Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Apr. 30, 2014 |
Document and Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'ANDERSONS INC | ' |
Entity Central Index Key | '0000821026 | ' |
Document Type | '10-Q | ' |
Document Period End Date | 31-Mar-14 | ' |
Amendment Flag | 'false | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 28.2 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (Unaudited) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | |||
In Thousands, unless otherwise specified | ||||||
Current assets: | ' | ' | ' | |||
Cash and cash equivalents | $43,693 | $309,085 | $58,284 | |||
Restricted cash | 652 | 408 | 635 | |||
Accounts receivable, net | 191,972 | 173,930 | 197,842 | |||
Inventories | 725,584 | 614,923 | 753,378 | |||
Commodity derivative assets – current | 119,330 | 71,319 | 158,079 | |||
Deferred income taxes | 9,104 | 4,931 | 15,482 | |||
Other current assets | 48,214 | 47,188 | 63,350 | |||
Total current assets | 1,138,549 | 1,221,784 | 1,247,050 | |||
Other assets: | ' | ' | ' | |||
Commodity derivative assets – noncurrent | 1,365 | 246 | 813 | |||
Goodwill | 58,554 | 58,554 | 54,387 | |||
Other assets, net | 55,974 | 59,456 | 50,148 | |||
Pension assets | 15,079 | 14,328 | 0 | |||
Equity method investments | 232,396 | 291,109 | 190,377 | |||
Investments and Other Noncurrent Assets | 363,368 | 423,693 | 295,725 | |||
Railcar assets leased to others, net | 237,534 | 240,621 | 244,706 | |||
Property, plant and equipment, net | 386,132 | 387,458 | 364,307 | |||
Total assets | 2,125,583 | 2,273,556 | 2,151,788 | |||
Current liabilities: | ' | ' | ' | |||
Borrowings under short-term line of credit | 226,100 | 0 | 292,100 | |||
Accounts payable for grain | 183,998 | 592,183 | 183,997 | |||
Other accounts payable | 177,623 | 154,599 | 182,013 | |||
Customer prepayments and deferred revenue | 124,981 | 59,304 | 160,191 | |||
Commodity derivative liabilities – current | 32,153 | 63,954 | 50,157 | |||
Accrued expenses and other current liabilities | 56,290 | 70,295 | 52,519 | |||
Current maturities of long-term debt | 90,760 | 51,998 | 43,052 | |||
Total current liabilities | 891,905 | 992,333 | 964,029 | |||
Other long-term liabilities | 14,749 | 15,386 | 16,898 | |||
Commodity derivative liabilities – noncurrent | 734 | 6,644 | 3,220 | |||
Employee benefit plan obligations | 39,989 | 39,477 | 52,927 | |||
Long-term debt, less current maturities | 306,161 | 375,213 | 412,700 | |||
Deferred income taxes | 128,716 | 120,082 | 77,694 | |||
Total liabilities | 1,382,254 | 1,549,135 | 1,527,468 | |||
Commitments and contingencies | ' | ' | ' | |||
Shareholders’ equity: | ' | ' | ' | |||
Common shares, without par value (42,000 shares authorized; 28,797 shares issued) | 96 | 96 | 96 | |||
Preferred shares, without par value (1,000 shares authorized; none issued) | 0 | 0 | 0 | |||
Additional paid-in-capital | 184,474 | 184,380 | 181,845 | |||
Treasury shares, at cost (378, 607 and 713 shares at 3/31/14, 12/31/13 and 3/31/13, respectively) | -8,750 | -10,222 | -11,418 | |||
Accumulated other comprehensive loss | -24,157 | [1] | -21,181 | [1] | -43,277 | [1] |
Retained earnings | 567,849 | 548,401 | 480,156 | |||
Total shareholders’ equity of The Andersons, Inc. | 719,512 | 701,474 | 607,402 | |||
Noncontrolling interests | 23,817 | 22,947 | 16,918 | |||
Total equity | 743,329 | 724,421 | 624,320 | |||
Total liabilities and equity | $2,125,583 | $2,273,556 | $2,151,788 | |||
[1] | All amounts are net of tax. Amounts in parentheses indicates debits |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (Unaudited) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 |
Statement of Financial Position [Abstract] | ' | ' | ' |
Common shares, par value (dollars per share) | $0 | $0 | $0 |
Common shares, shares authorized (shares) | 42,000,000 | 42,000,000 | 42,000,000 |
Common shares, shares issued (shares) | 28,797,000 | 28,797,000 | 28,797,000 |
Preferred shares, par value (dollars per share) | $0 | $0 | $0 |
Preferred shares, shares authorized (shares) | 1,000,000 | 1,000,000 | 1,000,000 |
Preferred shares, shares issued (shares) | 0 | 0 | 0 |
Treasury shares, at cost (shares) | 378,000 | 607,000 | 713,000 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Income (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Income Statement [Abstract] | ' | ' |
Sales and merchandising revenues | $1,003,294 | $1,271,970 |
Cost of sales and merchandising revenues | 926,519 | 1,192,697 |
Gross profit | 76,775 | 79,273 |
Operating, administrative and general expenses | 70,985 | 62,008 |
Interest expense | 6,002 | 6,404 |
Other income: | ' | ' |
Equity in earnings of affiliates, net | 20,501 | 7,804 |
Other income, net | 19,612 | 2,726 |
Income before income taxes | 39,901 | 21,391 |
Income tax provision | 13,872 | 9,079 |
Net income | 26,029 | 12,312 |
Net income (loss) attributable to the noncontrolling interests | 3,321 | -266 |
Net income attributable to The Andersons, Inc. | $22,708 | $12,578 |
Per common share: | ' | ' |
Basic earnings attributable to The Andersons, Inc. common shareholders (dollars per share) | $0.80 | $0.45 |
Diluted earnings attributable to The Andersons, Inc. common shareholders (dollars per share) | $0.80 | $0.45 |
Dividends paid (dollars per share) | $0.11 | $0.11 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Comprehensive Income (Unaudited) (USD $) | 3 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | ||
Statement of Comprehensive Income [Abstract] | ' | ' | ||
Net income | $26,029 | $12,312 | ||
Other comprehensive income (loss), net of tax: | ' | ' | ||
(Decrease) increase in estimated fair value of investment in debt securities (net of income tax of ($1,958) and $187) | -3,232 | 303 | ||
Change in unrecognized actuarial loss and prior service cost (net of income tax of $113 and $232 - Note 14) | 187 | 1,769 | ||
Cash flow hedge activity (net of income tax of $42 and $96) | 69 | 30 | ||
Other comprehensive income (loss) | -2,976 | [1] | 2,102 | [1] |
Comprehensive income | 23,053 | 14,414 | ||
Comprehensive income (loss) attributable to the noncontrolling interests | 3,321 | -266 | ||
Comprehensive income attributable to The Andersons, Inc. | $19,732 | $14,680 | ||
[1] | All amounts are net of tax. Amounts in parentheses indicates debits |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Comprehensive Income (Parenthetical) (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Statement of Comprehensive Income [Abstract] | ' | ' |
Increase in estimated fair value of investment in debt securities, tax | ($1,958) | $187 |
Unrecognized actuarial loss and prior service cost, income taxes | 113 | 232 |
Income tax on cash flow hedge activity | $42 | $96 |
Condensed_Consolidated_Stateme3
Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Operating activities | ' | ' |
Net income | $26,029 | $12,312 |
Adjustments to reconcile net income to cash used in operating activities: | ' | ' |
Depreciation and amortization | 13,856 | 14,801 |
Bad debt expense | 377 | 269 |
Cash distributions in excess of income of unconsolidated affiliates | 45,061 | 531 |
Gain on sale of investments in affiliates | -17,055 | 0 |
Gains on sales of railcars and related leases | -10,769 | -9,699 |
Excess tax benefit from share-based payment arrangement | -1,608 | -55 |
Deferred income taxes | 6,264 | 805 |
Stock-based compensation expense | 1,462 | 768 |
Other | -2,504 | 102 |
Changes in operating assets and liabilities: | ' | ' |
Accounts receivable | -19,390 | 11,815 |
Inventories | -110,661 | 23,299 |
Commodity derivatives | -86,842 | -34,915 |
Other assets | -1,730 | -9,534 |
Accounts payable for grain | -408,185 | -398,656 |
Other accounts payable and accrued expenses | 67,082 | 52,174 |
Net cash used in operating activities | -498,613 | -335,983 |
Investing Activities | ' | ' |
Acquisition of businesses, net of cash acquired | 0 | -3,345 |
Purchases of railcars | -14,005 | -44,241 |
Proceeds from sale of railcars | 25,465 | 36,144 |
Purchases of property, plant and equipment | -5,523 | -6,194 |
Proceeds from sale of property, plant and equipment | 108 | 68 |
Proceeds from sale of investments in affiliates | 31,457 | 0 |
Change in restricted cash | -244 | -237 |
Net cash provided by (used in) investing activities | 37,258 | -17,805 |
Financing Activities | ' | ' |
Net change in short-term borrowings | 226,100 | 267,881 |
Proceeds from issuance of long-term debt | 3,598 | 25,254 |
Payments of long-term debt | -30,560 | -17,888 |
Proceeds from sale of treasury shares to employees and directors | 1,499 | 1,587 |
Payment of debt issuance costs | -3,175 | -46 |
Dividends paid | -3,107 | -2,989 |
Excess tax benefit from share-based payment arrangement | 1,608 | 55 |
Net cash provided by financing activities | 195,963 | 273,854 |
Decrease in cash and cash equivalents | -265,392 | -79,934 |
Cash and cash equivalents at beginning of period | 309,085 | 138,218 |
Cash and cash equivalents at end of period | 43,693 | 58,284 |
Supplemental disclosure of cash flow information | ' | ' |
Capital project costs incurred but not yet paid | 4,020 | 4,372 |
Purchase of capitalized software through seller-financing | $2,562 | $4,294 |
Condensed_Consolidated_Stateme4
Condensed Consolidated Statements of Equity (Unaudited) (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, 2012 | $611,445 | $96 | $181,627 | ($12,559) | ($45,379) | $470,628 | $17,032 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | |
Net income (loss) | 12,312 | ' | ' | ' | ' | 12,578 | -266 | |
Other comprehensive income | 2,102 | [1] | ' | ' | ' | 2,102 | ' | ' |
Noncontrolling Interest, cash distributions or proceeds received | 152 | ' | ' | ' | ' | ' | 152 | |
Stock awards, stock option exercises and other shares issued to employees and directors, net of income tax of $1,530 (214 shares) and $1,052 (118 shares) for the period March 31, 2014 and 2013, respectively | 1,304 | ' | 163 | 1,141 | ' | ' | ' | |
Dividends declared ($0.1100 and $0.1067 per common share for the year March 31, 2014 and 2013, respectively) | -2,995 | ' | ' | ' | ' | -2,995 | ' | |
Performance share unit dividend equivalents | 0 | ' | 55 | ' | ' | -55 | ' | |
Ending Balance at Mar. 31, 2013 | 624,320 | 96 | 181,845 | -11,418 | -43,277 | 480,156 | 16,918 | |
Beginning Balance at Dec. 31, 2013 | 724,421 | 96 | 184,380 | -10,222 | -21,181 | 548,401 | 22,947 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | |
Net income (loss) | 26,029 | ' | ' | ' | ' | 22,708 | 3,321 | |
Other comprehensive income | -2,976 | [1] | ' | ' | ' | -2,976 | ' | ' |
Noncontrolling Interest, cash distributions or proceeds received | -2,451 | ' | ' | ' | ' | ' | -2,451 | |
Stock awards, stock option exercises and other shares issued to employees and directors, net of income tax of $1,530 (214 shares) and $1,052 (118 shares) for the period March 31, 2014 and 2013, respectively | 1,490 | ' | 18 | 1,472 | ' | ' | ' | |
Payment of cash in lieu for stock split (187 shares) | -58 | ' | -58 | ' | ' | ' | ' | |
Dividends declared ($0.1100 and $0.1067 per common share for the year March 31, 2014 and 2013, respectively) | -3,126 | ' | ' | ' | ' | -3,126 | ' | |
Performance share unit dividend equivalents | 0 | ' | 134 | ' | ' | -134 | ' | |
Ending Balance at Mar. 31, 2014 | $743,329 | $96 | $184,474 | ($8,750) | ($24,157) | $567,849 | $23,817 | |
[1] | All amounts are net of tax. Amounts in parentheses indicates debits |
Condensed_Consolidated_Stateme5
Condensed Consolidated Statements of Equity (Parenthetical) (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Additional Paid-in Capital | ' | ' |
Income tax on stock option exercise and other shares issued to employees and directors | $1,530 | $1,052 |
Stock option exercises and other shares issued to employees and directors, shares | 214 | 118 |
Retained Earnings | ' | ' |
Dividends declared, per common share | $0.11 | $0.11 |
Basis_of_Presentation_and_Cons
Basis of Presentation and Consolidation | 3 Months Ended |
Mar. 31, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Basis of Presentation and Consolidation | ' |
Basis of Presentation and Consolidation | |
These Condensed Consolidated Financial Statements include the accounts of The Andersons, Inc. and its wholly owned and controlled subsidiaries (the “Company”). 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 statement of the results of operations for the periods indicated, have been made. Operating results for the three months ended March 31, 2014 are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2014. | |
The Condensed Consolidated Balance Sheet data at December 31, 2013 was derived from audited Consolidated Financial Statements, but does not include all disclosures required by accounting principles generally accepted in the United States of America. A Condensed Consolidated Balance Sheet as of March 31, 2013 has been included as the Company operates in several seasonal industries. | |
The accompanying unaudited Condensed Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and notes thereto included in The Andersons, Inc. Annual Report on Form 10-K for the year ended December 31, 2013 (the “2013 Form 10-K”). | |
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. |
Inventories
Inventories | 3 Months Ended | |||||||||||
Mar. 31, 2014 | ||||||||||||
Inventory, Net [Abstract] | ' | |||||||||||
Inventories | ' | |||||||||||
Inventories | ||||||||||||
Major classes of inventories are as follows: | ||||||||||||
(in thousands) | March 31, | December 31, | March 31, | |||||||||
2014 | 2013 | 2013 | ||||||||||
Grain | $ | 488,492 | $ | 432,893 | $ | 507,927 | ||||||
Ethanol and by-products | 17,658 | 14,453 | 25,531 | |||||||||
Agricultural fertilizer and supplies | 151,144 | 100,593 | 157,882 | |||||||||
Lawn and garden fertilizer and corncob products | 37,218 | 39,960 | 30,343 | |||||||||
Retail merchandise | 26,205 | 22,505 | 28,097 | |||||||||
Railcar repair parts | 4,661 | 4,312 | 3,469 | |||||||||
Other | 206 | 207 | 129 | |||||||||
$ | 725,584 | $ | 614,923 | $ | 753,378 | |||||||
Inventories on the Condensed Consolidated Balance Sheets at March 31, 2014, December 31, 2013 and March 31, 2013 do not include 5.6 million, 13.3 million and 17.7 million bushels of grain, respectively, held in storage for others. The Company does not have title to the grain and is only liable for any deficiencies in grade or shortage of quantity that may arise during the storage period. Management does not anticipate material losses on any deficiencies. |
Property_Plant_and_Equipment
Property, Plant and Equipment | 3 Months Ended | |||||||||||
Mar. 31, 2014 | ||||||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||||||
Property, Plant and Equipment | ' | |||||||||||
Property, Plant and Equipment | ||||||||||||
The components of property, plant and equipment are as follows: | ||||||||||||
(in thousands) | March 31, | December 31, | March 31, | |||||||||
2014 | 2013 | 2013 | ||||||||||
Land | $ | 21,906 | $ | 21,801 | $ | 22,637 | ||||||
Land improvements and leasehold improvements | 67,876 | 67,153 | 64,972 | |||||||||
Buildings and storage facilities | 234,109 | 231,976 | 219,500 | |||||||||
Machinery and equipment | 309,283 | 308,215 | 290,930 | |||||||||
Software | 13,403 | 13,351 | 13,464 | |||||||||
Construction in progress | 52,200 | 48,135 | 38,893 | |||||||||
698,777 | 690,631 | 650,396 | ||||||||||
Less: accumulated depreciation and amortization | 312,645 | 303,173 | 286,089 | |||||||||
$ | 386,132 | $ | 387,458 | $ | 364,307 | |||||||
Depreciation expense on property, plant and equipment amounted to $9.9 million, $37.5 million and $9.3 million for the year-to-date periods ended March 31, 2014, December 31, 2013, and March 31, 2013, respectively. | ||||||||||||
In December 2013, 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 were not material, as Level 3 in the fair value hierarchy. | ||||||||||||
Railcar assets leased to others | ||||||||||||
The components of Railcar assets leased to others are as follows: | ||||||||||||
(in thousands) | March 31, | December 31, | March 31, | |||||||||
2014 | 2013 | 2013 | ||||||||||
Railcar assets leased to others | $ | 316,520 | $ | 317,750 | $ | 325,633 | ||||||
Less: accumulated depreciation | 78,986 | 77,129 | 80,927 | |||||||||
$ | 237,534 | $ | 240,621 | $ | 244,706 | |||||||
Depreciation expense on railcar assets leased to others amounted to $3.4 million, $14.7 million and $3.7 million for the year-to-date periods ended March 31, 2014, December 31, 2013 and March 31, 2013, respectively. |
Derivatives
Derivatives | 3 Months Ended | |||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||||||||||||||||||
Derivatives | ' | |||||||||||||||||||||||
Derivatives | ||||||||||||||||||||||||
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 Condensed Consolidated Balance Sheets. | ||||||||||||||||||||||||
The following table presents at March 31, 2014, December 31, 2013 and March 31, 2013, 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 Condensed Consolidated Balance Sheets: | ||||||||||||||||||||||||
March 31, 2014 | December 31, 2013 | March 31, 2013 | ||||||||||||||||||||||
(in thousands) | Net | Net | Net | Net | Net | Net | ||||||||||||||||||
derivative | derivative | derivative | derivative | derivative | derivative | |||||||||||||||||||
asset | liability | asset | liability | asset | liability | |||||||||||||||||||
position | position | position | position | position | position | |||||||||||||||||||
Collateral paid | $ | 142,791 | $ | — | $ | 15,480 | $ | — | $ | 73,033 | $ | — | ||||||||||||
Fair value of derivatives | (88,498 | ) | — | 31,055 | — | 35,403 | — | |||||||||||||||||
Balance at end of period | $ | 54,293 | $ | — | $ | 46,535 | $ | — | $ | 108,436 | $ | — | ||||||||||||
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 Condensed Consolidated Balance Sheets. There was no inventory posted as collateral as of March 31, 2014. The fair value of inventory posted as collateral was $0.3 million, and $0.7 million as of December 31, 2013, and March 31, 2013, respectively. | ||||||||||||||||||||||||
The following table presents, on a gross basis, current and noncurrent commodity derivative assets and liabilities: | ||||||||||||||||||||||||
31-Mar-14 | ||||||||||||||||||||||||
(in thousands) | Commodity derivative assets - current | Commodity derivative assets - noncurrent | Commodity derivative liabilities - current | Commodity derivative liabilities - noncurrent | Total | |||||||||||||||||||
Commodity derivative assets | $ | 86,512 | $ | 1,543 | $ | 4,552 | $ | 308 | $ | 92,915 | ||||||||||||||
Commodity derivative liabilities | (109,973 | ) | (178 | ) | (36,705 | ) | (1,042 | ) | (147,898 | ) | ||||||||||||||
Cash collateral | 142,791 | — | — | — | 142,791 | |||||||||||||||||||
Balance sheet line item totals | $ | 119,330 | $ | 1,365 | $ | (32,153 | ) | $ | (734 | ) | $ | 87,808 | ||||||||||||
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-Mar-13 | ||||||||||||||||||||||||
(in thousands) | Commodity derivative assets - current | Commodity derivative assets - noncurrent | Commodity derivative liabilities - current | Commodity derivative liabilities - noncurrent | Total | |||||||||||||||||||
Commodity derivative assets | $ | 101,833 | $ | 834 | $ | 3,898 | $ | 19 | $ | 106,584 | ||||||||||||||
Commodity derivative liabilities | (16,787 | ) | (21 | ) | (54,055 | ) | (3,239 | ) | (74,102 | ) | ||||||||||||||
Cash collateral | 73,033 | — | — | — | 73,033 | |||||||||||||||||||
Balance sheet line item totals | $ | 158,079 | $ | 813 | $ | (50,157 | ) | $ | (3,220 | ) | $ | 105,515 | ||||||||||||
The gains included in the Company’s Condensed Consolidated Statements of Income and the line items in which they are located for the three months ended March 31, 2014 and 2013 are as follows: | ||||||||||||||||||||||||
Three months ended | ||||||||||||||||||||||||
March 31, | ||||||||||||||||||||||||
(in thousands) | 2014 | 2013 | ||||||||||||||||||||||
Gains (losses) on commodity derivatives included in sales and merchandising revenues | $ | (53,686 | ) | $ | 36,368 | |||||||||||||||||||
The Company had the following volume of commodity derivative contracts outstanding (on a gross basis) at March 31, 2014, December 31, 2013 and March 31, 2013: | ||||||||||||||||||||||||
31-Mar-14 | ||||||||||||||||||||||||
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 | 274,762 | — | — | — | ||||||||||||||||||||
Soybeans | 29,332 | — | — | — | ||||||||||||||||||||
Wheat | 12,753 | — | — | — | ||||||||||||||||||||
Oats | 31,691 | — | — | — | ||||||||||||||||||||
Ethanol | — | 278,697 | — | — | ||||||||||||||||||||
Corn oil | — | — | 20,790 | — | ||||||||||||||||||||
Other | 207 | — | — | 110 | ||||||||||||||||||||
Subtotal | 348,745 | 278,697 | 20,790 | 110 | ||||||||||||||||||||
Exchange traded: | ||||||||||||||||||||||||
Corn | 197,405 | — | — | — | ||||||||||||||||||||
Soybeans | 20,810 | — | — | — | ||||||||||||||||||||
Wheat | 26,750 | — | — | — | ||||||||||||||||||||
Oats | 8,335 | — | — | — | ||||||||||||||||||||
Ethanol | — | 82,194 | — | — | ||||||||||||||||||||
Subtotal | 253,300 | 82,194 | — | — | ||||||||||||||||||||
Total | 602,045 | 360,891 | 20,790 | 110 | ||||||||||||||||||||
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-Mar-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 | 236,725 | — | — | — | ||||||||||||||||||||
Soybeans | 14,639 | — | — | — | ||||||||||||||||||||
Wheat | 22,818 | — | — | — | ||||||||||||||||||||
Oats | 8,562 | — | — | — | ||||||||||||||||||||
Ethanol | — | 150,988 | — | — | ||||||||||||||||||||
Corn oil | — | — | 14,824 | — | ||||||||||||||||||||
Other | 173 | — | — | 102 | ||||||||||||||||||||
Subtotal | 282,917 | 150,988 | 14,824 | 102 | ||||||||||||||||||||
Exchange traded: | ||||||||||||||||||||||||
Corn | 140,030 | — | — | — | ||||||||||||||||||||
Soybeans | 9,575 | — | — | — | ||||||||||||||||||||
Wheat | 32,760 | — | — | — | ||||||||||||||||||||
Oats | 4,540 | — | — | — | ||||||||||||||||||||
Ethanol | — | 32,970 | — | — | ||||||||||||||||||||
Subtotal | 186,905 | 32,970 | — | — | ||||||||||||||||||||
Total | 469,822 | 183,958 | 14,824 | 102 | ||||||||||||||||||||
Earnings_Per_Share
Earnings Per Share | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
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. | ||||||||
(in thousands, except per common share data) | Three months ended | |||||||
March 31, | ||||||||
2014 | 2013 | |||||||
Net income attributable to The Andersons, Inc. | $ | 22,708 | $ | 12,578 | ||||
Less: Distributed and undistributed earnings allocated to nonvested restricted stock | 104 | 49 | ||||||
Earnings available to common shareholders | $ | 22,604 | $ | 12,529 | ||||
Earnings per share – basic: | ||||||||
Weighted average shares outstanding – basic | 28,155 | 27,912 | ||||||
Earnings per common share – basic | $ | 0.8 | $ | 0.45 | ||||
Earnings per share – diluted: | ||||||||
Weighted average shares outstanding – basic | 28,155 | 27,912 | ||||||
Effect of dilutive awards | 69 | 150 | ||||||
Weighted average shares outstanding – diluted | 28,224 | 28,062 | ||||||
Earnings per common share – diluted | $ | 0.8 | $ | 0.45 | ||||
There were no antidilutive stock-based awards outstanding at March 31, 2014 or 2013. |
Employee_Benefit_Plans
Employee Benefit Plans | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Compensation and Retirement Disclosure [Abstract] | ' | |||||||
Employee Benefit Plans | ' | |||||||
Employee Benefit Plans | ||||||||
The following are components of the net periodic benefit cost for the pension and postretirement benefit plans maintained by the Company for the three months ended March 31, 2014 and 2013: | ||||||||
Pension Benefits | ||||||||
(in thousands) | Three months ended | |||||||
March 31, | ||||||||
2014 | 2013 | |||||||
Service cost | $ | 43 | $ | — | ||||
Interest cost | 1,162 | 1,065 | ||||||
Expected return on plan assets | (1,905 | ) | (1,755 | ) | ||||
Recognized net actuarial loss | 207 | 392 | ||||||
Benefit income | $ | (493 | ) | $ | (298 | ) | ||
Postretirement Benefits | ||||||||
(in thousands) | Three months ended | |||||||
March 31, | ||||||||
2014 | 2013 | |||||||
Service cost | $ | 187 | $ | 224 | ||||
Interest cost | 393 | 346 | ||||||
Amortization of prior service cost | (136 | ) | (136 | ) | ||||
Recognized net actuarial loss | 229 | 359 | ||||||
Benefit cost | $ | 673 | $ | 793 | ||||
Segment_Information
Segment Information | 3 Months Ended | |||||||||||
Mar. 31, 2014 | ||||||||||||
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. | ||||||||||||
Three months ended | ||||||||||||
March 31, | ||||||||||||
2014 | 2013 | |||||||||||
(in thousands) | ||||||||||||
Revenues from external customers | ||||||||||||
Grain | $ | 583,159 | $ | 836,495 | ||||||||
Ethanol | 188,820 | 199,309 | ||||||||||
Plant Nutrient | 107,630 | 111,902 | ||||||||||
Rail | 52,302 | 46,364 | ||||||||||
Turf & Specialty | 43,725 | 47,187 | ||||||||||
Retail | 27,658 | 30,713 | ||||||||||
Total | $ | 1,003,294 | $ | 1,271,970 | ||||||||
Three months ended | ||||||||||||
March 31, | ||||||||||||
(in thousands) | 2014 | 2013 | ||||||||||
Inter-segment sales | ||||||||||||
Grain | $ | — | $ | 332 | ||||||||
Plant Nutrient | 7,367 | 7,697 | ||||||||||
Rail | 109 | 104 | ||||||||||
Turf & Specialty | 806 | 999 | ||||||||||
Total | $ | 8,282 | $ | 9,132 | ||||||||
Three months ended | ||||||||||||
March 31, | ||||||||||||
(in thousands) | 2014 | 2013 | ||||||||||
Interest expense (income) | ||||||||||||
Grain | $ | 2,775 | $ | 3,849 | ||||||||
Ethanol | 100 | 326 | ||||||||||
Plant Nutrient | 771 | 918 | ||||||||||
Rail | 1,656 | 1,513 | ||||||||||
Turf & Specialty | 418 | 402 | ||||||||||
Retail | 170 | 215 | ||||||||||
Other | 112 | (819 | ) | |||||||||
Total | $ | 6,002 | $ | 6,404 | ||||||||
Three months ended | ||||||||||||
March 31, | ||||||||||||
(in thousands) | 2014 | 2013 | ||||||||||
Equity in earnings (loss) of affiliates, net | ||||||||||||
Grain | $ | 1,884 | $ | 7,910 | ||||||||
Ethanol | 18,617 | (106 | ) | |||||||||
Total | $ | 20,501 | $ | 7,804 | ||||||||
Three months ended | ||||||||||||
March 31, | ||||||||||||
(in thousands) | 2014 | 2013 | ||||||||||
Other income (expense), net | ||||||||||||
Grain (a) | $ | 18,346 | $ | 571 | ||||||||
Ethanol | (226 | ) | 231 | |||||||||
Plant Nutrient | 185 | (25 | ) | |||||||||
Rail | 710 | 946 | ||||||||||
Turf & Specialty | 307 | 275 | ||||||||||
Retail | 112 | 114 | ||||||||||
Other | 178 | 614 | ||||||||||
Total | $ | 19,612 | $ | 2,726 | ||||||||
(a) Increase is related to gain on LTG partial share redemption. See Note 8. Related Party Transactions for details of the LTG gain in 2014. | ||||||||||||
Three months ended | ||||||||||||
March 31, | ||||||||||||
(in thousands) | 2014 | 2013 | ||||||||||
Income (loss) before income taxes | ||||||||||||
Grain | $ | 11,306 | $ | 8,299 | ||||||||
Ethanol | 19,824 | 2,479 | ||||||||||
Plant Nutrient | (1,411 | ) | (562 | ) | ||||||||
Rail | 15,045 | 14,574 | ||||||||||
Turf & Specialty | 1,375 | 4,001 | ||||||||||
Retail | (2,335 | ) | (3,169 | ) | ||||||||
Other | (7,224 | ) | (3,965 | ) | ||||||||
Noncontrolling interests | 3,321 | (266 | ) | |||||||||
Total | $ | 39,901 | $ | 21,391 | ||||||||
(in thousands) | March 31, 2014 | December 31, 2013 | March 31, 2013 | |||||||||
Identifiable assets | ||||||||||||
Grain | $ | 979,608 | $ | 921,914 | $ | 1,025,350 | ||||||
Ethanol | 224,931 | 229,797 | 209,666 | |||||||||
Plant Nutrient | 311,219 | 268,238 | 323,653 | |||||||||
Rail | 303,532 | 312,654 | 302,717 | |||||||||
Turf & Specialty | 110,538 | 89,939 | 97,842 | |||||||||
Retail | 47,710 | 44,910 | 53,668 | |||||||||
Other | 148,045 | 406,104 | 138,892 | |||||||||
Total | $ | 2,125,583 | $ | 2,273,556 | $ | 2,151,788 | ||||||
Related_Party_Transactions
Related Party Transactions | 3 Months Ended | |||||||||||
Mar. 31, 2014 | ||||||||||||
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. | ||||||||||||
On January 22, 2014, the Company 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. A portion of the proceeds ($28.5 million) was considered a distribution of earnings and reduced the Company's cost basis in LTG. The difference between the remaining proceeds of $31.5 million and the new cost basis of the shares sold, net of deal costs, resulted in a book gain of $17.1 million ($10.7 million after tax). This gain was recorded in Other income, net for the three months ended March 31, 2014. | ||||||||||||
In July 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 the 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 accounts for these investments under the equity method of accounting. | ||||||||||||
The following table presents the Company’s investment balance in each of its equity method investees by entity: | ||||||||||||
(in thousands) | March 31, 2014 | December 31, 2013 | March 31, 2013 | |||||||||
The Andersons Albion Ethanol LLC (a) | $ | 31,867 | $ | 40,194 | $ | 31,169 | ||||||
The Andersons Clymers Ethanol LLC (a) | 40,412 | 44,418 | 32,900 | |||||||||
The Andersons Marathon Ethanol LLC (a) | 45,946 | 46,811 | 32,164 | |||||||||
Lansing Trade Group, LLC (b) | 60,837 | 106,028 | 91,752 | |||||||||
Thompsons Limited (c) | 49,520 | 49,833 | — | |||||||||
Other | 3,814 | 3,825 | 2,392 | |||||||||
Total | $ | 232,396 | $ | 291,109 | $ | 190,377 | ||||||
(a) Decrease in LLCs investment balance is due to cash distributions made during the first quarter of 2014, partially offset by strong earnings | ||||||||||||
(b) Decrease in LTG investment balance is driven by the sale of a portion of the Company's interest in LTG during the first quarter of 2014 | ||||||||||||
(c) Thompsons Limited and related U.S. operating company held by joint ventures | ||||||||||||
The Company holds a majority interest (66%) in The Andersons Ethanol Investment LLC (“TAEI”). This consolidated entity holds a 50% interest in The Andersons Marathon Ethanol LLC (“TAME”). The noncontrolling interest in TAEI is attributed 34% of the gains and losses of TAME recorded by the Company. | ||||||||||||
The following table summarizes income (losses) earned from the Company’s equity method investments by entity: | ||||||||||||
% ownership at | Three months ended | |||||||||||
31-Mar-14 | March 31, | |||||||||||
(in thousands) | 2014 | 2013 | ||||||||||
The Andersons Albion Ethanol LLC | 53% | $ | 4,943 | $ | 944 | |||||||
The Andersons Clymers Ethanol LLC | 38% | 5,539 | (219 | ) | ||||||||
The Andersons Marathon Ethanol LLC | 50% | 8,135 | (832 | ) | ||||||||
Lansing Trade Group, LLC | 41% (a) | 2,221 | 7,991 | |||||||||
Thompsons Limited (b) | 50% | (313 | ) | — | ||||||||
Other | 5%-23% | (24 | ) | (80 | ) | |||||||
Total | $ | 20,501 | $ | 7,804 | ||||||||
(a) This does not consider restricted management units which once vested will reduce the ownership percentage by approximately 2% | ||||||||||||
(b) Thompsons Limited and related U.S. operating company held by joint ventures | ||||||||||||
Total distributions received from unconsolidated affiliates, excluding proceeds on sale of investments of affiliates, were $65.6 million for the three months ended March 31, 2014. | ||||||||||||
In the first quarter of 2013, LTG qualified as a significant subsidiary of the Company under the income test. The following table presents the required summarized unaudited financial information of this investment for the three months ended March 31, 2014 and 2013: | ||||||||||||
(in thousands) | Three months ended | |||||||||||
March 31, | ||||||||||||
2014 | 2013 | |||||||||||
Sales | $ | 2,222,994 | $ | 2,553,145 | ||||||||
Gross profit | 31,056 | 44,107 | ||||||||||
Income before income taxes | 8,002 | 17,117 | ||||||||||
Net income | 5,573 | 16,892 | ||||||||||
Net income attributable to LTG | 5,320 | 16,798 | ||||||||||
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 Condensed Consolidated Balance Sheet. The estimated fair value of the Company’s investment in IANR as of March 31, 2014 was $20.5 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 $26.5 million, which represents the Company’s investment at fair value plus unpaid accrued dividends to date of $6.0 million. The Company does not have any obligation or commitments to provide additional financial support to IANR. | ||||||||||||
Related Party Transactions | ||||||||||||
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: | ||||||||||||
Three months ended | ||||||||||||
March 31, | ||||||||||||
(in thousands) | 2014 | 2013 | ||||||||||
Sales revenues | $ | 221,994 | $ | 309,705 | ||||||||
Service fee revenues (a) | 5,638 | 5,801 | ||||||||||
Purchases of product | 155,015 | 161,955 | ||||||||||
Lease income (b) | 1,664 | 1,552 | ||||||||||
Labor and benefits reimbursement (c) | 2,868 | 2,643 | ||||||||||
Other expenses (d) | 486 | 358 | ||||||||||
Accounts receivable at March 31 (e) | 30,609 | 12,550 | ||||||||||
Accounts payable at March 31 (f) | 24,454 | 24,967 | ||||||||||
(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 various 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. | |||||||||||
For the quarters ended March 31, 2014 and 2013, revenues recognized for the sale of ethanol that the Company purchased from the unconsolidated ethanol LLCs were $144.3 million and $145.8 million, respectively. For the quarters ended March 31, 2014 and 2013, revenues recognized for the sale of corn to the unconsolidated ethanol LLCs under these agreements were $117.2 million and $204.9 million, respectively. | ||||||||||||
From time to time, the Company enters into derivative contracts with certain of its related parties for the purchase and sale of corn 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 contract assets with related parties for the periods ended March 31, 2014, December 31, 2013 and March 31, 2013 was $24.0 million, $8.9 million, and $5.0 million, respectively. The fair value of derivative contract liabilities with related parties for the periods ended March 31, 2014, December 31, 2013 and March 31, 2013 was $10.3 million, $1.2 million, and $0.8 million, respectively. |
Fair_Value_Measurements
Fair Value Measurements | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Fair Value Measurements | ' | ||||||||||||||||
Fair Value Measurements | |||||||||||||||||
The following table presents the Company’s assets and liabilities measured at fair value on a recurring basis at March 31, 2014, December 31, 2013 and March 31, 2013: | |||||||||||||||||
(in thousands) | March 31, 2014 | ||||||||||||||||
Assets (liabilities) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Cash equivalents | $ | 25,821 | $ | — | $ | — | $ | 25,821 | |||||||||
Restricted cash | 652 | — | — | 652 | |||||||||||||
Commodity derivatives, net (a) | 82,626 | 5,182 | — | 87,808 | |||||||||||||
Convertible preferred securities (b) | — | — | 20,530 | 20,530 | |||||||||||||
Other assets and liabilities (c) | 10,960 | (951 | ) | — | 10,009 | ||||||||||||
Total | $ | 120,059 | $ | 4,231 | $ | 20,530 | $ | 144,820 | |||||||||
(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) | March 31, 2013 | ||||||||||||||||
Assets (liabilities) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Cash equivalents | $ | 49,202 | $ | — | $ | — | $ | 49,202 | |||||||||
Restricted cash | 635 | — | — | 635 | |||||||||||||
Commodity derivatives, net (a) | 110,581 | (5,066 | ) | — | 105,515 | ||||||||||||
Convertible preferred securities (b) | — | — | 17,710 | 17,710 | |||||||||||||
Other assets and liabilities (c) | 8,861 | (1,784 | ) | — | 7,077 | ||||||||||||
Total | $ | 169,279 | $ | (6,850 | ) | $ | 17,710 | $ | 180,139 | ||||||||
(a) | Includes associated cash posted/received as collateral | ||||||||||||||||
(b) | Recorded in “Other noncurrent assets” on the Company’s Condensed Consolidated Balance Sheets | ||||||||||||||||
(c) | Included in other assets and liabilities are interest rate and foreign currency derivatives and 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 and market approaches. 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: | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
(in thousands) | Convertible | Convertible | |||||||||||||||
preferred | preferred | ||||||||||||||||
securities | securities | ||||||||||||||||
Asset (liability) at December 31, | $ | 25,720 | $ | 17,220 | |||||||||||||
Unrealized gains included in other comprehensive income | (5,190 | ) | 490 | ||||||||||||||
Asset at March 31, | $ | 20,530 | $ | 17,710 | |||||||||||||
The following table summarizes information about the Company's Level 3 fair value measurements as of March 31, 2014: | |||||||||||||||||
Quantitative Information about Level 3 Fair Value Measurements | |||||||||||||||||
Range | |||||||||||||||||
(in thousands) | Fair Value as of March 31, 2014 | Valuation Method | Unobservable Input | Low | High | Weighted Average | |||||||||||
Convertible Preferred Securities | $ | 20,530 | Market Approach | EBITDA Multiples | 7.5 | 8 | 7.75 | ||||||||||
Income Approach | Discount Rate | 14.5 | % | 14.5 | % | 14.5 | % | ||||||||||
Fair Value of Financial Instruments | |||||||||||||||||
The fair value of the Company’s long-term debt is estimated using quoted market prices or discounted future cash flows based on the Company’s current incremental borrowing rates for similar types of borrowing arrangements. As such, the Company has concluded that the fair value of long-term debt is considered Level 2 in the fair value hierarchy. | |||||||||||||||||
(in thousands) | March 31, | December 31, | |||||||||||||||
2014 | 2013 | ||||||||||||||||
Fair value of long-term debt, including current maturities | $ | 400,495 | $ | 429,723 | |||||||||||||
Fair value in excess of carrying value | 3,574 | 2,512 | |||||||||||||||
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 | 3 Months Ended | |||||||||||
Mar. 31, 2014 | ||||||||||||
Debt Disclosure [Abstract] | ' | |||||||||||
Debt | ' | |||||||||||
Debt | ||||||||||||
The Company is party to borrowing arrangements with a syndicate of banks. One such agreement was amended on March 4, 2014 and provides the Company with $850 million in lines of credit. The Company can designate up to $400 million of borrowings as long-term when the debt is 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 maturity date for the lines of credit is March 2019. See Note 10 in the Company’s 2013 Form 10-K for an additional description of the remaining arrangements. Total borrowing capacity for the Company under all lines of credit is currently at $878.1 million, including $28.1 million non-recourse debt of The Andersons Denison Ethanol LLC ("TADE"). At March 31, 2014, the Company had a total of $621.6 million available for borrowing under its lines of credit. The Company was in compliance with all financial and non-financial covenants as of March 31, 2014. | ||||||||||||
The Company’s short-term and long-term debt at March 31, 2014, December 31, 2013 and March 31, 2013 consisted of the following: | ||||||||||||
(in thousands) | March 31, | December 31, | March 31, | |||||||||
2014 | 2013 | 2013 | ||||||||||
Borrowings under short-term line of credit – nonrecourse | $ | — | $ | — | $ | 8,400 | ||||||
Borrowings under short-term line of credit – recourse | 226,100 | — | 283,700 | |||||||||
Total borrowings under short-term line of credit | $ | 226,100 | $ | — | $ | 292,100 | ||||||
Current maturities of long-term debt – nonrecourse | $ | 6,012 | $ | 6,012 | $ | 3,271 | ||||||
Current maturities of long-term debt – recourse | 84,748 | 45,986 | 39,781 | |||||||||
Total current maturities of long-term debt | $ | 90,760 | $ | 51,998 | $ | 43,052 | ||||||
Long-term debt, less current maturities – nonrecourse | $ | 3,288 | $ | 4,063 | $ | 24,141 | ||||||
Long-term debt, less current maturities – recourse | 302,873 | 371,150 | 388,559 | |||||||||
Total long-term debt, less current maturities | $ | 306,161 | $ | 375,213 | $ | 412,700 | ||||||
Commitments_and_Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies | ' |
Commitments and Contingencies | |
The Company is party to litigation, or threats thereof, both as defendant and plaintiff with some regularity, although individual cases that are material in size occur infrequently. As a defendant, the Company establishes reserves for claimed amounts that are considered probable, and capable of estimation. If those cases are resolved for lesser amounts, the excess reserves are taken into income and, conversely, if those cases are resolved for larger than the amount the Company has accrued, the Company records additional expense. The Company believes it is unlikely that the results of its current legal proceedings for which it is the defendant, even if unfavorable, will be material. As a plaintiff, amounts that are collected can also result in sudden, non-recurring income. Litigation results depend upon a variety of factors, including the availability of evidence, the credibility of witnesses, the performance of counsel, the state of the law, and the impressions of judges and jurors, any of which can be critical in importance, yet difficult, if not impossible, to predict. Consequently, cases currently pending, or future matters, may result in unexpected, and non-recurring losses, or income, from time to time. Finally, litigation results are often subject to judicial reconsideration, appeal and further negotiation by the parties, and as a result, the final impact of a particular judicial decision may be unknown for some time, or may result in continued reserves to account for the potential of such post-verdict actions. In 2013, 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. The Company has received, and is 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. The Company has 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. |
Business_Acquisitions
Business Acquisitions | 3 Months Ended | |||||
Mar. 31, 2014 | ||||||
Business Combinations [Abstract] | ' | |||||
Business Combinations | ' | |||||
Business Acquisitions | ||||||
There were no business acquisitions completed in the first quarter of 2014. | ||||||
Prior Year Business Acquisitions | ||||||
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 | ||||||
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 included a $3.3 million payable to the acquiree that was outstanding as of December 31, 2012 and paid in January 2013. The various facilities located in Iowa and Tennessee have a combined grain storage capacity of more than 32.0 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 were 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 and noncontrolling interests | (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 |
Income_Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2014 | |
Income Tax Disclosure [Abstract] | ' |
Income Taxes | ' |
Income Taxes | |
For the three months ended March 31, 2014, the income tax effective rate was 34.8%. For the three months ended March 31, 2013, the income tax effective rate was 42.4%. The higher 2013 effective tax rate was due primarily to a correction made with respect to the accounting for the other comprehensive income (“OCI”) portion of the Company’s retiree health care plan liability and the Medicare Part D subsidy. The 2014 effective tax rate also reflects a benefit associated with income attributable to noncontrolling interests that does not increase tax expense. | |
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 three months ended March 31, 2013 increased and accumulated other comprehensive loss decreased by $1.4 million. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income (Notes) | 3 Months Ended | |||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||
Equity [Abstract] | ' | |||||||||||||||||
Accumulated Other Comprehensive Loss | ' | |||||||||||||||||
Accumulated Other Comprehensive Loss | ||||||||||||||||||
The following tables summarize the after-tax components of accumulated other comprehensive income (loss) attributable to the Company for the three months ended March 31, 2014 and 2013: | ||||||||||||||||||
Changes in Accumulated Other Comprehensive Income (Loss) by Component (a) | ||||||||||||||||||
For the three months ended March 31, 2014 | ||||||||||||||||||
(in thousands) | Losses on Cash Flow Hedges | Investment in Debt Securities | Defined Benefit Plan Items | Total | ||||||||||||||
Beginning Balance | $ | (637 | ) | $ | 7,861 | $ | (28,405 | ) | $ | (21,181 | ) | |||||||
Other comprehensive income (loss) before reclassifications | 69 | (3,232 | ) | 272 | (2,891 | ) | ||||||||||||
Amounts reclassified from accumulated other comprehensive loss | — | — | (85 | ) | (85 | ) | ||||||||||||
Net current-period other comprehensive income (loss) | 69 | (3,232 | ) | 187 | (2,976 | ) | ||||||||||||
Ending balance | $ | (568 | ) | $ | 4,629 | $ | (28,218 | ) | $ | (24,157 | ) | |||||||
Changes in Accumulated Other Comprehensive Income (Loss) by Component (a) | ||||||||||||||||||
For the three months ended March 31, 2013 | ||||||||||||||||||
(in thousands) | 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 | 30 | 303 | 1,854 | 2,187 | ||||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | — | — | (85 | ) | (85 | ) | ||||||||||||
Net current-period other comprehensive income | 30 | 303 | 1,769 | 2,102 | ||||||||||||||
Ending balance | $ | (872 | ) | $ | 2,872 | $ | (45,277 | ) | $ | (43,277 | ) | |||||||
(a) All amounts are net of tax. Amounts in parentheses indicates debits | ||||||||||||||||||
The following tables show the reclassification adjustments from accumulated other comprehensive income to net income for the three months ended March 31, 2014: | ||||||||||||||||||
Reclassifications Out of Accumulated Other Comprehensive Income (loss) (a) | ||||||||||||||||||
(in thousands) | For the three months ended March 31, 2014 | |||||||||||||||||
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 | $ | (136 | ) | (b) | ||||||||||||||
(136 | ) | Total before tax | ||||||||||||||||
51 | Tax expense | |||||||||||||||||
$ | (85 | ) | Net of tax | |||||||||||||||
Total reclassifications for the period | $ | (85 | ) | Net of tax | ||||||||||||||
Reclassifications Out of Accumulated Other Comprehensive Income (loss) (a) | ||||||||||||||||||
(in thousands) | For the three months ended March 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 | $ | (136 | ) | (b) | ||||||||||||||
(136 | ) | Total before tax | ||||||||||||||||
51 | Tax expense | |||||||||||||||||
$ | (85 | ) | Net of tax | |||||||||||||||
Total reclassifications for the period | $ | (85 | ) | 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). |
Inventories_Tables
Inventories (Tables) | 3 Months Ended | |||||||||||
Mar. 31, 2014 | ||||||||||||
Inventory, Net [Abstract] | ' | |||||||||||
Classes of inventories | ' | |||||||||||
Major classes of inventories are as follows: | ||||||||||||
(in thousands) | March 31, | December 31, | March 31, | |||||||||
2014 | 2013 | 2013 | ||||||||||
Grain | $ | 488,492 | $ | 432,893 | $ | 507,927 | ||||||
Ethanol and by-products | 17,658 | 14,453 | 25,531 | |||||||||
Agricultural fertilizer and supplies | 151,144 | 100,593 | 157,882 | |||||||||
Lawn and garden fertilizer and corncob products | 37,218 | 39,960 | 30,343 | |||||||||
Retail merchandise | 26,205 | 22,505 | 28,097 | |||||||||
Railcar repair parts | 4,661 | 4,312 | 3,469 | |||||||||
Other | 206 | 207 | 129 | |||||||||
$ | 725,584 | $ | 614,923 | $ | 753,378 | |||||||
Property_Plant_and_Equipment_T
Property, Plant and Equipment (Tables) | 3 Months Ended | |||||||||||
Mar. 31, 2014 | ||||||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||||||
Components of property, plant and equipment | ' | |||||||||||
The components of property, plant and equipment are as follows: | ||||||||||||
(in thousands) | March 31, | December 31, | March 31, | |||||||||
2014 | 2013 | 2013 | ||||||||||
Land | $ | 21,906 | $ | 21,801 | $ | 22,637 | ||||||
Land improvements and leasehold improvements | 67,876 | 67,153 | 64,972 | |||||||||
Buildings and storage facilities | 234,109 | 231,976 | 219,500 | |||||||||
Machinery and equipment | 309,283 | 308,215 | 290,930 | |||||||||
Software | 13,403 | 13,351 | 13,464 | |||||||||
Construction in progress | 52,200 | 48,135 | 38,893 | |||||||||
698,777 | 690,631 | 650,396 | ||||||||||
Less: accumulated depreciation and amortization | 312,645 | 303,173 | 286,089 | |||||||||
$ | 386,132 | $ | 387,458 | $ | 364,307 | |||||||
Components of railcar assets leased to others | ' | |||||||||||
The components of Railcar assets leased to others are as follows: | ||||||||||||
(in thousands) | March 31, | December 31, | March 31, | |||||||||
2014 | 2013 | 2013 | ||||||||||
Railcar assets leased to others | $ | 316,520 | $ | 317,750 | $ | 325,633 | ||||||
Less: accumulated depreciation | 78,986 | 77,129 | 80,927 | |||||||||
$ | 237,534 | $ | 240,621 | $ | 244,706 | |||||||
Derivatives_Tables
Derivatives (Tables) | 3 Months Ended | |||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||
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 Condensed Consolidated Balance Sheets: | ||||||||||||||||||||||||
March 31, 2014 | December 31, 2013 | March 31, 2013 | ||||||||||||||||||||||
(in thousands) | Net | Net | Net | Net | Net | Net | ||||||||||||||||||
derivative | derivative | derivative | derivative | derivative | derivative | |||||||||||||||||||
asset | liability | asset | liability | asset | liability | |||||||||||||||||||
position | position | position | position | position | position | |||||||||||||||||||
Collateral paid | $ | 142,791 | $ | — | $ | 15,480 | $ | — | $ | 73,033 | $ | — | ||||||||||||
Fair value of derivatives | (88,498 | ) | — | 31,055 | — | 35,403 | — | |||||||||||||||||
Balance at end of period | $ | 54,293 | $ | — | $ | 46,535 | $ | — | $ | 108,436 | $ | — | ||||||||||||
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | ' | |||||||||||||||||||||||
The following table presents, on a gross basis, current and noncurrent commodity derivative assets and liabilities: | ||||||||||||||||||||||||
31-Mar-14 | ||||||||||||||||||||||||
(in thousands) | Commodity derivative assets - current | Commodity derivative assets - noncurrent | Commodity derivative liabilities - current | Commodity derivative liabilities - noncurrent | Total | |||||||||||||||||||
Commodity derivative assets | $ | 86,512 | $ | 1,543 | $ | 4,552 | $ | 308 | $ | 92,915 | ||||||||||||||
Commodity derivative liabilities | (109,973 | ) | (178 | ) | (36,705 | ) | (1,042 | ) | (147,898 | ) | ||||||||||||||
Cash collateral | 142,791 | — | — | — | 142,791 | |||||||||||||||||||
Balance sheet line item totals | $ | 119,330 | $ | 1,365 | $ | (32,153 | ) | $ | (734 | ) | $ | 87,808 | ||||||||||||
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-Mar-13 | ||||||||||||||||||||||||
(in thousands) | Commodity derivative assets - current | Commodity derivative assets - noncurrent | Commodity derivative liabilities - current | Commodity derivative liabilities - noncurrent | Total | |||||||||||||||||||
Commodity derivative assets | $ | 101,833 | $ | 834 | $ | 3,898 | $ | 19 | $ | 106,584 | ||||||||||||||
Commodity derivative liabilities | (16,787 | ) | (21 | ) | (54,055 | ) | (3,239 | ) | (74,102 | ) | ||||||||||||||
Cash collateral | 73,033 | — | — | — | 73,033 | |||||||||||||||||||
Balance sheet line item totals | $ | 158,079 | $ | 813 | $ | (50,157 | ) | $ | (3,220 | ) | $ | 105,515 | ||||||||||||
Company's Condensed Consolidated Statement of Income gains and location of line items | ' | |||||||||||||||||||||||
The gains included in the Company’s Condensed Consolidated Statements of Income and the line items in which they are located for the three months ended March 31, 2014 and 2013 are as follows: | ||||||||||||||||||||||||
Three months ended | ||||||||||||||||||||||||
March 31, | ||||||||||||||||||||||||
(in thousands) | 2014 | 2013 | ||||||||||||||||||||||
Gains (losses) on commodity derivatives included in sales and merchandising revenues | $ | (53,686 | ) | $ | 36,368 | |||||||||||||||||||
Amounts of quantities outstanding included in commodity derivative contracts | ' | |||||||||||||||||||||||
he Company had the following volume of commodity derivative contracts outstanding (on a gross basis) at March 31, 2014, December 31, 2013 and March 31, 2013: | ||||||||||||||||||||||||
31-Mar-14 | ||||||||||||||||||||||||
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 | 274,762 | — | — | — | ||||||||||||||||||||
Soybeans | 29,332 | — | — | — | ||||||||||||||||||||
Wheat | 12,753 | — | — | — | ||||||||||||||||||||
Oats | 31,691 | — | — | — | ||||||||||||||||||||
Ethanol | — | 278,697 | — | — | ||||||||||||||||||||
Corn oil | — | — | 20,790 | — | ||||||||||||||||||||
Other | 207 | — | — | 110 | ||||||||||||||||||||
Subtotal | 348,745 | 278,697 | 20,790 | 110 | ||||||||||||||||||||
Exchange traded: | ||||||||||||||||||||||||
Corn | 197,405 | — | — | — | ||||||||||||||||||||
Soybeans | 20,810 | — | — | — | ||||||||||||||||||||
Wheat | 26,750 | — | — | — | ||||||||||||||||||||
Oats | 8,335 | — | — | — | ||||||||||||||||||||
Ethanol | — | 82,194 | — | — | ||||||||||||||||||||
Subtotal | 253,300 | 82,194 | — | — | ||||||||||||||||||||
Total | 602,045 | 360,891 | 20,790 | 110 | ||||||||||||||||||||
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-Mar-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 | 236,725 | — | — | — | ||||||||||||||||||||
Soybeans | 14,639 | — | — | — | ||||||||||||||||||||
Wheat | 22,818 | — | — | — | ||||||||||||||||||||
Oats | 8,562 | — | — | — | ||||||||||||||||||||
Ethanol | — | 150,988 | — | — | ||||||||||||||||||||
Corn oil | — | — | 14,824 | — | ||||||||||||||||||||
Other | 173 | — | — | 102 | ||||||||||||||||||||
Subtotal | 282,917 | 150,988 | 14,824 | 102 | ||||||||||||||||||||
Exchange traded: | ||||||||||||||||||||||||
Corn | 140,030 | — | — | — | ||||||||||||||||||||
Soybeans | 9,575 | — | — | — | ||||||||||||||||||||
Wheat | 32,760 | — | — | — | ||||||||||||||||||||
Oats | 4,540 | — | — | — | ||||||||||||||||||||
Ethanol | — | 32,970 | — | — | ||||||||||||||||||||
Subtotal | 186,905 | 32,970 | — | — | ||||||||||||||||||||
Total | 469,822 | 183,958 | 14,824 | 102 | ||||||||||||||||||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Earnings Per Share [Abstract] | ' | |||||||
Earnings per share | ' | |||||||
(in thousands, except per common share data) | Three months ended | |||||||
March 31, | ||||||||
2014 | 2013 | |||||||
Net income attributable to The Andersons, Inc. | $ | 22,708 | $ | 12,578 | ||||
Less: Distributed and undistributed earnings allocated to nonvested restricted stock | 104 | 49 | ||||||
Earnings available to common shareholders | $ | 22,604 | $ | 12,529 | ||||
Earnings per share – basic: | ||||||||
Weighted average shares outstanding – basic | 28,155 | 27,912 | ||||||
Earnings per common share – basic | $ | 0.8 | $ | 0.45 | ||||
Earnings per share – diluted: | ||||||||
Weighted average shares outstanding – basic | 28,155 | 27,912 | ||||||
Effect of dilutive awards | 69 | 150 | ||||||
Weighted average shares outstanding – diluted | 28,224 | 28,062 | ||||||
Earnings per common share – diluted | $ | 0.8 | $ | 0.45 | ||||
Employee_Benefit_Plans_Tables
Employee Benefit Plans (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Pension Benefits | ' | |||||||
Employee Benefit Plans [Line Items] | ' | |||||||
Schedule of Defined Benefit Plans Disclosures | ' | |||||||
or the pension and postretirement benefit plans maintained by the Company for the three months ended March 31, 2014 and 2013: | ||||||||
Pension Benefits | ||||||||
(in thousands) | Three months ended | |||||||
March 31, | ||||||||
2014 | 2013 | |||||||
Service cost | $ | 43 | $ | — | ||||
Interest cost | 1,162 | 1,065 | ||||||
Expected return on plan assets | (1,905 | ) | (1,755 | ) | ||||
Recognized net actuarial loss | 207 | 392 | ||||||
Benefit income | $ | (493 | ) | $ | (298 | ) | ||
Postretirement Benefits | ' | |||||||
Employee Benefit Plans [Line Items] | ' | |||||||
Schedule of Defined Benefit Plans Disclosures | ' | |||||||
Segment_Information_Tables
Segment Information (Tables) | 3 Months Ended | |||||||||||
Mar. 31, 2014 | ||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||
Segment Information | ' | |||||||||||
Three months ended | ||||||||||||
March 31, | ||||||||||||
2014 | 2013 | |||||||||||
(in thousands) | ||||||||||||
Revenues from external customers | ||||||||||||
Grain | $ | 583,159 | $ | 836,495 | ||||||||
Ethanol | 188,820 | 199,309 | ||||||||||
Plant Nutrient | 107,630 | 111,902 | ||||||||||
Rail | 52,302 | 46,364 | ||||||||||
Turf & Specialty | 43,725 | 47,187 | ||||||||||
Retail | 27,658 | 30,713 | ||||||||||
Total | $ | 1,003,294 | $ | 1,271,970 | ||||||||
Three months ended | ||||||||||||
March 31, | ||||||||||||
(in thousands) | 2014 | 2013 | ||||||||||
Inter-segment sales | ||||||||||||
Grain | $ | — | $ | 332 | ||||||||
Plant Nutrient | 7,367 | 7,697 | ||||||||||
Rail | 109 | 104 | ||||||||||
Turf & Specialty | 806 | 999 | ||||||||||
Total | $ | 8,282 | $ | 9,132 | ||||||||
Three months ended | ||||||||||||
March 31, | ||||||||||||
(in thousands) | 2014 | 2013 | ||||||||||
Interest expense (income) | ||||||||||||
Grain | $ | 2,775 | $ | 3,849 | ||||||||
Ethanol | 100 | 326 | ||||||||||
Plant Nutrient | 771 | 918 | ||||||||||
Rail | 1,656 | 1,513 | ||||||||||
Turf & Specialty | 418 | 402 | ||||||||||
Retail | 170 | 215 | ||||||||||
Other | 112 | (819 | ) | |||||||||
Total | $ | 6,002 | $ | 6,404 | ||||||||
Three months ended | ||||||||||||
March 31, | ||||||||||||
(in thousands) | 2014 | 2013 | ||||||||||
Equity in earnings (loss) of affiliates, net | ||||||||||||
Grain | $ | 1,884 | $ | 7,910 | ||||||||
Ethanol | 18,617 | (106 | ) | |||||||||
Total | $ | 20,501 | $ | 7,804 | ||||||||
Three months ended | ||||||||||||
March 31, | ||||||||||||
(in thousands) | 2014 | 2013 | ||||||||||
Other income (expense), net | ||||||||||||
Grain (a) | $ | 18,346 | $ | 571 | ||||||||
Ethanol | (226 | ) | 231 | |||||||||
Plant Nutrient | 185 | (25 | ) | |||||||||
Rail | 710 | 946 | ||||||||||
Turf & Specialty | 307 | 275 | ||||||||||
Retail | 112 | 114 | ||||||||||
Other | 178 | 614 | ||||||||||
Total | $ | 19,612 | $ | 2,726 | ||||||||
(a) Increase is related to gain on LTG partial share redemption. See Note 8. Related Party Transactions for details of the LTG gain in 2014. | ||||||||||||
Three months ended | ||||||||||||
March 31, | ||||||||||||
(in thousands) | 2014 | 2013 | ||||||||||
Income (loss) before income taxes | ||||||||||||
Grain | $ | 11,306 | $ | 8,299 | ||||||||
Ethanol | 19,824 | 2,479 | ||||||||||
Plant Nutrient | (1,411 | ) | (562 | ) | ||||||||
Rail | 15,045 | 14,574 | ||||||||||
Turf & Specialty | 1,375 | 4,001 | ||||||||||
Retail | (2,335 | ) | (3,169 | ) | ||||||||
Other | (7,224 | ) | (3,965 | ) | ||||||||
Noncontrolling interests | 3,321 | (266 | ) | |||||||||
Total | $ | 39,901 | $ | 21,391 | ||||||||
(in thousands) | March 31, 2014 | December 31, 2013 | March 31, 2013 | |||||||||
Identifiable assets | ||||||||||||
Grain | $ | 979,608 | $ | 921,914 | $ | 1,025,350 | ||||||
Ethanol | 224,931 | 229,797 | 209,666 | |||||||||
Plant Nutrient | 311,219 | 268,238 | 323,653 | |||||||||
Rail | 303,532 | 312,654 | 302,717 | |||||||||
Turf & Specialty | 110,538 | 89,939 | 97,842 | |||||||||
Retail | 47,710 | 44,910 | 53,668 | |||||||||
Other | 148,045 | 406,104 | 138,892 | |||||||||
Total | $ | 2,125,583 | $ | 2,273,556 | $ | 2,151,788 | ||||||
Related_Party_Transactions_Tab
Related Party Transactions (Tables) | 3 Months Ended | |||||||||||
Mar. 31, 2014 | ||||||||||||
Related Party Transactions [Abstract] | ' | |||||||||||
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: | ||||||||||||
(in thousands) | March 31, 2014 | December 31, 2013 | March 31, 2013 | |||||||||
The Andersons Albion Ethanol LLC (a) | $ | 31,867 | $ | 40,194 | $ | 31,169 | ||||||
The Andersons Clymers Ethanol LLC (a) | 40,412 | 44,418 | 32,900 | |||||||||
The Andersons Marathon Ethanol LLC (a) | 45,946 | 46,811 | 32,164 | |||||||||
Lansing Trade Group, LLC (b) | 60,837 | 106,028 | 91,752 | |||||||||
Thompsons Limited (c) | 49,520 | 49,833 | — | |||||||||
Other | 3,814 | 3,825 | 2,392 | |||||||||
Total | $ | 232,396 | $ | 291,109 | $ | 190,377 | ||||||
Income (loss) earned from the Company's equity method investments by entity | ' | |||||||||||
he following table summarizes income (losses) earned from the Company’s equity method investments by entity: | ||||||||||||
% ownership at | Three months ended | |||||||||||
31-Mar-14 | March 31, | |||||||||||
(in thousands) | 2014 | 2013 | ||||||||||
The Andersons Albion Ethanol LLC | 53% | $ | 4,943 | $ | 944 | |||||||
The Andersons Clymers Ethanol LLC | 38% | 5,539 | (219 | ) | ||||||||
The Andersons Marathon Ethanol LLC | 50% | 8,135 | (832 | ) | ||||||||
Lansing Trade Group, LLC | 41% (a) | 2,221 | 7,991 | |||||||||
Thompsons Limited (b) | 50% | (313 | ) | — | ||||||||
Other | 5%-23% | (24 | ) | (80 | ) | |||||||
Total | $ | 20,501 | $ | 7,804 | ||||||||
(a) This does not consider restricted management units which once vested will reduce the ownership percentage by approximately 2% | ||||||||||||
Schedule Of Summarized Unaudited Financial Information Of Equity Method Investment [Table Text Block] | ' | |||||||||||
In the first quarter of 2013, LTG qualified as a significant subsidiary of the Company under the income test. The following table presents the required summarized unaudited financial information of this investment for the three months ended March 31, 2014 and 2013: | ||||||||||||
(in thousands) | Three months ended | |||||||||||
March 31, | ||||||||||||
2014 | 2013 | |||||||||||
Sales | $ | 2,222,994 | $ | 2,553,145 | ||||||||
Gross profit | 31,056 | 44,107 | ||||||||||
Income before income taxes | 8,002 | 17,117 | ||||||||||
Net income | 5,573 | 16,892 | ||||||||||
Net income attributable to LTG | 5,320 | 16,798 | ||||||||||
Schedule of aggregate summarized financial information of subsidiaries | ' | |||||||||||
The following table sets forth the related party transactions entered into for the time periods presented: | ||||||||||||
Three months ended | ||||||||||||
March 31, | ||||||||||||
(in thousands) | 2014 | 2013 | ||||||||||
Sales revenues | $ | 221,994 | $ | 309,705 | ||||||||
Service fee revenues (a) | 5,638 | 5,801 | ||||||||||
Purchases of product | 155,015 | 161,955 | ||||||||||
Lease income (b) | 1,664 | 1,552 | ||||||||||
Labor and benefits reimbursement (c) | 2,868 | 2,643 | ||||||||||
Other expenses (d) | 486 | 358 | ||||||||||
Accounts receivable at March 31 (e) | 30,609 | 12,550 | ||||||||||
Accounts payable at March 31 (f) | 24,454 | 24,967 | ||||||||||
(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 various 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) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Assets and liabilities measured at fair value on a recurring basis | ' | ||||||||||||||||
The following table presents the Company’s assets and liabilities measured at fair value on a recurring basis at March 31, 2014, December 31, 2013 and March 31, 2013: | |||||||||||||||||
(in thousands) | March 31, 2014 | ||||||||||||||||
Assets (liabilities) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Cash equivalents | $ | 25,821 | $ | — | $ | — | $ | 25,821 | |||||||||
Restricted cash | 652 | — | — | 652 | |||||||||||||
Commodity derivatives, net (a) | 82,626 | 5,182 | — | 87,808 | |||||||||||||
Convertible preferred securities (b) | — | — | 20,530 | 20,530 | |||||||||||||
Other assets and liabilities (c) | 10,960 | (951 | ) | — | 10,009 | ||||||||||||
Total | $ | 120,059 | $ | 4,231 | $ | 20,530 | $ | 144,820 | |||||||||
(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) | March 31, 2013 | ||||||||||||||||
Assets (liabilities) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Cash equivalents | $ | 49,202 | $ | — | $ | — | $ | 49,202 | |||||||||
Restricted cash | 635 | — | — | 635 | |||||||||||||
Commodity derivatives, net (a) | 110,581 | (5,066 | ) | — | 105,515 | ||||||||||||
Convertible preferred securities (b) | — | — | 17,710 | 17,710 | |||||||||||||
Other assets and liabilities (c) | 8,861 | (1,784 | ) | — | 7,077 | ||||||||||||
Total | $ | 169,279 | $ | (6,850 | ) | $ | 17,710 | $ | 180,139 | ||||||||
(a) | Includes associated cash posted/received as collateral | ||||||||||||||||
(b) | Recorded in “Other noncurrent assets” on the Company’s Condensed Consolidated Balance Sheets | ||||||||||||||||
(c) | Included in other assets and liabilities are interest rate and foreign currency derivatives and 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: | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
(in thousands) | Convertible | Convertible | |||||||||||||||
preferred | preferred | ||||||||||||||||
securities | securities | ||||||||||||||||
Asset (liability) at December 31, | $ | 25,720 | $ | 17,220 | |||||||||||||
Unrealized gains included in other comprehensive income | (5,190 | ) | 490 | ||||||||||||||
Asset at March 31, | $ | 20,530 | $ | 17,710 | |||||||||||||
Fair Value Inputs, Assets, Quantitative Information | ' | ||||||||||||||||
The following table summarizes information about the Company's Level 3 fair value measurements as of March 31, 2014: | |||||||||||||||||
Quantitative Information about Level 3 Fair Value Measurements | |||||||||||||||||
Range | |||||||||||||||||
(in thousands) | Fair Value as of March 31, 2014 | Valuation Method | Unobservable Input | Low | High | Weighted Average | |||||||||||
Convertible Preferred Securities | $ | 20,530 | 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 | ' | ||||||||||||||||
(in thousands) | March 31, | December 31, | |||||||||||||||
2014 | 2013 | ||||||||||||||||
Fair value of long-term debt, including current maturities | $ | 400,495 | $ | 429,723 | |||||||||||||
Fair value in excess of carrying value | 3,574 | 2,512 | |||||||||||||||
Debt_Tables
Debt (Tables) | 3 Months Ended | |||||||||||
Mar. 31, 2014 | ||||||||||||
Debt Disclosure [Abstract] | ' | |||||||||||
Long-term debt | ' | |||||||||||
The Company’s short-term and long-term debt at March 31, 2014, December 31, 2013 and March 31, 2013 consisted of the following: | ||||||||||||
(in thousands) | March 31, | December 31, | March 31, | |||||||||
2014 | 2013 | 2013 | ||||||||||
Borrowings under short-term line of credit – nonrecourse | $ | — | $ | — | $ | 8,400 | ||||||
Borrowings under short-term line of credit – recourse | 226,100 | — | 283,700 | |||||||||
Total borrowings under short-term line of credit | $ | 226,100 | $ | — | $ | 292,100 | ||||||
Current maturities of long-term debt – nonrecourse | $ | 6,012 | $ | 6,012 | $ | 3,271 | ||||||
Current maturities of long-term debt – recourse | 84,748 | 45,986 | 39,781 | |||||||||
Total current maturities of long-term debt | $ | 90,760 | $ | 51,998 | $ | 43,052 | ||||||
Long-term debt, less current maturities – nonrecourse | $ | 3,288 | $ | 4,063 | $ | 24,141 | ||||||
Long-term debt, less current maturities – recourse | 302,873 | 371,150 | 388,559 | |||||||||
Total long-term debt, less current maturities | $ | 306,161 | $ | 375,213 | $ | 412,700 | ||||||
Business_Acquisitions_Business
Business Acquisitions Business Acquisitions (Tables) | 3 Months Ended | |||||
Mar. 31, 2014 | ||||||
Cycle Group, Inc. | ' | |||||
Business Acquisition [Line Items] | ' | |||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | ' | |||||
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 | ||||
Schedule Of Intangible Assets Acquired As Part Of Business Combination | ' | |||||
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 [Table Text Block] | ' | |||||
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 | ||||
Schedule Of Intangible Assets Acquired As Part Of Business Combination | ' | |||||
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 * | |||
Green Plains Grain Company | ' | |||||
Business Acquisition [Line Items] | ' | |||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | ' | |||||
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 and noncontrolling interests | (2,371 | ) | ||||
Total purchase price | $ | 120,232 | ||||
Schedule Of Intangible Assets Acquired As Part Of Business Combination | ' | |||||
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 |
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Tables) | 3 Months Ended | |||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||
Equity [Abstract] | ' | |||||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) | ' | |||||||||||||||||
The following tables summarize the after-tax components of accumulated other comprehensive income (loss) attributable to the Company for the three months ended March 31, 2014 and 2013: | ||||||||||||||||||
Changes in Accumulated Other Comprehensive Income (Loss) by Component (a) | ||||||||||||||||||
For the three months ended March 31, 2014 | ||||||||||||||||||
(in thousands) | Losses on Cash Flow Hedges | Investment in Debt Securities | Defined Benefit Plan Items | Total | ||||||||||||||
Beginning Balance | $ | (637 | ) | $ | 7,861 | $ | (28,405 | ) | $ | (21,181 | ) | |||||||
Other comprehensive income (loss) before reclassifications | 69 | (3,232 | ) | 272 | (2,891 | ) | ||||||||||||
Amounts reclassified from accumulated other comprehensive loss | — | — | (85 | ) | (85 | ) | ||||||||||||
Net current-period other comprehensive income (loss) | 69 | (3,232 | ) | 187 | (2,976 | ) | ||||||||||||
Ending balance | $ | (568 | ) | $ | 4,629 | $ | (28,218 | ) | $ | (24,157 | ) | |||||||
Changes in Accumulated Other Comprehensive Income (Loss) by Component (a) | ||||||||||||||||||
For the three months ended March 31, 2013 | ||||||||||||||||||
(in thousands) | 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 | 30 | 303 | 1,854 | 2,187 | ||||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | — | — | (85 | ) | (85 | ) | ||||||||||||
Net current-period other comprehensive income | 30 | 303 | 1,769 | 2,102 | ||||||||||||||
Ending balance | $ | (872 | ) | $ | 2,872 | $ | (45,277 | ) | $ | (43,277 | ) | |||||||
(a) All amounts are net of tax. Amounts in parentheses indicates debits | ||||||||||||||||||
Reclassification out of Accumulated Other Comprehensive Income | ' | |||||||||||||||||
The following tables show the reclassification adjustments from accumulated other comprehensive income to net income for the three months ended March 31, 2014: | ||||||||||||||||||
Reclassifications Out of Accumulated Other Comprehensive Income (loss) (a) | ||||||||||||||||||
(in thousands) | For the three months ended March 31, 2014 | |||||||||||||||||
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 | $ | (136 | ) | (b) | ||||||||||||||
(136 | ) | Total before tax | ||||||||||||||||
51 | Tax expense | |||||||||||||||||
$ | (85 | ) | Net of tax | |||||||||||||||
Total reclassifications for the period | $ | (85 | ) | Net of tax | ||||||||||||||
Reclassifications Out of Accumulated Other Comprehensive Income (loss) (a) | ||||||||||||||||||
(in thousands) | For the three months ended March 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 | $ | (136 | ) | (b) | ||||||||||||||
(136 | ) | Total before tax | ||||||||||||||||
51 | Tax expense | |||||||||||||||||
$ | (85 | ) | Net of tax | |||||||||||||||
Total reclassifications for the period | $ | (85 | ) | 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). |
Inventories_Details
Inventories (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | bu | bu | bu |
Inventory, Net [Abstract] | ' | ' | ' |
Grain | $488,492 | $432,893 | $507,927 |
Ethanol and by-products | 17,658 | 14,453 | 25,531 |
Agricultural fertilizer and supplies | 151,144 | 100,593 | 157,882 |
Lawn and garden fertilizer and corncob products | 37,218 | 39,960 | 30,343 |
Retail merchandise | 26,205 | 22,505 | 28,097 |
Railcar repair parts | 4,661 | 4,312 | 3,469 |
Other | 206 | 207 | 129 |
Total inventories | $725,584 | $614,923 | $753,378 |
Bushels of grain held in storage and excluded from inventory calculations | 5,600,000 | 13,300,000 | 17,700,000 |
Property_Plant_and_Equipment_D
Property, Plant and Equipment (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | |||
Components of property, plant and equipment | ' | ' | ' |
Land | $21,906 | $21,801 | $22,637 |
Land improvements and leasehold improvements | 67,876 | 67,153 | 64,972 |
Buildings and storage facilities | 234,109 | 231,976 | 219,500 |
Machinery and equipment | 309,283 | 308,215 | 290,930 |
Software | 13,403 | 13,351 | 13,464 |
Construction in progress | 52,200 | 48,135 | 38,893 |
Property, plant and equipment, gross | 698,777 | 690,631 | 650,396 |
Less: accumulated depreciation and amortization | 312,645 | 303,173 | 286,089 |
Property, plant and equipment, net | $386,132 | $387,458 | $364,307 |
Property_Plant_and_Equipment_D1
Property, Plant and Equipment (Details 1) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | |||
Components of Railcar assets leased to others | ' | ' | ' |
Railcar assets leased to others | $316,520 | $317,750 | $325,633 |
Less: accumulated depreciation | 78,986 | 77,129 | 80,927 |
Railcar assets leased to others, net | $237,534 | $240,621 | $244,706 |
Property_Plant_and_Equipment_D2
Property, Plant and Equipment (Details Textual) (USD $) | 1 Months Ended | 3 Months Ended | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 |
Property, Plant and Equipment [Abstract] | ' | ' | ' | ' |
Depreciation expense on property, plant and equipment | ' | $9.90 | $9.30 | $37.50 |
Asset Impairment Charges | 4.4 | ' | ' | ' |
Depreciation expense on railcar assets leased to others | ' | $3.40 | $3.70 | $14.70 |
Derivatives_Details
Derivatives (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 |
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 | $142,791 | $15,480 | $73,033 |
Net derivative asset position, Fair value of derivatives | -88,498 | 31,055 | 35,403 |
Net derivative asset position, net | 54,293 | 46,535 | 108,436 |
Net derivative liability position, Collateral paid | 0 | 0 | 0 |
Net derivative liability position, Fair value of derivatives | 0 | 0 | 0 |
Net derivative liability position, net | $0 | $0 | $0 |
Derivatives_Details_1
Derivatives (Details 1) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | |||
Derivatives, Fair Value [Line Items] | ' | ' | ' |
Commodity derivative assets | ($88,498) | $31,055 | $35,403 |
Commodity derivative liabilities | 0 | 0 | 0 |
Commodity derivative assets - current | 119,330 | 71,319 | 158,079 |
Commodity derivative assets - noncurrent | 1,365 | 246 | 813 |
Commodity derivative liabilities - current | -32,153 | -63,954 | -50,157 |
Commodity derivative liabilities - noncurrent | -734 | -6,644 | -3,220 |
Commodity | ' | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' | ' |
Commodity derivative assets | 92,915 | 70,870 | 106,584 |
Commodity derivative liabilities | -147,898 | -85,383 | -74,102 |
Cash collateral | 142,791 | 15,480 | 73,033 |
Total | 87,808 | 967 | 105,515 |
Commodity | Commodity derivative assets - current | ' | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' | ' |
Commodity derivative assets | 86,512 | 69,289 | 101,833 |
Commodity derivative liabilities | -109,973 | -13,450 | -16,787 |
Cash collateral | 142,791 | 15,480 | 73,033 |
Commodity derivative assets - current | 119,330 | 71,319 | 158,079 |
Commodity | Commodity derivative assets - noncurrent | ' | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' | ' |
Commodity derivative assets | 1,543 | 246 | 834 |
Commodity derivative liabilities | -178 | 0 | -21 |
Cash collateral | 0 | 0 | 0 |
Commodity derivative assets - noncurrent | 1,365 | 246 | 813 |
Commodity | Commodity derivative liabilities - current | ' | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' | ' |
Commodity derivative assets | 4,552 | 1,286 | 3,898 |
Commodity derivative liabilities | -36,705 | -65,240 | -54,055 |
Cash collateral | 0 | 0 | 0 |
Commodity derivative liabilities - current | -32,153 | -63,954 | -50,157 |
Commodity | Commodity derivative liabilities - noncurrent | ' | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' | ' |
Commodity derivative assets | 308 | 49 | 19 |
Commodity derivative liabilities | -1,042 | -6,693 | -3,239 |
Cash collateral | 0 | 0 | 0 |
Commodity derivative liabilities - noncurrent | ($734) | ($6,644) | ($3,220) |
Derivatives_Details_2
Derivatives (Details 2) (Sales, USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Sales | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Gains (losses) on commodity derivatives included in sales and merchandising revenues | ($53,686) | $36,368 |
Derivatives_Details_3
Derivatives (Details 3) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 |
lb | bu | bu | |
Amounts of quantities outstanding included in commodity derivative contracts | ' | ' | ' |
Nonmonetary notional amount | 20,790,000 | 409,780,000 | 469,822,000 |
Non-exchange Traded | ' | ' | ' |
Amounts of quantities outstanding included in commodity derivative contracts | ' | ' | ' |
Nonmonetary notional amount | 278,697,000 | 243,530,000 | 102,000 |
Non-exchange Traded | Corn | ' | ' | ' |
Amounts of quantities outstanding included in commodity derivative contracts | ' | ' | ' |
Nonmonetary notional amount | 274,762,000 | 0 | 0 |
Non-exchange Traded | Soybeans | ' | ' | ' |
Amounts of quantities outstanding included in commodity derivative contracts | ' | ' | ' |
Nonmonetary notional amount | 29,332,000 | 0 | 0 |
Non-exchange Traded | Wheat | ' | ' | ' |
Amounts of quantities outstanding included in commodity derivative contracts | ' | ' | ' |
Nonmonetary notional amount | 0 | 11,485,000 | 0 |
Non-exchange Traded | Oats | ' | ' | ' |
Amounts of quantities outstanding included in commodity derivative contracts | ' | ' | ' |
Nonmonetary notional amount | 0 | 0 | 8,562,000 |
Non-exchange Traded | Ethanol | ' | ' | ' |
Amounts of quantities outstanding included in commodity derivative contracts | ' | ' | ' |
Nonmonetary notional amount | 0 | 0 | 0 |
Non-exchange Traded | Corn Oil | ' | ' | ' |
Amounts of quantities outstanding included in commodity derivative contracts | ' | ' | ' |
Nonmonetary notional amount | 20,790,000 | 0 | 0 |
Non-exchange Traded | Other | ' | ' | ' |
Amounts of quantities outstanding included in commodity derivative contracts | ' | ' | ' |
Nonmonetary notional amount | 207,000 | 0 | 0 |
Exchange Traded | ' | ' | ' |
Amounts of quantities outstanding included in commodity derivative contracts | ' | ' | ' |
Nonmonetary notional amount | 253,300,000 | 166,250,000 | 0 |
Exchange Traded | Corn | ' | ' | ' |
Amounts of quantities outstanding included in commodity derivative contracts | ' | ' | ' |
Nonmonetary notional amount | 0 | 124,420,000 | 0 |
Exchange Traded | Soybeans | ' | ' | ' |
Amounts of quantities outstanding included in commodity derivative contracts | ' | ' | ' |
Nonmonetary notional amount | 0 | 0 | 0 |
Exchange Traded | Wheat | ' | ' | ' |
Amounts of quantities outstanding included in commodity derivative contracts | ' | ' | ' |
Nonmonetary notional amount | 0 | 0 | 32,760,000 |
Exchange Traded | Oats | ' | ' | ' |
Amounts of quantities outstanding included in commodity derivative contracts | ' | ' | ' |
Nonmonetary notional amount | 0 | 6,820,000 | 0 |
Exchange Traded | Ethanol | ' | ' | ' |
Amounts of quantities outstanding included in commodity derivative contracts | ' | ' | ' |
Nonmonetary notional amount | 0 | 21,630,000 | 0 |
Derivatives_Details_Textual
Derivatives (Details Textual) (USD $) | 3 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 |
Derivatives (Textual) [Abstract] | ' | ' | ' |
Maximum period in which contracts for the sale of grain to processors or other consumers extend (years) | '1 year | ' | ' |
Estimated fair value of inventory | $0 | $0.30 | $0.70 |
Earnings_Per_Share_Details
Earnings Per Share (Details) (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Earnings Per Share [Abstract] | ' | ' |
Net income attributable to The Andersons, Inc. | $22,708 | $12,578 |
Less: Distributed and undistributed earnings allocated to nonvested restricted stock | 104 | 49 |
Earnings available to common shareholders | $22,604 | $12,529 |
Earnings per share - basic: | ' | ' |
Weighted average shares outstanding - basic (shares) | 28,155,000 | 27,912,000 |
Earnings per common share - basic (dollars per share) | $0.80 | $0.45 |
Earnings per share - diluted: | ' | ' |
Weighted average shares outstanding - basic (shares) | 28,155,000 | 27,912,000 |
Effect of dilutive awards (shares) | 69,000 | 150,000 |
Weighted average shares outstanding - diluted (shares) | 28,224,000 | 28,062,000 |
Earnings per common share - diluted (dollars per share) | $0.80 | $0.45 |
Earnings Per Share (Textual) [Abstract] | ' | ' |
Antidilutive stock-based awards outstanding (shares) | 0 | 0 |
Employee_Benefit_Plans_Details
Employee Benefit Plans (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Pension Benefits | ' | ' |
Components of the net periodic benefit cost | ' | ' |
Service cost | $43 | $0 |
Interest cost | 1,162 | 1,065 |
Expected return on plan assets | -1,905 | -1,755 |
Recognized net actuarial loss | 207 | 392 |
Benefit cost (income) | -493 | -298 |
Postretirement Benefits | ' | ' |
Components of the net periodic benefit cost | ' | ' |
Service cost | 187 | 224 |
Interest cost | 393 | 346 |
Amortization of prior service cost | -136 | -136 |
Recognized net actuarial loss | 229 | 359 |
Benefit cost (income) | $673 | $793 |
Segment_Information_Details
Segment Information (Details) (USD $) | 3 Months Ended | ||||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | ||
Segment Reporting Information [Line Items] | ' | ' | ' | ||
Sales and merchandising revenues | $1,003,294 | $1,271,970 | ' | ||
Inter-segment sales | 8,282 | 9,132 | ' | ||
Interest expense | 6,002 | 6,404 | ' | ||
Equity in earnings of affiliates, net | 20,501 | 7,804 | ' | ||
Other income (expense), net | 19,612 | 2,726 | ' | ||
Income (loss) before income taxes | 39,901 | 21,391 | ' | ||
Identifiable assets | 2,125,583 | 2,151,788 | 2,273,556 | ||
Grain | ' | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ' | ||
Sales and merchandising revenues | 583,159 | 836,495 | ' | ||
Inter-segment sales | 0 | 332 | ' | ||
Interest expense | 2,775 | 3,849 | ' | ||
Equity in earnings of affiliates, net | 1,884 | 7,910 | ' | ||
Other income (expense), net | 18,346 | [1] | 571 | [1] | ' |
Income (loss) before income taxes | 11,306 | 8,299 | ' | ||
Identifiable assets | 979,608 | 1,025,350 | 921,914 | ||
Ethanol | ' | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ' | ||
Sales and merchandising revenues | 188,820 | 199,309 | ' | ||
Interest expense | 100 | 326 | ' | ||
Equity in earnings of affiliates, net | 18,617 | -106 | ' | ||
Other income (expense), net | -226 | 231 | ' | ||
Income (loss) before income taxes | 19,824 | 2,479 | ' | ||
Identifiable assets | 224,931 | 209,666 | 229,797 | ||
Plant Nutrient | ' | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ' | ||
Sales and merchandising revenues | 107,630 | 111,902 | ' | ||
Inter-segment sales | 7,367 | 7,697 | ' | ||
Interest expense | 771 | 918 | ' | ||
Other income (expense), net | 185 | -25 | ' | ||
Income (loss) before income taxes | -1,411 | -562 | ' | ||
Identifiable assets | 311,219 | 323,653 | 268,238 | ||
Rail | ' | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ' | ||
Sales and merchandising revenues | 52,302 | 46,364 | ' | ||
Inter-segment sales | 109 | 104 | ' | ||
Interest expense | 1,656 | 1,513 | ' | ||
Other income (expense), net | 710 | 946 | ' | ||
Income (loss) before income taxes | 15,045 | 14,574 | ' | ||
Identifiable assets | 303,532 | 302,717 | 312,654 | ||
Turf and Specialty | ' | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ' | ||
Sales and merchandising revenues | 43,725 | 47,187 | ' | ||
Inter-segment sales | 806 | 999 | ' | ||
Interest expense | 418 | 402 | ' | ||
Other income (expense), net | 307 | 275 | ' | ||
Income (loss) before income taxes | 1,375 | 4,001 | ' | ||
Identifiable assets | 110,538 | 97,842 | 89,939 | ||
Retail | ' | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ' | ||
Sales and merchandising revenues | 27,658 | 30,713 | ' | ||
Interest expense | 170 | 215 | ' | ||
Other income (expense), net | 112 | 114 | ' | ||
Income (loss) before income taxes | -2,335 | -3,169 | ' | ||
Identifiable assets | 47,710 | 53,668 | 44,910 | ||
Other | ' | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ' | ||
Interest expense | 112 | -819 | ' | ||
Other income (expense), net | 178 | 614 | ' | ||
Income (loss) before income taxes | -7,224 | -3,965 | ' | ||
Identifiable assets | 148,045 | 138,892 | 406,104 | ||
Noncontrolling Interests | ' | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ' | ||
Income (loss) before income taxes | $3,321 | ($266) | ' | ||
[1] | Increase is related to gain on LTG partial share redemption. See Note 8. Related Party Transactions for details of the LTG gain in 2014. |
Segment_Information_Details_Te
Segment Information (Details Textual) | 3 Months Ended |
Mar. 31, 2014 | |
segment | |
Segment Reporting [Abstract] | ' |
Number of reportable segments (business segments) | 6 |
Related_Party_Transactions_Det
Related Party Transactions (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | |||
In Thousands, unless otherwise specified | ||||||
Equity Method Investment Companys Investment Balance In Each Equity Method Investees By Entity [Abstract] | ' | ' | ' | |||
Equity method investments | $232,396 | $291,109 | $190,377 | |||
The Andersons Albion Ethanol LLC | ' | ' | ' | |||
Equity Method Investment Companys Investment Balance In Each Equity Method Investees By Entity [Abstract] | ' | ' | ' | |||
Equity method investments | 31,867 | [1] | 40,194 | [1] | 31,169 | [1] |
The Andersons Clymers Ethanol LLC | ' | ' | ' | |||
Equity Method Investment Companys Investment Balance In Each Equity Method Investees By Entity [Abstract] | ' | ' | ' | |||
Equity method investments | 40,412 | [1] | 44,418 | [1] | 32,900 | [1] |
The Andersons Marathon Ethanol LLC | ' | ' | ' | |||
Equity Method Investment Companys Investment Balance In Each Equity Method Investees By Entity [Abstract] | ' | ' | ' | |||
Equity method investments | 45,946 | [1] | 46,811 | [1] | 32,164 | [1] |
Lansing Trade Group LLC | ' | ' | ' | |||
Equity Method Investment Companys Investment Balance In Each Equity Method Investees By Entity [Abstract] | ' | ' | ' | |||
Equity method investments | 60,837 | [2] | 106,028 | [2] | 91,752 | [2] |
Thompsons Limited [Member] | ' | ' | ' | |||
Equity Method Investment Companys Investment Balance In Each Equity Method Investees By Entity [Abstract] | ' | ' | ' | |||
Equity method investments | 49,520 | [3] | 49,833 | [3] | 0 | |
Other | ' | ' | ' | |||
Equity Method Investment Companys Investment Balance In Each Equity Method Investees By Entity [Abstract] | ' | ' | ' | |||
Equity method investments | $3,814 | $3,825 | $2,392 | |||
[1] | Decrease in LLCs investment balance is due to cash distributions made during the first quarter of 2014, partially offset by strong earnings | |||||
[2] | Decrease in LTG investment balance is driven by the sale of a portion of the Company's interest in LTG during the first quarter of 2014 | |||||
[3] | Thompsons Limited and related U.S. operating company held by joint ventures |
Related_Party_Transactions_Det1
Related Party Transactions (Details 1) (USD $) | 3 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Jul. 31, 2013 | |
Income Earned From Companys Equity Method Investments By Entity [Abstract] | ' | ' | ' | |
Income earned from Company's equity method investees | $20,501 | $7,804 | ' | |
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 | 4,943 | 944 | ' | |
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 | 5,539 | -219 | ' | |
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 | 8,135 | -832 | ' | |
Lansing Trade Group LLC | ' | ' | ' | |
Income Earned From Companys Equity Method Investments By Entity [Abstract] | ' | ' | ' | |
Percentage of company ownership interest (percentage) | 41.00% | [1] | ' | ' |
Income earned from Company's equity method investees | 2,221 | 7,991 | ' | |
Thompsons Limited [Member] | ' | ' | ' | |
Income Earned From Companys Equity Method Investments By Entity [Abstract] | ' | ' | ' | |
Percentage of company ownership interest (percentage) | 50.00% | ' | 50.00% | |
Income earned from Company's equity method investees | -313 | [2] | 0 | ' |
Other | ' | ' | ' | |
Income Earned From Companys Equity Method Investments By Entity [Abstract] | ' | ' | ' | |
Income earned from Company's equity method investees | ($24) | ($80) | ' | |
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 restricted management units which once vested will reduce the ownership percentage by approximately 2% | |||
[2] | Thompsons Limited and related U.S. operating company held by joint ventures |
Related_Party_Transactions_Det2
Related Party Transactions (Details 2) (Lansing Trade Group [Member], USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Lansing Trade Group [Member] | ' | ' |
Related Party Transaction [Line Items] | ' | ' |
Sales | $2,222,994 | $2,553,145 |
Gross profit | 31,056 | 44,107 |
Income before income taxes | 8,002 | 17,117 |
Net income | 5,573 | 16,892 |
Net income attributable to LTG | $5,320 | $16,798 |
Related_Party_Transactions_Det3
Related Party Transactions (Details 3) (USD $) | 3 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | ||
Related party transactions entered into for the time periods presented | ' | ' | ||
Sales revenues | $221,994 | $309,705 | ||
Service fee revenues | 5,638 | [1] | 5,801 | [1] |
Purchases of product | 155,015 | 161,955 | ||
Lease income | 1,664 | [2] | 1,552 | [2] |
Labor and benefits reimbursement | 2,868 | [3] | 2,643 | [3] |
Other expenses | 486 | [4] | 358 | [4] |
Accounts receivable at June 30 | 30,609 | [5] | 12,550 | [5] |
Accounts payable at June 30 | $24,454 | [6] | $24,967 | [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 various 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 $) | 3 Months Ended | 1 Months Ended | 1 Months Ended | 0 Months Ended | |||||||
Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Jul. 31, 2013 | Jul. 31, 2013 | Mar. 31, 2014 | Jul. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Jan. 22, 2014 | Jan. 21, 2014 | |
Director | Lux JV Hold Co [Member] | Thompsons Limited [Member] | Thompsons Limited [Member] | Lansing Trade Group [Member] | The Andersons Ethanol Investment LLC | The Andersons Marathon Ethanol LLC | Lansing Trade Group LLC | Lansing Trade Group LLC | |||
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Agreement for partial redemption of equity method investment | ' | ' | ' | ' | ' | ' | ' | ' | ' | $60,000,000 | ' |
Proceeds from sale of investments in affiliates | 31,457,000 | 0 | ' | ' | ' | ' | ' | ' | ' | 31,500,000 | ' |
Debt Instrument, Face Amount | ' | ' | ' | ' | 64,000,000 | ' | ' | ' | ' | ' | ' |
Percentage of company ownership interest (percentage) | ' | ' | ' | 100.00% | 50.00% | 50.00% | ' | 66.00% | 50.00% | 39.20% | 47.50% |
Total Purchase Price | ' | ' | ' | 152,000,000 | 48,000,000 | ' | 40,000,000 | ' | ' | ' | ' |
number of locations | ' | ' | ' | ' | 12 | ' | ' | ' | ' | ' | ' |
Noncontrolling interest is attributed of all gains and losses of parent (percentage) | ' | ' | ' | ' | ' | ' | ' | 34.00% | ' | ' | ' |
Total distributions received from unconsolidated affiliates | 65,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | 28,500,000 | ' |
Percentage of 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 | 20,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
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 | 26,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investment and unpaid accrued dividends | 6,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues recognized for the sale of ethanol | 144,300,000 | 145,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues recognized for the sale of corn | 117,200,000 | 204,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Related party, Gross asset | 24,000,000 | 5,000,000 | 8,900,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Related party, Gross liability | 10,300,000 | 800,000 | 1,200,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Equity Method Investment, Realized Gain (Loss) on Disposal | ' | ' | ' | ' | ' | ' | ' | ' | ' | 17,100,000 | ' |
Equity Method Investment, Realized Gain (Loss) on Disposal, Net of Tax | ' | ' | ' | ' | ' | ' | ' | ' | ' | $10,700,000 | ' |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | ||||||||||||
In Thousands, unless otherwise specified | Level 1 | Level 1 | Level 1 | Level 2 | Level 2 | Level 2 | Level 3 | Level 3 | Level 3 | Convertible Preferred Stock | Market Approach Valuation Technique | Market Approach Valuation Technique | Market Approach Valuation Technique | Income Approach Valuation Technique | Income Approach Valuation Technique | Income Approach Valuation Technique | |||||||||||||||
Level 3 | Convertible Preferred Stock | Minimum | Maximum | Convertible Preferred Stock | Minimum | Maximum | |||||||||||||||||||||||||
Level 3 | Convertible Preferred Stock | Convertible Preferred Stock | Level 3 | Convertible Preferred Stock | Convertible Preferred Stock | ||||||||||||||||||||||||||
Level 3 | Level 3 | Level 3 | Level 3 | ||||||||||||||||||||||||||||
Assets and liabilities measured at fair value on a recurring basis | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||
Cash equivalents | $25,821 | $97,751 | $49,202 | $25,821 | $97,751 | $49,202 | $0 | $0 | $0 | $0 | $0 | $0 | ' | ' | ' | ' | ' | ' | ' | ||||||||||||
Restricted cash | 652 | 408 | 635 | 652 | 408 | 635 | 0 | 0 | 0 | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ||||||||||||
Commodity derivatives, net | 87,808 | 967 | [1] | 105,515 | [1] | 82,626 | 50,777 | [1] | 110,581 | [1] | 5,182 | -49,810 | [1] | -5,066 | [1] | 0 | 0 | [1] | 0 | [1] | ' | ' | ' | ' | ' | ' | ' | ||||
Convertible preferred securities | 20,530 | [2] | 25,720 | [2] | 17,710 | [2] | 0 | [2] | 0 | [2] | 0 | [2] | 0 | [2] | 0 | [2] | 0 | [2] | 20,530 | [2] | 25,720 | [2] | 17,710 | [2] | ' | ' | ' | ' | ' | ' | ' |
Other assets and liabilities | 10,009 | [1] | 9,984 | [3] | 7,077 | [3] | 10,960 | [1] | 10,143 | [3] | 8,861 | [3] | -951 | [1] | -159 | [3] | -1,784 | [3] | 0 | [1] | 0 | [3] | 0 | [3] | ' | ' | ' | ' | ' | ' | ' |
Total | 144,820 | 134,830 | 180,139 | 120,059 | 159,079 | 169,279 | 4,231 | -49,969 | -6,850 | 20,530 | 25,720 | 17,710 | ' | ' | ' | ' | ' | ' | ' | ||||||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $20,530 | ' | ' | ' | ' | ' | ' | ||||||||||||
Fair Value Inputs, Earnings before Interest, Taxes, Depreciation, and Amortization Multiple | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7.75 | 7.5 | 8 | ' | ' | ' | ||||||||||||
Fair Value Inputs, Discount Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 14.50% | 14.50% | 14.50% | ||||||||||||
[1] | Includes associated cash posted/received as collateral | ||||||||||||||||||||||||||||||
[2] | Recorded in “Other noncurrent assets†on the Company’s Condensed Consolidated Balance Sheets | ||||||||||||||||||||||||||||||
[3] | Included in other assets and liabilities are interest rate and foreign currency derivatives and swaptions (Level 2) and deferred compensation assets (Level 1) |
Fair_Value_Measurements_Detail1
Fair Value Measurements (Details 1) (Convertible Preferred Stock, USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Convertible Preferred Stock | ' | ' |
Beginning and ending balances for the Company's fair value measurements using Level 3 inputs | ' | ' |
Asset, Beginning Balance | $25,720 | $17,220 |
Unrealized gains (losses) included in other comprehensive income | -5,190 | 490 |
Asset, Ending Balance | $20,530 | $17,710 |
Fair_Value_Measurements_Detail2
Fair Value Measurements (Details 2) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair value of long-term debt estimated using quoted market prices or discounted future cash flows | ' | ' |
Fair value of long-term debt | $400,495 | $429,723 |
Fair value in excess of carrying value | $3,574 | $2,512 |
Debt_Details
Debt (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | |||
Debt Instrument [Line Items] | ' | ' | ' |
Borrowings under short-term line of credit | $226,100 | $0 | $292,100 |
Long-term debt | ' | ' | ' |
Total current maturities of long-term debt | 90,760 | 51,998 | 43,052 |
Total long-term debt, less current maturities | 306,161 | 375,213 | 412,700 |
Nonrecourse | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Borrowings under short-term line of credit | 0 | 0 | 8,400 |
Long-term debt | ' | ' | ' |
Total current maturities of long-term debt | 6,012 | 6,012 | 3,271 |
Total long-term debt, less current maturities | 3,288 | 4,063 | 24,141 |
Recourse | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Borrowings under short-term line of credit | 226,100 | 0 | 283,700 |
Long-term debt | ' | ' | ' |
Total current maturities of long-term debt | 84,748 | 45,986 | 39,781 |
Total long-term debt, less current maturities | $302,873 | $371,150 | $388,559 |
Debt_Details_Textual
Debt (Details Textual) (USD $) | Mar. 31, 2014 | Mar. 04, 2014 |
Line of Credit Facility [Line Items] | ' | ' |
Total borrowing capacity under lines of credit | $878,100,000 | $400,000,000 |
Total available for borrowings under lines of credit | 621,600,000 | ' |
Secured Debt | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
Total borrowing capacity under lines of credit | 28,100,000 | ' |
Line of Credit | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
Total borrowing capacity under lines of credit | ' | $850,000,000 |
Commitments_and_Contingencies_
Commitments and Contingencies (Details Textual) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2013 |
Commitments and Contingencies Disclosure [Abstract] | ' |
Gain (Loss) Related to Litigation Settlement | $3.50 |
Business_Acquisitions_Business1
Business Acquisitions Business Acquisitions (Cycle Group, Inc Details) (Cycle Group, Inc., USD $) | 0 Months Ended | |
In Thousands, unless otherwise specified | Dec. 09, 2013 | |
Business Acquisition [Line Items] | ' | |
Inventory | $77 | |
Intangible assets | 330 | |
Property, plant and equipment | 3,825 | |
Total Purchase Price | 4,232 | |
Intangible assets acquired | 330 | |
Weighted average useful life | '5 years | [1] |
Customer Relationships | ' | |
Business Acquisition [Line Items] | ' | |
Intangible assets acquired | 150 | |
Useful Life | '5 years | |
Noncompete agreement | ' | |
Business Acquisition [Line Items] | ' | |
Intangible assets acquired | 55 | |
Useful Life | '7 years | |
Patents | ' | |
Business Acquisition [Line Items] | ' | |
Intangible assets acquired | $125 | |
Useful Life | '5 years | |
[1] | weighted average number of years |
Business_Acquisitions_Business2
Business Acquisitions Business Acquisitions (Mile Rail, LLC Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | Aug. 05, 2013 | Aug. 05, 2013 | Aug. 05, 2013 | |
In Thousands, unless otherwise specified | Mile Rail | Mile Rail | Mile Rail | ||||
Customer Relationships | Noncompete agreement | ||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | |
Inventory | ' | ' | ' | $512 | ' | ' | |
Other assets | ' | ' | ' | 14 | ' | ' | |
Intangible assets | ' | ' | ' | 650 | ' | 250 | |
Goodwill | 58,554 | 58,554 | 54,387 | 4,167 | ' | ' | |
Property, plant and equipment | ' | ' | ' | 2,605 | ' | ' | |
Other liabilities | ' | ' | ' | -144 | ' | ' | |
Total Purchase Price | ' | ' | ' | 7,804 | ' | ' | |
Customer relationship | ' | ' | ' | $650 | $400 | ' | |
Useful Life | ' | ' | ' | ' | '5 years | '5 years | |
Weighted average useful life | ' | ' | ' | '5 years | [1] | ' | ' |
[1] | weighted average number of years |
Business_Acquisitions_Green_Pl
Business Acquisitions (Green Plains Grain Company Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 03, 2012 | Dec. 03, 2012 | Dec. 03, 2012 | Dec. 03, 2012 | |
In Thousands, unless otherwise specified | Green Plains Grain Company | Other Intangible Assets | Minimum | Maximum | ||||
Green Plains Grain Company | Other Intangible Assets | Other Intangible Assets | ||||||
Green Plains Grain Company | Green Plains Grain Company | |||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | |
Accounts receivable | ' | ' | ' | $19,174 | ' | ' | ' | |
Inventory | ' | ' | ' | 121,983 | ' | ' | ' | |
Property, plant and equipment | ' | ' | ' | 57,828 | ' | ' | ' | |
Intangible assets | ' | ' | ' | 4,600 | ' | ' | ' | |
Goodwill | 58,554 | 58,554 | 54,387 | 33,175 | ' | ' | ' | |
Commodity derivatives | ' | ' | ' | 4,701 | ' | ' | ' | |
Other assets | ' | ' | ' | 1,775 | ' | ' | ' | |
Accounts payable | ' | ' | ' | -91,001 | ' | ' | ' | |
Debt assumed | ' | ' | ' | -29,632 | ' | ' | ' | |
Other liabilities and noncontrolling interests | ' | ' | ' | -2,371 | ' | ' | ' | |
Total Purchase Price | ' | ' | ' | 120,232 | ' | ' | ' | |
Intangible assets acquired | ' | ' | ' | $4,600 | $4,600 | ' | ' | |
Useful Life | ' | ' | ' | ' | ' | '3 years | '5 years | |
Weighted average useful life | ' | ' | ' | '4 years | [1] | ' | ' | ' |
[1] | weighted average number of years |
Business_Acquisition_Details_T
Business Acquisition (Details Textual) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | Aug. 05, 2013 | Mar. 31, 2013 | Dec. 03, 2012 |
Mile Rail | Green Plains Grain Company | Green Plains Grain Company | ||||
bu | ||||||
T | ||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' |
number of locations | ' | ' | ' | 2 | ' | ' |
Goodwill | $58,554,000 | $58,554,000 | $54,387,000 | $4,167,000 | ' | $33,175,000 |
Payable to acquiree | ' | ' | ' | ' | ' | 3,300,000 |
Grain storage capacity | ' | ' | ' | ' | ' | 32,000,000 |
Nutrient storage capacity | ' | ' | ' | ' | ' | 12,000 |
Goodwill increase | ' | ' | ' | ' | $3,000,000 | ' |
Income_Taxes_Details_Textual
Income Taxes (Details Textual) (USD $) | 3 Months Ended | 12 Months Ended | |||||||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | ||||||
Correction Of Other Comprehensive Income Related To Retiree Health Care Plan Liability And Medicare Part D Subsidy [Member] | Correction Of Other Comprehensive Income Related To Retiree Health Care Plan Liability And Medicare Part D Subsidy [Member] | ||||||||
Business Acquisition [Abstract] | ' | ' | ' | ' | |||||
Business Combinations | ' | ' | ' | ' | |||||
Business Acquisitions | |||||||||
There were no business acquisitions completed in the first quarter of 2014. | |||||||||
Prior Year Business Acquisitions | |||||||||
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 | |||||||||
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 included a $3.3 million payable to the acquiree that was outstanding as of December 31, 2012 and paid in January 2013. The various facilities located in Iowa and Tennessee have a combined grain storage capacity of more than 32.0 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 were 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 and noncontrolling interests | (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 | |||||||||
Effective tax rate | 34.80% | 42.40% | ' | ' | |||||
Deferred income taxes | $6,264,000 | $805,000 | $1,400,000 | $1,400,000 | |||||
Other Comprehensive Income (Loss), Tax | ' | ' | ($1,400,000) | ' |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income (Details) (USD $) | 3 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ' | ' | ||
Beginning Balance | ($21,181) | [1] | ($45,379) | [1] |
Other comprehensive income before reclassifications | -2,891 | [1] | 2,187 | [1] |
Amounts reclassified from accumulated other comprehensive income (loss) | -85 | [1] | -85 | [1] |
Other comprehensive income (loss) | -2,976 | [1] | 2,102 | [1] |
Ending balance | -24,157 | [1] | -43,277 | [1] |
Losses on Cash Flow Hedges | ' | ' | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ' | ' | ||
Beginning Balance | -637 | [1] | -902 | [1] |
Other comprehensive income before reclassifications | 69 | [1] | 30 | [1] |
Amounts reclassified from accumulated other comprehensive income (loss) | 0 | [1] | 0 | [1] |
Other comprehensive income (loss) | 69 | [1] | 30 | [1] |
Ending balance | -568 | [1] | -872 | [1] |
Investment in Debt Securities | ' | ' | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ' | ' | ||
Beginning Balance | 7,861 | [1] | 2,569 | [1] |
Other comprehensive income before reclassifications | -3,232 | [1] | 303 | [1] |
Amounts reclassified from accumulated other comprehensive income (loss) | 0 | [1] | 0 | [1] |
Other comprehensive income (loss) | -3,232 | [1] | 303 | [1] |
Ending balance | 4,629 | [1] | 2,872 | [1] |
Defined Benefit Plan Items | ' | ' | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ' | ' | ||
Beginning Balance | -28,405 | [1] | -47,046 | [1] |
Other comprehensive income before reclassifications | 272 | [1] | 1,854 | [1] |
Amounts reclassified from accumulated other comprehensive income (loss) | -85 | [1] | -85 | [1] |
Other comprehensive income (loss) | 187 | [1] | 1,769 | [1] |
Ending balance | ($28,218) | [1] | ($45,277) | [1] |
[1] | All amounts are net of tax. Amounts in parentheses indicates debits |
Accumulated_Other_Comprehensiv3
Accumulated Other Comprehensive Income Schedule of Reclassifications Out of Accumulated Other Comprehensive Income (Details) (USD $) | 3 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | ||
Schedule of Reclassifciations Out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ||
Income (loss) before income taxes | $39,901 | $21,391 | ||
Income tax benefit | -13,872 | -9,079 | ||
Net income | 26,029 | 12,312 | ||
Reclassification out of Accumulated Other Comprehensive Income | ' | ' | ||
Schedule of Reclassifciations Out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ||
Net income | -85 | [1] | -85 | [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 | -136 | [1],[2] | -136 | [1],[2] |
Income (loss) before income taxes | -136 | [1] | -136 | [1] |
Income tax benefit | 51 | [1] | 51 | [1] |
Net income | ($85) | [1] | ($85) | [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). |