Cover page
Cover page - shares | 6 Months Ended | |
Jun. 30, 2022 | Jul. 22, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2022 | |
Document Transition Report | false | |
Entity File Number | 000-20557 | |
Entity Registrant Name | ANDERSONS, INC. | |
Entity Incorporation, State or Country Code | OH | |
Entity Tax Identification Number | 34-1562374 | |
Entity Address, Address Line One | 1947 Briarfield Boulevard | |
Entity Address, City or Town | Maumee | |
Entity Address, State or Province | OH | |
Entity Address, Postal Zip Code | 43537 | |
City Area Code | 419 | |
Local Phone Number | 893-5050 | |
Title of 12(b) Security | Common stock, $0.00 par value, $0.01 stated value | |
Trading Symbol | ANDE | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 33,860,914 | |
Entity Central Index Key | 0000821026 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q2 | |
Current Fiscal Year End Date | --12-31 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Income Statement [Abstract] | ||||
Revenues from external customers | $ 4,450,617 | $ 3,235,805 | $ 8,428,571 | $ 5,830,524 |
Cost of sales and merchandising revenues | 4,219,776 | 3,072,398 | 8,078,195 | 5,553,676 |
Gross profit | 230,841 | 163,407 | 350,376 | 276,848 |
Operating, administrative and general expenses | 112,559 | 105,560 | 214,546 | 202,558 |
Interest expense, net | 16,921 | 10,060 | 27,780 | 20,049 |
Other income, net: | ||||
Equity in earnings (losses) of affiliates, net | (6,034) | 845 | (6,278) | 2,639 |
Other income, net | 22,826 | 5,070 | 26,988 | 10,938 |
Income before income taxes from continuing operations | 118,153 | 53,702 | 128,760 | 67,818 |
Income tax provision from continuing operations | 15,753 | 9,677 | 19,856 | 14,038 |
Net income from continuing operations | 102,400 | 44,025 | 108,904 | 53,780 |
Income (loss) from discontinued operations, net of income taxes | (739) | 2,099 | (1,294) | 5,606 |
Net income | 101,661 | 46,124 | 107,610 | 59,386 |
Net income attributable to noncontrolling interests | 21,856 | 2,625 | 22,303 | 780 |
Net income attributable to The Andersons, Inc. | $ 79,805 | $ 43,499 | $ 85,307 | $ 58,606 |
Average number of shares outstanding - basic (in shares) | 33,850 | 33,263 | 33,795 | 33,226 |
Average number of share outstanding - diluted (in shares) | 34,416 | 33,579 | 34,416 | 33,617 |
Basic earnings (loss): | ||||
Continuing operations (in dollars per share) | $ 2.38 | $ 1.25 | $ 2.56 | $ 1.60 |
Discontinued operations (in dollars per share) | (0.02) | 0.06 | (0.04) | 0.16 |
Earnings per common share - basic (dollars per share) | 2.36 | 1.31 | 2.52 | 1.76 |
Diluted earnings (loss): | ||||
Continuing operations (in dollars per share) | 2.34 | 1.23 | 2.52 | 1.58 |
Discontinued operations (in dollars per share) | (0.02) | 0.07 | (0.04) | 0.16 |
Earnings per common share - diluted (dollars per share) | $ 2.32 | $ 1.30 | $ 2.48 | $ 1.74 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 101,661 | $ 46,124 | $ 107,610 | $ 59,386 |
Other comprehensive income (loss), net of tax: | ||||
Change in unrecognized actuarial loss and prior service cost | 517 | (234) | 358 | (337) |
Foreign currency translation adjustments | (5,679) | 1,469 | (5,581) | 2,693 |
Cash flow hedge activity | 6,697 | (1,858) | 19,119 | 7,883 |
Other comprehensive income (loss) | 1,535 | (623) | 13,896 | 10,239 |
Comprehensive income | 103,196 | 45,501 | 121,506 | 69,625 |
Comprehensive income attributable to the noncontrolling interests | 21,856 | 2,625 | 22,303 | 780 |
Comprehensive income attributable to The Andersons, Inc. | $ 81,340 | $ 42,876 | $ 99,203 | $ 68,845 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 | Jun. 30, 2021 |
Current assets: | |||
Cash and cash equivalents | $ 86,035 | $ 216,444 | $ 27,538 |
Accounts receivable, net | 1,141,167 | 835,180 | 702,869 |
Inventories | 1,618,326 | 1,814,538 | 904,924 |
Commodity derivative assets – current | 638,357 | 410,813 | 507,148 |
Current assets held-for-sale | 18,627 | 20,885 | 28,555 |
Other current assets | 70,367 | 74,468 | 63,266 |
Total current assets | 3,572,879 | 3,372,328 | 2,234,300 |
Other assets: | |||
Goodwill | 129,342 | 129,342 | 131,542 |
Other intangible assets, net | 105,222 | 117,137 | 125,731 |
Right of use assets, net | 50,233 | 52,146 | 42,330 |
Other assets held-for-sale (Note 14) | 24,298 | 43,169 | 620,745 |
Other assets, net | 91,758 | 69,068 | 70,879 |
Total other assets | 400,853 | 410,862 | 991,227 |
Property, plant and equipment, net | 763,443 | 786,029 | 823,563 |
Total assets | 4,737,175 | 4,569,219 | 4,049,090 |
Current liabilities: | |||
Short-term debt | 1,161,428 | 501,792 | 757,271 |
Trade and other payables | 772,996 | 1,199,324 | 543,503 |
Customer prepayments and deferred revenue | 184,154 | 358,119 | 55,943 |
Commodity derivative liabilities – current | 185,903 | 128,911 | 90,366 |
Current maturities of long-term debt | 53,951 | 32,256 | 50,069 |
Current liabilities held-for-sale (Note 14) | 7,314 | 13,379 | 25,185 |
Accrued expenses and other current liabilities | 211,830 | 230,148 | 168,221 |
Total current liabilities | 2,577,576 | 2,463,929 | 1,690,558 |
Long-term lease liabilities | 28,929 | 31,322 | 27,134 |
Long-term debt, less current maturities | 563,447 | 600,487 | 837,609 |
Deferred income taxes | 63,383 | 71,127 | 173,212 |
Non-current liabilities held-for-sale | 3,113 | 16,119 | 43,993 |
Other long-term liabilities | 83,521 | 78,531 | 51,620 |
Total liabilities | 3,319,969 | 3,261,515 | 2,824,126 |
Commitments and contingencies | |||
Shareholders’ equity: | |||
Common shares, without par value (63,000 shares authorized; 34,064, 33,870 and 33,786 shares issued at 6/30/2022, 12/31/2021 and 6/30/2021, respectively) | 142 | 140 | 140 |
Preferred shares, without par value (1,000 shares authorized; none issued) | 0 | 0 | 0 |
Additional paid-in-capital | 378,740 | 368,595 | 357,606 |
Treasury shares, at cost (62, 11 and 111 shares at 6/30/2022, 12/31/2021 and 6/30/2021, respectively) | (2,313) | (263) | (2,650) |
Accumulated other comprehensive income (loss) | 15,090 | 1,194 | (1,837) |
Retained earnings | 775,495 | 702,759 | 669,241 |
Total shareholders’ equity of The Andersons, Inc. | 1,167,154 | 1,072,425 | 1,022,500 |
Noncontrolling interests | 250,052 | 235,279 | 202,464 |
Total equity | 1,417,206 | 1,307,704 | 1,224,964 |
Total liabilities and equity | $ 4,737,175 | $ 4,569,219 | $ 4,049,090 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - shares | Jun. 30, 2022 | Dec. 31, 2021 | Jun. 30, 2021 |
Statement of Financial Position [Abstract] | |||
Common shares, shares authorized (shares) | 63,000,000 | 63,000,000 | 63,000,000 |
Common shares, shares issued (shares) | 34,064,000 | 33,870,000 | 33,786,000 |
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) | 62,000 | 11,000 | 111,000 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Operating activities | ||
Net income from continuing operations | $ 108,904 | $ 53,780 |
Income (loss) from discontinued operations, net of income taxes | (1,294) | 5,606 |
Net income | 107,610 | 59,386 |
Adjustments to reconcile net income to cash used in operating activities: | ||
Depreciation and amortization | 67,945 | 95,154 |
Bad debt expense, net | 3,069 | (1,156) |
Equity in (earnings) losses of affiliates, net of dividends | 6,278 | (2,639) |
Gain on sales of assets, net | (10,305) | (6,253) |
Stock-based compensation expense | 4,708 | 4,112 |
Deferred federal income tax | (13,755) | 170 |
Other | 8,549 | 5,570 |
Changes in operating assets and liabilities: | ||
Accounts receivable | (289,196) | (58,338) |
Inventories | 186,685 | 390,506 |
Commodity derivatives | (189,090) | (250,691) |
Other current and non-current assets | 5,106 | 35,568 |
Payables and other current and non-current liabilities | (609,403) | (516,883) |
Net cash used in operating activities | (721,799) | (245,494) |
Investing Activities | ||
Purchases of property, plant and equipment and capitalized software | (43,472) | (34,264) |
Proceeds from sale of assets | 4,672 | 3,794 |
Purchases of investments | (2,105) | (4,701) |
Purchases of Rail assets | (27,276) | (4,751) |
Proceeds from sale of Rail assets | 36,341 | 15,616 |
Other | 1,746 | 832 |
Net cash used in investing activities | (30,094) | (23,474) |
Financing Activities | ||
Net receipts (payments) under short-term lines of credit | 862,698 | (258,157) |
Proceeds from issuance of short-term debt | 350,000 | 608,250 |
Payments of short-term debt | (550,000) | 0 |
Proceeds from issuance of long-term debt | 0 | 108,300 |
Payments of long-term debt | (15,077) | (177,586) |
Contributions from noncontrolling interest owner | 2,450 | 2,940 |
Distributions to noncontrolling interest owner | (9,980) | (25) |
Payments of debt issuance costs | (7,802) | (2,059) |
Dividends paid | (12,245) | (11,677) |
Proceeds from exercises of stock options | 5,024 | 0 |
Other | (2,955) | (2,436) |
Net cash provided by financing activities | 622,113 | 267,550 |
Effect of exchange rates on cash and cash equivalents | (629) | (167) |
Decrease in cash and cash equivalents | (130,409) | (1,585) |
Cash and cash equivalents at beginning of period | 216,444 | 29,123 |
Cash and cash equivalents at end of period | $ 86,035 | $ 27,538 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Equity - USD ($) $ in Thousands | Total | Common Shares | Additional Paid-in Capital | Treasury Shares | Accumulated Other Comprehensive Income (Loss) | Retained Earnings | Noncontrolling Interests |
Beginning Balance at Dec. 31, 2020 | $ 1,160,660 | $ 138 | $ 348,714 | $ (966) | $ (12,076) | $ 626,081 | $ 198,769 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income (loss) | 59,386 | 58,606 | 780 | ||||
Other comprehensive income | 7,311 | 7,311 | |||||
Amounts reclassified from Accumulated other comprehensive income | 2,928 | 2,928 | |||||
Contributions from noncontrolling interests | 2,940 | 2,940 | |||||
Distributions to noncontrolling interests | (25) | (25) | |||||
Stock awards, stock option exercises and other shares issued to employees and directors, net of income tax | 3,398 | 2 | 8,892 | (2,016) | (3,480) | ||
Dividends declared per common share | (11,634) | (11,634) | |||||
Restricted share award dividend equivalents | 0 | 332 | (332) | ||||
Ending Balance at Jun. 30, 2021 | 1,224,964 | 140 | 357,606 | (2,650) | (1,837) | 669,241 | 202,464 |
Beginning Balance at Mar. 31, 2021 | 1,182,551 | 140 | 355,961 | (2,872) | (1,214) | 631,652 | 198,884 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income (loss) | 46,124 | 43,499 | 2,625 | ||||
Other comprehensive income | (2,108) | (2,108) | |||||
Amounts reclassified from Accumulated other comprehensive income | 1,485 | 1,485 | |||||
Contributions from noncontrolling interests | 980 | 980 | |||||
Distributions to noncontrolling interests | (25) | (25) | |||||
Stock awards, stock option exercises and other shares issued to employees and directors, net of income tax | 1,783 | 1,645 | 138 | ||||
Dividends declared per common share | (5,826) | (5,826) | |||||
Restricted share award dividend equivalents | 0 | 84 | (84) | ||||
Ending Balance at Jun. 30, 2021 | 1,224,964 | 140 | 357,606 | (2,650) | (1,837) | 669,241 | 202,464 |
Beginning Balance at Dec. 31, 2021 | 1,307,704 | 140 | 368,595 | (263) | 1,194 | 702,759 | 235,279 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income (loss) | 107,610 | 85,307 | 22,303 | ||||
Other comprehensive income | 11,721 | 11,721 | |||||
Amounts reclassified from Accumulated other comprehensive income | 2,175 | 2,175 | |||||
Contributions from noncontrolling interests | 2,450 | 2,450 | |||||
Distributions to noncontrolling interests | (9,980) | (9,980) | |||||
Stock awards, stock option exercises and other shares issued to employees and directors, net of income tax | 7,708 | 2 | 10,091 | (2,385) | |||
Dividends declared per common share | (12,182) | (12,182) | |||||
Restricted share award dividend equivalents | 0 | 54 | 335 | (389) | |||
Ending Balance at Jun. 30, 2022 | 1,417,206 | 142 | 378,740 | (2,313) | 15,090 | 775,495 | 250,052 |
Beginning Balance at Mar. 31, 2022 | 1,317,221 | 142 | 375,794 | (2,265) | 13,555 | 701,799 | 228,196 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income (loss) | 101,661 | 79,805 | 21,856 | ||||
Other comprehensive income | 750 | 750 | |||||
Amounts reclassified from Accumulated other comprehensive income | 785 | 785 | |||||
Stock awards, stock option exercises and other shares issued to employees and directors, net of income tax | 2,883 | 2,946 | (63) | ||||
Dividends declared per common share | (6,094) | (6,094) | |||||
Restricted share award dividend equivalents | 0 | 15 | (15) | ||||
Ending Balance at Jun. 30, 2022 | $ 1,417,206 | $ 142 | $ 378,740 | $ (2,313) | $ 15,090 | $ 775,495 | $ 250,052 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Equity (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Statement of Stockholders' Equity [Abstract] | |||||
Stock awards, stock option exercises and other shares issued to employees and directors, tax | $ 0 | $ 0 | $ 0 | $ 0 | |
Number Of Common Shares Issued For Cash | 1 | 11 | 51 | 67 | |
Dividends declared, per common share (in dollars per share) | $ 0.180 | $ 0.1750 | $ 0.360 | $ 0.350 |
Basis of Presentation and Conso
Basis of Presentation and Consolidation | 6 Months Ended |
Jun. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation and Consolidation | Basis of Presentation and Consolidation These Condensed Consolidated Financial Statements include the accounts of The Andersons, Inc. and its wholly owned and controlled subsidiaries (the “Company”). Controlled subsidiaries include 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. During the third quarter of 2021, substantially all of the assets and liabilities of the Rail business were classified as held-for-sale in the accompanying Condensed Consolidated Balance Sheets. As discussed further in Note 14, the Company executed a definitive agreement to sell the Rail Leasing business. In conjunction with the sale of the Rail Leasing business, the Company announced its intent to divest the remainder of the Rail business, which primarily consisted of the Rail Repair business. These transactions effectively constitute the entirety of what has historically been included in the Rail reportable segment. Therefore, the associated operating results, net of income tax, have been classified as discontinued operations in the accompanying Condensed Consolidated Statements of Operations for all periods presented. Throughout this Quarterly Report on Form 10-Q, with the exception of the Condensed Consolidated Statements of Cash Flows and unless otherwise indicated, amounts and activity are presented on a continuing operations basis. Certain reclassifications have been made to the prior year financial statements to conform to current year classifications. The reclassification relates to the Condensed Consolidated Balance Sheet presentation of assets and liabilities as held-for-sale and Condensed Consolidated Statements of Operations presentation of results classified as discontinued operations in relation to the Rail business transactions noted above. 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, 2022. An unaudited Condensed Consolidated Balance Sheet as of June 30, 2021 has been included as the Company operates in several seasonal industries. The Condensed Consolidated Balance Sheet data at December 31, 2021 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, 2021 (the “2021 Form 10-K”). |
Inventories
Inventories | 6 Months Ended |
Jun. 30, 2022 | |
Inventory, Net [Abstract] | |
Inventories | Inventories Major classes of inventories are presented below. Readily Marketable Inventories ("RMI") are agricultural commodity inventories such as corn, soybeans, wheat, and ethanol co-products, among others, carried at net realizable value which approximates fair value based on their commodity characteristics, widely available markets, and pricing mechanisms. The net realizable value of RMI is calculated as the fair value (spot price of the commodity in an exchange), less cost of disposal and transportation based on the local market. All other inventories are held at lower of cost or net realizable value. (in thousands) June 30, December 31, June 30, Grain and other agricultural products (a) $ 1,241,933 $ 1,427,708 $ 636,380 Propane and frac sand (a) 19,483 23,780 11,265 Ethanol and co-products (a) 179,175 184,354 155,993 Plant nutrients and cob products 177,735 178,696 101,286 Total Inventories $ 1,618,326 $ 1,814,538 $ 904,924 (a) Includes RMI of $1,214.4 million , $1,410.9 million and $612.2 million at June 30, 2022, December 31, 2021 and June 30, 2021, respectively. Inventories do not include 1.3 million, 3.0 million and 1.2 million bushels of grain held in storage for others as of June 30, 2022, December 31, 2021 and June 30, 2021, 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 Equipment | 6 Months Ended |
Jun. 30, 2022 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | Property, Plant and Equipment The components of Property, plant and equipment, net are as follows: (in thousands) June 30, December 31, June 30, Land $ 38,630 $ 39,162 $ 39,367 Land improvements and leasehold improvements 91,542 91,122 93,166 Buildings and storage facilities 370,453 368,577 377,946 Machinery and equipment 949,142 936,476 921,190 Construction in progress 31,237 20,676 19,723 1,481,004 1,456,013 1,451,392 Less: accumulated depreciation 717,561 669,984 627,829 Property, plant and equipment, net $ 763,443 $ 786,029 $ 823,563 Depreciation expense on property, plant and equipment used in continuing operations was $55.8 million and $62.5 million for the six months ended June 30, 2022 and 2021, respectively. Additionally, depreciation expense on property, plant and equipment used in continuing operations was $27.5 million and $31.4 million for the three months ended June 30, 2022 and 2021, respectively. During the second quarter of 2022, the Company closed on the sale of the remaining assets of the Company's Frac Sand business for total consideration of $8.4 million resulting in a pre-tax gain of $3.7 million. |
Debt
Debt | 6 Months Ended |
Jun. 30, 2022 | |
Debt Disclosure [Abstract] | |
Debt | Debt Short-term and long-term debt at June 30, 2022, December 31, 2021 and June 30, 2021 consisted of the following: (in thousands) June 30, December 31, June 30, Short-term debt – non-recourse $ 97,668 $ 65,485 $ 120,020 Short-term debt – recourse 1,063,760 436,307 637,251 Total short-term debt $ 1,161,428 $ 501,792 $ 757,271 Current maturities of long-term debt – non-recourse $ 7,707 $ 7,601 $ 3,691 Current maturities of long-term debt – recourse 46,244 24,655 46,378 Total current maturities of long-term debt $ 53,951 $ 32,256 $ 50,069 Long-term debt, less: current maturities – non-recourse $ 60,396 $ 64,972 $ 100,876 Long-term debt, less: current maturities – recourse 503,051 535,515 736,733 Total long-term debt, less: current maturities $ 563,447 $ 600,487 $ 837,609 On March 2, 2022, the Company completed an incremental term loan amendment to its credit agreement dated January 11, 2019. The amendment provided for a short-term note of $250.0 million in which the entire stated principal was due on May 31, 2022 (subsequently extended to August 31, 2022 as described below). On March 9, 2022, the Company completed an additional term loan amendment that expanded the short-term note capacity from $250.0 million to $450.0 million. On May 27, 2022, the Company completed an additional amendment to convert the $350.0 million then outstanding balance from the $450.0 million incremental term loan amendment to a revolving credit agreement with a capacity of up to $450.0 million. The entire amount outstanding will be due on August 31, 2022. The revolving credit agreement will bear interest at variable rates, which are based on SOFR plus an applicable spread. As of June 30, 2022, the Company had drawn $250.0 million on the revolving credit agreement. On March 28, 2022, the Company amended its credit agreement dated January 11, 2019. The amendment increased borrowing capacity on the revolver from $900.0 million to $1,550.0 million and extended the maturity dates of the $140.6 million and $209.4 million long-term notes originally due in 2026 to March 26, 2027 and March 28, 2029, respectively. The amendment also transitions the reference rate in the credit agreement from LIBOR to SOFR. The revolver and term notes will bear interest at variable rates, which are based on SOFR plus an applicable spread. During the first quarter of 2022, the Company repaid the remaining $200.0 million balance that was outstanding as of December 31, 2021 on a short-term note that was classified as recourse debt to the Company. The total borrowing capacity of the Company's lines of credit at June 30, 2022 was $2,501.7 million of which the Company had a total of $1,315.2 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 June 30, 2022, December 31, 2021 and June 30, 2021, the estimated fair value of long-term debt, including the current portion, was $617.5 million, $650.7 million and $910.5 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
Derivatives | 6 Months Ended |
Jun. 30, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives | Derivatives The Company’s operating results are affected by changes to commodity prices. The Trade and Renewables 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 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 June 30, 2022, December 31, 2021 and June 30, 2021, 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) June 30, 2022 December 31, 2021 June 30, 2021 Cash collateral paid $ 70,442 $ 165,250 $ 219,469 Fair value of derivatives 165,223 (36,843) (180,842) Net derivative asset position $ 235,665 $ 128,407 $ 38,627 The following table presents, on a gross basis, current and non-current commodity derivative assets and liabilities: June 30, 2022 (in thousands) Commodity Derivative Assets - Current Commodity Derivative Assets - Noncurrent Commodity Derivative Liabilities - Current Commodity Derivative Liabilities - Noncurrent Total Commodity derivative assets $ 707,542 $ 14,257 $ 29,223 $ 1,945 $ 752,967 Commodity derivative liabilities (138,627) (2,132) (216,126) (12,040) (368,925) Cash collateral paid 69,442 — 1,000 — 70,442 Balance sheet line item totals $ 638,357 $ 12,125 $ (185,903) $ (10,095) $ 454,484 December 31, 2021 (in thousands) Commodity Derivative Assets - Current Commodity Derivative Assets - Noncurrent Commodity Derivative Liabilities - Current Commodity Derivative Liabilities - Noncurrent Total Commodity derivative assets $ 339,321 $ 4,677 $ 23,762 $ 1,209 $ 368,969 Commodity derivative liabilities (93,758) (105) (152,673) (2,578) (249,114) Cash collateral paid 165,250 — — — 165,250 Balance sheet line item totals $ 410,813 $ 4,572 $ (128,911) $ (1,369) $ 285,105 June 30, 2021 (in thousands) Commodity Derivative Assets - Current Commodity Derivative Assets - Noncurrent Commodity Derivative Liabilities - Current Commodity Derivative Liabilities - Noncurrent Total Commodity derivative assets $ 547,186 $ 16,480 $ 34,327 $ 423 $ 598,416 Commodity derivative liabilities (259,507) (873) (124,693) (3,874) (388,947) Cash collateral paid 219,469 — — — 219,469 Balance sheet line item totals $ 507,148 $ 15,607 $ (90,366) $ (3,451) $ 428,938 The net pre-tax gains and losses on commodity derivatives not designated as hedging instruments are included in the Company’s Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2022 and 2021 are as follows: Three months ended June 30, Six months ended June 30, (in thousands) 2022 2021 2022 2021 Gains on commodity derivatives included in Cost of sales and merchandising revenues $ 230,188 $ 73,688 $ 264,186 $ 240,673 The Company had the following volume of commodity derivative contracts outstanding (on a gross basis) at June 30, 2022, December 31, 2021 and June 30, 2021: June 30, 2022 (in thousands) Number of Bushels Number of Gallons Number of Tons Non-exchange traded: Corn 628,471 — — Soybeans 116,679 — — Wheat 97,224 — — Oats 37,355 — — Ethanol — 200,388 — Dried distillers grain — — 318 Soybean meal — — 421 Other 8,549 25,767 3,032 Subtotal 888,278 226,155 3,771 Exchange traded: Corn 219,020 — — Soybeans 69,115 — — Wheat 74,418 — — Oats 650 — — Ethanol — 94,794 — Propane — 25,578 — Other 95 546 360 Subtotal 363,298 120,918 360 Total 1,251,576 347,073 4,131 December 31, 2021 (in thousands) Number of Bushels Number of Gallons Number of Tons Non-exchange traded: Corn 685,681 — — Soybeans 77,592 — — Wheat 109,547 — — Oats 31,627 — — Ethanol — 192,447 — Dried distillers grain — — 507 Soybean meal — — 544 Other 57,268 16,092 1,854 Subtotal 961,715 208,539 2,905 Exchange traded: Corn 226,215 — — Soybeans 64,730 — — Wheat 65,020 — — Oats 1,300 — — Ethanol — 100,884 — Propane — 31,542 — Other 75 798 353 Subtotal 357,340 133,224 353 Total 1,319,055 341,763 3,258 June 30, 2021 (in thousands) Number of Bushels Number of Gallons Number of Tons Non-exchange traded: Corn 696,674 — — Soybeans 75,507 — — Wheat 129,264 — — Oats 45,810 — — Ethanol — 198,316 — Dried distillers grain — — 372 Soybean meal — — 411 Other 7,803 3,957 1,191 Subtotal 955,058 202,273 1,974 Exchange traded: Corn 243,190 — — Soybeans 49,375 — — Wheat 80,004 — — Oats 1,430 — — Ethanol — 112,812 — Propane — 18,480 — Other — 5 198 Subtotal 373,999 131,297 198 Total 1,329,057 333,570 2,172 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 June 30, 2022, December 31, 2021 and June 30, 2021, the Company had recorded the following amounts for the fair value of the Company's other derivatives: (in thousands) June 30, 2022 December 31, 2021 June 30, 2021 Derivatives not designated as hedging instruments Interest rate contracts included in Accrued expenses and other current liabilities $ — $ (174) $ — Interest rate contracts included in Other long-term liabilities — — (309) Foreign currency contracts included in Other current (liabilities) assets (1,749) (1,069) 1,523 Derivatives designated as hedging instruments Interest rate contracts included in Other current assets $ 3,276 $ — $ — Interest rate contracts included in Other assets 15,047 4,574 3,849 Interest rate contracts included in Accrued expenses and other current liabilities — (5,206) (6,944) Interest rate contracts included in Other long-term liabilities — (6,555) (11,506) The recording of derivatives gains and losses and the financial statement line in which they are located are as follows: Three months ended June 30, Six months ended June 30, (in thousands) 2022 2021 2022 2021 Derivatives not designated as hedging instruments Interest rate derivative gains (losses) included in Interest expense, net $ 114 $ 355 $ 123 $ 709 Derivatives designated as hedging instruments Interest rate derivative gains (losses) included in Other comprehensive income (loss) $ 8,923 $ 2,471 $ 25,464 $ (10,476) Interest rate derivative gains (losses) included in Interest expense, net (1,013) (1,656) (2,631) (3,273) Outstanding interest rate derivatives, as of June 30, 2022, are as follows: Interest Rate Hedging Instrument Year Entered Year of Maturity Initial Notional Amount Description Interest Rate Long-term Swap 2019 2025 $ 100.0 Interest rate component of debt - accounted for as a hedge 2.3% Swap 2019 2025 $ 50.0 Interest rate component of debt - accounted for as a hedge 2.4% Swap 2019 2025 $ 50.0 Interest rate component of debt - accounted for as a hedge 2.4% Swap 2020 2030 $ 50.0 Interest rate component of debt - accounted for as a hedge 0.0% to 0.8% Swap 2020 2030 $ 50.0 Interest rate component of debt - accounted for as a hedge 0.0% to 0.8% Swap 2022 2025 $ 20.0 Interest rate component of debt - accounted for as a hedge 2.6% Swap 2022 2029 $ 100.0 Interest rate component of debt - accounted for as a hedge 2.0% |
Revenue
Revenue | 6 Months Ended |
Jun. 30, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | Revenue Many of the Company’s revenues are generated from contracts that are outside the scope of Accounting Standard Codification ("ASC") 606 and thus are accounted for under other accounting standards. Specifically, many of the Company's Trade and Renewables sales contracts are derivatives under ASC 815, Derivatives and Hedging. The breakdown of revenues between the two standards are as follows: Three months ended June 30, Six months ended June 30, (in thousands) 2022 2021 2022 2021 Revenues under ASC 606 $ 956,013 $ 623,813 $ 1,633,869 $ 1,110,908 Revenues under ASC 815 3,494,604 2,611,992 6,794,702 4,719,616 Total revenues $ 4,450,617 $ 3,235,805 $ 8,428,571 $ 5,830,524 The remainder of this note applies only to those revenues that are accounted for under ASC 606. Disaggregation of revenue The following tables disaggregate revenues under ASC 606 by major product/service line for the three and six months ended June 30, 2022 and 2021, respectively: Three months ended June 30, 2022 (in thousands) Trade Renewables Plant Nutrient Total Specialty nutrients $ — $ — $ 104,357 $ 104,357 Primary nutrients — — 336,487 336,487 Products and co-products 101,195 329,224 — 430,419 Propane and frac sand 46,935 — — 46,935 Other 6,997 1,378 29,440 37,815 Total $ 155,127 $ 330,602 $ 470,284 $ 956,013 Three months ended June 30, 2021 (in thousands) Trade Renewables Plant Nutrient Total Specialty nutrients $ — $ — $ 84,915 $ 84,915 Primary nutrients — — 213,604 213,604 Products and co-products 74,948 184,263 — 259,211 Propane and frac sand 36,649 — — 36,649 Other 6,151 394 22,889 29,434 Total $ 117,748 $ 184,657 $ 321,408 $ 623,813 Six months ended June 30, 2022 (in thousands) Trade Renewables Plant Nutrient Total Specialty nutrients $ — $ — $ 197,625 $ 197,625 Primary nutrients — — 426,369 426,369 Products and co-products 209,066 561,918 — 770,984 Propane and frac sand 166,727 — — 166,727 Other 13,239 2,593 56,332 72,164 Total $ 389,032 $ 564,511 $ 680,326 $ 1,633,869 Six months ended June 30, 2021 (in thousands) Trade Renewables Plant Nutrient Total Specialty nutrients $ — $ — $ 161,721 $ 161,721 Primary nutrients — — 285,263 285,263 Products and co-products 146,936 329,907 — 476,843 Propane and frac sand 128,714 — — 128,714 Other 10,538 4,153 43,676 58,367 Total $ 286,188 $ 334,060 $ 490,660 $ 1,110,908 Substantially all of the Company's revenues accounted for under ASC 606 during the three and six months ended June 30, 2022 and 2021, respectively, are recorded at a point in time instead of over time. Contract balances The balances of the Company’s contract liabilities were $21.7 million and $100.8 million as of June 30, 2022 and December 31, 2021, respectively. The difference between the opening and closing balances of the Company’s contract liabilities primarily results from the timing difference between the Company’s performance and the customer’s payment. The main driver of the contract liabilities balance as of December 31, 2021, is payments for primary and specialty nutrients received in advance of fulfilling our performance obligations under our customer contracts. Due to seasonality of this business, contract liabilities were built up at year-end and through the first quarter in preparation for the spring application season. As expected, the revenue recognized in the current period satisfied the contract liabilities throughout the spring application season for our Plant Nutrient segment. |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income 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 June 30, 2022, the Company recorded income tax expense from continuing operations of $15.8 million. The Company's effective tax rate was 13.3% on income before taxes from continuing operations of $118.2 million. The difference between the 13.3% effective tax rate and the U.S. federal statutory tax rate of 21.0% is primarily attributable to the tax impact of non-controlling interest as well as certain discrete derivatives and hedging activities offset by state and local income taxes and nondeductible compensation. For the three months ended June 30, 2021, the Company recorded income tax expense from continuing operations of $9.7 million. The Company’s effective tax rate was 18.0% on income from continuing operations of $53.7 million. The effective tax rate differs from the U.S. federal statutory tax rate of 21.0% due to the tax impact of certain discrete derivatives and hedging activities offset by state and local taxes and nondeductible compensation. For the six months ended June 30, 2022, the Company recorded income tax expense from continuing operations of $19.9 million. The Company's effective tax rate was 15.4% on income before taxes from continuing operations of $128.8 million. The difference between the 15.4% effective tax rate and the U.S. federal statutory tax rate of 21.0% is primarily attributable to the tax impact of non-controlling interest as well as certain discrete derivatives and hedging activities offset by state and local income taxes and nondeductible compensation. For the six months ended June 30, 2021, the Company recorded income tax expense from continuing operations of $14.0 million. The Company’s effective tax rate was 20.7% on income from continuing operations of $67.8 million. The effective tax rate differs from the U.S. federal statutory tax rate of 21.0% due to the tax impact of certain discrete derivatives and hedging activities offset by state and local taxes and nondeductible compensation. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 6 Months Ended |
Jun. 30, 2022 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss) The following table summarizes the changes in accumulated other comprehensive income (loss) ("AOCI") attributable to the Company for the three and six months ended June 30, 2022 and 2021: Three months ended June 30, Six months ended June 30, (in thousands) 2022 2021 2022 2021 Currency Translation Adjustment Beginning balance $ 5,729 $ 6,963 $ 5,631 $ 5,739 Other comprehensive income (loss) before reclassifications (5,679) 1,469 (5,581) 2,693 Tax effect — — — — Other comprehensive income (loss), net of tax (5,679) 1,469 (5,581) 2,693 Ending balance $ 50 $ 8,432 $ 50 $ 8,432 Hedging Adjustment Beginning balance $ 7,087 $ (8,365) $ (5,335) $ (18,106) Other comprehensive income (loss) before reclassifications 7,910 (3,514) 22,833 4,613 Amounts reclassified from AOCI (a) 1,013 2,208 2,631 4,360 Tax effect (2,226) (552) (6,345) (1,090) Other comprehensive income (loss), net of tax 6,697 (1,858) 19,119 7,883 Ending balance $ 13,784 $ (10,223) $ 13,784 $ (10,223) Pension and Other Postretirement Adjustment Beginning balance $ 481 $ (70) $ 640 $ 33 Other comprehensive income (loss) before reclassifications 845 (63) 914 5 Amounts reclassified from AOCI (b) (228) (228) (456) (456) Tax effect (100) 57 (100) 114 Other comprehensive income (loss), net of tax 517 (234) 358 (337) Ending balance $ 998 $ (304) $ 998 $ (304) Investments in Convertible Preferred Securities Adjustment Beginning balance $ 258 $ 258 $ 258 $ 258 Other comprehensive income (loss), net of tax — — — — Ending balance $ 258 $ 258 $ 258 $ 258 Total AOCI Ending Balance $ 15,090 $ (1,837) $ 15,090 $ (1,837) (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 Share | 6 Months Ended |
Jun. 30, 2022 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share (in thousands, except per common share data) Three months ended June 30, Six months ended June 30, 2022 2021 2022 2021 Numerator: Net income from continuing operations $ 102,400 $ 44,025 $ 108,904 $ 53,780 Net income attributable to noncontrolling interests (a) 21,856 2,625 22,303 780 Net income attributable to The Andersons Inc. common shareholders from continuing operations $ 80,544 $ 41,400 $ 86,601 $ 53,000 Income (loss) from discontinued operations, net of income taxes $ (739) $ 2,099 $ (1,294) $ 5,606 Denominator: Weighted average shares outstanding – basic 33,850 33,263 33,795 33,226 Effect of dilutive awards 566 316 621 391 Weighted average shares outstanding – diluted 34,416 33,579 34,416 33,617 Earnings (loss) per share attributable to The Andersons, Inc. common shareholders: Basic earnings (loss): Continuing operations $ 2.38 $ 1.25 $ 2.56 $ 1.60 Discontinued operations (0.02) 0.06 (0.04) 0.16 $ 2.36 $ 1.31 $ 2.52 $ 1.76 Diluted earnings (loss): Continuing operations $ 2.34 $ 1.23 $ 2.52 $ 1.58 Discontinued operations (0.02) 0.07 (0.04) 0.16 $ 2.32 $ 1.30 $ 2.48 $ 1.74 (a) All net income (loss) attributable to noncontrolling interests is within continuing operations of the Company. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements The following table presents the Company’s assets and liabilities measured at fair value on a recurring basis at June 30, 2022, December 31, 2021 and June 30, 2021: (in thousands) June 30, 2022 Assets (liabilities) Level 1 Level 2 Level 3 Total Commodity derivatives, net (a) $ 235,665 $ 218,819 $ — $ 454,484 Provisionally priced contracts (b) 38,061 (27,945) — 10,116 Convertible preferred securities (c) — — 16,803 16,803 Other assets and liabilities (d) 1,097 18,323 — 19,420 Total $ 274,823 $ 209,197 $ 16,803 $ 500,823 (in thousands) December 31, 2021 Assets (liabilities) Level 1 Level 2 Level 3 Total Commodity derivatives, net (a) $ 128,407 $ 156,698 $ — $ 285,105 Provisionally priced contracts (b) 43,944 (89,797) — (45,853) Convertible preferred securities (c) — — 11,618 11,618 Other assets and liabilities (d) 2,784 (7,361) — (4,577) Total $ 175,135 $ 59,540 $ 11,618 $ 246,293 (in thousands) June 30, 2021 Assets (liabilities) Level 1 Level 2 Level 3 Total Commodity derivatives, net (a) $ 38,627 $ 390,311 $ — $ 428,938 Provisionally priced contracts (b) 32,710 (25,210) — 7,500 Convertible preferred securities (c) — — 13,550 13,550 Other assets and liabilities (d) 5,373 (14,909) — (9,536) Total $ 76,710 $ 350,192 $ 13,550 $ 440,452 (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 Condensed 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) 2022 2021 Assets at January 1, $ 11,618 $ 8,849 Additional investments 3,883 2,800 Gains included in Other income, net 404 — Assets at March 31, $ 15,905 $ 11,649 Additional Investments 772 1,901 Gains included in Other income, net 126 — Assets at June 30, $ 16,803 $ 13,550 The following tables summarize quantitative information about the Company's Level 3 fair value measurements as of June 30, 2022, December 31, 2021 and June 30, 2021: Quantitative Information about Recurring Level 3 Fair Value Measurements Fair Value as of (in thousands) June 30, 2022 December 31, 2021 June 30, 2021 Valuation Method Unobservable Input Weighted Average Convertible preferred securities (a) $ 16,803 $ 11,618 $ 13,550 Implied based on market prices N/A N/A (a) The Company considers observable price changes and other additional market data available to estimate fair value, including additional capital raising, internal valuation models, progress towards key business milestones, and other relevant market data points. Quantitative Information about Non-Recurring Level 3 Fair Value Measurements (in thousands) Fair Value as of 6/30/2022 Valuation Method Unobservable Input Weighted Average Equity method investment (a) $ 11,538 Discounted cash flow analysis Various N/A (a) The Company recorded an other-than-temporary impairment charge on an existing equity method investment. The fair value of the investment was determined using a discounted cash flow analysis. Quantitative Information about Non-Recurring Level 3 Fair Value Measurements (in thousands) Fair Value as of 12/31/2021 Valuation Method Unobservable Input Weighted Average Frac sand assets (b) $ 2,946 Third party appraisal Various N/A Real property (c) 700 Market approach Various N/A (b) The Company recognized impairment charges on long lived assets related to its frac sand business. The fair value of the assets were determined using prior transactions and third-party appraisals. These measures are considered Level 3 inputs on a nonrecurring basis. (c) The Company recognized impairment charges on certain Trade assets and measured the fair value using Level 3 inputs on a nonrecurring basis. The fair value of the assets was determined using prior transactions in the local market and a recent sale of comparable Trade group assets held by the Company. There were no non-recurring fair value measurements as of June 30, 2021. The fair value of the Company’s cash equivalents, accounts receivable and accounts payable approximate their carrying value as they are close to maturity. |
Related Parties
Related Parties | 6 Months Ended |
Jun. 30, 2022 | |
Related Party Transactions [Abstract] | |
Related Parties | Related 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 Renewables 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 June 30, Six months ended June 30, (in thousands) 2022 2021 2022 2021 Sales revenues $ 103,106 $ 85,294 $ 189,255 $ 151,940 Purchases of product and capital assets 11,983 8,662 38,409 20,336 (in thousands) June 30, 2022 December 31, 2021 June 30, 2021 Accounts receivable $ 17,560 $ 9,984 $ 11,835 Accounts payable 3,060 6,034 2,287 |
Segment Information
Segment Information | 6 Months Ended |
Jun. 30, 2022 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information The Company’s operations include three 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 Renewables 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. The Other category includes other corporate level costs not attributable to an operating segment and intercompany eliminations between the segments. See Note 14 for details of the divestiture of the Rail segment. 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. Three months ended June 30, Six months ended June 30, (in thousands) 2022 2021 2022 2021 Revenues from external customers Trade $ 3,097,767 $ 2,297,869 $ 6,182,448 $ 4,280,377 Renewables 882,567 616,527 1,565,798 1,059,486 Plant Nutrient 470,283 321,409 680,325 490,661 Total $ 4,450,617 $ 3,235,805 $ 8,428,571 $ 5,830,524 Three months ended June 30, Six months ended June 30, (in thousands) 2022 2021 2022 2021 Income (loss) before income taxes from continuing operations Trade $ 23,666 $ 13,777 $ 27,335 $ 27,632 Renewables 1 67,776 26,156 73,738 27,237 Plant Nutrient 38,311 23,995 49,054 32,518 Other (11,600) (10,226) (21,367) (19,569) Income before income taxes from continuing operations $ 118,153 $ 53,702 $ 128,760 $ 67,818 1 Includes income attributable to noncontrolling interests of $21.9 million and $2.6 million for the three months ended June 30, 2022 and 2021, respectively, and $22.3 million and $0.8 million for the six months ended June 30, 2022 and 2021, respectively. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments 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 status of the claim, the Company does not believe the excess, net of the acquisition-related indemnity, is material. The Andersons Marathon Holdings LLC ("TAMH") received a Pre-Filing Negotiation Offer from the United States Environmental Protection Agency ("U.S. EPA") regarding the ethanol facilities owned by TAMH. The Company owns 50.1% of TAMH, which is a consolidated subsidiary of the Company. The U.S. EPA investigated alleged recordkeeping and reporting violations under the Emergency Planning and Community Right-to-Know Act. The Company settled this matter with the U.S. EPA for approximately $1.7 million in the second quarter of 2022. |
Discontinued Operations
Discontinued Operations | 6 Months Ended |
Jun. 30, 2022 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations | Discontinued Operations On August 16, 2021, the Company entered into a definitive agreement under which the Company sold the assets of the Company’s Rail Leasing business for a cash purchase price of approximately $543.1 million. In conjunction with the sale of the Rail Leasing business, the Company announced its intent to divest the remaining pieces of the Rail Leasing business and the Rail Repair business. In the second quarter of 2022, the Company entered into an agreement to sell the Rail Repair business and divested substantially all of the remaining leases under the Rail Leasing business. Starting in the third quarter of 2021, substantially all of the assets and liabilities of our Rail business were classified as discontinued operations in the accompanying Condensed Consolidated Balance Sheets. The table below summarizes the results of the Rail Leasing business and the Rail Repair business for the three and six months ended June 30, 2022 and 2021 which are reflected in the Consolidated Statements of Operations as discontinued operations. Three months ended June 30, Six months ended June 30, (in thousands) 2022 2021 2022 2021 Sales and merchandising revenues $ 12,076 $ 37,921 $ 25,191 $ 78,931 Cost of sales and merchandising revenues 12,877 27,284 23,948 59,023 Gross profit (loss) (801) 10,637 1,243 19,908 Operating, administrative and general expenses 4,434 4,416 5,813 7,290 Interest expense, net — 3,394 — 6,574 Other income, net 6,547 237 6,620 1,911 Income from discontinued operations before income taxes 1,312 3,064 2,050 7,955 Income tax provision 2,051 965 3,344 2,349 Income (loss) from discontinued operations, net of income taxes $ (739) $ 2,099 $ (1,294) $ 5,606 The following table summarizes the assets and liabilities which are classified as discontinued operations at June 30, 2022, December 31, 2021 and June 30, 2021. (in thousands) June 30, December 31, June 30, Assets Current assets: Accounts receivable, net $ 11,998 $ 12,643 $ 18,707 Inventories 6,318 6,739 7,375 Other current assets 311 1,503 2,473 Current assets held-for-sale 18,627 20,885 28,555 Other assets: Rail assets leased to others, net 427 458 574,585 Property, plant and equipment, net 17,370 17,280 18,199 Goodwill 4,167 4,167 4,167 Other intangible assets, net — 24 2,025 Right of use assets, net 2,322 20,999 18,969 Other assets, net 12 241 2,800 Total non-current assets held-for-sale 24,298 43,169 620,745 Total assets held-for-sale $ 42,925 $ 64,054 $ 649,300 Liabilities Current liabilities: Trade and other payables $ 1,883 $ 2,546 $ 3,666 Customer prepayments and deferred revenue — — 2,211 Current maturities of long-term debt — — 6,513 Current operating lease liabilities 2,112 4,672 6,023 Accrued expenses and other current liabilities 3,319 6,161 6,772 Total current liabilities held-for-sale 7,314 13,379 25,185 Long-term lease liabilities 3,113 16,119 14,718 Long-term debt, less current maturities — — 28,845 Other long-term liabilities — — 430 Non-current liabilities held-for-sale 3,113 16,119 43,993 Total liabilities held-for-sale $ 10,427 $ 29,498 $ 69,178 The following table summarizes cash flow data relating to discontinued operations for the six months ended June 30, 2022 and 2021: Six months ended June 30, (in thousands) 2022 2021 Depreciation and amortization $ — $ 17,588 Capital expenditures (27,276) (5,703) Proceeds from sale of assets 36,341 15,616 Non-cash operating activities - Gain on sale of railcars (6,176) (4,987) Non-cash operating activities - fixed asset impairment 2,818 234 Non-cash investing activities - capital expenditures, consisting of unpaid capital expenditure liabilities at period end — (113) |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent EventsOn July 8, 2022, the Company closed on the sale of the remaining assets and certain liabilities of the Company's Rail Repair business for $55.1 million resulting in an estimated pre-tax gain of approximately $30 million. |
Inventories (Tables)
Inventories (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Inventory, Net [Abstract] | |
Classes of inventories | (in thousands) June 30, December 31, June 30, Grain and other agricultural products (a) $ 1,241,933 $ 1,427,708 $ 636,380 Propane and frac sand (a) 19,483 23,780 11,265 Ethanol and co-products (a) 179,175 184,354 155,993 Plant nutrients and cob products 177,735 178,696 101,286 Total Inventories $ 1,618,326 $ 1,814,538 $ 904,924 (a) Includes RMI of $1,214.4 million , $1,410.9 million and $612.2 million at June 30, 2022, December 31, 2021 and June 30, 2021, respectively. |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Property, Plant and Equipment [Abstract] | |
Components of property, plant and equipment | The components of Property, plant and equipment, net are as follows: (in thousands) June 30, December 31, June 30, Land $ 38,630 $ 39,162 $ 39,367 Land improvements and leasehold improvements 91,542 91,122 93,166 Buildings and storage facilities 370,453 368,577 377,946 Machinery and equipment 949,142 936,476 921,190 Construction in progress 31,237 20,676 19,723 1,481,004 1,456,013 1,451,392 Less: accumulated depreciation 717,561 669,984 627,829 Property, plant and equipment, net $ 763,443 $ 786,029 $ 823,563 |
Debt (Tables)
Debt (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Debt Disclosure [Abstract] | |
Schedule of Short-term and Long-term Debt | Short-term and long-term debt at June 30, 2022, December 31, 2021 and June 30, 2021 consisted of the following: (in thousands) June 30, December 31, June 30, Short-term debt – non-recourse $ 97,668 $ 65,485 $ 120,020 Short-term debt – recourse 1,063,760 436,307 637,251 Total short-term debt $ 1,161,428 $ 501,792 $ 757,271 Current maturities of long-term debt – non-recourse $ 7,707 $ 7,601 $ 3,691 Current maturities of long-term debt – recourse 46,244 24,655 46,378 Total current maturities of long-term debt $ 53,951 $ 32,256 $ 50,069 Long-term debt, less: current maturities – non-recourse $ 60,396 $ 64,972 $ 100,876 Long-term debt, less: current maturities – recourse 503,051 535,515 736,733 Total long-term debt, less: current maturities $ 563,447 $ 600,487 $ 837,609 |
Derivatives (Tables)
Derivatives (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Estimated fair value of Company's commodity derivative instruments for cash collateral and associated cash as collateral | The net asset or liability positions of these derivatives (net of their cash collateral) are determined on a counterparty-by-counterparty basis and are included within current or non-current commodity derivative assets (or liabilities) on the Condensed Consolidated Balance Sheets: (in thousands) June 30, 2022 December 31, 2021 June 30, 2021 Cash collateral paid $ 70,442 $ 165,250 $ 219,469 Fair value of derivatives 165,223 (36,843) (180,842) Net derivative asset position $ 235,665 $ 128,407 $ 38,627 |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | The following table presents, on a gross basis, current and non-current commodity derivative assets and liabilities: June 30, 2022 (in thousands) Commodity Derivative Assets - Current Commodity Derivative Assets - Noncurrent Commodity Derivative Liabilities - Current Commodity Derivative Liabilities - Noncurrent Total Commodity derivative assets $ 707,542 $ 14,257 $ 29,223 $ 1,945 $ 752,967 Commodity derivative liabilities (138,627) (2,132) (216,126) (12,040) (368,925) Cash collateral paid 69,442 — 1,000 — 70,442 Balance sheet line item totals $ 638,357 $ 12,125 $ (185,903) $ (10,095) $ 454,484 December 31, 2021 (in thousands) Commodity Derivative Assets - Current Commodity Derivative Assets - Noncurrent Commodity Derivative Liabilities - Current Commodity Derivative Liabilities - Noncurrent Total Commodity derivative assets $ 339,321 $ 4,677 $ 23,762 $ 1,209 $ 368,969 Commodity derivative liabilities (93,758) (105) (152,673) (2,578) (249,114) Cash collateral paid 165,250 — — — 165,250 Balance sheet line item totals $ 410,813 $ 4,572 $ (128,911) $ (1,369) $ 285,105 June 30, 2021 (in thousands) Commodity Derivative Assets - Current Commodity Derivative Assets - Noncurrent Commodity Derivative Liabilities - Current Commodity Derivative Liabilities - Noncurrent Total Commodity derivative assets $ 547,186 $ 16,480 $ 34,327 $ 423 $ 598,416 Commodity derivative liabilities (259,507) (873) (124,693) (3,874) (388,947) Cash collateral paid 219,469 — — — 219,469 Balance sheet line item totals $ 507,148 $ 15,607 $ (90,366) $ (3,451) $ 428,938 |
Company's Condensed Consolidated Statement of Income gains and location of line items | The net pre-tax gains and losses on commodity derivatives not designated as hedging instruments are included in the Company’s Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2022 and 2021 are as follows: Three months ended June 30, Six months ended June 30, (in thousands) 2022 2021 2022 2021 Gains on commodity derivatives included in Cost of sales and merchandising revenues $ 230,188 $ 73,688 $ 264,186 $ 240,673 The recording of derivatives gains and losses and the financial statement line in which they are located are as follows: Three months ended June 30, Six months ended June 30, (in thousands) 2022 2021 2022 2021 Derivatives not designated as hedging instruments Interest rate derivative gains (losses) included in Interest expense, net $ 114 $ 355 $ 123 $ 709 Derivatives designated as hedging instruments Interest rate derivative gains (losses) included in Other comprehensive income (loss) $ 8,923 $ 2,471 $ 25,464 $ (10,476) Interest rate derivative gains (losses) included in Interest expense, net (1,013) (1,656) (2,631) (3,273) |
Amounts of quantities outstanding included in commodity derivative contracts | The Company had the following volume of commodity derivative contracts outstanding (on a gross basis) at June 30, 2022, December 31, 2021 and June 30, 2021: June 30, 2022 (in thousands) Number of Bushels Number of Gallons Number of Tons Non-exchange traded: Corn 628,471 — — Soybeans 116,679 — — Wheat 97,224 — — Oats 37,355 — — Ethanol — 200,388 — Dried distillers grain — — 318 Soybean meal — — 421 Other 8,549 25,767 3,032 Subtotal 888,278 226,155 3,771 Exchange traded: Corn 219,020 — — Soybeans 69,115 — — Wheat 74,418 — — Oats 650 — — Ethanol — 94,794 — Propane — 25,578 — Other 95 546 360 Subtotal 363,298 120,918 360 Total 1,251,576 347,073 4,131 December 31, 2021 (in thousands) Number of Bushels Number of Gallons Number of Tons Non-exchange traded: Corn 685,681 — — Soybeans 77,592 — — Wheat 109,547 — — Oats 31,627 — — Ethanol — 192,447 — Dried distillers grain — — 507 Soybean meal — — 544 Other 57,268 16,092 1,854 Subtotal 961,715 208,539 2,905 Exchange traded: Corn 226,215 — — Soybeans 64,730 — — Wheat 65,020 — — Oats 1,300 — — Ethanol — 100,884 — Propane — 31,542 — Other 75 798 353 Subtotal 357,340 133,224 353 Total 1,319,055 341,763 3,258 June 30, 2021 (in thousands) Number of Bushels Number of Gallons Number of Tons Non-exchange traded: Corn 696,674 — — Soybeans 75,507 — — Wheat 129,264 — — Oats 45,810 — — Ethanol — 198,316 — Dried distillers grain — — 372 Soybean meal — — 411 Other 7,803 3,957 1,191 Subtotal 955,058 202,273 1,974 Exchange traded: Corn 243,190 — — Soybeans 49,375 — — Wheat 80,004 — — Oats 1,430 — — Ethanol — 112,812 — Propane — 18,480 — Other — 5 198 Subtotal 373,999 131,297 198 Total 1,329,057 333,570 2,172 |
Schedule of Fair Value of Interest Rate Derivative Liabilities | At June 30, 2022, December 31, 2021 and June 30, 2021, the Company had recorded the following amounts for the fair value of the Company's other derivatives: (in thousands) June 30, 2022 December 31, 2021 June 30, 2021 Derivatives not designated as hedging instruments Interest rate contracts included in Accrued expenses and other current liabilities $ — $ (174) $ — Interest rate contracts included in Other long-term liabilities — — (309) Foreign currency contracts included in Other current (liabilities) assets (1,749) (1,069) 1,523 Derivatives designated as hedging instruments Interest rate contracts included in Other current assets $ 3,276 $ — $ — Interest rate contracts included in Other assets 15,047 4,574 3,849 Interest rate contracts included in Accrued expenses and other current liabilities — (5,206) (6,944) Interest rate contracts included in Other long-term liabilities — (6,555) (11,506) |
Schedule of Outstanding Interest Rate Derivatives | Outstanding interest rate derivatives, as of June 30, 2022, are as follows: Interest Rate Hedging Instrument Year Entered Year of Maturity Initial Notional Amount Description Interest Rate Long-term Swap 2019 2025 $ 100.0 Interest rate component of debt - accounted for as a hedge 2.3% Swap 2019 2025 $ 50.0 Interest rate component of debt - accounted for as a hedge 2.4% Swap 2019 2025 $ 50.0 Interest rate component of debt - accounted for as a hedge 2.4% Swap 2020 2030 $ 50.0 Interest rate component of debt - accounted for as a hedge 0.0% to 0.8% Swap 2020 2030 $ 50.0 Interest rate component of debt - accounted for as a hedge 0.0% to 0.8% Swap 2022 2025 $ 20.0 Interest rate component of debt - accounted for as a hedge 2.6% Swap 2022 2029 $ 100.0 Interest rate component of debt - accounted for as a hedge 2.0% |
Revenue (Tables)
Revenue (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Breakdown of Revenues between ASC 606 | The breakdown of revenues between the two standards are as follows: Three months ended June 30, Six months ended June 30, (in thousands) 2022 2021 2022 2021 Revenues under ASC 606 $ 956,013 $ 623,813 $ 1,633,869 $ 1,110,908 Revenues under ASC 815 3,494,604 2,611,992 6,794,702 4,719,616 Total revenues $ 4,450,617 $ 3,235,805 $ 8,428,571 $ 5,830,524 |
Schedule of Disaggregation of Revenues | The following tables disaggregate revenues under ASC 606 by major product/service line for the three and six months ended June 30, 2022 and 2021, respectively: Three months ended June 30, 2022 (in thousands) Trade Renewables Plant Nutrient Total Specialty nutrients $ — $ — $ 104,357 $ 104,357 Primary nutrients — — 336,487 336,487 Products and co-products 101,195 329,224 — 430,419 Propane and frac sand 46,935 — — 46,935 Other 6,997 1,378 29,440 37,815 Total $ 155,127 $ 330,602 $ 470,284 $ 956,013 Three months ended June 30, 2021 (in thousands) Trade Renewables Plant Nutrient Total Specialty nutrients $ — $ — $ 84,915 $ 84,915 Primary nutrients — — 213,604 213,604 Products and co-products 74,948 184,263 — 259,211 Propane and frac sand 36,649 — — 36,649 Other 6,151 394 22,889 29,434 Total $ 117,748 $ 184,657 $ 321,408 $ 623,813 Six months ended June 30, 2022 (in thousands) Trade Renewables Plant Nutrient Total Specialty nutrients $ — $ — $ 197,625 $ 197,625 Primary nutrients — — 426,369 426,369 Products and co-products 209,066 561,918 — 770,984 Propane and frac sand 166,727 — — 166,727 Other 13,239 2,593 56,332 72,164 Total $ 389,032 $ 564,511 $ 680,326 $ 1,633,869 Six months ended June 30, 2021 (in thousands) Trade Renewables Plant Nutrient Total Specialty nutrients $ — $ — $ 161,721 $ 161,721 Primary nutrients — — 285,263 285,263 Products and co-products 146,936 329,907 — 476,843 Propane and frac sand 128,714 — — 128,714 Other 10,538 4,153 43,676 58,367 Total $ 286,188 $ 334,060 $ 490,660 $ 1,110,908 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | The following table summarizes the changes in accumulated other comprehensive income (loss) ("AOCI") attributable to the Company for the three and six months ended June 30, 2022 and 2021: Three months ended June 30, Six months ended June 30, (in thousands) 2022 2021 2022 2021 Currency Translation Adjustment Beginning balance $ 5,729 $ 6,963 $ 5,631 $ 5,739 Other comprehensive income (loss) before reclassifications (5,679) 1,469 (5,581) 2,693 Tax effect — — — — Other comprehensive income (loss), net of tax (5,679) 1,469 (5,581) 2,693 Ending balance $ 50 $ 8,432 $ 50 $ 8,432 Hedging Adjustment Beginning balance $ 7,087 $ (8,365) $ (5,335) $ (18,106) Other comprehensive income (loss) before reclassifications 7,910 (3,514) 22,833 4,613 Amounts reclassified from AOCI (a) 1,013 2,208 2,631 4,360 Tax effect (2,226) (552) (6,345) (1,090) Other comprehensive income (loss), net of tax 6,697 (1,858) 19,119 7,883 Ending balance $ 13,784 $ (10,223) $ 13,784 $ (10,223) Pension and Other Postretirement Adjustment Beginning balance $ 481 $ (70) $ 640 $ 33 Other comprehensive income (loss) before reclassifications 845 (63) 914 5 Amounts reclassified from AOCI (b) (228) (228) (456) (456) Tax effect (100) 57 (100) 114 Other comprehensive income (loss), net of tax 517 (234) 358 (337) Ending balance $ 998 $ (304) $ 998 $ (304) Investments in Convertible Preferred Securities Adjustment Beginning balance $ 258 $ 258 $ 258 $ 258 Other comprehensive income (loss), net of tax — — — — Ending balance $ 258 $ 258 $ 258 $ 258 Total AOCI Ending Balance $ 15,090 $ (1,837) $ 15,090 $ (1,837) (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) | 6 Months Ended |
Jun. 30, 2022 | |
Earnings Per Share [Abstract] | |
Earnings per share | (in thousands, except per common share data) Three months ended June 30, Six months ended June 30, 2022 2021 2022 2021 Numerator: Net income from continuing operations $ 102,400 $ 44,025 $ 108,904 $ 53,780 Net income attributable to noncontrolling interests (a) 21,856 2,625 22,303 780 Net income attributable to The Andersons Inc. common shareholders from continuing operations $ 80,544 $ 41,400 $ 86,601 $ 53,000 Income (loss) from discontinued operations, net of income taxes $ (739) $ 2,099 $ (1,294) $ 5,606 Denominator: Weighted average shares outstanding – basic 33,850 33,263 33,795 33,226 Effect of dilutive awards 566 316 621 391 Weighted average shares outstanding – diluted 34,416 33,579 34,416 33,617 Earnings (loss) per share attributable to The Andersons, Inc. common shareholders: Basic earnings (loss): Continuing operations $ 2.38 $ 1.25 $ 2.56 $ 1.60 Discontinued operations (0.02) 0.06 (0.04) 0.16 $ 2.36 $ 1.31 $ 2.52 $ 1.76 Diluted earnings (loss): Continuing operations $ 2.34 $ 1.23 $ 2.52 $ 1.58 Discontinued operations (0.02) 0.07 (0.04) 0.16 $ 2.32 $ 1.30 $ 2.48 $ 1.74 (a) All net income (loss) attributable to noncontrolling interests is within continuing operations of the Company. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Assets and liabilities measured at fair value on a recurring basis | The following table presents the Company’s assets and liabilities measured at fair value on a recurring basis at June 30, 2022, December 31, 2021 and June 30, 2021: (in thousands) June 30, 2022 Assets (liabilities) Level 1 Level 2 Level 3 Total Commodity derivatives, net (a) $ 235,665 $ 218,819 $ — $ 454,484 Provisionally priced contracts (b) 38,061 (27,945) — 10,116 Convertible preferred securities (c) — — 16,803 16,803 Other assets and liabilities (d) 1,097 18,323 — 19,420 Total $ 274,823 $ 209,197 $ 16,803 $ 500,823 (in thousands) December 31, 2021 Assets (liabilities) Level 1 Level 2 Level 3 Total Commodity derivatives, net (a) $ 128,407 $ 156,698 $ — $ 285,105 Provisionally priced contracts (b) 43,944 (89,797) — (45,853) Convertible preferred securities (c) — — 11,618 11,618 Other assets and liabilities (d) 2,784 (7,361) — (4,577) Total $ 175,135 $ 59,540 $ 11,618 $ 246,293 (in thousands) June 30, 2021 Assets (liabilities) Level 1 Level 2 Level 3 Total Commodity derivatives, net (a) $ 38,627 $ 390,311 $ — $ 428,938 Provisionally priced contracts (b) 32,710 (25,210) — 7,500 Convertible preferred securities (c) — — 13,550 13,550 Other assets and liabilities (d) 5,373 (14,909) — (9,536) Total $ 76,710 $ 350,192 $ 13,550 $ 440,452 (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 Condensed 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 inputs | A reconciliation of beginning and ending balances for the Company’s fair value measurements using Level 3 inputs is as follows: Convertible Preferred Securities (in thousands) 2022 2021 Assets at January 1, $ 11,618 $ 8,849 Additional investments 3,883 2,800 Gains included in Other income, net 404 — Assets at March 31, $ 15,905 $ 11,649 Additional Investments 772 1,901 Gains included in Other income, net 126 — Assets at June 30, $ 16,803 $ 13,550 |
Fair Value Inputs, Assets, Quantitative Information | The following tables summarize quantitative information about the Company's Level 3 fair value measurements as of June 30, 2022, December 31, 2021 and June 30, 2021: Quantitative Information about Recurring Level 3 Fair Value Measurements Fair Value as of (in thousands) June 30, 2022 December 31, 2021 June 30, 2021 Valuation Method Unobservable Input Weighted Average Convertible preferred securities (a) $ 16,803 $ 11,618 $ 13,550 Implied based on market prices N/A N/A (a) The Company considers observable price changes and other additional market data available to estimate fair value, including additional capital raising, internal valuation models, progress towards key business milestones, and other relevant market data points. Quantitative Information about Non-Recurring Level 3 Fair Value Measurements (in thousands) Fair Value as of 6/30/2022 Valuation Method Unobservable Input Weighted Average Equity method investment (a) $ 11,538 Discounted cash flow analysis Various N/A (a) The Company recorded an other-than-temporary impairment charge on an existing equity method investment. The fair value of the investment was determined using a discounted cash flow analysis. Quantitative Information about Non-Recurring Level 3 Fair Value Measurements (in thousands) Fair Value as of 12/31/2021 Valuation Method Unobservable Input Weighted Average Frac sand assets (b) $ 2,946 Third party appraisal Various N/A Real property (c) 700 Market approach Various N/A (b) The Company recognized impairment charges on long lived assets related to its frac sand business. The fair value of the assets were determined using prior transactions and third-party appraisals. These measures are considered Level 3 inputs on a nonrecurring basis. (c) The Company recognized impairment charges on certain Trade assets and measured the fair value using Level 3 inputs on a nonrecurring basis. The fair value of the assets was determined using prior transactions in the local market and a recent sale of comparable Trade group assets held by the Company. |
Related Parties (Tables)
Related Parties (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Related Party Transactions [Abstract] | |
Schedule of related party transactions | The following table sets forth the related party transactions entered into for the time periods presented: Three months ended June 30, Six months ended June 30, (in thousands) 2022 2021 2022 2021 Sales revenues $ 103,106 $ 85,294 $ 189,255 $ 151,940 Purchases of product and capital assets 11,983 8,662 38,409 20,336 (in thousands) June 30, 2022 December 31, 2021 June 30, 2021 Accounts receivable $ 17,560 $ 9,984 $ 11,835 Accounts payable 3,060 6,034 2,287 |
Segment Information (Tables)
Segment Information (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Segment Reporting [Abstract] | |
Segment Information | The segment information below includes the allocation of expenses shared by one or more operating segments. Although management believes such allocations are reasonable, the operating information does not necessarily reflect how such data might appear if the segments were operated as separate businesses. The Company does not have any customers who represent 10 percent or more of total revenues. Three months ended June 30, Six months ended June 30, (in thousands) 2022 2021 2022 2021 Revenues from external customers Trade $ 3,097,767 $ 2,297,869 $ 6,182,448 $ 4,280,377 Renewables 882,567 616,527 1,565,798 1,059,486 Plant Nutrient 470,283 321,409 680,325 490,661 Total $ 4,450,617 $ 3,235,805 $ 8,428,571 $ 5,830,524 Three months ended June 30, Six months ended June 30, (in thousands) 2022 2021 2022 2021 Income (loss) before income taxes from continuing operations Trade $ 23,666 $ 13,777 $ 27,335 $ 27,632 Renewables 1 67,776 26,156 73,738 27,237 Plant Nutrient 38,311 23,995 49,054 32,518 Other (11,600) (10,226) (21,367) (19,569) Income before income taxes from continuing operations $ 118,153 $ 53,702 $ 128,760 $ 67,818 1 Includes income attributable to noncontrolling interests of $21.9 million and $2.6 million for the three months ended June 30, 2022 and 2021, respectively, and $22.3 million and $0.8 million for the six months ended June 30, 2022 and 2021, respectively. |
Discontinued Operation (Tables)
Discontinued Operation (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Disposal Groups, Including Discontinued Operations | The table below summarizes the results of the Rail Leasing business and the Rail Repair business for the three and six months ended June 30, 2022 and 2021 which are reflected in the Consolidated Statements of Operations as discontinued operations. Three months ended June 30, Six months ended June 30, (in thousands) 2022 2021 2022 2021 Sales and merchandising revenues $ 12,076 $ 37,921 $ 25,191 $ 78,931 Cost of sales and merchandising revenues 12,877 27,284 23,948 59,023 Gross profit (loss) (801) 10,637 1,243 19,908 Operating, administrative and general expenses 4,434 4,416 5,813 7,290 Interest expense, net — 3,394 — 6,574 Other income, net 6,547 237 6,620 1,911 Income from discontinued operations before income taxes 1,312 3,064 2,050 7,955 Income tax provision 2,051 965 3,344 2,349 Income (loss) from discontinued operations, net of income taxes $ (739) $ 2,099 $ (1,294) $ 5,606 The following table summarizes the assets and liabilities which are classified as discontinued operations at June 30, 2022, December 31, 2021 and June 30, 2021. (in thousands) June 30, December 31, June 30, Assets Current assets: Accounts receivable, net $ 11,998 $ 12,643 $ 18,707 Inventories 6,318 6,739 7,375 Other current assets 311 1,503 2,473 Current assets held-for-sale 18,627 20,885 28,555 Other assets: Rail assets leased to others, net 427 458 574,585 Property, plant and equipment, net 17,370 17,280 18,199 Goodwill 4,167 4,167 4,167 Other intangible assets, net — 24 2,025 Right of use assets, net 2,322 20,999 18,969 Other assets, net 12 241 2,800 Total non-current assets held-for-sale 24,298 43,169 620,745 Total assets held-for-sale $ 42,925 $ 64,054 $ 649,300 Liabilities Current liabilities: Trade and other payables $ 1,883 $ 2,546 $ 3,666 Customer prepayments and deferred revenue — — 2,211 Current maturities of long-term debt — — 6,513 Current operating lease liabilities 2,112 4,672 6,023 Accrued expenses and other current liabilities 3,319 6,161 6,772 Total current liabilities held-for-sale 7,314 13,379 25,185 Long-term lease liabilities 3,113 16,119 14,718 Long-term debt, less current maturities — — 28,845 Other long-term liabilities — — 430 Non-current liabilities held-for-sale 3,113 16,119 43,993 Total liabilities held-for-sale $ 10,427 $ 29,498 $ 69,178 The following table summarizes cash flow data relating to discontinued operations for the six months ended June 30, 2022 and 2021: Six months ended June 30, (in thousands) 2022 2021 Depreciation and amortization $ — $ 17,588 Capital expenditures (27,276) (5,703) Proceeds from sale of assets 36,341 15,616 Non-cash operating activities - Gain on sale of railcars (6,176) (4,987) Non-cash operating activities - fixed asset impairment 2,818 234 Non-cash investing activities - capital expenditures, consisting of unpaid capital expenditure liabilities at period end — (113) |
Inventories (Details)
Inventories (Details) $ in Thousands, bu in Millions | Jun. 30, 2022 USD ($) bu | Dec. 31, 2021 USD ($) bu | Jun. 30, 2021 USD ($) bu |
Inventory, Net [Abstract] | |||
Grain and other agricultural products | $ 1,241,933 | $ 1,427,708 | $ 636,380 |
Frac sand and propane | 19,483 | 23,780 | 11,265 |
Ethanol and co-products | 179,175 | 184,354 | 155,993 |
Plant nutrients and cob products | 177,735 | 178,696 | 101,286 |
Total inventories | 1,618,326 | 1,814,538 | 904,924 |
Readily marketable inventory | $ 1,214,400 | $ 1,410,900 | $ 612,200 |
Bushels of grain held in storage for others and excluded from inventory calculations | bu | 1.3 | 3 | 1.2 |
Property, Plant and Equipment_2
Property, Plant and Equipment (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 | Jun. 30, 2021 |
Components of property, plant and equipment | |||
Land | $ 38,630 | $ 39,162 | $ 39,367 |
Land improvements and leasehold improvements | 91,542 | 91,122 | 93,166 |
Buildings and storage facilities | 370,453 | 368,577 | 377,946 |
Machinery and equipment | 949,142 | 936,476 | 921,190 |
Construction in progress | 31,237 | 20,676 | 19,723 |
Property, plant and equipment, gross | 1,481,004 | 1,456,013 | 1,451,392 |
Less: accumulated depreciation | 717,561 | 669,984 | 627,829 |
Property, plant and equipment, net | $ 763,443 | $ 786,029 | $ 823,563 |
Property, Plant and Equipment_3
Property, Plant and Equipment (Textual) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Property, Plant and Equipment [Line Items] | ||||
Depreciation expense | $ 27,500 | $ 31,400 | $ 55,800 | $ 62,500 |
Proceeds from sale of assets | $ 4,672 | $ 3,794 | ||
Frac Sand Business | ||||
Property, Plant and Equipment [Line Items] | ||||
Proceeds from sale of assets | 8,400 | |||
Gain on sale of assets | $ 3,700 |
Debt - Schedule of Short-term a
Debt - Schedule of Short-term and Long-term Debt (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 | Jun. 30, 2021 |
Debt Instrument [Line Items] | |||
Short-term debt | $ 1,161,428 | $ 501,792 | $ 757,271 |
Long-term debt | |||
Current maturities of long-term debt | 53,951 | 32,256 | 50,069 |
Total current maturities of long-term debt | 53,951 | 32,256 | 50,069 |
Long-term debt, less current maturities | 563,447 | 600,487 | 837,609 |
Total long-term debt, less: current maturities | 563,447 | 600,487 | 837,609 |
Nonrecourse | |||
Debt Instrument [Line Items] | |||
Short-term debt | 97,668 | 65,485 | 120,020 |
Long-term debt | |||
Current maturities of long-term debt | 7,707 | 7,601 | 3,691 |
Long-term debt, less current maturities | 60,396 | 64,972 | 100,876 |
Recourse | |||
Debt Instrument [Line Items] | |||
Short-term debt | 1,063,760 | 436,307 | 637,251 |
Long-term debt | |||
Current maturities of long-term debt | 46,244 | 24,655 | 46,378 |
Long-term debt, less current maturities | $ 503,051 | $ 535,515 | $ 736,733 |
Debt - Narrative (Details)
Debt - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||||||
Mar. 31, 2022 | Jun. 30, 2022 | Jun. 30, 2021 | May 27, 2022 | Mar. 28, 2022 | Mar. 09, 2022 | Mar. 02, 2022 | Dec. 31, 2021 | Jan. 11, 2019 | |
Line of Credit Facility [Line Items] | |||||||||
Payments of short-term debt | $ 200,000 | $ 550,000 | $ 0 | ||||||
Notes payable | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Credit facility, maximum borrowing capacity | $ 450,000 | $ 450,000 | $ 250,000 | ||||||
Line of credit | 250,000 | 350,000 | |||||||
Line of credit | Revolving line of credit | Short Term Revolving Credit Agreement, Due August 2022 | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Credit facility, maximum borrowing capacity | $ 450,000 | ||||||||
Estimate of Fair Value Measurement | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Long-term debt, fair value | 617,500 | $ 910,500 | $ 650,700 | ||||||
Line of credit | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Credit facility, maximum borrowing capacity | 2,501,700 | ||||||||
Total available for borrowings under lines of credit | $ 1,315,200 | ||||||||
Line of credit | Revolving line of credit | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Credit facility, maximum borrowing capacity | $ 1,550,000 | $ 900,000 | |||||||
Notes payable | Long term note due 2027 | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Debt amount | 140,600 | ||||||||
Notes payable | Long term note due 2029 | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Debt amount | $ 209,400 |
Derivatives (Textual) (Details)
Derivatives (Textual) (Details) | 6 Months Ended |
Jun. 30, 2022 | |
Derivative [Line Items] | |
Maximum period in which contracts for the sale of grain to processors or other consumers extend (years) | 1 year |
Derivatives (Net Asset or Liabi
Derivatives (Net Asset or Liability Positions in Balance Sheet) (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 | Jun. 30, 2021 |
Estimated fair value of Company's commodity derivative instruments for cash collateral and associated cash as collateral | |||
Net derivative asset position, Collateral paid (received) | $ 70,442 | $ 165,250 | $ 219,469 |
Fair value of derivatives | 165,223 | (36,843) | (180,842) |
Net derivative asset position, net | $ 235,665 | $ 128,407 | $ 38,627 |
Derivatives (Gross Current and
Derivatives (Gross Current and Noncurrent Assets and Liabilities) (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 | Jun. 30, 2021 |
Derivatives, Fair Value [Line Items] | |||
Commodity derivative assets - current | $ 638,357 | $ 410,813 | $ 507,148 |
Commodity derivative liabilities - current | (185,903) | (128,911) | (90,366) |
Commodity | |||
Derivatives, Fair Value [Line Items] | |||
Commodity derivative assets | 752,967 | 368,969 | 598,416 |
Commodity derivative liabilities | (368,925) | (249,114) | (388,947) |
Cash collateral paid | 70,442 | 165,250 | |
Cash collateral paid | 219,469 | ||
Total | 454,484 | 285,105 | 428,938 |
Commodity | Commodity Derivative Assets - Current | |||
Derivatives, Fair Value [Line Items] | |||
Commodity derivative assets | 707,542 | 339,321 | 547,186 |
Commodity derivative liabilities | (138,627) | (93,758) | (259,507) |
Cash collateral paid | 69,442 | 165,250 | |
Cash collateral paid | 219,469 | ||
Commodity derivative assets - current | 638,357 | 410,813 | 507,148 |
Commodity | Commodity Derivative Assets - Noncurrent | |||
Derivatives, Fair Value [Line Items] | |||
Commodity derivative assets | 14,257 | 4,677 | 16,480 |
Commodity derivative liabilities | (2,132) | (105) | (873) |
Cash collateral paid | 0 | 0 | |
Cash collateral paid | 0 | ||
Commodity derivative assets - noncurrent | 12,125 | 4,572 | 15,607 |
Commodity | Commodity Derivative Liabilities - Current | |||
Derivatives, Fair Value [Line Items] | |||
Commodity derivative assets | 29,223 | 23,762 | 34,327 |
Commodity derivative liabilities | (216,126) | (152,673) | (124,693) |
Cash collateral paid | 1,000 | 0 | |
Cash collateral paid | 0 | ||
Commodity derivative liabilities - current | (185,903) | (128,911) | (90,366) |
Commodity | Commodity Derivative Liabilities - Noncurrent | |||
Derivatives, Fair Value [Line Items] | |||
Commodity derivative assets | 1,945 | 1,209 | 423 |
Commodity derivative liabilities | (12,040) | (2,578) | (3,874) |
Cash collateral paid | 0 | 0 | |
Cash collateral paid | 0 | ||
Commodity derivative liabilities - noncurrent | $ (10,095) | $ (1,369) | $ (3,451) |
Derivatives (Pre-tax Gains and
Derivatives (Pre-tax Gains and Losses) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Commodity | Cost of sales and merchandising revenues | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gains (losses) on derivatives instruments recognized in earnings | $ 230,188 | $ 73,688 | $ 264,186 | $ 240,673 |
Not Designated as Hedging Instrument | Interest rate contracts | Operating, administrative and general expenses | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gains (losses) on derivatives instruments recognized in earnings | 114 | 355 | 123 | 709 |
Designated as Hedging Instrument | Interest rate contracts | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Interest rate derivative gains (losses) included in Other comprehensive income (loss) | 8,923 | 2,471 | 25,464 | (10,476) |
Designated as Hedging Instrument | Interest rate contracts | Operating, administrative and general expenses | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Interest rate derivative gains (losses) included in Interest expense, net | $ (1,013) | $ (1,656) | $ (2,631) | $ (3,273) |
Derivatives (Volume of Contract
Derivatives (Volume of Contracts Outstanding) (Details) gal in Thousands, bu in Thousands, T in Thousands | Jun. 30, 2022 bu | Jun. 30, 2022 gal | Jun. 30, 2022 T | Dec. 31, 2021 bu | Dec. 31, 2021 gal | Dec. 31, 2021 T | Jun. 30, 2021 bu | Jun. 30, 2021 gal | Jun. 30, 2021 T |
Amounts of quantities outstanding included in commodity derivative contracts | |||||||||
Nonmonetary notional amount | 1,251,576 | 347,073 | 4,131 | 1,319,055 | 341,763 | 3,258 | 1,329,057 | 333,570 | 2,172 |
Non-exchange Traded | |||||||||
Amounts of quantities outstanding included in commodity derivative contracts | |||||||||
Nonmonetary notional amount | 888,278 | 226,155 | 3,771 | 961,715 | 208,539 | 2,905 | 955,058 | 202,273 | 1,974 |
Non-exchange Traded | Corn | |||||||||
Amounts of quantities outstanding included in commodity derivative contracts | |||||||||
Nonmonetary notional amount | 628,471 | 0 | 0 | 685,681 | 0 | 0 | 696,674 | 0 | 0 |
Non-exchange Traded | Soybeans | |||||||||
Amounts of quantities outstanding included in commodity derivative contracts | |||||||||
Nonmonetary notional amount | 116,679 | 0 | 0 | 77,592 | 0 | 0 | 75,507 | 0 | 0 |
Non-exchange Traded | Wheat | |||||||||
Amounts of quantities outstanding included in commodity derivative contracts | |||||||||
Nonmonetary notional amount | 97,224 | 0 | 0 | 109,547 | 0 | 0 | 129,264 | 0 | 0 |
Non-exchange Traded | Oats | |||||||||
Amounts of quantities outstanding included in commodity derivative contracts | |||||||||
Nonmonetary notional amount | 37,355 | 0 | 0 | 31,627 | 0 | 0 | 45,810 | 0 | 0 |
Non-exchange Traded | Ethanol | |||||||||
Amounts of quantities outstanding included in commodity derivative contracts | |||||||||
Nonmonetary notional amount | 0 | 200,388 | 0 | 0 | 192,447 | 0 | 0 | 198,316 | 0 |
Non-exchange Traded | Dried distillers grain | |||||||||
Amounts of quantities outstanding included in commodity derivative contracts | |||||||||
Nonmonetary notional amount | 0 | 0 | 318 | 0 | 0 | 507 | 0 | 0 | 372 |
Non-exchange Traded | Soybean meal | |||||||||
Amounts of quantities outstanding included in commodity derivative contracts | |||||||||
Nonmonetary notional amount | 0 | 0 | 421 | 0 | 0 | 544 | 0 | 0 | 411 |
Non-exchange Traded | Other | |||||||||
Amounts of quantities outstanding included in commodity derivative contracts | |||||||||
Nonmonetary notional amount | 8,549 | 25,767 | 3,032 | 57,268 | 16,092 | 1,854 | 7,803 | 3,957 | 1,191 |
Exchange Traded | |||||||||
Amounts of quantities outstanding included in commodity derivative contracts | |||||||||
Nonmonetary notional amount | 363,298 | 120,918 | 360 | 357,340 | 133,224 | 353 | 373,999 | 131,297 | 198 |
Exchange Traded | Corn | |||||||||
Amounts of quantities outstanding included in commodity derivative contracts | |||||||||
Nonmonetary notional amount | 219,020 | 0 | 0 | 226,215 | 0 | 0 | 243,190 | 0 | 0 |
Exchange Traded | Soybeans | |||||||||
Amounts of quantities outstanding included in commodity derivative contracts | |||||||||
Nonmonetary notional amount | 69,115 | 0 | 0 | 64,730 | 0 | 0 | 49,375 | 0 | 0 |
Exchange Traded | Wheat | |||||||||
Amounts of quantities outstanding included in commodity derivative contracts | |||||||||
Nonmonetary notional amount | 74,418 | 0 | 0 | 65,020 | 0 | 0 | 80,004 | 0 | 0 |
Exchange Traded | Oats | |||||||||
Amounts of quantities outstanding included in commodity derivative contracts | |||||||||
Nonmonetary notional amount | 650 | 0 | 0 | 1,300 | 0 | 0 | 1,430 | 0 | 0 |
Exchange Traded | Ethanol | |||||||||
Amounts of quantities outstanding included in commodity derivative contracts | |||||||||
Nonmonetary notional amount | 0 | 94,794 | 0 | 0 | 100,884 | 0 | 0 | 112,812 | 0 |
Exchange Traded | Propane | |||||||||
Amounts of quantities outstanding included in commodity derivative contracts | |||||||||
Nonmonetary notional amount | 0 | 25,578 | 0 | 0 | 31,542 | 0 | 0 | 18,480 | 0 |
Exchange Traded | Other | |||||||||
Amounts of quantities outstanding included in commodity derivative contracts | |||||||||
Nonmonetary notional amount | 95 | 546 | 360 | 75 | 798 | 353 | 0 | 5 | 198 |
Derivatives (Fair Value of the
Derivatives (Fair Value of the Company's Other Derivatives) (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 | Jun. 30, 2021 |
Not Designated as Hedging Instrument | Foreign currency contract | |||
Derivative [Line Items] | |||
Derivative liabilities | $ (1,069) | ||
Derivative assets | $ (1,749) | $ 1,523 | |
Not Designated as Hedging Instrument | Accrued expenses and other current liabilities | Interest rate contracts | |||
Derivative [Line Items] | |||
Derivative liabilities | 0 | (174) | 0 |
Not Designated as Hedging Instrument | Other long term liabilities | Interest rate contracts | |||
Derivative [Line Items] | |||
Derivative liabilities | 0 | 0 | (309) |
Designated as Hedging Instrument | Accrued expenses and other current liabilities | Interest rate contracts | |||
Derivative [Line Items] | |||
Derivative liabilities | 0 | (5,206) | (6,944) |
Designated as Hedging Instrument | Other long term liabilities | Interest rate contracts | |||
Derivative [Line Items] | |||
Derivative liabilities | 0 | (6,555) | (11,506) |
Designated as Hedging Instrument | Other current assets | Interest rate contracts | |||
Derivative [Line Items] | |||
Derivative assets | 3,276 | 0 | 0 |
Designated as Hedging Instrument | Other Noncurrent Assets | Interest rate contracts | |||
Derivative [Line Items] | |||
Derivative assets | $ 15,047 | $ 4,574 | $ 3,849 |
Derivatives (Outstanding Intere
Derivatives (Outstanding Interest Rate Derivatives) (Details) - Long-term $ in Millions | Jun. 30, 2022 USD ($) |
Not Accounted for as Hedge | Swap 0.0% to 0.8% | Minimum | |
Derivative [Line Items] | |
Interest rate | 0% |
Not Accounted for as Hedge | Swap 0.0% to 0.8% | Maximum | |
Derivative [Line Items] | |
Interest rate | 0.80% |
Not Accounted for as Hedge | Swap 0.0% to 0.8% | Minimum | |
Derivative [Line Items] | |
Interest rate | 0% |
Not Accounted for as Hedge | Swap 0.0% to 0.8% | Maximum | |
Derivative [Line Items] | |
Interest rate | 0.80% |
Accounted for as Hedge | Swap 2.3% | |
Derivative [Line Items] | |
Notional amount | $ 100 |
Interest rate | 2.30% |
Accounted for as Hedge | Swap 2.4% | |
Derivative [Line Items] | |
Notional amount | $ 50 |
Interest rate | 2.40% |
Accounted for as Hedge | Swap 2.4% | |
Derivative [Line Items] | |
Notional amount | $ 50 |
Interest rate | 2.40% |
Accounted for as Hedge | Swap 0.0% to 0.8% | |
Derivative [Line Items] | |
Notional amount | $ 50 |
Accounted for as Hedge | Swap 0.0% to 0.8% | |
Derivative [Line Items] | |
Notional amount | 50 |
Accounted for as Hedge | Swap, 2.6% | |
Derivative [Line Items] | |
Notional amount | $ 20 |
Interest rate | 2.60% |
Accounted for as Hedge | Swap 2.0% | |
Derivative [Line Items] | |
Notional amount | $ 100 |
Interest rate | 2% |
Revenue (Breakdown of Revenues
Revenue (Breakdown of Revenues by Accounting Standards) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Revenue from contract with customers | $ 956,013 | $ 623,813 | $ 1,633,869 | $ 1,110,908 |
Total revenues | 4,450,617 | 3,235,805 | 8,428,571 | 5,830,524 |
Revenues under ASC 606 | ||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Revenue from contract with customers | 956,013 | 623,813 | 1,633,869 | 1,110,908 |
Revenues under ASC 815 | ||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Total revenues | $ 3,494,604 | $ 2,611,992 | $ 6,794,702 | $ 4,719,616 |
Revenue (Disaggregation of Reve
Revenue (Disaggregation of Revenues) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Disaggregation of Revenue [Line Items] | ||||
Total | $ 956,013 | $ 623,813 | $ 1,633,869 | $ 1,110,908 |
Specialty nutrients | ||||
Disaggregation of Revenue [Line Items] | ||||
Total | 104,357 | 84,915 | 197,625 | 161,721 |
Primary nutrients | ||||
Disaggregation of Revenue [Line Items] | ||||
Total | 336,487 | 213,604 | 426,369 | 285,263 |
Products and co-products | ||||
Disaggregation of Revenue [Line Items] | ||||
Total | 430,419 | 259,211 | 770,984 | 476,843 |
Propane and frac sand | ||||
Disaggregation of Revenue [Line Items] | ||||
Total | 46,935 | 36,649 | 166,727 | 128,714 |
Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Total | 37,815 | 29,434 | 72,164 | 58,367 |
Trade | ||||
Disaggregation of Revenue [Line Items] | ||||
Total | 155,127 | 117,748 | 389,032 | 286,188 |
Trade | Specialty nutrients | ||||
Disaggregation of Revenue [Line Items] | ||||
Total | 0 | 0 | 0 | 0 |
Trade | Primary nutrients | ||||
Disaggregation of Revenue [Line Items] | ||||
Total | 0 | 0 | 0 | 0 |
Trade | Products and co-products | ||||
Disaggregation of Revenue [Line Items] | ||||
Total | 101,195 | 74,948 | 209,066 | 146,936 |
Trade | Propane and frac sand | ||||
Disaggregation of Revenue [Line Items] | ||||
Total | 46,935 | 36,649 | 166,727 | 128,714 |
Trade | Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Total | 6,997 | 6,151 | 13,239 | 10,538 |
Ethanol | ||||
Disaggregation of Revenue [Line Items] | ||||
Total | 330,602 | 184,657 | 564,511 | 334,060 |
Ethanol | Specialty nutrients | ||||
Disaggregation of Revenue [Line Items] | ||||
Total | 0 | 0 | 0 | 0 |
Ethanol | Primary nutrients | ||||
Disaggregation of Revenue [Line Items] | ||||
Total | 0 | 0 | 0 | 0 |
Ethanol | Products and co-products | ||||
Disaggregation of Revenue [Line Items] | ||||
Total | 329,224 | 184,263 | 561,918 | 329,907 |
Ethanol | Propane and frac sand | ||||
Disaggregation of Revenue [Line Items] | ||||
Total | 0 | 0 | 0 | 0 |
Ethanol | Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Total | 1,378 | 394 | 2,593 | 4,153 |
Plant Nutrient | ||||
Disaggregation of Revenue [Line Items] | ||||
Total | 470,284 | 321,408 | 680,326 | 490,660 |
Plant Nutrient | Specialty nutrients | ||||
Disaggregation of Revenue [Line Items] | ||||
Total | 104,357 | 84,915 | 197,625 | 161,721 |
Plant Nutrient | Primary nutrients | ||||
Disaggregation of Revenue [Line Items] | ||||
Total | 336,487 | 213,604 | 426,369 | 285,263 |
Plant Nutrient | Products and co-products | ||||
Disaggregation of Revenue [Line Items] | ||||
Total | 0 | 0 | 0 | 0 |
Plant Nutrient | Propane and frac sand | ||||
Disaggregation of Revenue [Line Items] | ||||
Total | 0 | 0 | 0 | 0 |
Plant Nutrient | Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Total | $ 29,440 | $ 22,889 | $ 56,332 | $ 43,676 |
Revenue (Textual) (Details)
Revenue (Textual) (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Revenue from Contract with Customer [Abstract] | ||
Contract Liabilities | $ 21.7 | $ 100.8 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Income Tax Disclosure [Abstract] | ||||
Income tax (benefit) expense | $ 15,753 | $ 9,677 | $ 19,856 | $ 14,038 |
Effective income tax rate | (13.30%) | (18.00%) | (15.40%) | 20.70% |
Income (loss) before income taxes | $ 118,153 | $ 53,702 | $ 128,760 | $ 67,818 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Beginning Balance | $ 1,317,221 | $ 1,182,551 | $ 1,307,704 | $ 1,160,660 |
Other comprehensive income (loss) | 1,535 | (623) | 13,896 | 10,239 |
Ending Balance | 1,417,206 | 1,224,964 | 1,417,206 | 1,224,964 |
Accumulated Other Comprehensive Income (Loss) | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Beginning Balance | 13,555 | (1,214) | 1,194 | (12,076) |
Ending Balance | 15,090 | (1,837) | 15,090 | (1,837) |
Currency Translation Adjustment | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Beginning Balance | 5,729 | 6,963 | 5,631 | 5,739 |
Other comprehensive income (loss) before reclassifications | (5,679) | 1,469 | (5,581) | 2,693 |
Other Comprehensive Income (Loss), Tax | 0 | 0 | 0 | 0 |
Other comprehensive income (loss) | (5,679) | 1,469 | (5,581) | 2,693 |
Ending Balance | 50 | 8,432 | 50 | 8,432 |
Hedging Adjustment | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Beginning Balance | 7,087 | (8,365) | (5,335) | (18,106) |
Other comprehensive income (loss) before reclassifications | 7,910 | (3,514) | 22,833 | 4,613 |
Amounts reclassified from accumulated other comprehensive income (loss) | 1,013 | 2,208 | 2,631 | 4,360 |
Other Comprehensive Income (Loss), Tax | (2,226) | (552) | (6,345) | (1,090) |
Other comprehensive income (loss) | 6,697 | (1,858) | 19,119 | 7,883 |
Ending Balance | 13,784 | (10,223) | 13,784 | (10,223) |
Pension and Other Postretirement Adjustment | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Beginning Balance | 481 | (70) | 640 | 33 |
Other comprehensive income (loss) before reclassifications | 845 | (63) | 914 | 5 |
Amounts reclassified from accumulated other comprehensive income (loss) | (228) | (228) | (456) | (456) |
Other Comprehensive Income (Loss), Tax | (100) | 57 | (100) | 114 |
Other comprehensive income (loss) | 517 | (234) | 358 | (337) |
Ending Balance | 998 | (304) | 998 | (304) |
Investments in Convertible Preferred Securities Adjustment | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Beginning Balance | 258 | 258 | 258 | 258 |
Other comprehensive income (loss) | 0 | 0 | 0 | 0 |
Ending Balance | $ 258 | $ 258 | $ 258 | $ 258 |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Earnings Per Share [Abstract] | ||||
Net income from continuing operations | $ 102,400 | $ 44,025 | $ 108,904 | $ 53,780 |
Net income attributable to noncontrolling interests | 21,856 | 2,625 | 22,303 | 780 |
Net income attributable to The Andersons, Inc. | 80,544 | 41,400 | 86,601 | 53,000 |
Income (loss) from discontinued operations, net of income taxes | $ (739) | $ 2,099 | $ (1,294) | $ 5,606 |
Denominator: | ||||
Weighted average shares outstanding - basic (shares) | 33,850 | 33,263 | 33,795 | 33,226 |
Effect of dilutive awards (shares) | 566 | 316 | 621 | 391 |
Weighted average shares outstanding - diluted (shares) | 34,416 | 33,579 | 34,416 | 33,617 |
Basic earnings (loss): | ||||
Continuing operations (in dollars per share) | $ 2.38 | $ 1.25 | $ 2.56 | $ 1.60 |
Discontinued operations (in dollars per share) | (0.02) | 0.06 | (0.04) | 0.16 |
Earnings per common share - basic (dollars per share) | 2.36 | 1.31 | 2.52 | 1.76 |
Diluted earnings (loss): | ||||
Continuing operations (in dollars per share) | 2.34 | 1.23 | 2.52 | 1.58 |
Discontinued operations (in dollars per share) | (0.02) | 0.07 | (0.04) | 0.16 |
Earnings per common share - diluted (dollars per share) | $ 2.32 | $ 1.30 | $ 2.48 | $ 1.74 |
Fair Value Measurements (Assets
Fair Value Measurements (Assets and Liabilities Measured on Recurring Basis) (Details) - Recurring - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 | Jun. 30, 2021 |
Assets and liabilities measured at fair value on a recurring basis | |||
Commodity derivatives, net | $ 454,484 | $ 285,105 | $ 428,938 |
Provisionally priced contracts | 10,116 | (45,853) | 7,500 |
Convertible preferred securities | 16,803 | 11,618 | 13,550 |
Other assets and liabilities | 19,420 | (4,577) | (9,536) |
Total | 500,823 | 246,293 | 440,452 |
Level 1 | |||
Assets and liabilities measured at fair value on a recurring basis | |||
Commodity derivatives, net | 235,665 | 128,407 | 38,627 |
Provisionally priced contracts | 38,061 | 43,944 | 32,710 |
Convertible preferred securities | 0 | 0 | 0 |
Other assets and liabilities | 1,097 | 2,784 | 5,373 |
Total | 274,823 | 175,135 | 76,710 |
Level 2 | |||
Assets and liabilities measured at fair value on a recurring basis | |||
Commodity derivatives, net | 218,819 | 156,698 | 390,311 |
Provisionally priced contracts | (27,945) | (89,797) | (25,210) |
Convertible preferred securities | 0 | 0 | 0 |
Other assets and liabilities | 18,323 | (7,361) | (14,909) |
Total | 209,197 | 59,540 | 350,192 |
Level 3 | |||
Assets and liabilities measured at fair value on a recurring basis | |||
Commodity derivatives, net | 0 | 0 | 0 |
Provisionally priced contracts | 0 | 0 | 0 |
Convertible preferred securities | 16,803 | 11,618 | 13,550 |
Other assets and liabilities | 0 | 0 | 0 |
Total | $ 16,803 | $ 11,618 | $ 13,550 |
Fair Value Measurements (Reconc
Fair Value Measurements (Reconciliation of Beginning and Ending Balances of Level 3 Measurements) (Details) - Level 3 - Convertible preferred securities - USD ($) $ in Thousands | 3 Months Ended | |||
Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2021 | Mar. 31, 2021 | |
Reconciliation of Fair Value Measurements Using Level 3 | ||||
Asset, beginning balance | $ 15,905 | $ 11,618 | $ 11,649 | $ 8,849 |
Additional investments | 772 | 3,883 | 1,901 | 2,800 |
Gains included in Other income, net | 126 | 404 | 0 | 0 |
Asset, ending balance | $ 16,803 | $ 15,905 | $ 13,550 | $ 11,649 |
Fair Value Measurements (Quanti
Fair Value Measurements (Quantitative Information Level 3 Measurements ) (Details) - Level 3 - USD ($) $ in Thousands | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 |
Convertible preferred securities | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Asset fair value | $ 16,803 | $ 15,905 | $ 11,618 | $ 13,550 | $ 11,649 | $ 8,849 |
Third party appraisal | Frac sand assets | Nonrecurring | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Asset fair value | 2,946 | |||||
Implied based on market prices | Convertible preferred securities | Recurring | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Asset fair value | 16,803 | 11,618 | $ 13,550 | |||
Implied based on market prices | Real property | Nonrecurring | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Asset fair value | $ 700 | |||||
Discounted cash flow analysis | Equity method investments | Nonrecurring | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Asset fair value | $ 11,538 |
Related Parties (Details)
Related Parties (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Related Party Transactions [Abstract] | |||||
Sales revenues | $ 103,106 | $ 85,294 | $ 189,255 | $ 151,940 | |
Purchases of product | 11,983 | 8,662 | 38,409 | 20,336 | |
Accounts receivable | 17,560 | 11,835 | 17,560 | 11,835 | $ 9,984 |
Accounts payable | $ 3,060 | $ 2,287 | $ 3,060 | $ 2,287 | $ 6,034 |
Segment Information (Textual) (
Segment Information (Textual) (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 USD ($) | Jun. 30, 2021 USD ($) | Jun. 30, 2022 USD ($) segment | Jun. 30, 2021 USD ($) | |
Segment Reporting [Abstract] | ||||
Number of reportable segments (business segments) | segment | 3 | |||
Net income attributable to noncontrolling interests | $ | $ 21,856 | $ 2,625 | $ 22,303 | $ 780 |
Segment Information (Details)
Segment Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Segment Reporting Information [Line Items] | ||||
Revenues from external customers | $ 4,450,617 | $ 3,235,805 | $ 8,428,571 | $ 5,830,524 |
Income before income taxes from continuing operations | 118,153 | 53,702 | 128,760 | 67,818 |
Net income attributable to noncontrolling interests | 21,856 | 2,625 | 22,303 | 780 |
Operating Segments | Trade | ||||
Segment Reporting Information [Line Items] | ||||
Revenues from external customers | 3,097,767 | 2,297,869 | 6,182,448 | 4,280,377 |
Income before income taxes from continuing operations | 23,666 | 13,777 | 27,335 | 27,632 |
Operating Segments | Renewables | ||||
Segment Reporting Information [Line Items] | ||||
Revenues from external customers | 882,567 | 616,527 | 1,565,798 | 1,059,486 |
Income before income taxes from continuing operations | 67,776 | 26,156 | 73,738 | 27,237 |
Net income attributable to noncontrolling interests | 21,900 | 2,600 | 22,300 | 800 |
Operating Segments | Plant Nutrient | ||||
Segment Reporting Information [Line Items] | ||||
Revenues from external customers | 470,283 | 321,409 | 680,325 | 490,661 |
Income before income taxes from continuing operations | 38,311 | 23,995 | 49,054 | 32,518 |
Other | ||||
Segment Reporting Information [Line Items] | ||||
Income before income taxes from continuing operations | $ (11,600) | $ (10,226) | $ (21,367) | $ (19,569) |
Commitments and Contingencies (
Commitments and Contingencies (Details) $ in Millions | 3 Months Ended |
Jun. 30, 2022 USD ($) | |
United States Environmental Protection Agency, Ethanol Facility Violations | |
Operating Leased Assets [Line Items] | |
Litigation settlement, amount awarded to other party | $ 1.7 |
The Andersons Marathon Holdings LLC | |
Operating Leased Assets [Line Items] | |
Ownership percentage by parent | 50.10% |
Discontinued Operations (Detail
Discontinued Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | Aug. 16, 2021 | |
Income Statement Disclosures | ||||||
Sales and merchandising revenues | $ 12,076 | $ 37,921 | $ 25,191 | $ 78,931 | ||
Cost of sales and merchandising revenues | 12,877 | 27,284 | 23,948 | 59,023 | ||
Gross profit (loss) | (801) | 10,637 | 1,243 | 19,908 | ||
Operating, administrative and general expenses | 4,434 | 4,416 | 5,813 | 7,290 | ||
Interest expense, net | 0 | 3,394 | 0 | 6,574 | ||
Other income, net | 6,547 | 237 | 6,620 | 1,911 | ||
Income from discontinued operations before income taxes | 1,312 | 3,064 | 2,050 | 7,955 | ||
Income tax provision | 2,051 | 965 | 3,344 | 2,349 | ||
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | (739) | 2,099 | (1,294) | 5,606 | ||
Current assets: | ||||||
Accounts receivable, net | 11,998 | 18,707 | 11,998 | 18,707 | $ 12,643 | |
Inventories | 6,318 | 7,375 | 6,318 | 7,375 | 6,739 | |
Other current assets | 311 | 2,473 | 311 | 2,473 | 1,503 | |
Current assets held-for-sale | 18,627 | 28,555 | 18,627 | 28,555 | 20,885 | |
Other assets: | ||||||
Rail assets leased to others, net | 427 | 574,585 | 427 | 574,585 | 458 | |
Property, plant and equipment, net | 17,370 | 18,199 | 17,370 | 18,199 | 17,280 | |
Goodwill | 4,167 | 4,167 | 4,167 | 4,167 | 4,167 | |
Other intangible assets, net | 0 | 2,025 | 0 | 2,025 | 24 | |
Right of use assets, net | 2,322 | 18,969 | 2,322 | 18,969 | 20,999 | |
Other assets, net | 12 | 2,800 | 12 | 2,800 | 241 | |
Total non-current assets held-for-sale | 24,298 | 620,745 | 24,298 | 620,745 | 43,169 | |
Total assets held-for-sale | 42,925 | 649,300 | 42,925 | 649,300 | 64,054 | |
Current liabilities: | ||||||
Trade and other payables | 1,883 | 3,666 | 1,883 | 3,666 | 2,546 | |
Customer prepayments and deferred revenue | 0 | 2,211 | 0 | 2,211 | 0 | |
Current maturities of long-term debt | 0 | 6,513 | 0 | 6,513 | 0 | |
Current operating lease liabilities | 2,112 | 6,023 | 2,112 | 6,023 | 4,672 | |
Accrued expenses and other current liabilities | 3,319 | 6,772 | 3,319 | 6,772 | 6,161 | |
Total current liabilities held-for-sale | 7,314 | 25,185 | 7,314 | 25,185 | 13,379 | |
Long-term lease liabilities | 3,113 | 14,718 | 3,113 | 14,718 | 16,119 | |
Long-term debt, less current maturities | 0 | 28,845 | 0 | 28,845 | 0 | |
Other long-term liabilities | 0 | 430 | 0 | 430 | 0 | |
Non-current liabilities held-for-sale | 3,113 | 43,993 | 3,113 | 43,993 | 16,119 | |
Total liabilities held-for-sale | $ 10,427 | $ 69,178 | 10,427 | 69,178 | $ 29,498 | |
Cash Flow Disclosures | ||||||
Depreciation and amortization | 0 | 17,588 | ||||
Capital expenditures | 27,276 | 5,703 | ||||
Proceeds from sale of Rail assets | 36,341 | 15,616 | ||||
Non-cash operating activities - Gain on sale of railcars | (6,176) | (4,987) | ||||
Non-cash operating activities - fixed asset impairment | 2,818 | 234 | ||||
Non-cash investing activities - capital expenditures, consisting of unpaid capital expenditure liabilities at period end | $ 0 | $ (113) | ||||
Rail Leasing Business | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Consideration on sale of assets and liabilities of business | $ 543,100 |
Subsequent Events (Details)
Subsequent Events (Details) - Subsequent Event - Rail Leasing Business $ in Millions | Jul. 08, 2022 USD ($) |
Subsequent Event [Line Items] | |
Proceeds from sale of assets and liabilities | $ 55.1 |
Pre-tax gain on disposal | $ 30 |