | 4,715 | ||||||
Stock awards, stock option exercises and other shares issued to employees and directors, net of income tax | 11,023 | (16,452) | 27,475 | ||||||
Dividends declared per common share | (16,606) | (16,606) | |||||||
Stock awards granted due to acquisition | 127,841 | 41 | 127,800 | ||||||
Restricted share award dividend equivalents | 0 | 8 | 243 | (251) | |||||
Ending Balance at Sep. 30, 2019 | 1,011,350 | 137 | 335,916 | (7,582) | (7,620) | 641,607 | 48,892 | ||
Beginning Balance at Jun. 30, 2019 | 1,020,639 | 137 | 331,186 | (6,449) | (6,241) | 651,481 | 50,525 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income (loss) | (5,870) | (4,237) | (1,633) | ||||||
Other comprehensive income (loss) | (1,405) | (1,405) | |||||||
Amounts reclassified from accumulated other comprehensive income (loss) | 26 | 26 | |||||||
Contributions from noncontrolling interests | 164 | 164 | |||||||
Stock awards, stock option exercises and other shares issued to employees and directors, net of income tax | 3,343 | 4,566 | (1,223) | ||||||
Dividends declared per common share | (5,547) | (5,547) | |||||||
Restricted share award dividend equivalents | 0 | 90 | (90) | ||||||
Ending Balance at Sep. 30, 2019 | 1,011,350 | 137 | 335,916 | (7,582) | (7,620) | 641,607 | 48,892 | ||
Beginning Balance at Dec. 31, 2019 | 1,195,655 | 137 | 345,359 | (7,342) | (7,231) | 642,687 | 222,045 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income (loss) | (28,864) | (8,281) | (20,583) | ||||||
Other comprehensive income (loss) | (19,340) | (19,340) | |||||||
Amounts reclassified from accumulated other comprehensive income (loss) | 4,341 | 4,341 | |||||||
Contributions from noncontrolling interests | 6,493 | 6,493 | |||||||
Distributions to noncontrolling interests | (10,322) | (10,322) | |||||||
Noncontrolling interests recognized in connection with business combination | (64) | (459) | 395 | ||||||
Stock awards, stock option exercises and other shares issued to employees and directors, net of income tax | 6,610 | 1 | 1,380 | 6,072 | (843) | ||||
Dividends declared per common share | (17,282) | (17,282) | |||||||
Restricted share award dividend equivalents | 0 | 391 | (391) | ||||||
Ending Balance at Sep. 30, 2020 | 1,137,227 | 138 | 346,280 | (879) | (22,230) | 615,890 | 198,028 | ||
Beginning Balance at Jun. 30, 2020 | 1,132,083 | 138 | 343,730 | (953) | (26,245) | 622,718 | 192,695 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income (loss) | 2,215 | (1,058) | 3,273 | ||||||
Other comprehensive income (loss) | 1,868 | 1,868 | |||||||
Amounts reclassified from accumulated other comprehensive income (loss) | 2,147 | 2,147 | |||||||
Contributions from noncontrolling interests | 2,083 | 2,083 | |||||||
Distributions to noncontrolling interests | (23) | (23) | |||||||
Stock awards, stock option exercises and other shares issued to employees and directors, net of income tax | 2,624 | 2,550 | 74 | ||||||
Dividends declared per common share | (5,770) | (5,770) | |||||||
Ending Balance at Sep. 30, 2020 | $ 1,137,227 | $ 138 | $ 346,280 | $ (879) | $ (22,230) | $ 615,890 | $ 198,028 |
Condensed Consolidated Statem_6
Condensed Consolidated Statements of Equity (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Statement of Stockholders' Equity [Abstract] | ||||
Adoption of accounting standard, income tax | $ 237 | |||
Stock awards, stock option exercises and other shares issued to employees and directors, tax | $ 0 | $ 0 | $ 0 | $ 0 |
Number Of Common Shares Issued For Cash | 0 | 41 | 167 | 723 |
Dividends declared, per common share (in dollars per share) | $ 0.175 | $ 0.17 | $ 0.525 | $ 0.510 |
Basis of Presentation and Conso
Basis of Presentation and Consolidation | 9 Months Ended |
Sep. 30, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation and Consolidation | Basis of Presentation and Consolidation These Condensed Consolidated Financial Statements include the accounts of The Andersons, Inc. and its wholly owned and controlled subsidiaries (the “Company”), its majority-owned subsidiaries and variable interest entities (“VIEs”) of which the Company is the primary beneficiary. The portion of these entities that is not owned by the Company is presented as noncontrolling interests. All intercompany accounts and transactions are eliminated in consolidation. Certain prior year amounts have been reclassified to conform to current year presentation. Investments in unconsolidated entities in which the Company has significant influence, but not control, are accounted for using the equity method of accounting. In the opinion of management, all adjustments consisting of normal and recurring items considered necessary for the fair presentation of the results of operations, financial position, and cash flows for the periods indicated have been made. The results in these Condensed Consolidated Financial Statements are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2020. An unaudited Condensed Consolidated Balance Sheet as of September 30, 2019 has been included as the Company operates in several seasonal industries. The Condensed Consolidated Balance Sheet data at December 31, 2019 was derived from the audited Consolidated Financial Statements but does not include all disclosures required by accounting principles generally accepted in the United States of America. The accompanying unaudited Condensed Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and notes thereto included in The Andersons, Inc. Annual Report on Form 10-K for the year ended December 31, 2019 (the “2019 Form 10-K”). The Company had restricted cash of $9.0 million as of September 30, 2019. This restricted cash balance was related to posting collateral for the release of a mortgage on one of the Company's ethanol assets to be contributed into The Andersons Marathon Holdings LLC. The restricted cash was released from escrow in the fourth quarter of 2019 after the successful completion of the merger and related credit facility. The Company also had restricted cash of $8.7 million as of December 31, 2019. The restricted cash balance was a result of a royalty claim assumed in the TAMH merger and, accordingly, was included in the Consolidated Financial Statements of the Company. The restricted cash balance as of December 31, 2019 was subsequently released in the first quarter of 2020. The Company had no restricted cash balances as of September 30, 2020. Recent Accounting Guidance Issued Not Yet Effective Simplifying the Accounting for Income Taxes In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes , which simplifies the accounting for income taxes by removing certain exceptions to the general principles in Topic 740. The amendments also improve consistent application of and simplify GAAP for other areas of Topic 740 by clarifying and amending existing guidance. The provisions of this update are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. The impact of this update on our consolidated financial statements is currently being assessed. At this time the Company does not plan to early adopt the standard. |
Inventories
Inventories | 9 Months Ended |
Sep. 30, 2020 | |
Inventory, Net [Abstract] | |
Inventories | Inventories Major classes of inventories are presented below. Readily Marketable Inventories ("RMI") are agricultural commodity inventories such as corn, soybeans, wheat, and ethanol co-products, among others, carried at net realizable value which approximates fair value based on their commodity characteristics, widely available markets, and pricing mechanisms. The net realizable value of RMI is calculated as the fair value (spot price of the commodity in an exchange), less cost of disposal and transportation based on the local market. All other inventories are held at lower of cost or net realizable value. (in thousands) September 30, December 31, September 30, Grain and other agricultural products (a) $ 557,808 $ 907,482 $ 560,626 Frac sand and propane 10,064 15,438 14,592 Ethanol and co-products (b) 59,543 95,432 26,218 Plant nutrients and cob products 120,173 146,164 133,839 Railcar repair parts 7,016 6,020 5,811 Total Inventories $ 754,604 $ 1,170,536 $ 741,086 (a) Includes RMI of $512.9 million, $852.6 million and $488.2 million at September 30, 2020, December 31, 2019 and September 30, 2019, respectively. (b) Includes RMI of $10.4 million, $10.6 million and $12.6 million at September 30, 2020, December 31, 2019 and September 30, 2019, respectively. Inventories do not include 2.3 million, 6.4 million and 2.7 million bushels of grain held in storage for others as of September 30, 2020, December 31, 2019 and September 30, 2019, respectively. The Company does not have title to the grain and is only liable for any deficiencies in grade or shortage of quantity that may arise during the storage period. Management has not experienced historical losses on any deficiencies and does not anticipate material losses in the future. For the nine months ended September 30, 2020, the Company recorded $10.9 million lower of cost or net realizable value charge related to lower ethanol market prices and decreased demand as a result of the COVID-19 pandemic, of which $10.6 million was recognized in the first quarter. |
Property, Plant and Equipment
Property, Plant and Equipment | 9 Months Ended |
Sep. 30, 2020 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | Property, Plant and Equipment The components of Property, plant and equipment, net are as follows: (in thousands) September 30, December 31, September 30, Land $ 40,223 $ 40,442 $ 39,393 Land improvements and leasehold improvements 96,290 103,148 95,720 Buildings and storage facilities 384,203 373,961 354,625 Machinery and equipment 906,864 835,156 608,831 Construction in progress 21,657 59,993 54,163 1,449,237 1,412,700 1,152,732 Less: accumulated depreciation 560,726 474,282 449,336 Property, plant and equipment, net $ 888,511 $ 938,418 $ 703,396 Depreciation expense on property, plant and equipment was $93.8 million and $51.0 million for the nine months ended September 30, 2020 and 2019, respectively. Additionally, depreciation expense on property, plant and equipment was $31.6 million and $18.3 million for the three months ended September 30, 2020 and 2019, respectively. The large increase in depreciation expense from the prior year was due to the TAMH merger that took place in the fourth quarter of 2019 and ELEMENT being operational for all of the current year. In the second quarter of 2019, the Company recorded a $3.1 million impairment related to its remaining Tennessee facilities in the Trade group. The Company wrote down the assets to the extent their carrying values exceeded their fair value. The Company classified the significant assumptions used to determine the fair value of the impaired assets as Level 3 inputs in the fair value hierarchy. Rail Group Assets The components of Rail Group assets leased to others are as follows: (in thousands) September 30, December 31, September 30, Rail Group assets leased to others $ 741,080 $ 723,004 $ 699,972 Less: accumulated depreciation 153,229 138,706 134,226 Rail Group assets, net $ 587,851 $ 584,298 $ 565,746 Depreciation expense on Rail Group assets leased to others amounted to $23.1 million and $21.1 million for the nine months ended September 30, 2020 and 2019, respectively. Additionally, depreciation expense on Rail Group assets leased to others amounted to $7.7 million and $7.4 million for the three months ended September 30, 2020 and 2019, respectively. |
Debt
Debt | 9 Months Ended |
Sep. 30, 2020 | |
Debt Disclosure [Abstract] | |
Debt | Debt Short-term and long-term debt at September 30, 2020, December 31, 2019 and September 30, 2019 consisted of the following: (in thousands) September 30, December 31, September 30, Short-term debt – non-recourse $ 40,985 $ 54,029 $ 35,278 Short-term debt – recourse 59,420 93,002 102,971 Total short-term debt $ 100,405 $ 147,031 $ 138,249 Current maturities of long-term debt – non-recourse $ 5,059 $ 9,545 $ 10,122 Current maturities of long-term debt – recourse 62,727 53,354 56,777 Total current maturities of long-term debt $ 67,786 $ 62,899 $ 66,899 Long-term debt, less: current maturities – non-recourse $ 274,283 $ 330,250 $ 243,279 Long-term debt, less: current maturities – recourse 641,804 685,998 724,838 Total long-term debt, less: current maturities $ 916,087 $ 1,016,248 $ 968,117 |
Derivatives
Derivatives | 9 Months Ended |
Sep. 30, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives | Derivatives The Company’s operating results are affected by changes to commodity prices. The Trade and Ethanol businesses have established “unhedged” futures position limits (the amount of a commodity, either owned or contracted for, that does not have an offsetting derivative contract to lock in the price). To reduce the exposure to market price risk on commodities owned and forward purchase and sale contracts, the Company enters into exchange traded commodity futures and options contracts and over-the-counter forward and option contracts with various counterparties. These contracts are primarily traded via regulated commodity exchanges. The Company’s forward purchase and sales contracts are for physical delivery of the commodity in a future period. Contracts to purchase commodities from producers generally relate to the current or future crop years for delivery periods quoted by regulated commodity exchanges. Most contracts for the sale of commodities to processors or other commercial consumers generally do not extend beyond one year. Most of these contracts meet the definition of derivatives. While the Company considers its commodity contracts to be effective economic hedges, the Company does not designate or account for its commodity contracts as hedges as defined under current accounting standards. The Company primarily accounts for its commodity derivatives at estimated fair value. The estimated fair value of the commodity derivative contracts that require the receipt or posting of cash collateral is recorded on a net basis (offset against cash collateral posted or received, also known as margin deposits) within commodity derivative assets or liabilities. Management determines fair value based on exchange-quoted prices and in the case of its forward purchase and sale contracts, estimated fair value is adjusted for differences in local markets and non-performance risk. For contracts for which physical delivery occurs, balance sheet classification is based on estimated delivery date. For futures, options and over-the-counter contracts in which physical delivery is not expected to occur but, rather, the contract is expected to be net settled, the Company classifies these contracts as current or noncurrent assets or liabilities, as appropriate, based on the Company’s expectations as to when such contracts will be settled. Realized and unrealized gains and losses in the value of commodity contracts (whether due to changes in commodity prices, changes in performance or credit risk, or due to sale, maturity or extinguishment of the commodity contract) and commodity inventories are included in cost of sales and merchandising revenues. Generally accepted accounting principles permit a party to a master netting arrangement to offset fair value amounts recognized for derivative instruments against the right to reclaim cash collateral or obligation to return cash collateral under the same master netting arrangement. The Company has master netting arrangements for its exchange traded futures and options contracts and certain over-the-counter contracts. When the Company enters into a future, option or an over-the-counter contract, an initial margin deposit may be required by the counterparty. The amount of the margin deposit varies by commodity. If the market price of a future, option or an over-the-counter contract moves in a direction that is adverse to the Company’s position, an additional margin deposit, called a maintenance margin, is required. The margin deposit assets and liabilities are included in short-term commodity derivative assets or liabilities, as appropriate, in the Condensed Consolidated Balance Sheets. The following table presents at September 30, 2020, December 31, 2019 and September 30, 2019, a summary of the estimated fair value of the Company’s commodity derivative instruments that require cash collateral and the associated cash posted/received as collateral. The net asset or liability positions of these derivatives (net of their cash collateral) are determined on a counterparty-by-counterparty basis and are included within current or non-current commodity derivative assets (or liabilities) on the Condensed Consolidated Balance Sheets: (in thousands) September 30, 2020 December 31, 2019 September 30, 2019 Cash collateral paid $ 70,446 $ 56,005 $ 23,997 Fair value of derivatives (58,495) (10,323) 10,199 Net derivative asset position $ 11,951 $ 45,682 $ 34,196 The following table presents, on a gross basis, current and non-current commodity derivative assets and liabilities: September 30, 2020 (in thousands) Commodity Derivative Assets - Current Commodity Derivative Assets - Noncurrent Commodity Derivative Liabilities - Current Commodity Derivative Liabilities - Noncurrent Total Commodity derivative assets $ 159,553 $ 3,565 $ 7,323 $ 42 $ 170,483 Commodity derivative liabilities (89,933) (508) (86,482) (490) (177,413) Cash collateral paid 70,446 — — — 70,446 Balance sheet line item totals $ 140,066 $ 3,057 $ (79,159) $ (448) $ 63,516 December 31, 2019 (in thousands) Commodity Derivative Assets - Current Commodity Derivative Assets - Noncurrent Commodity Derivative Liabilities - Current Commodity Derivative Liabilities - Noncurrent Total Commodity derivative assets $ 92,429 $ 1,045 $ 7,439 $ 18 $ 100,931 Commodity derivative liabilities (40,571) (96) (54,381) (523) (95,571) Cash collateral paid 56,005 — — — 56,005 Balance sheet line item totals $ 107,863 $ 949 $ (46,942) $ (505) $ 61,365 September 30, 2019 (in thousands) Commodity Derivative Assets - Current Commodity Derivative Assets - Noncurrent Commodity Derivative Liabilities - Current Commodity Derivative Liabilities - Noncurrent Total Commodity derivative assets $ 122,462 $ 1,951 $ 5,715 $ 67 $ 130,195 Commodity derivative liabilities (29,566) (8) (69,704) (2,027) (101,305) Cash collateral paid 27,614 — (3,617) — 23,997 Balance sheet line item totals $ 120,510 $ 1,943 $ (67,606) $ (1,960) $ 52,887 The net pre-tax gains and losses on commodity derivatives not designated as hedging instruments included in the Company’s Condensed Consolidated Statements of Operations and the line item in which they are located for the three and nine months ended September 30, 2020 and 2019 are as follows: Three months ended September 30, Nine months ended September 30, (in thousands) 2020 2019 2020 2019 Gains (losses) on commodity derivatives included in cost of sales and merchandising revenues $ (52,047) $ (27,586) $ (12,290) $ 25,469 The Company had the following volume of commodity derivative contracts outstanding (on a gross basis) at September 30, 2020, December 31, 2019 and September 30, 2019: 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 December 31, 2019 (in thousands) Number of Bushels Number of Gallons Number of Pounds Number of Tons Non-exchange traded: Corn 552,359 — — — Soybeans 34,912 — — — Wheat 100,996 — — — Oats 24,700 — — — Ethanol — 116,448 — — Corn oil — — 14,568 — Other 11,363 4,000 305 2,263 Subtotal 724,330 120,448 14,873 2,263 Exchange traded: Corn 221,740 — — — Soybeans 39,145 — — — Wheat 68,171 — — — Oats 2,090 — — — Ethanol — 175,353 — — Propane — 5,166 — — Other — 15 — 232 Subtotal 331,146 180,534 — 232 Total 1,055,476 300,982 14,873 2,495 September 30, 2019 (in thousands) Number of Bushels Number of Gallons Number of Pounds Number of Tons Non-exchange traded: Corn 653,757 — — — Soybeans 46,895 — — — Wheat 90,598 — — — Oats 36,365 — — — Ethanol — 256,815 — — Corn oil — — 5,022 — Other 15,196 6,150 363 3,178 Subtotal 842,811 262,965 5,385 3,178 Exchange traded: Corn 280,890 — — — Soybeans 58,980 — — — Wheat 75,345 — — — Oats 735 — — — Ethanol — 145,769 — — Propane — 12,516 — — Other — 3 — 289 Subtotal 415,950 158,288 — 289 Total 1,258,761 421,253 5,385 3,467 Interest Rate and Other Derivatives The Company’s objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish these objectives, the Company primarily uses interest rate swaps as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. The gains or losses on the derivatives designated as hedging instruments are recorded in Other Comprehensive Income (Loss) and subsequently reclassified into interest expense in the same periods during which the hedged transaction affects earnings. Amounts reported in accumulated other comprehensive income related to derivatives will be reclassified to interest expense as interest payments are made on the Company’s variable-rate debt. At September 30, 2020, December 31, 2019 and September 30, 2019, the Company had recorded the following amounts for the fair value of the Company's other derivatives: (in thousands) September 30, 2020 December 31, 2019 September 30, 2019 Derivatives not designated as hedging instruments Interest rate contracts included in Accrued expenses and other current liabilities $ (879) $ — $ — Interest rate contracts included in Other long-term liabilities (491) (1,007) (1,261) Foreign currency contracts included in Other current assets 326 2,742 115 Derivatives designated as hedging instruments Interest rate contracts included in Accrued expenses and other current liabilities (8,431) (3,118) (2,981) Interest rate contracts included in Other long-term liabilities $ (22,409) $ (9,382) $ (13,649) The recording of derivatives gains and losses and the financial statement line in which they are located are as follows: Three months ended September 30, Nine months ended September 30, (in thousands) 2020 2019 2020 2019 Derivatives not designated as hedging instruments Interest rate derivative gains (losses) included in Interest income (expense), net $ 357 $ (36) $ (363) $ (972) Foreign currency derivative losses included in Other income (loss), net — (615) — (684) Derivatives designated as hedging instruments Interest rate derivative losses included in Other Comprehensive Income (Loss) 2,373 (3,798) (18,284) (16,547) Interest rate derivatives (losses) included in Interest income (expense), net $ (2,345) $ (224) $ (5,045) $ (243) Outstanding interest rate derivatives, as of September 30, 2020, are as follows: Interest Rate Hedging Instrument Year Entered Year of Maturity Initial Notional Amount Description Interest Rate Long-term Swap 2014 2023 $ 23.0 Interest rate component of debt - not accounted for as a hedge 1.9% Collar 2016 2021 $ 40.0 Interest rate component of debt - not accounted for as a hedge 3.5% to 4.8% Swap 2017 2022 $ 20.0 Interest rate component of debt - accounted for as a hedge 1.8% Swap 2018 2023 $ 10.0 Interest rate component of debt - accounted for as a hedge 2.6% Swap 2018 2025 $ 20.0 Interest rate component of debt - accounted for as a hedge 2.7% Swap 2018 2021 $ 40.0 Interest rate component of debt - accounted for as a hedge 2.6% Swap 2018 2021 $ 25.0 Interest rate component of debt - accounted for as a hedge 2.5% Swap 2019 2021 $ 50.0 Interest rate component of debt - accounted for as a hedge 2.5% Swap 2019 2025 $ 100.0 Interest rate component of debt - accounted for as a hedge 2.5% Swap 2019 2025 $ 50.0 Interest rate component of debt - accounted for as a hedge 2.5% Swap 2019 2025 $ 50.0 Interest rate component of debt - accounted for as a hedge 2.5% Swap 2020 2023 $ 50.0 Interest rate component of debt - accounted for as a hedge 0.8% Swap 2020 2023 $ 50.0 Interest rate component of debt - accounted for as a hedge 0.7% Swap 2020 2030 $ 50.0 Interest rate component of debt - accounted for as a hedge 0.0% to 0.8% Swap 2020 2030 $ 50.0 Interest rate component of debt - accounted for as a hedge 0.0% to 0.8% |
Revenue
Revenue | 9 Months Ended |
Sep. 30, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | Revenue Many of the Company’s revenues are generated from contracts that are outside the scope of ASC 606 and thus are accounted for under other accounting standards. Specifically, many of the Company's Trade and Ethanol sales contracts are derivatives under ASC 815, Derivatives and Hedging and the Rail Group's leasing revenue is accounted for under ASC 842, Leases . The breakdown of revenues between ASC 606 and other standards is as follows: Three months ended September 30, Nine months ended September 30, (in thousands) 2020 2019 2020 2019 Revenues under ASC 606 $ 295,850 $ 273,945 $ 1,102,457 $ 1,083,383 Revenues under ASC 842 23,056 26,418 73,375 87,122 Revenues under ASC 815 1,603,327 1,682,392 4,489,687 5,114,083 Total Revenues $ 1,922,233 $ 1,982,755 $ 5,665,519 $ 6,284,588 The remainder of this note applies only to those revenues that are accounted for under ASC 606. Disaggregation of revenue The following tables disaggregate revenues under ASC 606 by major product/service line for the three and nine months ended September 30, 2020 and 2019, respectively: Three months ended September 30, 2020 (in thousands) Trade Ethanol Plant Nutrient Rail Total Specialty nutrients $ — $ — $ 31,835 $ — $ 31,835 Primary nutrients — — 62,094 — 62,094 Services 2,010 — 975 10,134 13,119 Products and co-products 55,235 97,703 — — 152,938 Frac sand and propane 21,676 — — — 21,676 Other 2,414 513 7,803 3,458 14,188 Total $ 81,335 $ 98,216 $ 102,707 $ 13,592 $ 295,850 Three months ended September 30, 2019 (in thousands) Trade Ethanol Plant Nutrient Rail Total Specialty nutrients $ 9,840 $ — $ 35,182 $ — $ 45,022 Primary nutrients 4,610 — 66,733 — 71,343 Service 2,507 3,187 1,275 9,719 16,688 Products and co-products 48,158 34,655 — — 82,813 Frac sand and propane 47,188 — — — 47,188 Other 2,159 163 6,256 2,313 10,891 Total $ 114,462 $ 38,005 $ 109,446 $ 12,032 $ 273,945 Nine months ended September 30, 2020 (in thousands) Trade Ethanol Plant Nutrient Rail Total Specialty nutrients $ — $ — $ 187,700 $ — $ 187,700 Primary nutrients — — 296,247 — 296,247 Service 6,053 — 3,753 27,528 37,334 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 8,309 41,267 Total $ 282,519 $ 276,656 $ 507,445 $ 35,837 $ 1,102,457 Nine months ended September 30, 2019 (in thousands) Trade Ethanol Plant Nutrient Rail Total Specialty nutrients $ 45,648 $ — $ 191,247 $ — $ 236,895 Primary nutrients 27,401 — 294,729 — 322,130 Service 11,077 10,170 3,133 28,944 53,324 Products and co-products 166,859 88,170 — — 255,029 Frac sand and propane 184,418 — — — 184,418 Other 5,860 198 19,439 6,090 31,587 Total $ 441,263 $ 98,538 $ 508,548 $ 35,034 $ 1,083,383 Approximately 4% and 5% of revenues accounted for under ASC 606 during both three months periods ended September 30, 2020 and 2019, respectively, are recorded over time which primarily relates to service revenues noted above. Additionally, during the nine months ended September 30, 2020 and 2019, approximately 4% and 5% of revenues were accounted for under ASC 606, respectively. Contract balances |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes On March 27, 2020, President Trump signed into U.S. federal law the CARES Act, which is aimed at providing emergency assistance and health care for individuals, families and businesses affected by the COVID-19 pandemic and generally supporting the U.S. economy. The CARES Act, among other things, includes provisions relating to refundable payroll tax credits, deferment of employer side social security payments, net operating loss carryback periods, alternative minimum tax credit refunds, modifications to the net interest deduction limitations and technical corrections to tax depreciation methods for qualified improvement property. In particular, under the CARES Act, (i) for taxable years beginning before 2021, net operating loss carryforwards and carrybacks may offset 100% of taxable income, (ii) NOLs arising in 2018, 2019, and 2020 taxable years may be carried back to each of the preceding five years to generate a refund and (iii) for taxable years beginning in 2019 and 2020, the base for interest deductibility is increased from 30% to 50% of EBITDA. On April 17, 2020, the Internal Revenue Service issued Revenue Procedure 2020-25, allowing for companies to revoke an election out of bonus depreciation. The Company has analyzed the impact of the CARES Act to determine the effect on 2018 and 2019 filing positions that will be carried back to prior tax years, and recorded a financial statement benefit of $14.8 million. Historically, the Company calculated its provision for income taxes during interim reporting periods by applying the estimated annual effective tax rate for the full fiscal year to pre-tax income or loss, excluding discrete items, for the reporting period. However, it was determined that since small changes in estimated pre-tax income or loss would result in significant changes in the estimated annual effective tax rate, the historical method would not provide a reliable estimate of income taxes in the third quarter of 2020. For the nine months ended on September 30, 2020, the Company utilized the discrete effective tax rate method to calculate the interim tax provision. The discrete method treats the year-to-date period as if it were the annual period and determines the income tax expense or benefit on that basis. The discrete method is applied for scenarios where small changes in estimated pre-tax book income would result in significant changes in the estimated annual effective tax rate that may result in an unreliable estimate of income taxes. For the three months ended September 30, 2020, the Company recorded an income tax benefit of $4.7 million at an effective income tax rate of 188.6%. The annual effective tax rate differs from the statutory U.S. Federal tax rate as the tax benefit from consolidated pre-tax loss is offset by the portion of losses owned by noncontrolling interests that do not provide for a tax benefit, as well as impacts from foreign earnings and non-deductible compensation. These impacts are further offset by tax benefits from net operating loss carrybacks as a result of the CARES Act. The change in effective tax rate for the three months ended September 30, 2020 as compared to the same period last year was primarily attributed to the tax benefit generated from the current period loss before taxes offset by the effect of noncontrolling interest in the discrete effective tax rate, and additional tax benefits from net operating loss carrybacks as a result of the CARES Act. For the three months ended September 30, 2019, the Company recorded an income tax benefit of $7.2 million at an effective income tax rate of 55.1%. For the nine months ended September 30, 2020, the Company recorded an income tax benefit of $18.4 million at an effective income tax rate of 38.9%. The annual effective tax rate differs from the statutory U.S. Federal tax rate as the tax benefit from consolidated pre-tax losses is offset by the portion of losses owned by noncontrolling interests that do not provide for a tax benefit, as well as impacts from foreign earnings and non-deductible compensation. These impacts are further offset by tax benefits from net operating loss carrybacks as a result of the CARES Act. The increase in effective tax rate for the nine months |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 9 Months Ended |
Sep. 30, 2020 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss) The following table summarizes the changes in of accumulated other comprehensive income (loss) attributable to the Company for the three and nine months ended September 30, 2020 and 2019: Three months ended September 30, Nine months ended September 30, (in thousands) 2020 2019 2020 2019 Currency Translation Adjustment Beginning balance $ (2,325) $ (976) $ 1,065 $ (11,550) Other comprehensive income (loss) before reclassifications 2,351 1,600 (1,039) 508 Amounts reclassified from accumulated other comprehensive income (a) — — — 11,666 Other comprehensive income (loss), net of tax 2,351 1,600 (1,039) 12,174 Ending Balance $ 26 $ 624 $ 26 $ 624 Hedging Adjustment Beginning balance $ (24,966) $ (9,700) $ (9,443) $ (126) Other comprehensive income (loss) before reclassifications (535) (3,049) (18,594) (12,759) Amounts reclassified from accumulated other comprehensive income (loss), net of tax (b) 2,318 197 4,854 333 Other comprehensive income (loss), net of tax 1,783 (2,852) (13,740) (12,426) Ending Balance $ (23,183) $ (12,552) $ (23,183) $ (12,552) Pension and Other Postretirement Adjustment Beginning balance $ 788 $ 4,177 $ 889 $ 5,031 Other comprehensive income (loss) before reclassifications 52 44 293 (468) Amounts reclassified from accumulated other comprehensive income (loss), net of tax (c) (171) (171) (513) (513) Other comprehensive income (loss), net of tax (119) (127) (220) (981) Ending Balance $ 669 $ 4,050 $ 669 $ 4,050 Investments in Convertible Preferred Securities Adjustment Beginning balance $ 258 $ 258 $ 258 $ 258 Other comprehensive income (loss) before reclassifications — — — — Amounts reclassified from accumulated other comprehensive income (loss), net of tax — — — — Other comprehensive income (loss), net of tax — — — — Ending Balance $ 258 $ 258 $ 258 $ 258 Total AOCI Ending Balance $ (22,230) $ (7,620) $ (22,230) $ (7,620) (a) Reflects foreign currency translation adjustments in Other income, net attributable to the consolidation of Thompsons Limited in 2019. (b) Amounts reclassified from gain (loss) on cash flow hedges are reclassified from AOCI to income when the hedged item affects earnings and is recognized in Interest expense, net. See Note 5 for additional information. (c) This accumulated other comprehensive loss component is included in the computation of net periodic benefit cost recorded in Operating, administrative and general expenses. |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Sep. 30, 2020 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share (in thousands, except per common share data) Three months ended September 30, Nine months ended September 30, 2020 2019 2020 2019 Numerator: Net income (loss) available to The Andersons Inc. common shareholders $ (1,058) $ (4,237) $ (8,281) $ 11,658 Denominator: Weighted average shares outstanding – basic 32,962 32,626 32,905 32,550 Effect of dilutive awards — — — 484 Weighted average shares outstanding – diluted 32,962 32,626 32,905 33,034 Earnings (loss) per share Basic $ (0.03) $ (0.13) $ (0.25) $ 0.36 Diluted $ (0.03) $ (0.13) $ (0.25) $ 0.35 There were no antidilutive awards as the Company incurred a net loss for the three months ended September 30, 2020 and September 30, 2019, as well as, the nine months ended September 30, 2020. There were 60 thousand antidilutive share awards outstanding for the nine months ended September 30, 2019. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements The following table presents the Company’s assets and liabilities measured at fair value on a recurring basis at September 30, 2020, December 31, 2019 and September 30, 2019: (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 (in thousands) December 31, 2019 Assets (liabilities) Level 1 Level 2 Level 3 Total Commodity derivatives, net (a) $ 45,682 $ 15,683 $ — $ 61,365 Provisionally priced contracts (b) (118,414) (68,237) — (186,651) Convertible preferred securities (c) — — 8,404 8,404 Other assets and liabilities (d) 9,469 (13,507) — (4,038) Total $ (63,263) $ (66,061) $ 8,404 $ (120,920) (in thousands) September 30, 2019 Assets (liabilities) Level 1 Level 2 Level 3 Total Commodity derivatives, net (a) $ 34,196 $ 18,691 $ — $ 52,887 Provisionally priced contracts (b) (79,757) (23,535) — (103,292) Convertible preferred securities (c) — — 8,404 8,404 Other assets and liabilities (d) 5,603 (17,891) — (12,288) Total $ (39,958) $ (22,735) $ 8,404 $ (54,289) (a) Includes associated cash posted/received as collateral (b) Included in "Provisionally priced contracts" are those instruments based only on underlying futures values (Level 1) and delayed price contracts (Level 2) (c) Recorded in “Other assets, net” on the Company’s Consolidated Balance Sheets related to certain available for sale securities. (d) Included in other assets and liabilities are assets held by the Company to fund deferred compensation plans, ethanol risk management contracts, and foreign exchange derivative contracts (Level 1) and interest rate derivatives (Level 2). Level 1 commodity derivatives reflect the fair value of the exchanged-traded futures and options contracts that the Company holds, net of the cash collateral, that the Company has in its margin account. The majority of the Company’s assets and liabilities measured at fair value are based on the market approach valuation technique. With the market approach, fair value is derived using prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities. The Company’s net commodity derivatives primarily consist of futures or options contracts via regulated exchanges and contracts with producers or customers under which the future settlement date and bushels (or gallons in the case of ethanol contracts) of commodities to be delivered (primarily wheat, corn, soybeans and ethanol) are fixed and under which the price may or may not be fixed. Depending on the specifics of the individual contracts, the fair value is derived from the futures or options prices quoted on various exchanges for similar commodities and delivery dates as well as observable quotes for local basis adjustments (the difference, which is attributable to local market conditions, between the quoted futures price and the local cash price). Because “basis” for a particular commodity and location typically has multiple quoted prices from other agribusinesses in the same geographical vicinity and is used as a common pricing mechanism in the agribusiness industry, the Company has concluded that “basis” is typically a Level 2 fair value input for purposes of the fair value disclosure requirements related to our commodity derivatives, depending on the specific commodity. Although nonperformance risk, both of the Company and the counterparty, is present in each of these commodity contracts and is a component of the estimated fair values, based on the Company’s historical experience with its producers and customers and the Company’s knowledge of their businesses, the Company does not view nonperformance risk to be a significant input to fair value for these commodity contracts. These fair value disclosures exclude RMI which consists of agricultural commodity inventories measured at net realizable value. The net realizable value used to measure the Company’s agricultural commodity inventories is the fair value (spot price of the commodity in an exchange), less cost of disposal and transportation based on the local market. This valuation would generally be considered Level 2. The amount of RMI is disclosed in Note 2. Changes in the net realizable value of commodity inventories are recognized as a component of cost of sales and merchandising revenues. Provisionally priced contract liabilities are those for which the Company has taken ownership and possession of grain, but the final purchase price has not been established. In the case of payables where the unpriced portion of the contract is limited to the futures price of the underlying commodity or the Company has delivered provisionally priced grain and a subsequent payable or receivable is set up for any future changes in the grain price, quoted exchange prices are used and the liability is deemed to be Level 1 in the fair value hierarchy. For all other unpriced contracts which include variable futures and basis components, the amounts recorded for delayed price contracts are determined on the basis of local grain market prices at the balance sheet date and, as such, are deemed to be Level 2 in the fair value hierarchy. The risk management contract liability allows related ethanol customers to effectively unprice the futures component of their inventory for a period of time, subjecting the bushels to market fluctuations. The Company records an asset or liability for the market value changes of the commodities over the life of the contracts based on quoted exchange prices and as such, the balance is deemed to be Level 1 in the fair value hierarchy. The convertible preferred securities are interests in several early-stage enterprises that may be in various forms, such as convertible debt or preferred equity securities. A reconciliation of beginning and ending balances for the Company’s fair value measurements using Level 3 inputs is as follows: Convertible Preferred Securities (in thousands) 2020 2019 Assets at January 1, $ 8,404 $ 7,154 Additional investments 250 250 Assets at March 31, $ 8,654 $ 7,404 Additional investments — 1,000 Assets at June 30, $ 8,654 $ 8,404 Additional investments — — Assets at September 30, $ 8,654 $ 8,404 The following tables summarize quantitative information about the Company's Level 3 fair value measurements as of September 30, 2020, December 31, 2019 and September 30, 2019: Quantitative Information about Recurring Level 3 Fair Value Measurements (in thousands) Fair Value as of September 30, 2020 Valuation Method Unobservable Input Weighted Average Convertible preferred securities (a) $ 8,654 Implied based on market prices N/A N/A (in thousands) Fair Value as of December 31, 2019 Valuation Method Unobservable Input Weighted Average Convertible preferred securities (a) $ 8,404 Implied based on market prices N/A N/A (in thousands) Fair Value as of September 30, 2019 Valuation Method Unobservable Input Weighted Average Convertible preferred securities (a) $ 8,404 Implied based on market prices N/A N/A (a) The Company considers observable price changes and other additional market data available to estimate fair value, including additional capital raising, internal valuation models, progress towards key business milestones, and other relevant market data points. Quantitative Information about Non-recurring Level 3 Fair Value Measurements (in thousands) Fair Value as of December 31, 2019 Valuation Method Unobservable Input Weighted Average Frac sand assets (a) $ 16,546 Third party appraisal Various N/A Real property (b) 608 Market approach Various N/A Equity method investment (c) 12,424 Discounted cash flow analysis Various N/A (a) The Company recognized impairment charges on long lived related to its frac sand business. The fair value of the assets were determined using prior transactions and third-party appraisals. These measures are considered Level 3 inputs on a nonrecurring basis. (b) The Company recognized impairment charges on certain Trade assets and measured the fair value using Level 3 inputs on a nonrecurring basis. The fair value of the assets were determined using prior transactions in the local market and a recent sale of comparable Trade group assets held by the Company. (c) The Company recorded an other-than-temporary impairment charge on an existing equity method investment. The fair value of the investment was determined using a discounted cash flow analysis. There were no non-recurring fair value measurements as of September 30, 2020 and September 30, 2019. Fair Value of Financial Instruments The fair value of the Company’s long-term debt is estimated using quoted market prices or discounted future cash flows based on the Company’s current incremental borrowing rates for similar types of borrowing arrangements. As such, the Company has concluded that the fair value of long-term debt is considered Level 2 in the fair value hierarchy. (in thousands) September 30, December 31, September 30, Fair value of long-term debt, including current maturities $ 1,022,113 $ 1,096,010 $ 1,046,063 Fair value in excess of carrying value (a) 31,080 8,257 11,047 (a) Carrying value used for this purpose excludes unamortized debt issuance costs. The fair value of the Company’s cash equivalents, accounts receivable and accounts payable approximate their carrying value as they are close to maturity. |
Related Parties
Related Parties | 9 Months Ended |
Sep. 30, 2020 | |
Related Party Transactions [Abstract] | |
Related Parties | Related PartiesIn the ordinary course of business and on an arms-length basis, the Company will mainly enter into related party transactions with the minority shareholders of the Company's ethanol operations and several equity method investments that the Company holds, along with other related parties. The following table sets forth the related party transactions entered into for the time periods presented: Three months ended September 30, Nine months ended September 30, (in thousands) 2020 2019 2020 2019 Sales revenues $ 44,789 $ 52,875 $ 129,143 $ 171,897 Service fee revenues (a) — 2,852 — 11,015 Purchases of product and capital assets 16,641 174,420 38,637 520,091 Lease income (b) 142 1,887 440 5,195 Labor and benefits reimbursement (c) — 3,513 — 10,973 (a) Prior period service fee revenues include management fees, corn origination fees, ethanol and distillers dried grains ("DDG") marketing fees, and other commissions. In the current period these revenues are now eliminated in consolidation as a result of the TAMH merger. (b) Prior period lease income includes certain railcars leased to related parties and the lease of the Company’s Albion, Michigan and Clymers, Indiana grain facilities. This income is now eliminated in consolidation as a result of the TAMH merger. (c) Prior period labor and benefits reimbursement includes all operations labor to the unconsolidated ethanol LLCs. This reimbursement is now eliminated in consolidation as a result of the TAMH merger. (in thousands) September 30, 2020 December 31, 2019 September 30, 2019 Accounts receivable (d) $ 7,184 $ 10,603 $ 23,394 Accounts payable (e) 3,058 12,303 21,201 (d) Accounts receivable represents amounts due from related parties for the sale of ethanol and other various items. (e) Accounts payable represents amounts due to related parties for purchases of ethanol equipment and other various items. |
Segment Information
Segment Information | 9 Months Ended |
Sep. 30, 2020 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information The Company’s operations include four reportable business segments that are distinguished primarily on the basis of products and services offered as well as the structure of management. The Trade business includes commodity merchandising and the operation of terminal grain elevator facilities. The Ethanol business produces ethanol through its five co-owned and fully consolidated ethanol production facilities as well as purchases and sells ethanol and ethanol co-products. The Plant Nutrient business manufactures and distributes agricultural inputs, primarily fertilizer, to dealers and farmers, along with turf care and corncob-based products. Rail operations include the leasing, marketing and fleet management of railcars and other assets, railcar repair and metal fabrication. The Other category includes other corporate level costs not attributable to an operating segment. In January 2020, the Company moved its Lansing Vermont DDG business from the Trade group to the Ethanol group as part of internal restructuring efforts. Prior year results have been recast to reflect this change. During the third quarter, the Company announced a change in the management structure of the business. The Trade and Ethanol Groups and the Rail and Plant Nutrient Groups were combined to be led by one Company president each. The Company considered current accounting guidance concluding that its reportable operating segments would not change under the new management structure as the aggregation criteria could not be met. The segment information below includes the allocation of expenses shared by one or more operating segments. Although management believes such allocations are reasonable, the operating information does not necessarily reflect how such data might appear if the segments were operated as separate businesses. The Company does not have any customers who represent 10 percent or more of total revenue. Three months ended September 30, Nine months ended September 30, (in thousands) 2020 2019 2020 2019 Revenues from external customers Trade $ 1,432,922 $ 1,515,107 $ 4,162,130 $ 4,753,375 Ethanol 349,957 319,105 886,742 899,137 Plant Nutrient 102,707 109,446 507,445 508,548 Rail 36,647 39,097 109,202 123,528 Total $ 1,922,233 $ 1,982,755 $ 5,665,519 $ 6,284,588 Three months ended September 30, Nine months ended September 30, (in thousands) 2020 2019 2020 2019 Income (loss) before income taxes attributable to the Company Trade $ 5,941 $ (2,122) $ (3,650) $ 2,610 Ethanol 1,148 1,070 (21,960) 7,827 Plant Nutrient (5,387) (7,440) 12,828 4,534 Rail (139) 3,137 3,474 10,629 Other (7,335) (6,094) (17,351) (15,599) Income (loss) before income taxes attributable to the Company (5,772) (11,449) (26,659) 10,001 Income (loss) attributable to noncontrolling interests 3,273 (1,633) (20,583) (2,265) Income (loss) before income taxes $ (2,499) $ (13,082) $ (47,242) $ 7,736 (in thousands) September 30, 2020 December 31, 2019 September 30, 2019 Identifiable assets Trade $ 1,642,220 $ 2,012,060 $ 1,712,350 Ethanol 625,587 690,548 372,663 Plant Nutrient 343,121 383,781 376,615 Rail 641,797 693,931 679,056 Other 158,886 120,421 143,768 Total $ 3,411,611 $ 3,900,741 $ 3,284,452 |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies The Company is party to litigation, or threats thereof, both as defendant and plaintiff with some regularity, although individual cases that are material in size occur infrequently. As a defendant, the Company establishes reserves for claimed amounts that are considered probable and capable of estimation. If those cases are resolved for lesser amounts, the excess reserves are taken into income and, conversely, if those cases are resolved for larger than the amount the Company has accrued, the Company records additional expense. The Company believes it is unlikely that the results of its current legal proceedings for which it is the defendant, even if unfavorable, will be material. As a plaintiff, amounts that are collected can also result in sudden, non-recurring income. Litigation results depend upon a variety of factors, including the availability of evidence, the credibility of witnesses, the performance of counsel, the state of the law, and the impressions of judges and jurors, any of which can be critical in importance, yet difficult, if not impossible, to predict. Consequently, cases currently pending, or future matters, may result in unexpected, and non-recurring losses, or income, from time to time. Finally, litigation results are often subject to judicial reconsideration, appeal and further negotiation by the parties, and as a result, the final impact of a particular judicial decision may be unknown for some time or may result in continued reserves to account for the potential of such post-verdict actions. Specifically, the Company is party to a non-regulatory litigation claim, which is in response to penalties and fines paid to regulatory entities by a previously unconsolidated subsidiary in 2018 for the settlement of matters which focused on certain trading activity. While the Company believes it has meritorious defenses against the suit, the ultimate resolution of the matter could result in a loss in excess of the amount accrued. Given the preliminary status of the claim, the Company does not believe the excess, net of the acquisition-related indemnity, is determinable. |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 9 Months Ended |
Sep. 30, 2020 | |
Supplemental Cash Flow Information [Abstract] | |
Supplemental Cash Flow Information | Supplemental Cash Flow Information Certain supplemental cash flow information, including noncash investing and financing activities for the nine months ended September 30, 2020 and 2019 are as follows: Nine months ended September 30, (in thousands) 2020 2019 Supplemental disclosure of cash flow information Interest paid $ 38,978 $ 47,164 Noncash investing and financing activity Dividends declared not yet paid 5,770 5,547 Capital projects incurred but not yet paid 5,534 8,245 Equity issued in conjunction with acquisition — 127,841 Removal of pre-existing equity method investment — (159,459) Purchase price holdback/ other accrued liabilities — 29,956 |
Goodwill
Goodwill | 9 Months Ended |
Sep. 30, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill | Goodwill During the first quarter of 2020, the Company completed a reorganization of its structure whereby the Company moved certain of its operations between the Trade and Ethanol segments to enhance operating decisions and assessing performance. The reorganization resulted in the reassignment of goodwill to the affected reporting units using a relative fair value approach. At the time of the reassignment and allocation, the Company performed an interim review of the carrying value of goodwill at the Trade and Ethanol segments for possible impairment on both a pre and post-reorganization basis. No impairment of goodwill was indicated at the pre and post-reorganization reporting units. The changes in the carrying amount of goodwill by reportable segment for the nine months ended September 30, 2020 are as follows: (in thousands) Trade Ethanol Plant Nutrient Rail Total Balance at December 31, 2019 $ 127,781 $ 2,726 $ 686 $ 4,167 $ 135,360 Reorganization (a) (5,714) 5,714 — — — Acquisitions (b) — 349 — — 349 Balance at September 30, 2020 $ 122,067 $ 8,789 $ 686 $ 4,167 $ 135,709 (a) Reorganization related to move of the DDG business line from the Trade to Ethanol segment. (b) Acquisitions represent the finalized goodwill allocation from the TAMH acquisition. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent EventsOn October 23, 2020, the Company entered into a new amendment to its credit agreement dated January 11, 2019. The amendment provides for an incremental $150 million term loan maturing January 11, 2026, with quarterly principal payments. This term loan replaced the Andersons Railcar Leasing Company LLC’s (“TARLC”) existing credit facility. Borrowings under the loan bear interest at variable rates, which are based on LIBOR plus an applicable spread. Proceeds from the loan have been used to extinguish debt of TARLC, a wholly owned subsidiary. The TARLC debt was hedged by interest rate swaps and due to the debt prepayment, these swaps were redesignated or terminated which resulted in an approximately $2.8 million loss on existing OCI balances which were reclassified into earnings. The Company also incurred approximately $0.3 million of losses due to the write off of unamortized debt issuance costs associated to the TARLC debt. |
Basis of Presentation and Con_2
Basis of Presentation and Consolidation (Policies) | 9 Months Ended |
Sep. 30, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
New Accounting Standards | Recent Accounting Guidance Issued Not Yet Effective Simplifying the Accounting for Income Taxes In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes , which simplifies the accounting for income taxes by removing certain exceptions to the general principles in Topic 740. The amendments also improve consistent application of and simplify GAAP for other areas of Topic 740 by clarifying and amending existing guidance. The provisions of this update are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. The impact of this update on our consolidated financial statements is currently being assessed. At this time the Company does not plan to early adopt the standard. |
Inventories (Tables)
Inventories (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Inventory, Net [Abstract] | |
Classes of inventories | (in thousands) September 30, December 31, September 30, Grain and other agricultural products (a) $ 557,808 $ 907,482 $ 560,626 Frac sand and propane 10,064 15,438 14,592 Ethanol and co-products (b) 59,543 95,432 26,218 Plant nutrients and cob products 120,173 146,164 133,839 Railcar repair parts 7,016 6,020 5,811 Total Inventories $ 754,604 $ 1,170,536 $ 741,086 (a) Includes RMI of $512.9 million, $852.6 million and $488.2 million at September 30, 2020, December 31, 2019 and September 30, 2019, respectively. (b) Includes RMI of $10.4 million, $10.6 million and $12.6 million at September 30, 2020, December 31, 2019 and September 30, 2019, respectively. |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Property, Plant and Equipment [Abstract] | |
Components of property, plant and equipment | The components of Property, plant and equipment, net are as follows: (in thousands) September 30, December 31, September 30, Land $ 40,223 $ 40,442 $ 39,393 Land improvements and leasehold improvements 96,290 103,148 95,720 Buildings and storage facilities 384,203 373,961 354,625 Machinery and equipment 906,864 835,156 608,831 Construction in progress 21,657 59,993 54,163 1,449,237 1,412,700 1,152,732 Less: accumulated depreciation 560,726 474,282 449,336 Property, plant and equipment, net $ 888,511 $ 938,418 $ 703,396 |
Components of railcar assets leased to others | The components of Rail Group assets leased to others are as follows: (in thousands) September 30, December 31, September 30, Rail Group assets leased to others $ 741,080 $ 723,004 $ 699,972 Less: accumulated depreciation 153,229 138,706 134,226 Rail Group assets, net $ 587,851 $ 584,298 $ 565,746 |
Debt (Tables)
Debt (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Debt Disclosure [Abstract] | |
Schedule of Short-term and Long-term Debt | Short-term and long-term debt at September 30, 2020, December 31, 2019 and September 30, 2019 consisted of the following: (in thousands) September 30, December 31, September 30, Short-term debt – non-recourse $ 40,985 $ 54,029 $ 35,278 Short-term debt – recourse 59,420 93,002 102,971 Total short-term debt $ 100,405 $ 147,031 $ 138,249 Current maturities of long-term debt – non-recourse $ 5,059 $ 9,545 $ 10,122 Current maturities of long-term debt – recourse 62,727 53,354 56,777 Total current maturities of long-term debt $ 67,786 $ 62,899 $ 66,899 Long-term debt, less: current maturities – non-recourse $ 274,283 $ 330,250 $ 243,279 Long-term debt, less: current maturities – recourse 641,804 685,998 724,838 Total long-term debt, less: current maturities $ 916,087 $ 1,016,248 $ 968,117 |
Derivatives (Tables)
Derivatives (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Estimated fair value of Company's commodity derivative instruments for cash collateral and associated cash as collateral | The net asset or liability positions of these derivatives (net of their cash collateral) are determined on a counterparty-by-counterparty basis and are included within current or non-current commodity derivative assets (or liabilities) on the Condensed Consolidated Balance Sheets: (in thousands) September 30, 2020 December 31, 2019 September 30, 2019 Cash collateral paid $ 70,446 $ 56,005 $ 23,997 Fair value of derivatives (58,495) (10,323) 10,199 Net derivative asset position $ 11,951 $ 45,682 $ 34,196 |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | The following table presents, on a gross basis, current and non-current commodity derivative assets and liabilities: September 30, 2020 (in thousands) Commodity Derivative Assets - Current Commodity Derivative Assets - Noncurrent Commodity Derivative Liabilities - Current Commodity Derivative Liabilities - Noncurrent Total Commodity derivative assets $ 159,553 $ 3,565 $ 7,323 $ 42 $ 170,483 Commodity derivative liabilities (89,933) (508) (86,482) (490) (177,413) Cash collateral paid 70,446 — — — 70,446 Balance sheet line item totals $ 140,066 $ 3,057 $ (79,159) $ (448) $ 63,516 December 31, 2019 (in thousands) Commodity Derivative Assets - Current Commodity Derivative Assets - Noncurrent Commodity Derivative Liabilities - Current Commodity Derivative Liabilities - Noncurrent Total Commodity derivative assets $ 92,429 $ 1,045 $ 7,439 $ 18 $ 100,931 Commodity derivative liabilities (40,571) (96) (54,381) (523) (95,571) Cash collateral paid 56,005 — — — 56,005 Balance sheet line item totals $ 107,863 $ 949 $ (46,942) $ (505) $ 61,365 September 30, 2019 (in thousands) Commodity Derivative Assets - Current Commodity Derivative Assets - Noncurrent Commodity Derivative Liabilities - Current Commodity Derivative Liabilities - Noncurrent Total Commodity derivative assets $ 122,462 $ 1,951 $ 5,715 $ 67 $ 130,195 Commodity derivative liabilities (29,566) (8) (69,704) (2,027) (101,305) Cash collateral paid 27,614 — (3,617) — 23,997 Balance sheet line item totals $ 120,510 $ 1,943 $ (67,606) $ (1,960) $ 52,887 |
Amounts of quantities outstanding included in commodity derivative contracts | The Company had the following volume of commodity derivative contracts outstanding (on a gross basis) at September 30, 2020, December 31, 2019 and September 30, 2019: 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 December 31, 2019 (in thousands) Number of Bushels Number of Gallons Number of Pounds Number of Tons Non-exchange traded: Corn 552,359 — — — Soybeans 34,912 — — — Wheat 100,996 — — — Oats 24,700 — — — Ethanol — 116,448 — — Corn oil — — 14,568 — Other 11,363 4,000 305 2,263 Subtotal 724,330 120,448 14,873 2,263 Exchange traded: Corn 221,740 — — — Soybeans 39,145 — — — Wheat 68,171 — — — Oats 2,090 — — — Ethanol — 175,353 — — Propane — 5,166 — — Other — 15 — 232 Subtotal 331,146 180,534 — 232 Total 1,055,476 300,982 14,873 2,495 September 30, 2019 (in thousands) Number of Bushels Number of Gallons Number of Pounds Number of Tons Non-exchange traded: Corn 653,757 — — — Soybeans 46,895 — — — Wheat 90,598 — — — Oats 36,365 — — — Ethanol — 256,815 — — Corn oil — — 5,022 — Other 15,196 6,150 363 3,178 Subtotal 842,811 262,965 5,385 3,178 Exchange traded: Corn 280,890 — — — Soybeans 58,980 — — — Wheat 75,345 — — — Oats 735 — — — Ethanol — 145,769 — — Propane — 12,516 — — Other — 3 — 289 Subtotal 415,950 158,288 — 289 Total 1,258,761 421,253 5,385 3,467 |
Company's Condensed Consolidated Statement of Income gains and location of line items | The net pre-tax gains and losses on commodity derivatives not designated as hedging instruments included in the Company’s Condensed Consolidated Statements of Operations and the line item in which they are located for the three and nine months ended September 30, 2020 and 2019 are as follows: Three months ended September 30, Nine months ended September 30, (in thousands) 2020 2019 2020 2019 Gains (losses) on commodity derivatives included in cost of sales and merchandising revenues $ (52,047) $ (27,586) $ (12,290) $ 25,469 The recording of derivatives gains and losses and the financial statement line in which they are located are as follows: Three months ended September 30, Nine months ended September 30, (in thousands) 2020 2019 2020 2019 Derivatives not designated as hedging instruments Interest rate derivative gains (losses) included in Interest income (expense), net $ 357 $ (36) $ (363) $ (972) Foreign currency derivative losses included in Other income (loss), net — (615) — (684) Derivatives designated as hedging instruments Interest rate derivative losses included in Other Comprehensive Income (Loss) 2,373 (3,798) (18,284) (16,547) Interest rate derivatives (losses) included in Interest income (expense), net $ (2,345) $ (224) $ (5,045) $ (243) |
Schedule of Fair Value of Interest Rate Derivative Liabilities | At September 30, 2020, December 31, 2019 and September 30, 2019, the Company had recorded the following amounts for the fair value of the Company's other derivatives: (in thousands) September 30, 2020 December 31, 2019 September 30, 2019 Derivatives not designated as hedging instruments Interest rate contracts included in Accrued expenses and other current liabilities $ (879) $ — $ — Interest rate contracts included in Other long-term liabilities (491) (1,007) (1,261) Foreign currency contracts included in Other current assets 326 2,742 115 Derivatives designated as hedging instruments Interest rate contracts included in Accrued expenses and other current liabilities (8,431) (3,118) (2,981) Interest rate contracts included in Other long-term liabilities $ (22,409) $ (9,382) $ (13,649) |
Schedule of Outstanding Interest Rate Derivatives | Outstanding interest rate derivatives, as of September 30, 2020, are as follows: Interest Rate Hedging Instrument Year Entered Year of Maturity Initial Notional Amount Description Interest Rate Long-term Swap 2014 2023 $ 23.0 Interest rate component of debt - not accounted for as a hedge 1.9% Collar 2016 2021 $ 40.0 Interest rate component of debt - not accounted for as a hedge 3.5% to 4.8% Swap 2017 2022 $ 20.0 Interest rate component of debt - accounted for as a hedge 1.8% Swap 2018 2023 $ 10.0 Interest rate component of debt - accounted for as a hedge 2.6% Swap 2018 2025 $ 20.0 Interest rate component of debt - accounted for as a hedge 2.7% Swap 2018 2021 $ 40.0 Interest rate component of debt - accounted for as a hedge 2.6% Swap 2018 2021 $ 25.0 Interest rate component of debt - accounted for as a hedge 2.5% Swap 2019 2021 $ 50.0 Interest rate component of debt - accounted for as a hedge 2.5% Swap 2019 2025 $ 100.0 Interest rate component of debt - accounted for as a hedge 2.5% Swap 2019 2025 $ 50.0 Interest rate component of debt - accounted for as a hedge 2.5% Swap 2019 2025 $ 50.0 Interest rate component of debt - accounted for as a hedge 2.5% Swap 2020 2023 $ 50.0 Interest rate component of debt - accounted for as a hedge 0.8% Swap 2020 2023 $ 50.0 Interest rate component of debt - accounted for as a hedge 0.7% Swap 2020 2030 $ 50.0 Interest rate component of debt - accounted for as a hedge 0.0% to 0.8% Swap 2020 2030 $ 50.0 Interest rate component of debt - accounted for as a hedge 0.0% to 0.8% |
Revenue (Tables)
Revenue (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Breakdown of Revenues between ASC 606 | The breakdown of revenues between ASC 606 and other standards is as follows: Three months ended September 30, Nine months ended September 30, (in thousands) 2020 2019 2020 2019 Revenues under ASC 606 $ 295,850 $ 273,945 $ 1,102,457 $ 1,083,383 Revenues under ASC 842 23,056 26,418 73,375 87,122 Revenues under ASC 815 1,603,327 1,682,392 4,489,687 5,114,083 Total Revenues $ 1,922,233 $ 1,982,755 $ 5,665,519 $ 6,284,588 |
Schedule of Disaggregation of Revenues | The following tables disaggregate revenues under ASC 606 by major product/service line for the three and nine months ended September 30, 2020 and 2019, respectively: Three months ended September 30, 2020 (in thousands) Trade Ethanol Plant Nutrient Rail Total Specialty nutrients $ — $ — $ 31,835 $ — $ 31,835 Primary nutrients — — 62,094 — 62,094 Services 2,010 — 975 10,134 13,119 Products and co-products 55,235 97,703 — — 152,938 Frac sand and propane 21,676 — — — 21,676 Other 2,414 513 7,803 3,458 14,188 Total $ 81,335 $ 98,216 $ 102,707 $ 13,592 $ 295,850 Three months ended September 30, 2019 (in thousands) Trade Ethanol Plant Nutrient Rail Total Specialty nutrients $ 9,840 $ — $ 35,182 $ — $ 45,022 Primary nutrients 4,610 — 66,733 — 71,343 Service 2,507 3,187 1,275 9,719 16,688 Products and co-products 48,158 34,655 — — 82,813 Frac sand and propane 47,188 — — — 47,188 Other 2,159 163 6,256 2,313 10,891 Total $ 114,462 $ 38,005 $ 109,446 $ 12,032 $ 273,945 Nine months ended September 30, 2020 (in thousands) Trade Ethanol Plant Nutrient Rail Total Specialty nutrients $ — $ — $ 187,700 $ — $ 187,700 Primary nutrients — — 296,247 — 296,247 Service 6,053 — 3,753 27,528 37,334 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 8,309 41,267 Total $ 282,519 $ 276,656 $ 507,445 $ 35,837 $ 1,102,457 Nine months ended September 30, 2019 (in thousands) Trade Ethanol Plant Nutrient Rail Total Specialty nutrients $ 45,648 $ — $ 191,247 $ — $ 236,895 Primary nutrients 27,401 — 294,729 — 322,130 Service 11,077 10,170 3,133 28,944 53,324 Products and co-products 166,859 88,170 — — 255,029 Frac sand and propane 184,418 — — — 184,418 Other 5,860 198 19,439 6,090 31,587 Total $ 441,263 $ 98,538 $ 508,548 $ 35,034 $ 1,083,383 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | The following table summarizes the changes in of accumulated other comprehensive income (loss) attributable to the Company for the three and nine months ended September 30, 2020 and 2019: Three months ended September 30, Nine months ended September 30, (in thousands) 2020 2019 2020 2019 Currency Translation Adjustment Beginning balance $ (2,325) $ (976) $ 1,065 $ (11,550) Other comprehensive income (loss) before reclassifications 2,351 1,600 (1,039) 508 Amounts reclassified from accumulated other comprehensive income (a) — — — 11,666 Other comprehensive income (loss), net of tax 2,351 1,600 (1,039) 12,174 Ending Balance $ 26 $ 624 $ 26 $ 624 Hedging Adjustment Beginning balance $ (24,966) $ (9,700) $ (9,443) $ (126) Other comprehensive income (loss) before reclassifications (535) (3,049) (18,594) (12,759) Amounts reclassified from accumulated other comprehensive income (loss), net of tax (b) 2,318 197 4,854 333 Other comprehensive income (loss), net of tax 1,783 (2,852) (13,740) (12,426) Ending Balance $ (23,183) $ (12,552) $ (23,183) $ (12,552) Pension and Other Postretirement Adjustment Beginning balance $ 788 $ 4,177 $ 889 $ 5,031 Other comprehensive income (loss) before reclassifications 52 44 293 (468) Amounts reclassified from accumulated other comprehensive income (loss), net of tax (c) (171) (171) (513) (513) Other comprehensive income (loss), net of tax (119) (127) (220) (981) Ending Balance $ 669 $ 4,050 $ 669 $ 4,050 Investments in Convertible Preferred Securities Adjustment Beginning balance $ 258 $ 258 $ 258 $ 258 Other comprehensive income (loss) before reclassifications — — — — Amounts reclassified from accumulated other comprehensive income (loss), net of tax — — — — Other comprehensive income (loss), net of tax — — — — Ending Balance $ 258 $ 258 $ 258 $ 258 Total AOCI Ending Balance $ (22,230) $ (7,620) $ (22,230) $ (7,620) (a) Reflects foreign currency translation adjustments in Other income, net attributable to the consolidation of Thompsons Limited in 2019. (b) Amounts reclassified from gain (loss) on cash flow hedges are reclassified from AOCI to income when the hedged item affects earnings and is recognized in Interest expense, net. See Note 5 for additional information. (c) This accumulated other comprehensive loss component is included in the computation of net periodic benefit cost recorded in Operating, administrative and general expenses. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Earnings Per Share [Abstract] | |
Earnings per share | (in thousands, except per common share data) Three months ended September 30, Nine months ended September 30, 2020 2019 2020 2019 Numerator: Net income (loss) available to The Andersons Inc. common shareholders $ (1,058) $ (4,237) $ (8,281) $ 11,658 Denominator: Weighted average shares outstanding – basic 32,962 32,626 32,905 32,550 Effect of dilutive awards — — — 484 Weighted average shares outstanding – diluted 32,962 32,626 32,905 33,034 Earnings (loss) per share Basic $ (0.03) $ (0.13) $ (0.25) $ 0.36 Diluted $ (0.03) $ (0.13) $ (0.25) $ 0.35 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Fair Value Disclosures [Abstract] | |
Assets and liabilities measured at fair value on a recurring basis | The following table presents the Company’s assets and liabilities measured at fair value on a recurring basis at September 30, 2020, December 31, 2019 and September 30, 2019: (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 (in thousands) December 31, 2019 Assets (liabilities) Level 1 Level 2 Level 3 Total Commodity derivatives, net (a) $ 45,682 $ 15,683 $ — $ 61,365 Provisionally priced contracts (b) (118,414) (68,237) — (186,651) Convertible preferred securities (c) — — 8,404 8,404 Other assets and liabilities (d) 9,469 (13,507) — (4,038) Total $ (63,263) $ (66,061) $ 8,404 $ (120,920) (in thousands) September 30, 2019 Assets (liabilities) Level 1 Level 2 Level 3 Total Commodity derivatives, net (a) $ 34,196 $ 18,691 $ — $ 52,887 Provisionally priced contracts (b) (79,757) (23,535) — (103,292) Convertible preferred securities (c) — — 8,404 8,404 Other assets and liabilities (d) 5,603 (17,891) — (12,288) Total $ (39,958) $ (22,735) $ 8,404 $ (54,289) (a) Includes associated cash posted/received as collateral (b) Included in "Provisionally priced contracts" are those instruments based only on underlying futures values (Level 1) and delayed price contracts (Level 2) (c) Recorded in “Other assets, net” on the Company’s Consolidated Balance Sheets related to certain available for sale securities. (d) Included in other assets and liabilities are assets held by the Company to fund deferred compensation plans, ethanol risk management contracts, and foreign exchange derivative contracts (Level 1) and interest rate derivatives (Level 2). |
Beginning and ending balances for the Company's fair value measurements using Level 3 inputs | A reconciliation of beginning and ending balances for the Company’s fair value measurements using Level 3 inputs is as follows: Convertible Preferred Securities (in thousands) 2020 2019 Assets at January 1, $ 8,404 $ 7,154 Additional investments 250 250 Assets at March 31, $ 8,654 $ 7,404 Additional investments — 1,000 Assets at June 30, $ 8,654 $ 8,404 Additional investments — — Assets at September 30, $ 8,654 $ 8,404 |
Fair Value Inputs, Assets, Quantitative Information | The following tables summarize quantitative information about the Company's Level 3 fair value measurements as of September 30, 2020, December 31, 2019 and September 30, 2019: Quantitative Information about Recurring Level 3 Fair Value Measurements (in thousands) Fair Value as of September 30, 2020 Valuation Method Unobservable Input Weighted Average Convertible preferred securities (a) $ 8,654 Implied based on market prices N/A N/A (in thousands) Fair Value as of December 31, 2019 Valuation Method Unobservable Input Weighted Average Convertible preferred securities (a) $ 8,404 Implied based on market prices N/A N/A (in thousands) Fair Value as of September 30, 2019 Valuation Method Unobservable Input Weighted Average Convertible preferred securities (a) $ 8,404 Implied based on market prices N/A N/A (a) The Company considers observable price changes and other additional market data available to estimate fair value, including additional capital raising, internal valuation models, progress towards key business milestones, and other relevant market data points. Quantitative Information about Non-recurring Level 3 Fair Value Measurements (in thousands) Fair Value as of December 31, 2019 Valuation Method Unobservable Input Weighted Average Frac sand assets (a) $ 16,546 Third party appraisal Various N/A Real property (b) 608 Market approach Various N/A Equity method investment (c) 12,424 Discounted cash flow analysis Various N/A (a) The Company recognized impairment charges on long lived related to its frac sand business. The fair value of the assets were determined using prior transactions and third-party appraisals. These measures are considered Level 3 inputs on a nonrecurring basis. (b) The Company recognized impairment charges on certain Trade assets and measured the fair value using Level 3 inputs on a nonrecurring basis. The fair value of the assets were determined using prior transactions in the local market and a recent sale of comparable Trade group assets held by the Company. (c) The Company recorded an other-than-temporary impairment charge on an existing equity method investment. The fair value of the investment was determined using a discounted cash flow analysis. |
Fair value of long-term debt estimated using quoted market prices or discounted future cash flows | The fair value of the Company’s long-term debt is estimated using quoted market prices or discounted future cash flows based on the Company’s current incremental borrowing rates for similar types of borrowing arrangements. As such, the Company has concluded that the fair value of long-term debt is considered Level 2 in the fair value hierarchy. (in thousands) September 30, December 31, September 30, Fair value of long-term debt, including current maturities $ 1,022,113 $ 1,096,010 $ 1,046,063 Fair value in excess of carrying value (a) 31,080 8,257 11,047 (a) Carrying value used for this purpose excludes unamortized debt issuance costs. |
Related Parties (Tables)
Related Parties (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Related Party Transactions [Abstract] | |
Schedule of related party transactions | The following table sets forth the related party transactions entered into for the time periods presented: Three months ended September 30, Nine months ended September 30, (in thousands) 2020 2019 2020 2019 Sales revenues $ 44,789 $ 52,875 $ 129,143 $ 171,897 Service fee revenues (a) — 2,852 — 11,015 Purchases of product and capital assets 16,641 174,420 38,637 520,091 Lease income (b) 142 1,887 440 5,195 Labor and benefits reimbursement (c) — 3,513 — 10,973 (a) Prior period service fee revenues include management fees, corn origination fees, ethanol and distillers dried grains ("DDG") marketing fees, and other commissions. In the current period these revenues are now eliminated in consolidation as a result of the TAMH merger. (b) Prior period lease income includes certain railcars leased to related parties and the lease of the Company’s Albion, Michigan and Clymers, Indiana grain facilities. This income is now eliminated in consolidation as a result of the TAMH merger. (c) Prior period labor and benefits reimbursement includes all operations labor to the unconsolidated ethanol LLCs. This reimbursement is now eliminated in consolidation as a result of the TAMH merger. (in thousands) September 30, 2020 December 31, 2019 September 30, 2019 Accounts receivable (d) $ 7,184 $ 10,603 $ 23,394 Accounts payable (e) 3,058 12,303 21,201 (d) Accounts receivable represents amounts due from related parties for the sale of ethanol and other various items. (e) Accounts payable represents amounts due to related parties for purchases of ethanol equipment and other various items. |
Segment Information (Tables)
Segment Information (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Segment Reporting [Abstract] | |
Segment Information | The segment information below includes the allocation of expenses shared by one or more operating segments. Although management believes such allocations are reasonable, the operating information does not necessarily reflect how such data might appear if the segments were operated as separate businesses. The Company does not have any customers who represent 10 percent or more of total revenue. Three months ended September 30, Nine months ended September 30, (in thousands) 2020 2019 2020 2019 Revenues from external customers Trade $ 1,432,922 $ 1,515,107 $ 4,162,130 $ 4,753,375 Ethanol 349,957 319,105 886,742 899,137 Plant Nutrient 102,707 109,446 507,445 508,548 Rail 36,647 39,097 109,202 123,528 Total $ 1,922,233 $ 1,982,755 $ 5,665,519 $ 6,284,588 Three months ended September 30, Nine months ended September 30, (in thousands) 2020 2019 2020 2019 Income (loss) before income taxes attributable to the Company Trade $ 5,941 $ (2,122) $ (3,650) $ 2,610 Ethanol 1,148 1,070 (21,960) 7,827 Plant Nutrient (5,387) (7,440) 12,828 4,534 Rail (139) 3,137 3,474 10,629 Other (7,335) (6,094) (17,351) (15,599) Income (loss) before income taxes attributable to the Company (5,772) (11,449) (26,659) 10,001 Income (loss) attributable to noncontrolling interests 3,273 (1,633) (20,583) (2,265) Income (loss) before income taxes $ (2,499) $ (13,082) $ (47,242) $ 7,736 (in thousands) September 30, 2020 December 31, 2019 September 30, 2019 Identifiable assets Trade $ 1,642,220 $ 2,012,060 $ 1,712,350 Ethanol 625,587 690,548 372,663 Plant Nutrient 343,121 383,781 376,615 Rail 641,797 693,931 679,056 Other 158,886 120,421 143,768 Total $ 3,411,611 $ 3,900,741 $ 3,284,452 |
Supplemental Cash Flow Inform_2
Supplemental Cash Flow Information (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Supplemental Cash Flow Information [Abstract] | |
Schedule of Cash Flow Supplemental Information | Certain supplemental cash flow information, including noncash investing and financing activities for the nine months ended September 30, 2020 and 2019 are as follows: Nine months ended September 30, (in thousands) 2020 2019 Supplemental disclosure of cash flow information Interest paid $ 38,978 $ 47,164 Noncash investing and financing activity Dividends declared not yet paid 5,770 5,547 Capital projects incurred but not yet paid 5,534 8,245 Equity issued in conjunction with acquisition — 127,841 Removal of pre-existing equity method investment — (159,459) Purchase price holdback/ other accrued liabilities — 29,956 |
Goodwill (Tables)
Goodwill (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Carrying Amount of Goodwill by Reportable Segment | The changes in the carrying amount of goodwill by reportable segment for the nine months ended September 30, 2020 are as follows: (in thousands) Trade Ethanol Plant Nutrient Rail Total Balance at December 31, 2019 $ 127,781 $ 2,726 $ 686 $ 4,167 $ 135,360 Reorganization (a) (5,714) 5,714 — — — Acquisitions (b) — 349 — — 349 Balance at September 30, 2020 $ 122,067 $ 8,789 $ 686 $ 4,167 $ 135,709 (a) Reorganization related to move of the DDG business line from the Trade to Ethanol segment. (b) Acquisitions represent the finalized goodwill allocation from the TAMH acquisition. |
Basis of Presentation and Con_3
Basis of Presentation and Consolidation (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Sep. 30, 2019 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Restricted cash | $ 8.7 | $ 9 |
Inventories (Details)
Inventories (Details) $ in Thousands, bu in Millions | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2020USD ($) | Sep. 30, 2020USD ($)bu | Sep. 30, 2019USD ($)bu | Dec. 31, 2019USD ($)bu | |
Inventory [Line Items] | ||||
Grain and other agricultural products | $ 557,808 | $ 560,626 | $ 907,482 | |
Frac sand and propane | 10,064 | 14,592 | 15,438 | |
Ethanol and co-products | 59,543 | 26,218 | 95,432 | |
Plant nutrients and cob products | 120,173 | 133,839 | 146,164 | |
Railcar repair parts | 7,016 | 5,811 | 6,020 | |
Total inventories | $ 754,604 | $ 741,086 | $ 1,170,536 | |
Bushels of grain held in storage for others and excluded from inventory calculations | bu | 2.3 | 2.7 | 6.4 | |
Inventory write down | $ 10,933 | $ 0 | ||
RMI | ||||
Inventory [Line Items] | ||||
Grain and other agricultural products | 512,900 | 488,200 | $ 852,600 | |
Ethanol and co-products | 10,400 | $ 12,600 | $ 10,600 | |
COVID-19 Pandemic | ||||
Inventory [Line Items] | ||||
Inventory write down | $ 10,600 | $ 10,900 |
Property, Plant and Equipment_2
Property, Plant and Equipment (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 | Sep. 30, 2019 |
Components of property, plant and equipment | |||
Land | $ 40,223 | $ 40,442 | $ 39,393 |
Land improvements and leasehold improvements | 96,290 | 103,148 | 95,720 |
Buildings and storage facilities | 384,203 | 373,961 | 354,625 |
Machinery and equipment | 906,864 | 835,156 | 608,831 |
Construction in progress | 21,657 | 59,993 | 54,163 |
Property, plant and equipment, gross | 1,449,237 | 1,412,700 | 1,152,732 |
Less: accumulated depreciation | 560,726 | 474,282 | 449,336 |
Property, plant and equipment, net | $ 888,511 | $ 938,418 | $ 703,396 |
Property, Plant and Equipment_3
Property, Plant and Equipment (Textual) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Property, Plant and Equipment [Line Items] | ||||
Depreciation expense | $ 31.6 | $ 18.3 | $ 93.8 | $ 51 |
Depreciation expense on railcar assets leased to others | $ 7.7 | 7.4 | ||
Rail | ||||
Property, Plant and Equipment [Line Items] | ||||
Depreciation expense on railcar assets leased to others | $ 23.1 | $ 21.1 | ||
Trade | ||||
Property, Plant and Equipment [Line Items] | ||||
Impairment charge | $ 3.1 |
Property, Plant and Equipment_4
Property, Plant and Equipment (Rail Group Assets) (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 | Sep. 30, 2019 |
Components of Railcar assets leased to others | |||
Rail Group assets leased to others, gross | $ 741,080 | $ 723,004 | $ 699,972 |
Less: accumulated depreciation | 153,229 | 138,706 | 134,226 |
Railcar assets leased to others, net | $ 587,851 | $ 584,298 | $ 565,746 |
Debt (Details)
Debt (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 | Sep. 30, 2019 |
Debt Instrument [Line Items] | |||
Short-term debt | $ 100,405 | $ 147,031 | $ 138,249 |
Long-term debt | |||
Current maturities of long-term debt | 67,786 | 62,899 | 66,899 |
Total current maturities of long-term debt | 67,786 | 62,899 | 66,899 |
Long-term debt, less current maturities | 916,087 | 1,016,248 | 968,117 |
Total long-term debt, less: current maturities | 916,087 | 1,016,248 | 968,117 |
Nonrecourse | |||
Debt Instrument [Line Items] | |||
Short-term debt | 40,985 | 54,029 | 35,278 |
Long-term debt | |||
Current maturities of long-term debt | 5,059 | 9,545 | 10,122 |
Long-term debt, less current maturities | 641,804 | 685,998 | 724,838 |
Recourse | |||
Debt Instrument [Line Items] | |||
Short-term debt | 59,420 | 93,002 | 102,971 |
Long-term debt | |||
Current maturities of long-term debt | 62,727 | 53,354 | 56,777 |
Long-term debt, less current maturities | 274,283 | $ 330,250 | $ 243,279 |
Line of credit | |||
Long-term debt | |||
Credit facility, maximum borrowing capacity | 1,693,200 | ||
Total available for borrowings under lines of credit | $ 1,358,900 |
Debt (Textual) (Details)
Debt (Textual) (Details) - Line of credit $ in Millions | Sep. 30, 2020USD ($) |
Line of Credit Facility [Line Items] | |
Credit facility, maximum borrowing capacity | $ 1,693.2 |
Total available for borrowings under lines of credit | $ 1,358.9 |
Derivatives (Textual) (Details)
Derivatives (Textual) (Details) | 9 Months Ended |
Sep. 30, 2020 | |
Derivative [Line Items] | |
Maximum period in which contracts for the sale of grain to processors or other consumers extend (years) | 1 year |
Derivatives (Net Asset or Liabi
Derivatives (Net Asset or Liability Positions in Balance Sheet) (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 | Sep. 30, 2019 |
Estimated fair value of Company's commodity derivative instruments for cash collateral and associated cash as collateral | |||
Net derivative asset position, Collateral paid (received) | $ 70,446 | $ 56,005 | $ 23,997 |
Net derivative liability position, Fair value of derivatives | (58,495) | (10,323) | |
Net derivative asset position, Fair value of derivatives | 10,199 | ||
Net derivative asset position, net | $ 11,951 | $ 45,682 | $ 34,196 |
Derivatives (Gross Current and
Derivatives (Gross Current and Noncurrent Assets and Liabilities) (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 | Sep. 30, 2019 |
Derivatives, Fair Value [Line Items] | |||
Commodity derivative assets | $ 10,199 | ||
Commodity derivative liabilities | $ (58,495) | $ (10,323) | |
Commodity derivative assets - current | 140,066 | 107,863 | 120,510 |
Commodity derivative liabilities - current | (79,159) | (46,942) | (67,606) |
Commodity | |||
Derivatives, Fair Value [Line Items] | |||
Commodity derivative assets | 170,483 | 100,931 | 130,195 |
Commodity derivative liabilities | (177,413) | (95,571) | (101,305) |
Cash collateral paid | 70,446 | 56,005 | |
Cash collateral paid | 23,997 | ||
Total | 63,516 | 61,365 | 52,887 |
Commodity | Commodity Derivative Assets - Current | |||
Derivatives, Fair Value [Line Items] | |||
Commodity derivative assets | 159,553 | 92,429 | 122,462 |
Commodity derivative liabilities | (89,933) | (40,571) | (29,566) |
Cash collateral paid | 70,446 | 56,005 | |
Cash collateral paid | 27,614 | ||
Commodity derivative assets - current | 140,066 | 107,863 | 120,510 |
Commodity | Commodity Derivative Assets - Noncurrent | |||
Derivatives, Fair Value [Line Items] | |||
Commodity derivative assets | 3,565 | 1,045 | 1,951 |
Commodity derivative liabilities | (508) | (96) | (8) |
Cash collateral paid | 0 | 0 | |
Cash collateral paid | 0 | ||
Commodity derivative assets - noncurrent | 3,057 | 949 | 1,943 |
Commodity | Commodity Derivative Liabilities - Current | |||
Derivatives, Fair Value [Line Items] | |||
Commodity derivative assets | 7,323 | 7,439 | 5,715 |
Commodity derivative liabilities | (86,482) | (54,381) | (69,704) |
Cash collateral paid | 0 | 0 | |
Cash collateral paid | (3,617) | ||
Commodity derivative liabilities - current | (79,159) | (46,942) | (67,606) |
Commodity | Commodity Derivative Liabilities - Noncurrent | |||
Derivatives, Fair Value [Line Items] | |||
Commodity derivative assets | 42 | 18 | 67 |
Commodity derivative liabilities | (490) | (523) | (2,027) |
Cash collateral paid | 0 | 0 | |
Cash collateral paid | 0 | ||
Commodity derivative liabilities - noncurrent | $ (448) | $ (505) | $ (1,960) |
Derivatives (Pre-tax Gains and
Derivatives (Pre-tax Gains and Losses) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Commodity | Cost of sales and merchandising revenues | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gains (losses) on derivatives instruments recognized in earnings | $ (52,047) | $ (27,586) | $ (12,290) | $ 25,469 |
Not Designated as Hedging Instrument | Interest rate contracts | Operating, administrative and general expenses | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gains (losses) on derivatives instruments recognized in earnings | 357 | (36) | (363) | (972) |
Not Designated as Hedging Instrument | Foreign currency contract | Other Income, Net | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gains (losses) on derivatives instruments recognized in earnings | 0 | (615) | 0 | (684) |
Designated as Hedging Instrument | Interest rate contracts | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Interest rate derivative losses included in Other Comprehensive Income (Loss) | 2,373 | (3,798) | (18,284) | (16,547) |
Designated as Hedging Instrument | Interest rate contracts | Operating, administrative and general expenses | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Interest rate derivatives (losses) included in Interest income (expense), net | $ (2,345) | $ (224) | $ (5,045) | $ (243) |
Derivatives (Volume of Contract
Derivatives (Volume of Contracts Outstanding) (Details) lb in Thousands, gal in Thousands, bu in Thousands, T in Thousands | Sep. 30, 2020bu | Sep. 30, 2020gal | Sep. 30, 2020lb | Sep. 30, 2020T | Dec. 31, 2019bu | Dec. 31, 2019gal | Dec. 31, 2019lb | Dec. 31, 2019T | Sep. 30, 2019bu | Sep. 30, 2019gal | Sep. 30, 2019lb | Sep. 30, 2019T |
Amounts of quantities outstanding included in commodity derivative contracts | ||||||||||||
Nonmonetary notional amount | 1,234,707 | 158,715 | 62,772 | 2,420 | 1,055,476 | 300,982 | 14,873 | 2,495 | 1,258,761 | 421,253 | 5,385 | 3,467 |
Non-exchange Traded | ||||||||||||
Amounts of quantities outstanding included in commodity derivative contracts | ||||||||||||
Nonmonetary notional amount | 811,957 | 100,125 | 62,756 | 2,237 | 724,330 | 120,448 | 14,873 | 2,263 | 842,811 | 262,965 | 5,385 | 3,178 |
Non-exchange Traded | Corn | ||||||||||||
Amounts of quantities outstanding included in commodity derivative contracts | ||||||||||||
Nonmonetary notional amount | 527,924 | 0 | 0 | 0 | 552,359 | 0 | 0 | 0 | 653,757 | 0 | 0 | 0 |
Non-exchange Traded | Soybeans | ||||||||||||
Amounts of quantities outstanding included in commodity derivative contracts | ||||||||||||
Nonmonetary notional amount | 121,248 | 0 | 0 | 0 | 34,912 | 0 | 0 | 0 | 46,895 | 0 | 0 | 0 |
Non-exchange Traded | Wheat | ||||||||||||
Amounts of quantities outstanding included in commodity derivative contracts | ||||||||||||
Nonmonetary notional amount | 80,546 | 0 | 0 | 0 | 100,996 | 0 | 0 | 0 | 90,598 | 0 | 0 | 0 |
Non-exchange Traded | Oats | ||||||||||||
Amounts of quantities outstanding included in commodity derivative contracts | ||||||||||||
Nonmonetary notional amount | 40,004 | 0 | 0 | 0 | 24,700 | 0 | 0 | 0 | 36,365 | 0 | 0 | 0 |
Non-exchange Traded | Ethanol | ||||||||||||
Amounts of quantities outstanding included in commodity derivative contracts | ||||||||||||
Nonmonetary notional amount | 0 | 96,470 | 0 | 0 | 0 | 116,448 | 0 | 0 | 0 | 256,815 | 0 | 0 |
Non-exchange Traded | Corn oil | ||||||||||||
Amounts of quantities outstanding included in commodity derivative contracts | ||||||||||||
Nonmonetary notional amount | 0 | 0 | 45,144 | 0 | 0 | 0 | 14,568 | 0 | 0 | 0 | 5,022 | 0 |
Non-exchange Traded | Soybean Oil | ||||||||||||
Amounts of quantities outstanding included in commodity derivative contracts | ||||||||||||
Nonmonetary notional amount | 0 | 0 | 17,262 | 0 | ||||||||
Non-exchange Traded | Other | ||||||||||||
Amounts of quantities outstanding included in commodity derivative contracts | ||||||||||||
Nonmonetary notional amount | 42,235 | 3,655 | 350 | 2,237 | 11,363 | 4,000 | 305 | 2,263 | 15,196 | 6,150 | 363 | 3,178 |
Exchange Traded | ||||||||||||
Amounts of quantities outstanding included in commodity derivative contracts | ||||||||||||
Nonmonetary notional amount | 422,750 | 58,590 | 16 | 183 | 331,146 | 180,534 | 0 | 232 | 415,950 | 158,288 | 0 | 289 |
Exchange Traded | Corn | ||||||||||||
Amounts of quantities outstanding included in commodity derivative contracts | ||||||||||||
Nonmonetary notional amount | 250,445 | 0 | 0 | 0 | 221,740 | 0 | 0 | 0 | 280,890 | 0 | 0 | 0 |
Exchange Traded | Soybeans | ||||||||||||
Amounts of quantities outstanding included in commodity derivative contracts | ||||||||||||
Nonmonetary notional amount | 62,785 | 0 | 0 | 0 | 39,145 | 0 | 0 | 0 | 58,980 | 0 | 0 | 0 |
Exchange Traded | Wheat | ||||||||||||
Amounts of quantities outstanding included in commodity derivative contracts | ||||||||||||
Nonmonetary notional amount | 108,805 | 0 | 0 | 0 | 68,171 | 0 | 0 | 0 | 75,345 | 0 | 0 | 0 |
Exchange Traded | Oats | ||||||||||||
Amounts of quantities outstanding included in commodity derivative contracts | ||||||||||||
Nonmonetary notional amount | 715 | 0 | 0 | 0 | 2,090 | 0 | 0 | 0 | 735 | 0 | 0 | 0 |
Exchange Traded | Ethanol | ||||||||||||
Amounts of quantities outstanding included in commodity derivative contracts | ||||||||||||
Nonmonetary notional amount | 0 | 19,488 | 0 | 0 | 0 | 175,353 | 0 | 0 | 0 | 145,769 | 0 | 0 |
Exchange Traded | Propane | ||||||||||||
Amounts of quantities outstanding included in commodity derivative contracts | ||||||||||||
Nonmonetary notional amount | 0 | 31,962 | 0 | 0 | 0 | 5,166 | 0 | 0 | 0 | 12,516 | 0 | 0 |
Exchange Traded | Other | ||||||||||||
Amounts of quantities outstanding included in commodity derivative contracts | ||||||||||||
Nonmonetary notional amount | 0 | 7,140 | 16 | 183 | 0 | 15 | 0 | 232 | 0 | 3 | 0 | 289 |
Derivatives (Fair Value of the
Derivatives (Fair Value of the Company's Other Derivatives) (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 | Sep. 30, 2019 |
Not Designated as Hedging Instrument | Accrued expenses and other current liabilities | Interest rate contracts | |||
Derivative [Line Items] | |||
Derivative liabilities | $ (879) | $ 0 | $ 0 |
Not Designated as Hedging Instrument | Accrued expenses and other current liabilities | Foreign currency contract | |||
Derivative [Line Items] | |||
Derivative liabilities | 115 | ||
Not Designated as Hedging Instrument | Other long term liabilities | Interest rate contracts | |||
Derivative [Line Items] | |||
Derivative liabilities | (491) | (1,007) | (1,261) |
Not Designated as Hedging Instrument | Other current assets | Foreign currency contract | |||
Derivative [Line Items] | |||
Derivative assets | 326 | 2,742 | |
Designated as Hedging Instrument | Accrued expenses and other current liabilities | Interest rate contracts | |||
Derivative [Line Items] | |||
Derivative liabilities | (8,431) | (3,118) | (2,981) |
Designated as Hedging Instrument | Other long term liabilities | Interest rate contracts | |||
Derivative [Line Items] | |||
Derivative liabilities | $ (22,409) | $ (9,382) | $ (13,649) |
Derivatives (Outstanding Intere
Derivatives (Outstanding Interest Rate Derivatives) (Details) $ in Millions | 9 Months Ended |
Sep. 30, 2020USD ($) | |
Derivative [Line Items] | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | Derivatives The Company’s operating results are affected by changes to commodity prices. The Trade and Ethanol businesses have established “unhedged” futures position limits (the amount of a commodity, either owned or contracted for, that does not have an offsetting derivative contract to lock in the price). To reduce the exposure to market price risk on commodities owned and forward purchase and sale contracts, the Company enters into exchange traded commodity futures and options contracts and over-the-counter forward and option contracts with various counterparties. These contracts are primarily traded via regulated commodity exchanges. The Company’s forward purchase and sales contracts are for physical delivery of the commodity in a future period. Contracts to purchase commodities from producers generally relate to the current or future crop years for delivery periods quoted by regulated commodity exchanges. Most contracts for the sale of commodities to processors or other commercial consumers generally do not extend beyond one year. Most of these contracts meet the definition of derivatives. While the Company considers its commodity contracts to be effective economic hedges, the Company does not designate or account for its commodity contracts as hedges as defined under current accounting standards. The Company primarily accounts for its commodity derivatives at estimated fair value. The estimated fair value of the commodity derivative contracts that require the receipt or posting of cash collateral is recorded on a net basis (offset against cash collateral posted or received, also known as margin deposits) within commodity derivative assets or liabilities. Management determines fair value based on exchange-quoted prices and in the case of its forward purchase and sale contracts, estimated fair value is adjusted for differences in local markets and non-performance risk. For contracts for which physical delivery occurs, balance sheet classification is based on estimated delivery date. For futures, options and over-the-counter contracts in which physical delivery is not expected to occur but, rather, the contract is expected to be net settled, the Company classifies these contracts as current or noncurrent assets or liabilities, as appropriate, based on the Company’s expectations as to when such contracts will be settled. Realized and unrealized gains and losses in the value of commodity contracts (whether due to changes in commodity prices, changes in performance or credit risk, or due to sale, maturity or extinguishment of the commodity contract) and commodity inventories are included in cost of sales and merchandising revenues. Generally accepted accounting principles permit a party to a master netting arrangement to offset fair value amounts recognized for derivative instruments against the right to reclaim cash collateral or obligation to return cash collateral under the same master netting arrangement. The Company has master netting arrangements for its exchange traded futures and options contracts and certain over-the-counter contracts. When the Company enters into a future, option or an over-the-counter contract, an initial margin deposit may be required by the counterparty. The amount of the margin deposit varies by commodity. If the market price of a future, option or an over-the-counter contract moves in a direction that is adverse to the Company’s position, an additional margin deposit, called a maintenance margin, is required. The margin deposit assets and liabilities are included in short-term commodity derivative assets or liabilities, as appropriate, in the Condensed Consolidated Balance Sheets. The following table presents at September 30, 2020, December 31, 2019 and September 30, 2019, a summary of the estimated fair value of the Company’s commodity derivative instruments that require cash collateral and the associated cash posted/received as collateral. The net asset or liability positions of these derivatives (net of their cash collateral) are determined on a counterparty-by-counterparty basis and are included within current or non-current commodity derivative assets (or liabilities) on the Condensed Consolidated Balance Sheets: (in thousands) September 30, 2020 December 31, 2019 September 30, 2019 Cash collateral paid $ 70,446 $ 56,005 $ 23,997 Fair value of derivatives (58,495) (10,323) 10,199 Net derivative asset position $ 11,951 $ 45,682 $ 34,196 The following table presents, on a gross basis, current and non-current commodity derivative assets and liabilities: September 30, 2020 (in thousands) Commodity Derivative Assets - Current Commodity Derivative Assets - Noncurrent Commodity Derivative Liabilities - Current Commodity Derivative Liabilities - Noncurrent Total Commodity derivative assets $ 159,553 $ 3,565 $ 7,323 $ 42 $ 170,483 Commodity derivative liabilities (89,933) (508) (86,482) (490) (177,413) Cash collateral paid 70,446 — — — 70,446 Balance sheet line item totals $ 140,066 $ 3,057 $ (79,159) $ (448) $ 63,516 December 31, 2019 (in thousands) Commodity Derivative Assets - Current Commodity Derivative Assets - Noncurrent Commodity Derivative Liabilities - Current Commodity Derivative Liabilities - Noncurrent Total Commodity derivative assets $ 92,429 $ 1,045 $ 7,439 $ 18 $ 100,931 Commodity derivative liabilities (40,571) (96) (54,381) (523) (95,571) Cash collateral paid 56,005 — — — 56,005 Balance sheet line item totals $ 107,863 $ 949 $ (46,942) $ (505) $ 61,365 September 30, 2019 (in thousands) Commodity Derivative Assets - Current Commodity Derivative Assets - Noncurrent Commodity Derivative Liabilities - Current Commodity Derivative Liabilities - Noncurrent Total Commodity derivative assets $ 122,462 $ 1,951 $ 5,715 $ 67 $ 130,195 Commodity derivative liabilities (29,566) (8) (69,704) (2,027) (101,305) Cash collateral paid 27,614 — (3,617) — 23,997 Balance sheet line item totals $ 120,510 $ 1,943 $ (67,606) $ (1,960) $ 52,887 The net pre-tax gains and losses on commodity derivatives not designated as hedging instruments included in the Company’s Condensed Consolidated Statements of Operations and the line item in which they are located for the three and nine months ended September 30, 2020 and 2019 are as follows: Three months ended September 30, Nine months ended September 30, (in thousands) 2020 2019 2020 2019 Gains (losses) on commodity derivatives included in cost of sales and merchandising revenues $ (52,047) $ (27,586) $ (12,290) $ 25,469 The Company had the following volume of commodity derivative contracts outstanding (on a gross basis) at September 30, 2020, December 31, 2019 and September 30, 2019: 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 December 31, 2019 (in thousands) Number of Bushels Number of Gallons Number of Pounds Number of Tons Non-exchange traded: Corn 552,359 — — — Soybeans 34,912 — — — Wheat 100,996 — — — Oats 24,700 — — — Ethanol — 116,448 — — Corn oil — — 14,568 — Other 11,363 4,000 305 2,263 Subtotal 724,330 120,448 14,873 2,263 Exchange traded: Corn 221,740 — — — Soybeans 39,145 — — — Wheat 68,171 — — — Oats 2,090 — — — Ethanol — 175,353 — — Propane — 5,166 — — Other — 15 — 232 Subtotal 331,146 180,534 — 232 Total 1,055,476 300,982 14,873 2,495 September 30, 2019 (in thousands) Number of Bushels Number of Gallons Number of Pounds Number of Tons Non-exchange traded: Corn 653,757 — — — Soybeans 46,895 — — — Wheat 90,598 — — — Oats 36,365 — — — Ethanol — 256,815 — — Corn oil — — 5,022 — Other 15,196 6,150 363 3,178 Subtotal 842,811 262,965 5,385 3,178 Exchange traded: Corn 280,890 — — — Soybeans 58,980 — — — Wheat 75,345 — — — Oats 735 — — — Ethanol — 145,769 — — Propane — 12,516 — — Other — 3 — 289 Subtotal 415,950 158,288 — 289 Total 1,258,761 421,253 5,385 3,467 Interest Rate and Other Derivatives The Company’s objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish these objectives, the Company primarily uses interest rate swaps as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. The gains or losses on the derivatives designated as hedging instruments are recorded in Other Comprehensive Income (Loss) and subsequently reclassified into interest expense in the same periods during which the hedged transaction affects earnings. Amounts reported in accumulated other comprehensive income related to derivatives will be reclassified to interest expense as interest payments are made on the Company’s variable-rate debt. At September 30, 2020, December 31, 2019 and September 30, 2019, the Company had recorded the following amounts for the fair value of the Company's other derivatives: (in thousands) September 30, 2020 December 31, 2019 September 30, 2019 Derivatives not designated as hedging instruments Interest rate contracts included in Accrued expenses and other current liabilities $ (879) $ — $ — Interest rate contracts included in Other long-term liabilities (491) (1,007) (1,261) Foreign currency contracts included in Other current assets 326 2,742 115 Derivatives designated as hedging instruments Interest rate contracts included in Accrued expenses and other current liabilities (8,431) (3,118) (2,981) Interest rate contracts included in Other long-term liabilities $ (22,409) $ (9,382) $ (13,649) The recording of derivatives gains and losses and the financial statement line in which they are located are as follows: Three months ended September 30, Nine months ended September 30, (in thousands) 2020 2019 2020 2019 Derivatives not designated as hedging instruments Interest rate derivative gains (losses) included in Interest income (expense), net $ 357 $ (36) $ (363) $ (972) Foreign currency derivative losses included in Other income (loss), net — (615) — (684) Derivatives designated as hedging instruments Interest rate derivative losses included in Other Comprehensive Income (Loss) 2,373 (3,798) (18,284) (16,547) Interest rate derivatives (losses) included in Interest income (expense), net $ (2,345) $ (224) $ (5,045) $ (243) Outstanding interest rate derivatives, as of September 30, 2020, are as follows: Interest Rate Hedging Instrument Year Entered Year of Maturity Initial Notional Amount Description Interest Rate Long-term Swap 2014 2023 $ 23.0 Interest rate component of debt - not accounted for as a hedge 1.9% Collar 2016 2021 $ 40.0 Interest rate component of debt - not accounted for as a hedge 3.5% to 4.8% Swap 2017 2022 $ 20.0 Interest rate component of debt - accounted for as a hedge 1.8% Swap 2018 2023 $ 10.0 Interest rate component of debt - accounted for as a hedge 2.6% Swap 2018 2025 $ 20.0 Interest rate component of debt - accounted for as a hedge 2.7% Swap 2018 2021 $ 40.0 Interest rate component of debt - accounted for as a hedge 2.6% Swap 2018 2021 $ 25.0 Interest rate component of debt - accounted for as a hedge 2.5% Swap 2019 2021 $ 50.0 Interest rate component of debt - accounted for as a hedge 2.5% Swap 2019 2025 $ 100.0 Interest rate component of debt - accounted for as a hedge 2.5% Swap 2019 2025 $ 50.0 Interest rate component of debt - accounted for as a hedge 2.5% Swap 2019 2025 $ 50.0 Interest rate component of debt - accounted for as a hedge 2.5% Swap 2020 2023 $ 50.0 Interest rate component of debt - accounted for as a hedge 0.8% Swap 2020 2023 $ 50.0 Interest rate component of debt - accounted for as a hedge 0.7% Swap 2020 2030 $ 50.0 Interest rate component of debt - accounted for as a hedge 0.0% to 0.8% Swap 2020 2030 $ 50.0 Interest rate component of debt - accounted for as a hedge 0.0% to 0.8% |
Not Accounted for as Hedge | Long-term | Swap 1.9% | |
Derivative [Line Items] | |
Notional amount | $ 23 |
Interest rate | 1.90% |
Not Accounted for as Hedge | Long-term | Collar 3.5% to 4.8% | |
Derivative [Line Items] | |
Notional amount | $ 40 |
Not Accounted for as Hedge | Long-term | Collar 3.5% to 4.8% | Minimum | |
Derivative [Line Items] | |
Interest rate | 3.50% |
Not Accounted for as Hedge | Long-term | Collar 3.5% to 4.8% | Maximum | |
Derivative [Line Items] | |
Interest rate | 4.80% |
Not Accounted for as Hedge | Long-term | Swap 0.0% to 0.8% | Minimum | |
Derivative [Line Items] | |
Interest rate | 0.00% |
Not Accounted for as Hedge | Long-term | Swap 0.0% to 0.8% | Maximum | |
Derivative [Line Items] | |
Interest rate | 0.80% |
Not Accounted for as Hedge | Long-term | Swap 0.0% to 0.8% | Minimum | |
Derivative [Line Items] | |
Interest rate | 0.00% |
Not Accounted for as Hedge | Long-term | Swap 0.0% to 0.8% | Maximum | |
Derivative [Line Items] | |
Interest rate | 0.80% |
Accounted for as Hedge | Long-term | Swap 1.8% | |
Derivative [Line Items] | |
Notional amount | $ 20 |
Interest rate | 1.80% |
Accounted for as Hedge | Long-term | Swap 2.6% | |
Derivative [Line Items] | |
Notional amount | $ 10 |
Interest rate | 2.60% |
Accounted for as Hedge | Long-term | Swap 2.7% | |
Derivative [Line Items] | |
Notional amount | $ 20 |
Interest rate | 2.70% |
Accounted for as Hedge | Long-term | Swap 2.6% | |
Derivative [Line Items] | |
Notional amount | $ 40 |
Interest rate | 2.60% |
Accounted for as Hedge | Long-term | Swap 2.5% | |
Derivative [Line Items] | |
Notional amount | $ 25 |
Interest rate | 2.50% |
Accounted for as Hedge | Long-term | Swap 2.5% | |
Derivative [Line Items] | |
Notional amount | $ 50 |
Interest rate | 2.50% |
Accounted for as Hedge | Long-term | Swap 2.5% | |
Derivative [Line Items] | |
Notional amount | $ 100 |
Interest rate | 2.50% |
Accounted for as Hedge | Long-term | Swap 2.5% | |
Derivative [Line Items] | |
Notional amount | $ 50 |
Interest rate | 2.50% |
Accounted for as Hedge | Long-term | Swap 2.5% | |
Derivative [Line Items] | |
Notional amount | $ 50 |
Interest rate | 2.50% |
Accounted for as Hedge | Long-term | Swap 0.8% | |
Derivative [Line Items] | |
Notional amount | $ 50 |
Interest rate | 0.80% |
Accounted for as Hedge | Long-term | Swap 0.7% | |
Derivative [Line Items] | |
Notional amount | $ 50 |
Interest rate | 0.70% |
Accounted for as Hedge | Long-term | Swap 0.0% to 0.8% | |
Derivative [Line Items] | |
Notional amount | $ 50 |
Accounted for as Hedge | Long-term | Swap 0.0% to 0.8% | |
Derivative [Line Items] | |
Notional amount | $ 50 |
Revenue (Breakdown of Revenues
Revenue (Breakdown of Revenues by Accounting Standards) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Revenue from contract with customers | $ 295,850 | $ 273,945 | $ 1,102,457 | $ 1,083,383 |
Total Revenues | 1,922,233 | 1,982,755 | 5,665,519 | 6,284,588 |
Revenues under ASC 606 | ||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Revenue from contract with customers | 295,850 | 273,945 | 1,102,457 | 1,083,383 |
Revenues under ASC 842 | ||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Total Revenues | 23,056 | 26,418 | 73,375 | 87,122 |
Revenues under ASC 815 | ||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Total Revenues | $ 1,603,327 | $ 1,682,392 | $ 4,489,687 | $ 5,114,083 |
Revenue (Disaggregation of Reve
Revenue (Disaggregation of Revenues) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Disaggregation of Revenue [Line Items] | ||||
Total | $ 295,850 | $ 273,945 | $ 1,102,457 | $ 1,083,383 |
Specialty nutrients | ||||
Disaggregation of Revenue [Line Items] | ||||
Total | 31,835 | 45,022 | 187,700 | 236,895 |
Primary nutrients | ||||
Disaggregation of Revenue [Line Items] | ||||
Total | 62,094 | 71,343 | 296,247 | 322,130 |
Service | ||||
Disaggregation of Revenue [Line Items] | ||||
Total | 13,119 | 16,688 | 37,334 | 53,324 |
Products and co-products | ||||
Disaggregation of Revenue [Line Items] | ||||
Total | 152,938 | 82,813 | 446,919 | 255,029 |
Frac sand and propane | ||||
Disaggregation of Revenue [Line Items] | ||||
Total | 21,676 | 47,188 | 92,990 | 184,418 |
Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Total | 14,188 | 10,891 | 41,267 | 31,587 |
Trade | ||||
Disaggregation of Revenue [Line Items] | ||||
Total | 81,335 | 114,462 | 282,519 | 441,263 |
Trade | Specialty nutrients | ||||
Disaggregation of Revenue [Line Items] | ||||
Total | 0 | 9,840 | 0 | 45,648 |
Trade | Primary nutrients | ||||
Disaggregation of Revenue [Line Items] | ||||
Total | 0 | 4,610 | 0 | 27,401 |
Trade | Service | ||||
Disaggregation of Revenue [Line Items] | ||||
Total | 2,010 | 2,507 | 6,053 | 11,077 |
Trade | Products and co-products | ||||
Disaggregation of Revenue [Line Items] | ||||
Total | 55,235 | 48,158 | 171,744 | 166,859 |
Trade | Frac sand and propane | ||||
Disaggregation of Revenue [Line Items] | ||||
Total | 21,676 | 47,188 | 92,990 | 184,418 |
Trade | Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Total | 2,414 | 2,159 | 11,732 | 5,860 |
Ethanol | ||||
Disaggregation of Revenue [Line Items] | ||||
Total | 98,216 | 38,005 | 276,656 | 98,538 |
Ethanol | Specialty nutrients | ||||
Disaggregation of Revenue [Line Items] | ||||
Total | 0 | 0 | 0 | 0 |
Ethanol | Primary nutrients | ||||
Disaggregation of Revenue [Line Items] | ||||
Total | 0 | 0 | 0 | 0 |
Ethanol | Service | ||||
Disaggregation of Revenue [Line Items] | ||||
Total | 0 | 3,187 | 0 | 10,170 |
Ethanol | Products and co-products | ||||
Disaggregation of Revenue [Line Items] | ||||
Total | 97,703 | 34,655 | 275,175 | 88,170 |
Ethanol | Frac sand and propane | ||||
Disaggregation of Revenue [Line Items] | ||||
Total | 0 | 0 | 0 | 0 |
Ethanol | Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Total | 513 | 163 | 1,481 | 198 |
Plant Nutrient | ||||
Disaggregation of Revenue [Line Items] | ||||
Total | 102,707 | 109,446 | 507,445 | 508,548 |
Plant Nutrient | Specialty nutrients | ||||
Disaggregation of Revenue [Line Items] | ||||
Total | 31,835 | 35,182 | 187,700 | 191,247 |
Plant Nutrient | Primary nutrients | ||||
Disaggregation of Revenue [Line Items] | ||||
Total | 62,094 | 66,733 | 296,247 | 294,729 |
Plant Nutrient | Service | ||||
Disaggregation of Revenue [Line Items] | ||||
Total | 975 | 1,275 | 3,753 | 3,133 |
Plant Nutrient | Products and co-products | ||||
Disaggregation of Revenue [Line Items] | ||||
Total | 0 | 0 | 0 | 0 |
Plant Nutrient | Frac sand and propane | ||||
Disaggregation of Revenue [Line Items] | ||||
Total | 0 | 0 | 0 | 0 |
Plant Nutrient | Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Total | 7,803 | 6,256 | 19,745 | 19,439 |
Rail | ||||
Disaggregation of Revenue [Line Items] | ||||
Total | 13,592 | 12,032 | 35,837 | 35,034 |
Rail | Specialty nutrients | ||||
Disaggregation of Revenue [Line Items] | ||||
Total | 0 | 0 | 0 | 0 |
Rail | Primary nutrients | ||||
Disaggregation of Revenue [Line Items] | ||||
Total | 0 | 0 | 0 | 0 |
Rail | Service | ||||
Disaggregation of Revenue [Line Items] | ||||
Total | 10,134 | 9,719 | 27,528 | 28,944 |
Rail | Products and co-products | ||||
Disaggregation of Revenue [Line Items] | ||||
Total | 0 | 0 | 0 | 0 |
Rail | Frac sand and propane | ||||
Disaggregation of Revenue [Line Items] | ||||
Total | 0 | 0 | 0 | 0 |
Rail | Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Total | $ 3,458 | $ 2,313 | $ 8,309 | $ 6,090 |
Revenue (Textual) (Details)
Revenue (Textual) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | |
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||||
Contract Liabilities | $ 18.6 | $ 18.6 | $ 28.5 | ||
Service | Transferred over Time | |||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||||
Revenue from contract with customer, percentage of service revenues | 4.00% | 5.00% | 4.00% | 5.00% |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Income Tax Disclosure [Abstract] | ||||
CARES Act, income tax benefit | $ 14,800 | |||
Income tax (benefit) expense | $ (4,714) | $ (7,212) | $ (18,378) | $ (1,657) |
Effective income tax rate | (188.60%) | (55.10%) | (38.90%) | (21.40%) |
Unrecognized tax benefits | $ 31,100 | $ 17,700 | $ 31,100 | $ 17,700 |
Unrecognized tax benefit, reduction of deferred tax asset and refundable credits | $ 28,600 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||||
Beginning Balance | $ 1,132,083 | $ 1,020,639 | $ 1,195,655 | $ 876,764 | |
Other comprehensive income (loss) before reclassifications | (1,405) | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (2,147) | (26) | (4,341) | (11,486) | |
Other comprehensive income (loss) | 4,015 | (1,379) | (14,999) | (1,233) | |
Ending Balance | 1,137,227 | 1,011,350 | 1,137,227 | 1,011,350 | |
Accumulated Other Comprehensive Income (Loss) | |||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||||
Beginning Balance | (26,245) | (6,241) | (7,231) | (6,387) | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (2,147) | (26) | (4,341) | (11,486) | |
Ending Balance | (22,230) | (7,620) | (22,230) | (7,620) | |
Currency Translation Adjustment | |||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||||
Beginning Balance | (2,325) | (976) | 1,065 | (11,550) | |
Other comprehensive income (loss) before reclassifications | 2,351 | 1,600 | (1,039) | 508 | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | [1] | 0 | 0 | 0 | 11,666 |
Other comprehensive income (loss) | 2,351 | 1,600 | (1,039) | 12,174 | |
Ending Balance | 26 | 624 | 26 | 624 | |
Hedging Adjustment | |||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||||
Beginning Balance | (24,966) | (9,700) | (9,443) | (126) | |
Other comprehensive income (loss) before reclassifications | (535) | (3,049) | (18,594) | (12,759) | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | [2] | 2,318 | 197 | 4,854 | 333 |
Other comprehensive income (loss) | 1,783 | (2,852) | (13,740) | (12,426) | |
Ending Balance | (23,183) | (12,552) | (23,183) | (12,552) | |
Pension and Other Postretirement Adjustment | |||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||||
Beginning Balance | 788 | 4,177 | 889 | 5,031 | |
Other comprehensive income (loss) before reclassifications | 52 | 44 | 293 | (468) | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | [3] | (171) | (171) | (513) | (513) |
Other comprehensive income (loss) | (119) | (127) | (220) | (981) | |
Ending Balance | 669 | 4,050 | 669 | 4,050 | |
Investments in Convertible Preferred Securities Adjustment | |||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||||
Beginning Balance | 258 | 258 | 258 | 258 | |
Other comprehensive income (loss) before reclassifications | 0 | 0 | 0 | 0 | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0 | 0 | 0 | 0 | |
Other comprehensive income (loss) | 0 | 0 | 0 | 0 | |
Ending Balance | $ 258 | $ 258 | $ 258 | $ 258 | |
[1] | Reflects foreign currency translation adjustments in Other income, net attributable to the consolidation of Thompsons Limited in 2019. | ||||
[2] | Amounts reclassified from gain (loss) on cash flow hedges are reclassified from AOCI to income when the hedged item affects earnings and is recognized in Interest expense, net. See Note 5 for additional information. | ||||
[3] | This accumulated other comprehensive loss component is included in the computation of net periodic benefit cost recorded in Operating, administrative and general expenses. |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Earnings Per Share [Abstract] | ||||
Net income attributable to The Andersons, Inc. | $ (1,058) | $ (4,237) | $ (8,281) | $ 11,658 |
Earnings per share - basic: | ||||
Weighted average shares outstanding - basic (shares) | 32,962 | 32,626 | 32,905 | 32,550 |
Earnings per common share - basic (dollars per share) | $ (0.03) | $ (0.13) | $ (0.25) | $ 0.36 |
Earnings per share - diluted: | ||||
Weighted average shares outstanding - basic (shares) | 32,962 | 32,626 | 32,905 | 32,550 |
Effect of dilutive awards (shares) | 0 | 0 | 0 | 484 |
Weighted average shares outstanding - diluted (shares) | 32,962 | 32,626 | 32,905 | 33,034 |
Earnings per common share - diluted (dollars per share) | $ (0.03) | $ (0.13) | $ (0.25) | $ 0.35 |
Outstanding share awards | 0 | 0 | 0 | |
Antidilutive awards (shares) | 60 |
Fair Value Measurements (Assets
Fair Value Measurements (Assets and Liabilities Measured on Recurring Basis) (Details) - Fair Value, Recurring [Member] - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | |
Assets and liabilities measured at fair value on a recurring basis | ||||
Commodity derivatives, net | [1] | $ 63,516 | $ 61,365 | $ 52,887 |
Provisionally price contracts | [2] | (27,731) | (186,651) | (103,292) |
Convertible preferred securities | [3] | 8,654 | 8,404 | 8,404 |
Other assets and liabilities | [4] | (27,212) | (4,038) | (12,288) |
Total | 17,227 | (120,920) | (54,289) | |
Level 1 | ||||
Assets and liabilities measured at fair value on a recurring basis | ||||
Commodity derivatives, net | [1] | 11,951 | 45,682 | 34,196 |
Provisionally price contracts | [2] | (5,190) | (118,414) | (79,757) |
Convertible preferred securities | [3] | 0 | 0 | 0 |
Other assets and liabilities | [4] | 4,998 | 9,469 | 5,603 |
Total | 11,759 | (63,263) | (39,958) | |
Level 2 | ||||
Assets and liabilities measured at fair value on a recurring basis | ||||
Commodity derivatives, net | [1] | 51,565 | 15,683 | 18,691 |
Provisionally price contracts | [2] | (22,541) | (68,237) | (23,535) |
Convertible preferred securities | [3] | 0 | 0 | 0 |
Other assets and liabilities | [4] | (32,210) | (13,507) | (17,891) |
Total | (3,186) | (66,061) | (22,735) | |
Level 3 | ||||
Assets and liabilities measured at fair value on a recurring basis | ||||
Commodity derivatives, net | [1] | 0 | 0 | 0 |
Provisionally price contracts | [2] | 0 | 0 | 0 |
Convertible preferred securities | [3] | 8,654 | 8,404 | 8,404 |
Other assets and liabilities | [4] | 0 | 0 | 0 |
Total | $ 8,654 | $ 8,404 | $ 8,404 | |
[1] | Includes associated cash posted/received as collateral | |||
[2] | Included in "Provisionally priced contracts" are those instruments based only on underlying futures values (Level 1) and delayed price contracts (Level 2) | |||
[3] | Recorded in “Other assets, net” on the Company’s Consolidated Balance Sheets related to certain available for sale securities. | |||
[4] | Included in other assets and liabilities are assets held by the Company to fund deferred compensation plans, ethanol risk management contracts, and foreign exchange derivative contracts (Level 1) and interest rate derivatives (Level 2). |
Fair Value Measurements (Reconc
Fair Value Measurements (Reconciliation of Beginning and Ending Balances of Level 3 Measurements) (Details) - Level 3 - Convertible preferred securities - USD ($) $ in Thousands | 3 Months Ended | ||||||
Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2019 | |
Reconciliation of Fair Value Measurements Using Level 3 | |||||||
Asset (liability), Beginning Balance | $ 8,654 | $ 8,404 | $ 7,404 | $ 7,154 | |||
Additional investments | 0 | $ 0 | $ 250 | 0 | $ 1,000 | $ 250 | |
Asset (liability), Ending Balance | 8,654 | $ 8,654 | 8,404 | $ 7,404 | |||
Fair Value, Recurring [Member] | Implied based on market prices | |||||||
Reconciliation of Fair Value Measurements Using Level 3 | |||||||
Asset fair value | $ 8,654 | $ 8,404 | $ 8,404 |
Fair Value Measurements (Fair V
Fair Value Measurements (Fair Value of Company's Long-term Debt) (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | |
Fair value of long-term debt estimated using quoted market prices or discounted future cash flows | ||||
Fair value of long-term debt, including current maturities | $ 1,022,113 | $ 1,096,010 | $ 1,046,063 | |
Fair value in excess of carrying value | [1] | $ 31,080 | $ 8,257 | $ 11,047 |
[1] | Carrying value used for this purpose excludes unamortized debt issuance costs. |
Fair Value Measurements (Asse_2
Fair Value Measurements (Assets and Liabilities Measured on Nonrecurring Basis) (Details) - Trade - Fair Value, Measurements, Recurring - Level 3 $ in Thousands | Dec. 31, 2019USD ($) |
Implied based on market prices | Real propert | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Asset fair value | $ 608 |
Valuation Technique, Discounted Cash Flow [Member] | Equity method investments | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Asset fair value | 12,424 |
Valuation, Income Approach [Member] | Frac sand assets | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Asset fair value | $ 16,546 |
Related Parties (Details)
Related Parties (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | |
Related Party Transactions [Abstract] | |||||
Sales revenues | $ 44,789 | $ 52,875 | $ 129,143 | $ 171,897 | |
Service fee revenues | 0 | 2,852 | 0 | 11,015 | |
Purchases of product | 16,641 | 174,420 | 38,637 | 520,091 | |
Lease income | 142 | 1,887 | 440 | 5,195 | |
Labor and benefits reimbursement | 0 | 3,513 | 0 | 10,973 | |
Accounts receivable | 7,184 | 23,394 | 7,184 | 23,394 | $ 10,603 |
Accounts payable | $ 3,058 | $ 21,201 | $ 3,058 | $ 21,201 | $ 12,303 |
Segment Information (Textual) (
Segment Information (Textual) (Details) | 9 Months Ended |
Sep. 30, 2020segment | |
Segment Reporting [Abstract] | |
Number of reportable segments (business segments) | 4 |
Segment Information (Details)
Segment Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | |
Segment Reporting Information [Line Items] | |||||
Revenues from external customers | $ 1,922,233 | $ 1,982,755 | $ 5,665,519 | $ 6,284,588 | |
Income (loss) before income taxes attributable to the Company | (5,772) | (11,449) | (26,659) | 10,001 | |
Net income (loss) attributable to the noncontrolling interests | 3,273 | (1,633) | (20,583) | (2,265) | |
Income (loss) before income taxes | (2,499) | (13,082) | (47,242) | 7,736 | |
Total assets | 3,411,611 | 3,284,452 | 3,411,611 | 3,284,452 | $ 3,900,741 |
Operating Segments | Trade | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from external customers | 1,432,922 | 1,515,107 | 4,162,130 | 4,753,375 | |
Income (loss) before income taxes attributable to the Company | 5,941 | (2,122) | (3,650) | 2,610 | |
Total assets | 1,642,220 | 1,712,350 | 1,642,220 | 1,712,350 | 2,012,060 |
Operating Segments | Ethanol | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from external customers | 349,957 | 319,105 | 886,742 | 899,137 | |
Income (loss) before income taxes attributable to the Company | 1,148 | 1,070 | (21,960) | 7,827 | |
Total assets | 625,587 | 372,663 | 625,587 | 372,663 | 690,548 |
Operating Segments | Plant Nutrient | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from external customers | 102,707 | 109,446 | 507,445 | 508,548 | |
Income (loss) before income taxes attributable to the Company | (5,387) | (7,440) | 12,828 | 4,534 | |
Total assets | 343,121 | 376,615 | 343,121 | 376,615 | 383,781 |
Operating Segments | Rail | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from external customers | 36,647 | 39,097 | 109,202 | 123,528 | |
Income (loss) before income taxes attributable to the Company | (139) | 3,137 | 3,474 | 10,629 | |
Total assets | 641,797 | 679,056 | 641,797 | 679,056 | 693,931 |
Other | |||||
Segment Reporting Information [Line Items] | |||||
Income (loss) before income taxes attributable to the Company | (7,335) | (6,094) | (17,351) | (15,599) | |
Total assets | $ 158,886 | $ 143,768 | $ 158,886 | $ 143,768 | $ 120,421 |
Supplemental Cash Flow Inform_3
Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Supplemental Cash Flow Information [Abstract] | ||
Interest paid | $ 38,978 | $ 47,164 |
Noncash investing and financing activity | ||
Dividends declared not yet paid | 5,770 | 5,547 |
Capital projects incurred but not yet paid | 5,534 | 8,245 |
Equity issued in conjunction with acquisition | 0 | 127,841 |
Removal of preexisting ownership interest | 0 | (159,459) |
Purchase price holdback/ other accrued liabilities | $ 0 | $ 29,956 |
Goodwill (Details)
Goodwill (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2020USD ($) | |
Goodwill [Roll Forward] | |
Goodwill, beginning balance | $ 135,360 |
Reorganization | 0 |
Acquisitions | 349 |
Goodwill, ending balance | 135,709 |
Trade | |
Goodwill [Roll Forward] | |
Goodwill, beginning balance | 127,781 |
Reorganization | (5,714) |
Acquisitions | 0 |
Goodwill, ending balance | 122,067 |
Ethanol | |
Goodwill [Roll Forward] | |
Goodwill, beginning balance | 2,726 |
Reorganization | 5,714 |
Acquisitions | 349 |
Goodwill, ending balance | 8,789 |
Plant Nutrient | |
Goodwill [Roll Forward] | |
Goodwill, beginning balance | 686 |
Reorganization | 0 |
Acquisitions | 0 |
Goodwill, ending balance | 686 |
Rail | |
Goodwill [Roll Forward] | |
Goodwill, beginning balance | 4,167 |
Reorganization | 0 |
Acquisitions | 0 |
Goodwill, ending balance | $ 4,167 |
Subsequent Events (Details)
Subsequent Events (Details) - Subsequent Event | Oct. 23, 2020USD ($) |
Subsequent Event [Line Items] | |
Loss reclassified to earnings for termination of hedge | $ 2,800,000 |
Write off of unamortized debt issuance cost | 300,000 |
Term loan | |
Subsequent Event [Line Items] | |
Debt amount | $ 150,000,000 |