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ANDE Andersons

Cover page

Cover page - shares3 Months Ended
Mar. 31, 2021Apr. 23, 2021
Cover [Abstract]
Document Type10-Q
Document Quarterly Reporttrue
Document Period End DateMar. 31,
2021
Document Transition Reportfalse
Entity File Number000-20557
Entity Registrant NameANDERSONS, INC.
Entity Incorporation, State or Country CodeOH
Entity Tax Identification Number34-1562374
Entity Address, Address Line One1947 Briarfield Boulevard
Entity Address, City or TownMaumee
Entity Address, State or ProvinceOH
Entity Address, Postal Zip Code43537
City Area Code419
Local Phone Number893-5050
Title of 12(b) SecurityCommon stock, $0.00 par value, $0.01 stated value
Trading SymbolANDE
Security Exchange NameNASDAQ
Entity Current Reporting StatusYes
Entity Interactive Data CurrentYes
Entity Filer CategoryAccelerated Filer
Entity Small Businessfalse
Entity Emerging Growth Companyfalse
Entity Shell Companyfalse
Entity Common Stock, Shares Outstanding33,231,852
Entity Central Index Key0000821026
Amendment Flagfalse
Document Fiscal Year Focus2021
Document Fiscal Period FocusQ1
Current Fiscal Year End Date--12-31

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in ThousandsMar. 31, 2021Dec. 31, 2020Mar. 31, 2020
Current assets:
Cash and cash equivalents $ 35,393 $ 29,123 $ 19,693
Accounts receivable, net699,725 659,834 539,671
Inventories1,295,061 1,300,693 1,028,076
Commodity derivative assets – current317,939 320,706 149,070
Other current assets88,771 106,053 85,372
Total current assets2,436,889 2,416,409 1,821,882
Other assets:
Goodwill135,709 135,709 135,360
Other intangible assets, net135,611 142,940 167,398
Right of use assets, net55,802 56,031 62,182
Other assets, net63,858 49,907 47,215
Total other assets390,980 384,587 412,155
Rail Group assets leased to others, net580,599 591,946 597,069
Property, plant and equipment, net858,269 879,179 921,585
Total assets4,266,737 4,272,121 3,752,691
Current liabilities:
Short-term debt915,205 403,703 392,450
Trade and other payables538,691 957,683 553,416
Customer prepayments and deferred revenue163,935 180,160 121,148
Commodity derivative liabilities – current91,448 146,990 90,491
Current maturities of long-term debt49,937 75,475 80,758
Accrued expenses and other current liabilities158,900 167,671 147,225
Total current liabilities1,918,116 1,931,682 1,385,488
Long-term lease liabilities37,246 37,177 43,308
Long-term debt, less current maturities906,720 916,540 987,526
Deferred income taxes173,481 170,147 156,804
Other long-term liabilities48,623 55,915 65,703
Total liabilities3,084,186 3,111,461 2,638,829
Commitments and contingencies
Shareholders’ equity:
Common shares, without par value (63,000 shares authorized; 33,786, 33,599 and 33,550 shares issued at 3/31/2021, 12/31/2020 and 3/31/2020, respectively)140 138 137
Preferred shares, without par value (1,000 shares authorized; none issued)0 0 0
Additional paid-in-capital355,961 348,714 341,382
Treasury shares, at cost (123, 45 and 21 shares at 3/31/2021, 12/31/2020 and 3/31/2020, respectively)(2,872)(966)(652)
Accumulated other comprehensive loss(1,214)(12,076)(27,649)
Retained earnings631,652 626,081 599,039
Total shareholders’ equity of The Andersons, Inc.983,667 961,891 912,257
Noncontrolling interests198,884 198,769 201,605
Total equity1,182,551 1,160,660 1,113,862
Total liabilities and equity $ 4,266,737 $ 4,272,121 $ 3,752,691

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - sharesMar. 31, 2021Dec. 31, 2020Mar. 31, 2020
Statement of Financial Position [Abstract]
Common shares, shares authorized (shares)63,000,000 63,000,000 63,000,000
Common shares, shares issued (shares)33,786,000 33,599,000 33,550,000
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)123,000 45,000 21,000

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Income Statement [Abstract]
Revenues from external customers $ 2,635,729 $ 1,853,105
Cost of sales and merchandising revenues2,513,017 1,789,975
Gross profit122,712 63,130
Operating, administrative and general expenses99,872 105,060
Interest expense, net13,169 15,587
Other income, net:
Equity in earnings of affiliates, net1,794 129
Other income, net7,542 4,813
Income (loss) before income taxes19,007 (52,575)
Income tax provision (benefit)5,745 (1,464)
Net income (loss)13,262 (51,111)
Net loss attributable to the noncontrolling interests(1,845)(13,449)
Net income (loss) attributable to The Andersons, Inc. $ 15,107 $ (37,662)
Per common share:
Basic earnings attributable to The Andersons, Inc. common shareholders (dollars per share) $ 0.46 $ (1.15)
Diluted earnings attributable to The Andersons, Inc. common shareholders (dollars per share) $ 0.45 $ (1.15)

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Statement of Comprehensive Income [Abstract]
Net income (loss) $ 13,262 $ (51,111)
Other comprehensive income (loss), net of tax:
Change in unrecognized actuarial loss and prior service cost(103)(116)
Foreign currency translation adjustments1,224 (6,639)
Cash flow hedge activity9,741 (13,663)
Other comprehensive income (loss)10,862 (20,418)
Comprehensive income (loss)24,124 (71,529)
Comprehensive loss attributable to the noncontrolling interests(1,845)(13,449)
Comprehensive income (loss) attributable to The Andersons, Inc. $ 25,969 $ (58,080)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Operating activities
Net income (loss) $ 13,262 $ (51,111)
Adjustments to reconcile net income (loss) to cash used in operating activities:
Depreciation and amortization47,504 46,898
Bad debt (recovery) expense, net(1,686)4,310
Equity in earnings of affiliates, net of dividends(1,794)(129)
Gain on sales of Rail assets and related leases, net(2,635)(645)
Stock-based compensation expense1,990 2,880
Deferred federal income tax(2)16,474
Inventory write down2,479 10,571
Other2,100 4,001
Changes in operating assets and liabilities:
Accounts receivable(33,476)(11,737)
Inventories5,007 122,323
Commodity derivatives(53,295)1,231
Other assets16,740 (10,887)
Payables and other accrued expenses(441,921)(362,609)
Net cash used in operating activities(445,727)(228,430)
Investing Activities
Purchases of Rail assets(2,611)(13,270)
Proceeds from sale of Rail assets5,383 2,405
Purchases of property, plant and equipment and capitalized software(16,919)(19,307)
Proceeds from sale of assets385 36
Purchase of investments(2,800)(280)
Other832 0
Net cash used in investing activities(15,730)(30,416)
Financing Activities
Net change in short-term borrowings510,160 251,712
Proceeds from issuance of long-term debt89,700 90,736
Payments of long-term debt(125,884)(104,913)
Contributions from noncontrolling interest owner1,960 3,307
Distributions to noncontrolling interest owner0 (10,298)
Payments of debt issuance costs(1,225)(250)
Dividends paid(5,839)(5,723)
Other(1,110)(994)
Net cash provided by financing activities467,762 223,577
Effect of exchange rates on cash and cash equivalents(35)67
Increase (decrease) in cash and cash equivalents6,270 (35,202)
Cash and cash equivalents at beginning of period29,123 54,895
Cash and cash equivalents at end of period $ 35,393 $ 19,693

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Equity - USD ($) $ in ThousandsTotalCommon SharesAdditional Paid-in CapitalTreasury SharesAccumulated Other Comprehensive Income (Loss)Retained EarningsNoncontrolling Interests
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)(51,111)(37,662)(13,449)
Other comprehensive income (loss)(20,974)(20,974)
Amounts reclassified from accumulated other comprehensive income (loss)556 556
Contributions from noncontrolling interests3,307 3,307
Distributions to noncontrolling interests(10,298)(10,298)
Stock awards, stock option exercises and other shares issued to employees and directors, net of income tax2,475 (3,977)6,452
Dividends declared per common share(5,748)(5,748)
Restricted share award dividend equivalents0 238 (238)
Ending Balance at Mar. 31, 20201,113,862 137 341,382 (652)(27,649)599,039 201,605
Beginning Balance at Dec. 31, 20201,160,660 138 348,714 (966)(12,076)626,081 198,769
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)13,262 15,107 (1,845)
Other comprehensive income (loss)9,418 9,418
Amounts reclassified from accumulated other comprehensive income (loss)1,444 1,444
Contributions from noncontrolling interests1,960 1,960
Stock awards, stock option exercises and other shares issued to employees and directors, net of income tax1,615 2 7,247 (2,154)(3,480)
Dividends declared per common share(5,808)(5,808)
Restricted share award dividend equivalents0 248 (248)
Ending Balance at Mar. 31, 2021 $ 1,182,551 $ 140 $ 355,961 $ (2,872) $ (1,214) $ 631,652 $ 198,884

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Equity (Parenthetical) - USD ($) $ in Thousands3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Statement of Stockholders' Equity [Abstract]
Stock awards, stock option exercises and other shares issued to employees and directors, tax $ 0 $ 0
Number Of Common Shares Issued For Cash86 181
Dividends declared, per common share (in dollars per share) $ 0.175 $ 0.175

Basis of Presentation and Conso

Basis of Presentation and Consolidation3 Months Ended
Mar. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation and ConsolidationBasis 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. 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, 2021. An unaudited Condensed Consolidated Balance Sheet as of March 31, 2020 has been included as the Company operates in several seasonal industries. The Condensed Consolidated Balance Sheet data at December 31, 2020 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, 2020 (the “2020 Form 10-K”). Recently Adopted Accounting Pronouncements Simplified Accounting for Income Taxes

Inventories

Inventories3 Months Ended
Mar. 31, 2021
Inventory, Net [Abstract]
InventoriesInventories 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) March 31, December 31, March 31, Grain and other agricultural products (a) $ 971,914 $ 1,025,809 $ 750,281 Frac sand and propane (a) 8,388 12,477 5,723 Ethanol and co-products (a) 136,234 114,895 87,706 Plant nutrients and cob products 171,101 139,885 178,028 Railcar repair parts 7,424 7,627 6,338 Total Inventories $ 1,295,061 $ 1,300,693 $ 1,028,076 (a) Includes RMI of $942.4 million , $983.2 million and $712.3 million at March 31, 2021, December 31, 2020 and March 31, 2020, respectively. Inventories do not include 1.6 million , 3.0 million and 3.9 million bushels of grain held in storage for others as of March 31, 2021, December 31, 2020 and March 31, 2020, 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.

Property, Plant and Equipment

Property, Plant and Equipment3 Months Ended
Mar. 31, 2021
Property, Plant and Equipment [Abstract]
Property, Plant and EquipmentProperty, Plant and Equipment The components of Property, plant and equipment, net are as follows: (in thousands) March 31, December 31, March 31, Land $ 39,874 $ 40,222 $ 40,336 Land improvements and leasehold improvements 96,901 96,700 95,327 Buildings and storage facilities 388,075 387,992 381,258 Machinery and equipment 939,123 925,074 861,812 Construction in progress 16,396 19,725 41,824 1,480,369 1,469,713 1,420,557 Less: accumulated depreciation 622,100 590,534 498,972 Property, plant and equipment, net $ 858,269 $ 879,179 $ 921,585 Depreciation expense on property, plant and equipment was $32.0 million and $31.0 million for the three months ended March 31, 2021 and 2020, respectively. Rail Assets The components of Rail assets leased to others are as follows: (in thousands) March 31, December 31, March 31, Rail assets leased to others $ 737,862 $ 750,473 $ 740,809 Less: accumulated depreciation 157,263 158,527 143,740 Rail assets, net $ 580,599 $ 591,946 $ 597,069

Debt

Debt3 Months Ended
Mar. 31, 2021
Debt Disclosure [Abstract]
DebtDebt Short-term and long-term debt at March 31, 2021, December 31, 2020 and March 31, 2020 consisted of the following: (in thousands) March 31, December 31, March 31, Short-term debt – non-recourse $ 140,730 $ 93,192 $ 83,791 Short-term debt – recourse 774,475 310,511 308,659 Total short-term debt $ 915,205 $ 403,703 $ 392,450 Current maturities of long-term debt – non-recourse $ 6,062 $ 6,438 $ 5,212 Current maturities of long-term debt – recourse 43,875 69,037 75,546 Total current maturities of long-term debt $ 49,937 $ 75,475 $ 80,758 Long-term debt, less: current maturities – non-recourse $ 142,123 $ 143,406 $ 329,462 Long-term debt, less: current maturities – recourse 764,597 773,134 658,064 Total long-term debt, less: current maturities $ 906,720 $ 916,540 $ 987,526 On February 4, 2021, The Andersons, Inc. completed the second amendment to its credit agreement dated January 11, 2019. The amendment, which replaced an underwritten bridge loan received on January 21, 2021, provided for a short-term $250 million term note in which the entire stated principal is due on December 31, 2021. The term note bears interest at variable interest rates, which are based on LIBOR plus an applicable spread. The total borrowing capacity of the Company's lines of credit at March 31, 2021 was $1,405.0 million of which the Company had a total of $635.8 million available for borrowing under its lines of credit. The Company's borrowing capacity is reduced by a combination of outstanding borrowings and letters of credit. As of March 31, 2021, December 31, 2020 and March 31, 2020, the estimated fair value of long-term debt, including the current portion, was $977.8 million, $1,026.8 million and $1,113.0 million, respectively. The Company estimates the fair value of its long-term debt based upon the Company’s credit standing and current interest rates offered to the Company on similar bonds and rates currently available to the Company for long-term borrowings with similar terms and remaining maturities.

Derivatives

Derivatives3 Months Ended
Mar. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
DerivativesDerivativesThe 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 March 31, 2021, December 31, 2020 and March 31, 2020, 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) March 31, 2021 December 31, 2020 March 31, 2020 Cash collateral paid $ 95,533 $ 208,670 $ 22,855 Fair value of derivatives (76,388) (157,301) 20,977 Net derivative asset position $ 19,145 $ 51,369 $ 43,832 The following table presents, on a gross basis, current and non-current commodity derivative assets and liabilities: March 31, 2021 (in thousands) Commodity Derivative Assets - Current Commodity Derivative Assets - Noncurrent Commodity Derivative Liabilities - Current Commodity Derivative Liabilities - Noncurrent Total Commodity derivative assets $ 357,802 $ 6,762 $ 20,752 $ 16 $ 385,332 Commodity derivative liabilities (123,480) (925) (124,116) (1,029) (249,550) Cash collateral paid 83,617 — 11,916 — 95,533 Balance sheet line item totals $ 317,939 $ 5,837 $ (91,448) $ (1,013) $ 231,315 December 31, 2020 (in thousands) Commodity Derivative Assets - Current Commodity Derivative Assets - Noncurrent Commodity Derivative Liabilities - Current Commodity Derivative Liabilities - Noncurrent Total Commodity derivative assets $ 304,533 $ 4,328 $ 19,386 $ 14 $ 328,261 Commodity derivative liabilities (192,023) (348) (166,850) (243) (359,464) Cash collateral paid 208,196 — 474 — 208,670 Balance sheet line item totals $ 320,706 $ 3,980 $ (146,990) $ (229) $ 177,467 March 31, 2020 (in thousands) Commodity Derivative Assets - Current Commodity Derivative Assets - Noncurrent Commodity Derivative Liabilities - Current Commodity Derivative Liabilities - Noncurrent Total Commodity derivative assets $ 164,700 $ 3,240 $ 9,648 $ 142 $ 177,730 Commodity derivative liabilities (38,485) (119) (100,139) (2,667) (141,410) Cash collateral paid 22,855 — — — 22,855 Balance sheet line item totals $ 149,070 $ 3,121 $ (90,491) $ (2,525) $ 59,175 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 months ended March 31, 2021 and 2020 are as follows: Three months ended March 31, (in thousands) 2021 2020 Gains (losses) on commodity derivatives included in cost of sales and merchandising revenues $ 166,985 $ 30,960 The Company had the following volume of commodity derivative contracts outstanding (on a gross basis) at March 31, 2021, December 31, 2020 and March 31, 2020: March 31, 2021 (in thousands) Number of Bushels Number of Gallons Number of Pounds Number of Tons Non-exchange traded: Corn 745,248 — — — Soybeans 64,698 — — — Wheat 110,930 — — — Oats 48,066 — — — Ethanol — 200,232 — — Corn oil — — 43,010 — Soybean Oil — — 28,573 — Other 4,645 1,834 440 1,859 Subtotal 973,587 202,066 72,023 1,859 Exchange traded: Corn 262,920 — — — Soybeans 62,020 — — — Wheat 76,164 — — — Oats 310 — — — Ethanol — 96,978 — — Propane — 12,894 — — Other — 423 2,434 264 Subtotal 401,414 110,295 2,434 264 Total 1,375,001 312,361 74,457 2,123 December 31, 2020 (in thousands) Number of Bushels Number of Gallons Number of Pounds Number of Tons Non-exchange traded: Corn 684,654 — — — Soybeans 73,521 — — — Wheat 109,661 — — — Oats 27,482 — — — Ethanol — 124,795 — — Corn oil — — 36,015 — Soybean oil — — 26,510 — Other 4,371 2,058 740 1,859 Subtotal 899,689 126,853 63,265 1,859 Exchange traded: Corn 267,792 — — — Soybeans 53,730 — — — Wheat 80,733 — — — Oats 1,800 — — — Ethanol — 73,584 — — Propane — 17,094 — — Other — 2,898 14 149 Subtotal 404,055 93,576 14 149 Total 1,303,744 220,429 63,279 2,008 March 31, 2020 (in thousands) Number of Bushels Number of Gallons Number of Pounds Number of Tons Non-exchange traded: Corn 555,782 — — — Soybeans 33,950 — — — Wheat 92,374 — — — Oats 56,582 — — — Ethanol — 103,252 — — Corn oil — — 6,275 — Other 18,734 1,500 296 2,010 Subtotal 757,422 104,752 6,571 2,010 Exchange traded: Corn 165,295 — — — Soybeans 37,875 — — — Wheat 59,135 — — — Oats 1,490 — — — Ethanol — 44,440 — — Propane — 11,760 — — Other — 11,970 — 213 Subtotal 263,795 68,170 — 213 Total 1,021,217 172,922 6,571 2,223 Interest Rate and Other Derivatives The Company’s objectives for 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 March 31, 2021, December 31, 2020 and March 31, 2020, the Company had recorded the following amounts for the fair value of the Company's other derivatives: (in thousands) March 31, 2021 December 31, 2020 March 31, 2020 Derivatives not designated as hedging instruments Interest rate contracts included in Accrued expenses and other current liabilities $ (300) $ (589) $ — Interest rate contracts included in Other long-term liabilities (364) (430) (1,913) Foreign currency contracts included in Other current assets 2,107 2,753 440 Derivatives designated as hedging instruments Interest rate contracts included in Other current assets $ 6,622 $ 164 $ — Interest rate contracts included in Accrued expenses and other current liabilities (6,773) (6,664) (8,081) Interest rate contracts included in Other long-term liabilities (11,959) (18,539) (22,620) The recording of derivatives gains and losses and the financial statement line in which they are located are as follows: Three months ended March 31, (in thousands) 2021 2020 Derivatives not designated as hedging instruments Interest rate derivative gains (losses) included in Interest income (expense), net $ 354 $ (784) Derivatives designated as hedging instruments Interest rate derivative losses included in Other comprehensive income (loss) $ (12,947) $ (18,182) Interest rate derivatives losses included in Interest income (expense), net (1,618) (1,290) Outstanding interest rate derivatives, as of March 31, 2021, 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 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 0.0% to 0.8% Swap 2020 2023 $ 50.0 Interest rate component of debt - accounted for as a hedge 0.0% to 0.7% Swap 2020 2030 $ 50.0 Interest rate component of debt - accounted for as a hedge 0.0% to 0.8% Swap 2020 2030 $ 50.0 Interest rate component of debt - accounted for as a hedge 0.0% to 0.8%

Revenue

Revenue3 Months Ended
Mar. 31, 2021
Revenue from Contract with Customer [Abstract]
RevenueRevenue 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 leasing revenue is accounted for under ASC 842, Leases . The breakdown of revenues between ASC 606 and other standards are as follows: Three months ended March 31, (in thousands) 2021 2020 Revenues under ASC 606 $ 506,468 $ 347,502 Revenues under ASC 815 2,107,622 1,480,052 Revenues under ASC 842 21,639 25,551 Total Revenues $ 2,635,729 $ 1,853,105 The Company's revenues under ASC 842 are as follows: Three months ended March 31, (in thousands) 2021 2020 Operating lease revenue $ 20,850 $ 24,056 Sales-type lease revenue 101 102 Variable lease revenue 688 1,393 Total revenues $ 21,639 $ 25,551 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 months ended March 31, 2021 and 2020, respectively: Three months ended March 31, 2021 (in thousands) Trade Ethanol Plant Nutrient Rail Total Specialty nutrients $ — $ — $ 76,806 $ — $ 76,806 Primary nutrients — — 71,659 — 71,659 Service 1,454 — 1,289 9,944 12,687 Products and co-products 71,988 145,644 — — 217,632 Frac sand and propane 92,065 — — — 92,065 Other 2,932 3,759 19,498 9,430 35,619 Total $ 168,439 $ 149,403 $ 169,252 $ 19,374 $ 506,468 Three months ended March 31, 2020 (in thousands) Trade Ethanol Plant Nutrient Rail Total Specialty nutrients $ — $ — $ 73,231 $ — $ 73,231 Primary nutrients — — 45,690 — 45,690 Service 1,686 — 182 8,736 10,604 Products and co-products 53,165 101,698 — — 154,863 Frac sand and propane 49,875 — — — 49,875 Other 3,989 616 5,810 2,824 13,239 Total $ 108,715 $ 102,314 $ 124,913 $ 11,560 $ 347,502 Approximately 3% of revenues accounted for under ASC 606 during both three months periods ended March 31, 2021 and 2020, respectively, are recorded over time which primarily relates to service revenues noted above. Contract balances

Income Taxes

Income Taxes3 Months Ended
Mar. 31, 2021
Income Tax Disclosure [Abstract]
Income TaxesIncome Taxes On a quarterly basis, the Company estimates the effective tax rate expected to be applicable for the full year and makes changes, if necessary, based on new information or events. The estimated annual effective tax rate is forecasted based on actual historical information and forward-looking estimates and is used to provide for income taxes in interim reporting periods. The Company also recognizes the tax impact of certain unusual or infrequently occurring items, such as the effects of changes in tax laws or rates and impacts from settlements with tax authorities, discretely in the quarter in which they occur. For the three months ended March 31, 2021, the Company recorded an income tax expense of $5.7 million at an effective income tax rate of 30.2%. The annual effective tax rate differs from the statutory U.S. Federal tax rate due to the impacts of state and local taxes, as well as, foreign earnings and non-deductible compensation. For the three months ended March 31,

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss)3 Months Ended
Mar. 31, 2021
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 months ended March 31, 2021 and 2020: Three months ended March 31, (in thousands) 2021 2020 Currency Translation Adjustment Beginning balance $ 5,739 $ 1,065 Other comprehensive income (loss) before reclassifications 1,224 (6,639) Tax effect — — Other comprehensive income (loss), net of tax 1,224 (6,639) Ending balance $ 6,963 $ (5,574) Hedging Adjustment Beginning balance $ (18,106) $ (9,443) Other comprehensive income (loss) before reclassifications 8,126 (14,390) Amounts reclassified from accumulated other comprehensive income (loss)(a) 2,153 969 Tax effect (538) (242) Other comprehensive income (loss), net of tax 9,741 (13,663) Ending balance $ (8,365) $ (23,106) Pension and Other Postretirement Adjustment Beginning balance $ 33 $ 889 Other comprehensive income (loss) before reclassifications 68 55 Amounts reclassified from accumulated other comprehensive income (loss)(b) (228) (228) Tax effect 57 57 Other comprehensive income (loss), net of tax (103) (116) Ending balance $ (70) $ 773 Investments in Convertible Preferred Securities Adjustment Beginning balance $ 258 $ 258 Other comprehensive income (loss), net of tax — — Ending balance $ 258 $ 258 Total AOCI Ending Balance $ (1,214) $ (27,649) (a) 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. (b) 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 Share3 Months Ended
Mar. 31, 2021
Earnings Per Share [Abstract]
Earnings Per ShareEarnings Per Share (in thousands, except per common share data) Three months ended March 31, 2021 2020 Numerator: Net income (loss) available to The Andersons Inc. common shareholders $ 15,107 $ (37,662) Denominator: Weighted average shares outstanding – basic 33,188 32,821 Effect of dilutive awards 389 — Weighted average shares outstanding – diluted 33,577 32,821 Earnings (loss) per share Basic $ 0.46 $ (1.15) Diluted $ 0.45 $ (1.15) There were 110 thousand antidilutive awards for the three months ended March 31, 2021, and all awards were antidilutive for the three months ended March 31, 2020 as the Company incurred a net loss.

Fair Value Measurements

Fair Value Measurements3 Months Ended
Mar. 31, 2021
Fair Value Disclosures [Abstract]
Fair Value MeasurementsFair Value Measurements The following table presents the Company’s assets and liabilities measured at fair value on a recurring basis at March 31, 2021, December 31, 2020 and March 31, 2020: (in thousands) March 31, 2021 Assets (liabilities) Level 1 Level 2 Level 3 Total Commodity derivatives, net (a) $ 19,145 $ 212,170 $ — $ 231,315 Provisionally priced contracts (b) 14,231 (31,602) — (17,371) Convertible preferred securities (c) — — 11,649 11,649 Other assets and liabilities (d) 6,147 (12,774) — (6,627) Total $ 39,523 $ 167,794 $ 11,649 $ 218,966 (in thousands) December 31, 2020 Assets (liabilities) Level 1 Level 2 Level 3 Total Commodity derivatives, net (a) $ 51,369 $ 126,098 $ — $ 177,467 Provisionally priced contracts (b) 19,793 (48,818) — (29,025) Convertible preferred securities (c) — — 8,849 8,849 Other assets and liabilities (d) 7,972 (26,058) — (18,086) Total $ 79,134 $ 51,222 $ 8,849 $ 139,205 (in thousands) March 31, 2020 Assets (liabilities) Level 1 Level 2 Level 3 Total Commodity derivatives, net (a) $ 43,832 $ 15,343 $ — $ 59,175 Provisionally priced contracts (b) (94,834) (51,061) — (145,895) Convertible preferred securities (c) — — 8,654 8,654 Other assets and liabilities (d) 5,373 (32,614) — (27,241) Total $ (45,629) $ (68,332) $ 8,654 $ (105,307) (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 and foreign exchange derivative contracts (Level 1), as well as, 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 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) 2021 2020 Assets at January 1, $ 8,849 $ 8,404 Additional investments 2,800 250 Assets at March 31, $ 11,649 $ 8,654 The following tables summarize quantitative information about the Company's Level 3 fair value measurements as of March 31, 2021, December 31, 2020 and March 31, 2020: Quantitative Information about Recurring Level 3 Fair Value Measurements Fair Value as of (in thousands) March 31, 2021 December 31, 2020 March 31, 2020 Valuation Method Unobservable Input Weighted Average Convertible preferred securities (a) $ 11,649 $ 8,849 $ 8,654 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. There were no non-recurring fair value measurements as of March 31, 2021, December 31, 2020 and March 31, 2020. 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 Parties3 Months Ended
Mar. 31, 2021
Related Party Transactions [Abstract]
Related PartiesRelated Parties In the ordinary course of business, and on an arm's length basis, the Company will 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 March 31, (in thousands) 2021 2020 Sales revenues $ 66,646 $ 54,694 Purchases of product and capital assets 11,674 15,577 (in thousands) March 31, 2021 December 31, 2020 March 31, 2020 Accounts receivable (a) $ 11,844 $ 5,623 $ 6,586 Accounts payable (b) 2,850 5,251 6,364 (a) Accounts receivable represents amounts due from related parties for the sale of ethanol and other various items. (b) Accounts payable represents amounts due to related parties for purchases of ethanol equipment and other various items.

Segment Information

Segment Information3 Months Ended
Mar. 31, 2021
Segment Reporting [Abstract]
Segment InformationSegment 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 and co-products 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 and intercompany eliminations between the segments. 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 revenues from external customers. Three months ended March 31, (in thousands) 2021 2020 Revenues from external customers Trade $ 1,982,508 $ 1,378,040 Ethanol 442,959 313,039 Plant Nutrient 169,252 124,913 Rail 41,010 37,113 Total $ 2,635,729 $ 1,853,105 Three months ended March 31, (in thousands) 2021 2020 Income (loss) before income taxes attributable to the Company Trade $ 13,855 $ (9,983) Ethanol 2,926 (23,976) Plant Nutrient 8,523 (1,192) Rail 4,891 1,007 Other (9,343) (4,982) Income (loss) before income taxes attributable to the Company 20,852 (39,126) Income (loss) attributable to noncontrolling interests (1,845) (13,449) Income (loss) before income taxes $ 19,007 $ (52,575)

Commitments and Contingencies

Commitments and Contingencies3 Months Ended
Mar. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and ContingenciesCommitments and Contingencies Litigation activities 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.

Basis of Presentation and Con_2

Basis of Presentation and Consolidation (Policies)3 Months Ended
Mar. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
New Accounting StandardsRecently Adopted Accounting Pronouncements Simplified Accounting for Income Taxes

Inventories (Tables)

Inventories (Tables)3 Months Ended
Mar. 31, 2021
Inventory, Net [Abstract]
Classes of inventories(in thousands) March 31, December 31, March 31, Grain and other agricultural products (a) $ 971,914 $ 1,025,809 $ 750,281 Frac sand and propane (a) 8,388 12,477 5,723 Ethanol and co-products (a) 136,234 114,895 87,706 Plant nutrients and cob products 171,101 139,885 178,028 Railcar repair parts 7,424 7,627 6,338 Total Inventories $ 1,295,061 $ 1,300,693 $ 1,028,076 (a) Includes RMI of $942.4 million , $983.2 million and $712.3 million at March 31, 2021, December 31, 2020 and March 31, 2020, respectively.

Property, Plant and Equipment (

Property, Plant and Equipment (Tables)3 Months Ended
Mar. 31, 2021
Property, Plant and Equipment [Abstract]
Components of property, plant and equipmentThe components of Property, plant and equipment, net are as follows: (in thousands) March 31, December 31, March 31, Land $ 39,874 $ 40,222 $ 40,336 Land improvements and leasehold improvements 96,901 96,700 95,327 Buildings and storage facilities 388,075 387,992 381,258 Machinery and equipment 939,123 925,074 861,812 Construction in progress 16,396 19,725 41,824 1,480,369 1,469,713 1,420,557 Less: accumulated depreciation 622,100 590,534 498,972 Property, plant and equipment, net $ 858,269 $ 879,179 $ 921,585
Components of railcar assets leased to othersThe components of Rail assets leased to others are as follows: (in thousands) March 31, December 31, March 31, Rail assets leased to others $ 737,862 $ 750,473 $ 740,809 Less: accumulated depreciation 157,263 158,527 143,740 Rail assets, net $ 580,599 $ 591,946 $ 597,069

Debt (Tables)

Debt (Tables)3 Months Ended
Mar. 31, 2021
Debt Disclosure [Abstract]
Schedule of Short-term and Long-term DebtShort-term and long-term debt at March 31, 2021, December 31, 2020 and March 31, 2020 consisted of the following: (in thousands) March 31, December 31, March 31, Short-term debt – non-recourse $ 140,730 $ 93,192 $ 83,791 Short-term debt – recourse 774,475 310,511 308,659 Total short-term debt $ 915,205 $ 403,703 $ 392,450 Current maturities of long-term debt – non-recourse $ 6,062 $ 6,438 $ 5,212 Current maturities of long-term debt – recourse 43,875 69,037 75,546 Total current maturities of long-term debt $ 49,937 $ 75,475 $ 80,758 Long-term debt, less: current maturities – non-recourse $ 142,123 $ 143,406 $ 329,462 Long-term debt, less: current maturities – recourse 764,597 773,134 658,064 Total long-term debt, less: current maturities $ 906,720 $ 916,540 $ 987,526

Derivatives (Tables)

Derivatives (Tables)3 Months Ended
Mar. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Estimated fair value of Company's commodity derivative instruments for cash collateral and associated cash as collateralThe 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) March 31, 2021 December 31, 2020 March 31, 2020 Cash collateral paid $ 95,533 $ 208,670 $ 22,855 Fair value of derivatives (76,388) (157,301) 20,977 Net derivative asset position $ 19,145 $ 51,369 $ 43,832
Schedule of Derivative Instruments in Statement of Financial Position, Fair ValueThe following table presents, on a gross basis, current and non-current commodity derivative assets and liabilities: March 31, 2021 (in thousands) Commodity Derivative Assets - Current Commodity Derivative Assets - Noncurrent Commodity Derivative Liabilities - Current Commodity Derivative Liabilities - Noncurrent Total Commodity derivative assets $ 357,802 $ 6,762 $ 20,752 $ 16 $ 385,332 Commodity derivative liabilities (123,480) (925) (124,116) (1,029) (249,550) Cash collateral paid 83,617 — 11,916 — 95,533 Balance sheet line item totals $ 317,939 $ 5,837 $ (91,448) $ (1,013) $ 231,315 December 31, 2020 (in thousands) Commodity Derivative Assets - Current Commodity Derivative Assets - Noncurrent Commodity Derivative Liabilities - Current Commodity Derivative Liabilities - Noncurrent Total Commodity derivative assets $ 304,533 $ 4,328 $ 19,386 $ 14 $ 328,261 Commodity derivative liabilities (192,023) (348) (166,850) (243) (359,464) Cash collateral paid 208,196 — 474 — 208,670 Balance sheet line item totals $ 320,706 $ 3,980 $ (146,990) $ (229) $ 177,467 March 31, 2020 (in thousands) Commodity Derivative Assets - Current Commodity Derivative Assets - Noncurrent Commodity Derivative Liabilities - Current Commodity Derivative Liabilities - Noncurrent Total Commodity derivative assets $ 164,700 $ 3,240 $ 9,648 $ 142 $ 177,730 Commodity derivative liabilities (38,485) (119) (100,139) (2,667) (141,410) Cash collateral paid 22,855 — — — 22,855 Balance sheet line item totals $ 149,070 $ 3,121 $ (90,491) $ (2,525) $ 59,175
Company's Condensed Consolidated Statement of Income gains and location of line itemsThe 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 months ended March 31, 2021 and 2020 are as follows: Three months ended March 31, (in thousands) 2021 2020 Gains (losses) on commodity derivatives included in cost of sales and merchandising revenues $ 166,985 $ 30,960 The recording of derivatives gains and losses and the financial statement line in which they are located are as follows: Three months ended March 31, (in thousands) 2021 2020 Derivatives not designated as hedging instruments Interest rate derivative gains (losses) included in Interest income (expense), net $ 354 $ (784) Derivatives designated as hedging instruments Interest rate derivative losses included in Other comprehensive income (loss) $ (12,947) $ (18,182) Interest rate derivatives losses included in Interest income (expense), net (1,618) (1,290)
Amounts of quantities outstanding included in commodity derivative contractsThe Company had the following volume of commodity derivative contracts outstanding (on a gross basis) at March 31, 2021, December 31, 2020 and March 31, 2020: March 31, 2021 (in thousands) Number of Bushels Number of Gallons Number of Pounds Number of Tons Non-exchange traded: Corn 745,248 — — — Soybeans 64,698 — — — Wheat 110,930 — — — Oats 48,066 — — — Ethanol — 200,232 — — Corn oil — — 43,010 — Soybean Oil — — 28,573 — Other 4,645 1,834 440 1,859 Subtotal 973,587 202,066 72,023 1,859 Exchange traded: Corn 262,920 — — — Soybeans 62,020 — — — Wheat 76,164 — — — Oats 310 — — — Ethanol — 96,978 — — Propane — 12,894 — — Other — 423 2,434 264 Subtotal 401,414 110,295 2,434 264 Total 1,375,001 312,361 74,457 2,123 December 31, 2020 (in thousands) Number of Bushels Number of Gallons Number of Pounds Number of Tons Non-exchange traded: Corn 684,654 — — — Soybeans 73,521 — — — Wheat 109,661 — — — Oats 27,482 — — — Ethanol — 124,795 — — Corn oil — — 36,015 — Soybean oil — — 26,510 — Other 4,371 2,058 740 1,859 Subtotal 899,689 126,853 63,265 1,859 Exchange traded: Corn 267,792 — — — Soybeans 53,730 — — — Wheat 80,733 — — — Oats 1,800 — — — Ethanol — 73,584 — — Propane — 17,094 — — Other — 2,898 14 149 Subtotal 404,055 93,576 14 149 Total 1,303,744 220,429 63,279 2,008 March 31, 2020 (in thousands) Number of Bushels Number of Gallons Number of Pounds Number of Tons Non-exchange traded: Corn 555,782 — — — Soybeans 33,950 — — — Wheat 92,374 — — — Oats 56,582 — — — Ethanol — 103,252 — — Corn oil — — 6,275 — Other 18,734 1,500 296 2,010 Subtotal 757,422 104,752 6,571 2,010 Exchange traded: Corn 165,295 — — — Soybeans 37,875 — — — Wheat 59,135 — — — Oats 1,490 — — — Ethanol — 44,440 — — Propane — 11,760 — — Other — 11,970 — 213 Subtotal 263,795 68,170 — 213 Total 1,021,217 172,922 6,571 2,223
Schedule of Fair Value of Interest Rate Derivative LiabilitiesAt March 31, 2021, December 31, 2020 and March 31, 2020, the Company had recorded the following amounts for the fair value of the Company's other derivatives: (in thousands) March 31, 2021 December 31, 2020 March 31, 2020 Derivatives not designated as hedging instruments Interest rate contracts included in Accrued expenses and other current liabilities $ (300) $ (589) $ — Interest rate contracts included in Other long-term liabilities (364) (430) (1,913) Foreign currency contracts included in Other current assets 2,107 2,753 440 Derivatives designated as hedging instruments Interest rate contracts included in Other current assets $ 6,622 $ 164 $ — Interest rate contracts included in Accrued expenses and other current liabilities (6,773) (6,664) (8,081) Interest rate contracts included in Other long-term liabilities (11,959) (18,539) (22,620)
Schedule of Outstanding Interest Rate DerivativesOutstanding interest rate derivatives, as of March 31, 2021, 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 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 0.0% to 0.8% Swap 2020 2023 $ 50.0 Interest rate component of debt - accounted for as a hedge 0.0% to 0.7% Swap 2020 2030 $ 50.0 Interest rate component of debt - accounted for as a hedge 0.0% to 0.8% Swap 2020 2030 $ 50.0 Interest rate component of debt - accounted for as a hedge 0.0% to 0.8%

Revenue (Tables)

Revenue (Tables)3 Months Ended
Mar. 31, 2021
Revenue from Contract with Customer [Abstract]
Schedule of Breakdown of Revenues between ASC 606The breakdown of revenues between ASC 606 and other standards are as follows: Three months ended March 31, (in thousands) 2021 2020 Revenues under ASC 606 $ 506,468 $ 347,502 Revenues under ASC 815 2,107,622 1,480,052 Revenues under ASC 842 21,639 25,551 Total Revenues $ 2,635,729 $ 1,853,105
Lessor, Lease IncomeThe Company's revenues under ASC 842 are as follows: Three months ended March 31, (in thousands) 2021 2020 Operating lease revenue $ 20,850 $ 24,056 Sales-type lease revenue 101 102 Variable lease revenue 688 1,393 Total revenues $ 21,639 $ 25,551
Schedule of Disaggregation of RevenuesThe following tables disaggregate revenues under ASC 606 by major product/service line for the three months ended March 31, 2021 and 2020, respectively: Three months ended March 31, 2021 (in thousands) Trade Ethanol Plant Nutrient Rail Total Specialty nutrients $ — $ — $ 76,806 $ — $ 76,806 Primary nutrients — — 71,659 — 71,659 Service 1,454 — 1,289 9,944 12,687 Products and co-products 71,988 145,644 — — 217,632 Frac sand and propane 92,065 — — — 92,065 Other 2,932 3,759 19,498 9,430 35,619 Total $ 168,439 $ 149,403 $ 169,252 $ 19,374 $ 506,468 Three months ended March 31, 2020 (in thousands) Trade Ethanol Plant Nutrient Rail Total Specialty nutrients $ — $ — $ 73,231 $ — $ 73,231 Primary nutrients — — 45,690 — 45,690 Service 1,686 — 182 8,736 10,604 Products and co-products 53,165 101,698 — — 154,863 Frac sand and propane 49,875 — — — 49,875 Other 3,989 616 5,810 2,824 13,239 Total $ 108,715 $ 102,314 $ 124,913 $ 11,560 $ 347,502

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Loss) (Tables)3 Months Ended
Mar. 31, 2021
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 months ended March 31, 2021 and 2020: Three months ended March 31, (in thousands) 2021 2020 Currency Translation Adjustment Beginning balance $ 5,739 $ 1,065 Other comprehensive income (loss) before reclassifications 1,224 (6,639) Tax effect — — Other comprehensive income (loss), net of tax 1,224 (6,639) Ending balance $ 6,963 $ (5,574) Hedging Adjustment Beginning balance $ (18,106) $ (9,443) Other comprehensive income (loss) before reclassifications 8,126 (14,390) Amounts reclassified from accumulated other comprehensive income (loss)(a) 2,153 969 Tax effect (538) (242) Other comprehensive income (loss), net of tax 9,741 (13,663) Ending balance $ (8,365) $ (23,106) Pension and Other Postretirement Adjustment Beginning balance $ 33 $ 889 Other comprehensive income (loss) before reclassifications 68 55 Amounts reclassified from accumulated other comprehensive income (loss)(b) (228) (228) Tax effect 57 57 Other comprehensive income (loss), net of tax (103) (116) Ending balance $ (70) $ 773 Investments in Convertible Preferred Securities Adjustment Beginning balance $ 258 $ 258 Other comprehensive income (loss), net of tax — — Ending balance $ 258 $ 258 Total AOCI Ending Balance $ (1,214) $ (27,649) (a) 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. (b) 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)3 Months Ended
Mar. 31, 2021
Earnings Per Share [Abstract]
Earnings per share(in thousands, except per common share data) Three months ended March 31, 2021 2020 Numerator: Net income (loss) available to The Andersons Inc. common shareholders $ 15,107 $ (37,662) Denominator: Weighted average shares outstanding – basic 33,188 32,821 Effect of dilutive awards 389 — Weighted average shares outstanding – diluted 33,577 32,821 Earnings (loss) per share Basic $ 0.46 $ (1.15) Diluted $ 0.45 $ (1.15)

Fair Value Measurements (Tables

Fair Value Measurements (Tables)3 Months Ended
Mar. 31, 2021
Fair Value Disclosures [Abstract]
Assets and liabilities measured at fair value on a recurring basisThe following table presents the Company’s assets and liabilities measured at fair value on a recurring basis at March 31, 2021, December 31, 2020 and March 31, 2020: (in thousands) March 31, 2021 Assets (liabilities) Level 1 Level 2 Level 3 Total Commodity derivatives, net (a) $ 19,145 $ 212,170 $ — $ 231,315 Provisionally priced contracts (b) 14,231 (31,602) — (17,371) Convertible preferred securities (c) — — 11,649 11,649 Other assets and liabilities (d) 6,147 (12,774) — (6,627) Total $ 39,523 $ 167,794 $ 11,649 $ 218,966 (in thousands) December 31, 2020 Assets (liabilities) Level 1 Level 2 Level 3 Total Commodity derivatives, net (a) $ 51,369 $ 126,098 $ — $ 177,467 Provisionally priced contracts (b) 19,793 (48,818) — (29,025) Convertible preferred securities (c) — — 8,849 8,849 Other assets and liabilities (d) 7,972 (26,058) — (18,086) Total $ 79,134 $ 51,222 $ 8,849 $ 139,205 (in thousands) March 31, 2020 Assets (liabilities) Level 1 Level 2 Level 3 Total Commodity derivatives, net (a) $ 43,832 $ 15,343 $ — $ 59,175 Provisionally priced contracts (b) (94,834) (51,061) — (145,895) Convertible preferred securities (c) — — 8,654 8,654 Other assets and liabilities (d) 5,373 (32,614) — (27,241) Total $ (45,629) $ (68,332) $ 8,654 $ (105,307) (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 and foreign exchange derivative contracts (Level 1), as well as, interest rate derivatives (Level 2).
Beginning and ending balances for the Company's fair value measurements using Level 3 inputsA 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) 2021 2020 Assets at January 1, $ 8,849 $ 8,404 Additional investments 2,800 250 Assets at March 31, $ 11,649 $ 8,654
Fair Value Inputs, Assets, Quantitative InformationThe following tables summarize quantitative information about the Company's Level 3 fair value measurements as of March 31, 2021, December 31, 2020 and March 31, 2020: Quantitative Information about Recurring Level 3 Fair Value Measurements Fair Value as of (in thousands) March 31, 2021 December 31, 2020 March 31, 2020 Valuation Method Unobservable Input Weighted Average Convertible preferred securities (a) $ 11,649 $ 8,849 $ 8,654 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.

Related Parties (Tables)

Related Parties (Tables)3 Months Ended
Mar. 31, 2021
Related Party Transactions [Abstract]
Schedule of related party transactionsThe following table sets forth the related party transactions entered into for the time periods presented: Three months ended March 31, (in thousands) 2021 2020 Sales revenues $ 66,646 $ 54,694 Purchases of product and capital assets 11,674 15,577 (in thousands) March 31, 2021 December 31, 2020 March 31, 2020 Accounts receivable (a) $ 11,844 $ 5,623 $ 6,586 Accounts payable (b) 2,850 5,251 6,364 (a) Accounts receivable represents amounts due from related parties for the sale of ethanol and other various items. (b) Accounts payable represents amounts due to related parties for purchases of ethanol equipment and other various items.

Segment Information (Tables)

Segment Information (Tables)3 Months Ended
Mar. 31, 2021
Segment Reporting [Abstract]
Segment InformationThe 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 revenues from external customers. Three months ended March 31, (in thousands) 2021 2020 Revenues from external customers Trade $ 1,982,508 $ 1,378,040 Ethanol 442,959 313,039 Plant Nutrient 169,252 124,913 Rail 41,010 37,113 Total $ 2,635,729 $ 1,853,105 Three months ended March 31, (in thousands) 2021 2020 Income (loss) before income taxes attributable to the Company Trade $ 13,855 $ (9,983) Ethanol 2,926 (23,976) Plant Nutrient 8,523 (1,192) Rail 4,891 1,007 Other (9,343) (4,982) Income (loss) before income taxes attributable to the Company 20,852 (39,126) Income (loss) attributable to noncontrolling interests (1,845) (13,449) Income (loss) before income taxes $ 19,007 $ (52,575)

Inventories (Details)

Inventories (Details) $ in Thousands, bu in Millions3 Months Ended
Mar. 31, 2021USD ($)buMar. 31, 2020USD ($)buDec. 31, 2020USD ($)bu
Inventory [Line Items]
Grain and other agricultural products $ 971,914 $ 750,281 $ 1,025,809
Frac sand and propane8,388 5,723 12,477
Ethanol and co-products136,234 87,706 114,895
Plant nutrients and cob products171,101 178,028 139,885
Railcar repair parts7,424 6,338 7,627
Total inventories1,295,061 1,028,076 1,300,693
Readily marketable inventory $ 942,400 $ 712,300 $ 983,200
Bushels of grain held in storage for others and excluded from inventory calculations | bu1.6 3.9 3
Inventory write down $ 2,479 $ 10,571
COVID-19 Pandemic
Inventory [Line Items]
Inventory write down $ 10,600

Property, Plant and Equipment_2

Property, Plant and Equipment (Details) - USD ($) $ in ThousandsMar. 31, 2021Dec. 31, 2020Mar. 31, 2020
Components of property, plant and equipment
Land $ 39,874 $ 40,222 $ 40,336
Land improvements and leasehold improvements96,901 96,700 95,327
Buildings and storage facilities388,075 387,992 381,258
Machinery and equipment939,123 925,074 861,812
Construction in progress16,396 19,725 41,824
Property, plant and equipment, gross1,480,369 1,469,713 1,420,557
Less: accumulated depreciation622,100 590,534 498,972
Property, plant and equipment, net $ 858,269 $ 879,179 $ 921,585

Property, Plant and Equipment_3

Property, Plant and Equipment (Textual) (Details) - USD ($) $ in Millions3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Property, Plant and Equipment [Line Items]
Depreciation expense $ 32 $ 31
Rail
Property, Plant and Equipment [Line Items]
Depreciation expense on railcar assets leased to others $ 7.7 $ 7.7

Property, Plant and Equipment_4

Property, Plant and Equipment (Rail Group Assets) (Details) - USD ($) $ in ThousandsMar. 31, 2021Dec. 31, 2020Mar. 31, 2020
Components of Railcar assets leased to others
Rail Group assets leased to others, gross $ 737,862 $ 750,473 $ 740,809
Less: accumulated depreciation157,263 158,527 143,740
Railcar assets leased to others, net $ 580,599 $ 591,946 $ 597,069

Debt (Details)

Debt (Details) - USD ($) $ in ThousandsMar. 31, 2021Dec. 31, 2020Mar. 31, 2020
Debt Instrument [Line Items]
Short-term debt $ 915,205 $ 403,703 $ 392,450
Long-term debt
Current maturities of long-term debt49,937 75,475 80,758
Total current maturities of long-term debt49,937 75,475 80,758
Long-term debt, less current maturities906,720 916,540 987,526
Total long-term debt, less: current maturities906,720 916,540 987,526
Nonrecourse
Debt Instrument [Line Items]
Short-term debt140,730 93,192 83,791
Long-term debt
Current maturities of long-term debt6,062 6,438 5,212
Long-term debt, less current maturities764,597 773,134 658,064
Recourse
Debt Instrument [Line Items]
Short-term debt774,475 310,511 308,659
Long-term debt
Current maturities of long-term debt43,875 69,037 75,546
Long-term debt, less current maturities142,123 $ 143,406 $ 329,462
Line of credit
Long-term debt
Credit facility, maximum borrowing capacity1,405,000
Total available for borrowings under lines of credit $ 635,800

Debt (Textual) (Details)

Debt (Textual) (Details) - USD ($) $ in MillionsMar. 31, 2021Feb. 04, 2021Dec. 31, 2020Mar. 31, 2020
Notes payable
Line of Credit Facility [Line Items]
Debt Instrument, Face Amount $ 250
Estimate of Fair Value Measurement
Line of Credit Facility [Line Items]
Long-term debt, fair value $ 977.8 $ 1,026.8 $ 1,113
Line of credit
Line of Credit Facility [Line Items]
Credit facility, maximum borrowing capacity1,405
Total available for borrowings under lines of credit $ 635.8

Derivatives (Textual) (Details)

Derivatives (Textual) (Details)3 Months Ended
Mar. 31, 2021
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 ThousandsMar. 31, 2021Dec. 31, 2020Mar. 31, 2020
Estimated fair value of Company's commodity derivative instruments for cash collateral and associated cash as collateral
Net derivative asset position, Collateral paid (received) $ 95,533 $ 208,670 $ 22,855
Net derivative liability position, Fair value of derivatives(76,388)(157,301)
Net derivative asset position, Fair value of derivatives20,977
Net derivative asset position, net $ 19,145 $ 51,369 $ 43,832

Derivatives (Gross Current and

Derivatives (Gross Current and Noncurrent Assets and Liabilities) (Details) - USD ($) $ in ThousandsMar. 31, 2021Dec. 31, 2020Mar. 31, 2020
Derivatives, Fair Value [Line Items]
Commodity derivative assets $ 20,977
Commodity derivative liabilities $ (76,388) $ (157,301)
Commodity derivative assets - current317,939 320,706 149,070
Commodity derivative liabilities - current(91,448)(146,990)(90,491)
Commodity
Derivatives, Fair Value [Line Items]
Commodity derivative assets385,332 328,261 177,730
Commodity derivative liabilities(249,550)(359,464)(141,410)
Cash collateral paid95,533 208,670
Cash collateral paid22,855
Total231,315 177,467 59,175
Commodity | Commodity Derivative Assets - Current
Derivatives, Fair Value [Line Items]
Commodity derivative assets357,802 304,533 164,700
Commodity derivative liabilities(123,480)(192,023)(38,485)
Cash collateral paid83,617 208,196
Cash collateral paid22,855
Commodity derivative assets - current317,939 320,706 149,070
Commodity | Commodity Derivative Assets - Noncurrent
Derivatives, Fair Value [Line Items]
Commodity derivative assets6,762 4,328 3,240
Commodity derivative liabilities(925)(348)(119)
Cash collateral paid0 0
Cash collateral paid0
Commodity derivative assets - noncurrent5,837 3,980 3,121
Commodity | Commodity Derivative Liabilities - Current
Derivatives, Fair Value [Line Items]
Commodity derivative assets20,752 19,386 9,648
Commodity derivative liabilities(124,116)(166,850)(100,139)
Cash collateral paid11,916 474
Cash collateral paid0
Commodity derivative liabilities - current(91,448)(146,990)(90,491)
Commodity | Commodity Derivative Liabilities - Noncurrent
Derivatives, Fair Value [Line Items]
Commodity derivative assets16 14 142
Commodity derivative liabilities(1,029)(243)(2,667)
Cash collateral paid0 0
Cash collateral paid0
Commodity derivative liabilities - noncurrent $ (1,013) $ (229) $ (2,525)

Derivatives (Pre-tax Gains and

Derivatives (Pre-tax Gains and Losses) (Details) - USD ($) $ in Thousands3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Commodity | Cost of sales and merchandising revenues
Derivative Instruments, Gain (Loss) [Line Items]
Gains (losses) on derivatives instruments recognized in earnings $ 166,985 $ 30,960
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 earnings354 (784)
Designated as Hedging Instrument | Interest rate contracts
Derivative Instruments, Gain (Loss) [Line Items]
Interest rate derivative losses included in Other comprehensive income (loss)(12,947)(18,182)
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 $ (1,618) $ (1,290)

Derivatives (Volume of Contract

Derivatives (Volume of Contracts Outstanding) (Details) lb in Thousands, gal in Thousands, bu in Thousands, T in ThousandsMar. 31, 2021buMar. 31, 2021galMar. 31, 2021lbMar. 31, 2021TDec. 31, 2020buDec. 31, 2020galDec. 31, 2020lbDec. 31, 2020TMar. 31, 2020buMar. 31, 2020galMar. 31, 2020lbMar. 31, 2020T
Amounts of quantities outstanding included in commodity derivative contracts
Nonmonetary notional amount1,375,001 312,361 74,457 2,123 1,303,744 220,429 63,279 2,008 1,021,217 172,922 6,571 2,223
Non-exchange Traded
Amounts of quantities outstanding included in commodity derivative contracts
Nonmonetary notional amount973,587 202,066 72,023 1,859 899,689 126,853 63,265 1,859 757,422 104,752 6,571 2,010
Non-exchange Traded | Corn
Amounts of quantities outstanding included in commodity derivative contracts
Nonmonetary notional amount745,248 0 0 0 684,654 0 0 0 555,782 0 0 0
Non-exchange Traded | Soybeans
Amounts of quantities outstanding included in commodity derivative contracts
Nonmonetary notional amount64,698 0 0 0 73,521 0 0 0 33,950 0 0 0
Non-exchange Traded | Wheat
Amounts of quantities outstanding included in commodity derivative contracts
Nonmonetary notional amount110,930 0 0 0 109,661 0 0 0 92,374 0 0 0
Non-exchange Traded | Oats
Amounts of quantities outstanding included in commodity derivative contracts
Nonmonetary notional amount48,066 0 0 0 27,482 0 0 0 56,582 0 0 0
Non-exchange Traded | Ethanol
Amounts of quantities outstanding included in commodity derivative contracts
Nonmonetary notional amount0 200,232 0 0 0 124,795 0 0 0 103,252 0 0
Non-exchange Traded | Corn oil
Amounts of quantities outstanding included in commodity derivative contracts
Nonmonetary notional amount0 0 43,010 0 0 0 36,015 0 0 0 6,275 0
Non-exchange Traded | Soybean oil
Amounts of quantities outstanding included in commodity derivative contracts
Nonmonetary notional amount0 0 28,573 0 0 0 26,510 0
Non-exchange Traded | Other
Amounts of quantities outstanding included in commodity derivative contracts
Nonmonetary notional amount4,645 1,834 440 1,859 4,371 2,058 740 1,859 18,734 1,500 296 2,010
Exchange Traded
Amounts of quantities outstanding included in commodity derivative contracts
Nonmonetary notional amount401,414 110,295 2,434 264 404,055 93,576 14 149 263,795 68,170 0 213
Exchange Traded | Corn
Amounts of quantities outstanding included in commodity derivative contracts
Nonmonetary notional amount262,920 0 0 0 267,792 0 0 0 165,295 0 0 0
Exchange Traded | Soybeans
Amounts of quantities outstanding included in commodity derivative contracts
Nonmonetary notional amount62,020 0 0 0 53,730 0 0 0 37,875 0 0 0
Exchange Traded | Wheat
Amounts of quantities outstanding included in commodity derivative contracts
Nonmonetary notional amount76,164 0 0 0 80,733 0 0 0 59,135 0 0 0
Exchange Traded | Oats
Amounts of quantities outstanding included in commodity derivative contracts
Nonmonetary notional amount310 0 0 0 1,800 0 0 0 1,490 0 0 0
Exchange Traded | Ethanol
Amounts of quantities outstanding included in commodity derivative contracts
Nonmonetary notional amount0 96,978 0 0 0 73,584 0 0 0 44,440 0 0
Exchange Traded | Propane
Amounts of quantities outstanding included in commodity derivative contracts
Nonmonetary notional amount0 12,894 0 0 0 17,094 0 0 0 11,760 0 0
Exchange Traded | Other
Amounts of quantities outstanding included in commodity derivative contracts
Nonmonetary notional amount0 423 2,434 264 0 2,898 14 149 0 11,970 0 213

Derivatives (Fair Value of the

Derivatives (Fair Value of the Company's Other Derivatives) (Details) - USD ($) $ in ThousandsMar. 31, 2021Dec. 31, 2020Mar. 31, 2020
Not Designated as Hedging Instrument | Accrued expenses and other current liabilities | Interest rate contracts
Derivative [Line Items]
Derivative liabilities $ (300) $ (589) $ 0
Not Designated as Hedging Instrument | Accrued expenses and other current liabilities | Foreign currency contract
Derivative [Line Items]
Derivative assets440
Not Designated as Hedging Instrument | Other long term liabilities | Interest rate contracts
Derivative [Line Items]
Derivative liabilities(364)(430)(1,913)
Not Designated as Hedging Instrument | Other current assets | Foreign currency contract
Derivative [Line Items]
Derivative assets2,107 2,753
Designated as Hedging Instrument | Accrued expenses and other current liabilities | Interest rate contracts
Derivative [Line Items]
Derivative liabilities(6,773)(6,664)(8,081)
Designated as Hedging Instrument | Other long term liabilities | Interest rate contracts
Derivative [Line Items]
Derivative liabilities(11,959)(18,539)(22,620)
Designated as Hedging Instrument | Other current assets | Interest rate contracts
Derivative [Line Items]
Derivative assets $ 6,622 $ 164 $ 0

Derivatives (Outstanding Intere

Derivatives (Outstanding Interest Rate Derivatives) (Details) - Long-term $ in MillionsMar. 31, 2021USD ($)
Not Accounted for as Hedge | Swap 1.9%
Derivative [Line Items]
Notional amount $ 23
Interest rate1.90%
Not Accounted for as Hedge | Collar 3.5% to 4.8%
Derivative [Line Items]
Notional amount $ 40
Not Accounted for as Hedge | Collar 3.5% to 4.8% | Minimum
Derivative [Line Items]
Interest rate3.50%
Not Accounted for as Hedge | Collar 3.5% to 4.8% | Maximum
Derivative [Line Items]
Interest rate4.80%
Not Accounted for as Hedge | Swap 0.0% to 0.8% | Minimum
Derivative [Line Items]
Interest rate0.00%
Not Accounted for as Hedge | Swap 0.0% to 0.8% | Maximum
Derivative [Line Items]
Interest rate0.80%
Not Accounted for as Hedge | Swap 0.0% to 0.7% | Minimum
Derivative [Line Items]
Interest rate0.00%
Not Accounted for as Hedge | Swap 0.0% to 0.7% | Maximum
Derivative [Line Items]
Interest rate0.70%
Not Accounted for as Hedge | Swap 0.0% to 0.8% | Minimum
Derivative [Line Items]
Interest rate0.00%
Not Accounted for as Hedge | Swap 0.0% to 0.8% | Maximum
Derivative [Line Items]
Interest rate0.80%
Not Accounted for as Hedge | Swap 0.0% to 0.8% | Minimum
Derivative [Line Items]
Interest rate0.00%
Not Accounted for as Hedge | Swap 0.0% to 0.8% | Maximum
Derivative [Line Items]
Interest rate0.80%
Accounted for as Hedge | Swap 1.8%
Derivative [Line Items]
Notional amount $ 20
Interest rate1.80%
Accounted for as Hedge | Swap 2.6%
Derivative [Line Items]
Notional amount $ 10
Interest rate2.60%
Accounted for as Hedge | Swap 2.7%
Derivative [Line Items]
Notional amount $ 20
Interest rate2.70%
Accounted for as Hedge | Swap 2.5%
Derivative [Line Items]
Notional amount $ 100
Interest rate2.50%
Accounted for as Hedge | Swap 2.5%
Derivative [Line Items]
Notional amount $ 50
Interest rate2.50%
Accounted for as Hedge | Swap 2.5%
Derivative [Line Items]
Notional amount $ 50
Interest rate2.50%
Accounted for as Hedge | Swap 0.0% to 0.8%
Derivative [Line Items]
Notional amount $ 50
Accounted for as Hedge | Swap 0.0% to 0.7%
Derivative [Line Items]
Notional amount50
Accounted for as Hedge | Swap 0.0% to 0.8%
Derivative [Line Items]
Notional amount50
Accounted for as Hedge | 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 Thousands3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue from contract with customers $ 506,468 $ 347,502
Total Revenues2,635,729 1,853,105
Revenues under ASC 606
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue from contract with customers506,468 347,502
Revenues under ASC 842
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total Revenues21,639 25,551
Revenues under ASC 815
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total Revenues $ 2,107,622 $ 1,480,052

Revenue (Components of Lease In

Revenue (Components of Lease Income) (Details) - USD ($) $ in Thousands3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Revenue from Contract with Customer [Abstract]
Operating lease revenue $ 20,850 $ 24,056
Sales-type lease revenue101 102
Variable lease revenue688 1,393
Total revenues $ 21,639 $ 25,551

Revenue (Disaggregation of Reve

Revenue (Disaggregation of Revenues) (Details) - USD ($) $ in Thousands3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Disaggregation of Revenue [Line Items]
Total $ 506,468 $ 347,502
Specialty nutrients
Disaggregation of Revenue [Line Items]
Total76,806 73,231
Primary nutrients
Disaggregation of Revenue [Line Items]
Total71,659 45,690
Service
Disaggregation of Revenue [Line Items]
Total12,687 10,604
Products and co-products
Disaggregation of Revenue [Line Items]
Total217,632 154,863
Frac sand and propane
Disaggregation of Revenue [Line Items]
Total92,065 49,875
Other
Disaggregation of Revenue [Line Items]
Total35,619 13,239
Trade
Disaggregation of Revenue [Line Items]
Total168,439 108,715
Trade | Specialty nutrients
Disaggregation of Revenue [Line Items]
Total0 0
Trade | Primary nutrients
Disaggregation of Revenue [Line Items]
Total0 0
Trade | Service
Disaggregation of Revenue [Line Items]
Total1,454 1,686
Trade | Products and co-products
Disaggregation of Revenue [Line Items]
Total71,988 53,165
Trade | Frac sand and propane
Disaggregation of Revenue [Line Items]
Total92,065 49,875
Trade | Other
Disaggregation of Revenue [Line Items]
Total2,932 3,989
Ethanol
Disaggregation of Revenue [Line Items]
Total149,403 102,314
Ethanol | Specialty nutrients
Disaggregation of Revenue [Line Items]
Total0 0
Ethanol | Primary nutrients
Disaggregation of Revenue [Line Items]
Total0 0
Ethanol | Service
Disaggregation of Revenue [Line Items]
Total0 0
Ethanol | Products and co-products
Disaggregation of Revenue [Line Items]
Total145,644 101,698
Ethanol | Frac sand and propane
Disaggregation of Revenue [Line Items]
Total0 0
Ethanol | Other
Disaggregation of Revenue [Line Items]
Total3,759 616
Plant Nutrient
Disaggregation of Revenue [Line Items]
Total169,252 124,913
Plant Nutrient | Specialty nutrients
Disaggregation of Revenue [Line Items]
Total76,806 73,231
Plant Nutrient | Primary nutrients
Disaggregation of Revenue [Line Items]
Total71,659 45,690
Plant Nutrient | Service
Disaggregation of Revenue [Line Items]
Total1,289 182
Plant Nutrient | Products and co-products
Disaggregation of Revenue [Line Items]
Total0 0
Plant Nutrient | Frac sand and propane
Disaggregation of Revenue [Line Items]
Total0 0
Plant Nutrient | Other
Disaggregation of Revenue [Line Items]
Total19,498 5,810
Rail
Disaggregation of Revenue [Line Items]
Total19,374 11,560
Rail | Specialty nutrients
Disaggregation of Revenue [Line Items]
Total0 0
Rail | Primary nutrients
Disaggregation of Revenue [Line Items]
Total0 0
Rail | Service
Disaggregation of Revenue [Line Items]
Total9,944 8,736
Rail | Products and co-products
Disaggregation of Revenue [Line Items]
Total0 0
Rail | Frac sand and propane
Disaggregation of Revenue [Line Items]
Total0 0
Rail | Other
Disaggregation of Revenue [Line Items]
Total $ 9,430 $ 2,824

Revenue (Textual) (Details)

Revenue (Textual) (Details) - USD ($) $ in Millions3 Months Ended
Mar. 31, 2021Mar. 31, 2020Dec. 31, 2020
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Contract Liabilities $ 105.4 $ 45.6
Service | Transferred over Time
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue from contract with customer, percentage of service revenues3.00%3.00%

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Income Tax Disclosure [Abstract]
Income tax (benefit) expense $ 5,745 $ (1,464)
Effective income tax rate(30.20%)2.80%
Unrecognized tax benefits $ 44,400 $ 25,400
Unrecognized tax benefit, reduction of deferred tax asset and refundable credits $ 40,600

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning Balance $ 1,160,660 $ 1,195,655
Other comprehensive income (loss)10,862 (20,418)
Ending Balance1,182,551 1,113,862
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning Balance(12,076)(7,231)
Ending Balance(1,214)(27,649)
Currency Translation Adjustment
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning Balance5,739 1,065
Other comprehensive income (loss) before reclassifications1,224 (6,639)
Other Comprehensive Income (Loss), Tax0 0
Other comprehensive income (loss)1,224 (6,639)
Ending Balance6,963 (5,574)
Hedging Adjustment
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning Balance(18,106)(9,443)
Other comprehensive income (loss) before reclassifications8,126 (14,390)
Amounts reclassified from accumulated other comprehensive income (loss)[1]2,153 969
Other Comprehensive Income (Loss), Tax(538)(242)
Other comprehensive income (loss)9,741 (13,663)
Ending Balance(8,365)(23,106)
Pension and Other Postretirement Adjustment
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning Balance33 889
Other comprehensive income (loss) before reclassifications68 55
Amounts reclassified from accumulated other comprehensive income (loss)[2](228)(228)
Other Comprehensive Income (Loss), Tax57 57
Other comprehensive income (loss)(103)(116)
Ending Balance(70)773
Investments in Convertible Preferred Securities Adjustment
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning Balance258 258
Other comprehensive income (loss)0 0
Ending Balance $ 258 $ 258
[1]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.
[2]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 Thousands3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Earnings Per Share [Abstract]
Net income attributable to The Andersons, Inc. $ 15,107 $ (37,662)
Denominator:
Weighted average shares outstanding - basic (shares)33,188 32,821
Effect of dilutive awards (shares)389 0
Weighted average shares outstanding - diluted (shares)33,577 32,821
Earnings (loss) per share
Earnings per common share - basic (dollars per share) $ 0.46 $ (1.15)
Earnings per common share - diluted (dollars per share) $ 0.45 $ (1.15)
Antidilutive awards (shares)110

Fair Value Measurements (Assets

Fair Value Measurements (Assets and Liabilities Measured on Recurring Basis) (Details) - Recurring - USD ($) $ in ThousandsMar. 31, 2021Dec. 31, 2020Mar. 31, 2020
Assets and liabilities measured at fair value on a recurring basis
Commodity derivatives, net[1] $ 231,315 $ 177,467 $ 59,175
Provisionally price contracts[2](17,371)(29,025)(145,895)
Convertible preferred securities[3]11,649 8,849 8,654
Other assets and liabilities[4](6,627)(18,086)(27,241)
Total218,966 139,205 (105,307)
Level 1
Assets and liabilities measured at fair value on a recurring basis
Commodity derivatives, net[1]19,145 51,369 43,832
Provisionally price contracts[2]14,231 19,793 (94,834)
Convertible preferred securities[3]0 0 0
Other assets and liabilities[4]6,147 7,972 5,373
Total39,523 79,134 (45,629)
Level 2
Assets and liabilities measured at fair value on a recurring basis
Commodity derivatives, net[1]212,170 126,098 15,343
Provisionally price contracts[2](31,602)(48,818)(51,061)
Convertible preferred securities[3]0 0 0
Other assets and liabilities[4](12,774)(26,058)(32,614)
Total167,794 51,222 (68,332)
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]11,649 8,849 8,654
Other assets and liabilities[4]0 0 0
Total $ 11,649 $ 8,849 $ 8,654
[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 and foreign exchange derivative contracts (Level 1), as well as, 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 Thousands3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Reconciliation of Fair Value Measurements Using Level 3
Asset (liability), Beginning Balance $ 8,849 $ 8,404
Additional investments2,800 250
Asset (liability), Ending Balance $ 11,649 $ 8,654

Fair Value Measurements (Quanti

Fair Value Measurements (Quantitative Information Level 3 Measurements ) (Details) - USD ($) $ in ThousandsMar. 31, 2021Dec. 31, 2020Mar. 31, 2020
Implied based on market prices | Level 3 | Convertible preferred securities | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Asset fair value $ 11,649 $ 8,849 $ 8,654

Related Parties (Details)

Related Parties (Details) - USD ($) $ in Thousands3 Months Ended
Mar. 31, 2021Mar. 31, 2020Dec. 31, 2020
Related Party Transactions [Abstract]
Sales revenues $ 66,646 $ 54,694
Purchases of product11,674 15,577
Accounts receivable11,844 6,586 $ 5,623
Accounts payable $ 2,850 $ 6,364 $ 5,251

Segment Information (Textual) (

Segment Information (Textual) (Details)3 Months Ended
Mar. 31, 2021segment
Segment Reporting [Abstract]
Number of reportable segments (business segments)4

Segment Information (Details)

Segment Information (Details) - USD ($) $ in Thousands3 Months Ended
Mar. 31, 2021Mar. 31, 2020Dec. 31, 2020
Segment Reporting Information [Line Items]
Revenues from external customers $ 2,635,729 $ 1,853,105
Income (loss) before income taxes attributable to the Company20,852 (39,126)
Net loss attributable to the noncontrolling interests(1,845)(13,449)
Income (loss) before income taxes19,007 (52,575)
Total assets4,266,737 3,752,691 $ 4,272,121
Operating Segments | Trade
Segment Reporting Information [Line Items]
Revenues from external customers1,982,508 1,378,040
Income (loss) before income taxes attributable to the Company13,855 (9,983)
Operating Segments | Ethanol
Segment Reporting Information [Line Items]
Revenues from external customers442,959 313,039
Income (loss) before income taxes attributable to the Company2,926 (23,976)
Operating Segments | Plant Nutrient
Segment Reporting Information [Line Items]
Revenues from external customers169,252 124,913
Income (loss) before income taxes attributable to the Company8,523 (1,192)
Operating Segments | Rail
Segment Reporting Information [Line Items]
Revenues from external customers41,010 37,113
Income (loss) before income taxes attributable to the Company4,891 1,007
Other
Segment Reporting Information [Line Items]
Income (loss) before income taxes attributable to the Company $ (9,343) $ (4,982)