Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Feb. 19, 2014 | Jun. 30, 2013 |
Document and Entity Information [Abstract] | ' | ' | ' |
Entity Registrant Name | 'ANDERSONS INC | ' | ' |
Entity Central Index Key | '0000821026 | ' | ' |
Document Type | '10-K | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 28.2 | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Public Float | ' | ' | $928.90 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Sales and merchandising revenues | $5,604,574 | $5,272,010 | $4,576,331 |
Cost of sales and merchandising revenues | 5,239,349 | 4,914,005 | 4,223,479 |
Gross profit | 365,225 | 358,005 | 352,852 |
Operating, administrative and general expenses | 278,433 | 246,929 | 229,090 |
Interest expense (income) | 20,860 | 22,155 | 25,256 |
Other income: | ' | ' | ' |
Equity in earnings of affiliates, net | 68,705 | 16,487 | 41,450 |
Other income, net | 14,876 | 14,725 | 7,922 |
Income before income taxes | 149,513 | 120,133 | 147,878 |
Income tax provision | 53,811 | 44,568 | 51,053 |
Net income | 95,702 | 75,565 | 96,825 |
Net income (loss) attributable to the noncontrolling interests | 5,763 | -3,915 | 1,719 |
Net income attributable to The Andersons, Inc. | $89,939 | $79,480 | $95,106 |
Per common share: | ' | ' | ' |
Basic earnings attributable to The Andersons, Inc. common shareholders (in dollars per share) | $3.20 | $2.85 | $3.42 |
Diluted earnings attributable to The Andersons, Inc. common shareholders (in dollars per share) | $3.18 | $2.82 | $3.39 |
Dividends paid (in dollars per share) | $0.43 | $0.40 | $0.29 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Net income | $95,702 | $75,565 | $96,825 | |
Other comprehensive income (loss), net of tax: | ' | ' | ' | |
Increase (decrease) in estimated fair value of investment in debt securities (net of income tax of $3,208, ($1,162) and $1,710) | 5,292 | -1,978 | 2,860 | |
Change in unrecognized actuarial loss and prior service cost (net of income tax of ($10,439), $699 and $10,293) | 18,641 | -563 | -17,120 | |
Cash flow hedge activity (net of income tax of ($238), ($66) and $21) | 265 | 252 | -31 | |
Other comprehensive income (loss) | 24,198 | [1] | -2,289 | -14,291 |
Comprehensive income | 119,900 | 73,276 | 82,534 | |
Comprehensive income (loss) attributable to the noncontrolling interests | 5,763 | -3,915 | 1,719 | |
Comprehensive income attributable to The Andersons, Inc. | $114,137 | $77,191 | $80,815 | |
[1] | All amounts are net of tax. Amounts in parentheses indicate debits |
Consolidated_Statements_of_Com1
Consolidated Statements of Comprehensive Income (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Statement of Other Comprehensive Income [Abstract] | ' | ' | ' |
Increase (decrease) in estimated fair value of investment in debt securities, tax | $3,208 | ($1,162) | $1,710 |
Unrecognized actuarial loss and prior service cost, income taxes | -10,439 | 699 | 10,293 |
Income tax on cash flow hedge activity | ($238) | ($66) | $21 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | ||
In Thousands, unless otherwise specified | ||||
Current assets: | ' | ' | ||
Cash and cash equivalents | $309,085 | $138,218 | ||
Restricted cash | 408 | 398 | ||
Accounts receivable, less allowance for doubtful accounts of $4,992 in 2013; $4,883 in 2012 | 173,930 | 208,877 | ||
Inventories (Note 2) | 614,923 | 776,677 | ||
Commodity derivative assets – current | 71,319 | 103,105 | ||
Deferred income taxes | 4,931 | 15,862 | ||
Other current assets | 47,188 | 54,016 | ||
Total current assets | 1,221,784 | 1,297,153 | ||
Other assets: | ' | ' | ||
Commodity derivative assets – noncurrent | 246 | 1,906 | ||
Goodwill | 58,554 | 54,387 | ||
Other assets, net | 59,456 | 50,742 | ||
Employee benefit plan assets | 14,328 | 0 | ||
Equity method investments | 291,109 | 190,908 | ||
Investments and Other Noncurrent Assets | 423,693 | 297,943 | ||
Railcar assets leased to others, net (Note 3) | 240,621 | 228,330 | ||
Property, plant and equipment, net (Note 3) | 387,458 | 358,878 | ||
Total assets | 2,273,556 | 2,182,304 | ||
Current liabilities: | ' | ' | ||
Borrowings under short-term line of credit | 0 | 24,219 | ||
Accounts payable for grain | 592,183 | 582,653 | ||
Other accounts payable | 154,599 | 165,201 | ||
Customer prepayments and deferred revenue | 59,304 | 105,410 | ||
Commodity derivative liabilities – current | 63,954 | 33,277 | ||
Accrued expenses and other current liabilities | 70,295 | 66,902 | ||
Current maturities of long-term debt (Note 10) | 51,998 | 15,145 | ||
Total current liabilities | 992,333 | 992,807 | ||
Other long-term liabilities | 15,386 | 18,406 | ||
Commodity derivative liabilities – noncurrent | 6,644 | 1,134 | ||
Employee benefit plan obligations | 39,477 | 53,131 | ||
Long-term debt, less current maturities (Note 10) | 375,213 | 427,243 | ||
Deferred income taxes | 120,082 | 78,138 | ||
Total liabilities | 1,549,135 | 1,570,859 | ||
Commitments and contingencies (Note 11) | ' | ' | ||
Shareholders’ equity: | ' | ' | ||
Common shares, without par value (42,000 shares authorized; 28,797 shares issued) | 96 | 96 | ||
Preferred shares, without par value (1,000 shares authorized; none issued) | 0 | 0 | ||
Additional paid-in-capital | 184,380 | 181,627 | ||
Treasury shares, at cost (607 in 2013; 831 in 2012) | -10,222 | -12,559 | ||
Accumulated other comprehensive loss | -21,181 | [1] | -45,379 | [1] |
Retained earnings | 548,401 | 470,628 | ||
Total shareholders’ equity of The Andersons, Inc. | 701,474 | 594,413 | ||
Noncontrolling interests | 22,947 | 17,032 | ||
Total equity | 724,421 | 611,445 | ||
Total liabilities and equity | $2,273,556 | $2,182,304 | ||
[1] | All amounts are net of tax. Amounts in parentheses indicate debits |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ' | ' |
Allowance for doubtful accounts | $4,992 | $4,883 |
Common shares, par value (dollars per share) | $0 | $0 |
Common shares, shares authorized (shares) | 42,000,000 | 42,000,000 |
Common shares, shares issued (shares) | 28,797,000 | 28,797,000 |
Preferred shares, par value (dollars per share) | $0 | $0 |
Preferred shares, shares authorized (shares) | 1,000,000 | 1,000,000 |
Preferred shares, shares issued (shares) | 0 | 0 |
Treasury shares, at cost (shares) | 607,000 | 831,000 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Operating Activities | ' | ' | ' |
Net income | $95,702 | $75,565 | $96,825 |
Adjustments to reconcile net income to cash provided by operating activities: | ' | ' | ' |
Depreciation and amortization | 55,307 | 48,977 | 40,837 |
Bad debt expense | 1,187 | 1,129 | 187 |
Cash distributions (less than) in excess of income of unconsolidated affiliates | -50,953 | 8,134 | -23,591 |
Gains on sales of railcars and related leases | -19,366 | -23,665 | -8,417 |
Excess tax benefit from share-based payment arrangement | -1,001 | -162 | -307 |
Deferred income taxes | 40,374 | 16,503 | 5,473 |
Stock based compensation expense | 4,339 | 3,990 | 4,071 |
Lower of cost or market inventory and contract adjustment | 0 | 262 | 3,142 |
Impairment of property, plant and equipment | 4,439 | 531 | 1,704 |
Other | 498 | -672 | 254 |
Changes in operating assets and liabilities: | ' | ' | ' |
Accounts receivable | 35,446 | -21,737 | -15,708 |
Inventories | 162,443 | 122,428 | -114,427 |
Commodity derivatives | 69,633 | 2,947 | 134,309 |
Other assets | -4,926 | -12,927 | -1,104 |
Accounts payable for grain | 9,530 | 101,265 | 117,309 |
Other accounts payable and accrued expenses | -65,464 | 5,914 | 49,708 |
Net cash provided by operating activities | 337,188 | 328,482 | 290,265 |
Investing Activities | ' | ' | ' |
Purchase of investments | 0 | -19,996 | 0 |
Proceeds from redemption of investment | 0 | 19,998 | 0 |
Acquisition of businesses, net of cash acquired | -15,252 | -220,257 | -2,365 |
Purchases of railcars | -92,584 | -111,224 | -64,161 |
Proceeds from sale of railcars | 97,232 | 90,827 | 30,398 |
Purchases of property, plant and equipment | -46,786 | -69,274 | -44,162 |
Proceeds from sale of property, plant and equipment | 390 | 1,116 | 931 |
Investments in affiliates | -49,251 | 0 | -121 |
Change in restricted cash | -10 | 18,253 | -6,517 |
Net cash used in investing activities | -106,261 | -290,557 | -85,997 |
Financing Activities | ' | ' | ' |
Net change in short-term borrowings | -24,219 | -47,281 | -169,600 |
Proceeds from issuance of long-term debt | 68,003 | 275,346 | 73,752 |
Payments of long-term debt | -94,752 | -143,943 | -104,008 |
Proceeds from minority investor | 0 | 6,100 | 0 |
Proceeds from sale of treasury shares to employees and directors | 1,939 | 1,322 | 815 |
Payments of debt issuance costs | -46 | -637 | -3,170 |
Purchase of treasury stock | 0 | 0 | -3,040 |
Dividends paid | -11,986 | -11,166 | -8,153 |
Excess tax benefit from share-based payment arrangement | 1,001 | 162 | 307 |
Net cash provided by (used in) financing activities | -60,060 | 79,903 | -213,097 |
Increase (decrease) in cash and cash equivalents | 170,867 | 117,828 | -8,829 |
Cash and cash equivalents at beginning of year | 138,218 | 20,390 | 29,219 |
Cash and cash equivalents at end of year | 309,085 | 138,218 | 20,390 |
Supplemental disclosure of cash flow information | ' | ' | ' |
Capital projects incurred but not yet paid | 3,870 | 2,876 | 0 |
Purchase of a productive asset through seller-financing | 14,694 | 10,498 | 0 |
Outstanding payment for acquisition of business | $128 | $3,345 | $0 |
Consolidated_Statements_of_Equ
Consolidated Statements of Equity (USD $) | Total | Common Shares | Additional Paid-in Capital | Treasury Shares | Accumulated Other Comprehensive Loss | Retained Earnings | Noncontrolling Interests | |
In Thousands, unless otherwise specified | ||||||||
Beginning Balance at Dec. 31, 2010 | $464,559 | $96 | $177,875 | ($14,058) | ($28,799) | $316,317 | $13,128 | |
Increase (Decrease) in Stockholders' Equity | ' | ' | ' | ' | ' | ' | ' | |
Net income | 96,825 | ' | ' | ' | ' | 95,106 | 1,719 | |
Other comprehensive income | -14,291 | ' | ' | ' | -14,291 | ' | ' | |
Purchase of treasury shares | -3,039 | ' | ' | -3,039 | ' | ' | ' | |
Stock awards, stock option exercises and other shares issued to employees and directors, net of income tax | 3,688 | ' | 1,588 | 2,100 | ' | ' | ' | |
Dividends declared | -8,900 | ' | ' | ' | ' | -8,900 | ' | |
Ending Balance at Dec. 31, 2011 | 538,842 | 96 | 179,463 | -14,997 | -43,090 | 402,523 | 14,847 | |
Increase (Decrease) in Stockholders' Equity | ' | ' | ' | ' | ' | ' | ' | |
Net income | 75,565 | ' | ' | ' | ' | 79,480 | -3,915 | |
Other comprehensive income | -2,289 | ' | ' | ' | -2,289 | ' | ' | |
Proceeds received from minority investor | 6,100 | ' | ' | ' | ' | ' | 6,100 | |
Stock awards, stock option exercises and other shares issued to employees and directors, net of income tax | 4,602 | ' | 2,164 | 2,438 | ' | ' | ' | |
Dividends declared | -11,375 | ' | ' | ' | ' | -11,375 | ' | |
Ending Balance at Dec. 31, 2012 | 611,445 | 96 | 181,627 | -12,559 | -45,379 | 470,628 | 17,032 | |
Increase (Decrease) in Stockholders' Equity | ' | ' | ' | ' | ' | ' | ' | |
Net income | 95,702 | ' | ' | ' | ' | 89,939 | 5,763 | |
Other comprehensive income | 24,198 | [1] | ' | ' | ' | 24,198 | ' | ' |
Proceeds received from minority investor | 152 | ' | ' | ' | ' | ' | 152 | |
Stock awards, stock option exercises and other shares issued to employees and directors, net of income tax | 5,035 | ' | 2,698 | 2,337 | ' | ' | ' | |
Dividends declared | -12,111 | ' | ' | ' | ' | -12,111 | ' | |
Performance share unit dividends equivalents | 0 | ' | 55 | ' | ' | -55 | ' | |
Ending Balance at Dec. 31, 2013 | $724,421 | $96 | $184,380 | ($10,222) | ($21,181) | $548,401 | $22,947 | |
[1] | All amounts are net of tax. Amounts in parentheses indicate debits |
Consolidated_Statements_of_Equ1
Consolidated Statements of Equity (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Treasury Shares | ' | ' | ' |
Purchase of treasury shares | 0 | 0 | 128 |
Additional Paid-in Capital | ' | ' | ' |
Income tax on stock option exercise and other shares issued to employees and directors | 1,243 | 710 | 1,197 |
Stock option exercises and other shares issued to employees and directors, shares | 224 | 215 | 225 |
Retained Earnings | ' | ' | ' |
Dividends declared, per common share | 0.43 | 0.4 | 0.320666667 |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2013 | |
Accounting Policies [Abstract] | ' |
Summary of Significant Accounting Policies | ' |
Summary of Significant Accounting Policies | |
Basis of Consolidation | |
These Consolidated Financial Statements include the accounts of The Andersons, Inc. and its wholly owned and controlled subsidiaries (the “Company”). All significant intercompany accounts and transactions are eliminated in consolidation. Investments in unconsolidated entities in which the Company has significant influence, but not control, are accounted for using the equity method of accounting. | |
In the opinion of management, all adjustments consisting of normal recurring items, considered necessary for a fair presentation of the results of operations for the periods indicated, have been made. | |
Use of Estimates and Assumptions | |
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | |
Cash and Cash Equivalents | |
Cash and cash equivalents include cash and short-term investments with an initial maturity of three months or less. The carrying values of these assets approximate their fair values. | |
Accounts Receivable and Allowance for Doubtful Accounts | |
Trade accounts receivable are recorded at the invoiced amount and may bear interest if past due. The allowance for doubtful accounts is the best estimate of the amount of probable credit losses in existing accounts receivable. The allowance for doubtful accounts is reviewed quarterly. The allowance is based both on specific identification of potentially uncollectible accounts and the application of a consistent policy to estimate the allowance necessary for the remaining accounts receivable. For those customers that are thought to be at higher risk, the Company makes assumptions as to collectability based on past history and facts about the current situation. Account balances are charged off against the allowance when it becomes more certain that the receivable will not be recovered. The Company manages its exposure to counter-party credit risk through credit analysis and approvals, credit limits and monitoring procedures. | |
Commodity Derivatives and Inventories | |
The Company's operating results can be affected by changes to commodity prices. The Grain and Ethanol businesses have established “unhedged” position limits (the amount of a commodity, either owned or contracted for, that does not have an offsetting derivative contract to mitigate the price risk associated with those contracts and inventory). To reduce the exposure to market price risk on commodities owned and forward grain and ethanol 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. The exchange traded contracts are primarily via the regulated Chicago Mercantile Exchange (the “CME”). The forward purchase and sale 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. Contracts for the sale of commodities to processors or other commercial consumers generally do not extend beyond one year. | |
The Company accounts for its commodity derivatives at 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. 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. 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 grain inventories are included in sales and merchandising revenues in the Consolidated Statements of Income. Additional information about the fair value of the Company's commodity derivatives is presented in Note 4 to the Consolidated Financial Statements. | |
Grain inventories are stated at their net realizable value, which approximates fair value less disposal costs. | |
All other inventories are stated at the lower of cost or market. Cost is determined by the average cost method. Additional information about inventories is presented in Note 2 to the Consolidated Financial Statements. | |
Derivatives - Master Netting Arrangements | |
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 futures, options 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 Company nets, by counterparty, its futures and over-the-counter positions against the cash collateral provided or received. The margin deposit assets and liabilities are included in short-term commodity derivative assets or liabilities, as appropriate, in the Consolidated Balance Sheets. Additional information about the Company's master netting arrangements is presented in Note 4 to the Consolidated Financial Statements. | |
Derivatives - Interest Rate and Foreign Currency Contracts | |
The Company periodically enters into interest rate contracts to manage interest rate risk on borrowing or financing activities. The Company's long-term interest rate swaps are recorded in other long-term liabilities and have been designated as cash flow hedges; accordingly, changes in the fair value of these instruments are recognized in other comprehensive income. The Company has other interest rate contracts recorded in other assets that are not designated as hedges. While the Company considers all of its derivative positions to be effective economic hedges of specified risks, these interest rate contracts for which hedge accounting is not applied are recorded on the Consolidated Balance Sheets in either other current assets or liabilities (if short-term in nature) or in other assets or other long-term liabilities (if non-current in nature), and changes in fair value are recognized in income as interest expense. Upon termination of a derivative instrument or a change in the hedged item, any remaining fair value recorded on the balance sheet is recorded as interest expense consistent with the cash flows associated with the underlying hedged item. Information regarding the nature and terms of the Company's interest rate derivatives is presented in Note 4 to the Consolidated Financial Statements. | |
Marketing Agreement | |
The Company has a marketing agreement that covers certain of its grain facilities, some of which are leased from Cargill, Incorporated (“Cargill”). Under the five-year amended and restated agreement (renewed in December 2013), the Company sells grain from these facilities to Cargill at market prices. Income earned from operating the facilities (including buying, storing and selling grain and providing grain marketing services to its producer customers) over a specified threshold is shared equally with Cargill. Measurement of this threshold is made on a cumulative basis and cash is paid to Cargill on an annual basis. The Company recognizes its pro rata share of income every month and accrues for any payment owed to Cargill. The payable balance was $2.2 million and $33.9 million included in customer prepayments and deferred revenue as of December 31, 2013 and December 31, 2012, respectively. | |
Railcars | |
The Company's Rail Group purchases, leases, markets and manages railcars for third parties and for internal use. Railcars to which the Company holds title are shown on the balance sheet in one of two categories - other current assets (for railcars that are available for sale) or railcar assets leased to others. Railcars leased to others, both on short and long-term leases, are classified as long-term assets and are depreciated over their estimated useful lives. | |
Railcars have statutory lives of either 40 or 50 years, measured from the date built. At the time of purchase, the remaining statutory life is used in determining useful lives which are depreciated on a straight-line basis. Additional information regarding railcar assets leased to others is presented in Note 3 to the Consolidated Financial Statements. | |
Property, Plant and Equipment | |
Property, plant and equipment is recorded at cost. Repairs and maintenance costs are charged to expense as incurred, while betterments that extend useful lives are capitalized. Depreciation is provided over the estimated useful lives of the individual assets, principally by the straight-line method. Estimated useful lives are generally as follows: land improvements - 16 years; leasehold improvements - the shorter of the lease term or the estimated useful life of the improvement, ranging from 3 to 20 years; buildings and storage facilities - 20 to 30 years; machinery and equipment - 3 to 20 years; and software - 3 to 10 years. The cost of assets retired or otherwise disposed of and the accumulated depreciation thereon are removed from the accounts, with any gain or loss realized upon sale or disposal credited or charged to operations. In addition, we capitalize the salaries and payroll-related costs of employees and consultants who devote time to the development of internal-use software projects. If a project constitutes an enhancement to previously-developed software, we assess whether the enhancement is significant and creates additional functionality to the software, thus qualifying the work incurred for capitalization. The amounts charged to expense for the years ended December 31, 2013, 2012 and 2011 for amortization of capitalized computer software costs were approximately $1.1 million, $1.0 million, and $1.0 million, respectively. Unamortized computer software costs in the Consolidated Balance Sheets was $42.8 million and $24.6 million as of December 31, 2013 and 2012, respectively. Once the project is complete, we estimate the useful life of the internal-use software, and we periodically assess whether the software is impaired. Changes in our estimates related to internal-use software would increase or decrease operating expenses or amortization recorded during the period. The Company capitalized interest on major projects in progress in the amount of $0.6 million and $0.4 million in 2013 and 2012, respectively. Additional information regarding the Company's property, plant and equipment is presented in Note 3 to the Consolidated Financial Statements. | |
Deferred Debt Issue Costs | |
Costs associated with the issuance of debt are capitalized. These costs are amortized using an interest-method equivalent over the earlier of the stated term of the debt or the period from the issue date through the first early payoff date without penalty, or the expected payoff date if the loan does not contain a prepayment penalty. Capitalized costs associated with the borrowing arrangement with a syndication of banks are amortized over the term of the agreement. | |
Goodwill and Intangible Assets | |
Intangible assets are recorded at cost, less accumulated amortization. Amortization of intangible assets is provided over their estimated useful lives (generally 5 to 10 years) on the straight-line method. Goodwill is not amortized but is subject to annual impairment tests or more often when events or circumstances indicate that the carrying amount of goodwill may be impaired. A goodwill impairment loss is recognized to the extent the carrying amount of goodwill exceeds the implied fair value of goodwill. Additional information about the Company's goodwill and intangible assets is presented in Note 13 to the Consolidated Financial Statements. | |
Impairment of Long-lived Assets | |
Long-lived assets, including intangible assets, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying value of an asset may not be recoverable. Recoverability of assets to be held and used is measured by comparing the carrying amount of the assets to the undiscounted future net cash flows the Company expects to generate with the assets. If such assets are considered to be impaired, the Company recognizes impairment expense for the amount by which the carrying amount of the assets exceeds the fair value of the assets. | |
Accounts Payable for Grain | |
Accounts payable for grain includes certain amounts related to grain purchases for which, even though the Company has taken ownership and possession of the grain, the final purchase price has not been established (delayed price contracts). Amounts recorded for such delayed price contracts are determined on the basis of grain market prices at the balance sheet date in a similar manner for which grain inventory is valued and amounted to $83.2 million and $113.1 million as of December 31, 2013 and 2012, respectively. | |
Stock-Based Compensation | |
Stock-based compensation expense for all stock-based compensation awards is based on the estimated grant-date fair value. The Company recognizes these compensation costs on a straight-line basis over the requisite service period of the award, adjusted for revisions to performance expectations. Additional information about the Company's stock compensation plans is presented in Note 15 to the Consolidated Financial Statements. | |
Deferred Compensation Liability | |
Included in accrued expenses are $10.1 million and $7.8 million at December 31, 2013 and 2012, respectively, of deferred compensation for certain employees who, due to Internal Revenue Service guidelines, may not take full advantage of the Company's qualified defined contribution plan. Assets funding this plan are recorded at fair value in other current assets and are equal to the value of this liability. This plan has no impact on results of operations as the changes in the fair value of the assets are offset on a one-for-one basis, by the change in the recorded amount of the deferred compensation liability. | |
Revenue Recognition | |
The Company follows a policy of recognizing sales revenue at the time of delivery of the product and when all of the following have occurred: a sales agreement is in place, pricing is fixed or determinable, and collection is reasonably assured. | |
Sales of grain and ethanol are primarily recognized at the time of shipment, which is when title and risk of loss transfers to the customer. There are certain transactions that allow for pricing to occur after title of the goods has passed to the customer. In these cases, the Company continues to report the goods in inventory until it recognizes the sales revenue once the price has been determined. Direct ship grain sales (where the Company never takes physical possession of the grain) are recognized when the grain arrives at the customer's facility. Revenues from other grain and ethanol merchandising activities are recognized as services are provided; gains and losses on the market value of grain inventory as well as commodity derivatives are recognized in revenue on a daily basis when these positions are marked-to-market. Sales of other products are recognized at the time title and risk of loss transfers to the customer, which is generally at the time of shipment or, in the case of the retail store sales, when the customer takes possession of the goods. Revenues for all other services are recognized as the service is provided. | |
Certain of the Company's operations provide for customer billings, deposits or prepayments for product that is stored at the Company's facilities. The sales and gross profit related to these transactions are not recognized until the product is shipped in accordance with the previously stated revenue recognition policy and these amounts are classified as a current liability titled “Customer prepayments and deferred revenue.” | |
Rental revenues on operating leases are recognized on a straight-line basis over the term of the lease. Sales to financial intermediaries of owned railcars which are subject to an operating lease (with the Company being the lessor in such operating leases prior to the sale, referred to as a “non-recourse transaction”) are recognized as revenue on the date of sale if the Company does not maintain substantial risk of ownership in the sold railcars. Revenue related to railcar servicing and maintenance contracts is recognized over the term of the lease or service contract. | |
Sales returns and allowances are provided for at the time sales are recorded. Shipping and handling charges are included in cost of sales. Sales taxes and motor fuel taxes on ethanol sales are presented on a net basis and are excluded from revenues. | |
Rail Lease Accounting | |
In addition to the sale of railcars that the Company makes to financial intermediaries on a non-recourse basis and records as revenue as discussed above, the Company also acts as the lessor and / or the lessee in various leasing arrangements as described below. | |
The Company's Rail Group leases railcars and locomotives to customers, manages railcars for third parties and leases railcars for internal use. The Company acts as the lessor in various operating leases of railcars that are owned by the Company, or leased by the Company from financial intermediaries and, in turn, leased by the Company to end-users of the railcars. The leases from financial intermediaries are generally structured as sale-leaseback transactions, with the leaseback by the Company being treated as an operating lease. | |
Certain of the Company's leases include monthly lease fees that are contingent upon some measure of usage (“per diem” leases). This monthly usage is tracked, billed and collected by third party service providers and funds are generally remitted to the Company along with usage data three months after they are earned. Typically, the lease term related to per-diem leases is one year or less. The Company records lease revenue for these per diem arrangements based on recent historical usage patterns and records a true-up adjustment when the actual data is received. Such true-up adjustments were not significant for any period presented. | |
The Company expenses operating lease payments on a straight-line basis over the lease term. Additional information about railcar leasing activities is presented in Note 11 to the Consolidated Financial Statements. | |
Income Taxes | |
Income tax expense for each period includes current tax expense plus deferred expense, which is related to the change in deferred income tax assets and liabilities. Deferred income taxes are provided for temporary differences between the financial reporting basis and the tax basis of assets and liabilities and are measured using enacted tax rates and laws governing periods in which the differences are expected to reverse. The Company evaluates the realizability of deferred tax assets and provides a valuation allowance for amounts that management does not believe are more likely than not to be recoverable, as applicable. | |
The annual effective tax rate is determined by income tax expense from continuing operations, described above, as a percentage of pretax book income. Differences in the effective tax rate and the statutory tax rate may be due to permanent items, tax credits, foreign tax rates and state tax rates in jurisdictions in which the Company operates, or changes in valuation allowances. | |
The Company records reserves for uncertain tax positions when, despite the belief that tax return positions are fully supportable, it is anticipated that certain tax return positions are likely to be challenged and that the Company may not prevail. These reserves are adjusted in light of changing facts and circumstances, such as the progress of a tax audit or the lapse of statutes of limitations. | |
Additional information about the Company's income taxes is presented in Note 14 to the Consolidated Financial Statements. | |
Employee Benefit Plans | |
The Company provides all full-time, non-retail employees hired before July 1, 2010 with pension benefits and full-time employees hired before January 1, 2003 with postretirement health care benefits. In order to measure the expense and funded status of these employee benefit plans, management makes several estimates and assumptions, including rates of return on assets set aside to fund these plans, rates of compensation increases, employee turnover rates, anticipated mortality rates and anticipated future healthcare cost trends. These estimates and assumptions are based on the Company's historical experience combined with management's knowledge and understanding of current facts and circumstances. The selection of the discount rate is based on an index given projected plan payouts. Additional information about the Company's employee benefit plans is presented in Note 6 to the Consolidated Financial Statements. | |
Research and Development | |
Research and development costs are expensed as incurred. The Company's research and development program is mainly involved with the development of improved products and processes, primarily for the Turf & Specialty segment. | |
Advertising | |
Advertising costs are expensed as incurred. Advertising expense of $3.9 million, $4.4 million and $4.0 million in 2013, 2012, and 2011, respectively, is included in operating, administrative and general expenses. | |
New Accounting Standards | |
On February 5, 2013, the Financial Accounting Standards Board ("FASB") issued Accounting Standards No. 2013-02, Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income. The standard requires that the Company present information about reclassification adjustments from accumulated other comprehensive income in the interim and annual financial statements in a single note or on the face of the financial statements. Adoption of this guidance did not have a material impact on the Company's Consolidated Financial Statements and additional disclosures are presented in Note 17. | |
In December 2011, the FASB issued Accounting Standards Update No. 2011-11, Disclosures about Offsetting Assets and Liabilities (Topic 210). The new disclosure requirements mandate that entities disclose both gross and net information about instruments and transactions eligible for offset in the statement of financial position as well as instruments and transactions subject to an agreement similar to a master netting arrangement. In addition, the standard requires disclosure of collateral received and posted in connection with master netting agreements or similar arrangements. The amendments were effective for annual reporting periods beginning on or after January 1, 2013, and interim periods within those annual periods. The disclosures required by the amendments were required to be applied retrospectively for all comparative periods presented. The adoption of this amended guidance required expanded disclosure in the notes to the Company's Consolidated Financial Statements but did not impact financial results. See additional disclosures in Note 4. | |
In July 2012, the FASB issued Accounting Standards No. 2012-02, Intangibles - Goodwill and Other (Topic 350): Testing Indefinite-Lived Intangible Assets for Impairment. The revised standard allows an entity the option to first assess qualitatively whether it is more likely than not (that is, a likelihood of more than 50 percent) that an indefinite-lived intangible asset is impaired, thus necessitating that it perform the quantitative impairment test. An entity is not required to calculate the fair value of an indefinite-lived intangible asset and perform the quantitative impairment test unless the entity determines that it is more likely than not that the asset is impaired. An entity can choose to perform the qualitative assessment on none, some, or all of its indefinite-lived intangible assets. Moreover, an entity can bypass the qualitative assessment and perform the quantitative impairment test for any indefinite-lived intangible in any period. The amendments were effective for annual and interim impairment tests performed for fiscal years beginning after September 15, 2012. Adoption of this guidance did not have a material impact on the Company's Consolidated Financial Statements or disclosures. | |
Equity | |
On February 18, 2014, the Company effected a three-for-two stock split in the form of a stock dividend to shareholders of record as of January 21, 2014. All share, dividend and per share information set forth in this 10-K has been retroactively adjusted to reflect the stock split. |
Inventories
Inventories | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Inventory, Net [Abstract] | ' | |||||||
Inventories | ' | |||||||
Inventories | ||||||||
Major classes of inventories are as follows: | ||||||||
December 31, | ||||||||
(in thousands) | 2013 | 2012 | ||||||
Grain | $ | 432,893 | $ | 598,729 | ||||
Ethanol and by-products | 14,453 | 22,927 | ||||||
Agricultural fertilizer and supplies | 100,593 | 88,429 | ||||||
Lawn fertilizer and corncob products | 39,960 | 37,292 | ||||||
Retail merchandise | 22,505 | 25,368 | ||||||
Railcar repair parts | 4,312 | 3,764 | ||||||
Other | 207 | 168 | ||||||
$ | 614,923 | $ | 776,677 | |||||
Property_Plant_and_Equipment
Property, Plant and Equipment | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||
Property, Plant and Equipment | ' | |||||||
Property, Plant and Equipment | ||||||||
The components of property, plant and equipment are as follows: | ||||||||
December 31, | ||||||||
(in thousands) | 2013 | 2012 | ||||||
Land | $ | 21,801 | $ | 22,258 | ||||
Land improvements and leasehold improvements | 67,153 | 63,013 | ||||||
Buildings and storage facilities | 231,976 | 214,919 | ||||||
Machinery and equipment | 308,215 | 287,896 | ||||||
Software | 13,351 | 12,901 | ||||||
Construction in progress | 48,135 | 34,965 | ||||||
690,631 | 635,952 | |||||||
Less: accumulated depreciation and amortization | 303,173 | 277,074 | ||||||
$ | 387,458 | $ | 358,878 | |||||
Depreciation expense on property, plant and equipment amounted to $37.5 million, $27.4 million and | ||||||||
$20.4 million for the years ended 2013, 2012 and 2011, respectively. | ||||||||
The Company recorded charges totaling $4.4 million for asset impairment, primarily due to the write down of asset values in Retail. The Company wrote down the value of these assets to the extent their carrying amounts exceeded fair value. The Company classified the significant assumptions used to determine the fair value of the impaired assets, which was not material, as Level 3 in the fair value hierarchy. | ||||||||
Railcars | ||||||||
The components of Railcar assets leased to others are as follows: | ||||||||
December 31, | ||||||||
(in thousands) | 2013 | 2012 | ||||||
Railcar assets leased to others | $ | 317,750 | $ | 310,614 | ||||
Less: accumulated depreciation | 77,129 | 82,284 | ||||||
$ | 240,621 | $ | 228,330 | |||||
Depreciation expense on railcar assets leased to others amounted to $14.7 million, $15.9 million and $13.8 million for the years ended 2013, 2012 and 2011, respectively. |
Derivatives
Derivatives | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||||||||||||||
Derivatives | ' | |||||||||||||||||||
Derivatives | ||||||||||||||||||||
Commodity Contracts | ||||||||||||||||||||
The Company’s operating results are affected by changes to commodity prices. The Grain and Ethanol businesses have established “unhedged” position limits (the amount of a commodity, either owned or contracted for, that does not have an offsetting derivative contract to lock in the price). To reduce the exposure to market price risk on commodities owned and forward grain and ethanol 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. The exchange traded contracts are primarily via the regulated Chicago Mercantile Exchange. 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. Contracts for the sale of commodities to processors or other commercial consumers generally do not extend beyond one year. | ||||||||||||||||||||
All 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 accounts for its commodity derivatives at estimated fair value, the same method it uses to value its grain inventory. 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 grain inventories are included in 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 Company nets, by counterparty, its futures and over-the-counter positions against the cash collateral provided or received. The margin deposit assets and liabilities are included in short-term commodity derivative assets or liabilities, as appropriate, in the Consolidated Balance Sheets. | ||||||||||||||||||||
The following table presents at December 31, 2013 and December 31, 2012, 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 short-term commodity derivative assets (or liabilities) on the Consolidated Balance Sheets: | ||||||||||||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||||||||||
(in thousands) | Net | Net | Net | Net | ||||||||||||||||
derivative | derivative | derivative | derivative | |||||||||||||||||
asset | liability | asset | liability | |||||||||||||||||
position | position | position | position | |||||||||||||||||
Collateral paid (received) | $ | 15,480 | $ | — | $ | (13,772 | ) | $ | — | |||||||||||
Fair value of derivatives | 31,055 | — | 61,247 | — | ||||||||||||||||
Balance at end of period | $ | 46,535 | $ | — | $ | 47,475 | $ | — | ||||||||||||
Certain of our contracts allow the Company to post items other than cash as collateral. Grain inventory posted as collateral on our derivative contracts are recorded in Inventories on the Consolidated Balance Sheets and the fair value of such inventory was $0.3 million and $7.7 million as of December 31, 2013 and 2012, respectively. | ||||||||||||||||||||
The following table presents, on a gross basis, current and noncurrent commodity derivative assets and liabilities: | ||||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||
(in thousands) | Commodity derivative assets - current | Commodity derivative assets - noncurrent | Commodity derivative liabilities - current | Commodity derivative liabilities - noncurrent | Total | |||||||||||||||
Commodity derivative assets | $ | 69,289 | $ | 246 | $ | 1,286 | $ | 49 | $ | 70,870 | ||||||||||
Commodity derivative liabilities | (13,450 | ) | — | (65,240 | ) | (6,693 | ) | (85,383 | ) | |||||||||||
Cash collateral | 15,480 | — | — | — | 15,480 | |||||||||||||||
Balance sheet line item totals | $ | 71,319 | $ | 246 | $ | (63,954 | ) | $ | (6,644 | ) | $ | 967 | ||||||||
31-Dec-12 | ||||||||||||||||||||
(in thousands) | Commodity derivative assets - current | Commodity derivative assets - noncurrent | Commodity derivative liabilities - current | Commodity derivative liabilities - noncurrent | Total | |||||||||||||||
Commodity derivative assets | $ | 137,119 | $ | 2,059 | $ | 5,233 | $ | 130 | $ | 144,541 | ||||||||||
Commodity derivative liabilities | (20,242 | ) | (153 | ) | (38,510 | ) | (1,264 | ) | (60,169 | ) | ||||||||||
Cash collateral | (13,772 | ) | — | — | — | (13,772 | ) | |||||||||||||
Balance sheet line item totals | $ | 103,105 | $ | 1,906 | $ | (33,277 | ) | $ | (1,134 | ) | $ | 70,600 | ||||||||
The gains included in the Company’s Consolidated Statements of Income and the line items in which they are located for the years ended December 31, 2013 and 2012 are as follows: | ||||||||||||||||||||
December 31, | ||||||||||||||||||||
(in thousands) | 2013 | 2012 | ||||||||||||||||||
Gains on commodity derivatives included in sales and merchandising revenues | $ | 138,787 | $ | 40,214 | ||||||||||||||||
The Company had the following volume of commodity derivative contracts outstanding (on a gross basis) for the years ended December 31, 2013 and 2012: | ||||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||
Commodity | Number of bushels | Number of gallons | Number of pounds | Number of tons | ||||||||||||||||
(in thousands) | (in thousands) | (in thousands) | (in thousands) | |||||||||||||||||
Non-exchange traded: | ||||||||||||||||||||
Corn | 185,978 | — | — | — | ||||||||||||||||
Soybeans | 18,047 | — | — | — | ||||||||||||||||
Wheat | 11,485 | — | — | — | ||||||||||||||||
Oats | 27,939 | — | — | — | ||||||||||||||||
Ethanol | — | 179,212 | — | — | ||||||||||||||||
Corn oil | — | — | 25,911 | — | ||||||||||||||||
Other | 81 | — | — | 89 | ||||||||||||||||
Subtotal | 243,530 | 179,212 | 25,911 | 89 | ||||||||||||||||
Exchange traded: | ||||||||||||||||||||
Corn | 124,420 | — | — | — | ||||||||||||||||
Soybeans | 11,030 | — | — | — | ||||||||||||||||
Wheat | 23,980 | — | — | — | ||||||||||||||||
Oats | 6,820 | — | — | — | ||||||||||||||||
Ethanol | — | 21,630 | — | — | ||||||||||||||||
Subtotal | 166,250 | 21,630 | — | — | ||||||||||||||||
Total | 409,780 | 200,842 | 25,911 | 89 | ||||||||||||||||
31-Dec-12 | ||||||||||||||||||||
Commodity | Number of bushels | Number of gallons | Number of pounds | Number of tons | ||||||||||||||||
(in thousands) | (in thousands) | (in thousands) | (in thousands) | |||||||||||||||||
Non-exchange traded: | ||||||||||||||||||||
Corn | 224,019 | — | — | — | ||||||||||||||||
Soybeans | 14,455 | — | — | — | ||||||||||||||||
Wheat | 19,407 | — | — | — | ||||||||||||||||
Oats | 8,113 | — | — | — | ||||||||||||||||
Ethanol | — | 76,099 | — | — | ||||||||||||||||
Corn oil | — | — | 11,082 | — | ||||||||||||||||
Other | 27 | — | — | 72 | ||||||||||||||||
Subtotal | 266,021 | 76,099 | 11,082 | 72 | ||||||||||||||||
Exchange traded: | ||||||||||||||||||||
Corn | 106,305 | — | — | — | ||||||||||||||||
Soybeans | 8,820 | — | — | — | ||||||||||||||||
Wheat | 41,125 | — | — | — | ||||||||||||||||
Oats | 4,345 | — | — | — | ||||||||||||||||
Bean oil | — | — | 48,000 | — | ||||||||||||||||
Ethanol | — | 3,795 | — | — | ||||||||||||||||
Other | — | — | — | 1 | ||||||||||||||||
Subtotal | 160,595 | 3,795 | 48,000 | 1 | ||||||||||||||||
Total | 426,616 | 79,894 | 59,082 | 73 | ||||||||||||||||
Interest Rate Derivatives | ||||||||||||||||||||
The Company periodically enters into interest rate contracts to manage interest rate risk on borrowing or financing activities. One of the Company's long-term interest rate swaps is recorded in other long-term liabilities and is designated as a cash flow hedge; accordingly, changes in the fair value of this instrument are recognized in other comprehensive income. The terms of the swap match the terms of the underlying debt instrument. The deferred derivative gains and losses on the interest rate swap are reclassified into income over the term of the underlying hedged items. For the years ended December 31, 2013 and 2012, the Company reclassified $0.5 million and $0.3 million of gross accumulated other comprehensive income into earnings, respectively. For the year ended December 31, 2011, the Company reclassified $0.1 million of accumulated other comprehensive loss into earnings. The Company expects to reclassify less than $0.5 million of accumulated other comprehensive loss into earnings in the next twelve months. | ||||||||||||||||||||
The Company has other interest rate contracts that are not designated as hedges. While the Company considers all of its interest rate derivative positions to be effective economic hedges of specified risks, these interest rate contracts are recorded on the balance sheet in other current assets or liabilities (if short-term in nature) or in other assets or other long-term liabilities (if non-current in nature) and changes in fair value are recognized currently in income as interest expense. | ||||||||||||||||||||
The following table presents the open interest rate contracts at December 31, 2013: | ||||||||||||||||||||
Interest Rate | Year Entered | Year of Maturity | Initial Notional Amount | Hedged Item | Interest | |||||||||||||||
Hedging | (in millions) | Rate | ||||||||||||||||||
Instrument | ||||||||||||||||||||
Short-term | ||||||||||||||||||||
Caps | 2012 | 2014 | $ | 40 | Interest rate component of debt - not accounted for as a hedge | 0.8% to 1.4% | ||||||||||||||
Long-term | ||||||||||||||||||||
Swap | 2006 | 2016 | $ | 4 | Interest rate component of an operating lease - not accounted for as a hedge | 5.20% | ||||||||||||||
Swap | 2006 | 2016 | $ | 14 | Interest rate component of debt - accounted for as cash flow hedge | 6.00% | ||||||||||||||
Swap | 2012 | 2023 | $ | 23 | Interest rate component of debt - not accounted for as a hedge | 4.40% | ||||||||||||||
Cap | 2012 | 2015 | $ | 10 | Interest rate component of debt - not accounted for as a hedge | 0.90% | ||||||||||||||
Cap | 2012 | 2016 | $ | 10 | Interest rate component of debt - not accounted for as a hedge | 1.50% | ||||||||||||||
Cap | 2013 | 2021 | $ | 20 | Interest rate component of debt - not accounted for as a hedge | 0.80% | ||||||||||||||
Collar | 2013 | 2021 | $ | 40 | Interest rate component of debt - not accounted for as a hedge | 2.9% to 4.8% | ||||||||||||||
At December 31, 2013 and 2012, the Company had recorded the following amounts for the fair value of the Company's interest rate derivatives: | ||||||||||||||||||||
December 31, | ||||||||||||||||||||
(in thousands) | 2013 | 2012 | ||||||||||||||||||
Derivatives not designated as hedging instruments | ||||||||||||||||||||
Interest rate contracts included in other assets | $ | 1,179 | $ | 23 | ||||||||||||||||
Interest rate contracts included in other long term liabilities | (302 | ) | (592 | ) | ||||||||||||||||
Total fair value of interest rate derivatives not designated as hedging instruments | $ | 877 | $ | (569 | ) | |||||||||||||||
Derivatives designated as hedging instruments | ||||||||||||||||||||
Interest rate contract included in other long term liabilities | (1,036 | ) | (1,540 | ) | ||||||||||||||||
Total fair value of interest rate derivatives designated as hedging instruments | $ | (1,036 | ) | $ | (1,540 | ) | ||||||||||||||
The gains (losses) included in the Company's Consolidated Statements of Income and the line item in which they are located for interest rate derivatives not designated as hedging instruments are as follows: | ||||||||||||||||||||
Year ended December 31, | ||||||||||||||||||||
(in thousands) | 2013 | 2012 | ||||||||||||||||||
Interest expense | $ | 1,409 | $ | (350 | ) | |||||||||||||||
Earnings_Per_Share
Earnings Per Share | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||
Earnings Per Share | ' | |||||||||||
Earnings Per Share | ||||||||||||
Unvested share-based payment awards that contain non-forfeitable rights to dividends are participating securities and are included in the computation of earnings per share pursuant to the two-class method. The two-class method of computing earnings per share is an earnings allocation formula that determines earnings per share for common stock and any participating securities according to dividends declared (whether paid or unpaid) and participation rights in undistributed earnings. The Company’s nonvested restricted stock is considered a participating security since the share-based awards contain a non-forfeitable right to dividends irrespective of whether the awards ultimately vest. | ||||||||||||
The computation of basic and diluted earnings per share is as follows: | ||||||||||||
(in thousands except per common share data) | Year ended December 31, | |||||||||||
2013 | 2012 | 2011 | ||||||||||
Net income attributable to The Andersons, Inc. | $ | 89,939 | $ | 79,480 | $ | 95,106 | ||||||
Less: Distributed and undistributed earnings allocated to nonvested restricted stock | 357 | 389 | 369 | |||||||||
Earnings available to common shareholders | $ | 89,582 | $ | 79,091 | $ | 94,737 | ||||||
Earnings per share – basic: | ||||||||||||
Weighted average shares outstanding – basic | 27,986 | 27,784 | 27,686 | |||||||||
Earnings per common share – basic | $ | 3.2 | $ | 2.85 | $ | 3.42 | ||||||
Earnings per share – diluted: | ||||||||||||
Weighted average shares outstanding – basic | 27,986 | 27,784 | 27,686 | |||||||||
Effect of dilutive awards | 200 | 255 | 243 | |||||||||
Weighted average shares outstanding – diluted | 28,186 | 28,039 | 27,929 | |||||||||
Earnings per common share – diluted | $ | 3.18 | $ | 2.82 | $ | 3.39 | ||||||
There were no antidilutive stock-based awards outstanding at December 31, 2013, 2012 or 2011. |
Employee_Benefit_Plans
Employee Benefit Plans | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | ' | |||||||||||||||||||||||
Employee Benefit Plans | ' | |||||||||||||||||||||||
Employee Benefit Plans | ||||||||||||||||||||||||
The Company provides full-time employees with pension benefits under defined benefit and defined contribution plans. The measurement date for all plans is December 31. The Company's expense for its defined contribution plans amounted to $10.3 million in 2013, $8.8 million in 2012 and $7.8 million in 2011. The Company also provides certain health insurance benefits to employees as well as retirees. | ||||||||||||||||||||||||
The Company has both funded and unfunded noncontributory defined benefit pension plans. The plans provide defined benefits based on years of service and average monthly compensation using a career average formula. Pension benefits for the retail line of business employees were frozen at December 31, 2006. Pension benefits for the non-retail line of business employees were frozen at July 1, 2010. | ||||||||||||||||||||||||
The Company also has postretirement health care benefit plans covering substantially all of its full time employees hired prior to January 1, 2003. These plans are generally contributory and include a cap on the Company's share of the related costs. | ||||||||||||||||||||||||
Obligation and Funded Status | ||||||||||||||||||||||||
Following are the details of the obligation and funded status of the pension and postretirement benefit plans: | ||||||||||||||||||||||||
(in thousands) | Pension | Postretirement | ||||||||||||||||||||||
Benefits | Benefits | |||||||||||||||||||||||
Change in benefit obligation | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||
Benefit obligation at beginning of year | $ | 117,890 | $ | 109,976 | $ | 36,054 | $ | 31,558 | ||||||||||||||||
Service cost | — | — | 841 | 752 | ||||||||||||||||||||
Interest cost | 4,227 | 4,496 | 1,366 | 1,319 | ||||||||||||||||||||
Actuarial (gains) losses | (15,393 | ) | 5,560 | (4,359 | ) | 2,969 | ||||||||||||||||||
Participant contributions | — | — | 514 | 487 | ||||||||||||||||||||
Retiree drug subsidy received | — | — | 61 | 168 | ||||||||||||||||||||
Benefits paid | (3,112 | ) | (2,142 | ) | (1,094 | ) | (1,199 | ) | ||||||||||||||||
Benefit obligation at end of year | $ | 103,612 | $ | 117,890 | $ | 33,383 | $ | 36,054 | ||||||||||||||||
(in thousands) | Pension | Postretirement | ||||||||||||||||||||||
Benefits | Benefits | |||||||||||||||||||||||
Change in plan assets | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||
Fair value of plan assets at beginning of year | $ | 99,857 | $ | 87,605 | $ | — | $ | — | ||||||||||||||||
Actual gains on plan assets | 12,487 | 11,178 | — | — | ||||||||||||||||||||
Company contributions | 1,630 | 3,216 | 580 | 712 | ||||||||||||||||||||
Participant contributions | — | — | 514 | 487 | ||||||||||||||||||||
Benefits paid | (3,112 | ) | (2,142 | ) | (1,094 | ) | (1,199 | ) | ||||||||||||||||
Fair value of plan assets at end of year | $ | 110,862 | $ | 99,857 | $ | — | $ | — | ||||||||||||||||
Over (under) funded status of plans at end of year | $ | 7,250 | $ | (18,033 | ) | $ | (33,383 | ) | $ | (36,054 | ) | |||||||||||||
Amounts recognized in the Consolidated Balance Sheets at December 31, 2013 and 2012 consist of: | ||||||||||||||||||||||||
Pension | Postretirement | |||||||||||||||||||||||
Benefits | Benefits | |||||||||||||||||||||||
(in thousands) | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||
Accrued expenses | $ | (254 | ) | $ | (202 | ) | $ | (1,244 | ) | $ | (1,241 | ) | ||||||||||||
Employee benefit plan assets | 14,328 | — | — | — | ||||||||||||||||||||
Employee benefit plan obligations | (6,824 | ) | (17,831 | ) | (32,139 | ) | (34,813 | ) | ||||||||||||||||
Net amount recognized | $ | 7,250 | $ | (18,033 | ) | $ | (33,383 | ) | $ | (36,054 | ) | |||||||||||||
Following are the details of the pre-tax amounts recognized in accumulated other comprehensive loss at December 31, 2013: | ||||||||||||||||||||||||
Pension | Postretirement | |||||||||||||||||||||||
Benefits | Benefits | |||||||||||||||||||||||
(in thousands) | Unamortized Actuarial Net Losses | Unamortized Prior Service Costs | Unamortized Actuarial Net Losses | Unamortized Prior Service Costs | ||||||||||||||||||||
Balance at beginning of year | $ | 59,941 | $ | — | $ | 17,570 | $ | (1,984 | ) | |||||||||||||||
Amounts arising during the period | (20,875 | ) | — | (4,359 | ) | — | ||||||||||||||||||
Amounts recognized as a component of net periodic benefit cost | (1,530 | ) | — | (1,473 | ) | 543 | ||||||||||||||||||
Balance at end of year | $ | 37,536 | $ | — | $ | 11,738 | $ | (1,441 | ) | |||||||||||||||
The amounts in accumulated other comprehensive loss that are expected to be recognized as components of net periodic benefit cost during the next fiscal year are as follows: | ||||||||||||||||||||||||
(in thousands) | Pension | Postretirement | Total | |||||||||||||||||||||
Prior service cost | $ | — | $ | (543 | ) | $ | (543 | ) | ||||||||||||||||
Net actuarial loss | 1,530 | 1,473 | 3,003 | |||||||||||||||||||||
Amounts applicable to the Company's defined benefit plans with accumulated benefit obligations in excess of plan assets are as follows: | ||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||
(in thousands) | 2013 | 2012 | ||||||||||||||||||||||
Projected benefit obligation | $ | 7,078 | $ | 117,890 | ||||||||||||||||||||
Accumulated benefit obligation | $ | 7,078 | $ | 117,890 | ||||||||||||||||||||
The combined benefits expected to be paid for all Company defined benefit plans over the next ten years (in thousands) are as follows: | ||||||||||||||||||||||||
Year | Expected Pension Benefit Payout | Expected Postretirement Benefit Payout | Medicare Part D | |||||||||||||||||||||
Subsidy | ||||||||||||||||||||||||
2014 | $ | 4,155 | $ | 1,399 | $ | (155 | ) | |||||||||||||||||
2015 | 4,891 | 1,505 | (175 | ) | ||||||||||||||||||||
2016 | 5,194 | 1,609 | (200 | ) | ||||||||||||||||||||
2017 | 6,046 | 1,718 | (229 | ) | ||||||||||||||||||||
2018 | 6,299 | 1,817 | (260 | ) | ||||||||||||||||||||
2019-2023 | 33,076 | 10,683 | (1,832 | ) | ||||||||||||||||||||
Following are components of the net periodic benefit cost for each year: | ||||||||||||||||||||||||
Pension | Postretirement | |||||||||||||||||||||||
Benefits | Benefits | |||||||||||||||||||||||
December 31, | December 31, | |||||||||||||||||||||||
(in thousands) | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||
Service cost | $ | — | $ | — | $ | — | $ | 841 | $ | 752 | $ | 555 | ||||||||||||
Interest cost | 4,227 | 4,496 | 4,578 | 1,366 | 1,319 | 1,285 | ||||||||||||||||||
Expected return on plan assets | (7,005 | ) | (6,145 | ) | (6,236 | ) | (543 | ) | (543 | ) | (543 | ) | ||||||||||||
Recognized net actuarial loss | 1,530 | 1,497 | 940 | 1,473 | 1,280 | 901 | ||||||||||||||||||
Benefit cost (income) | $ | (1,248 | ) | $ | (152 | ) | $ | (718 | ) | $ | 3,137 | $ | 2,808 | $ | 2,198 | |||||||||
Following are weighted average assumptions of pension and postretirement benefits for each year: | ||||||||||||||||||||||||
Pension | Postretirement | |||||||||||||||||||||||
Benefits | Benefits | |||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | |||||||||||||||||||
Used to Determine Benefit Obligations at Measurement Date | ||||||||||||||||||||||||
Discount rate (a) | 4.7 | % | 3.8 | % | 4.3 | % | 4.8 | % | 3.9 | % | 4.3 | % | ||||||||||||
Used to Determine Net Periodic Benefit Cost for Years ended December 31 | ||||||||||||||||||||||||
Discount rate (b) | 3.8 | % | 4.3 | % | 5.2 | % | 3.9 | % | 4.3 | % | 5.3 | % | ||||||||||||
Expected long-term return on plan assets | 7.25 | % | 7.25 | % | 7.75 | % | — | — | — | |||||||||||||||
Rate of compensation increases | N/A | N/A | 3.5 | % | — | — | — | |||||||||||||||||
(a) | In 2013, 2012 and 2011, the calculated discount rate for the unfunded pension plan was different than the defined benefit pension plan. The calculated rate for the supplemental employee retirement plan was 2.90%, 2.10% and 3.20% in 2013, 2012 and 2011, respectively. | |||||||||||||||||||||||
(b) | In 2013, 2012 and 2011, the calculated discount rate for the unfunded pension plan was different than the defined benefit pension plan. The calculated rate for the supplemental employee retirement plan was 2.10%, 3.20% and 4.20% in 2013, 2012 and 2011, respectively. | |||||||||||||||||||||||
The discount rate is calculated based on projecting future cash flows and aligning each year's cash flows to the Citigroup Pension Discount Curve and then calculating a weighted average discount rate for each plan. The Company has elected to use the nearest tenth of a percent from this calculated rate. | ||||||||||||||||||||||||
The expected long-term return on plan assets was determined based on the current asset allocation and historical results from plan inception. The expected long-term rate of return is based on plan assets earning the best rate of return while maintaining risk at acceptable levels. The rate is disclosed in the Plan Assets section of this Note. The plan strives to have assets sufficiently diversified so that adverse or unexpected results from one security class will not have an unduly detrimental impact on the entire portfolio. | ||||||||||||||||||||||||
Assumed Health Care Cost Trend Rates at Beginning of Year | ||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||
Health care cost trend rate assumed for next year | 6.5 | % | 7 | % | ||||||||||||||||||||
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) | 5 | % | 5 | % | ||||||||||||||||||||
Year that the rate reaches the ultimate trend rate | 2017 | 2017 | ||||||||||||||||||||||
The assumed health care cost trend rate has an effect on the amounts reported for postretirement benefits. A one-percentage-point change in the assumed health care cost trend rate would have the following effects: | ||||||||||||||||||||||||
One-Percentage-Point | ||||||||||||||||||||||||
(in thousands) | Increase | Decrease | ||||||||||||||||||||||
Effect on total service and interest cost components in 2013 | $ | — | $ | — | ||||||||||||||||||||
Effect on postretirement benefit obligation as of December 31, 2013 | (116 | ) | 101 | |||||||||||||||||||||
Plan Assets | ||||||||||||||||||||||||
The Company's pension plan weighted average asset allocations at December 31 by asset category, are as follows: | ||||||||||||||||||||||||
Asset Category | 2013 | 2012 | ||||||||||||||||||||||
Equity securities | 51 | % | 54 | % | ||||||||||||||||||||
Fixed income securities | 48 | % | 45 | % | ||||||||||||||||||||
Cash and equivalents | 1 | % | 1 | % | ||||||||||||||||||||
100 | % | 100 | % | |||||||||||||||||||||
The plan assets are allocated within the broader asset categories in investments that focus on more specific sectors. Within equity securities, subcategories include large cap growth, large cap value, small cap growth, small cap value, and internationally focused investment funds. These funds are judged in comparison to benchmark indexes that best match their specific category. Within fixed income securities, the funds are invested in a broad cross section of securities to ensure diversification. These include treasury, government agency, corporate, securitization, high yield, global, emerging market and other debt securities. | ||||||||||||||||||||||||
The investment policy and strategy for the assets of the Company's funded defined benefit plan includes the following objectives: | ||||||||||||||||||||||||
• | ensure superior long-term capital growth and capital preservation; | |||||||||||||||||||||||
• | reduce the level of the unfunded accrued liability in the plan; and | |||||||||||||||||||||||
• | offset the impact of inflation. | |||||||||||||||||||||||
Risks of investing are managed through asset allocation and diversification. Investments are given extensive due diligence by an impartial third party investment firm. All investments are monitored and re-assessed by the Company's pension committee on a semi-annual basis. Available investment options include U.S. Government and agency bonds and instruments, equity and debt securities of public corporations listed on U.S. stock exchanges, exchange listed U.S. mutual funds and institutional portfolios investing in equity and debt securities of publicly traded domestic or international companies and cash or money market securities. In order to reduce risk and volatility, the Company has placed the following portfolio market value limits on its investments, to which the investments must be rebalanced after each quarterly cash contribution. Note that the single security restriction does not apply to mutual funds or institutional investment portfolios. No securities are purchased on margin, nor are any derivatives used to create leverage. The overall expected long-term rate of return is determined by using long-term historical returns for equity and fixed income securities in proportion to their weight in the investment portfolio. | ||||||||||||||||||||||||
Percentage of Total Portfolio Market Value | ||||||||||||||||||||||||
Minimum | Maximum | Single Security | ||||||||||||||||||||||
Equity based | 30 | % | 70 | % | <5% | |||||||||||||||||||
Fixed income based | 20 | % | 70 | % | <5% | |||||||||||||||||||
Cash and equivalents | 1 | % | 5 | % | <5% | |||||||||||||||||||
Alternative investments | — | % | 20 | % | <5% | |||||||||||||||||||
The following table presents the fair value of the assets (by asset category) in the Company's defined benefit pension plan at December 31, 2013 and 2012: | ||||||||||||||||||||||||
(in thousands) | December 31, 2013 | |||||||||||||||||||||||
Assets | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
Mutual funds | $ | 15,898 | $ | — | $ | — | $ | 15,898 | ||||||||||||||||
Money market fund | — | 987 | — | 987 | ||||||||||||||||||||
Equity funds | — | 40,702 | — | 40,702 | ||||||||||||||||||||
Fixed income funds | — | 53,275 | — | 53,275 | ||||||||||||||||||||
Total | $ | 15,898 | $ | 94,964 | $ | — | $ | 110,862 | ||||||||||||||||
(in thousands) | December 31, 2012 | |||||||||||||||||||||||
Assets | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
Mutual funds | $ | 12,909 | $ | — | $ | — | $ | 12,909 | ||||||||||||||||
Money market fund | — | 779 | — | 779 | ||||||||||||||||||||
Equity funds | — | 40,807 | — | 40,807 | ||||||||||||||||||||
Fixed income funds | — | 45,362 | — | 45,362 | ||||||||||||||||||||
Total | $ | 12,909 | $ | 86,948 | $ | — | $ | 99,857 | ||||||||||||||||
There is no equity or debt of the Company included in the assets of the defined benefit plan. | ||||||||||||||||||||||||
Cash Flows | ||||||||||||||||||||||||
The Company does not expect to make contributions to the defined benefit pension plan in 2014. The Company reserves the right to make contributions in an amount of its choosing. For the year ended December 31, 2013, the Company contributed $1.5 million to the defined benefit pension plan. |
Segment_Information
Segment Information | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||
Segment Information | ' | |||||||||||
Segment Information | ||||||||||||
The Company’s operations include six reportable business segments that are distinguished primarily on the basis of products and services offered. The Grain business includes grain merchandising, the operation of terminal grain elevator facilities and the investments in Lansing Trade Group, LLC (“LTG”) and the Thompsons Limited joint ventures. The Ethanol business purchases and sells ethanol and also manages the ethanol production facilities organized as limited liability companies, one of which is consolidated and three of which are investments accounted for under the equity method, and also has various service contracts for these investments. Rail operations include the leasing, marketing and fleet management of railcars and locomotives, railcar repair and metal fabrication. The Plant Nutrient business manufactures and distributes agricultural inputs, primarily fertilizer, to dealers and farmers. Turf & Specialty operations include the production and distribution of turf care and corncob-based products. The Retail business operates large retail stores, a specialty food market, a distribution center and a lawn and garden equipment sales and service facility. Included in “Other” are the corporate level amounts not attributable to an operating 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. Inter-segment sales are made at prices comparable to normal, unaffiliated customer sales. Capital expenditures include additions to property, plant and equipment, software and intangible assets. | ||||||||||||
During the first quarter, approximately $28 million of assets specific to the agronomy business that was included in the purchase of certain assets of Green Plains Grain Company, LLC in the fourth quarter of 2012 were reclassified from the Grain segment to the Plant Nutrient Segment. Corresponding items of segment information have been reclassified to conform to current year presentation. | ||||||||||||
Year ended December 31, | ||||||||||||
(in thousands) | 2013 | 2012 | 2011 | |||||||||
Revenues from external customers | ||||||||||||
Grain | $ | 3,617,943 | $ | 3,293,632 | $ | 2,849,358 | ||||||
Ethanol | 831,965 | 742,929 | 641,546 | |||||||||
Plant Nutrient | 708,654 | 797,033 | 690,631 | |||||||||
Rail | 164,794 | 156,426 | 107,459 | |||||||||
Turf & Specialty | 140,512 | 131,026 | 129,716 | |||||||||
Retail | 140,706 | 150,964 | 157,621 | |||||||||
Total | $ | 5,604,574 | $ | 5,272,010 | $ | 4,576,331 | ||||||
Year ended December 31, | ||||||||||||
(in thousands) | 2013 | 2012 | 2011 | |||||||||
Inter-segment sales | ||||||||||||
Grain | $ | 1 | $ | 409 | $ | 2 | ||||||
Plant Nutrient | 17,537 | 16,135 | 16,527 | |||||||||
Rail | 427 | 622 | 593 | |||||||||
Turf & Specialty | 2,255 | 2,350 | 2,062 | |||||||||
Total | $ | 20,220 | $ | 19,516 | $ | 19,184 | ||||||
Year ended December 31, | ||||||||||||
(in thousands) | 2013 | 2012 | 2011 | |||||||||
Interest expense (income) | ||||||||||||
Grain | $ | 9,567 | $ | 12,174 | $ | 13,277 | ||||||
Ethanol | 1,038 | 759 | 1,048 | |||||||||
Plant Nutrient | 3,312 | 2,832 | 3,517 | |||||||||
Rail | 5,544 | 4,807 | 5,677 | |||||||||
Turf & Specialty | 1,237 | 1,233 | 1,381 | |||||||||
Retail | 689 | 776 | 899 | |||||||||
Other | (527 | ) | (426 | ) | (543 | ) | ||||||
Total | $ | 20,860 | $ | 22,155 | $ | 25,256 | ||||||
Year ended December 31, | ||||||||||||
(in thousands) | 2013 | 2012 | 2011 | |||||||||
Equity in earnings (loss) of affiliates | ||||||||||||
Grain | $ | 33,122 | $ | 29,080 | $ | 23,748 | ||||||
Ethanol | 35,583 | (12,598 | ) | 17,715 | ||||||||
Plant Nutrient | — | 5 | (13 | ) | ||||||||
Total | $ | 68,705 | $ | 16,487 | $ | 41,450 | ||||||
Year ended December 31, | ||||||||||||
(in thousands) | 2013 | 2012 | 2011 | |||||||||
Other income, net | ||||||||||||
Grain | $ | 2,120 | $ | 2,548 | $ | 2,462 | ||||||
Ethanol | 399 | 53 | 159 | |||||||||
Plant Nutrient | 1,093 | 1,917 | 704 | |||||||||
Rail | 7,666 | 7,136 | 2,866 | |||||||||
Turf & Specialty | 690 | 784 | 880 | |||||||||
Retail | 501 | 554 | 638 | |||||||||
Other | 2,407 | 1,733 | 213 | |||||||||
Total | $ | 14,876 | $ | 14,725 | $ | 7,922 | ||||||
Year ended December 31, | ||||||||||||
(in thousands) | 2013 | 2012 | 2011 | |||||||||
Income (loss) before income taxes | ||||||||||||
Grain | $ | 46,805 | $ | 63,597 | $ | 87,288 | ||||||
Ethanol | 50,600 | (3,720 | ) | 23,344 | ||||||||
Plant Nutrient | 27,275 | 39,254 | 38,267 | |||||||||
Rail | 42,785 | 42,841 | 9,778 | |||||||||
Turf & Specialty | 4,744 | 2,216 | 2,000 | |||||||||
Retail | (7,534 | ) | (3,951 | ) | (1,520 | ) | ||||||
Other | (20,925 | ) | (16,189 | ) | (12,998 | ) | ||||||
Noncontrolling interests | 5,763 | (3,915 | ) | 1,719 | ||||||||
Total | $ | 149,513 | $ | 120,133 | $ | 147,878 | ||||||
Year ended December 31, | ||||||||||||
(in thousands) | 2013 | 2012 | 2011 | |||||||||
Identifiable assets | ||||||||||||
Grain (a) | $ | 921,914 | $ | 1,076,986 | $ | 883,395 | ||||||
Ethanol (b) | 229,797 | 206,975 | 148,975 | |||||||||
Plant Nutrient (b) | 268,238 | 257,980 | 240,543 | |||||||||
Rail (b) | 312,654 | 289,467 | 246,188 | |||||||||
Turf & Specialty (b) | 89,939 | 82,683 | 69,487 | |||||||||
Retail (c) | 44,910 | 51,772 | 52,018 | |||||||||
Other (d) | 406,104 | 216,441 | 93,517 | |||||||||
Total | $ | 2,273,556 | $ | 2,182,304 | $ | 1,734,123 | ||||||
(a) Decrease related to impact of prices on receivables and commodity derivative assets and lower inventory levels | ||||||||||||
(b) See Note 12. Business Acquisitions for identifiable assets acquired during the periods presented | ||||||||||||
(c) Decrease related to closing of the Woodville store in the first quarter of 2013 and asset impairments described in Note 3. Property, Plant, and Equipment | ||||||||||||
(d) Change driven by increase in cash and cash equivalents and capitalized software | ||||||||||||
Year ended December 31, | ||||||||||||
(in thousands) | 2013 | 2012 | 2011 | |||||||||
Capital expenditures | ||||||||||||
Grain | $ | 8,535 | $ | 30,178 | $ | 24,284 | ||||||
Ethanol | 4,052 | 1,966 | — | |||||||||
Plant Nutrient | 17,094 | 18,038 | 13,296 | |||||||||
Rail | 4,135 | 3,896 | 1,478 | |||||||||
Turf & Specialty | 6,563 | 5,043 | 2,089 | |||||||||
Retail | 2,944 | 2,794 | 1,230 | |||||||||
Other | 3,463 | 7,102 | 1,785 | |||||||||
Total | $ | 46,786 | $ | 69,017 | $ | 44,162 | ||||||
Year ended December 31, | ||||||||||||
(in thousands) | 2013 | 2012 | 2011 | |||||||||
Acquisition of businesses, net of cash acquired and investments in affiliates | ||||||||||||
Grain | $ | 51,544 | $ | 116,888 | $ | — | ||||||
Ethanol | — | 77,400 | — | |||||||||
Plant Nutrient | — | 15,286 | 2,386 | |||||||||
Rail | 7,804 | — | — | |||||||||
Turf & Specialty | 4,103 | 10,683 | — | |||||||||
Other | 1,050 | — | 100 | |||||||||
Total | $ | 64,501 | $ | 220,257 | $ | 2,486 | ||||||
Year ended December 31, | ||||||||||||
(in thousands) | 2013 | 2012 | 2011 | |||||||||
Depreciation and amortization | ||||||||||||
Grain (e) | $ | 15,620 | $ | 9,554 | $ | 9,625 | ||||||
Ethanol (f) | 5,909 | 5,003 | 382 | |||||||||
Plant Nutrient | 14,143 | 12,014 | 9,913 | |||||||||
Rail | 12,031 | 15,929 | 14,780 | |||||||||
Turf & Specialty | 3,070 | 2,117 | 1,801 | |||||||||
Retail | 3,119 | 3,002 | 2,770 | |||||||||
Other | 1,415 | 1,358 | 1,566 | |||||||||
Total | $ | 55,307 | $ | 48,977 | $ | 40,837 | ||||||
(e) Increase driven by acquisition of GPG in December 2012 | ||||||||||||
(f) Increase driven by acquisition of TADE in May 2012 | ||||||||||||
Grain sales for export to foreign markets amounted to $220 million, $261.8 million and $164.8 million in 2013, 2012 and 2011, respectively - the majority of which were sales to Canadian customers. Revenues from leased railcars in Canada totaled $8.7 million, $10.6 million and $13.3 million in 2013, 2012 and 2011, respectively. The net book value of the leased railcars in Canada for the years ended December 31, 2013 and 2012 was $18.3 million and $38.5 million, respectively. Lease revenue on railcars in Mexico totaled $0.4 million in 2013, $0.4 million in 2012 and $0.4 million in 2011. |
Related_Party_Transactions
Related Party Transactions | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Related Party Transactions [Abstract] | ' | |||||||||||||
Related Party Transactions | ' | |||||||||||||
Related Party Transactions | ||||||||||||||
Equity Method Investments | ||||||||||||||
The Company, directly or indirectly, holds investments in companies that are accounted for under the equity method. The Company’s equity in these entities is presented at cost plus its accumulated proportional share of income or loss, less any distributions it has received. | ||||||||||||||
In January 2003, the Company became a minority investor in LTG, which focuses on grain merchandising as well as trading related to the energy and biofuels industry. The Company does not hold a majority of the outstanding shares. In addition, all major operating decisions of LTG are made by LTG's Board of Directors and the Company does not have a majority of the board seats. Due to these factors, the Company does not have control over LTG and therefore accounts for this investment under the equity method. The Company sells and purchases both grain and ethanol with LTG in the ordinary course of business on terms similar to sales and purchases with unrelated customers. | ||||||||||||||
In 2005, the Company became a minority investor in The Andersons Albion Ethanol LLC (“TAAE”). TAAE is a producer of ethanol and its co-products distillers dried grains (“DDG”) and corn oil at its 55 million gallon-per-year ethanol production facility in Albion, Michigan. The Company operates the facility under a management contract and provides corn origination, ethanol, corn oil and DDG marketing and risk management services. The Company is separately compensated for all such services except corn oil marketing. The Company also leases its Albion, Michigan grain facility to TAAE. While the Company holds 53% of the outstanding units of TAAE, a super-majority vote is required for all major operating decisions of TAAE based on the terms of the Operating Agreement. The Company has concluded that the super-majority vote requirement gives the minority shareholders substantive participating rights and therefore consolidation for book purposes is not appropriate. The Company accounts for its investment in TAAE under the equity method of accounting. | ||||||||||||||
In 2006, the Company became a minority investor in The Andersons Clymers Ethanol LLC (“TACE”). TACE is also a producer of ethanol and its co-products DDG and corn oil at a 110 million gallon-per-year ethanol production facility in Clymers, Indiana. The Company operates the facility under a management contract and provides corn origination, ethanol, corn oil and DDG marketing and risk management services for which it is separately compensated. The Company also leases its Clymers, Indiana grain facility to TACE. | ||||||||||||||
In 2006, the Company became a minority investor in The Andersons Marathon Ethanol LLC (“TAME”). TAME is also a producer of ethanol and its co-products DDG and corn oil at a 110 million gallon-per-year ethanol production facility in Greenville, Ohio. In January 2007, the Company transferred its 50% share in TAME to The Andersons Ethanol Investment LLC (“TAEI”), a consolidated subsidiary of the Company, of which a third party owns 34% of the shares. The Company operates the facility under a management contract and provides corn origination, ethanol, corn oil and DDG marketing and risk management services for which it is separately compensated. In 2009, TAEI invested an additional $1.1 million in TAME, retaining a 50% ownership interest. | ||||||||||||||
The Company has marketing agreements with TAAE, TACE, and TAME ("the three unconsolidated ethanol LLCs") under which the Company purchases and markets the ethanol produced to external customers. As compensation for these marketing services, the Company earns a fee on each gallon of ethanol sold. For two of the LLCs, the Company purchases all of the ethanol produced and then sells it to external parties. For the third LLC, the Company buys only a portion of the ethanol produced. The Company acts as the principal in these ethanol sales transactions to external parties as the Company has ultimate responsibility of performance to the external parties. Substantially all of these purchases and subsequent sales are executed through forward contracts on matching terms and, outside of the fee the Company earns for each gallon sold, the Company does not recognize any gross profit on the sales transactions. For the years ended December 31, 2013, 2012 and 2011, revenues recognized for the sale of ethanol purchased from related parties were $613.7 million, $683.1 million and $678.8 million, respectively. In addition to the ethanol marketing agreements, the Company holds corn origination agreements, under which the Company originates all of the corn used in production for each unconsolidated ethanol LLC. For this service, the Company receives a unit based fee. Similar to the ethanol sales described above, the Company acts as a principal in these transactions, and accordingly, records revenues on a gross basis. For the years ended December 31, 2013, 2012 and 2011, revenues recognized for the sale of corn under these agreements were $719.5 million, $676.3 million and $706.6 million, respectively. As part of the corn origination agreements, the Company also markets the DDG produced by the entities. For this service the Company receives a unit based fee. The Company does not purchase any of the DDG from the ethanol entities; however, as part of the agreement, the Company guarantees payment by the customer for DDG sales where the Company has identified the buyer. At December 31, 2013 and 2012, the three unconsolidated ethanol entities had a combined receivable balance for DDG of $9.2 million and $9.4 million, respectively, of which only $3,100 and $3,800, respectively, was more than thirty days past due. The Company has concluded that the fair value of this guarantee is inconsequential. | ||||||||||||||
On July 31, 2013, the Company, along with Lansing Trade Group, LLC established joint ventures that acquired 100% of the stock of Thompsons Limited, including its investment in the related U.S. operating company, for a purchase price of $152 million, which included an adjustment for excess working capital. The purchase price included $48 million cash paid by the Company, $40 million cash paid by LTG, and $64 million of external debt at Thompsons Limited. As part of the purchase LTG also contributed a Canadian branch of its business to Thompsons Limited. Each Company owns 50% of the investment. Thompsons Limited is a grain and food-grade bean handler and agronomy input provider, headquartered in Blenheim, Ontario, and operates 12 locations across Ontario and Minnesota. The Company does not hold a majority of the outstanding shares of Thompsons Limited joint ventures. All major operating decisions of these joint ventures are made by their Board of Directors and the Company does not have a majority of the board seats. Due to these factors, the Company does not have control over these joint ventures and therefore accounts for these investments under the equity method of accounting. | ||||||||||||||
The following table presents aggregate summarized financial information of LTG, TAAE, TACE, TAME, Thompsons Limited, and other various investments as they qualified as significant subsidiaries in the aggregate. LTG was the only equity method investment that qualified as a significant subsidiary individually for the years ended December 31, 2013, 2012 and 2011. | ||||||||||||||
December 31, | ||||||||||||||
(in thousands) | 2013 | 2012 | 2011 | |||||||||||
Sales | $ | 10,232,395 | $ | 8,080,741 | $ | 6,935,755 | ||||||||
Gross profit | 305,016 | 130,241 | 165,793 | |||||||||||
Income from continuing operations | 148,583 | 34,161 | 90,510 | |||||||||||
Net income | 144,699 | 32,451 | 87,673 | |||||||||||
Current assets | 1,406,200 | 1,266,311 | ||||||||||||
Non-current assets | 508,319 | 326,776 | ||||||||||||
Current liabilities | 1,040,762 | 1,062,181 | ||||||||||||
Non-current liabilities | 244,910 | 123,991 | ||||||||||||
Noncontrolling interests | 20,118 | 22,745 | ||||||||||||
The following table presents the Company’s investment balance in each of its equity method investees by entity: | ||||||||||||||
December 31, | ||||||||||||||
(in thousands) | 2013 | 2012 | ||||||||||||
The Andersons Albion Ethanol LLC | $ | 40,194 | $ | 30,227 | ||||||||||
The Andersons Clymers Ethanol LLC | 44,418 | 33,119 | ||||||||||||
The Andersons Marathon Ethanol LLC | 46,811 | 32,996 | ||||||||||||
Lansing Trade Group, LLC | 106,028 | 92,094 | ||||||||||||
Thompsons Limited (a) | 49,833 | — | ||||||||||||
Other | 3,825 | 2,472 | ||||||||||||
Total | $ | 291,109 | $ | 190,908 | ||||||||||
(a) | Thompsons Limited and related U.S. operating company held by joint ventures | |||||||||||||
The following table summarizes income (losses) earned from the Company’s equity method investments by entity: | ||||||||||||||
% ownership at | December 31, | |||||||||||||
31-Dec-13 | ||||||||||||||
(direct and indirect) | ||||||||||||||
(in thousands) | 2013 | 2012 | 2011 | |||||||||||
The Andersons Albion Ethanol LLC | 53% | $ | 10,469 | $ | (497 | ) | $ | 5,285 | ||||||
The Andersons Clymers Ethanol LLC | 38% | 11,299 | (3,828 | ) | 4,341 | |||||||||
The Andersons Marathon Ethanol LLC | 50% | 13,815 | (8,273 | ) | 8,089 | |||||||||
Lansing Trade Group, LLC | 49% (a) | 31,212 | 28,559 | 23,558 | ||||||||||
Thompsons Limited (b) | 50% | 1,634 | — | — | ||||||||||
Other | 5%-23% | 276 | 526 | 177 | ||||||||||
Total | $ | 68,705 | $ | 16,487 | $ | 41,450 | ||||||||
(a) | This does not consider the restricted management units which once vested will reduced the ownership percentage by approximately 1.5%. | |||||||||||||
(b) | Thompsons Limited and related U.S. operating company held by joint ventures | |||||||||||||
Total distributions received from unconsolidated affiliates were $17.8 million for the year ended December 31, 2013. The balance in retained earnings at December 31, 2013 that represents the undistributed earnings of the Company's equity method investments is $110.1 million. | ||||||||||||||
Investment in Debt Securities | ||||||||||||||
The Company owns 100% of the cumulative convertible preferred shares of Iowa Northern Railway Corporation (“IANR”), which operates a short-line railroad in Iowa. As a result of this investment, the Company has a 49.9% voting interest in IANR, with the remaining 50.1% voting interest held by the common shareholders. The preferred shares have certain rights associated with them, including voting, dividends, liquidation, redemption and conversion. Dividends accrue to the Company at a rate of 14% annually whether or not declared by IANR and are cumulative in nature. The Company can convert its preferred shares into common shares of IANR at any time, but the shares cannot be redeemed until May 2015. This investment is accounted for as “available-for-sale” debt securities in accordance with ASC 320 and is carried at estimated fair value in “Other noncurrent assets” on the Company’s Consolidated Balance Sheet. The estimated fair value of the Company’s investment in IANR as of December 31, 2013 was $25.7 million. | ||||||||||||||
Based on the Company’s assessment, IANR is considered a variable interest entity (“VIE”). Since the Company does not possess the power to direct the activities of the VIE that most significantly impact the entity’s economic performance, it is not considered to be the primary beneficiary of IANR and therefore does not consolidate IANR. The decisions that most significantly impact the economic performance of IANR are made by IANR’s Board of Directors. The Board of Directors has five directors; two directors from the Company, two directors from the common shareholders and one independent director who is elected by unanimous decision of the other four directors. The vote of four of the five directors is required for all key decisions. | ||||||||||||||
The Company’s current maximum exposure to loss related to IANR is $31.2 million, which represents the Company’s investment at fair value plus unpaid accrued dividends to date of $5.5 million. The Company does not have any obligation or commitments to provide additional financial support to IANR. | ||||||||||||||
In the ordinary course of business, the Company will enter into related party transactions with each of the investments described above, along with other related parties. The following table sets forth the related party transactions entered into for the time periods presented: | ||||||||||||||
December 31, | ||||||||||||||
(in thousands) | 2013 | 2012 | 2011 | |||||||||||
Sales revenues | $ | 1,315,234 | $ | 1,031,458 | $ | 841,366 | ||||||||
Service fee revenues (a) | 23,536 | 22,165 | 22,850 | |||||||||||
Purchases of product | 704,948 | 655,686 | 636,144 | |||||||||||
Lease income (b) | 6,223 | 6,995 | 6,128 | |||||||||||
Labor and benefits reimbursement (c) | 10,613 | 12,140 | 10,784 | |||||||||||
Other expenses (d) | 2,349 | 1,093 | 192 | |||||||||||
Accounts receivable at December 31 (e) | 21,979 | 28,610 | 14,730 | |||||||||||
Accounts payable at December 31 (f) | 19,887 | 17,804 | 24,530 | |||||||||||
(a) | Service fee revenues include management fee, corn origination fee, ethanol and DDG marketing fees, and other commissions. | |||||||||||||
(b) | Lease income includes the lease of the Company’s Albion, Michigan and Clymers, Indiana grain facilities as well as certain railcars to the unconsolidated ethanol LLCs and IANR. | |||||||||||||
(c) | The Company provides all operational labor to the unconsolidated ethanol LLCs and charges them an amount equal to the Company’s costs of the related services. | |||||||||||||
(d) | Other expenses include payments to IANR for repair facility rent and use of their railroad reporting mark, payment to LTG for the lease of railcars and other various expenses. | |||||||||||||
(e) | Accounts receivable represents amounts due from related parties for sales of corn, leasing revenue and service fees. | |||||||||||||
(f) | Accounts payable represents amounts due to related parties for purchases of ethanol and other various items. | |||||||||||||
From time to time, the Company enters into derivative contracts with certain of its related parties, including the unconsolidated ethanol LLCs, LTG, and the Thompsons Limited joint ventures, for the purchase and sale of grain and ethanol, for similar price risk mitigation purposes and on similar terms as the purchase and sale derivative contracts it enters into with unrelated parties. The fair value of derivative contracts with related parties was a gross asset for the years ended December 31, 2013 and 2012 of $8.9 million and $3.2 million, respectively. The fair value of derivative contracts with related parties was a gross liability for the years ended December 31, 2013 and 2012 of $1.2 million and $0.3 million, respectively. |
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Fair Value Measurements | ' | ||||||||||||||||
Fair Value Measurements | |||||||||||||||||
Generally accepted accounting principles define fair value as an exit price and also establish a framework for measuring fair value. An exit price represents the amount that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants. Fair value should be determined based on the assumptions that market participants would use in pricing the asset or liability. As a basis for considering such assumptions, a three-tier fair value hierarchy is used, which prioritizes the inputs used in measuring fair value as follows: | |||||||||||||||||
• | Level 1 inputs: Quoted prices (unadjusted) for identical assets or liabilities in active markets; | ||||||||||||||||
• | Level 2 inputs: Inputs other than quoted prices included in Level 1 that are observable for the asset or liability either directly or indirectly; and | ||||||||||||||||
• | Level 3 inputs: Unobservable inputs (e.g., a reporting entity's own data). | ||||||||||||||||
In many cases, a valuation technique used to measure fair value includes inputs from multiple levels of the fair value hierarchy. The lowest level of significant input determines the placement of the entire fair value measurement in the hierarchy. | |||||||||||||||||
The following table presents the Company's assets and liabilities that are measured at fair value on a recurring basis at December 31, 2013 and 2012: | |||||||||||||||||
(in thousands) | December 31, 2013 | ||||||||||||||||
Assets (liabilities) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Cash equivalents | $ | 97,751 | $ | — | $ | — | $ | 97,751 | |||||||||
Restricted cash | 408 | — | — | 408 | |||||||||||||
Commodity derivatives, net (a) | 50,777 | (49,810 | ) | — | 967 | ||||||||||||
Convertible preferred securities (b) | — | — | 25,720 | 25,720 | |||||||||||||
Other assets and liabilities (c) | 10,143 | (159 | ) | — | 9,984 | ||||||||||||
Total | $ | 159,079 | $ | (49,969 | ) | $ | 25,720 | $ | 134,830 | ||||||||
(in thousands) | December 31, 2012 | ||||||||||||||||
Assets (liabilities) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Cash equivalents | $ | 78,674 | $ | — | $ | — | $ | 78,674 | |||||||||
Restricted cash | 398 | — | — | 398 | |||||||||||||
Commodity derivatives, net (a) | 46,966 | 23,634 | — | 70,600 | |||||||||||||
Convertible preferred securities (b) | — | — | 17,200 | 17,200 | |||||||||||||
Other assets and liabilities (c) | 7,813 | (2,109 | ) | — | 5,704 | ||||||||||||
Total | $ | 133,851 | $ | 21,525 | $ | 17,200 | $ | 172,576 | |||||||||
(a) | Includes associated cash posted/received as collateral | ||||||||||||||||
(b) | Recorded in “Other noncurrent assets” on the Company’s Consolidated Balance Sheets | ||||||||||||||||
(c) | Included in other assets and liabilities is interest rate and foreign currency derivatives, swaptions (Level 2) and deferred compensation assets (Level 1) | ||||||||||||||||
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 on the CME or the New York Mercantile Exchange 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, we have concluded that “basis” is a Level 2 fair value input for purposes of the fair value disclosure requirements related to our commodity derivatives. 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. | |||||||||||||||||
The Company’s convertible preferred securities are measured at fair value using a combination of the income approach on a quarterly basis and the market approach on an annual basis. Specifically, the income approach incorporates the use of the Discounted Cash Flow method, whereas the Market Approach incorporates the use of the Guideline Public Company method. Application of the Discounted Cash Flow method requires estimating the annual cash flows that the business enterprise is expected to generate in the future. The assumptions input into this method are estimated annual cash flows for a specified estimation period, the discount rate, and the terminal value at the end of the estimation period. In the Guideline Public Company method, valuation multiples, including total invested capital, are calculated based on financial statements and stock price data from selected guideline publicly traded companies. On an annual basis, a comparative analysis is then performed for factors including, but not limited to size, profitability and growth to determine fair value. | |||||||||||||||||
A reconciliation of beginning and ending balances for the Company’s fair value measurements using Level 3 inputs is as follows: | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
(in thousands) | Convertible | Interest | Convertible | Commodity | |||||||||||||
preferred | rate | preferred | derivatives, | ||||||||||||||
securities | derivatives | securities | net | ||||||||||||||
and | |||||||||||||||||
swaptions | |||||||||||||||||
Asset (liability) at December 31, | $ | 17,220 | $ | (2,178 | ) | $ | 20,360 | $ | 2,467 | ||||||||
Gains (losses) included in earnings: | |||||||||||||||||
Unrealized gains (losses) included in other comprehensive income | 8,500 | — | (3,140 | ) | — | ||||||||||||
Transfers to level 2 | — | 2,178 | — | (2,467 | ) | ||||||||||||
Asset (liability) at December 31, | $ | 25,720 | $ | — | $ | 17,220 | $ | — | |||||||||
The following table summarizes information about the Company's Level 3 fair value measurements as of December 31, 2013: | |||||||||||||||||
Quantitative Information about Level 3 Fair Value Measurements | |||||||||||||||||
Range | |||||||||||||||||
(in thousands) | Fair Value as of 12/31/13 | Valuation Method | Unobservable Input | Low | High | Weighted Average | |||||||||||
Convertible Preferred Securities | $ | 25,720 | Market Approach | EBITDA Multiples | 7.5 | 8 | 7.75 | ||||||||||
Income Approach | Discount Rate | 14.5 | % | 14.5 | % | 14.5 | % | ||||||||||
Fair Value of Financial Instruments | |||||||||||||||||
Certain long-term notes payable and the Company’s debenture bonds bear fixed rates of interest and terms of up to 15 years. Based upon the Company’s credit standing and current interest rates offered by the Company on similar bonds and rates currently available to the Company for long-term borrowings with similar terms and remaining maturities, the Company estimates the fair values of its long-term debt instruments outstanding at December 31, 2013 and 2012, as follows: | |||||||||||||||||
(in thousands) | Carrying Amount | Fair Value | Fair Value Hierarchy Level | ||||||||||||||
2013:00:00 | |||||||||||||||||
Fixed rate long-term notes payable | $ | 270,112 | $ | 271,716 | Level 2 | ||||||||||||
Debenture bonds | 41,131 | 42,475 | Level 2 | ||||||||||||||
$ | 311,243 | $ | 314,191 | ||||||||||||||
2012:00:00 | |||||||||||||||||
Fixed rate long-term notes payable | $ | 263,745 | $ | 279,505 | Level 2 | ||||||||||||
Long-term notes payable, non-recourse | 785 | 800 | Level 2 | ||||||||||||||
Debenture bonds | 35,411 | 37,135 | Level 2 | ||||||||||||||
$ | 299,941 | $ | 317,440 | ||||||||||||||
The fair value of the Company’s cash equivalents, accounts receivable and accounts payable approximate their carrying value as they are close to maturity. |
Debt
Debt | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Debt Disclosure [Abstract] | ' | |||||||||||
Debt | ' | |||||||||||
Debt | ||||||||||||
Borrowing Arrangements | ||||||||||||
The Company maintains a borrowing arrangement with a syndicate of banks, which was amended on December 7, 2011, and provides the Company with $735.0 million (“Line A”) in short-term lines of credit and $115.0 million (“Line B”) in long-term lines of credit. It also provides the Company with $90 million in letters of credit. Any amounts outstanding on letters of credit will reduce the amount available on the lines of credit. The Company had standby letters of credit outstanding of $29.9 million at December 31, 2013. As of December 31, 2013, the Company had no outstanding borrowings on the lines of credit. Borrowings under the line(s) of credit bear interest at variable interest rates, which are based off LIBOR plus an applicable spread. The maturity date for Line A is December 2014. The maturity date for Line B is September 2015. Draw downs and repayments that are less than 90 days are recorded on a net basis in the Consolidated Statements of Cash Flows. | ||||||||||||
The Company also has $28.1 million of lines of credit related to The Andersons Denison Ethanol LLC ("TADE"), a consolidated subsidiary. TADE entered into borrowing arrangements with a syndicate of financial institutions upon acquisition of the entity in the second quarter of 2012 which provides a $13.0 million short-term line of credit, a $15.1 million long-term line of credit, and a $12.4 million term loan. TADE had standby letters of credit outstanding of $0.5 million at December 31, 2013, which reduces the amount available on the lines of credit. As of December 31, 2013, the Company had no outstanding borrowings on the lines of credit and $10.1 million in borrowings were outstanding on the term loan. Borrowings under the line(s) of credit and the term loan bear interest at variable interest rates, which are based off LIBOR plus an applicable spread. The maturity date for the short-term line of credit is July 1, 2014, January 20, 2022 for the long-term line of credit and January 1, 2017 for the term loan. TADE was in compliance with all financial and non-financial covenants as of December 31, 2013, including but not limited to minimum working capital and net worth. TADE debt is collateralized by the mortgage on the ethanol facility and related equipment or other assets and is not guaranteed by the Company, therefore it is considered non-recourse debt. | ||||||||||||
The long-term portion of the syndicate line can be drawn on and the resulting debt considered long-term when used for long-term purposes such as replacing long-term debt that is maturing, funding the purchase of long-term assets, or increasing permanent working capital when needed. The expectation at the time of drawing is that it will be kept open until more permanent replacement debt is established, until other long-term assets are sold, or earnings are generated to pay it down. | ||||||||||||
The Company’s short-term and long-term debt at December 31, 2013 and December 31, 2012 consisted of the following: | ||||||||||||
(in thousands) | December 31, | December 31, | ||||||||||
2013 | 2012 | |||||||||||
Borrowings under short-term line of credit - nonrecourse | $ | — | $ | 4,219 | ||||||||
Borrowings under short-term line of credit - recourse | — | 20,000 | ||||||||||
Total borrowings under short-term line of credit | $ | — | $ | 24,219 | ||||||||
Current maturities of long -term debt – nonrecourse | $ | 6,012 | $ | 2,496 | ||||||||
Current maturities of long-term debt – recourse | 45,986 | 12,649 | ||||||||||
Total current maturities of long-term debt | $ | 51,998 | $ | 15,145 | ||||||||
Long-term debt, less current maturities – nonrecourse | $ | 4,063 | $ | 20,067 | ||||||||
Long-term debt, less current maturities – recourse | 371,150 | 407,176 | ||||||||||
Total long-term debt, less current maturities | $ | 375,213 | $ | 427,243 | ||||||||
The following information relates to short-term borrowings: | ||||||||||||
December 31, | ||||||||||||
(in thousands, except percentages) | 2013 | 2012 | 2011 | |||||||||
Maximum amount borrowed | $ | 315,000 | $ | 553,400 | $ | 601,500 | ||||||
Weighted average interest rate | 1.92 | % | 1.96 | % | 2.73 | % | ||||||
Long-Term Debt | ||||||||||||
Recourse Debt | ||||||||||||
Long-term debt consists of the following: | ||||||||||||
December 31, | ||||||||||||
(in thousands, except percentages) | 2013 | 2012 | ||||||||||
Senior note payable, 3.72%, payable at maturity, due 2017 | $ | 25,000 | $ | 25,000 | ||||||||
Senior note payable, 6.10%, payable at maturity, due 2014 | 25,000 | 25,000 | ||||||||||
Senior note payable, 6.12%, payable at maturity, due 2015 | 61,500 | 61,500 | ||||||||||
Senior note payable, 6.78%, payable at maturity, due 2018 | 41,500 | 41,500 | ||||||||||
Note payable, 4.92%, $2 million annually ($2.5 million for 2013), plus interest, due 2021 (a) | 27,178 | 27,833 | ||||||||||
Note payable, 4.76%, payable in increasing amounts ($1.7 million for 2013) plus interest, due 2028 (a) | 53,600 | 55,300 | ||||||||||
Note payable, variable rate (2.67% at December 31, 2013), payable in increasing amounts ($1.2 million for 2013) plus interest, due 2023 (a) | 23,015 | 24,188 | ||||||||||
Note payable, 3.29%, payable in increasing amounts ($1.2 million for 2013) plus interest, due 2022 (a) | 25,366 | 26,533 | ||||||||||
Line of credit, variable rate (1.87% at December 31, 2013), payable at maturity, due 2015 | — | 25,000 | ||||||||||
Notes payable, variable rate (1.42% at December 31, 2013), payable in varying amounts, (7.6 million for 2013) plus interest, due 2016 | 22,120 | 12,058 | ||||||||||
Note payable, variable rate (1.64% at December 31, 2013), payable in increasing amounts ($1.0 million for 2013) plus interest, due 2023 (a) | 11,865 | 12,815 | ||||||||||
Note payable, variable rate (.97% at December 31, 2013), $0.7 million annually, plus interest, due 2016 (a) | 8,750 | 9,450 | ||||||||||
Note payable, 8.5%, payable monthly in varying amounts ($0.1 million for 2013) plus interest, due 2016 (a) | 988 | 1,079 | ||||||||||
Note payable, 4.76%, payable quarterly in varying amounts ($0.2 million for 2013) plus interest, due 2028 (a) | 9,980 | — | ||||||||||
Note payable, 3.56%, payable monthly in varying amounts plus interest, due 2021 (a) | 3,459 | — | ||||||||||
Industrial development revenue bonds: | ||||||||||||
Variable rate (2.55% at December 31, 2013), payable at maturity, due 2017 (a) | 7,934 | 8,408 | ||||||||||
Variable rate (1.97% at December 31, 2013), payable at maturity, due 2019 (a) | 4,650 | 4,650 | ||||||||||
Variable rate (2.10% at December 31, 2013), payable at maturity, due 2025 (a) | 3,100 | 3,100 | ||||||||||
Variable rate (1.81% at December 31, 2013), payable at maturity, due 2036 (a) | 21,000 | 21,000 | ||||||||||
Debenture bonds, 2.65% to 5.00%, due 2014 through 2028 | 41,131 | 35,411 | ||||||||||
417,136 | 419,825 | |||||||||||
Less: current maturities | 45,986 | 12,649 | ||||||||||
$ | 371,150 | $ | 407,176 | |||||||||
(a) | Debt is collateralized by first mortgages on certain facilities and related equipment or other assets with a book value of $151.7 million | |||||||||||
During the year, the Company obtained a $10.2 million, fifteen-year loan with a fixed interest rate of 4.76%, which is collateralized by the mortgage of a grain facility. The Company also obtained a $3.5 million, eight-year loan with fixed interest rate of 3.56%, which is secured by certain railcar assets. | ||||||||||||
At December 31, 2013, the Company had $4.5 million of five-year term debenture bonds bearing interest at 2.65%, $3.7 million of ten-year term debenture bonds bearing interest at 3.50% and $3.8 million of fifteen-year term debenture bonds bearing interest at 4.50% available for sale under an existing registration statement. | ||||||||||||
The Company's short-term and long-term borrowing agreements include both financial and non-financial covenants that, among other things, require the Company at a minimum to maintain: | ||||||||||||
• | tangible net worth of not less than $300 million; | |||||||||||
• | current ratio net of hedged inventory of not less than 1.25 to 1.00; | |||||||||||
• | debt to capitalization ratio of not more than 70%; | |||||||||||
• | asset coverage ratio of not more than 75%; and | |||||||||||
• | interest coverage ratio of not less than 2.75 to 1.00. | |||||||||||
The Company was in compliance with all covenants at and during the years ended December 31, 2013 and 2012. | ||||||||||||
The aggregate annual maturities of long-term debt are as follows: 2014 -- $46.0 million; 2015 -- $86.1 million; 2016 -- $26.4 million; 2017 -- $46.8 million; 2018 -- $51.9 million; and $159.9 million thereafter. | ||||||||||||
Non-Recourse Debt | ||||||||||||
The Company's non-recourse long-term debt consists of the following: | ||||||||||||
December 31, | ||||||||||||
(in thousands, except percentages) | 2013 | 2012 | ||||||||||
Line of credit, variable rate (3.92% at December 31, 2013), payable at maturity, due 2022 | $ | — | $ | 9,378 | ||||||||
Note payable, variable rate (3.92% at December 31, 2013), payable quarterly ($2.3 million for 2013) plus interest, due 2017 | 10,075 | 12,400 | ||||||||||
Other notes payable | — | 785 | ||||||||||
10,075 | 22,563 | |||||||||||
Less: current maturities | 6,012 | 2,496 | ||||||||||
$ | 4,063 | $ | 20,067 | |||||||||
The Company's non-recourse debt held by TADE includes separate financial covenants relating solely to the collateralized TADE assets. Triggering one or more of these covenants for a specified period of time could result in the acceleration in amortization of the outstanding debt. The covenants require the following: | ||||||||||||
• | tangible net worth of not less than $27 million (increasing to $33 million effective December 31, 2014, $36 million effective December 31, 2015 and $40 million effective December 31, 2016); | |||||||||||
• | working capital not less than $5.0 million (increasing to $8 million effective December 31, 2014); and | |||||||||||
• | debt service coverage ratio of not less than 1.25 to 1.00 beginning December 31, 2014. | |||||||||||
The aggregate annual maturities of non-recourse, long-term debt are as follows: 2014 -- $6.0 million; 2015 -- $3.1 million; and 2016 -- $1.0 million. | ||||||||||||
Interest paid (including interest on short-term lines of credit) amounted to $22.9 million, $21.7 million and $25.2 million in 2013, 2012 and 2011, respectively. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
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 a charge to income. 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. In the third quarter, the Company recorded a $3.5 million gain in other income related to the settlement of an early rail lease termination. | ||||||||||||
The estimated range of loss for all outstanding claims that are considered reasonably possible of occurring is not material. We have received, and are cooperating fully with, a request for information from the United States Environmental Protection Agency (“U.S. EPA”) regarding the history of our grain and fertilizer facility along the Maumee River in Toledo, Ohio. The U.S. EPA is investigating the possible introduction into the Maumee River of hazardous materials potentially leaching from rouge piles deposited along the riverfront by glass manufacturing operations that existed in the area prior to our initial acquisition of the land in 1960. We have on several prior occasions cooperated with local, state and federal regulators to install or improve drainage systems to contain storm water runoff and sewer discharges along our riverfront property to minimize the potential for such leaching. Other area land owners and the successor to the original glass making operations have also been contacted by the U.S. EPA for information. No claim or finding has been asserted thus far. | ||||||||||||
Railcar leasing activities | ||||||||||||
The Company is a lessor of railcars. The majority of railcars are leased to customers under operating leases that may be either net leases (where the customer pays for all maintenance) or full service leases (where the Company provides maintenance and fleet management services). The Company also provides such services to financial intermediaries to whom it has sold railcars and locomotives in non-recourse lease transactions. Fleet management services generally include maintenance, escrow, tax filings and car tracking services. | ||||||||||||
Many of the Company's leases provide for renewals. The Company also generally holds purchase options for railcars it has sold and leased-back from a financial intermediary, and railcars sold in non-recourse lease transactions. These purchase options are for stated amounts which are determined at the inception of the lease and are intended to approximate the estimated fair value of the applicable railcars at the date for which such purchase options can be exercised. | ||||||||||||
Lease income from operating leases (with the Company as lessor) to customers (including month-to-month and per diem leases) and rental expense for railcar operating leases (with the Company as lessee) were as follows: | ||||||||||||
Year ended December 31, | ||||||||||||
(in thousands) | 2013 | 2012 | 2011 | |||||||||
Rental and service income - operating leases | $ | 78,979 | $ | 77,916 | $ | 68,124 | ||||||
Rental expense | $ | 13,751 | $ | 11,987 | $ | 16,303 | ||||||
Lease income recognized under per diem arrangements (described in Note 1) totaled $2.0 million, $2.1 million, and $2.9 million in 2013, 2012 and 2011, respectively, and is included in the amounts above. | ||||||||||||
Future minimum rentals and service income for all noncancelable railcar operating leases are as follows: | ||||||||||||
(in thousands) | Future Rental and Service Income - Operating Leases | Future Minimum | ||||||||||
Rental Payments | ||||||||||||
Year ended December 31, | ||||||||||||
2014 | $ | 61,670 | $ | 15,679 | ||||||||
2015 | 48,109 | 15,120 | ||||||||||
2016 | 36,714 | 13,101 | ||||||||||
2017 | 25,641 | 10,658 | ||||||||||
2018 | 15,324 | 7,136 | ||||||||||
Future years | 20,812 | 10,410 | ||||||||||
$ | 208,270 | $ | 72,104 | |||||||||
The Company also arranges non-recourse lease transactions under which it sells railcars or locomotives to financial intermediaries and assigns the related operating lease on a non-recourse basis. The Company generally provides ongoing railcar maintenance and management services for the financial intermediaries, and receives a fee for such services when earned. Management and service fees earned in 2013, 2012 and 2011 were $7.9 million, $3.8 million and $2.8 million, respectively. | ||||||||||||
Other leasing activities | ||||||||||||
The Company, as a lessee, leases real property, vehicles and other equipment under operating leases. Certain of these agreements contain lease renewal and purchase options. The Company also leases excess property to third parties. Net rental expense under these agreements was $8.4 million, $7.3 million and $6.3 million in 2013, 2012 and 2011, respectively. Future minimum lease payments (net of sublease income commitments) under agreements in effect at December 31, 2013 are as follows: 2014 -- $4.1 million; 2015 -- $3.4 million; 2016 -- $2.1 million; 2017 -- $1.3 million; 2018 -- $0.7 million; and $0.2 million thereafter. | ||||||||||||
In addition to the above, the Company leases its Albion, Michigan and Clymers, Indiana grain elevators under operating leases to two of its ethanol investees. The Albion, Michigan grain elevator lease expires in 2056. The initial term of the Clymers, Indiana grain elevator lease ends in 2014 and provides for several renewals of 7.5 years each. Lease income for the years ended December 31, 2013, 2012 and 2011 was $1.9 million, $1.9 million and $1.9 million, respectively. |
Business_Acquisition
Business Acquisition | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Business Combinations [Abstract] | ' | |||||||
Business Acquisition | ' | |||||||
Business Acquisitions | ||||||||
The Company's acquisitions are accounted for as purchases in accordance with ASC Topic 805, Business Combinations. Tangible assets and liabilities and identifiable intangible assets were adjusted to fair values at the acquisition date with the remainder of the purchase price, if any, recorded as goodwill. Operating results of these acquisitions are included in the Company's Consolidated Financial Statements from the date of acquisition and are not significant to the Company's consolidated operating results. | ||||||||
2013 Business Acquisitions | ||||||||
The spending in 2013 on the acquisitions of businesses, net of cash acquired was $15.3 million. | ||||||||
On December 9, 2013, the Turf and Specialty Group completed the purchase of substantially all of the assets of Cycle Group, Inc. for a purchase price of $4.2 million. The operation consists of a modern granulated products facility in Mocksville, North Carolina. | ||||||||
The summarized final purchase price allocation is as follows: | ||||||||
(in thousands) | ||||||||
Inventory | $ | 77 | ||||||
Intangible assets | 330 | |||||||
Property, plant and equipment | 3,825 | |||||||
Total purchase price | $ | 4,232 | ||||||
Details of the intangible assets acquired are as follows: | ||||||||
(in thousands) | Fair | Useful | ||||||
Value | Life | |||||||
Customer relationships | $ | 150 | 5 years | |||||
Noncompete agreement | 55 | 7 years | ||||||
Patents | 125 | 5 years | ||||||
Total identifiable intangible assets | $ | 330 | 5 years * | |||||
*weighted average number of years | ||||||||
On August 5, 2013, the Company completed the purchase of substantially all of the assets of Mile Rail, LLC and a sister entity for a purchase price of $7.8 million. The operations consist of a railcar repair and cleaning facility headquartered in Kansas City, Missouri, with 2 satellite locations in Nebraska and Indiana. | ||||||||
The summarized final purchase price allocation is as follows: | ||||||||
(in thousands) | ||||||||
Inventory | $ | 512 | ||||||
Other assets | 14 | |||||||
Intangible assets | 650 | |||||||
Goodwill | 4,167 | |||||||
Property, plant and equipment | 2,605 | |||||||
Other liabilities | (144 | ) | ||||||
Total purchase price | $ | 7,804 | ||||||
The goodwill recognized as a result of the Mile Rail acquisition is $4.2 million, which is fully deductible for tax purposes, and is included in the Rail segment. The goodwill relates to geography that is complimentary to the Rail Group's existing repair network and from its additional connections to several U.S. Class I railroads, from which we anticipate future growth and capacity to generate gross profit. | ||||||||
Details of the intangible assets acquired are as follows: | ||||||||
(in thousands) | Fair | Useful | ||||||
Value | Life | |||||||
Customer relationships | $ | 400 | 5 years | |||||
Noncompete agreement | 250 | 5 years | ||||||
Total identifiable intangible assets | $ | 650 | 5 years * | |||||
*weighted average number of years | ||||||||
Prior Years Business Acquisitions | ||||||||
On December 3, 2012, the Company completed the purchase of a majority of the grain and agronomy assets of Green Plains Grain Company ("GPG"), a subsidiary of Green Plains Renewable Energy, Inc. for a purchase price of $120.2 million, which includes a $3.3 million payable to the acquiree that was outstanding as of year end and paid in January 2013. The various facilities located in Iowa and Tennessee have a combined grain storage capacity of more than 32 million bushels and 12,000 tons of nutrient storage. | ||||||||
During the first quarter of 2013, the purchase price allocation for Green Plains Grain Company, which was acquired in the fourth quarter of 2012 was finalized. The measurement period adjustments to the purchase price allocation are the result of additional information obtained since the filing of our Form 10-K for the year ended December 31, 2012. December 31, 2012 balances have been revised to include the effect of the adjustment as if the additional information had been available on the acquisition date. Due to these revision of estimates, goodwill increased $3 million, with the majority of the offset to intangible assets. | ||||||||
The summarized final purchase price allocation is as follows: | ||||||||
(in thousands) | ||||||||
Accounts receivable | $ | 19,174 | ||||||
Inventory | 121,983 | |||||||
Property, plant and equipment | 57,828 | |||||||
Intangible assets | 4,600 | |||||||
Goodwill | 33,175 | |||||||
Commodity derivatives | 4,701 | |||||||
Other assets | 1,775 | |||||||
Accounts payable | (91,001 | ) | ||||||
Debt assumed | (29,632 | ) | ||||||
Other liabilities | (2,371 | ) | ||||||
Total purchase price | $ | 120,232 | ||||||
The goodwill recognized as a result of the GPG acquisition is $33.2 million, for which the full amount is deductible for tax purposes, and is included in the Grain reportable segment. The goodwill relates to the value of a fully functional business consisting of a successful management team and an experienced and talented work force. | ||||||||
Details of the intangible assets acquired are as follows: | ||||||||
(in thousands) | Fair | Useful | ||||||
Value | Life | |||||||
Supplier relationships | $ | 4,600 | 3 to 5 years | |||||
Total identifiable intangible assets | $ | 4,600 | 4 years * | |||||
*weighted average number of years | ||||||||
The amounts of the GPG revenue and earnings included in the Consolidated Statements of Income for the year ended December 31, 2012, and the revenue and earnings of GPG had the acquisition date been January 1, 2011 are as follows: | ||||||||
(unaudited, in thousands) | Revenue | Operating Income (Loss) | ||||||
Actual from 12/3/2012 to 12/31/2012 | $ | 40,477 | $ | (785 | ) | |||
Supplemental pro forma from 1/1/2012 - 12/31/2012 | 566,821 | 1,632 | ||||||
Combined entity pro forma from 1/1/2012 - 12/31/2012 | 5,798,354 | 122,550 | ||||||
Supplemental pro forma from 1/1/2011 - 12/31/2011 | 585,572 | 1,430 | ||||||
Combined entity pro forma from 1/1/2011 - 12/31/2011 | 5,161,903 | 149,308 | ||||||
On October 30, 2012, the Company completed the purchase of substantially all of the assets of Mt. Pulaski Products for a purchase price of $10.7 million. The operations consist of several corncob processing facilities in central Illinois. | ||||||||
The summarized final purchase price allocation is as follows: | ||||||||
(in thousands) | ||||||||
Inventory | $ | 3,757 | ||||||
Intangible assets | 1,000 | |||||||
Goodwill | 1,985 | |||||||
Property, plant and equipment | 3,941 | |||||||
Total purchase price | $ | 10,683 | ||||||
The goodwill recogized as a result of the Mt. Pulaski acquisition is $2.0 million, for which the full amount is deductible for tax purposes, and is included in the Turf & Specialty reportable segment. The goodwill relates to expected synergies from combining operations as well as an assembled workforce. | ||||||||
Details of the intangible assets acquired are as follows: | ||||||||
(in thousands) | Fair | Useful | ||||||
Value | Life | |||||||
Trademark | $ | 300 | Indefinite | |||||
Customer list | 600 | 10 years | ||||||
Noncompete agreement | 100 | 7 years | ||||||
Total identifiable intangible assets | $ | 1,000 | 10 years * | |||||
*weighted average number of years | ||||||||
On May 1, 2012, the Company and its subsidiary, The Andersons Denison Ethanol LLC ("TADE") completed the purchase of certain assets of an ethanol production facility in Denison, Iowa for a purchase price of $77.4 million. Previously owned by Amaizing Energy Denison LLC and Amaizing Energy Holding Company, LLC, the operations consist of a 55 million gallon capacity ethanol facility with an adjacent 2.7 million bushel grain terminal, with direct access to two Class 1 railroads in Iowa. TADE has been organized to provide investment opportunity for the Company and potential outside investors. The Company owns the grain terminal, manages TADE, and provides grain origination, risk management, and DDG and ethanol marketing services. The Company currently owns a controlling interest of 85% of TADE, and therefore includes TADE's results of operations in its consolidated financial statements. The fair value of the noncontrolling interest in TADE purchased by the minority investor at the acquisition date was $6.1 million. | ||||||||
The summarized final purchase price allocation is as follows: | ||||||||
(in thousands) | ||||||||
Grain elevator | $ | 14,285 | ||||||
Inventory | 10,087 | |||||||
Intangible assets | 2,373 | |||||||
Other current assets | 962 | |||||||
Property, plant and equipment | 49,693 | |||||||
Total purchase price | $ | 77,400 | ||||||
Details of the intangible assets acquired are as follows: | ||||||||
(in thousands) | Fair | Useful | ||||||
Value | Life | |||||||
Lease intangibles | $ | 2,123 | 10 months to 5 years | |||||
Noncompete agreement | 250 | 2 years | ||||||
Total identifiable intangible assets | $ | 2,373 | 3 years * | |||||
*weighted average number of years | ||||||||
On January 31, 2012, the Company purchased 100% of the stock of New Eezy Gro, Inc. (“NEG”) for a purchase price of $16.8 million. New Eezy Gro is a manufacturer and wholesale marketer of specialty agricultural nutrients and industrial products. | ||||||||
The summarized purchase price allocation is as follows: | ||||||||
(in thousands) | ||||||||
Current assets | $ | 5,106 | ||||||
Intangible assets | 9,600 | |||||||
Goodwill | 6,681 | |||||||
Property, plant and equipment | 3,586 | |||||||
Current liabilities | (3,784 | ) | ||||||
Deferred tax liability, net | (4,412 | ) | ||||||
Total purchase price | $ | 16,777 | ||||||
The goodwill recognized as a result of the NEG acquisition is $6.7 million and is included in the Plant Nutrient reportable segment. The goodwill relates to the value of proprietary products and processes as well as an assembled workforce. | ||||||||
Details of the intangible assets acquired are as follows: | ||||||||
(in thousands) | Fair | Useful | ||||||
Value | Life | |||||||
Trademarks | $ | 1,200 | 10 years | |||||
Customer list | 5,500 | 10 years | ||||||
Technology | 2,100 | 5 years | ||||||
Noncompete agreement | 800 | 7 years | ||||||
Total identifiable intangible assets | $ | 9,600 | 9 years * | |||||
*weighted average number of years | ||||||||
On October 31, 2011, the Company completed the purchase of Immokalee Farmers Supply, Inc., which serves the specialty vegetable producers in Southwest Florida, for a total purchase price of $3.0 million, which included a $0.6 million payable recorded in other long-term liabilities and is based on future performance of the acquired company. |
Goodwill_and_Intangible_Assets
Goodwill and Intangible Assets | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||||||||
Goodwill and Intangible Assets | ' | ||||||||||||||||||||
Goodwill and Intangible Assets | |||||||||||||||||||||
The changes in the carrying amount of goodwill for the years ended December 31, 2013, 2012 and 2011 are as follows: | |||||||||||||||||||||
(in thousands) | Grain | Plant Nutrient | Rail | Turf & Specialty | Total | ||||||||||||||||
Balance as of January 1, 2011 | $ | 4,207 | $ | 5,248 | $ | — | $ | 686 | $ | 10,141 | |||||||||||
Acquisitions | — | 1,690 | — | — | 1,690 | ||||||||||||||||
Other adjustments | 783 | (69 | ) | — | — | 714 | |||||||||||||||
Balance as of December 31, 2011 | 4,990 | 6,869 | — | 686 | 12,545 | ||||||||||||||||
Acquisitions (a) | 33,175 | 6,681 | — | 1,986 | 41,842 | ||||||||||||||||
Balance as of December 31, 2012 | 38,165 | 13,550 | — | 2,672 | 54,387 | ||||||||||||||||
Acquisitions | — | — | 4,167 | — | 4,167 | ||||||||||||||||
Balances of December 31, 2013 | $ | 38,165 | $ | 13,550 | $ | 4,167 | $ | 2,672 | $ | 58,554 | |||||||||||
(a) The Grain acquisition balance has been revised to include the effect of the adjustments to the purchase price allocation in 2013. Discussed in Note 12. Business Acquisitions | |||||||||||||||||||||
Goodwill is tested annually for impairment as of December 31 or whenever events or circumstances change that would indicate that an impairment of goodwill may be present. There have been no goodwill impairment charges historically. In 2011, 2012, and 2013 the Company performed mainly qualitative goodwill impairment analyses. In performing this qualitative assessment of goodwill, management considered the following relevant events and circumstances: | |||||||||||||||||||||
• | Macroeconomic conditions including, but not limited to deterioration in general economic conditions, limitation on accessing capital, or other developments in equity and credit markets; | ||||||||||||||||||||
• | Industry and market considerations such as a deterioration in the environment in which an entity operates, an increased competitive environment, a change in the market for an entity's products or services, or a regulatory or political development; | ||||||||||||||||||||
• | Cost factors such as increases in commodity prices, raw materials, labor, or other costs that have a negative effect on earnings and cash flows; | ||||||||||||||||||||
• | Overall financial performance such as negative or declining cash flows or a decline in actual or planned revenue or earnings compared with actual and projected results of relevant prior periods; | ||||||||||||||||||||
• | Other relevant entity-specific events such as changes in management, key personnel, strategy, or customers and; | ||||||||||||||||||||
• | Events affecting a reporting unit such as a change in the composition or carrying amount of its net assets, a more-likely-than-not expectation of selling or disposing all, or a portion, of a reporting unit, the testing for recoverability of a significant asset group within a reporting unit, or recognition of a goodwill impairment loss in the financial statements of a subsidiary that is a component of a reporting unit. | ||||||||||||||||||||
There is a certain degree of uncertainty associated with the key assumptions used. Potential events or changes in circumstances that could reasonably be expected to negatively affect the key assumptions include significant volatility in commodity prices or raw material prices and unanticipated changes in the economy or industries within which the businesses operate. When considering all factors in totality, management believes it is more likely than not that the fair value of goodwill exceeds its carrying amount, and as such, no further analysis was required for purposes of testing goodwill for impairment. | |||||||||||||||||||||
The Company's intangible assets are recorded in other assets on the Consolidated Balance Sheets and are as follows: | |||||||||||||||||||||
(in thousands) | Group | Original Cost | Accumulated Amortization | Net Book Value | |||||||||||||||||
December 31, 2013 | |||||||||||||||||||||
Amortized intangible assets | |||||||||||||||||||||
Acquired customer list | Rail | $ | 3,862 | $ | 3,421 | $ | 441 | ||||||||||||||
Acquired customer list | Plant Nutrient | 9,596 | 3,054 | 6,542 | |||||||||||||||||
Acquired customer list | Grain | 5,850 | 2,286 | 3,564 | |||||||||||||||||
Acquired customer list | Turf and Specialty | 750 | 72 | 678 | |||||||||||||||||
Acquired non-compete agreement | Plant Nutrient | 2,119 | 1,501 | 618 | |||||||||||||||||
Acquired non-compete agreement | Grain | 175 | 116 | 59 | |||||||||||||||||
Acquired non-compete agreement | Turf and Specialty | 155 | 17 | 138 | |||||||||||||||||
Acquired non-compete agreement | Rail | 250 | 17 | 233 | |||||||||||||||||
Acquired non-compete agreement | Ethanol | 250 | 209 | 41 | |||||||||||||||||
Acquired marketing agreement | Plant Nutrient | 1,607 | 1,228 | 379 | |||||||||||||||||
Acquired supply agreement | Plant Nutrient | 4,846 | 2,477 | 2,369 | |||||||||||||||||
Supply agreement | Grain | 340 | — | 340 | |||||||||||||||||
Acquired grower agreement | Grain | 300 | 300 | — | |||||||||||||||||
Patents and other | Various | 1,154 | 411 | 743 | |||||||||||||||||
Trademarks and technology | Plant Nutrient | 3,300 | 1,035 | 2,265 | |||||||||||||||||
Lease intangible | Ethanol | 2,123 | 1,716 | 407 | |||||||||||||||||
Lease intangible | Rail | 2,816 | 2,150 | 666 | |||||||||||||||||
$ | 39,493 | $ | 20,010 | $ | 19,483 | ||||||||||||||||
December 31, 2012 | |||||||||||||||||||||
Amortized intangible assets | |||||||||||||||||||||
Acquired customer list | Rail | $ | 3,462 | $ | 3,362 | $ | 100 | ||||||||||||||
Acquired customer list | Plant Nutrient | 9,596 | 2,071 | 7,525 | |||||||||||||||||
Acquired customer list | Grain | 8,450 | 717 | 7,733 | |||||||||||||||||
Acquired customer list | Turf and Specialty | 600 | 10 | 590 | |||||||||||||||||
Acquired non-compete agreement | Plant Nutrient | 2,119 | 1,219 | 900 | |||||||||||||||||
Acquired non-compete agreement | Grain | 175 | 81 | 94 | |||||||||||||||||
Acquired non-compete agreement | Turf and Specialty | 100 | 2 | 98 | |||||||||||||||||
Acquired non-compete agreement | Ethanol | 250 | 84 | 166 | |||||||||||||||||
Acquired marketing agreement | Plant Nutrient | 1,607 | 1,029 | 578 | |||||||||||||||||
Acquired supply agreement | Plant Nutrient | 4,846 | 1,959 | 2,887 | |||||||||||||||||
Supply agreement | Grain | 340 | — | 340 | |||||||||||||||||
Acquired grower agreement | Grain | 300 | 275 | 25 | |||||||||||||||||
Patents and other | Various | 1,181 | 486 | 695 | |||||||||||||||||
Trademarks and technology | Plant Nutrient | 3,300 | 495 | 2,805 | |||||||||||||||||
Lease intangible | Ethanol | 2,123 | 1,230 | 893 | |||||||||||||||||
Lease intangible | Rail | 2,410 | 1,778 | 632 | |||||||||||||||||
$ | 40,859 | $ | 14,798 | $ | 26,061 | ||||||||||||||||
Amortization expense for intangible assets was $5.3 million, $4.8 million and $2.8 million for 2013, 2012 and 2011, respectively. Expected future annual amortization expense is as follows: 2014 -- $4.7 million; 2015 -- $3.8 million; 2016 -- $3.1 million; 2017 -- $2.5 million; and 2018 -- $1.9 million. |
Income_Taxes
Income Taxes | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||
Income Taxes | ' | |||||||||||
Income Taxes | ||||||||||||
Income tax provision applicable to continuing operations consists of the following: | ||||||||||||
Year ended December 31, | ||||||||||||
(in thousands) | 2013 | 2012 | 2011 | |||||||||
Current: | ||||||||||||
Federal | $ | 11,812 | $ | 23,816 | $ | 39,015 | ||||||
State and local | 225 | 3,492 | 5,603 | |||||||||
Foreign | 1,400 | 757 | 962 | |||||||||
$ | 13,437 | $ | 28,065 | $ | 45,580 | |||||||
Deferred: | ||||||||||||
Federal | $ | 35,147 | $ | 14,808 | $ | 5,281 | ||||||
State and local | 4,321 | 1,982 | 553 | |||||||||
Foreign | 906 | (287 | ) | (361 | ) | |||||||
$ | 40,374 | $ | 16,503 | $ | 5,473 | |||||||
Total: | ||||||||||||
Federal | $ | 46,959 | $ | 38,624 | $ | 44,296 | ||||||
State and local | 4,546 | 5,474 | 6,156 | |||||||||
Foreign | 2,306 | 470 | 601 | |||||||||
$ | 53,811 | $ | 44,568 | $ | 51,053 | |||||||
Income before income taxes from continuing operations consists of the following: | ||||||||||||
Year ended December 31, | ||||||||||||
(in thousands) | 2013 | 2012 | 2011 | |||||||||
U.S. income | $ | 141,673 | $ | 119,325 | $ | 146,420 | ||||||
Foreign | 7,840 | 808 | 1,458 | |||||||||
$ | 149,513 | $ | 120,133 | $ | 147,878 | |||||||
A reconciliation from the statutory U.S. federal tax rate to the effective tax rate follows: | ||||||||||||
Year ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Statutory U.S. federal tax rate | 35 | % | 35 | % | 35 | % | ||||||
Increase (decrease) in rate resulting from: | ||||||||||||
Effect of qualified domestic production deduction | (0.4 | ) | (0.8 | ) | (1.6 | ) | ||||||
Effect of Patient Protection and Affordable Care Act | 0.9 | (0.6 | ) | — | ||||||||
Effect of noncontrolling interest | (1.3 | ) | 1.1 | (0.4 | ) | |||||||
State and local income taxes, net of related federal taxes | 2 | 3 | 2.7 | |||||||||
Other, net | (0.2 | ) | (0.6 | ) | (1.2 | ) | ||||||
Effective tax rate | 36 | % | 37.1 | % | 34.5 | % | ||||||
Income taxes paid, net of refunds received, in 2013, 2012 and 2011 were $5.3 million, $36.3 million and $48.9 million, respectively. | ||||||||||||
Significant components of the Company's deferred tax liabilities and assets are as follows: | ||||||||||||
December 31, | ||||||||||||
(in thousands) | 2013 | 2012 | ||||||||||
Deferred tax liabilities: | ||||||||||||
Property, plant and equipment and railcar assets leased to others | $ | (110,472 | ) | $ | (85,556 | ) | ||||||
Prepaid employee benefits | (17,725 | ) | (16,490 | ) | ||||||||
Investments | (29,749 | ) | (23,180 | ) | ||||||||
Other | (5,426 | ) | (6,402 | ) | ||||||||
(163,372 | ) | (131,628 | ) | |||||||||
Deferred tax assets: | ||||||||||||
Employee benefits | 36,593 | 45,400 | ||||||||||
Accounts and notes receivable | 1,890 | 1,920 | ||||||||||
Inventory | 6,605 | 4,800 | ||||||||||
Deferred expenses | 689 | 11,540 | ||||||||||
Net operating loss carryforwards | 631 | 654 | ||||||||||
Other | 1,905 | 5,038 | ||||||||||
Total deferred tax assets | 48,313 | 69,352 | ||||||||||
Valuation allowance | (92 | ) | — | |||||||||
48,221 | 69,352 | |||||||||||
Net deferred tax liabilities | $ | (115,151 | ) | $ | (62,276 | ) | ||||||
On December 31, 2013 the Company had $12.4 million in state net operating loss carryforwards that expire from 2017 to 2023. A deferred tax asset of $0.5 million has been recorded with respect to state net operating loss carryforwards. A valuation allowance of $0.1 million was established in the current year against the deferred tax asset because it has been determined that the Company is unlikely to realize all the benefit of these carryforwards. On December 31, 2012, the Company had recorded a $0.6 million deferred tax asset and no valuation allowance with respect to state net operating loss carryforwards. | ||||||||||||
On December 31, 2013, the Company had $0.4 million in cumulative Canadian net operating losses that expire after 2030. A deferred tax asset of $0.1 million has been recorded with respect to Canadian net operating loss carryforwards. No valuation allowance has been established because based on all available evidence, the Company concluded it is more likely than not that it will realize the deferred tax asset. On December 31, 2012 the Company had recorded a deferred tax asset, and no valuation allowance, of $0.1 million with respect to Canadian net operating loss carryforwards. | ||||||||||||
On December 31, 2013, the Company had recorded a $0.5 million deferred tax asset related to U.S. foreign tax credit carryforwards that expire after 2022. No valuation allowance has been established because based on all available evidence, the Company concluded it is more likely than not that it will realize the deferred tax asset. On December 31, 2012, the Company had $2.9 million in U.S. foreign credit carryforwards that expire from 2020 through 2023 and no valuation allowance with respect to the foreign credit carryforwards. | ||||||||||||
The Company's 2013 income tax provision includes deferred tax expense of $1.4 million due to a correction of other comprehensive income related to the portion of the Company's retiree health care plan liability and the Medicare Part D subsidy. The correction related to the years 2009 through 2012 and was recorded during the first quarter of 2013. The impact of this error on amounts previously reported was determined to be immaterial to the Consolidated Financial Statements. As a result of the correction of the error, deferred income tax expense for the twelve months ended December 31, 2013 increased and accumulated other comprehensive loss decreased by $1.4 million. | ||||||||||||
During the third quarter of 2013, the Company believed its share of foreign joint venture earnings would be considered indefinitely reinvested outside the U.S. However, after ongoing analysis of additional information related to the third quarter joint venture acquisition together with the impact of expiring tax legislation, the Company is now providing for taxes on foreign earnings, as the earnings are expected to be included in U.S. taxable income. The effect of this change was not material to the third quarter or full year 2013. | ||||||||||||
The Company accounts for utilization of windfall tax benefits based on tax law ordering and considered only the direct effects of stock-based compensation for purposes of measuring the windfall at settlement of an award. During 2013, there was no cash resulting from the exercise of awards and the tax benefit the Company realized from the exercise of awards was $1.3 million. For 2012, there was no cash resulting from the exercise of awards and the tax benefit the Company realized from the exercise of awards was $0.4 million. | ||||||||||||
The Company or one of its subsidiaries files income tax returns in the U.S., various foreign jurisdictions and various state and local jurisdictions. The Company is no longer subject to examinations by U.S. tax authorities for years before 2010 and is no longer subject to examinations by foreign jurisdictions for years before 2008. The Company is no longer subject to examination by state tax authorities in most states for tax years before 2010. | ||||||||||||
A reconciliation of the January 1, 2011 to December 31, 2013 amount of unrecognized tax benefits is as follows: | ||||||||||||
(in thousands) | ||||||||||||
Balance at January 1, 2011 | $ | 614 | ||||||||||
Additions based on tax positions related to prior years | 43 | |||||||||||
Reductions as a result of a lapse in statute of limitations | (22 | ) | ||||||||||
Balance at December 31, 2011 | 635 | |||||||||||
Additions based on tax positions related to the current year | 97 | |||||||||||
Additions based on tax positions related to prior years | 415 | |||||||||||
Reductions as a result of a lapse in statute of limitations | (101 | ) | ||||||||||
Balance at December 31, 2012 | 1,046 | |||||||||||
Additions based on tax positions related to the current year | 114 | |||||||||||
Reductions based on tax positions related to prior years | (45 | ) | ||||||||||
Reductions as a result of a lapse in statute of limitations | (5 | ) | ||||||||||
Balance at December 31, 2013 | $ | 1,110 | ||||||||||
The unrecognized tax benefits at December 31, 2013 are associated with positions taken on state income tax returns, and would decrease the Company's effective tax rate if recognized. The Company does not anticipate any significant changes during 2014 in the amount of unrecognized tax benefits. | ||||||||||||
The Company has elected to classify interest and penalties as interest expense and penalty expense, respectively, rather than as income tax expense. The Company has $0.2 million accrued for the payment of interest and penalties at December 31, 2013. The net interest and penalties expense for 2013 is $0.1 million, due to increased uncertain tax positions. The Company had $0.1 million accrued for the payment of interest and penalties at December 31, 2012. The net interest and penalties expense for 2012 was $0.1 million benefit. |
Stock_Compensation_Plans
Stock Compensation Plans | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||
Stock Compensation Plans | ' | ||||||||||||
Stock Compensation Plans | |||||||||||||
The Company's 2005 Long-Term Performance Compensation Plan, dated May 6, 2005 (the “LT Plan”), authorizes the Board of Directors to grant options, stock appreciation rights, performance shares and share awards to employees and outside directors for up to 600,000 of the Company's common shares plus 639,000 common shares that remained available under a prior plan. In 2008, shareholders approved an additional 750,000 of the Company's common shares to be available under the LT Plan. As of December 31, 2013, approximately 637,500 shares remain available for grant under the LT Plan. Options granted have a maximum term of 10 years. | |||||||||||||
Stock-based compensation expense for all stock-based compensation awards are based on the grant-date fair value. The Company recognizes these compensation costs on a straight-line basis over the requisite service period of the award. Total compensation expense recognized in the Consolidated Statement of Income for all stock compensation programs was $4.3 million, $4.0 million and $4.1 million in 2013, 2012 and 2011, respectively. | |||||||||||||
Stock Only Stock Appreciation Rights (“SOSARs”) and Stock Options | |||||||||||||
Beginning in 2006, the Company discontinued granting options to directors and management and instead began granting SOSARs. SOSARs granted to directors and management personnel under the LT Plan beginning in 2008 have a term of five years and have three year graded vesting. The SOSARs granted in 2006 and 2007 have a term of five years and vest after three years. SOSARs granted under the LT Plan are structured as fixed grants with the exercise price equal to the market value of the underlying stock on the date of the grant. The related compensation expense is recognized on a straight-line basis over the service period. | |||||||||||||
Beginning in 2011, the Company replaced the SOSAR equity awards with full value Restricted Stock Awards (“RSAs”). No SOSAR equity awards have been granted since 2010. | |||||||||||||
A reconciliation of the number of SOSARs outstanding and exercisable under the Long-Term Performance Compensation Plan as of December 31, 2013, and changes during the period then ended is as follows: | |||||||||||||
Shares | Weighted- Average Exercise | Weighted- Average Remaining Contractual Term | Aggregate Intrinsic Value | ||||||||||
(000's) | Price | (000's) | |||||||||||
Options & SOSARs outstanding at January 1, 2013 | 473 | $ | 19.1 | ||||||||||
Options exercised | (300 | ) | 20.9 | ||||||||||
Options & SOSARs cancelled / forfeited | — | — | |||||||||||
Options and SOSARs outstanding at December 31, 2013 | 173 | $ | 15.99 | 0.76 | $ | 7,510 | |||||||
Vested and expected to vest at December 31, 2013 | 173 | $ | 15.99 | 0.76 | $ | 7,510 | |||||||
Options exercisable at December 31, 2013 | 173 | $ | 15.99 | 0.76 | $ | 7,510 | |||||||
Year ended December 31, | |||||||||||||
(in thousands) | 2013 | 2012 | 2011 | ||||||||||
Total intrinsic value of options exercised | $ | 4,678 | $ | 1,937 | $ | 3,817 | |||||||
Total fair value of shares vested | $ | 576 | $ | 818 | $ | 816 | |||||||
Weighted average fair value of options granted | $ | — | $ | — | $ | — | |||||||
As of December 31, 2013, there was no unrecognized compensation cost related to stock options and SOSARs granted under the LT Plan. | |||||||||||||
Restricted Stock Awards | |||||||||||||
The LT Plan permits awards of restricted stock. These shares carry voting and dividend rights; however, sale of the shares is restricted prior to vesting. Restricted shares granted prior to 2013 vest over a period of 3 years. Restricted shares granted in 2013 vest over a period of 2.25 years. Total restricted stock expense is equal to the market value of the Company's common shares on the date of the award and is recognized over the service period. In 2013, there were 60,168 shares issued to members of management and directors. | |||||||||||||
A summary of the status of the Company's nonvested restricted shares as of December 31, 2013, and changes during the period then ended, is presented below: | |||||||||||||
Shares (000)'s | Weighted-Average Grant-Date Fair Value | ||||||||||||
Nonvested restricted shares at January 1, 2013 | 180 | $ | 28.82 | ||||||||||
Granted | 60 | 47.65 | |||||||||||
Vested | (50 | ) | 25.27 | ||||||||||
Forfeited | (2 | ) | 29.93 | ||||||||||
Nonvested restricted shares at December 31, 2013 | 188 | $ | 35.74 | ||||||||||
Year ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Total fair value of shares vested (000's) | $1,121 | $590 | $1,367 | ||||||||||
Weighted average fair value of restricted shares granted | $47.65 | $28.99 | $31.87 | ||||||||||
As of December 31, 2013, there was $3.2 million of total unrecognized compensation cost related to nonvested restricted shares granted under the LT Plan. That cost is expected to be recognized over the next 2.0 years. | |||||||||||||
Performance Share Units (“PSUs”) | |||||||||||||
The LT Plan also allows for the award of PSUs. Each PSU gives the participant the right to receive common shares dependent on the achievement of specified performance results over a specified performance period. For PSUs granted prior to 2013, the performance period is 3 years. For PSUs granted in 2013, the performance period is 2.25 years. At the end of the performance period, the number of shares of stock issued will be determined by adjusting the award upward or downward from a target award. Fair value of PSUs issued is based on the market value of the Company's common shares on the date of the award. The related compensation expense is recognized over the performance period when achievement of the award is probable and is adjusted for changes in the number of shares expected to be issued if changes in performance are expected. In 2013, there were 103,272 PSUs issued to members of management. Currently, the Company is accounting for the awards granted in 2011, 2012 and 2013 at 100%, 40%, and 50%, respectively, of the maximum amount available for issuance. | |||||||||||||
PSUs Activity | |||||||||||||
A summary of the status of the Company's PSUs as of December 31, 2013, and changes during the period then ended, is presented below: | |||||||||||||
Shares (000)'s | Weighted-Average Grant-Date Fair Value | ||||||||||||
Nonvested at January 1, 2013 | 306 | $ | 28.81 | ||||||||||
Granted | 104 | 47.32 | |||||||||||
Vested | (54 | ) | 22.09 | ||||||||||
Forfeited | (6 | ) | 32.56 | ||||||||||
Nonvested at December 31, 2013 | 350 | $ | 35.27 | ||||||||||
Year ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Weighted average fair value of PSUs granted | $47.32 | $28.99 | $31.87 | ||||||||||
As of December 31, 2013, there was $2.6 million of total unrecognized compensation cost related to nonvested PSUs granted under the LT Plan. That cost is expected to be recognized over the next 2.0 years. | |||||||||||||
Employee Share Purchase Plan (the “ESP Plan”) | |||||||||||||
The Company's 2004 ESP Plan allows employees to purchase common shares through payroll withholdings. The Company has approximately 285,000 common shares remaining available for issuance to and purchase by employees under this plan. The ESP Plan also contains an option component. The purchase price per share under the ESP Plan is the lower of the market price at the beginning or end of the year. The Company records a liability for withholdings not yet applied towards the purchase of common stock. | |||||||||||||
The fair value of the option component of the ESP Plan is estimated at the date of grant under the Black-Scholes option pricing model with the following assumptions for the appropriate year. Expected volatility was estimated based on the historical volatility of the Company's common shares over the past year. The average expected life was based on the contractual term of the plan. The risk-free rate is based on the U.S. Treasury issues with a one year term. Forfeitures are estimated at the date of grant based on historical experience. | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Risk free interest rate | 0.16 | % | 0.11 | % | 0.27 | % | |||||||
Dividend yield | 1.49 | % | 1.37 | % | 1.21 | % | |||||||
Volatility factor of the expected market price of the common shares | 0.27 | 0.41 | 0.34 | ||||||||||
Expected life for the options (in years) | 1 | 1 | 1 | ||||||||||
Quarterly_Consolidated_Financi
Quarterly Consolidated Financial Information (Unaudited) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Quarterly Financial Data [Abstract] | ' | |||||||||||||||||||
Quarterly Consolidated Financial Information (Unaudited) | ' | |||||||||||||||||||
Quarterly Consolidated Financial Information (Unaudited) | ||||||||||||||||||||
The following is a summary of the unaudited quarterly results of operations for 2013 and 2012: | ||||||||||||||||||||
(in thousands, except for per common share data) | ||||||||||||||||||||
Quarter Ended | Sales and merchandising revenues | Gross profit | Net income attributable to | Earnings per share-basic | Earnings per share-diluted | |||||||||||||||
The Andersons, Inc. | ||||||||||||||||||||
2013 | ||||||||||||||||||||
31-Mar | $ | 1,271,970 | $ | 79,273 | $ | 12,578 | $ | 0.45 | $ | 0.45 | ||||||||||
30-Jun | 1,566,964 | 103,229 | 29,539 | 1.05 | 1.05 | |||||||||||||||
30-Sep | 1,181,374 | 73,146 | 17,161 | 0.61 | 0.61 | |||||||||||||||
31-Dec | 1,584,266 | 109,577 | 30,661 | 1.09 | 1.08 | |||||||||||||||
Year | $ | 5,604,574 | $ | 365,225 | $ | 89,939 | 3.2 | 3.18 | ||||||||||||
2012 | ||||||||||||||||||||
31-Mar | $ | 1,137,133 | $ | 85,870 | $ | 18,407 | $ | 0.66 | $ | 0.65 | ||||||||||
30-Jun | 1,315,834 | 102,650 | 29,199 | 1.05 | 1.04 | |||||||||||||||
30-Sep | 1,138,402 | 78,316 | 16,884 | 0.61 | 0.6 | |||||||||||||||
31-Dec | 1,680,641 | 91,169 | 14,990 | 0.54 | 0.53 | |||||||||||||||
Year | $ | 5,272,010 | $ | 358,005 | $ | 79,480 | 2.85 | 2.82 | ||||||||||||
Net income per share is computed independently for each of the quarters presented. As such, the summation of the quarterly amounts may not equal the total net income per share reported for the year. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income (Notes) | 12 Months Ended | |||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||
Equity [Abstract] | ' | |||||||||||||||||
Accumulated Other Comprehensive Loss | ' | |||||||||||||||||
Accumulated Other Comprehensive Loss | ||||||||||||||||||
In accordance with the Financial Accounting Standards Board (FASB) Accounting Standards Update No. 2013-02, Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income, information about reclassification adjustments from accumulated other comprehensive income to net income in the current periods are presented below. | ||||||||||||||||||
Changes in Accumulated Other Comprehensive Loss by Component (a) | ||||||||||||||||||
(in thousands) | For the Year Ended December 31, 2013 | |||||||||||||||||
Losses on Cash Flow Hedges | Investment in Debt Securities | Defined Benefit Plan Items | Total | |||||||||||||||
Beginning Balance | $ | (902 | ) | $ | 2,569 | $ | (47,046 | ) | $ | (45,379 | ) | |||||||
Other comprehensive income before reclassifications | 265 | 5,292 | 18,980 | 24,537 | ||||||||||||||
Amounts reclassified from accumulated other comprehensive income | — | — | (339 | ) | (339 | ) | ||||||||||||
Net current-period other comprehensive income | 265 | 5,292 | 18,641 | 24,198 | ||||||||||||||
Ending balance | $ | (637 | ) | $ | 7,861 | $ | (28,405 | ) | $ | (21,181 | ) | |||||||
(a) All amounts are net of tax. Amounts in parentheses indicate debits | ||||||||||||||||||
Reclassifications Out of Accumulated Other Comprehensive Income (a) | ||||||||||||||||||
(in thousands) | For the Year Ended December 31, 2013 | |||||||||||||||||
Details about Accumulated Other Comprehensive Income Components | Amount Reclassified from Accumulated Other Comprehensive Income | Affected Line Item in the Statement Where Net Income Is Presented | ||||||||||||||||
Defined Benefit Plan Items | ||||||||||||||||||
Amortization of prior-service cost | $ | (543 | ) | (b) | ||||||||||||||
(543 | ) | Total before tax | ||||||||||||||||
204 | Tax expense | |||||||||||||||||
$ | (339 | ) | Net of tax | |||||||||||||||
Total reclassifications for the period | $ | (339 | ) | Net of tax | ||||||||||||||
(a) Amounts in parentheses indicate debits to profit/loss | ||||||||||||||||||
(b) This accumulated other comprehensive income component is included in the computation of net periodic benefit cost (see Note 6. Employee Benefit Plans footnote for additional details) |
Subsequent_Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2013 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
Subsequent Events | |
On December 19, 2013, the Company's board of directors approved a three-for-two stock split effected in the form of a stock dividend. The split was effective February 18, 2014 and all share, dividend and per share information within this document has been retroactively adjusted to reflect the stock split. | |
On January 22, 2014, the Company announced that it entered into an agreement with LTG for a partial redemption of the Company's investment in LTG for $60 million. The redemption reduced the Company's interest in LTG from approximately 47.5 percent to approximately 39.2 percent on a fully diluted basis. The redemption occurred in the first quarter of 2014. The Company recorded a book gain, net of deal costs, on the shares repurchased of approximately $17 million ($11 million after tax) in the first quarter of 2014. |
Schedule_II_Consolidated_Valua
Schedule II - Consolidated Valuation and Qualifying Accounts - K | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Valuation and Qualifying Accounts [Abstract] | ' | |||||||||||||||
Schedule II | ' | |||||||||||||||
SCHEDULE II - CONSOLIDATED VALUATION AND QUALIFYING ACCOUNTS | ||||||||||||||||
(in thousands) | Additions | |||||||||||||||
Description | Balance at beginning of period | Charged to costs and expenses | Transferred from (to) allowance for accounts / notes receivable | -1 | Balance at end of period | |||||||||||
Deductions | ||||||||||||||||
Allowance for doubtful accounts receivable - Year ended December 31, | ||||||||||||||||
2013 | $ | 4,883 | $ | 1,187 | $ | — | $ | (1,077 | ) | $ | 4,993 | |||||
2012 | 4,799 | 1,129 | 46 | (1,091 | ) | 4,883 | ||||||||||
2011 | 5,684 | 187 | 46 | (1,118 | ) | 4,799 | ||||||||||
(1) Uncollectible accounts written off, net of recoveries and adjustments to estimates for the allowance accounts. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2013 | |
Accounting Policies [Abstract] | ' |
Basis of Consolidation | ' |
Basis of Consolidation | |
These Consolidated Financial Statements include the accounts of The Andersons, Inc. and its wholly owned and controlled subsidiaries (the “Company”). All significant intercompany accounts and transactions are eliminated in consolidation. Investments in unconsolidated entities in which the Company has significant influence, but not control, are accounted for using the equity method of accounting. | |
In the opinion of management, all adjustments consisting of normal recurring items, considered necessary for a fair presentation of the results of operations for the periods indicated, have been made. | |
Use of Estimates and Assumptions | ' |
Use of Estimates and Assumptions | |
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | |
Cash and Cash Equivalents | ' |
Cash and Cash Equivalents | |
Cash and cash equivalents include cash and short-term investments with an initial maturity of three months or less. The carrying values of these assets approximate their fair values. | |
Accounts Receivable and Allowance for Doubtful Accounts | ' |
Accounts Receivable and Allowance for Doubtful Accounts | |
Trade accounts receivable are recorded at the invoiced amount and may bear interest if past due. The allowance for doubtful accounts is the best estimate of the amount of probable credit losses in existing accounts receivable. The allowance for doubtful accounts is reviewed quarterly. The allowance is based both on specific identification of potentially uncollectible accounts and the application of a consistent policy to estimate the allowance necessary for the remaining accounts receivable. For those customers that are thought to be at higher risk, the Company makes assumptions as to collectability based on past history and facts about the current situation. Account balances are charged off against the allowance when it becomes more certain that the receivable will not be recovered. The Company manages its exposure to counter-party credit risk through credit analysis and approvals, credit limits and monitoring procedures. | |
Commodity Derivatives and Inventories | ' |
Commodity Derivatives and Inventories | |
The Company's operating results can be affected by changes to commodity prices. The Grain and Ethanol businesses have established “unhedged” position limits (the amount of a commodity, either owned or contracted for, that does not have an offsetting derivative contract to mitigate the price risk associated with those contracts and inventory). To reduce the exposure to market price risk on commodities owned and forward grain and ethanol 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. The exchange traded contracts are primarily via the regulated Chicago Mercantile Exchange (the “CME”). The forward purchase and sale 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. Contracts for the sale of commodities to processors or other commercial consumers generally do not extend beyond one year. | |
The Company accounts for its commodity derivatives at 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. 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. 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 grain inventories are included in sales and merchandising revenues in the Consolidated Statements of Income. Additional information about the fair value of the Company's commodity derivatives is presented in Note 4 to the Consolidated Financial Statements. | |
Grain inventories are stated at their net realizable value, which approximates fair value less disposal costs. | |
All other inventories are stated at the lower of cost or market. Cost is determined by the average cost method. Additional information about inventories is presented in Note 2 to the Consolidated Financial Statements. | |
Derivatives - Master Netting Arrangements | ' |
Derivatives - Master Netting Arrangements | |
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 futures, options 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 Company nets, by counterparty, its futures and over-the-counter positions against the cash collateral provided or received. The margin deposit assets and liabilities are included in short-term commodity derivative assets or liabilities, as appropriate, in the Consolidated Balance Sheets. Additional information about the Company's master netting arrangements is presented in Note 4 to the Consolidated Financial Statements. | |
Derivatives - Interest Rate and Foreign Currency Contracts | ' |
Derivatives - Interest Rate and Foreign Currency Contracts | |
The Company periodically enters into interest rate contracts to manage interest rate risk on borrowing or financing activities. The Company's long-term interest rate swaps are recorded in other long-term liabilities and have been designated as cash flow hedges; accordingly, changes in the fair value of these instruments are recognized in other comprehensive income. The Company has other interest rate contracts recorded in other assets that are not designated as hedges. While the Company considers all of its derivative positions to be effective economic hedges of specified risks, these interest rate contracts for which hedge accounting is not applied are recorded on the Consolidated Balance Sheets in either other current assets or liabilities (if short-term in nature) or in other assets or other long-term liabilities (if non-current in nature), and changes in fair value are recognized in income as interest expense. Upon termination of a derivative instrument or a change in the hedged item, any remaining fair value recorded on the balance sheet is recorded as interest expense consistent with the cash flows associated with the underlying hedged item. Information regarding the nature and terms of the Company's interest rate derivatives is presented in Note 4 to the Consolidated Financial Statements. | |
Marketing Agreement | ' |
Marketing Agreement | |
The Company has a marketing agreement that covers certain of its grain facilities, some of which are leased from Cargill, Incorporated (“Cargill”). Under the five-year amended and restated agreement (renewed in December 2013), the Company sells grain from these facilities to Cargill at market prices. Income earned from operating the facilities (including buying, storing and selling grain and providing grain marketing services to its producer customers) over a specified threshold is shared equally with Cargill. Measurement of this threshold is made on a cumulative basis and cash is paid to Cargill on an annual basis. The Company recognizes its pro rata share of income every month and accrues for any payment owed to Cargill. The payable balance was $2.2 million and $33.9 million included in customer prepayments and deferred revenue as of December 31, 2013 and December 31, 2012, respectively. | |
Railcars | ' |
Railcars | |
The Company's Rail Group purchases, leases, markets and manages railcars for third parties and for internal use. Railcars to which the Company holds title are shown on the balance sheet in one of two categories - other current assets (for railcars that are available for sale) or railcar assets leased to others. Railcars leased to others, both on short and long-term leases, are classified as long-term assets and are depreciated over their estimated useful lives. | |
Railcars have statutory lives of either 40 or 50 years, measured from the date built. At the time of purchase, the remaining statutory life is used in determining useful lives which are depreciated on a straight-line basis. Additional information regarding railcar assets leased to others is presented in Note 3 to the Consolidated Financial Statements. | |
Property, Plant and Equipment | ' |
Property, Plant and Equipment | |
Property, plant and equipment is recorded at cost. Repairs and maintenance costs are charged to expense as incurred, while betterments that extend useful lives are capitalized. Depreciation is provided over the estimated useful lives of the individual assets, principally by the straight-line method. Estimated useful lives are generally as follows: land improvements - 16 years; leasehold improvements - the shorter of the lease term or the estimated useful life of the improvement, ranging from 3 to 20 years; buildings and storage facilities - 20 to 30 years; machinery and equipment - 3 to 20 years; and software - 3 to 10 years. The cost of assets retired or otherwise disposed of and the accumulated depreciation thereon are removed from the accounts, with any gain or loss realized upon sale or disposal credited or charged to operations. In addition, we capitalize the salaries and payroll-related costs of employees and consultants who devote time to the development of internal-use software projects. If a project constitutes an enhancement to previously-developed software, we assess whether the enhancement is significant and creates additional functionality to the software, thus qualifying the work incurred for capitalization. The amounts charged to expense for the years ended December 31, 2013, 2012 and 2011 for amortization of capitalized computer software costs were approximately $1.1 million, $1.0 million, and $1.0 million, respectively. Unamortized computer software costs in the Consolidated Balance Sheets was $42.8 million and $24.6 million as of December 31, 2013 and 2012, respectively. Once the project is complete, we estimate the useful life of the internal-use software, and we periodically assess whether the software is impaired. Changes in our estimates related to internal-use software would increase or decrease operating expenses or amortization recorded during the period. The Company capitalized interest on major projects in progress in the amount of $0.6 million and $0.4 million in 2013 and 2012, respectively. Additional information regarding the Company's property, plant and equipment is presented in Note 3 to the Consolidated Financial Statements. | |
Deferred Debt Issue Costs | ' |
Deferred Debt Issue Costs | |
Costs associated with the issuance of debt are capitalized. These costs are amortized using an interest-method equivalent over the earlier of the stated term of the debt or the period from the issue date through the first early payoff date without penalty, or the expected payoff date if the loan does not contain a prepayment penalty. Capitalized costs associated with the borrowing arrangement with a syndication of banks are amortized over the term of the agreement. | |
Goodwill and Intangible Assets | ' |
Goodwill and Intangible Assets | |
Intangible assets are recorded at cost, less accumulated amortization. Amortization of intangible assets is provided over their estimated useful lives (generally 5 to 10 years) on the straight-line method. Goodwill is not amortized but is subject to annual impairment tests or more often when events or circumstances indicate that the carrying amount of goodwill may be impaired. A goodwill impairment loss is recognized to the extent the carrying amount of goodwill exceeds the implied fair value of goodwill. Additional information about the Company's goodwill and intangible assets is presented in Note 13 to the Consolidated Financial Statements. | |
Impairment of Long-lived Assets | ' |
Impairment of Long-lived Assets | |
Long-lived assets, including intangible assets, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying value of an asset may not be recoverable. Recoverability of assets to be held and used is measured by comparing the carrying amount of the assets to the undiscounted future net cash flows the Company expects to generate with the assets. If such assets are considered to be impaired, the Company recognizes impairment expense for the amount by which the carrying amount of the assets exceeds the fair value of the assets. | |
Accounts Payable for Grain | ' |
Accounts Payable for Grain | |
Accounts payable for grain includes certain amounts related to grain purchases for which, even though the Company has taken ownership and possession of the grain, the final purchase price has not been established (delayed price contracts). Amounts recorded for such delayed price contracts are determined on the basis of grain market prices at the balance sheet date in a similar manner for which grain inventory is valued and amounted to $83.2 million and $113.1 million as of December 31, 2013 and 2012, respectively. | |
Stock-Based Compensation | ' |
Stock-Based Compensation | |
Stock-based compensation expense for all stock-based compensation awards is based on the estimated grant-date fair value. The Company recognizes these compensation costs on a straight-line basis over the requisite service period of the award, adjusted for revisions to performance expectations. Additional information about the Company's stock compensation plans is presented in Note 15 to the Consolidated Financial Statements. | |
Deferred Compensation Liability | ' |
Deferred Compensation Liability | |
Included in accrued expenses are $10.1 million and $7.8 million at December 31, 2013 and 2012, respectively, of deferred compensation for certain employees who, due to Internal Revenue Service guidelines, may not take full advantage of the Company's qualified defined contribution plan. Assets funding this plan are recorded at fair value in other current assets and are equal to the value of this liability. This plan has no impact on results of operations as the changes in the fair value of the assets are offset on a one-for-one basis, by the change in the recorded amount of the deferred compensation liability. | |
Revenue Recognition | ' |
Revenue Recognition | |
The Company follows a policy of recognizing sales revenue at the time of delivery of the product and when all of the following have occurred: a sales agreement is in place, pricing is fixed or determinable, and collection is reasonably assured. | |
Sales of grain and ethanol are primarily recognized at the time of shipment, which is when title and risk of loss transfers to the customer. There are certain transactions that allow for pricing to occur after title of the goods has passed to the customer. In these cases, the Company continues to report the goods in inventory until it recognizes the sales revenue once the price has been determined. Direct ship grain sales (where the Company never takes physical possession of the grain) are recognized when the grain arrives at the customer's facility. Revenues from other grain and ethanol merchandising activities are recognized as services are provided; gains and losses on the market value of grain inventory as well as commodity derivatives are recognized in revenue on a daily basis when these positions are marked-to-market. Sales of other products are recognized at the time title and risk of loss transfers to the customer, which is generally at the time of shipment or, in the case of the retail store sales, when the customer takes possession of the goods. Revenues for all other services are recognized as the service is provided. | |
Certain of the Company's operations provide for customer billings, deposits or prepayments for product that is stored at the Company's facilities. The sales and gross profit related to these transactions are not recognized until the product is shipped in accordance with the previously stated revenue recognition policy and these amounts are classified as a current liability titled “Customer prepayments and deferred revenue.” | |
Rental revenues on operating leases are recognized on a straight-line basis over the term of the lease. Sales to financial intermediaries of owned railcars which are subject to an operating lease (with the Company being the lessor in such operating leases prior to the sale, referred to as a “non-recourse transaction”) are recognized as revenue on the date of sale if the Company does not maintain substantial risk of ownership in the sold railcars. Revenue related to railcar servicing and maintenance contracts is recognized over the term of the lease or service contract. | |
Sales returns and allowances are provided for at the time sales are recorded. Shipping and handling charges are included in cost of sales. Sales taxes and motor fuel taxes on ethanol sales are presented on a net basis and are excluded from revenues. | |
Rail Lease Accounting | ' |
Rail Lease Accounting | |
In addition to the sale of railcars that the Company makes to financial intermediaries on a non-recourse basis and records as revenue as discussed above, the Company also acts as the lessor and / or the lessee in various leasing arrangements as described below. | |
The Company's Rail Group leases railcars and locomotives to customers, manages railcars for third parties and leases railcars for internal use. The Company acts as the lessor in various operating leases of railcars that are owned by the Company, or leased by the Company from financial intermediaries and, in turn, leased by the Company to end-users of the railcars. The leases from financial intermediaries are generally structured as sale-leaseback transactions, with the leaseback by the Company being treated as an operating lease. | |
Certain of the Company's leases include monthly lease fees that are contingent upon some measure of usage (“per diem” leases). This monthly usage is tracked, billed and collected by third party service providers and funds are generally remitted to the Company along with usage data three months after they are earned. Typically, the lease term related to per-diem leases is one year or less. The Company records lease revenue for these per diem arrangements based on recent historical usage patterns and records a true-up adjustment when the actual data is received. Such true-up adjustments were not significant for any period presented. | |
The Company expenses operating lease payments on a straight-line basis over the lease term. Additional information about railcar leasing activities is presented in Note 11 to the Consolidated Financial Statements. | |
Income Taxes | ' |
Income Taxes | |
Income tax expense for each period includes current tax expense plus deferred expense, which is related to the change in deferred income tax assets and liabilities. Deferred income taxes are provided for temporary differences between the financial reporting basis and the tax basis of assets and liabilities and are measured using enacted tax rates and laws governing periods in which the differences are expected to reverse. The Company evaluates the realizability of deferred tax assets and provides a valuation allowance for amounts that management does not believe are more likely than not to be recoverable, as applicable. | |
The annual effective tax rate is determined by income tax expense from continuing operations, described above, as a percentage of pretax book income. Differences in the effective tax rate and the statutory tax rate may be due to permanent items, tax credits, foreign tax rates and state tax rates in jurisdictions in which the Company operates, or changes in valuation allowances. | |
The Company records reserves for uncertain tax positions when, despite the belief that tax return positions are fully supportable, it is anticipated that certain tax return positions are likely to be challenged and that the Company may not prevail. These reserves are adjusted in light of changing facts and circumstances, such as the progress of a tax audit or the lapse of statutes of limitations. | |
Additional information about the Company's income taxes is presented in Note 14 to the Consolidated Financial Statements. | |
Employee Benefit Plans | ' |
Employee Benefit Plans | |
The Company provides all full-time, non-retail employees hired before July 1, 2010 with pension benefits and full-time employees hired before January 1, 2003 with postretirement health care benefits. In order to measure the expense and funded status of these employee benefit plans, management makes several estimates and assumptions, including rates of return on assets set aside to fund these plans, rates of compensation increases, employee turnover rates, anticipated mortality rates and anticipated future healthcare cost trends. These estimates and assumptions are based on the Company's historical experience combined with management's knowledge and understanding of current facts and circumstances. The selection of the discount rate is based on an index given projected plan payouts. Additional information about the Company's employee benefit plans is presented in Note 6 to the Consolidated Financial Statements. | |
Research and Development | ' |
Research and Development | |
Research and development costs are expensed as incurred. The Company's research and development program is mainly involved with the development of improved products and processes, primarily for the Turf & Specialty segment. | |
Advertising | ' |
Advertising | |
Advertising costs are expensed as incurred. Advertising expense of $3.9 million, $4.4 million and $4.0 million in 2013, 2012, and 2011, respectively, is included in operating, administrative and general expenses. | |
New Accounting Standards | ' |
New Accounting Standards | |
On February 5, 2013, the Financial Accounting Standards Board ("FASB") issued Accounting Standards No. 2013-02, Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income. The standard requires that the Company present information about reclassification adjustments from accumulated other comprehensive income in the interim and annual financial statements in a single note or on the face of the financial statements. Adoption of this guidance did not have a material impact on the Company's Consolidated Financial Statements and additional disclosures are presented in Note 17. | |
In December 2011, the FASB issued Accounting Standards Update No. 2011-11, Disclosures about Offsetting Assets and Liabilities (Topic 210). The new disclosure requirements mandate that entities disclose both gross and net information about instruments and transactions eligible for offset in the statement of financial position as well as instruments and transactions subject to an agreement similar to a master netting arrangement. In addition, the standard requires disclosure of collateral received and posted in connection with master netting agreements or similar arrangements. The amendments were effective for annual reporting periods beginning on or after January 1, 2013, and interim periods within those annual periods. The disclosures required by the amendments were required to be applied retrospectively for all comparative periods presented. The adoption of this amended guidance required expanded disclosure in the notes to the Company's Consolidated Financial Statements but did not impact financial results. See additional disclosures in Note 4. | |
In July 2012, the FASB issued Accounting Standards No. 2012-02, Intangibles - Goodwill and Other (Topic 350): Testing Indefinite-Lived Intangible Assets for Impairment. The revised standard allows an entity the option to first assess qualitatively whether it is more likely than not (that is, a likelihood of more than 50 percent) that an indefinite-lived intangible asset is impaired, thus necessitating that it perform the quantitative impairment test. An entity is not required to calculate the fair value of an indefinite-lived intangible asset and perform the quantitative impairment test unless the entity determines that it is more likely than not that the asset is impaired. An entity can choose to perform the qualitative assessment on none, some, or all of its indefinite-lived intangible assets. Moreover, an entity can bypass the qualitative assessment and perform the quantitative impairment test for any indefinite-lived intangible in any period. The amendments were effective for annual and interim impairment tests performed for fiscal years beginning after September 15, 2012. Adoption of this guidance did not have a material impact on the Company's Consolidated Financial Statements or disclosures. | |
Equity | ' |
Equity | |
On February 18, 2014, the Company effected a three-for-two stock split in the form of a stock dividend to shareholders of record as of January 21, 2014. All share, dividend and per share information set forth in this 10-K has been retroactively adjusted to reflect the stock split. |
Inventories_Tables
Inventories (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Inventory, Net [Abstract] | ' | |||||||
Classes of inventories | ' | |||||||
Major classes of inventories are as follows: | ||||||||
December 31, | ||||||||
(in thousands) | 2013 | 2012 | ||||||
Grain | $ | 432,893 | $ | 598,729 | ||||
Ethanol and by-products | 14,453 | 22,927 | ||||||
Agricultural fertilizer and supplies | 100,593 | 88,429 | ||||||
Lawn fertilizer and corncob products | 39,960 | 37,292 | ||||||
Retail merchandise | 22,505 | 25,368 | ||||||
Railcar repair parts | 4,312 | 3,764 | ||||||
Other | 207 | 168 | ||||||
$ | 614,923 | $ | 776,677 | |||||
Property_Plant_and_Equipment_T
Property, Plant and Equipment (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||
Components of property, plant and equipment | ' | |||||||
The components of property, plant and equipment are as follows: | ||||||||
December 31, | ||||||||
(in thousands) | 2013 | 2012 | ||||||
Land | $ | 21,801 | $ | 22,258 | ||||
Land improvements and leasehold improvements | 67,153 | 63,013 | ||||||
Buildings and storage facilities | 231,976 | 214,919 | ||||||
Machinery and equipment | 308,215 | 287,896 | ||||||
Software | 13,351 | 12,901 | ||||||
Construction in progress | 48,135 | 34,965 | ||||||
690,631 | 635,952 | |||||||
Less: accumulated depreciation and amortization | 303,173 | 277,074 | ||||||
$ | 387,458 | $ | 358,878 | |||||
Components of Railcar assets leased to others | ' | |||||||
The components of Railcar assets leased to others are as follows: | ||||||||
December 31, | ||||||||
(in thousands) | 2013 | 2012 | ||||||
Railcar assets leased to others | $ | 317,750 | $ | 310,614 | ||||
Less: accumulated depreciation | 77,129 | 82,284 | ||||||
$ | 240,621 | $ | 228,330 | |||||
Derivatives_Tables
Derivatives (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
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 short-term commodity derivative assets (or liabilities) on the Consolidated Balance Sheets: | ||||||||||||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||||||||||
(in thousands) | Net | Net | Net | Net | ||||||||||||||||
derivative | derivative | derivative | derivative | |||||||||||||||||
asset | liability | asset | liability | |||||||||||||||||
position | position | position | position | |||||||||||||||||
Collateral paid (received) | $ | 15,480 | $ | — | $ | (13,772 | ) | $ | — | |||||||||||
Fair value of derivatives | 31,055 | — | 61,247 | — | ||||||||||||||||
Balance at end of period | $ | 46,535 | $ | — | $ | 47,475 | $ | — | ||||||||||||
Fair value of the Company's commodity derivatives in the balance sheet | ' | |||||||||||||||||||
The following table presents, on a gross basis, current and noncurrent commodity derivative assets and liabilities: | ||||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||
(in thousands) | Commodity derivative assets - current | Commodity derivative assets - noncurrent | Commodity derivative liabilities - current | Commodity derivative liabilities - noncurrent | Total | |||||||||||||||
Commodity derivative assets | $ | 69,289 | $ | 246 | $ | 1,286 | $ | 49 | $ | 70,870 | ||||||||||
Commodity derivative liabilities | (13,450 | ) | — | (65,240 | ) | (6,693 | ) | (85,383 | ) | |||||||||||
Cash collateral | 15,480 | — | — | — | 15,480 | |||||||||||||||
Balance sheet line item totals | $ | 71,319 | $ | 246 | $ | (63,954 | ) | $ | (6,644 | ) | $ | 967 | ||||||||
31-Dec-12 | ||||||||||||||||||||
(in thousands) | Commodity derivative assets - current | Commodity derivative assets - noncurrent | Commodity derivative liabilities - current | Commodity derivative liabilities - noncurrent | Total | |||||||||||||||
Commodity derivative assets | $ | 137,119 | $ | 2,059 | $ | 5,233 | $ | 130 | $ | 144,541 | ||||||||||
Commodity derivative liabilities | (20,242 | ) | (153 | ) | (38,510 | ) | (1,264 | ) | (60,169 | ) | ||||||||||
Cash collateral | (13,772 | ) | — | — | — | (13,772 | ) | |||||||||||||
Balance sheet line item totals | $ | 103,105 | $ | 1,906 | $ | (33,277 | ) | $ | (1,134 | ) | $ | 70,600 | ||||||||
Company's Consolidated Statement of Income gains and location of line items | ' | |||||||||||||||||||
The gains included in the Company’s Consolidated Statements of Income and the line items in which they are located for the years ended December 31, 2013 and 2012 are as follows: | ||||||||||||||||||||
December 31, | ||||||||||||||||||||
(in thousands) | 2013 | 2012 | ||||||||||||||||||
Gains on commodity derivatives included in sales and merchandising revenues | $ | 138,787 | $ | 40,214 | ||||||||||||||||
Amounts of quantities outstanding included in commodity derivative contracts | ' | |||||||||||||||||||
The Company had the following volume of commodity derivative contracts outstanding (on a gross basis) for the years ended December 31, 2013 and 2012: | ||||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||
Commodity | Number of bushels | Number of gallons | Number of pounds | Number of tons | ||||||||||||||||
(in thousands) | (in thousands) | (in thousands) | (in thousands) | |||||||||||||||||
Non-exchange traded: | ||||||||||||||||||||
Corn | 185,978 | — | — | — | ||||||||||||||||
Soybeans | 18,047 | — | — | — | ||||||||||||||||
Wheat | 11,485 | — | — | — | ||||||||||||||||
Oats | 27,939 | — | — | — | ||||||||||||||||
Ethanol | — | 179,212 | — | — | ||||||||||||||||
Corn oil | — | — | 25,911 | — | ||||||||||||||||
Other | 81 | — | — | 89 | ||||||||||||||||
Subtotal | 243,530 | 179,212 | 25,911 | 89 | ||||||||||||||||
Exchange traded: | ||||||||||||||||||||
Corn | 124,420 | — | — | — | ||||||||||||||||
Soybeans | 11,030 | — | — | — | ||||||||||||||||
Wheat | 23,980 | — | — | — | ||||||||||||||||
Oats | 6,820 | — | — | — | ||||||||||||||||
Ethanol | — | 21,630 | — | — | ||||||||||||||||
Subtotal | 166,250 | 21,630 | — | — | ||||||||||||||||
Total | 409,780 | 200,842 | 25,911 | 89 | ||||||||||||||||
31-Dec-12 | ||||||||||||||||||||
Commodity | Number of bushels | Number of gallons | Number of pounds | Number of tons | ||||||||||||||||
(in thousands) | (in thousands) | (in thousands) | (in thousands) | |||||||||||||||||
Non-exchange traded: | ||||||||||||||||||||
Corn | 224,019 | — | — | — | ||||||||||||||||
Soybeans | 14,455 | — | — | — | ||||||||||||||||
Wheat | 19,407 | — | — | — | ||||||||||||||||
Oats | 8,113 | — | — | — | ||||||||||||||||
Ethanol | — | 76,099 | — | — | ||||||||||||||||
Corn oil | — | — | 11,082 | — | ||||||||||||||||
Other | 27 | — | — | 72 | ||||||||||||||||
Subtotal | 266,021 | 76,099 | 11,082 | 72 | ||||||||||||||||
Exchange traded: | ||||||||||||||||||||
Corn | 106,305 | — | — | — | ||||||||||||||||
Soybeans | 8,820 | — | — | — | ||||||||||||||||
Wheat | 41,125 | — | — | — | ||||||||||||||||
Oats | 4,345 | — | — | — | ||||||||||||||||
Bean oil | — | — | 48,000 | — | ||||||||||||||||
Ethanol | — | 3,795 | — | — | ||||||||||||||||
Other | — | — | — | 1 | ||||||||||||||||
Subtotal | 160,595 | 3,795 | 48,000 | 1 | ||||||||||||||||
Total | 426,616 | 79,894 | 59,082 | 73 | ||||||||||||||||
Open interest rate contracts | ' | |||||||||||||||||||
The following table presents the open interest rate contracts at December 31, 2013: | ||||||||||||||||||||
Interest Rate | Year Entered | Year of Maturity | Initial Notional Amount | Hedged Item | Interest | |||||||||||||||
Hedging | (in millions) | Rate | ||||||||||||||||||
Instrument | ||||||||||||||||||||
Short-term | ||||||||||||||||||||
Caps | 2012 | 2014 | $ | 40 | Interest rate component of debt - not accounted for as a hedge | 0.8% to 1.4% | ||||||||||||||
Long-term | ||||||||||||||||||||
Swap | 2006 | 2016 | $ | 4 | Interest rate component of an operating lease - not accounted for as a hedge | 5.20% | ||||||||||||||
Swap | 2006 | 2016 | $ | 14 | Interest rate component of debt - accounted for as cash flow hedge | 6.00% | ||||||||||||||
Swap | 2012 | 2023 | $ | 23 | Interest rate component of debt - not accounted for as a hedge | 4.40% | ||||||||||||||
Cap | 2012 | 2015 | $ | 10 | Interest rate component of debt - not accounted for as a hedge | 0.90% | ||||||||||||||
Cap | 2012 | 2016 | $ | 10 | Interest rate component of debt - not accounted for as a hedge | 1.50% | ||||||||||||||
Cap | 2013 | 2021 | $ | 20 | Interest rate component of debt - not accounted for as a hedge | 0.80% | ||||||||||||||
Collar | 2013 | 2021 | $ | 40 | Interest rate component of debt - not accounted for as a hedge | 2.9% to 4.8% | ||||||||||||||
Fair value of the Company's interest rate derivatives | ' | |||||||||||||||||||
t December 31, 2013 and 2012, the Company had recorded the following amounts for the fair value of the Company's interest rate derivatives: | ||||||||||||||||||||
December 31, | ||||||||||||||||||||
(in thousands) | 2013 | 2012 | ||||||||||||||||||
Derivatives not designated as hedging instruments | ||||||||||||||||||||
Interest rate contracts included in other assets | $ | 1,179 | $ | 23 | ||||||||||||||||
Interest rate contracts included in other long term liabilities | (302 | ) | (592 | ) | ||||||||||||||||
Total fair value of interest rate derivatives not designated as hedging instruments | $ | 877 | $ | (569 | ) | |||||||||||||||
Derivatives designated as hedging instruments | ||||||||||||||||||||
Interest rate contract included in other long term liabilities | (1,036 | ) | (1,540 | ) | ||||||||||||||||
Total fair value of interest rate derivatives designated as hedging instruments | $ | (1,036 | ) | $ | (1,540 | ) | ||||||||||||||
The gains (losses) included in the Company's Consolidated Statements of Income and the line item in which they are located for interest rate derivatives not designated as hedging instruments are as follows: | ||||||||||||||||||||
Year ended December 31, | ||||||||||||||||||||
(in thousands) | 2013 | 2012 | ||||||||||||||||||
Interest expense | $ | 1,409 | $ | (350 | ) | |||||||||||||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||
Earnings per share | ' | |||||||||||
The computation of basic and diluted earnings per share is as follows: | ||||||||||||
(in thousands except per common share data) | Year ended December 31, | |||||||||||
2013 | 2012 | 2011 | ||||||||||
Net income attributable to The Andersons, Inc. | $ | 89,939 | $ | 79,480 | $ | 95,106 | ||||||
Less: Distributed and undistributed earnings allocated to nonvested restricted stock | 357 | 389 | 369 | |||||||||
Earnings available to common shareholders | $ | 89,582 | $ | 79,091 | $ | 94,737 | ||||||
Earnings per share – basic: | ||||||||||||
Weighted average shares outstanding – basic | 27,986 | 27,784 | 27,686 | |||||||||
Earnings per common share – basic | $ | 3.2 | $ | 2.85 | $ | 3.42 | ||||||
Earnings per share – diluted: | ||||||||||||
Weighted average shares outstanding – basic | 27,986 | 27,784 | 27,686 | |||||||||
Effect of dilutive awards | 200 | 255 | 243 | |||||||||
Weighted average shares outstanding – diluted | 28,186 | 28,039 | 27,929 | |||||||||
Earnings per common share – diluted | $ | 3.18 | $ | 2.82 | $ | 3.39 | ||||||
Employee_Benefit_Plans_Tables
Employee Benefit Plans (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | ' | |||||||||||||||||||||||
Obligation and funded status of the pension and postretirement benefit plans | ' | |||||||||||||||||||||||
Following are the details of the obligation and funded status of the pension and postretirement benefit plans: | ||||||||||||||||||||||||
(in thousands) | Pension | Postretirement | ||||||||||||||||||||||
Benefits | Benefits | |||||||||||||||||||||||
Change in benefit obligation | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||
Benefit obligation at beginning of year | $ | 117,890 | $ | 109,976 | $ | 36,054 | $ | 31,558 | ||||||||||||||||
Service cost | — | — | 841 | 752 | ||||||||||||||||||||
Interest cost | 4,227 | 4,496 | 1,366 | 1,319 | ||||||||||||||||||||
Actuarial (gains) losses | (15,393 | ) | 5,560 | (4,359 | ) | 2,969 | ||||||||||||||||||
Participant contributions | — | — | 514 | 487 | ||||||||||||||||||||
Retiree drug subsidy received | — | — | 61 | 168 | ||||||||||||||||||||
Benefits paid | (3,112 | ) | (2,142 | ) | (1,094 | ) | (1,199 | ) | ||||||||||||||||
Benefit obligation at end of year | $ | 103,612 | $ | 117,890 | $ | 33,383 | $ | 36,054 | ||||||||||||||||
(in thousands) | Pension | Postretirement | ||||||||||||||||||||||
Benefits | Benefits | |||||||||||||||||||||||
Change in plan assets | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||
Fair value of plan assets at beginning of year | $ | 99,857 | $ | 87,605 | $ | — | $ | — | ||||||||||||||||
Actual gains on plan assets | 12,487 | 11,178 | — | — | ||||||||||||||||||||
Company contributions | 1,630 | 3,216 | 580 | 712 | ||||||||||||||||||||
Participant contributions | — | — | 514 | 487 | ||||||||||||||||||||
Benefits paid | (3,112 | ) | (2,142 | ) | (1,094 | ) | (1,199 | ) | ||||||||||||||||
Fair value of plan assets at end of year | $ | 110,862 | $ | 99,857 | $ | — | $ | — | ||||||||||||||||
Over (under) funded status of plans at end of year | $ | 7,250 | $ | (18,033 | ) | $ | (33,383 | ) | $ | (36,054 | ) | |||||||||||||
Amounts recognized in the Consolidated Balance Sheets | ' | |||||||||||||||||||||||
Amounts recognized in the Consolidated Balance Sheets at December 31, 2013 and 2012 consist of: | ||||||||||||||||||||||||
Pension | Postretirement | |||||||||||||||||||||||
Benefits | Benefits | |||||||||||||||||||||||
(in thousands) | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||
Accrued expenses | $ | (254 | ) | $ | (202 | ) | $ | (1,244 | ) | $ | (1,241 | ) | ||||||||||||
Employee benefit plan assets | 14,328 | — | — | — | ||||||||||||||||||||
Employee benefit plan obligations | (6,824 | ) | (17,831 | ) | (32,139 | ) | (34,813 | ) | ||||||||||||||||
Net amount recognized | $ | 7,250 | $ | (18,033 | ) | $ | (33,383 | ) | $ | (36,054 | ) | |||||||||||||
Pre-tax amounts recognized in accumulated other comprehensive loss | ' | |||||||||||||||||||||||
Following are the details of the pre-tax amounts recognized in accumulated other comprehensive loss at December 31, 2013: | ||||||||||||||||||||||||
Pension | Postretirement | |||||||||||||||||||||||
Benefits | Benefits | |||||||||||||||||||||||
(in thousands) | Unamortized Actuarial Net Losses | Unamortized Prior Service Costs | Unamortized Actuarial Net Losses | Unamortized Prior Service Costs | ||||||||||||||||||||
Balance at beginning of year | $ | 59,941 | $ | — | $ | 17,570 | $ | (1,984 | ) | |||||||||||||||
Amounts arising during the period | (20,875 | ) | — | (4,359 | ) | — | ||||||||||||||||||
Amounts recognized as a component of net periodic benefit cost | (1,530 | ) | — | (1,473 | ) | 543 | ||||||||||||||||||
Balance at end of year | $ | 37,536 | $ | — | $ | 11,738 | $ | (1,441 | ) | |||||||||||||||
Amounts in accumulated other comprehensive loss expected to be recognized as components of net periodic benefit cost | ' | |||||||||||||||||||||||
The amounts in accumulated other comprehensive loss that are expected to be recognized as components of net periodic benefit cost during the next fiscal year are as follows: | ||||||||||||||||||||||||
(in thousands) | Pension | Postretirement | Total | |||||||||||||||||||||
Prior service cost | $ | — | $ | (543 | ) | $ | (543 | ) | ||||||||||||||||
Net actuarial loss | 1,530 | 1,473 | 3,003 | |||||||||||||||||||||
Amounts applicable to the Company's defined benefit plans with accumulated benefit obligations in excess of plan assets | ' | |||||||||||||||||||||||
Amounts applicable to the Company's defined benefit plans with accumulated benefit obligations in excess of plan assets are as follows: | ||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||
(in thousands) | 2013 | 2012 | ||||||||||||||||||||||
Projected benefit obligation | $ | 7,078 | $ | 117,890 | ||||||||||||||||||||
Accumulated benefit obligation | $ | 7,078 | $ | 117,890 | ||||||||||||||||||||
Defined benefit plan estimated future benefit payments | ' | |||||||||||||||||||||||
The combined benefits expected to be paid for all Company defined benefit plans over the next ten years (in thousands) are as follows: | ||||||||||||||||||||||||
Year | Expected Pension Benefit Payout | Expected Postretirement Benefit Payout | Medicare Part D | |||||||||||||||||||||
Subsidy | ||||||||||||||||||||||||
2014 | $ | 4,155 | $ | 1,399 | $ | (155 | ) | |||||||||||||||||
2015 | 4,891 | 1,505 | (175 | ) | ||||||||||||||||||||
2016 | 5,194 | 1,609 | (200 | ) | ||||||||||||||||||||
2017 | 6,046 | 1,718 | (229 | ) | ||||||||||||||||||||
2018 | 6,299 | 1,817 | (260 | ) | ||||||||||||||||||||
2019-2023 | 33,076 | 10,683 | (1,832 | ) | ||||||||||||||||||||
Components of the net periodic benefit cost | ' | |||||||||||||||||||||||
Following are components of the net periodic benefit cost for each year: | ||||||||||||||||||||||||
Pension | Postretirement | |||||||||||||||||||||||
Benefits | Benefits | |||||||||||||||||||||||
December 31, | December 31, | |||||||||||||||||||||||
(in thousands) | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||
Service cost | $ | — | $ | — | $ | — | $ | 841 | $ | 752 | $ | 555 | ||||||||||||
Interest cost | 4,227 | 4,496 | 4,578 | 1,366 | 1,319 | 1,285 | ||||||||||||||||||
Expected return on plan assets | (7,005 | ) | (6,145 | ) | (6,236 | ) | (543 | ) | (543 | ) | (543 | ) | ||||||||||||
Recognized net actuarial loss | 1,530 | 1,497 | 940 | 1,473 | 1,280 | 901 | ||||||||||||||||||
Benefit cost (income) | $ | (1,248 | ) | $ | (152 | ) | $ | (718 | ) | $ | 3,137 | $ | 2,808 | $ | 2,198 | |||||||||
Schedule of assumptions used | ' | |||||||||||||||||||||||
Following are weighted average assumptions of pension and postretirement benefits for each year: | ||||||||||||||||||||||||
Pension | Postretirement | |||||||||||||||||||||||
Benefits | Benefits | |||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | |||||||||||||||||||
Used to Determine Benefit Obligations at Measurement Date | ||||||||||||||||||||||||
Discount rate (a) | 4.7 | % | 3.8 | % | 4.3 | % | 4.8 | % | 3.9 | % | 4.3 | % | ||||||||||||
Used to Determine Net Periodic Benefit Cost for Years ended December 31 | ||||||||||||||||||||||||
Discount rate (b) | 3.8 | % | 4.3 | % | 5.2 | % | 3.9 | % | 4.3 | % | 5.3 | % | ||||||||||||
Expected long-term return on plan assets | 7.25 | % | 7.25 | % | 7.75 | % | — | — | — | |||||||||||||||
Rate of compensation increases | N/A | N/A | 3.5 | % | — | — | — | |||||||||||||||||
(a) | In 2013, 2012 and 2011, the calculated discount rate for the unfunded pension plan was different than the defined benefit pension plan. The calculated rate for the supplemental employee retirement plan was 2.90%, 2.10% and 3.20% in 2013, 2012 and 2011, respectively. | |||||||||||||||||||||||
(b) | In 2013, 2012 and 2011, the calculated discount rate for the unfunded pension plan was different than the defined benefit pension plan. The calculated rate for the supplemental employee retirement plan was 2.10%, 3.20% and 4.20% in 2013, 2012 and 2011, respectively. | |||||||||||||||||||||||
Assumed health care cost trend rates at beginning of year | ' | |||||||||||||||||||||||
The plan strives to have assets sufficiently diversified so that adverse or unexpected results from one security class will not have an unduly detrimental impact on the entire portfolio. | ||||||||||||||||||||||||
Assumed Health Care Cost Trend Rates at Beginning of Year | ||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||
Health care cost trend rate assumed for next year | 6.5 | % | 7 | % | ||||||||||||||||||||
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) | 5 | % | 5 | % | ||||||||||||||||||||
Year that the rate reaches the ultimate trend rate | 2017 | 2017 | ||||||||||||||||||||||
Assumed health care cost trend rate has an effect on the amounts reported for postretirement benefits | ' | |||||||||||||||||||||||
The assumed health care cost trend rate has an effect on the amounts reported for postretirement benefits. A one-percentage-point change in the assumed health care cost trend rate would have the following effects: | ||||||||||||||||||||||||
One-Percentage-Point | ||||||||||||||||||||||||
(in thousands) | Increase | Decrease | ||||||||||||||||||||||
Effect on total service and interest cost components in 2013 | $ | — | $ | — | ||||||||||||||||||||
Effect on postretirement benefit obligation as of December 31, 2013 | (116 | ) | 101 | |||||||||||||||||||||
Company's pension plan weighted average asset allocations | ' | |||||||||||||||||||||||
The Company's pension plan weighted average asset allocations at December 31 by asset category, are as follows: | ||||||||||||||||||||||||
Asset Category | 2013 | 2012 | ||||||||||||||||||||||
Equity securities | 51 | % | 54 | % | ||||||||||||||||||||
Fixed income securities | 48 | % | 45 | % | ||||||||||||||||||||
Cash and equivalents | 1 | % | 1 | % | ||||||||||||||||||||
100 | % | 100 | % | |||||||||||||||||||||
Defined benefit plan assets target allocations | ' | |||||||||||||||||||||||
The overall expected long-term rate of return is determined by using long-term historical returns for equity and fixed income securities in proportion to their weight in the investment portfolio. | ||||||||||||||||||||||||
Percentage of Total Portfolio Market Value | ||||||||||||||||||||||||
Minimum | Maximum | Single Security | ||||||||||||||||||||||
Equity based | 30 | % | 70 | % | <5% | |||||||||||||||||||
Fixed income based | 20 | % | 70 | % | <5% | |||||||||||||||||||
Cash and equivalents | 1 | % | 5 | % | <5% | |||||||||||||||||||
Alternative investments | — | % | 20 | % | <5% | |||||||||||||||||||
Fair value of the assets (by asset category) in the Company's defined benefit pension plan | ' | |||||||||||||||||||||||
The following table presents the fair value of the assets (by asset category) in the Company's defined benefit pension plan at December 31, 2013 and 2012: | ||||||||||||||||||||||||
(in thousands) | December 31, 2013 | |||||||||||||||||||||||
Assets | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
Mutual funds | $ | 15,898 | $ | — | $ | — | $ | 15,898 | ||||||||||||||||
Money market fund | — | 987 | — | 987 | ||||||||||||||||||||
Equity funds | — | 40,702 | — | 40,702 | ||||||||||||||||||||
Fixed income funds | — | 53,275 | — | 53,275 | ||||||||||||||||||||
Total | $ | 15,898 | $ | 94,964 | $ | — | $ | 110,862 | ||||||||||||||||
(in thousands) | December 31, 2012 | |||||||||||||||||||||||
Assets | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
Mutual funds | $ | 12,909 | $ | — | $ | — | $ | 12,909 | ||||||||||||||||
Money market fund | — | 779 | — | 779 | ||||||||||||||||||||
Equity funds | — | 40,807 | — | 40,807 | ||||||||||||||||||||
Fixed income funds | — | 45,362 | — | 45,362 | ||||||||||||||||||||
Total | $ | 12,909 | $ | 86,948 | $ | — | $ | 99,857 | ||||||||||||||||
Segment_Information_Tables
Segment Information (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||
Segment Information | ' | |||||||||||
Year ended December 31, | ||||||||||||
(in thousands) | 2013 | 2012 | 2011 | |||||||||
Revenues from external customers | ||||||||||||
Grain | $ | 3,617,943 | $ | 3,293,632 | $ | 2,849,358 | ||||||
Ethanol | 831,965 | 742,929 | 641,546 | |||||||||
Plant Nutrient | 708,654 | 797,033 | 690,631 | |||||||||
Rail | 164,794 | 156,426 | 107,459 | |||||||||
Turf & Specialty | 140,512 | 131,026 | 129,716 | |||||||||
Retail | 140,706 | 150,964 | 157,621 | |||||||||
Total | $ | 5,604,574 | $ | 5,272,010 | $ | 4,576,331 | ||||||
Year ended December 31, | ||||||||||||
(in thousands) | 2013 | 2012 | 2011 | |||||||||
Inter-segment sales | ||||||||||||
Grain | $ | 1 | $ | 409 | $ | 2 | ||||||
Plant Nutrient | 17,537 | 16,135 | 16,527 | |||||||||
Rail | 427 | 622 | 593 | |||||||||
Turf & Specialty | 2,255 | 2,350 | 2,062 | |||||||||
Total | $ | 20,220 | $ | 19,516 | $ | 19,184 | ||||||
Year ended December 31, | ||||||||||||
(in thousands) | 2013 | 2012 | 2011 | |||||||||
Interest expense (income) | ||||||||||||
Grain | $ | 9,567 | $ | 12,174 | $ | 13,277 | ||||||
Ethanol | 1,038 | 759 | 1,048 | |||||||||
Plant Nutrient | 3,312 | 2,832 | 3,517 | |||||||||
Rail | 5,544 | 4,807 | 5,677 | |||||||||
Turf & Specialty | 1,237 | 1,233 | 1,381 | |||||||||
Retail | 689 | 776 | 899 | |||||||||
Other | (527 | ) | (426 | ) | (543 | ) | ||||||
Total | $ | 20,860 | $ | 22,155 | $ | 25,256 | ||||||
Year ended December 31, | ||||||||||||
(in thousands) | 2013 | 2012 | 2011 | |||||||||
Equity in earnings (loss) of affiliates | ||||||||||||
Grain | $ | 33,122 | $ | 29,080 | $ | 23,748 | ||||||
Ethanol | 35,583 | (12,598 | ) | 17,715 | ||||||||
Plant Nutrient | — | 5 | (13 | ) | ||||||||
Total | $ | 68,705 | $ | 16,487 | $ | 41,450 | ||||||
Year ended December 31, | ||||||||||||
(in thousands) | 2013 | 2012 | 2011 | |||||||||
Other income, net | ||||||||||||
Grain | $ | 2,120 | $ | 2,548 | $ | 2,462 | ||||||
Ethanol | 399 | 53 | 159 | |||||||||
Plant Nutrient | 1,093 | 1,917 | 704 | |||||||||
Rail | 7,666 | 7,136 | 2,866 | |||||||||
Turf & Specialty | 690 | 784 | 880 | |||||||||
Retail | 501 | 554 | 638 | |||||||||
Other | 2,407 | 1,733 | 213 | |||||||||
Total | $ | 14,876 | $ | 14,725 | $ | 7,922 | ||||||
Year ended December 31, | ||||||||||||
(in thousands) | 2013 | 2012 | 2011 | |||||||||
Income (loss) before income taxes | ||||||||||||
Grain | $ | 46,805 | $ | 63,597 | $ | 87,288 | ||||||
Ethanol | 50,600 | (3,720 | ) | 23,344 | ||||||||
Plant Nutrient | 27,275 | 39,254 | 38,267 | |||||||||
Rail | 42,785 | 42,841 | 9,778 | |||||||||
Turf & Specialty | 4,744 | 2,216 | 2,000 | |||||||||
Retail | (7,534 | ) | (3,951 | ) | (1,520 | ) | ||||||
Other | (20,925 | ) | (16,189 | ) | (12,998 | ) | ||||||
Noncontrolling interests | 5,763 | (3,915 | ) | 1,719 | ||||||||
Total | $ | 149,513 | $ | 120,133 | $ | 147,878 | ||||||
Year ended December 31, | ||||||||||||
(in thousands) | 2013 | 2012 | 2011 | |||||||||
Identifiable assets | ||||||||||||
Grain (a) | $ | 921,914 | $ | 1,076,986 | $ | 883,395 | ||||||
Ethanol (b) | 229,797 | 206,975 | 148,975 | |||||||||
Plant Nutrient (b) | 268,238 | 257,980 | 240,543 | |||||||||
Rail (b) | 312,654 | 289,467 | 246,188 | |||||||||
Turf & Specialty (b) | 89,939 | 82,683 | 69,487 | |||||||||
Retail (c) | 44,910 | 51,772 | 52,018 | |||||||||
Other (d) | 406,104 | 216,441 | 93,517 | |||||||||
Total | $ | 2,273,556 | $ | 2,182,304 | $ | 1,734,123 | ||||||
(a) Decrease related to impact of prices on receivables and commodity derivative assets and lower inventory levels | ||||||||||||
(b) See Note 12. Business Acquisitions for identifiable assets acquired during the periods presented | ||||||||||||
(c) Decrease related to closing of the Woodville store in the first quarter of 2013 and asset impairments described in Note 3. Property, Plant, and Equipment | ||||||||||||
(d) Change driven by increase in cash and cash equivalents and capitalized software | ||||||||||||
Year ended December 31, | ||||||||||||
(in thousands) | 2013 | 2012 | 2011 | |||||||||
Capital expenditures | ||||||||||||
Grain | $ | 8,535 | $ | 30,178 | $ | 24,284 | ||||||
Ethanol | 4,052 | 1,966 | — | |||||||||
Plant Nutrient | 17,094 | 18,038 | 13,296 | |||||||||
Rail | 4,135 | 3,896 | 1,478 | |||||||||
Turf & Specialty | 6,563 | 5,043 | 2,089 | |||||||||
Retail | 2,944 | 2,794 | 1,230 | |||||||||
Other | 3,463 | 7,102 | 1,785 | |||||||||
Total | $ | 46,786 | $ | 69,017 | $ | 44,162 | ||||||
Year ended December 31, | ||||||||||||
(in thousands) | 2013 | 2012 | 2011 | |||||||||
Acquisition of businesses, net of cash acquired and investments in affiliates | ||||||||||||
Grain | $ | 51,544 | $ | 116,888 | $ | — | ||||||
Ethanol | — | 77,400 | — | |||||||||
Plant Nutrient | — | 15,286 | 2,386 | |||||||||
Rail | 7,804 | — | — | |||||||||
Turf & Specialty | 4,103 | 10,683 | — | |||||||||
Other | 1,050 | — | 100 | |||||||||
Total | $ | 64,501 | $ | 220,257 | $ | 2,486 | ||||||
Year ended December 31, | ||||||||||||
(in thousands) | 2013 | 2012 | 2011 | |||||||||
Depreciation and amortization | ||||||||||||
Grain (e) | $ | 15,620 | $ | 9,554 | $ | 9,625 | ||||||
Ethanol (f) | 5,909 | 5,003 | 382 | |||||||||
Plant Nutrient | 14,143 | 12,014 | 9,913 | |||||||||
Rail | 12,031 | 15,929 | 14,780 | |||||||||
Turf & Specialty | 3,070 | 2,117 | 1,801 | |||||||||
Retail | 3,119 | 3,002 | 2,770 | |||||||||
Other | 1,415 | 1,358 | 1,566 | |||||||||
Total | $ | 55,307 | $ | 48,977 | $ | 40,837 | ||||||
(e) Increase driven by acquisition of GPG in December 2012 | ||||||||||||
(f) Increase driven by acquisition of TADE in May 2012 |
Related_Party_Transactions_Tab
Related Party Transactions (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Related Party Transactions [Abstract] | ' | |||||||||||||
Schedule of aggregate summarized financial information of subsidiaries | ' | |||||||||||||
The following table presents aggregate summarized financial information of LTG, TAAE, TACE, TAME, Thompsons Limited, and other various investments as they qualified as significant subsidiaries in the aggregate. LTG was the only equity method investment that qualified as a significant subsidiary individually for the years ended December 31, 2013, 2012 and 2011. | ||||||||||||||
December 31, | ||||||||||||||
(in thousands) | 2013 | 2012 | 2011 | |||||||||||
Sales | $ | 10,232,395 | $ | 8,080,741 | $ | 6,935,755 | ||||||||
Gross profit | 305,016 | 130,241 | 165,793 | |||||||||||
Income from continuing operations | 148,583 | 34,161 | 90,510 | |||||||||||
Net income | 144,699 | 32,451 | 87,673 | |||||||||||
Current assets | 1,406,200 | 1,266,311 | ||||||||||||
Non-current assets | 508,319 | 326,776 | ||||||||||||
Current liabilities | 1,040,762 | 1,062,181 | ||||||||||||
Non-current liabilities | 244,910 | 123,991 | ||||||||||||
Noncontrolling interests | 20,118 | 22,745 | ||||||||||||
Company's investment balance in each of its equity method investees by entity | ' | |||||||||||||
The following table presents the Company’s investment balance in each of its equity method investees by entity: | ||||||||||||||
December 31, | ||||||||||||||
(in thousands) | 2013 | 2012 | ||||||||||||
The Andersons Albion Ethanol LLC | $ | 40,194 | $ | 30,227 | ||||||||||
The Andersons Clymers Ethanol LLC | 44,418 | 33,119 | ||||||||||||
The Andersons Marathon Ethanol LLC | 46,811 | 32,996 | ||||||||||||
Lansing Trade Group, LLC | 106,028 | 92,094 | ||||||||||||
Thompsons Limited (a) | 49,833 | — | ||||||||||||
Other | 3,825 | 2,472 | ||||||||||||
Total | $ | 291,109 | $ | 190,908 | ||||||||||
(a) | Thompsons Limited and related U.S. operating company held by joint ventures | |||||||||||||
Income (loss) earned from the Company's equity method investments by entity | ' | |||||||||||||
The following table summarizes income (losses) earned from the Company’s equity method investments by entity: | ||||||||||||||
% ownership at | December 31, | |||||||||||||
31-Dec-13 | ||||||||||||||
(direct and indirect) | ||||||||||||||
(in thousands) | 2013 | 2012 | 2011 | |||||||||||
The Andersons Albion Ethanol LLC | 53% | $ | 10,469 | $ | (497 | ) | $ | 5,285 | ||||||
The Andersons Clymers Ethanol LLC | 38% | 11,299 | (3,828 | ) | 4,341 | |||||||||
The Andersons Marathon Ethanol LLC | 50% | 13,815 | (8,273 | ) | 8,089 | |||||||||
Lansing Trade Group, LLC | 49% (a) | 31,212 | 28,559 | 23,558 | ||||||||||
Thompsons Limited (b) | 50% | 1,634 | — | — | ||||||||||
Other | 5%-23% | 276 | 526 | 177 | ||||||||||
Total | $ | 68,705 | $ | 16,487 | $ | 41,450 | ||||||||
(a) | This does not consider the restricted management units which once vested will reduced the ownership percentage by approximately 1.5%. | |||||||||||||
(b) | Thompsons Limited and related U.S. operating company held by joint ventures | |||||||||||||
Schedule of Related Party Transactions | ' | |||||||||||||
The following table sets forth the related party transactions entered into for the time periods presented: | ||||||||||||||
December 31, | ||||||||||||||
(in thousands) | 2013 | 2012 | 2011 | |||||||||||
Sales revenues | $ | 1,315,234 | $ | 1,031,458 | $ | 841,366 | ||||||||
Service fee revenues (a) | 23,536 | 22,165 | 22,850 | |||||||||||
Purchases of product | 704,948 | 655,686 | 636,144 | |||||||||||
Lease income (b) | 6,223 | 6,995 | 6,128 | |||||||||||
Labor and benefits reimbursement (c) | 10,613 | 12,140 | 10,784 | |||||||||||
Other expenses (d) | 2,349 | 1,093 | 192 | |||||||||||
Accounts receivable at December 31 (e) | 21,979 | 28,610 | 14,730 | |||||||||||
Accounts payable at December 31 (f) | 19,887 | 17,804 | 24,530 | |||||||||||
(a) | Service fee revenues include management fee, corn origination fee, ethanol and DDG marketing fees, and other commissions. | |||||||||||||
(b) | Lease income includes the lease of the Company’s Albion, Michigan and Clymers, Indiana grain facilities as well as certain railcars to the unconsolidated ethanol LLCs and IANR. | |||||||||||||
(c) | The Company provides all operational labor to the unconsolidated ethanol LLCs and charges them an amount equal to the Company’s costs of the related services. | |||||||||||||
(d) | Other expenses include payments to IANR for repair facility rent and use of their railroad reporting mark, payment to LTG for the lease of railcars and other various expenses. | |||||||||||||
(e) | Accounts receivable represents amounts due from related parties for sales of corn, leasing revenue and service fees. | |||||||||||||
(f) | Accounts payable represents amounts due to related parties for purchases of ethanol and other various items. |
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
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 that are measured at fair value on a recurring basis at December 31, 2013 and 2012: | |||||||||||||||||
(in thousands) | December 31, 2013 | ||||||||||||||||
Assets (liabilities) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Cash equivalents | $ | 97,751 | $ | — | $ | — | $ | 97,751 | |||||||||
Restricted cash | 408 | — | — | 408 | |||||||||||||
Commodity derivatives, net (a) | 50,777 | (49,810 | ) | — | 967 | ||||||||||||
Convertible preferred securities (b) | — | — | 25,720 | 25,720 | |||||||||||||
Other assets and liabilities (c) | 10,143 | (159 | ) | — | 9,984 | ||||||||||||
Total | $ | 159,079 | $ | (49,969 | ) | $ | 25,720 | $ | 134,830 | ||||||||
(in thousands) | December 31, 2012 | ||||||||||||||||
Assets (liabilities) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Cash equivalents | $ | 78,674 | $ | — | $ | — | $ | 78,674 | |||||||||
Restricted cash | 398 | — | — | 398 | |||||||||||||
Commodity derivatives, net (a) | 46,966 | 23,634 | — | 70,600 | |||||||||||||
Convertible preferred securities (b) | — | — | 17,200 | 17,200 | |||||||||||||
Other assets and liabilities (c) | 7,813 | (2,109 | ) | — | 5,704 | ||||||||||||
Total | $ | 133,851 | $ | 21,525 | $ | 17,200 | $ | 172,576 | |||||||||
(a) | Includes associated cash posted/received as collateral | ||||||||||||||||
(b) | Recorded in “Other noncurrent assets” on the Company’s Consolidated Balance Sheets | ||||||||||||||||
(c) | Included in other assets and liabilities is interest rate and foreign currency derivatives, swaptions (Level 2) and deferred compensation assets (Level 1) | ||||||||||||||||
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: | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
(in thousands) | Convertible | Interest | Convertible | Commodity | |||||||||||||
preferred | rate | preferred | derivatives, | ||||||||||||||
securities | derivatives | securities | net | ||||||||||||||
and | |||||||||||||||||
swaptions | |||||||||||||||||
Asset (liability) at December 31, | $ | 17,220 | $ | (2,178 | ) | $ | 20,360 | $ | 2,467 | ||||||||
Gains (losses) included in earnings: | |||||||||||||||||
Unrealized gains (losses) included in other comprehensive income | 8,500 | — | (3,140 | ) | — | ||||||||||||
Transfers to level 2 | — | 2,178 | — | (2,467 | ) | ||||||||||||
Asset (liability) at December 31, | $ | 25,720 | $ | — | $ | 17,220 | $ | — | |||||||||
Fair Value Inputs, Assets, Quantitative Information | ' | ||||||||||||||||
The following table summarizes information about the Company's Level 3 fair value measurements as of December 31, 2013: | |||||||||||||||||
Quantitative Information about Level 3 Fair Value Measurements | |||||||||||||||||
Range | |||||||||||||||||
(in thousands) | Fair Value as of 12/31/13 | Valuation Method | Unobservable Input | Low | High | Weighted Average | |||||||||||
Convertible Preferred Securities | $ | 25,720 | Market Approach | EBITDA Multiples | 7.5 | 8 | 7.75 | ||||||||||
Income Approach | Discount Rate | 14.5 | % | 14.5 | % | 14.5 | % | ||||||||||
Fair value of long-term debt estimated using quoted market prices or discounted future cash flows | ' | ||||||||||||||||
Based upon the Company’s credit standing and current interest rates offered by the Company on similar bonds and rates currently available to the Company for long-term borrowings with similar terms and remaining maturities, the Company estimates the fair values of its long-term debt instruments outstanding at December 31, 2013 and 2012, as follows: | |||||||||||||||||
(in thousands) | Carrying Amount | Fair Value | Fair Value Hierarchy Level | ||||||||||||||
2013:00:00 | |||||||||||||||||
Fixed rate long-term notes payable | $ | 270,112 | $ | 271,716 | Level 2 | ||||||||||||
Debenture bonds | 41,131 | 42,475 | Level 2 | ||||||||||||||
$ | 311,243 | $ | 314,191 | ||||||||||||||
2012:00:00 | |||||||||||||||||
Fixed rate long-term notes payable | $ | 263,745 | $ | 279,505 | Level 2 | ||||||||||||
Long-term notes payable, non-recourse | 785 | 800 | Level 2 | ||||||||||||||
Debenture bonds | 35,411 | 37,135 | Level 2 | ||||||||||||||
$ | 299,941 | $ | 317,440 | ||||||||||||||
Debt_Tables
Debt (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Debt Instrument [Line Items] | ' | |||||||||||
Long-term debt | ' | |||||||||||
The Company’s short-term and long-term debt at December 31, 2013 and December 31, 2012 consisted of the following: | ||||||||||||
(in thousands) | December 31, | December 31, | ||||||||||
2013 | 2012 | |||||||||||
Borrowings under short-term line of credit - nonrecourse | $ | — | $ | 4,219 | ||||||||
Borrowings under short-term line of credit - recourse | — | 20,000 | ||||||||||
Total borrowings under short-term line of credit | $ | — | $ | 24,219 | ||||||||
Current maturities of long -term debt – nonrecourse | $ | 6,012 | $ | 2,496 | ||||||||
Current maturities of long-term debt – recourse | 45,986 | 12,649 | ||||||||||
Total current maturities of long-term debt | $ | 51,998 | $ | 15,145 | ||||||||
Long-term debt, less current maturities – nonrecourse | $ | 4,063 | $ | 20,067 | ||||||||
Long-term debt, less current maturities – recourse | 371,150 | 407,176 | ||||||||||
Total long-term debt, less current maturities | $ | 375,213 | $ | 427,243 | ||||||||
Schedule of Short-term Debt | ' | |||||||||||
The following information relates to short-term borrowings: | ||||||||||||
December 31, | ||||||||||||
(in thousands, except percentages) | 2013 | 2012 | 2011 | |||||||||
Maximum amount borrowed | $ | 315,000 | $ | 553,400 | $ | 601,500 | ||||||
Weighted average interest rate | 1.92 | % | 1.96 | % | 2.73 | % | ||||||
Recourse | ' | |||||||||||
Debt Instrument [Line Items] | ' | |||||||||||
Long-term debt | ' | |||||||||||
Long-term debt consists of the following: | ||||||||||||
December 31, | ||||||||||||
(in thousands, except percentages) | 2013 | 2012 | ||||||||||
Senior note payable, 3.72%, payable at maturity, due 2017 | $ | 25,000 | $ | 25,000 | ||||||||
Senior note payable, 6.10%, payable at maturity, due 2014 | 25,000 | 25,000 | ||||||||||
Senior note payable, 6.12%, payable at maturity, due 2015 | 61,500 | 61,500 | ||||||||||
Senior note payable, 6.78%, payable at maturity, due 2018 | 41,500 | 41,500 | ||||||||||
Note payable, 4.92%, $2 million annually ($2.5 million for 2013), plus interest, due 2021 (a) | 27,178 | 27,833 | ||||||||||
Note payable, 4.76%, payable in increasing amounts ($1.7 million for 2013) plus interest, due 2028 (a) | 53,600 | 55,300 | ||||||||||
Note payable, variable rate (2.67% at December 31, 2013), payable in increasing amounts ($1.2 million for 2013) plus interest, due 2023 (a) | 23,015 | 24,188 | ||||||||||
Note payable, 3.29%, payable in increasing amounts ($1.2 million for 2013) plus interest, due 2022 (a) | 25,366 | 26,533 | ||||||||||
Line of credit, variable rate (1.87% at December 31, 2013), payable at maturity, due 2015 | — | 25,000 | ||||||||||
Notes payable, variable rate (1.42% at December 31, 2013), payable in varying amounts, (7.6 million for 2013) plus interest, due 2016 | 22,120 | 12,058 | ||||||||||
Note payable, variable rate (1.64% at December 31, 2013), payable in increasing amounts ($1.0 million for 2013) plus interest, due 2023 (a) | 11,865 | 12,815 | ||||||||||
Note payable, variable rate (.97% at December 31, 2013), $0.7 million annually, plus interest, due 2016 (a) | 8,750 | 9,450 | ||||||||||
Note payable, 8.5%, payable monthly in varying amounts ($0.1 million for 2013) plus interest, due 2016 (a) | 988 | 1,079 | ||||||||||
Note payable, 4.76%, payable quarterly in varying amounts ($0.2 million for 2013) plus interest, due 2028 (a) | 9,980 | — | ||||||||||
Note payable, 3.56%, payable monthly in varying amounts plus interest, due 2021 (a) | 3,459 | — | ||||||||||
Industrial development revenue bonds: | ||||||||||||
Variable rate (2.55% at December 31, 2013), payable at maturity, due 2017 (a) | 7,934 | 8,408 | ||||||||||
Variable rate (1.97% at December 31, 2013), payable at maturity, due 2019 (a) | 4,650 | 4,650 | ||||||||||
Variable rate (2.10% at December 31, 2013), payable at maturity, due 2025 (a) | 3,100 | 3,100 | ||||||||||
Variable rate (1.81% at December 31, 2013), payable at maturity, due 2036 (a) | 21,000 | 21,000 | ||||||||||
Debenture bonds, 2.65% to 5.00%, due 2014 through 2028 | 41,131 | 35,411 | ||||||||||
417,136 | 419,825 | |||||||||||
Less: current maturities | 45,986 | 12,649 | ||||||||||
$ | 371,150 | $ | 407,176 | |||||||||
(a) | Debt is collateralized by first mortgages on certain facilities and related equipment or other assets with a book value of $151.7 million | |||||||||||
Nonrecourse | ' | |||||||||||
Debt Instrument [Line Items] | ' | |||||||||||
Long-term debt | ' | |||||||||||
The Company's non-recourse long-term debt consists of the following: | ||||||||||||
December 31, | ||||||||||||
(in thousands, except percentages) | 2013 | 2012 | ||||||||||
Line of credit, variable rate (3.92% at December 31, 2013), payable at maturity, due 2022 | $ | — | $ | 9,378 | ||||||||
Note payable, variable rate (3.92% at December 31, 2013), payable quarterly ($2.3 million for 2013) plus interest, due 2017 | 10,075 | 12,400 | ||||||||||
Other notes payable | — | 785 | ||||||||||
10,075 | 22,563 | |||||||||||
Less: current maturities | 6,012 | 2,496 | ||||||||||
$ | 4,063 | $ | 20,067 | |||||||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||||||||||
Lease income and rental expense from operating leases | ' | |||||||||||
Lease income from operating leases (with the Company as lessor) to customers (including month-to-month and per diem leases) and rental expense for railcar operating leases (with the Company as lessee) were as follows: | ||||||||||||
Year ended December 31, | ||||||||||||
(in thousands) | 2013 | 2012 | 2011 | |||||||||
Rental and service income - operating leases | $ | 78,979 | $ | 77,916 | $ | 68,124 | ||||||
Rental expense | $ | 13,751 | $ | 11,987 | $ | 16,303 | ||||||
Operating leases future minimum rentals and service income | ' | |||||||||||
Future minimum rentals and service income for all noncancelable railcar operating leases are as follows: | ||||||||||||
(in thousands) | Future Rental and Service Income - Operating Leases | Future Minimum | ||||||||||
Rental Payments | ||||||||||||
Year ended December 31, | ||||||||||||
2014 | $ | 61,670 | $ | 15,679 | ||||||||
2015 | 48,109 | 15,120 | ||||||||||
2016 | 36,714 | 13,101 | ||||||||||
2017 | 25,641 | 10,658 | ||||||||||
2018 | 15,324 | 7,136 | ||||||||||
Future years | 20,812 | 10,410 | ||||||||||
$ | 208,270 | $ | 72,104 | |||||||||
Business_Acquisition_Tables
Business Acquisition (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Business Acquisition [Line Items] | ' | |||||||
Pro forma information | ' | |||||||
The amounts of the GPG revenue and earnings included in the Consolidated Statements of Income for the year ended December 31, 2012, and the revenue and earnings of GPG had the acquisition date been January 1, 2011 are as follows: | ||||||||
(unaudited, in thousands) | Revenue | Operating Income (Loss) | ||||||
Actual from 12/3/2012 to 12/31/2012 | $ | 40,477 | $ | (785 | ) | |||
Supplemental pro forma from 1/1/2012 - 12/31/2012 | 566,821 | 1,632 | ||||||
Combined entity pro forma from 1/1/2012 - 12/31/2012 | 5,798,354 | 122,550 | ||||||
Supplemental pro forma from 1/1/2011 - 12/31/2011 | 585,572 | 1,430 | ||||||
Combined entity pro forma from 1/1/2011 - 12/31/2011 | 5,161,903 | 149,308 | ||||||
Cycle Group, Inc. | ' | |||||||
Business Acquisition [Line Items] | ' | |||||||
Schedule of recognized identified assets acquired and liabilities assumed | ' | |||||||
The summarized final purchase price allocation is as follows: | ||||||||
(in thousands) | ||||||||
Inventory | $ | 77 | ||||||
Intangible assets | 330 | |||||||
Property, plant and equipment | 3,825 | |||||||
Total purchase price | $ | 4,232 | ||||||
Intangible assets acquisition | ' | |||||||
Details of the intangible assets acquired are as follows: | ||||||||
(in thousands) | Fair | Useful | ||||||
Value | Life | |||||||
Customer relationships | $ | 150 | 5 years | |||||
Noncompete agreement | 55 | 7 years | ||||||
Patents | 125 | 5 years | ||||||
Total identifiable intangible assets | $ | 330 | 5 years * | |||||
*weighted average number of years | ||||||||
Mile Rail | ' | |||||||
Business Acquisition [Line Items] | ' | |||||||
Schedule of recognized identified assets acquired and liabilities assumed | ' | |||||||
The summarized final purchase price allocation is as follows: | ||||||||
(in thousands) | ||||||||
Inventory | $ | 512 | ||||||
Other assets | 14 | |||||||
Intangible assets | 650 | |||||||
Goodwill | 4,167 | |||||||
Property, plant and equipment | 2,605 | |||||||
Other liabilities | (144 | ) | ||||||
Total purchase price | $ | 7,804 | ||||||
Intangible assets acquisition | ' | |||||||
Details of the intangible assets acquired are as follows: | ||||||||
(in thousands) | Fair | Useful | ||||||
Value | Life | |||||||
Customer relationships | $ | 400 | 5 years | |||||
Noncompete agreement | 250 | 5 years | ||||||
Total identifiable intangible assets | $ | 650 | 5 years * | |||||
*weighted average number of years | ||||||||
Green Plains Grain Company | ' | |||||||
Business Acquisition [Line Items] | ' | |||||||
Schedule of recognized identified assets acquired and liabilities assumed | ' | |||||||
The summarized final purchase price allocation is as follows: | ||||||||
(in thousands) | ||||||||
Accounts receivable | $ | 19,174 | ||||||
Inventory | 121,983 | |||||||
Property, plant and equipment | 57,828 | |||||||
Intangible assets | 4,600 | |||||||
Goodwill | 33,175 | |||||||
Commodity derivatives | 4,701 | |||||||
Other assets | 1,775 | |||||||
Accounts payable | (91,001 | ) | ||||||
Debt assumed | (29,632 | ) | ||||||
Other liabilities | (2,371 | ) | ||||||
Total purchase price | $ | 120,232 | ||||||
Intangible assets acquisition | ' | |||||||
Details of the intangible assets acquired are as follows: | ||||||||
(in thousands) | Fair | Useful | ||||||
Value | Life | |||||||
Supplier relationships | $ | 4,600 | 3 to 5 years | |||||
Total identifiable intangible assets | $ | 4,600 | 4 years * | |||||
*weighted average number of years | ||||||||
Mt Pulaski | ' | |||||||
Business Acquisition [Line Items] | ' | |||||||
Schedule of recognized identified assets acquired and liabilities assumed | ' | |||||||
The summarized final purchase price allocation is as follows: | ||||||||
(in thousands) | ||||||||
Inventory | $ | 3,757 | ||||||
Intangible assets | 1,000 | |||||||
Goodwill | 1,985 | |||||||
Property, plant and equipment | 3,941 | |||||||
Total purchase price | $ | 10,683 | ||||||
Intangible assets acquisition | ' | |||||||
Details of the intangible assets acquired are as follows: | ||||||||
(in thousands) | Fair | Useful | ||||||
Value | Life | |||||||
Trademark | $ | 300 | Indefinite | |||||
Customer list | 600 | 10 years | ||||||
Noncompete agreement | 100 | 7 years | ||||||
Total identifiable intangible assets | $ | 1,000 | 10 years * | |||||
*weighted average number of years | ||||||||
Amaizing Energy Denison LLC | ' | |||||||
Business Acquisition [Line Items] | ' | |||||||
Schedule of recognized identified assets acquired and liabilities assumed | ' | |||||||
The summarized final purchase price allocation is as follows: | ||||||||
(in thousands) | ||||||||
Grain elevator | $ | 14,285 | ||||||
Inventory | 10,087 | |||||||
Intangible assets | 2,373 | |||||||
Other current assets | 962 | |||||||
Property, plant and equipment | 49,693 | |||||||
Total purchase price | $ | 77,400 | ||||||
Intangible assets acquisition | ' | |||||||
Details of the intangible assets acquired are as follows: | ||||||||
(in thousands) | Fair | Useful | ||||||
Value | Life | |||||||
Lease intangibles | $ | 2,123 | 10 months to 5 years | |||||
Noncompete agreement | 250 | 2 years | ||||||
Total identifiable intangible assets | $ | 2,373 | 3 years * | |||||
New Eezy Gro Inc | ' | |||||||
Business Acquisition [Line Items] | ' | |||||||
Schedule of recognized identified assets acquired and liabilities assumed | ' | |||||||
The summarized purchase price allocation is as follows: | ||||||||
(in thousands) | ||||||||
Current assets | $ | 5,106 | ||||||
Intangible assets | 9,600 | |||||||
Goodwill | 6,681 | |||||||
Property, plant and equipment | 3,586 | |||||||
Current liabilities | (3,784 | ) | ||||||
Deferred tax liability, net | (4,412 | ) | ||||||
Total purchase price | $ | 16,777 | ||||||
Intangible assets acquisition | ' | |||||||
Details of the intangible assets acquired are as follows: | ||||||||
(in thousands) | Fair | Useful | ||||||
Value | Life | |||||||
Trademarks | $ | 1,200 | 10 years | |||||
Customer list | 5,500 | 10 years | ||||||
Technology | 2,100 | 5 years | ||||||
Noncompete agreement | 800 | 7 years | ||||||
Total identifiable intangible assets | $ | 9,600 | 9 years * | |||||
*weighted average number of years |
Goodwill_and_Intangible_Assets1
Goodwill and Intangible Assets (Table) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||||||||
Changes in carrying amount of goodwill | ' | ||||||||||||||||||||
The changes in the carrying amount of goodwill for the years ended December 31, 2013, 2012 and 2011 are as follows: | |||||||||||||||||||||
(in thousands) | Grain | Plant Nutrient | Rail | Turf & Specialty | Total | ||||||||||||||||
Balance as of January 1, 2011 | $ | 4,207 | $ | 5,248 | $ | — | $ | 686 | $ | 10,141 | |||||||||||
Acquisitions | — | 1,690 | — | — | 1,690 | ||||||||||||||||
Other adjustments | 783 | (69 | ) | — | — | 714 | |||||||||||||||
Balance as of December 31, 2011 | 4,990 | 6,869 | — | 686 | 12,545 | ||||||||||||||||
Acquisitions (a) | 33,175 | 6,681 | — | 1,986 | 41,842 | ||||||||||||||||
Balance as of December 31, 2012 | 38,165 | 13,550 | — | 2,672 | 54,387 | ||||||||||||||||
Acquisitions | — | — | 4,167 | — | 4,167 | ||||||||||||||||
Balances of December 31, 2013 | $ | 38,165 | $ | 13,550 | $ | 4,167 | $ | 2,672 | $ | 58,554 | |||||||||||
Intangible assets included in other assets | ' | ||||||||||||||||||||
The Company's intangible assets are recorded in other assets on the Consolidated Balance Sheets and are as follows: | |||||||||||||||||||||
(in thousands) | Group | Original Cost | Accumulated Amortization | Net Book Value | |||||||||||||||||
December 31, 2013 | |||||||||||||||||||||
Amortized intangible assets | |||||||||||||||||||||
Acquired customer list | Rail | $ | 3,862 | $ | 3,421 | $ | 441 | ||||||||||||||
Acquired customer list | Plant Nutrient | 9,596 | 3,054 | 6,542 | |||||||||||||||||
Acquired customer list | Grain | 5,850 | 2,286 | 3,564 | |||||||||||||||||
Acquired customer list | Turf and Specialty | 750 | 72 | 678 | |||||||||||||||||
Acquired non-compete agreement | Plant Nutrient | 2,119 | 1,501 | 618 | |||||||||||||||||
Acquired non-compete agreement | Grain | 175 | 116 | 59 | |||||||||||||||||
Acquired non-compete agreement | Turf and Specialty | 155 | 17 | 138 | |||||||||||||||||
Acquired non-compete agreement | Rail | 250 | 17 | 233 | |||||||||||||||||
Acquired non-compete agreement | Ethanol | 250 | 209 | 41 | |||||||||||||||||
Acquired marketing agreement | Plant Nutrient | 1,607 | 1,228 | 379 | |||||||||||||||||
Acquired supply agreement | Plant Nutrient | 4,846 | 2,477 | 2,369 | |||||||||||||||||
Supply agreement | Grain | 340 | — | 340 | |||||||||||||||||
Acquired grower agreement | Grain | 300 | 300 | — | |||||||||||||||||
Patents and other | Various | 1,154 | 411 | 743 | |||||||||||||||||
Trademarks and technology | Plant Nutrient | 3,300 | 1,035 | 2,265 | |||||||||||||||||
Lease intangible | Ethanol | 2,123 | 1,716 | 407 | |||||||||||||||||
Lease intangible | Rail | 2,816 | 2,150 | 666 | |||||||||||||||||
$ | 39,493 | $ | 20,010 | $ | 19,483 | ||||||||||||||||
December 31, 2012 | |||||||||||||||||||||
Amortized intangible assets | |||||||||||||||||||||
Acquired customer list | Rail | $ | 3,462 | $ | 3,362 | $ | 100 | ||||||||||||||
Acquired customer list | Plant Nutrient | 9,596 | 2,071 | 7,525 | |||||||||||||||||
Acquired customer list | Grain | 8,450 | 717 | 7,733 | |||||||||||||||||
Acquired customer list | Turf and Specialty | 600 | 10 | 590 | |||||||||||||||||
Acquired non-compete agreement | Plant Nutrient | 2,119 | 1,219 | 900 | |||||||||||||||||
Acquired non-compete agreement | Grain | 175 | 81 | 94 | |||||||||||||||||
Acquired non-compete agreement | Turf and Specialty | 100 | 2 | 98 | |||||||||||||||||
Acquired non-compete agreement | Ethanol | 250 | 84 | 166 | |||||||||||||||||
Acquired marketing agreement | Plant Nutrient | 1,607 | 1,029 | 578 | |||||||||||||||||
Acquired supply agreement | Plant Nutrient | 4,846 | 1,959 | 2,887 | |||||||||||||||||
Supply agreement | Grain | 340 | — | 340 | |||||||||||||||||
Acquired grower agreement | Grain | 300 | 275 | 25 | |||||||||||||||||
Patents and other | Various | 1,181 | 486 | 695 | |||||||||||||||||
Trademarks and technology | Plant Nutrient | 3,300 | 495 | 2,805 | |||||||||||||||||
Lease intangible | Ethanol | 2,123 | 1,230 | 893 | |||||||||||||||||
Lease intangible | Rail | 2,410 | 1,778 | 632 | |||||||||||||||||
$ | 40,859 | $ | 14,798 | $ | 26,061 | ||||||||||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||
Components of income tax provision | ' | |||||||||||
Income tax provision applicable to continuing operations consists of the following: | ||||||||||||
Year ended December 31, | ||||||||||||
(in thousands) | 2013 | 2012 | 2011 | |||||||||
Current: | ||||||||||||
Federal | $ | 11,812 | $ | 23,816 | $ | 39,015 | ||||||
State and local | 225 | 3,492 | 5,603 | |||||||||
Foreign | 1,400 | 757 | 962 | |||||||||
$ | 13,437 | $ | 28,065 | $ | 45,580 | |||||||
Deferred: | ||||||||||||
Federal | $ | 35,147 | $ | 14,808 | $ | 5,281 | ||||||
State and local | 4,321 | 1,982 | 553 | |||||||||
Foreign | 906 | (287 | ) | (361 | ) | |||||||
$ | 40,374 | $ | 16,503 | $ | 5,473 | |||||||
Total: | ||||||||||||
Federal | $ | 46,959 | $ | 38,624 | $ | 44,296 | ||||||
State and local | 4,546 | 5,474 | 6,156 | |||||||||
Foreign | 2,306 | 470 | 601 | |||||||||
$ | 53,811 | $ | 44,568 | $ | 51,053 | |||||||
Components of income before income taxes | ' | |||||||||||
Income before income taxes from continuing operations consists of the following: | ||||||||||||
Year ended December 31, | ||||||||||||
(in thousands) | 2013 | 2012 | 2011 | |||||||||
U.S. income | $ | 141,673 | $ | 119,325 | $ | 146,420 | ||||||
Foreign | 7,840 | 808 | 1,458 | |||||||||
$ | 149,513 | $ | 120,133 | $ | 147,878 | |||||||
Effective tax rate reconciliation | ' | |||||||||||
A reconciliation from the statutory U.S. federal tax rate to the effective tax rate follows: | ||||||||||||
Year ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Statutory U.S. federal tax rate | 35 | % | 35 | % | 35 | % | ||||||
Increase (decrease) in rate resulting from: | ||||||||||||
Effect of qualified domestic production deduction | (0.4 | ) | (0.8 | ) | (1.6 | ) | ||||||
Effect of Patient Protection and Affordable Care Act | 0.9 | (0.6 | ) | — | ||||||||
Effect of noncontrolling interest | (1.3 | ) | 1.1 | (0.4 | ) | |||||||
State and local income taxes, net of related federal taxes | 2 | 3 | 2.7 | |||||||||
Other, net | (0.2 | ) | (0.6 | ) | (1.2 | ) | ||||||
Effective tax rate | 36 | % | 37.1 | % | 34.5 | % | ||||||
Deferred tax liabilities and assets | ' | |||||||||||
Significant components of the Company's deferred tax liabilities and assets are as follows: | ||||||||||||
December 31, | ||||||||||||
(in thousands) | 2013 | 2012 | ||||||||||
Deferred tax liabilities: | ||||||||||||
Property, plant and equipment and railcar assets leased to others | $ | (110,472 | ) | $ | (85,556 | ) | ||||||
Prepaid employee benefits | (17,725 | ) | (16,490 | ) | ||||||||
Investments | (29,749 | ) | (23,180 | ) | ||||||||
Other | (5,426 | ) | (6,402 | ) | ||||||||
(163,372 | ) | (131,628 | ) | |||||||||
Deferred tax assets: | ||||||||||||
Employee benefits | 36,593 | 45,400 | ||||||||||
Accounts and notes receivable | 1,890 | 1,920 | ||||||||||
Inventory | 6,605 | 4,800 | ||||||||||
Deferred expenses | 689 | 11,540 | ||||||||||
Net operating loss carryforwards | 631 | 654 | ||||||||||
Other | 1,905 | 5,038 | ||||||||||
Total deferred tax assets | 48,313 | 69,352 | ||||||||||
Valuation allowance | (92 | ) | — | |||||||||
48,221 | 69,352 | |||||||||||
Net deferred tax liabilities | $ | (115,151 | ) | $ | (62,276 | ) | ||||||
Unrecognized tax benefits excluding interest and penalties | ' | |||||||||||
A reconciliation of the January 1, 2011 to December 31, 2013 amount of unrecognized tax benefits is as follows: | ||||||||||||
(in thousands) | ||||||||||||
Balance at January 1, 2011 | $ | 614 | ||||||||||
Additions based on tax positions related to prior years | 43 | |||||||||||
Reductions as a result of a lapse in statute of limitations | (22 | ) | ||||||||||
Balance at December 31, 2011 | 635 | |||||||||||
Additions based on tax positions related to the current year | 97 | |||||||||||
Additions based on tax positions related to prior years | 415 | |||||||||||
Reductions as a result of a lapse in statute of limitations | (101 | ) | ||||||||||
Balance at December 31, 2012 | 1,046 | |||||||||||
Additions based on tax positions related to the current year | 114 | |||||||||||
Reductions based on tax positions related to prior years | (45 | ) | ||||||||||
Reductions as a result of a lapse in statute of limitations | (5 | ) | ||||||||||
Balance at December 31, 2013 | $ | 1,110 | ||||||||||
Stock_Compensation_Plans_Table
Stock Compensation Plans (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||
Summary of stock options outstanding and exercisable under long-term performance compensation plan | ' | ||||||||||||
A reconciliation of the number of SOSARs outstanding and exercisable under the Long-Term Performance Compensation Plan as of December 31, 2013, and changes during the period then ended is as follows: | |||||||||||||
Shares | Weighted- Average Exercise | Weighted- Average Remaining Contractual Term | Aggregate Intrinsic Value | ||||||||||
(000's) | Price | (000's) | |||||||||||
Options & SOSARs outstanding at January 1, 2013 | 473 | $ | 19.1 | ||||||||||
Options exercised | (300 | ) | 20.9 | ||||||||||
Options & SOSARs cancelled / forfeited | — | — | |||||||||||
Options and SOSARs outstanding at December 31, 2013 | 173 | $ | 15.99 | 0.76 | $ | 7,510 | |||||||
Vested and expected to vest at December 31, 2013 | 173 | $ | 15.99 | 0.76 | $ | 7,510 | |||||||
Options exercisable at December 31, 2013 | 173 | $ | 15.99 | 0.76 | $ | 7,510 | |||||||
Year ended December 31, | |||||||||||||
(in thousands) | 2013 | 2012 | 2011 | ||||||||||
Total intrinsic value of options exercised | $ | 4,678 | $ | 1,937 | $ | 3,817 | |||||||
Total fair value of shares vested | $ | 576 | $ | 818 | $ | 816 | |||||||
Weighted average fair value of options granted | $ | — | $ | — | $ | — | |||||||
Summary of nonvested restricted shares | ' | ||||||||||||
A summary of the status of the Company's nonvested restricted shares as of December 31, 2013, and changes during the period then ended, is presented below: | |||||||||||||
Shares (000)'s | Weighted-Average Grant-Date Fair Value | ||||||||||||
Nonvested restricted shares at January 1, 2013 | 180 | $ | 28.82 | ||||||||||
Granted | 60 | 47.65 | |||||||||||
Vested | (50 | ) | 25.27 | ||||||||||
Forfeited | (2 | ) | 29.93 | ||||||||||
Nonvested restricted shares at December 31, 2013 | 188 | $ | 35.74 | ||||||||||
Year ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Total fair value of shares vested (000's) | $1,121 | $590 | $1,367 | ||||||||||
Weighted average fair value of restricted shares granted | $47.65 | $28.99 | $31.87 | ||||||||||
Summary of nonvested performance share units | ' | ||||||||||||
A summary of the status of the Company's PSUs as of December 31, 2013, and changes during the period then ended, is presented below: | |||||||||||||
Shares (000)'s | Weighted-Average Grant-Date Fair Value | ||||||||||||
Nonvested at January 1, 2013 | 306 | $ | 28.81 | ||||||||||
Granted | 104 | 47.32 | |||||||||||
Vested | (54 | ) | 22.09 | ||||||||||
Forfeited | (6 | ) | 32.56 | ||||||||||
Nonvested at December 31, 2013 | 350 | $ | 35.27 | ||||||||||
Year ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Weighted average fair value of PSUs granted | $47.32 | $28.99 | $31.87 | ||||||||||
Fair value of the option component of the ESP Plan | ' | ||||||||||||
2013 | 2012 | 2011 | |||||||||||
Risk free interest rate | 0.16 | % | 0.11 | % | 0.27 | % | |||||||
Dividend yield | 1.49 | % | 1.37 | % | 1.21 | % | |||||||
Volatility factor of the expected market price of the common shares | 0.27 | 0.41 | 0.34 | ||||||||||
Expected life for the options (in years) | 1 | 1 | 1 | ||||||||||
Quarterly_Consolidated_Financi1
Quarterly Consolidated Financial Information (Unaudited) (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Quarterly Financial Data [Abstract] | ' | |||||||||||||||||||
Unaudited quarterly results of operations | ' | |||||||||||||||||||
The following is a summary of the unaudited quarterly results of operations for 2013 and 2012: | ||||||||||||||||||||
(in thousands, except for per common share data) | ||||||||||||||||||||
Quarter Ended | Sales and merchandising revenues | Gross profit | Net income attributable to | Earnings per share-basic | Earnings per share-diluted | |||||||||||||||
The Andersons, Inc. | ||||||||||||||||||||
2013 | ||||||||||||||||||||
31-Mar | $ | 1,271,970 | $ | 79,273 | $ | 12,578 | $ | 0.45 | $ | 0.45 | ||||||||||
30-Jun | 1,566,964 | 103,229 | 29,539 | 1.05 | 1.05 | |||||||||||||||
30-Sep | 1,181,374 | 73,146 | 17,161 | 0.61 | 0.61 | |||||||||||||||
31-Dec | 1,584,266 | 109,577 | 30,661 | 1.09 | 1.08 | |||||||||||||||
Year | $ | 5,604,574 | $ | 365,225 | $ | 89,939 | 3.2 | 3.18 | ||||||||||||
2012 | ||||||||||||||||||||
31-Mar | $ | 1,137,133 | $ | 85,870 | $ | 18,407 | $ | 0.66 | $ | 0.65 | ||||||||||
30-Jun | 1,315,834 | 102,650 | 29,199 | 1.05 | 1.04 | |||||||||||||||
30-Sep | 1,138,402 | 78,316 | 16,884 | 0.61 | 0.6 | |||||||||||||||
31-Dec | 1,680,641 | 91,169 | 14,990 | 0.54 | 0.53 | |||||||||||||||
Year | $ | 5,272,010 | $ | 358,005 | $ | 79,480 | 2.85 | 2.82 | ||||||||||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Tables) | 12 Months Ended | |||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||
Equity [Abstract] | ' | |||||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) | ' | |||||||||||||||||
Changes in Accumulated Other Comprehensive Loss by Component (a) | ||||||||||||||||||
(in thousands) | For the Year Ended December 31, 2013 | |||||||||||||||||
Losses on Cash Flow Hedges | Investment in Debt Securities | Defined Benefit Plan Items | Total | |||||||||||||||
Beginning Balance | $ | (902 | ) | $ | 2,569 | $ | (47,046 | ) | $ | (45,379 | ) | |||||||
Other comprehensive income before reclassifications | 265 | 5,292 | 18,980 | 24,537 | ||||||||||||||
Amounts reclassified from accumulated other comprehensive income | — | — | (339 | ) | (339 | ) | ||||||||||||
Net current-period other comprehensive income | 265 | 5,292 | 18,641 | 24,198 | ||||||||||||||
Ending balance | $ | (637 | ) | $ | 7,861 | $ | (28,405 | ) | $ | (21,181 | ) | |||||||
(a) All amounts are net of tax. Amounts in parentheses indicate debits | ||||||||||||||||||
Reclassification out of Accumulated Other Comprehensive Income | ' | |||||||||||||||||
Reclassifications Out of Accumulated Other Comprehensive Income (a) | ||||||||||||||||||
(in thousands) | For the Year Ended December 31, 2013 | |||||||||||||||||
Details about Accumulated Other Comprehensive Income Components | Amount Reclassified from Accumulated Other Comprehensive Income | Affected Line Item in the Statement Where Net Income Is Presented | ||||||||||||||||
Defined Benefit Plan Items | ||||||||||||||||||
Amortization of prior-service cost | $ | (543 | ) | (b) | ||||||||||||||
(543 | ) | Total before tax | ||||||||||||||||
204 | Tax expense | |||||||||||||||||
$ | (339 | ) | Net of tax | |||||||||||||||
Total reclassifications for the period | $ | (339 | ) | Net of tax | ||||||||||||||
(a) Amounts in parentheses indicate debits to profit/loss | ||||||||||||||||||
(b) This accumulated other comprehensive income component is included in the computation of net periodic benefit cost (see Note 6. Employee Benefit Plans footnote for additional details) |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Details Textual) (USD $) | 3 Months Ended | 12 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Summary of Significant Accounting Policies (Textual) [Abstract] | ' | ' | ' | ' |
Maximum period in which contracts for the sale of grain to processors or other consumers extend | ' | '1 year | ' | ' |
Marketing balance payable | ' | $2.20 | $33.90 | ' |
Property subject to or available for leases statutory life minimum | ' | '40 years | ' | ' |
Property subject to or available for leases statutory life maximum | ' | '50 years | ' | ' |
Amortization of capitalized computer software costs | ' | 1.1 | 1 | 1 |
Unamortized computer software | ' | 42.8 | 24.6 | ' |
Capitalized interest on major projects | 0.4 | 0.6 | ' | ' |
Accounts payable for grain | ' | 83.2 | 113.1 | ' |
Accrued compensation liability | ' | 10.1 | 7.8 | ' |
Advertising expense | ' | $3.90 | $4.40 | $4 |
Minimum | ' | ' | ' | ' |
Summary of Significant Accounting Policies (Textual) [Abstract] | ' | ' | ' | ' |
Intangible assets estimated useful life | ' | '5 years | ' | ' |
Maximum | ' | ' | ' | ' |
Summary of Significant Accounting Policies (Textual) [Abstract] | ' | ' | ' | ' |
Intangible assets estimated useful life | ' | '10 years | ' | ' |
Land Improvements | ' | ' | ' | ' |
Summary of Significant Accounting Policies (Textual) [Abstract] | ' | ' | ' | ' |
Asset estimated average useful life | ' | '16 years | ' | ' |
Leasehold Improvements | Minimum | ' | ' | ' | ' |
Summary of Significant Accounting Policies (Textual) [Abstract] | ' | ' | ' | ' |
Asset estimated average useful life | ' | '3 years | ' | ' |
Leasehold Improvements | Maximum | ' | ' | ' | ' |
Summary of Significant Accounting Policies (Textual) [Abstract] | ' | ' | ' | ' |
Asset estimated average useful life | ' | '20 years | ' | ' |
Buildings and Storage Facilities | Minimum | ' | ' | ' | ' |
Summary of Significant Accounting Policies (Textual) [Abstract] | ' | ' | ' | ' |
Asset estimated average useful life | ' | '20 years | ' | ' |
Buildings and Storage Facilities | Maximum | ' | ' | ' | ' |
Summary of Significant Accounting Policies (Textual) [Abstract] | ' | ' | ' | ' |
Asset estimated average useful life | ' | '30 years | ' | ' |
Machinery and Equipment | Minimum | ' | ' | ' | ' |
Summary of Significant Accounting Policies (Textual) [Abstract] | ' | ' | ' | ' |
Asset estimated average useful life | ' | '3 years | ' | ' |
Machinery and Equipment | Maximum | ' | ' | ' | ' |
Summary of Significant Accounting Policies (Textual) [Abstract] | ' | ' | ' | ' |
Asset estimated average useful life | ' | '20 years | ' | ' |
Software | Minimum | ' | ' | ' | ' |
Summary of Significant Accounting Policies (Textual) [Abstract] | ' | ' | ' | ' |
Asset estimated average useful life | ' | '3 years | ' | ' |
Software | Maximum | ' | ' | ' | ' |
Summary of Significant Accounting Policies (Textual) [Abstract] | ' | ' | ' | ' |
Asset estimated average useful life | ' | '10 years | ' | ' |
Inventories_Details
Inventories (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Inventory, Net [Abstract] | ' | ' |
Grain | $432,893 | $598,729 |
Ethanol and by-products | 14,453 | 22,927 |
Agricultural fertilizer and supplies | 100,593 | 88,429 |
Lawn fertilizer and corncob products | 39,960 | 37,292 |
Retail merchandise | 22,505 | 25,368 |
Railcar repair parts | 4,312 | 3,764 |
Other | 207 | 168 |
Total inventories | $614,923 | $776,677 |
Property_Plant_and_Equipment_D
Property, Plant and Equipment (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Components of property, plant and equipment | ' | ' |
Land | $21,801 | $22,258 |
Land improvements and leasehold improvements | 67,153 | 63,013 |
Buildings and storage facilities | 231,976 | 214,919 |
Machinery and equipment | 308,215 | 287,896 |
Software | 13,351 | 12,901 |
Construction in progress | 48,135 | 34,965 |
Property, plant and equipment, gross | 690,631 | 635,952 |
Less: accumulated depreciation and amortization | 303,173 | 277,074 |
Property, plant and equipment, net | $387,458 | $358,878 |
Property_Plant_and_Equipment_D1
Property, Plant and Equipment (Details 1) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Components of Railcar assets leased to others | ' | ' |
Railcar assets leased to others | $317,750 | $310,614 |
Less: accumulated depreciation | 77,129 | 82,284 |
Railcar assets leased to others, net | $240,621 | $228,330 |
Property_Plant_and_Equipment_D2
Property, Plant and Equipment (Details Textual) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Property, Plant and Equipment [Abstract] | ' | ' | ' |
Depreciation expense on property, plant and equipment | $37.50 | $27.40 | $20.40 |
Asset impairment charges | 4.4 | ' | ' |
Depreciation expense on railcar assets leased to others | $14.70 | $15.90 | $13.80 |
Derivatives_Details_1
Derivatives (Details 1) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Estimated fair value of Company's commodity derivative instruments for cash collateral and associated cash as collateral | ' | ' |
Net derivative asset position, Collateral paid | $15,480 | ($13,772) |
Net derivative asset position, Fair value of derivatives | 31,055 | 61,247 |
Net derivative asset position, net | 46,535 | 47,475 |
Net derivative liability position, Collateral paid | 0 | 0 |
Net derivative liability position, Fair value of derivatives | 0 | 0 |
Net derivative liability position, net | $0 | $0 |
Derivatives_Details_2
Derivatives (Details 2) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Derivatives, Fair Value [Line Items] | ' | ' |
Net derivative asset position, Fair value of derivatives | $31,055 | $61,247 |
Commodity derivative liabilities | 0 | 0 |
Commodity derivative assets - current | 71,319 | 103,105 |
Commodity derivative assets - noncurrent | 246 | 1,906 |
Commodity derivative liabilities - current | -63,954 | -33,277 |
Commodity derivative liabilities - noncurrent | -6,644 | -1,134 |
Commodity Contract | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Net derivative asset position, Fair value of derivatives | 70,870 | 144,541 |
Commodity derivative liabilities | -85,383 | -60,169 |
Cash collateral | 15,480 | -13,772 |
Total | 967 | 70,600 |
Commodity Contract | Commodity derivative assets - current | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Net derivative asset position, Fair value of derivatives | 69,289 | 137,119 |
Commodity derivative liabilities | -13,450 | -20,242 |
Cash collateral | 15,480 | -13,772 |
Commodity derivative assets - current | 71,319 | 103,105 |
Commodity Contract | Commodity derivative assets - noncurrent | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Net derivative asset position, Fair value of derivatives | 246 | 2,059 |
Commodity derivative liabilities | 0 | -153 |
Cash collateral | 0 | 0 |
Commodity derivative assets - noncurrent | 246 | 1,906 |
Commodity Contract | Commodity derivative liabilities - current | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Net derivative asset position, Fair value of derivatives | 1,286 | 5,233 |
Commodity derivative liabilities | -65,240 | -38,510 |
Cash collateral | 0 | 0 |
Commodity derivative liabilities - current | -63,954 | -33,277 |
Commodity Contract | Commodity derivative liabilities - noncurrent | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Net derivative asset position, Fair value of derivatives | 49 | 130 |
Commodity derivative liabilities | -6,693 | -1,264 |
Cash collateral | 0 | 0 |
Commodity derivative liabilities - noncurrent | ($6,644) | ($1,134) |
Derivatives_Details_3
Derivatives (Details 3) (Sales, USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Sales | ' | ' |
Company's Consolidated Statement of Income gains and location of line items | ' | ' |
Gains on commodity derivatives included in sales and merchandising revenues | $138,787 | $40,214 |
Derivatives_Details_4
Derivatives (Details 4) | Dec. 31, 2013 | Dec. 31, 2012 |
lb | bu | |
Amounts of quantities outstanding included in commodity derivative contracts | ' | ' |
Nonmonetary notional amount | 25,911,000 | 426,616,000 |
Non-exchange traded: | ' | ' |
Amounts of quantities outstanding included in commodity derivative contracts | ' | ' |
Nonmonetary notional amount | 179,212,000 | 76,099,000 |
Non-exchange traded: | Corn | ' | ' |
Amounts of quantities outstanding included in commodity derivative contracts | ' | ' |
Nonmonetary notional amount | 185,978,000 | 0 |
Non-exchange traded: | Soybeans | ' | ' |
Amounts of quantities outstanding included in commodity derivative contracts | ' | ' |
Nonmonetary notional amount | 0 | 0 |
Non-exchange traded: | Wheat | ' | ' |
Amounts of quantities outstanding included in commodity derivative contracts | ' | ' |
Nonmonetary notional amount | 11,485,000 | 19,407,000 |
Non-exchange traded: | Oats | ' | ' |
Amounts of quantities outstanding included in commodity derivative contracts | ' | ' |
Nonmonetary notional amount | 0 | 0 |
Non-exchange traded: | Ethanol | ' | ' |
Amounts of quantities outstanding included in commodity derivative contracts | ' | ' |
Nonmonetary notional amount | 0 | 76,099,000 |
Non-exchange traded: | Corn oil | ' | ' |
Amounts of quantities outstanding included in commodity derivative contracts | ' | ' |
Nonmonetary notional amount | 0 | 0 |
Non-exchange traded: | Other | ' | ' |
Amounts of quantities outstanding included in commodity derivative contracts | ' | ' |
Nonmonetary notional amount | 89,000 | 0 |
Exchange traded: | ' | ' |
Amounts of quantities outstanding included in commodity derivative contracts | ' | ' |
Nonmonetary notional amount | 0 | 3,795,000 |
Exchange traded: | Corn | ' | ' |
Amounts of quantities outstanding included in commodity derivative contracts | ' | ' |
Nonmonetary notional amount | 0 | 106,305,000 |
Exchange traded: | Soybeans | ' | ' |
Amounts of quantities outstanding included in commodity derivative contracts | ' | ' |
Nonmonetary notional amount | 0 | 0 |
Exchange traded: | Wheat | ' | ' |
Amounts of quantities outstanding included in commodity derivative contracts | ' | ' |
Nonmonetary notional amount | 23,980,000 | 0 |
Exchange traded: | Oats | ' | ' |
Amounts of quantities outstanding included in commodity derivative contracts | ' | ' |
Nonmonetary notional amount | 6,820,000 | 4,345,000 |
Exchange traded: | Bean Oil | ' | ' |
Amounts of quantities outstanding included in commodity derivative contracts | ' | ' |
Nonmonetary notional amount | ' | 0 |
Exchange traded: | Ethanol | ' | ' |
Amounts of quantities outstanding included in commodity derivative contracts | ' | ' |
Nonmonetary notional amount | 0 | 0 |
Exchange traded: | Other | ' | ' |
Amounts of quantities outstanding included in commodity derivative contracts | ' | ' |
Nonmonetary notional amount | ' | 0 |
Derivatives_Details_5
Derivatives (Details 5) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2013 |
Caps | ' |
Open interest rate contracts | ' |
Year Entered | '2012 |
Year of Maturity | '2014 |
Initial Notional Amount (in millions) | $40 |
Hedged Item | 'Interest rate component of debt - not accounted for as a hedge |
Swap | ' |
Open interest rate contracts | ' |
Year Entered | '2006 |
Year of Maturity | '2016 |
Initial Notional Amount (in millions) | 4 |
Hedged Item | 'Interest rate component of an operating lease - not accounted for as a hedge |
Interest Rate | 5.20% |
Swap | ' |
Open interest rate contracts | ' |
Year Entered | '2006 |
Year of Maturity | '2016 |
Initial Notional Amount (in millions) | 14 |
Hedged Item | 'Interest rate component of debt - accounted for as cash flow hedge |
Interest Rate | 6.00% |
Swap | ' |
Open interest rate contracts | ' |
Year Entered | '2012 |
Year of Maturity | '2023 |
Initial Notional Amount (in millions) | 23 |
Hedged Item | 'Interest rate component of debt - not accounted for as a hedge |
Interest Rate | 4.40% |
Cap | ' |
Open interest rate contracts | ' |
Year Entered | '2012 |
Year of Maturity | '2015 |
Initial Notional Amount (in millions) | 10 |
Hedged Item | 'Interest rate component of debt - not accounted for as a hedge |
Interest Rate | 0.90% |
Cap | ' |
Open interest rate contracts | ' |
Year Entered | '2012 |
Year of Maturity | '2016 |
Initial Notional Amount (in millions) | 10 |
Hedged Item | 'Interest rate component of debt - not accounted for as a hedge |
Interest Rate | 1.50% |
Cap | ' |
Open interest rate contracts | ' |
Year Entered | '2013 |
Year of Maturity | '2021 |
Initial Notional Amount (in millions) | 20 |
Hedged Item | 'Interest rate component of debt - not accounted for as a hedge |
Interest Rate | 0.80% |
Collar | ' |
Open interest rate contracts | ' |
Year Entered | '2013 |
Year of Maturity | '2021 |
Initial Notional Amount (in millions) | $40 |
Hedged Item | 'Interest rate component of debt - not accounted for as a hedge |
Minimum | Caps | ' |
Open interest rate contracts | ' |
Interest Rate | 0.80% |
Minimum | Collar | ' |
Open interest rate contracts | ' |
Interest Rate | 2.90% |
Maximum | Caps | ' |
Open interest rate contracts | ' |
Interest Rate | 1.40% |
Maximum | Collar | ' |
Open interest rate contracts | ' |
Interest Rate | 4.80% |
Derivatives_Details_6
Derivatives (Details 6) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Derivatives not designated as hedging instruments | ' | ' |
Interest rate contracts included in other assets | $1,179 | $23 |
Interest rate contracts included in other long term liabilities | -302 | -592 |
Total fair value of interest rate derivatives not designated as hedging instruments | 877 | -569 |
Derivatives designated as hedging instruments | ' | ' |
Interest rate contract included in other long term liabilities | -1,036 | -1,540 |
Total fair value of interest rate derivatives designated as hedging instruments | ($1,036) | ($1,540) |
Derivatives_Details_7
Derivatives (Details 7) (Interest expense, USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Interest expense | ' | ' |
Gains (losses) included in the Company's Consolidated Statements of Income and interest rate derivatives not designated as hedging instruments | ' | ' |
Interest expense | $1,409 | ($350) |
Derivatives_Details_Textual
Derivatives (Details Textual) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ' | ' |
Maximum period in which contracts for the sale of grain to processors or other consumers extend | '1 year | ' | ' |
Estimated fair value of inventory | $0.30 | $7.70 | ' |
Amount reclassified from accumulated and other comprehensive income | 0.5 | 0.3 | -0.1 |
Amount to be reclassified from accumulated and other comprehensive income in next twelve months | ($0.50) | ' | ' |
Earnings_Per_Share_Details
Earnings Per Share (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Earnings Per Share [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income attributable to The Andersons, Inc. | $30,661 | $17,161 | $29,539 | $12,578 | $14,990 | $16,884 | $29,199 | $18,407 | $89,939 | $79,480 | $95,106 |
Less: Distributed and undistributed earnings allocated to nonvested restricted stock | ' | ' | ' | ' | ' | ' | ' | ' | 357 | 389 | 369 |
Earnings available to common shareholders | ' | ' | ' | ' | ' | ' | ' | ' | $89,582 | $79,091 | $94,737 |
Earnings per share – basic: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average shares outstanding – basic | ' | ' | ' | ' | ' | ' | ' | ' | 27,986,000 | 27,784,000 | 27,686,000 |
Earnings per share-basic (in dollars per share) | $1.09 | $0.61 | $1.05 | $0.45 | $0.54 | $0.61 | $1.05 | $0.66 | $3.20 | $2.85 | $3.42 |
Earnings per share – diluted: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average shares outstanding – basic | ' | ' | ' | ' | ' | ' | ' | ' | 27,986,000 | 27,784,000 | 27,686,000 |
Effect of dilutive awards (shares) | ' | ' | ' | ' | ' | ' | ' | ' | 200,000 | 255,000 | 243,000 |
Weighted average shares outstanding – diluted | ' | ' | ' | ' | ' | ' | ' | ' | 28,186,000 | 28,039,000 | 27,929,000 |
Earnings per share-diluted (in dollars per share) | $1.08 | $0.61 | $1.05 | $0.45 | $0.53 | $0.60 | $1.04 | $0.65 | $3.18 | $2.82 | $3.39 |
Earnings Per Share (Textual) [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Antidilutive stock-based awards outstanding (shares) | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Employee_Benefit_Plans_Details
Employee Benefit Plans (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Change in plan assets | ' | ' | ' |
Fair value of plan assets at beginning of year | $99,857 | ' | ' |
Company contributions | 1,500 | ' | ' |
Fair value of plan assets at end of year | 110,862 | ' | ' |
Pension Benefits | ' | ' | ' |
Change in benefit obligation | ' | ' | ' |
Benefit obligation at beginning of year | 117,890 | 109,976 | ' |
Service cost | 0 | 0 | 0 |
Interest cost | 4,227 | 4,496 | 4,578 |
Actuarial (gains) losses | -15,393 | 5,560 | ' |
Participant contributions | 0 | 0 | ' |
Retiree drug subsidy received | 0 | 0 | ' |
Benefits paid | -3,112 | -2,142 | ' |
Benefit obligation at end of year | 103,612 | 117,890 | 109,976 |
Change in plan assets | ' | ' | ' |
Fair value of plan assets at beginning of year | 99,857 | 87,605 | ' |
Actual gains on plan assets | 12,487 | 11,178 | ' |
Company contributions | 1,630 | 3,216 | ' |
Participant contributions | 0 | 0 | ' |
Benefits paid | -3,112 | -2,142 | ' |
Fair value of plan assets at end of year | 110,862 | 99,857 | 87,605 |
Over (under) funded status of plans at end of year | 7,250 | -18,033 | ' |
Postretirement Benefits | ' | ' | ' |
Change in benefit obligation | ' | ' | ' |
Benefit obligation at beginning of year | 36,054 | 31,558 | ' |
Service cost | 841 | 752 | 555 |
Interest cost | 1,366 | 1,319 | 1,285 |
Actuarial (gains) losses | -4,359 | 2,969 | ' |
Participant contributions | 514 | 487 | ' |
Retiree drug subsidy received | 61 | 168 | ' |
Benefits paid | -1,094 | -1,199 | ' |
Benefit obligation at end of year | 33,383 | 36,054 | 31,558 |
Change in plan assets | ' | ' | ' |
Fair value of plan assets at beginning of year | 0 | 0 | ' |
Actual gains on plan assets | 0 | 0 | ' |
Company contributions | 580 | 712 | ' |
Participant contributions | 514 | 487 | ' |
Benefits paid | -1,094 | -1,199 | ' |
Fair value of plan assets at end of year | 0 | 0 | 0 |
Over (under) funded status of plans at end of year | ($33,383) | ($36,054) | ' |
Employee_Benefit_Plans_Details1
Employee Benefit Plans (Details 1) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Amounts recognized in the consolidated balance sheets | ' | ' |
Employee benefit plan assets | $14,328 | $0 |
Employee benefit plan obligations | -39,477 | -53,131 |
Pension Benefits | ' | ' |
Amounts recognized in the consolidated balance sheets | ' | ' |
Accrued expenses | -254 | -202 |
Employee benefit plan assets | 14,328 | 0 |
Employee benefit plan obligations | -6,824 | -17,831 |
Net amount recognized | 7,250 | -18,033 |
Postretirement Benefits | ' | ' |
Amounts recognized in the consolidated balance sheets | ' | ' |
Accrued expenses | -1,244 | -1,241 |
Employee benefit plan assets | 0 | 0 |
Employee benefit plan obligations | -32,139 | -34,813 |
Net amount recognized | ($33,383) | ($36,054) |
Employee_Benefit_Plans_Details2
Employee Benefit Plans (Details 2) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
Pension Benefits | ' |
Details of the pre-tax amounts recognized in accumulated other comprehensive loss | ' |
Balance at beginning of year, Unamortized Actuarial Net Losses | $59,941 |
Balance at beginning of year, Unamortized Prior Service Costs | 0 |
Amounts arising during the period, Unamortized Actuarial Net Losses | -20,875 |
Amounts arising during the period, Unamortized Prior Service Costs | 0 |
Amounts recognized as a component of net periodic benefit cost, Unamortized Actuarial Net Losses | -1,530 |
Amounts recognized as a component of net periodic benefit cost, Unamortized Prior Service Costs | 0 |
Balance at end of year, Unamortized Actuarial Net Losses | 37,536 |
Balance at end of year, Unamortized Prior Service Costs | 0 |
Postretirement Benefits | ' |
Details of the pre-tax amounts recognized in accumulated other comprehensive loss | ' |
Balance at beginning of year, Unamortized Actuarial Net Losses | 17,570 |
Balance at beginning of year, Unamortized Prior Service Costs | -1,984 |
Amounts arising during the period, Unamortized Actuarial Net Losses | -4,359 |
Amounts arising during the period, Unamortized Prior Service Costs | 0 |
Amounts recognized as a component of net periodic benefit cost, Unamortized Actuarial Net Losses | -1,473 |
Amounts recognized as a component of net periodic benefit cost, Unamortized Prior Service Costs | 543 |
Balance at end of year, Unamortized Actuarial Net Losses | 11,738 |
Balance at end of year, Unamortized Prior Service Costs | ($1,441) |
Employee_Benefit_Plans_Details3
Employee Benefit Plans (Details 3) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
Amounts in accumulated other comprehensive loss that are expected to be recognized as components of net periodic benefit cost | ' |
Prior service cost | ($543) |
Net actuarial loss | 3,003 |
Pension Benefits | ' |
Amounts in accumulated other comprehensive loss that are expected to be recognized as components of net periodic benefit cost | ' |
Prior service cost | 0 |
Net actuarial loss | 1,530 |
Postretirement Benefits | ' |
Amounts in accumulated other comprehensive loss that are expected to be recognized as components of net periodic benefit cost | ' |
Prior service cost | -543 |
Net actuarial loss | $1,473 |
Employee_Benefit_Plans_Details4
Employee Benefit Plans (Details 4) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Amounts applicable to the Company's defined benefit plans with accumulated benefit obligations in excess of plan assets | ' | ' |
Projected benefit obligation | $7,078 | $117,890 |
Accumulated benefit obligation | $7,078 | $117,890 |
Employee_Benefit_Plans_Details5
Employee Benefit Plans (Details 5) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Combined benefits expected to be paid for all Company defined benefit plans | ' |
Medicare Part D Subsidy, 2014 | ($155) |
Medicare Part D Subsidy, 2015 | -175 |
Medicare Part D Subsidy, 2016 | -200 |
Medicare Part D Subsidy, 2017 | -229 |
Medicare Part D Subsidy, 2018 | -260 |
Medicare Part D Subsidy, 2019-2023 | -1,832 |
Pension Benefits | ' |
Combined benefits expected to be paid for all Company defined benefit plans | ' |
2014 | 4,155 |
2015 | 4,891 |
2016 | 5,194 |
2017 | 6,046 |
2018 | 6,299 |
2019-2023 | 33,076 |
Expected Postretirement Benefit Payout | ' |
Combined benefits expected to be paid for all Company defined benefit plans | ' |
2014 | 1,399 |
2015 | 1,505 |
2016 | 1,609 |
2017 | 1,718 |
2018 | 1,817 |
2019-2023 | $10,683 |
Employee_Benefit_Plans_Details6
Employee Benefit Plans (Details 6) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Pension Benefits | ' | ' | ' |
Components of the net periodic benefit cost | ' | ' | ' |
Service cost | $0 | $0 | $0 |
Interest cost | 4,227 | 4,496 | 4,578 |
Expected return on plan assets | -7,005 | -6,145 | -6,236 |
Recognized net actuarial loss | 1,530 | 1,497 | 940 |
Benefit cost (income) | -1,248 | -152 | -718 |
Postretirement Benefits | ' | ' | ' |
Components of the net periodic benefit cost | ' | ' | ' |
Service cost | 841 | 752 | 555 |
Interest cost | 1,366 | 1,319 | 1,285 |
Expected return on plan assets | -543 | -543 | -543 |
Recognized net actuarial loss | 1,473 | 1,280 | 901 |
Benefit cost (income) | $3,137 | $2,808 | $2,198 |
Employee_Benefit_Plans_Details7
Employee Benefit Plans (Details 7) | 12 Months Ended | |||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||||
Pension Benefits | ' | ' | ' | |||
Used to Determine Benefit Obligations at Measurement Date | ' | ' | ' | |||
Discount rate | 4.70% | [1] | 3.80% | [1] | 4.30% | [1] |
Used to Determine Net Periodic Benefit Cost for Years ended December 31 | ' | ' | ' | |||
Discount rate | 3.80% | [2] | 4.30% | [2] | 5.20% | [2] |
Expected long-term return on plan assets | 7.25% | 7.25% | 7.80% | |||
Rate of compensation increases | ' | ' | 3.50% | |||
Postretirement Benefits | ' | ' | ' | |||
Used to Determine Benefit Obligations at Measurement Date | ' | ' | ' | |||
Discount rate | 4.80% | [1] | 3.90% | [1] | 4.30% | [1] |
Used to Determine Net Periodic Benefit Cost for Years ended December 31 | ' | ' | ' | |||
Discount rate | 3.90% | [2] | 4.30% | [2] | 5.30% | [2] |
Expected long-term return on plan assets | 0.00% | 0.00% | 0.00% | |||
Rate of compensation increases | 0.00% | 0.00% | 0.00% | |||
[1] | In 2013, 2012 and 2011, the calculated discount rate for the unfunded pension plan was different than the defined benefit pension plan. The calculated rate for the supplemental employee retirement plan was 2.90%, 2.10% and 3.20% in 2013, 2012 and 2011, respectively. | |||||
[2] | In 2013, 2012 and 2011, the calculated discount rate for the unfunded pension plan was different than the defined benefit pension plan. The calculated rate for the supplemental employee retirement plan was 2.10%, 3.20% and 4.20% in 2013, 2012 and 2011, respectively. |
Employee_Benefit_Plans_Details8
Employee Benefit Plans (Details 8) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Assumed Health Care Cost Trend Rates at Beginning of Year | ' | ' |
Health care cost trend rate assumed for next year | 6.50% | 7.00% |
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) | 5.00% | 5.00% |
Year that the rate reaches the ultimate trend rate | '2017 | '2017 |
Employee_Benefit_Plans_Details9
Employee Benefit Plans (Details 9) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
Effects of one-percentage-point change in the assumed health care cost trend rate | ' |
Effect on total service and interest cost components in 2013, One Percentage Point Increase | $0 |
Effect on total service and interest cost components in 2013, One Percentage Point Decrease | 0 |
Effect on postretirement benefit obligation as of December 31, 2013, One Percentage Point Increase | -116 |
Effect on postretirement benefit obligation as of December 31, 2013, One Percentage Point Decrease | $101 |
Recovered_Sheet1
Employee Benefit Plans (Details 10) | Dec. 31, 2013 | Dec. 31, 2012 |
Asset Category | ' | ' |
Wieghted average asset allocations | 100.00% | 100.00% |
Equity securities | ' | ' |
Asset Category | ' | ' |
Wieghted average asset allocations | 51.00% | 54.00% |
Fixed income securities | ' | ' |
Asset Category | ' | ' |
Wieghted average asset allocations | 48.00% | 45.00% |
Cash and equivalents | ' | ' |
Asset Category | ' | ' |
Wieghted average asset allocations | 1.00% | 1.00% |
Recovered_Sheet2
Employee Benefit Plans (Details 11) | 12 Months Ended |
Dec. 31, 2013 | |
Equity based | ' |
Percentage of Total Portfolio Market Value | ' |
Equity Securities, Single Securities (less than 5%) | 5.00% |
Equity Securities, Minimum | 30.00% |
Equity Securities, Maximum | 70.00% |
Fixed income securities | ' |
Percentage of Total Portfolio Market Value | ' |
Equity Securities, Single Securities (less than 5%) | 5.00% |
Equity Securities, Minimum | 20.00% |
Equity Securities, Maximum | 70.00% |
Cash and equivalents | ' |
Percentage of Total Portfolio Market Value | ' |
Cash and equivalents, Single securities (less than 5%) | 5.00% |
Cash and equivalents, Minimum | 1.00% |
Cash and equivalents, Maximum | 5.00% |
Alternative investments | ' |
Percentage of Total Portfolio Market Value | ' |
Alternative Investments, Single securities (less than 5%) | 5.00% |
Alternative Investments, Minimum | 0.00% |
Alternative Investments, Maximum | 20.00% |
Recovered_Sheet3
Employee Benefit Plans (Details 12) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Employee Benefit Plans [Line Items] | ' | ' |
Fair value of the assets (by asset category) in the Company's defined benefit pension plan | $110,862 | $99,857 |
Level 1 | ' | ' |
Employee Benefit Plans [Line Items] | ' | ' |
Fair value of the assets (by asset category) in the Company's defined benefit pension plan | 15,898 | 12,909 |
Level 2 | ' | ' |
Employee Benefit Plans [Line Items] | ' | ' |
Fair value of the assets (by asset category) in the Company's defined benefit pension plan | 94,964 | 86,948 |
Level 3 | ' | ' |
Employee Benefit Plans [Line Items] | ' | ' |
Fair value of the assets (by asset category) in the Company's defined benefit pension plan | 0 | 0 |
Mutual funds | ' | ' |
Employee Benefit Plans [Line Items] | ' | ' |
Fair value of the assets (by asset category) in the Company's defined benefit pension plan | 15,898 | 12,909 |
Mutual funds | Level 1 | ' | ' |
Employee Benefit Plans [Line Items] | ' | ' |
Fair value of the assets (by asset category) in the Company's defined benefit pension plan | 15,898 | 12,909 |
Mutual funds | Level 2 | ' | ' |
Employee Benefit Plans [Line Items] | ' | ' |
Fair value of the assets (by asset category) in the Company's defined benefit pension plan | 0 | 0 |
Mutual funds | Level 3 | ' | ' |
Employee Benefit Plans [Line Items] | ' | ' |
Fair value of the assets (by asset category) in the Company's defined benefit pension plan | 0 | 0 |
Money market fund | ' | ' |
Employee Benefit Plans [Line Items] | ' | ' |
Fair value of the assets (by asset category) in the Company's defined benefit pension plan | 987 | 779 |
Money market fund | Level 1 | ' | ' |
Employee Benefit Plans [Line Items] | ' | ' |
Fair value of the assets (by asset category) in the Company's defined benefit pension plan | 0 | 0 |
Money market fund | Level 2 | ' | ' |
Employee Benefit Plans [Line Items] | ' | ' |
Fair value of the assets (by asset category) in the Company's defined benefit pension plan | 987 | 779 |
Money market fund | Level 3 | ' | ' |
Employee Benefit Plans [Line Items] | ' | ' |
Fair value of the assets (by asset category) in the Company's defined benefit pension plan | 0 | 0 |
Equity based | ' | ' |
Employee Benefit Plans [Line Items] | ' | ' |
Fair value of the assets (by asset category) in the Company's defined benefit pension plan | 40,702 | 40,807 |
Equity based | Level 1 | ' | ' |
Employee Benefit Plans [Line Items] | ' | ' |
Fair value of the assets (by asset category) in the Company's defined benefit pension plan | 0 | 0 |
Equity based | Level 2 | ' | ' |
Employee Benefit Plans [Line Items] | ' | ' |
Fair value of the assets (by asset category) in the Company's defined benefit pension plan | 40,702 | 40,807 |
Equity based | Level 3 | ' | ' |
Employee Benefit Plans [Line Items] | ' | ' |
Fair value of the assets (by asset category) in the Company's defined benefit pension plan | 0 | 0 |
Fixed income securities | ' | ' |
Employee Benefit Plans [Line Items] | ' | ' |
Fair value of the assets (by asset category) in the Company's defined benefit pension plan | 53,275 | 45,362 |
Fixed income securities | Level 1 | ' | ' |
Employee Benefit Plans [Line Items] | ' | ' |
Fair value of the assets (by asset category) in the Company's defined benefit pension plan | 0 | 0 |
Fixed income securities | Level 2 | ' | ' |
Employee Benefit Plans [Line Items] | ' | ' |
Fair value of the assets (by asset category) in the Company's defined benefit pension plan | 53,275 | 45,362 |
Fixed income securities | Level 3 | ' | ' |
Employee Benefit Plans [Line Items] | ' | ' |
Fair value of the assets (by asset category) in the Company's defined benefit pension plan | $0 | $0 |
Recovered_Sheet4
Employee Benefit Plans (Details Textual) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Employee Benefit Plan Obligations (Textual) [Abstract] | ' | ' | ' |
Company's expense for its defined contribution plans | $10,300,000 | $8,800,000 | $7,800,000 |
Contributions to the defined benefit pension plan | $1,500,000 | ' | ' |
Supplemental Employee Retirement Plan | ' | ' | ' |
Employee Benefit Plan Obligations (Textual) [Abstract] | ' | ' | ' |
Calculated rate for the supplemental employee retirement plan | 2.90% | 2.10% | 3.20% |
Discount rate | 2.10% | 3.20% | 4.20% |
Segment_Information_Details
Segment Information (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Sales and merchandising revenues | $1,584,266 | $1,181,374 | $1,566,964 | $1,271,970 | $1,680,641 | $1,138,402 | $1,315,834 | $1,137,133 | $5,604,574 | $5,272,010 | $4,576,331 | |||||
Inter-segment sales | ' | ' | ' | ' | ' | ' | ' | ' | 20,220 | 19,516 | 19,184 | |||||
Interest expense (income) | ' | ' | ' | ' | ' | ' | ' | ' | 20,860 | 22,155 | 25,256 | |||||
Equity in earnings of affiliates, net | ' | ' | ' | ' | ' | ' | ' | ' | 68,705 | 16,487 | 41,450 | |||||
Other income, net | ' | ' | ' | ' | ' | ' | ' | ' | 14,876 | 14,725 | 7,922 | |||||
Income (loss) before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 149,513 | 120,133 | 147,878 | |||||
Identifiable assets | 2,273,556 | ' | ' | ' | 2,182,304 | ' | ' | ' | 2,273,556 | 2,182,304 | 1,734,123 | |||||
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 46,786 | 69,017 | 44,162 | |||||
Payments to Acquire Businesses and Interest in Affiliates | ' | ' | ' | ' | ' | ' | ' | ' | 64,501 | 220,257 | 2,486 | |||||
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 55,307 | 48,977 | 40,837 | |||||
Grain | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Sales and merchandising revenues | ' | ' | ' | ' | ' | ' | ' | ' | 3,617,943 | 3,293,632 | 2,849,358 | |||||
Inter-segment sales | ' | ' | ' | ' | ' | ' | ' | ' | 1 | 409 | 2 | |||||
Interest expense (income) | ' | ' | ' | ' | ' | ' | ' | ' | 9,567 | 12,174 | 13,277 | |||||
Equity in earnings of affiliates, net | ' | ' | ' | ' | ' | ' | ' | ' | 33,122 | 29,080 | 23,748 | |||||
Other income, net | ' | ' | ' | ' | ' | ' | ' | ' | 2,120 | 2,548 | 2,462 | |||||
Income (loss) before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 46,805 | 63,597 | 87,288 | |||||
Identifiable assets | 921,914 | [1] | ' | ' | ' | 1,076,986 | [1] | ' | ' | ' | 921,914 | [1] | 1,076,986 | [1] | 883,395 | [1] |
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 8,535 | 30,178 | 24,284 | |||||
Payments to Acquire Businesses and Interest in Affiliates | ' | ' | ' | ' | ' | ' | ' | ' | 51,544 | 116,888 | 0 | |||||
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 15,620 | [2] | 9,554 | [2] | 9,625 | [2] | ||
Ethanol | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Sales and merchandising revenues | ' | ' | ' | ' | ' | ' | ' | ' | 831,965 | 742,929 | 641,546 | |||||
Interest expense (income) | ' | ' | ' | ' | ' | ' | ' | ' | 1,038 | 759 | 1,048 | |||||
Equity in earnings of affiliates, net | ' | ' | ' | ' | ' | ' | ' | ' | 35,583 | -12,598 | 17,715 | |||||
Other income, net | ' | ' | ' | ' | ' | ' | ' | ' | 399 | 53 | 159 | |||||
Income (loss) before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 50,600 | -3,720 | 23,344 | |||||
Identifiable assets | 229,797 | [3] | ' | ' | ' | 206,975 | [3] | ' | ' | ' | 229,797 | [3] | 206,975 | [3] | 148,975 | [3] |
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 4,052 | 1,966 | 0 | |||||
Payments to Acquire Businesses and Interest in Affiliates | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 77,400 | 0 | |||||
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 5,909 | [4] | 5,003 | [4] | 382 | [4] | ||
Plant Nutrient | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Sales and merchandising revenues | ' | ' | ' | ' | ' | ' | ' | ' | 708,654 | 797,033 | 690,631 | |||||
Inter-segment sales | ' | ' | ' | ' | ' | ' | ' | ' | 17,537 | 16,135 | 16,527 | |||||
Interest expense (income) | ' | ' | ' | ' | ' | ' | ' | ' | 3,312 | 2,832 | 3,517 | |||||
Equity in earnings of affiliates, net | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 5 | -13 | |||||
Other income, net | ' | ' | ' | ' | ' | ' | ' | ' | 1,093 | 1,917 | 704 | |||||
Income (loss) before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 27,275 | 39,254 | 38,267 | |||||
Identifiable assets | 268,238 | [3] | ' | ' | ' | 257,980 | [3] | ' | ' | ' | 268,238 | [3] | 257,980 | [3] | 240,543 | [3] |
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 17,094 | 18,038 | 13,296 | |||||
Payments to Acquire Businesses and Interest in Affiliates | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 15,286 | 2,386 | |||||
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 14,143 | 12,014 | 9,913 | |||||
Rail | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Sales and merchandising revenues | ' | ' | ' | ' | ' | ' | ' | ' | 164,794 | 156,426 | 107,459 | |||||
Inter-segment sales | ' | ' | ' | ' | ' | ' | ' | ' | 427 | 622 | 593 | |||||
Interest expense (income) | ' | ' | ' | ' | ' | ' | ' | ' | 5,544 | 4,807 | 5,677 | |||||
Other income, net | ' | ' | ' | ' | ' | ' | ' | ' | 7,666 | 7,136 | 2,866 | |||||
Income (loss) before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 42,785 | 42,841 | 9,778 | |||||
Identifiable assets | 312,654 | [3] | ' | ' | ' | 289,467 | [3] | ' | ' | ' | 312,654 | [3] | 289,467 | [3] | 246,188 | [3] |
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 4,135 | 3,896 | 1,478 | |||||
Payments to Acquire Businesses and Interest in Affiliates | ' | ' | ' | ' | ' | ' | ' | ' | 7,804 | 0 | 0 | |||||
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 12,031 | 15,929 | 14,780 | |||||
Turf & Specialty | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Sales and merchandising revenues | ' | ' | ' | ' | ' | ' | ' | ' | 140,512 | 131,026 | 129,716 | |||||
Inter-segment sales | ' | ' | ' | ' | ' | ' | ' | ' | 2,255 | 2,350 | 2,062 | |||||
Interest expense (income) | ' | ' | ' | ' | ' | ' | ' | ' | 1,237 | 1,233 | 1,381 | |||||
Other income, net | ' | ' | ' | ' | ' | ' | ' | ' | 690 | 784 | 880 | |||||
Income (loss) before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 4,744 | 2,216 | 2,000 | |||||
Identifiable assets | 89,939 | [3] | ' | ' | ' | 82,683 | [3] | ' | ' | ' | 89,939 | [3] | 82,683 | [3] | 69,487 | [3] |
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 6,563 | 5,043 | 2,089 | |||||
Payments to Acquire Businesses and Interest in Affiliates | ' | ' | ' | ' | ' | ' | ' | ' | 4,103 | 10,683 | 0 | |||||
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 3,070 | 2,117 | 1,801 | |||||
Retail | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Sales and merchandising revenues | ' | ' | ' | ' | ' | ' | ' | ' | 140,706 | 150,964 | 157,621 | |||||
Interest expense (income) | ' | ' | ' | ' | ' | ' | ' | ' | 689 | 776 | 899 | |||||
Other income, net | ' | ' | ' | ' | ' | ' | ' | ' | 501 | 554 | 638 | |||||
Income (loss) before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | -7,534 | -3,951 | -1,520 | |||||
Identifiable assets | 44,910 | [5] | ' | ' | ' | 51,772 | [5] | ' | ' | ' | 44,910 | [5] | 51,772 | [5] | 52,018 | [5] |
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 2,944 | 2,794 | 1,230 | |||||
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 3,119 | 3,002 | 2,770 | |||||
Other Segments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Interest expense (income) | ' | ' | ' | ' | ' | ' | ' | ' | -527 | -426 | -543 | |||||
Other income, net | ' | ' | ' | ' | ' | ' | ' | ' | 2,407 | 1,733 | 213 | |||||
Income (loss) before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | -20,925 | -16,189 | -12,998 | |||||
Identifiable assets | 406,104 | [6] | ' | ' | ' | 216,441 | [6] | ' | ' | ' | 406,104 | [6] | 216,441 | [6] | 93,517 | [6] |
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 3,463 | 7,102 | 1,785 | |||||
Payments to Acquire Businesses and Interest in Affiliates | ' | ' | ' | ' | ' | ' | ' | ' | 1,050 | 0 | 100 | |||||
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 1,415 | 1,358 | 1,566 | |||||
Noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Income (loss) before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | $5,763 | ($3,915) | $1,719 | |||||
[1] | Decrease related to impact of prices on receivables and commodity derivative assets and lower inventory levels | |||||||||||||||
[2] | Increase driven by acquisition of GPG in December 2012 | |||||||||||||||
[3] | See Note 12. Business Acquisitions for identifiable assets acquired during the periods presented | |||||||||||||||
[4] | Increase driven by acquisition of TADE in May 2012 | |||||||||||||||
[5] | Decrease related to closing of the Woodville store in the first quarter of 2013 and asset impairments described in Note 3. Property, Plant, and Equipment | |||||||||||||||
[6] | Change driven by increase in cash and cash equivalents and capitalized software |
Segment_Information_Details_Te
Segment Information (Details Textual) (USD $) | 12 Months Ended | 12 Months Ended | 12 Months Ended | 1 Months Ended | |||||||||||||||||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2012 | |||||||||
segment | Plant Nutrient | Plant Nutrient | Plant Nutrient | Grain | Grain | Grain | Rail | Rail | Rail | Railcar | Railcar | Canada | Canada | Canada | Mexico | Mexico | Mexico | Green Plains Grain Company | Green Plains Grain Company | ||||||||||||
Rail | Rail | Rail | Rail | Rail | Rail | Plant Nutrient | |||||||||||||||||||||||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||
Number of reportable segments (business segments) | 6 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||
Identifiable assets | $2,273,556 | $2,182,304 | $1,734,123 | $268,238 | [1] | $257,980 | [1] | $240,543 | [1] | $921,914 | [2] | $1,076,986 | [2] | $883,395 | [2] | $312,654 | [1] | $289,467 | [1] | $246,188 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | $28,000 |
Revenues | ' | ' | ' | ' | ' | ' | 220,000 | 261,800 | 164,800 | ' | ' | ' | ' | ' | 8,700 | 10,600 | 13,300 | ' | ' | ' | 40,477 | ' | |||||||||
Railcar assets leased to others, net | 240,621 | 228,330 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 18,300 | 38,500 | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||
Rental and service income-operating leases | $78,979 | $77,916 | $68,124 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $400 | $400 | $400 | ' | ' | |||||||||
[1] | See Note 12. Business Acquisitions for identifiable assets acquired during the periods presented | ||||||||||||||||||||||||||||||
[2] | Decrease related to impact of prices on receivables and commodity derivative assets and lower inventory levels |
Related_Party_Transactions_Det
Related Party Transactions (Details 1) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales | $1,584,266 | $1,181,374 | $1,566,964 | $1,271,970 | $1,680,641 | $1,138,402 | $1,315,834 | $1,137,133 | $5,604,574 | $5,272,010 | $4,576,331 | ' |
Gross profit | 109,577 | 73,146 | 103,229 | 79,273 | 91,169 | 78,316 | 102,650 | 85,870 | 365,225 | 358,005 | 352,852 | ' |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | 95,702 | 75,565 | 96,825 | ' |
Current assets | 1,221,784 | ' | ' | ' | 1,297,153 | ' | ' | ' | 1,221,784 | 1,297,153 | ' | ' |
Current liabilities | 992,333 | ' | ' | ' | 992,807 | ' | ' | ' | 992,333 | 992,807 | ' | ' |
Noncontrolling interests | 724,421 | ' | ' | ' | 611,445 | ' | ' | ' | 724,421 | 611,445 | 538,842 | 464,559 |
Subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales | ' | ' | ' | ' | ' | ' | ' | ' | 10,232,395 | 8,080,741 | 6,935,755 | ' |
Gross profit | ' | ' | ' | ' | ' | ' | ' | ' | 305,016 | 130,241 | 165,793 | ' |
Income from continuing operations | ' | ' | ' | ' | ' | ' | ' | ' | 148,583 | 34,161 | 90,510 | ' |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | 144,699 | 32,451 | 87,673 | ' |
Current assets | 1,406,200 | ' | ' | ' | 1,266,311 | ' | ' | ' | 1,406,200 | 1,266,311 | ' | ' |
Non-current assets | 508,319 | ' | ' | ' | 326,776 | ' | ' | ' | 508,319 | 326,776 | ' | ' |
Current liabilities | 1,040,762 | ' | ' | ' | 1,062,181 | ' | ' | ' | 1,040,762 | 1,062,181 | ' | ' |
Non-current liabilities | 244,910 | ' | ' | ' | 123,991 | ' | ' | ' | 244,910 | 123,991 | ' | ' |
Noncontrolling interests | $20,118 | ' | ' | ' | $22,745 | ' | ' | ' | $20,118 | $22,745 | ' | ' |
Related_Party_Transactions_Det1
Related Party Transactions (Details 2) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | ||
In Thousands, unless otherwise specified | ||||
Equity Method Investment Companys Investment Balance In Each Equity Method Investees By Entity [Abstract] | ' | ' | ||
Equity method investments | $291,109 | $190,908 | ||
The Andersons Albion Ethanol LLC | ' | ' | ||
Equity Method Investment Companys Investment Balance In Each Equity Method Investees By Entity [Abstract] | ' | ' | ||
Equity method investments | 40,194 | 30,227 | ||
The Andersons Clymers Ethanol LLC | ' | ' | ||
Equity Method Investment Companys Investment Balance In Each Equity Method Investees By Entity [Abstract] | ' | ' | ||
Equity method investments | 44,418 | 33,119 | ||
The Andersons Marathon Ethanol LLC | ' | ' | ||
Equity Method Investment Companys Investment Balance In Each Equity Method Investees By Entity [Abstract] | ' | ' | ||
Equity method investments | 46,811 | 32,996 | ||
Lansing Trade Group, LLC | ' | ' | ||
Equity Method Investment Companys Investment Balance In Each Equity Method Investees By Entity [Abstract] | ' | ' | ||
Equity method investments | 106,028 | 92,094 | ||
Thompsons Limited | ' | ' | ||
Equity Method Investment Companys Investment Balance In Each Equity Method Investees By Entity [Abstract] | ' | ' | ||
Equity method investments | 49,833 | [1] | 0 | [1] |
Other | ' | ' | ||
Equity Method Investment Companys Investment Balance In Each Equity Method Investees By Entity [Abstract] | ' | ' | ||
Equity method investments | $3,825 | $2,472 | ||
[1] | (a)Thompsons Limited and related U.S. operating company held by joint ventures |
Related_Party_Transactions_Det2
Related Party Transactions (Details 3) (USD $) | 12 Months Ended | ||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jul. 31, 2013 | |||
Income Earned From Companys Equity Method Investments By Entity [Abstract] | ' | ' | ' | ' | |||
Income earned from Company's equity method investees | $68,705 | $16,487 | $41,450 | ' | |||
Reduction in ownership percentage (percentage) | 2.00% | ' | ' | ' | |||
The Andersons Albion Ethanol LLC | ' | ' | ' | ' | |||
Income Earned From Companys Equity Method Investments By Entity [Abstract] | ' | ' | ' | ' | |||
Percentage of company ownership interest (percentage) | 53.00% | ' | ' | ' | |||
Income earned from Company's equity method investees | 10,469 | -497 | 5,285 | ' | |||
The Andersons Clymers Ethanol LLC | ' | ' | ' | ' | |||
Income Earned From Companys Equity Method Investments By Entity [Abstract] | ' | ' | ' | ' | |||
Percentage of company ownership interest (percentage) | 38.00% | ' | ' | ' | |||
Income earned from Company's equity method investees | 11,299 | -3,828 | 4,341 | ' | |||
The Andersons Marathon Ethanol LLC | ' | ' | ' | ' | |||
Income Earned From Companys Equity Method Investments By Entity [Abstract] | ' | ' | ' | ' | |||
Percentage of company ownership interest (percentage) | 50.00% | ' | ' | ' | |||
Income earned from Company's equity method investees | 13,815 | -8,273 | 8,089 | ' | |||
Lansing Trade Group, LLC | ' | ' | ' | ' | |||
Income Earned From Companys Equity Method Investments By Entity [Abstract] | ' | ' | ' | ' | |||
Percentage of company ownership interest (percentage) | 49.00% | [1] | ' | ' | ' | ||
Income earned from Company's equity method investees | 31,212 | 28,559 | 23,558 | ' | |||
Thompsons Limited | ' | ' | ' | ' | |||
Income Earned From Companys Equity Method Investments By Entity [Abstract] | ' | ' | ' | ' | |||
Percentage of company ownership interest (percentage) | 50.00% | [2] | ' | ' | 50.00% | ||
Income earned from Company's equity method investees | 1,634 | [2] | 0 | [2] | 0 | [2] | ' |
Other | ' | ' | ' | ' | |||
Income Earned From Companys Equity Method Investments By Entity [Abstract] | ' | ' | ' | ' | |||
Income earned from Company's equity method investees | $276 | $526 | $177 | ' | |||
Minimum | Other | ' | ' | ' | ' | |||
Income Earned From Companys Equity Method Investments By Entity [Abstract] | ' | ' | ' | ' | |||
Percentage of company ownership interest (percentage) | 5.00% | ' | ' | ' | |||
Maximum | Other | ' | ' | ' | ' | |||
Income Earned From Companys Equity Method Investments By Entity [Abstract] | ' | ' | ' | ' | |||
Percentage of company ownership interest (percentage) | 23.00% | ' | ' | ' | |||
[1] | This does not consider the restricted management units which once vested will reduced the ownership percentage by approximately 1.5%. | ||||||
[2] | Thompsons Limited and related U.S. operating company held by joint ventures |
Related_Party_Transactions_Det3
Related Party Transactions (Details 4) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Related party transactions entered into for the time periods presented | ' | ' | ' | |||
Sales revenues | $1,315,234 | $1,031,458 | $841,366 | |||
Service fee revenues | 23,536 | [1] | 22,165 | [1] | 22,850 | [1] |
Purchases of product | 704,948 | 655,686 | 636,144 | |||
Lease income | 6,223 | [2] | 6,995 | [2] | 6,128 | [2] |
Labor and benefits reimbursement | 10,613 | [3] | 12,140 | [3] | 10,784 | [3] |
Other expenses | 2,349 | [4] | 1,093 | [4] | 192 | [4] |
Accounts receivable | 21,979 | [5] | 28,610 | [5] | 14,730 | [5] |
Accounts payable | $19,887 | [6] | $17,804 | [6] | $24,530 | [6] |
[1] | Service fee revenues include management fee, corn origination fee, ethanol and DDG marketing fees, and other commissions. | |||||
[2] | Lease income includes the lease of the Company’s Albion, Michigan and Clymers, Indiana grain facilities as well as certain railcars to the unconsolidated ethanol LLCs and IANR. | |||||
[3] | The Company provides all operational labor to the unconsolidated ethanol LLCs and charges them an amount equal to the Company’s costs of the related services. | |||||
[4] | Other expenses include payments to IANR for repair facility rent and use of their railroad reporting mark, payment to LTG for the lease of railcars and other various expenses. | |||||
[5] | Accounts receivable represents amounts due from related parties for sales of corn, leasing revenue and service fees. | |||||
[6] | Accounts payable represents amounts due to related parties for purchases of ethanol and other various items. |
Related_Party_Transactions_Det4
Related Party Transactions (Details Textual) (USD $) | 12 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2007 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2009 | Jan. 31, 2007 | Jul. 31, 2013 | Dec. 31, 2013 | Jul. 31, 2013 | Jul. 31, 2013 | ||
Director | The Andersons Albion Ethanol LLC | The Andersons Marathon Ethanol LLC | The Andersons Marathon Ethanol LLC | The Andersons Marathon Ethanol LLC | Lux JV Hold Co [Member] | Thompsons Limited | Thompsons Limited | Lansing Trade Group [Member] | |||||
gal | gal | gal | |||||||||||
Entity | |||||||||||||
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Capacity of production facility gallon per year | 110,000,000 | ' | ' | ' | 55,000,000 | 110,000,000 | ' | ' | ' | ' | ' | ' | |
Percentage of company ownership interest (percentage) | ' | ' | ' | ' | 53.00% | 50.00% | ' | ' | 100.00% | 50.00% | [1] | 50.00% | ' |
Equity method investment ownership percentage transferred | ' | ' | ' | ' | ' | ' | 50.00% | 50.00% | ' | ' | ' | ' | |
Noncontrolling interest, ownership percentage by noncontrolling owners | ' | ' | ' | 34.00% | ' | ' | ' | ' | ' | ' | ' | ' | |
Additional investment for minority interest ownership by noncontrolling owners | ' | ' | ' | ' | ' | ' | $1,100,000 | ' | ' | ' | ' | ' | |
Number of ethanol entities | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Revenues recognized for sale of ethanol | 613,700,000 | 683,100,000 | 678,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Revenues recognized for sale of corn | 719,500,000 | 676,300,000 | 706,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Due from related parties | 9,200,000 | 9,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Receivables due from related parties due more than 30 days | 3,100 | 3,800 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Business Acquisition, Cost of Acquired Entity, Purchase Price | ' | ' | ' | ' | ' | ' | ' | ' | 152,000,000 | ' | 48,000,000 | 40,000,000 | |
Face amount of debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 64,000,000 | ' | |
number of locations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12 | ' | |
Total distributions received from unconsolidated affiliates | 17,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Undistributed earnings of equity method investments | 110,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Percentage of new shares acquired from subsidiary (percentage) | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Voting interest in IANR (percentage) | 49.90% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Voting interest held by the common shareholders (percentage) | 50.10% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Rate of dividends accrued annually (percentage) | 14.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Estimated fair value of the Company's investment in IANR | 25,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Impact on total comprehensive income for overstatement of the estimated value of the investment in IANR | 5,292,000 | -1,978,000 | 2,860,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Number of board of directors (directors) | 5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Directors from the Company (directors) | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Directors from common shareholders (directors) | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Independent director (directors) | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Number of board of directors required to take key decision (directors) | 4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Current maximum exposure to loss related to IANR | 31,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Investment and unpaid accrued dividends | 5,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Related party, Gross asset | 8,900,000 | 3,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Related party, Gross liability | $1,200,000 | $300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
[1] | Thompsons Limited and related U.S. operating company held by joint ventures |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | ||
In Thousands, unless otherwise specified | ||||
Assets and liabilities measured at fair value on a recurring basis | ' | ' | ||
Cash equivalents | $97,751 | $78,674 | ||
Restricted cash | 408 | 398 | ||
Commodity derivatives, net (a) | 967 | [1] | 70,600 | [1] |
Convertible preferred securities | 25,720 | [2] | 17,200 | [2] |
Other assets and liabilities | 9,984 | [3] | 5,704 | [3] |
Total | 134,830 | 172,576 | ||
Level 1 | ' | ' | ||
Assets and liabilities measured at fair value on a recurring basis | ' | ' | ||
Cash equivalents | 97,751 | 78,674 | ||
Restricted cash | 408 | 398 | ||
Commodity derivatives, net (a) | 50,777 | [1] | 46,966 | [1] |
Convertible preferred securities | 0 | [2] | 0 | [2] |
Other assets and liabilities | 10,143 | [3] | 7,813 | [3] |
Total | 159,079 | 133,851 | ||
Level 2 | ' | ' | ||
Assets and liabilities measured at fair value on a recurring basis | ' | ' | ||
Cash equivalents | 0 | 0 | ||
Restricted cash | 0 | 0 | ||
Commodity derivatives, net (a) | -49,810 | [1] | 23,634 | [1] |
Convertible preferred securities | 0 | [2] | 0 | [2] |
Other assets and liabilities | -159 | [3] | -2,109 | [3] |
Total | -49,969 | 21,525 | ||
Level 3 | ' | ' | ||
Assets and liabilities measured at fair value on a recurring basis | ' | ' | ||
Cash equivalents | 0 | 0 | ||
Restricted cash | 0 | 0 | ||
Commodity derivatives, net (a) | 0 | [1] | 0 | [1] |
Convertible preferred securities | 25,720 | [2] | 17,200 | [2] |
Other assets and liabilities | 0 | [3] | 0 | [3] |
Total | $25,720 | $17,200 | ||
[1] | Includes associated cash posted/received as collateral | |||
[2] | Recorded in “Other noncurrent assets†on the Company’s Consolidated Balance Sheets | |||
[3] | Included in other assets and liabilities is interest rate and foreign currency derivatives, swaptions (Level 2) and deferred compensation assets |
Fair_Value_Measurements_Detail1
Fair Value Measurements (Details 1) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Convertible preferred securities | ' | ' |
Beginning and ending balances for the Company's fair value measurements using Level 3 inputs | ' | ' |
Asset, Beginning Balance | $17,220 | $20,360 |
Unrealized gains (losses) included in other comprehensive income | 8,500 | -3,140 |
Transfers to level 2 | 0 | 0 |
Asset, Ending Balance | 25,720 | 17,220 |
Interest rate derivatives and swaptions | ' | ' |
Beginning and ending balances for the Company's fair value measurements using Level 3 inputs | ' | ' |
Liability, Beginning Balance | ' | -2,178 |
Unrealized gains (losses) included in other comprehensive income | ' | 0 |
Transfers to level 2 | ' | 2,178 |
Liability, Ending Balance | ' | 0 |
Commodity derivatives, net | ' | ' |
Beginning and ending balances for the Company's fair value measurements using Level 3 inputs | ' | ' |
Asset, Beginning Balance | ' | 2,467 |
Unrealized gains (losses) included in other comprehensive income | ' | 0 |
Transfers to level 2 | ' | -2,467 |
Asset, Ending Balance | ' | $0 |
Fair_Value_Measurements_Detail2
Fair Value Measurements (Details 2) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' |
Loan term | '15 years |
Convertible preferred securities | Level 3 | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' |
Convertible Preferred Securities | 25,720 |
Convertible preferred securities | Market Approach | Level 3 | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' |
EBITDA Multiples | 7,750 |
Convertible preferred securities | Income Approach | Level 3 | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' |
Discount Rate | 14.50% |
Convertible preferred securities | Minimum | Market Approach | Level 3 | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' |
EBITDA Multiples | 7,500 |
Convertible preferred securities | Minimum | Income Approach | Level 3 | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' |
Discount Rate | 14.50% |
Convertible preferred securities | Maximum | Market Approach | Level 3 | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' |
EBITDA Multiples | 8,000 |
Convertible preferred securities | Maximum | Income Approach | Level 3 | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' |
Discount Rate | 14.50% |
Fair_Value_Measurements_Detail3
Fair Value Measurements (Details 3) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Carrying Amount | ' | ' |
Fair value of long-term debt estimated using quoted market prices or discounted future cash flows | ' | ' |
Fair value of long-term debt | $311,243 | $299,941 |
Fair Value | ' | ' |
Fair value of long-term debt estimated using quoted market prices or discounted future cash flows | ' | ' |
Fair value of long-term debt | 314,191 | 317,440 |
Level 2 | Notes payable | Carrying Amount | ' | ' |
Fair value of long-term debt estimated using quoted market prices or discounted future cash flows | ' | ' |
Fair value of long-term debt | 270,112 | 263,745 |
Level 2 | Notes payable | Fair Value | ' | ' |
Fair value of long-term debt estimated using quoted market prices or discounted future cash flows | ' | ' |
Fair value of long-term debt | 271,716 | 279,505 |
Level 2 | Nonrecourse | Notes payable | Carrying Amount | ' | ' |
Fair value of long-term debt estimated using quoted market prices or discounted future cash flows | ' | ' |
Fair value of long-term debt | ' | 785 |
Level 2 | Nonrecourse | Notes payable | Fair Value | ' | ' |
Fair value of long-term debt estimated using quoted market prices or discounted future cash flows | ' | ' |
Fair value of long-term debt | ' | 800 |
Level 1 | Debenture bonds | Carrying Amount | ' | ' |
Fair value of long-term debt estimated using quoted market prices or discounted future cash flows | ' | ' |
Fair value of long-term debt | 41,131 | 35,411 |
Level 1 | Debenture bonds | Fair Value | ' | ' |
Fair value of long-term debt estimated using quoted market prices or discounted future cash flows | ' | ' |
Fair value of long-term debt | $42,475 | $37,135 |
Debt_Details
Debt (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 07, 2011 |
In Thousands, unless otherwise specified | |||
Debt Instrument [Line Items] | ' | ' | ' |
Borrowings under short-term line of credit | $0 | $24,219 | $90,000 |
Long-term debt | ' | ' | ' |
Total current maturities of long-term debt | 51,998 | 15,145 | ' |
Total long-term debt, less current maturities | 375,213 | 427,243 | ' |
Nonrecourse | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Borrowings under short-term line of credit | 0 | 4,219 | ' |
Long-term debt | ' | ' | ' |
Total current maturities of long-term debt | 6,012 | 2,496 | ' |
Total long-term debt, less current maturities | 4,063 | 20,067 | ' |
Recourse | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Borrowings under short-term line of credit | 0 | 20,000 | ' |
Long-term debt | ' | ' | ' |
Total current maturities of long-term debt | 45,986 | 12,649 | ' |
Total long-term debt, less current maturities | $371,150 | $407,176 | ' |
Debt_Details_1
Debt (Details 1) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Debt Disclosure [Abstract] | ' | ' | ' |
Maximum amount borrowed | $315,000 | $553,400 | $601,500 |
Weighted average interest rate | 1.92% | 1.96% | 2.73% |
Debt_Details_2
Debt (Details 2) (USD $) | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | |||
Long-term debt | ' | ' | ||
Total current maturities of long-term debt | $51,998,000 | $15,145,000 | ||
Total long-term debt, less current maturities | 375,213,000 | 427,243,000 | ||
Collateralized debt book value | 151,700,000 | ' | ||
Recourse | ' | ' | ||
Long-term debt | ' | ' | ||
Total long-term debt | 417,136,000 | 419,825,000 | ||
Total current maturities of long-term debt | 45,986,000 | 12,649,000 | ||
Total long-term debt, less current maturities | 371,150,000 | 407,176,000 | ||
Nonrecourse | ' | ' | ||
Long-term debt | ' | ' | ||
Total long-term debt | 10,075,000 | 22,563,000 | ||
Total current maturities of long-term debt | 6,012,000 | 2,496,000 | ||
Total long-term debt, less current maturities | 4,063,000 | 20,067,000 | ||
Senior note payable, 3.72%, payable at maturity, due 2017 | Recourse | ' | ' | ||
Long-term debt | ' | ' | ||
Total long-term debt | 25,000,000 | 25,000,000 | ||
Interest rate of debt instruments | 3.72% | ' | ||
Senior note payable, 6.10%, payable at maturity, due 2014 | Recourse | ' | ' | ||
Long-term debt | ' | ' | ||
Total long-term debt | 25,000,000 | 25,000,000 | ||
Interest rate of debt instruments | 6.10% | ' | ||
Senior note payable, 6.12%, payable at maturity, due 2015 | Recourse | ' | ' | ||
Long-term debt | ' | ' | ||
Total long-term debt | 61,500,000 | 61,500,000 | ||
Interest rate of debt instruments | 6.12% | ' | ||
Senior note payable, 6.78%, payable at maturity, due 2018 | Recourse | ' | ' | ||
Long-term debt | ' | ' | ||
Total long-term debt | 41,500,000 | 41,500,000 | ||
Interest rate of debt instruments | 6.78% | ' | ||
Note payable, 4.92%, $2 million annually ($2.5 million for 2013), plus interest, due 2021 | Recourse | ' | ' | ||
Long-term debt | ' | ' | ||
Total long-term debt | 27,178,000 | [1] | 27,833,000 | [1] |
Interest rate of debt instruments | 4.92% | ' | ||
Principal payments | 2,455,000 | ' | ||
Note payable, 4.76%, payable in increasing amounts ($1.7 million for 2013) plus interest, due 2028 | Recourse | ' | ' | ||
Long-term debt | ' | ' | ||
Total long-term debt | 53,600,000 | [1] | 55,300,000 | [1] |
Interest rate of debt instruments | 4.76% | ' | ||
Principal payments | 1,700,000 | ' | ||
Note payable, variable rate (2.67% at December 31, 2012), payable in increasing amounts ($1.2 million for 2013) plus interest, due 2023 | Recourse | ' | ' | ||
Long-term debt | ' | ' | ||
Total long-term debt | 23,015,000 | [1] | 24,188,000 | [1] |
Interest rate of debt instruments | 2.67% | ' | ||
Principal payments | 1,172,000 | ' | ||
Note payable, 3.29%, payable in increasing amounts ($1.2 million for 2013) plus interest, due 2022 | Recourse | ' | ' | ||
Long-term debt | ' | ' | ||
Total long-term debt | 25,366,000 | [1] | 26,533,000 | [1] |
Interest rate of debt instruments | 3.29% | ' | ||
Principal payments | 1,167,000 | ' | ||
Line of credit, variable rate (1.87% at December 31, 2013), payable at maturity, due 2015 | Recourse | ' | ' | ||
Long-term debt | ' | ' | ||
Total long-term debt | 0 | 25,000,000 | ||
Interest rate of debt instruments | 1.87% | ' | ||
Notes payable, variable rate (1.42% at December 31, 2013), payable in varying amounts, (7.6 million for 2013) plus interest, due 2016 | Recourse | ' | ' | ||
Long-term debt | ' | ' | ||
Total long-term debt | 22,120,000 | 12,058,000 | ||
Interest rate of debt instruments | 1.42% | ' | ||
Principal payments | 7,565,000 | ' | ||
Note payable, variable rate (1.64% at December 31, 2012), payable in increasing amounts ($1.0 million for 2013) plus interest, due 2023 | Recourse | ' | ' | ||
Long-term debt | ' | ' | ||
Total long-term debt | 11,865,000 | [1] | 12,815,000 | [1] |
Interest rate of debt instruments | 1.64% | ' | ||
Principal payments | 950,000 | ' | ||
Note payable, variable rate (.97% at December 31, 2012), $0.7 million annually, plus interest, due 2016 | Recourse | ' | ' | ||
Long-term debt | ' | ' | ||
Total long-term debt | 8,750,000 | [1] | 9,450,000 | [1] |
Interest rate of debt instruments | 0.97% | ' | ||
Principal payments | 700,000 | ' | ||
Note payable, 8.5%, payable monthly in varying amounts ($0.1 million for 2013) plus interest, due 2016 | Recourse | ' | ' | ||
Long-term debt | ' | ' | ||
Total long-term debt | 988,000 | [1] | 1,079,000 | [1] |
Interest rate of debt instruments | 8.50% | ' | ||
Principal payments | 90,000 | ' | ||
Note payable, 4.76%, payable quarterly in varying amounts ($0.2 million for 2013) plus interest, due 2028 | Recourse | ' | ' | ||
Long-term debt | ' | ' | ||
Total long-term debt | 9,980,000 | [1] | 0 | [1] |
Interest rate of debt instruments | 4.76% | ' | ||
Principal payments | 234,000 | ' | ||
Note payable, 3.56%, payable monthly in varying amounts plus interest, due 2021 (a) | Recourse | ' | ' | ||
Long-term debt | ' | ' | ||
Total long-term debt | 3,459,000 | [1] | 0 | [1] |
Interest rate of debt instruments | 3.56% | ' | ||
Principal payments | 0 | ' | ||
Variable rate (2.55% at December 31, 2012), due 2017 | Recourse | ' | ' | ||
Long-term debt | ' | ' | ||
Total long-term debt | 7,934,000 | [1] | 8,408,000 | [1] |
Interest rate of debt instruments | 2.55% | ' | ||
Variable rate (1.97% at December 31, 2012), due 2019 | Recourse | ' | ' | ||
Long-term debt | ' | ' | ||
Total long-term debt | 4,650,000 | [1] | 4,650,000 | [1] |
Interest rate of debt instruments | 1.97% | ' | ||
Variable rate (2.10% at December 31, 2012), due 2025 | Recourse | ' | ' | ||
Long-term debt | ' | ' | ||
Total long-term debt | 3,100,000 | [1] | 3,100,000 | [1] |
Interest rate of debt instruments | 2.10% | ' | ||
Variable rate (1.81% at December 31, 2012), due 2036 | Recourse | ' | ' | ||
Long-term debt | ' | ' | ||
Total long-term debt | 21,000,000 | [1] | 21,000,000 | [1] |
Interest rate of debt instruments | 1.81% | ' | ||
Debenture bonds, 2.65% to 5.00%, due 2014 through 2028 | Recourse | ' | ' | ||
Long-term debt | ' | ' | ||
Total long-term debt | 41,131,000 | 35,411,000 | ||
Debenture bonds, 2.65% to 5.00%, due 2014 through 2028 | Recourse | Minimum | ' | ' | ||
Long-term debt | ' | ' | ||
Interest rate of debt instruments | 2.65% | ' | ||
Debenture bonds, 2.65% to 5.00%, due 2014 through 2028 | Recourse | Maximum | ' | ' | ||
Long-term debt | ' | ' | ||
Interest rate of debt instruments | 5.00% | ' | ||
Line of credit, variable rate (3.92% at December 31, 2013), payable at maturity, due 2022 | Nonrecourse | ' | ' | ||
Long-term debt | ' | ' | ||
Total long-term debt | 0 | 9,378,000 | ||
Interest rate of debt instruments | 3.92% | ' | ||
Note payable, variable rate (3.92% at December 31, 2013), payable quarterly ($2.3 million for 2013) plus interest, due 2017 | Nonrecourse | ' | ' | ||
Long-term debt | ' | ' | ||
Total long-term debt | 10,075,000 | 12,400,000 | ||
Interest rate of debt instruments | 3.92% | ' | ||
Other notes payable | Nonrecourse | ' | ' | ||
Long-term debt | ' | ' | ||
Total long-term debt | $0 | $785,000 | ||
[1] | Debt is collateralized by first mortgages on certain facilities and related equipment or other assets with a book value of $151.7 million |
Debt_Details_Textual
Debt (Details Textual) (USD $) | 12 Months Ended | 12 Months Ended | 12 Months Ended | |||||||||||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 07, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 07, 2011 | Dec. 07, 2011 | Dec. 31, 2013 | Jun. 30, 2012 | Jun. 30, 2012 | Jun. 30, 2012 | Dec. 31, 2013 | Jun. 30, 2012 | |
Recourse | Recourse | Nonrecourse | Nonrecourse | Nonrecourse | Nonrecourse | Nonrecourse | Line of credit, variable rate (1.87% at December 31, 2013), payable at maturity, due 2015 | Line of credit, variable rate (1.87% at December 31, 2013), payable at maturity, due 2015 | Line of credit, variable rate (3.92% at December 31, 2013), payable at maturity, due 2022 | Line of credit, variable rate (3.92% at December 31, 2013), payable at maturity, due 2022 | Note payable, 4.76%, payable quarterly in varying amounts ($0.2 million for 2013) plus interest, due 2028 | Note payable, 3.56%, payable monthly in varying amounts plus interest, due 2021 | Five year term debenture bonds | Ten year term debenture bonds | 15 year loan with fixed interest rate of 4.8% | Short-term | Long-term | Standby letters of credit | Standby letters of credit | Line of credit | Line of credit | Nonrecourse | Nonrecourse | |||||
December 31 2014 | December 31 2015 | December 31 2016 | Recourse | Recourse | Nonrecourse | Nonrecourse | Recourse | Recourse | Recourse | The Andersons Denison Ethanol LLC | Short Term Line Of Credit | Long Term Line Of Credit | The Andersons Denison Ethanol LLC | The Andersons Denison Ethanol LLC | ||||||||||||||
Available-for-sale Securities | Available-for-sale Securities | Available-for-sale Securities | The Andersons Denison Ethanol LLC | The Andersons Denison Ethanol LLC | ||||||||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit facility | $0 | $24,219,000 | ' | $90,000,000 | $0 | $20,000,000 | $0 | $4,219,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $735,000,000 | $115,000,000 | ' | ' | ' | ' | ' | ' |
Standby letters of credit outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 29,900,000 | 500,000 | ' | ' | ' | ' |
Period of borrowings draw down under line of credit | '90 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total borrowing capacity under lines of credit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 13,000,000 | 15,100,000 | ' | 28,100,000 |
Notes and Loans Payable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,100,000 | 12,400,000 |
Interest rate of debt instruments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.87% | ' | 3.92% | ' | 4.76% | 3.56% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Face amount of debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,200,000 | 3,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loan term | '15 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '15 years | '8 years | '5 years | '10 years | '15 years | ' | ' | ' | ' | ' | ' | ' | ' |
Long term debt | ' | ' | ' | ' | 417,136,000 | 419,825,000 | 10,075,000 | 22,563,000 | ' | ' | ' | 0 | 25,000,000 | 0 | 9,378,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debenture bond bearing interest percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.65% | 3.50% | 4.50% | ' | ' | ' | ' | ' | ' | ' | ' |
Debenture bond bearing interest Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,500,000 | 3,700,000 | 3,800,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Minimum tangible net worth | ' | ' | ' | ' | 300,000,000 | ' | 27,000,000 | ' | 33,000,000 | 36,000,000 | 40,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Current Ratio Net Of Hedged Inventory Maximum | ' | ' | ' | ' | 125.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Current ratio net of hedged inventory minimum | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt to capitalized ratio maximum | ' | ' | ' | ' | 70.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Asset coverage ratio minimum | ' | ' | ' | ' | 75.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest coverage ratio maximum | ' | ' | ' | ' | 275.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest Coverage Ratio Minimum | ' | ' | ' | ' | '1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate annual maturities of long term debt, 2013 | ' | ' | ' | ' | 46,000,000 | ' | 6,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate annual maturities of long term debt, 2014 | ' | ' | ' | ' | 86,100,000 | ' | 3,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate annual maturities of long term debt, 2015 | ' | ' | ' | ' | 26,400,000 | ' | 1,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate annual maturities of long term debt, 2016 | ' | ' | ' | ' | 46,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate annual maturities of long term debt, Year Five | ' | ' | ' | ' | 51,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate annual maturities of long term debt there after | ' | ' | ' | ' | 159,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Working capital | ' | ' | ' | ' | ' | ' | 5,000,000 | ' | 8,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt service coverage ratio | ' | ' | ' | ' | ' | ' | 1.25 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument Covenant Compliance Debt Service Coverage Ratio Minimum | ' | ' | ' | ' | ' | ' | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest paid | $22,900,000 | $21,700,000 | $25,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Commitments_and_Contingencies_1
Commitments and Contingencies (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Lease income and rental expense from operating leases | ' | ' | ' |
Rental and service income-operating leases | $78,979 | $77,916 | $68,124 |
Rental expense | $13,751 | $11,987 | $16,303 |
Commitments_and_Contingencies_2
Commitments and Contingencies (Details 1) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Operating leases future minimum rentals and service income | ' |
Future Rental and Service Income - Operating Leases, 2014 | $61,670 |
Future Rental and Service Income - Operating Leases, 2015 | 48,109 |
Future Rental and Service Income - Operating Leases, 2016 | 36,714 |
Future Rental and Service Income - Operating Leases, 2017 | 25,641 |
Future Rental and Service Income - Operating Leases, 2018 | 15,324 |
Future Rental and Service Income - Operating Leases, Future years | 20,812 |
Future Rental and Service Income - Operating Leases, Total | 208,270 |
Future Minimum Rental Payments, 2014 | 15,679 |
Future Minimum Rental Payments, 2015 | 15,120 |
Future Minimum Rental Payments, 2016 | 13,101 |
Future Minimum Rental Payments, 2017 | 10,658 |
Future Minimum Rental Payments, 2018 | 7,136 |
Future Minimum Rental Payments, Future years | 10,410 |
Future Minimum Rental Payments, Total | $72,104 |
Commitments_and_Contingencies_3
Commitments and Contingencies (Details Textual) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Joint_Venture | |||
Commitments and Contingencies Disclosure [Abstract] | ' | ' | ' |
Gain related to litigation settlement | $3.50 | ' | ' |
Lease income per diem arrangements recognized | 2 | 2.1 | 2.9 |
Management and service fees | 7.9 | 3.8 | 2.8 |
Rental expense under agreements net | 8.4 | 7.3 | 6.3 |
Future minimum lease payments, 2014 | 4.1 | ' | ' |
Future minimum lease payments, 2015 | 3.4 | ' | ' |
Future minimum lease payments, 2016 | 2.1 | ' | ' |
Future minimum lease payments, 2017 | 1.3 | ' | ' |
Future minimum lease payments, 2018 | 0.7 | ' | ' |
Future minimum lease payments, thereafter | 0.2 | ' | ' |
Number of ethanol joint ventures | 2 | ' | ' |
Periods of lease income renewals | '7 years 6 months | ' | ' |
Operating lease income | $1.90 | $1.90 | $1.90 |
Business_Acquisition_Details
Business Acquisition (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 09, 2013 | Aug. 05, 2013 | Dec. 03, 2012 | 1-May-12 | Oct. 30, 2012 | Jan. 31, 2012 |
In Thousands, unless otherwise specified | Cycle Group, Inc. | Mile Rail | Green Plains Grain Company | Amaizing Energy Denison LLC | Mt Pulaski | New Eezy Gro Inc | ||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Grain elevator | ' | ' | ' | ' | ' | ' | ' | $14,285 | ' | ' |
Accounts receivable | ' | ' | ' | ' | ' | ' | 19,174 | ' | ' | ' |
Inventory | ' | ' | ' | ' | 77 | 512 | 121,983 | 10,087 | 3,757 | ' |
Other current assets | ' | ' | ' | ' | ' | ' | ' | 962 | ' | ' |
Current assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,106 |
Intangible assets | ' | ' | ' | ' | 330 | 650 | 4,600 | 2,373 | 1,000 | 9,600 |
Goodwill | 58,554 | 54,387 | 12,545 | 10,141 | ' | 4,167 | 33,175 | ' | 1,985 | 6,681 |
Property, plant and equipment | ' | ' | ' | ' | 3,825 | 2,605 | 57,828 | 49,693 | 3,941 | 3,586 |
Commodity derivatives | ' | ' | ' | ' | ' | ' | 4,701 | ' | ' | ' |
Other assets | ' | ' | ' | ' | ' | 14 | 1,775 | ' | ' | ' |
Accounts payable | ' | ' | ' | ' | ' | ' | -91,001 | ' | ' | ' |
Current liabilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,784 |
Debt assumed | ' | ' | ' | ' | ' | ' | -29,632 | ' | ' | ' |
Deferred tax liability, net | ' | ' | ' | ' | ' | ' | ' | ' | ' | -4,412 |
Other liabilities | ' | ' | ' | ' | ' | -144 | -2,371 | ' | ' | ' |
Total purchase price | ' | ' | ' | ' | $4,232 | $7,804 | $120,232 | $77,400 | $10,683 | $16,777 |
Business_Acquisition_Details_1
Business Acquisition (Details 1) (USD $) | 12 Months Ended | 0 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 09, 2013 | Dec. 09, 2013 | Dec. 09, 2013 | Dec. 09, 2013 | Dec. 31, 2013 | Aug. 05, 2013 | Dec. 31, 2013 | Aug. 05, 2013 | Dec. 31, 2013 | Aug. 05, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | |||||
Minimum | Maximum | Cycle Group, Inc. | Cycle Group, Inc. | Cycle Group, Inc. | Cycle Group, Inc. | Mile Rail | Mile Rail | Mile Rail | Mile Rail | Mile Rail | Mile Rail | Green Plains Grain Company | Green Plains Grain Company | Green Plains Grain Company | Green Plains Grain Company | Mt Pulaski | Mt Pulaski | Mt Pulaski | Mt Pulaski | Amaizing Energy Denison LLC | Amaizing Energy Denison LLC | Amaizing Energy Denison LLC | Amaizing Energy Denison LLC | Amaizing Energy Denison LLC | New Eezy Gro Inc | New Eezy Gro Inc | New Eezy Gro Inc | New Eezy Gro Inc | New Eezy Gro Inc | ||||||
Customer relationships | Patents | Acquired non-compete agreement | Customer relationships | Customer relationships | Acquired non-compete agreement | Acquired non-compete agreement | Supplier relationships | Supplier relationships | Supplier relationships | Acquired customer list | Acquired non-compete agreement | Trademarks and technology | Lease intangible | Lease intangible | Lease intangible | Acquired non-compete agreement | Acquired customer list | Acquired non-compete agreement | Trademarks and technology | Technology | |||||||||||||||
Minimum | Maximum | Minimum | Maximum | ||||||||||||||||||||||||||||||||
Intangible assets acquisition | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Acquired Finite-lived Intangible Asset, Amount | ' | ' | $330 | $150 | $125 | $55 | ' | $650 | ' | $400 | ' | $250 | $4,600 | $4,600 | ' | ' | $1,000 | $600 | $100 | ' | $2,373 | $2,123 | ' | ' | $250 | $9,600 | $5,500 | $800 | $1,200 | $2,100 | |||||
Intangible assets estimated useful life | '5 years | '10 years | ' | '5 years | '5 years | '7 years | ' | ' | '5 years | ' | '5 years | ' | ' | ' | '3 years | '5 years | ' | '10 years | '7 years | ' | ' | ' | '10 months | '5 years | '2 years | ' | '10 years | '7 years | '10 years | '5 years | |||||
Acquired indefinite-lived intangible asset | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $300 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Weighted average useful life | ' | ' | '5 years | [1] | ' | ' | ' | '5 years | [1] | ' | ' | ' | ' | ' | '4 years | ' | ' | ' | '10 years | [1] | ' | ' | ' | '3 years | [1] | ' | ' | ' | ' | '9 years | [1] | '10 years | '7 years | '10 years | '5 years |
[1] | weighted average number of years |
Business_Acquisition_Business_
Business Acquisition Business Acquisition (Details 2) (USD $) | 12 Months Ended | 1 Months Ended | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2011 |
Green Plains Grain Company | Green Plains Grain Company | Green Plains Grain Company | ||||
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | $40,477 | ' | ' |
Net income | 95,702 | 75,565 | 96,825 | -785 | ' | ' |
Supplemental pro forma revenue | ' | ' | ' | ' | 566,821 | 585,572 |
Supplemental pro forma, Operating Income (Loss) | ' | ' | ' | ' | 1,632 | 1,430 |
Combined entity pro forma, Revenue | ' | 5,798,354 | 5,161,903 | ' | ' | ' |
Combined entity, Operating Income (Loss) | ' | $122,550 | $149,308 | ' | ' | ' |
Business_Acquisition_Details_T
Business Acquisition (Details Textual) (USD $) | 12 Months Ended | 12 Months Ended | 0 Months Ended | 3 Months Ended | 3 Months Ended | |||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 09, 2013 | Aug. 05, 2013 | Mar. 31, 2013 | Dec. 03, 2012 | Mar. 31, 2012 | Oct. 30, 2012 | 1-May-12 | Jan. 31, 2012 | Oct. 31, 2011 | ||
Grain | Grain | Grain | Grain | Cycle Group, Inc. | Mile Rail | Green Plains Grain Company | Green Plains Grain Company | Green Plains Grain Company | Mt Pulaski | Amaizing Energy Denison LLC | New Eezy Gro Inc | Immokalee Farmers Supply Inc | ||||||
location | T | Grain | gal | |||||||||||||||
bu | bu | |||||||||||||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Total purchase price | ' | ' | ' | ' | ' | ' | ' | ' | $4,232,000 | $7,804,000 | ' | $120,232,000 | ' | $10,683,000 | $77,400,000 | $16,777,000 | ' | |
Year to date spending on acquisition of business | 15,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Consideration transferred | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,800,000 | ' | 120,200,000 | ' | 10,700,000 | ' | ' | ' | |
Number of locations acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | |
Goodwill | 58,554,000 | 54,387,000 | 12,545,000 | 10,141,000 | 38,165,000 | 38,165,000 | 4,990,000 | 4,207,000 | ' | 4,167,000 | ' | 33,175,000 | ' | 1,985,000 | ' | 6,681,000 | ' | |
Payable to acquiree outstanding at year end | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,300,000 | ' | ' | ' | ' | ' | |
Combined grain storage capacity (bushels) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 32,000,000 | ' | ' | ' | ' | ' | |
Nutrient storage (tons) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12,000 | ' | ' | ' | ' | ' | |
Goodwill, accounting adjustments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,000,000 | ' | ' | ' | ' | ' | ' | |
Goodwill acquired | 4,167,000 | 41,842,000 | 1,690,000 | ' | 0 | 33,175,000 | [1] | 0 | ' | ' | ' | ' | ' | 33,200,000 | ' | ' | ' | ' |
Capacity of ethanol facility (gallons) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 55,000,000 | ' | ' | |
Capacity of grain terminal (bushels) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,700,000 | ' | ' | |
Ownership interest in consolidated entity (percentage) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 85.00% | 100.00% | ' | |
Fair value of noncontrolling interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,100,000 | ' | ' | |
Purchase price of business acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 16,800,000 | 3,000,000 | |
Payable for future performance of acquired company | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $600,000 | |
[1] | (a) The Grain acquisition balance has been revised to include the effect of the adjustments to the purchase price allocation in 2013. Discussed in Note 12. Business Acquisitions |
Goodwill_and_Intangible_Assets2
Goodwill and Intangible Assets (Changes in goodwill) (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Goodwill [Roll Forward] | ' | ' | ' | |
Goodwill at beginning of period | $54,387 | $12,545 | $10,141 | |
Acquisitions | 4,167 | 41,842 | 1,690 | |
Other adjustments | ' | ' | 714 | |
Goodwill at end of period | 58,554 | 54,387 | 12,545 | |
Grain | ' | ' | ' | |
Goodwill [Roll Forward] | ' | ' | ' | |
Goodwill at beginning of period | 38,165 | 4,990 | 4,207 | |
Acquisitions | 0 | 33,175 | [1] | 0 |
Other adjustments | ' | ' | 783 | |
Goodwill at end of period | 38,165 | 38,165 | 4,990 | |
Plant Nutrient | ' | ' | ' | |
Goodwill [Roll Forward] | ' | ' | ' | |
Goodwill at beginning of period | 13,550 | 6,869 | 5,248 | |
Acquisitions | 0 | 6,681 | 1,690 | |
Other adjustments | ' | ' | -69 | |
Goodwill at end of period | 13,550 | 13,550 | 6,869 | |
Rail | ' | ' | ' | |
Goodwill [Roll Forward] | ' | ' | ' | |
Goodwill at beginning of period | 0 | 0 | 0 | |
Acquisitions | 4,167 | 0 | 0 | |
Other adjustments | ' | ' | 0 | |
Goodwill at end of period | 4,167 | 0 | 0 | |
Turf & Specialty | ' | ' | ' | |
Goodwill [Roll Forward] | ' | ' | ' | |
Goodwill at beginning of period | 2,672 | 686 | 686 | |
Acquisitions | 0 | 1,986 | 0 | |
Other adjustments | ' | ' | 0 | |
Goodwill at end of period | $2,672 | $2,672 | $686 | |
[1] | (a) The Grain acquisition balance has been revised to include the effect of the adjustments to the purchase price allocation in 2013. Discussed in Note 12. Business Acquisitions |
Goodwill_and_Intangible_Assets3
Goodwill and Intangible Assets (Intangible Assets) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Amortized intangible assets | ' | ' |
Original Cost | $39,493 | $40,859 |
Accumulated Amortization | 20,010 | 14,798 |
Net Book Value | 19,483 | 26,061 |
Rail | Acquired customer list | ' | ' |
Amortized intangible assets | ' | ' |
Original Cost | 3,862 | 3,462 |
Accumulated Amortization | 3,421 | 3,362 |
Net Book Value | 441 | 100 |
Rail | Acquired non-compete agreement | ' | ' |
Amortized intangible assets | ' | ' |
Original Cost | 250 | ' |
Accumulated Amortization | 17 | ' |
Net Book Value | 233 | ' |
Rail | Lease intangible | ' | ' |
Amortized intangible assets | ' | ' |
Original Cost | 2,816 | 2,410 |
Accumulated Amortization | 2,150 | 1,778 |
Net Book Value | 666 | 632 |
Plant Nutrient | Acquired customer list | ' | ' |
Amortized intangible assets | ' | ' |
Original Cost | 9,596 | 9,596 |
Accumulated Amortization | 3,054 | 2,071 |
Net Book Value | 6,542 | 7,525 |
Plant Nutrient | Acquired non-compete agreement | ' | ' |
Amortized intangible assets | ' | ' |
Original Cost | 2,119 | 2,119 |
Accumulated Amortization | 1,501 | 1,219 |
Net Book Value | 618 | 900 |
Plant Nutrient | Acquired marketing agreement | ' | ' |
Amortized intangible assets | ' | ' |
Original Cost | 1,607 | 1,607 |
Accumulated Amortization | 1,228 | 1,029 |
Net Book Value | 379 | 578 |
Plant Nutrient | Acquired supply agreement | ' | ' |
Amortized intangible assets | ' | ' |
Original Cost | 4,846 | 4,846 |
Accumulated Amortization | 2,477 | 1,959 |
Net Book Value | 2,369 | 2,887 |
Plant Nutrient | Trademarks and technology | ' | ' |
Amortized intangible assets | ' | ' |
Original Cost | 3,300 | 3,300 |
Accumulated Amortization | 1,035 | 495 |
Net Book Value | 2,265 | 2,805 |
Grain | Acquired customer list | ' | ' |
Amortized intangible assets | ' | ' |
Original Cost | 5,850 | 8,450 |
Accumulated Amortization | 2,286 | 717 |
Net Book Value | 3,564 | 7,733 |
Grain | Acquired non-compete agreement | ' | ' |
Amortized intangible assets | ' | ' |
Original Cost | 175 | 175 |
Accumulated Amortization | 116 | 81 |
Net Book Value | 59 | 94 |
Grain | Acquired supply agreement | ' | ' |
Amortized intangible assets | ' | ' |
Original Cost | 340 | 340 |
Accumulated Amortization | 0 | 0 |
Net Book Value | 340 | 340 |
Grain | Acquired grower agreement | ' | ' |
Amortized intangible assets | ' | ' |
Original Cost | 300 | 300 |
Accumulated Amortization | 300 | 275 |
Net Book Value | 0 | 25 |
Turf & Specialty | Acquired customer list | ' | ' |
Amortized intangible assets | ' | ' |
Original Cost | 750 | 600 |
Accumulated Amortization | 72 | 10 |
Net Book Value | 678 | 590 |
Turf & Specialty | Acquired non-compete agreement | ' | ' |
Amortized intangible assets | ' | ' |
Original Cost | 155 | 100 |
Accumulated Amortization | 17 | 2 |
Net Book Value | 138 | 98 |
Ethanol | Acquired non-compete agreement | ' | ' |
Amortized intangible assets | ' | ' |
Original Cost | 250 | 250 |
Accumulated Amortization | 209 | 84 |
Net Book Value | 41 | 166 |
Ethanol | Lease intangible | ' | ' |
Amortized intangible assets | ' | ' |
Original Cost | 2,123 | 2,123 |
Accumulated Amortization | 1,716 | 1,230 |
Net Book Value | 407 | 893 |
Various | Patents and other | ' | ' |
Amortized intangible assets | ' | ' |
Original Cost | 1,154 | 1,181 |
Accumulated Amortization | 411 | 486 |
Net Book Value | $743 | $695 |
Goodwill_and_Intangible_Assets4
Goodwill and Intangible Assets (Details Textual) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ' | ' |
Amortization expense for intangible assets | $5.30 | $4.80 | $2.80 |
Expected future annual amortization expense, 2014 | 4.7 | ' | ' |
Expected future annual amortization expense, 2015 | 3.8 | ' | ' |
Expected future annual amortization expense, 2016 | 3.1 | ' | ' |
Expected future annual amortization expense, 2017 | 2.5 | ' | ' |
Expected future annual amortization expense, 2018 | $1.90 | ' | ' |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Current: | ' | ' | ' |
Federal | $11,812 | $23,816 | $39,015 |
State and local | 225 | 3,492 | 5,603 |
Foreign | 1,400 | 757 | 962 |
Foreign | 13,437 | 28,065 | 45,580 |
Deferred: | ' | ' | ' |
Federal | 35,147 | 14,808 | 5,281 |
State and local | 4,321 | 1,982 | 553 |
Foreign | 906 | -287 | -361 |
Total deferred income tax provision | 40,374 | 16,503 | 5,473 |
Federal | 46,959 | 38,624 | 44,296 |
State and local | 4,546 | 5,474 | 6,156 |
Foreign | 2,306 | 470 | 601 |
Total income tax expense | $53,811 | $44,568 | $51,053 |
Income_Taxes_Details_1
Income Taxes (Details 1) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Components of income before income taxes | ' | ' | ' |
U.S. income | $141,673 | $119,325 | $146,420 |
Foreign | 7,840 | 808 | 1,458 |
Income before income taxes | $149,513 | $120,133 | $147,878 |
Income_Taxes_Details_2
Income Taxes (Details 2) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Effective tax rate reconciliation | ' | ' | ' |
Statutory U.S. federal tax rate | 35.00% | 35.00% | 35.00% |
Increase (decrease) in rate resulting from: | ' | ' | ' |
Effect of qualified domestic production deduction | -0.40% | -0.80% | -1.60% |
Effect of Patient Protection and Affordable Care Act | 0.90% | -0.60% | ' |
Effect of noncontrolling interest | -1.30% | 1.10% | -0.40% |
State and local income taxes, net of related federal taxes | 2.00% | 3.00% | 2.70% |
Other, net | -0.20% | -0.60% | -1.20% |
Effective tax rate | 36.00% | 37.10% | 34.50% |
Income_Taxes_Details_3
Income Taxes (Details 3) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Deferred tax liabilities: | ' | ' |
Property, plant and equipment and railcar assets leased to others | ($110,472) | ($85,556) |
Prepaid employee benefits | -17,725 | -16,490 |
Investments | -29,749 | -23,180 |
Other | -5,426 | -6,402 |
Total deferred tax liabilities | -163,372 | -131,628 |
Deferred tax assets: | ' | ' |
Employee benefits | 36,593 | 45,400 |
Accounts and notes receivable | 1,890 | 1,920 |
Inventory | 6,605 | 4,800 |
Deferred expenses | 689 | 11,540 |
Net operating loss carryforwards | 631 | 654 |
Other | 1,905 | 5,038 |
Total deferred tax assets | 48,313 | 69,352 |
Valuation allowance | -92 | ' |
Net deferred tax assets | 48,221 | 69,352 |
Net deferred tax liabilities | ($115,151) | ($62,276) |
Income_Taxes_Details_4
Income Taxes (Details 4) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ' | ' | ' |
Balance at beginning of year | $1,046 | $635 | $614 |
Additions based on tax positions related to the current year | 114 | 97 | ' |
Reductions based on tax positions related to prior years | -45 | 415 | 43 |
Reductions as a result of a lapse in statute of limitations | -5 | -101 | -22 |
Balance at ending of year | $1,110 | $1,046 | $635 |
Income_Taxes_Details_Textual
Income Taxes (Details Textual) (USD $) | 12 Months Ended | ||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Income Taxes (Textual) [Abstract] | ' | ' | ' | ||
Income taxes paid | $5,300,000 | $36,300,000 | $48,900,000 | ||
Deferred tax assets | 631,000 | 654,000 | ' | ||
Deferred tax asset related to U.S. foreign tax credit | 500,000 | 2,900,000 | ' | ||
Valuation allowance amount | 0 | 0 | ' | ||
Deferred other tax expense | 1,400,000 | ' | ' | ||
Deferred income tax expense | 40,374,000 | 16,503,000 | 5,473,000 | ||
Accumulated other comprehensive loss | -21,181,000 | [1] | -45,379,000 | [1] | ' |
Amount from exercise of awards | 0 | ' | ' | ||
Tax benefit realized from the exercise of awards | 1,300,000 | 400,000 | ' | ||
Interest and penalties accrued | 200,000 | 100,000 | ' | ||
Interest and penalties expense | -100,000 | 100,000 | ' | ||
State | ' | ' | ' | ||
Income Taxes (Textual) [Abstract] | ' | ' | ' | ||
Operating loss carryforwards with expiration date | 12,400,000 | ' | ' | ||
Deferred tax assets | 500,000 | ' | ' | ||
Operating loss carryforwards valuation allowance | 100,000 | 0 | ' | ||
Operating loss carryforwards | ' | 600,000 | ' | ||
Canadian | ' | ' | ' | ||
Income Taxes (Textual) [Abstract] | ' | ' | ' | ||
Deferred tax assets | 100,000 | ' | ' | ||
Operating loss carryforwards valuation allowance | 0 | 0 | ' | ||
Operating loss carryforwards | 400,000 | ' | ' | ||
Deferred tax asset with respect to Canadian net operating loss carryforwards | ' | 100,000 | ' | ||
Retiree Health Care Plan Liability and Medicare Part D Subsidy Error | Restatement Adjustment | ' | ' | ' | ||
Income Taxes (Textual) [Abstract] | ' | ' | ' | ||
Deferred income tax expense | -1,400,000 | ' | ' | ||
Accumulated other comprehensive loss | $1,400,000 | ' | ' | ||
[1] | All amounts are net of tax. Amounts in parentheses indicate debits |
Stock_Compensation_Plans_Detai
Stock Compensation Plans (Details) (SOSARs and Stock Options, USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
SOSARs and Stock Options | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ' | ' | ' |
Options & SOSARs outstanding at beginning of period, shares | 473 | ' | ' |
Options exercised, Shares | -300 | ' | ' |
Options & SOSARs cancelled / forfeited, Shares | 0 | ' | ' |
Options and SOSARs outstanding at end of period, shares | 173 | 473 | ' |
Vested and expected to vest at beginning of period, Shares | 173 | ' | ' |
Options exercisable at end of period, Shares | 173 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward] | ' | ' | ' |
Options & SOSARs outstanding at beginning of period, Weighted-Average Exercise Price | $19.10 | ' | ' |
Options exercised, Weighted-Average Exercise Price | $20.90 | ' | ' |
Options & SOSARs cancelled / forfeited, Weighted-Average Exercise Price | $0 | ' | ' |
Options and SOSARs outstanding at end of period, Weighted-Average Exercise Price | $15.99 | $19.10 | ' |
Vested and expected to vest at end of period, Weighted-Average Exercise Price | $15.99 | ' | ' |
Options exercisable at end of period, Weighted-Average Exercise Price | $15.99 | ' | ' |
Options and SOSARs outstanding at end of period, Weighted-Average Remaining Contractual Term | '0 years 9 months 5 days | ' | ' |
Vested and expected to vest at end of period, Weighted Average Remaining Contractual Term | '0 years 9 months 5 days | ' | ' |
Options exercisable at end of period, Weighted-Average Remaining Contractual Term | '0 years 9 months 5 days | ' | ' |
Options and SOSARs outstanding at end of period, Aggregate Intrinsic Value | $7,510 | ' | ' |
Vested and expected to vest at end of period, Aggregate Intrinsic Value | 7,510 | ' | ' |
Options exercisable at end of period, Aggregate Intrinsic Value | 7,510 | ' | ' |
Total intrinsic value of options exercised | 4,678 | 1,937 | 3,817 |
Total fair value of shares vested | $576 | $818 | $816 |
Weighted average fair value of options granted | $0 | $0 | $0 |
Stock_Compensation_Plans_Detai1
Stock Compensation Plans (Details 1) (Restricted Stock Awards, USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Restricted Stock Awards | ' | ' | ' |
Summary of nonvested restricted shares | ' | ' | ' |
Nonvested restricted shares at beginning of period | 180 | ' | ' |
Granted | 60 | ' | ' |
Vested | -50 | ' | ' |
Forfeited | -2 | ' | ' |
Nonvested Shares at end of period | 188 | 180 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | ' | ' | ' |
Nonvested Shares, Weighted-Average Grant-Date Fair Value at beginning of period | $28.82 | ' | ' |
Nonvested Shares, Weighted-Average Grant-Date Fair Value, Granted | $47.65 | $28.99 | $31.87 |
Nonvested Shares, Weighted-Average Grant-Date Fair Value, Vested | $25.27 | ' | ' |
Nonvested Shares, Weighted-Average Grant-Date Fair Value, Forfeited | $29.93 | ' | ' |
Nonvested Shares, Weighted-Average Grant-Date Fair Value at end of period | $35.74 | $28.82 | ' |
Total fair value of shares vested (000's) | $1,121 | $590 | $1,367 |
Stock_Compensation_Plans_Detai2
Stock Compensation Plans (Details 2) (Performance Share Units, USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Performance Share Units | ' | ' | ' |
Summary of nonvested performance share units | ' | ' | ' |
Nonvested restricted shares at beginning of period | 306 | ' | ' |
Nonvested Shares, Granted | -104 | ' | ' |
Vested | -54 | ' | ' |
Forfeited | -6 | ' | ' |
Nonvested Shares at end of period | 350 | 306 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | ' | ' | ' |
Nonvested Shares, Weighted-Average Grant-Date Fair Value at beginning of period | $28.81 | ' | ' |
Nonvested Shares, Weighted-Average Grant-Date Fair Value, Granted | $47.32 | $28.99 | $31.87 |
Nonvested Shares, Weighted-Average Grant-Date Fair Value, Vested | $22.09 | ' | ' |
Nonvested Shares, Weighted-Average Grant-Date Fair Value, Forfeited | $32.56 | ' | ' |
Nonvested Shares, Weighted-Average Grant-Date Fair Value at end of period | $35.27 | $28.81 | ' |
Stock_Compensation_Plans_Detai3
Stock Compensation Plans (Details 4) (Employee Stock) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Employee Stock | ' | ' | ' |
Fair value of the option component of the ESP Plan | ' | ' | ' |
Risk free interest rate | 0.16% | 0.11% | 0.27% |
Dividend yield | 1.49% | 1.37% | 1.21% |
Volatility factor of the expected market price of the Company's common shares | 27.00% | 41.00% | 34.00% |
Expected life for the options (in years) | '1 year | '1 year | '1 year |
Stock_Compensation_Plans_Detai4
Stock Compensation Plans (Details Textual) (USD $) | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 3 Months Ended | ||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2008 | 6-May-05 | Dec. 31, 2008 | Dec. 31, 2007 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | 6-May-05 | Mar. 31, 2013 | Mar. 31, 2013 | |
Stock Only Stock Appreciation Rights | Stock Only Stock Appreciation Rights | SOSARs and Stock Options | Restricted Stock Awards | Performance Share Units | Performance Share Units | Performance Share Units | Performance Share Units | Employee Stock | Prior Plan | Grants Prior 2013 | Grants in 2013 | ||||||
Executive Officer | Restricted Stock Awards | Restricted Stock Awards | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of shares authorized to grant under LT Plan | ' | ' | ' | ' | 600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of shares remained available | 637,500 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 285,000 | 639,000 | ' | ' |
Number of additional shares available under LT Plan | ' | ' | ' | 750,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum term for options granted | '10 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Compensation expense recognized | $4,300,000 | $4,000,000 | $4,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Term of granting options to directors and management personnel | ' | ' | ' | ' | ' | '5 years | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
General vesting period of options granted | ' | ' | ' | ' | ' | '3 years | '3 years | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | '2 years 3 months |
Number of shares issued | ' | ' | ' | ' | ' | ' | ' | ' | 60,168 | ' | ' | ' | 103,272 | ' | ' | ' | ' |
Total unrecognized compensation cost | ' | ' | ' | ' | ' | ' | ' | $0 | $3,200,000 | $2,600,000 | ' | ' | ' | ' | ' | ' | ' |
Period for recognition of compensation cost | ' | ' | ' | ' | ' | ' | ' | ' | '2 years | '2 years | ' | ' | ' | ' | ' | ' | ' |
Percentage of maximum amount available for issuance | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | 40.00% | 50.00% | ' | ' | ' | ' | ' |
Term of Treasury issues | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '1 year | ' | ' | ' |
Quarterly_Consolidated_Financi2
Quarterly Consolidated Financial Information (Unaudited) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Quarterly Financial Data [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales and merchandising revenues | $1,584,266 | $1,181,374 | $1,566,964 | $1,271,970 | $1,680,641 | $1,138,402 | $1,315,834 | $1,137,133 | $5,604,574 | $5,272,010 | $4,576,331 |
Gross profit | 109,577 | 73,146 | 103,229 | 79,273 | 91,169 | 78,316 | 102,650 | 85,870 | 365,225 | 358,005 | 352,852 |
Net income attributable to The Andersons, Inc. | $30,661 | $17,161 | $29,539 | $12,578 | $14,990 | $16,884 | $29,199 | $18,407 | $89,939 | $79,480 | $95,106 |
Earnings per share-basic (in dollars per share) | $1.09 | $0.61 | $1.05 | $0.45 | $0.54 | $0.61 | $1.05 | $0.66 | $3.20 | $2.85 | $3.42 |
Earnings per share-diluted (in dollars per share) | $1.08 | $0.61 | $1.05 | $0.45 | $0.53 | $0.60 | $1.04 | $0.65 | $3.18 | $2.82 | $3.39 |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income (Details) (USD $) | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ' | ' | ' | ||
Beginning Balance | ($45,379) | [1] | ' | ' | |
Other comprehensive income before reclassifications | 24,537 | [1] | ' | ' | |
Amounts reclassified from accumulated other comprehensive income | -339 | [1] | ' | ' | |
Other comprehensive income (loss) | 24,198 | [1] | -2,289 | -14,291 | |
Ending balance | -21,181 | [1] | -45,379 | [1] | ' |
Losses on Cash Flow Hedges | ' | ' | ' | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ' | ' | ' | ||
Beginning Balance | -902 | [1] | ' | ' | |
Other comprehensive income before reclassifications | 265 | [1] | ' | ' | |
Amounts reclassified from accumulated other comprehensive income | 0 | [1] | ' | ' | |
Other comprehensive income (loss) | 265 | [1] | ' | ' | |
Ending balance | -637 | [1] | ' | ' | |
Investment in Debt Securities | ' | ' | ' | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ' | ' | ' | ||
Beginning Balance | 2,569 | [1] | ' | ' | |
Other comprehensive income before reclassifications | 5,292 | [1] | ' | ' | |
Amounts reclassified from accumulated other comprehensive income | 0 | [1] | ' | ' | |
Other comprehensive income (loss) | 5,292 | [1] | ' | ' | |
Ending balance | 7,861 | [1] | ' | ' | |
Defined Benefit Plan Items | ' | ' | ' | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ' | ' | ' | ||
Beginning Balance | -47,046 | [1] | ' | ' | |
Other comprehensive income before reclassifications | 18,980 | [1] | ' | ' | |
Amounts reclassified from accumulated other comprehensive income | -339 | [1] | ' | ' | |
Other comprehensive income (loss) | 18,641 | [1] | ' | ' | |
Ending balance | ($28,405) | [1] | ' | ' | |
[1] | All amounts are net of tax. Amounts in parentheses indicate debits |
Accumulated_Other_Comprehensiv3
Accumulated Other Comprehensive Income Schedule of Reclassifications Out of Accumulated Other Comprehensive Income (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Schedule of Reclassifciations Out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | |
Income (loss) before income taxes | $149,513 | $120,133 | $147,878 | |
Income tax benefit | -53,811 | -44,568 | -51,053 | |
Net income | 95,702 | 75,565 | 96,825 | |
Reclassification out of Accumulated Other Comprehensive Income | ' | ' | ' | |
Schedule of Reclassifciations Out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | |
Net income | -339 | [1] | ' | ' |
Defined Benefit Plan Items | Reclassification out of Accumulated Other Comprehensive Income | ' | ' | ' | |
Schedule of Reclassifciations Out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | |
Amortization of prior-service cost | -543 | [1],[2] | ' | ' |
Income (loss) before income taxes | -543 | [1] | ' | ' |
Income tax benefit | 204 | [1] | ' | ' |
Net income | ($339) | [1] | ' | ' |
[1] | Amounts in parentheses indicate debits to profit/loss | |||
[2] | This accumulated other comprehensive income component is included in the computation of net periodic benefit cost (see Note 6. Employee Benefit Plans footnote for additional details) |
Subsequent_Events_Details
Subsequent Events (Details) (Subsequent Event, USD $) | 0 Months Ended | ||
In Millions, unless otherwise specified | Feb. 18, 2014 | Jan. 22, 2014 | Jan. 21, 2014 |
Lansing Trade Group, LLC | Lansing Trade Group, LLC | ||
Subsequent Event [Line Items] | ' | ' | ' |
Stock split, conversion ratio | 1.5 | ' | ' |
Proceeds from sale of equity method investment | ' | $60 | ' |
Percentage of company ownership interest (percentage) | ' | 40.00% | 50.00% |
Realized gain on disposal of LTG | ' | 17 | ' |
Realized gain on disposal, net of tax | ' | $11 | ' |
Schedule_II_Consolidated_Valua1
Schedule II - Consolidated Valuation and Qualifying Accounts - K (Details) (Allowance for Doubtful Accounts, USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Allowance for Doubtful Accounts | ' | ' | ' | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | ' | ' | ' | |||
Balance at beginning of period | $4,883 | $4,799 | $5,684 | |||
Charged to costs and expenses | 1,187 | 1,129 | 187 | |||
Transferred from (to) allowance for accounts / notes receivable | 0 | 46 | 46 | |||
Deductions | -1,077 | [1] | -1,091 | [1] | -1,118 | [1] |
Balance at end of period | $4,993 | $4,883 | $4,799 | |||
[1] | Uncollectible accounts written off, net of recoveries and adjustments to estimates for the allowance accounts. |