Cover page
Cover page - shares | 9 Months Ended | |
Sep. 30, 2022 | Oct. 21, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2022 | |
Document Transition Report | false | |
Entity File Number | 000-20557 | |
Entity Registrant Name | ANDERSONS, INC. | |
Entity Incorporation, State or Country Code | OH | |
Entity Tax Identification Number | 34-1562374 | |
Entity Address, Address Line One | 1947 Briarfield Boulevard | |
Entity Address, City or Town | Maumee | |
Entity Address, State or Province | OH | |
Entity Address, Postal Zip Code | 43537 | |
City Area Code | 419 | |
Local Phone Number | 893-5050 | |
Title of 12(b) Security | Common stock, $0.00 par value, $0.01 stated value | |
Trading Symbol | ANDE | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 33,502,914 | |
Entity Central Index Key | 0000821026 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q3 | |
Current Fiscal Year End Date | --12-31 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Income Statement [Abstract] | ||||
Revenues from external customers | $ 4,219,325 | $ 2,998,824 | $ 12,647,896 | $ 8,829,348 |
Cost of sales and merchandising revenues | 4,055,560 | 2,876,989 | 12,133,755 | 8,430,665 |
Gross profit | 163,765 | 121,835 | 514,141 | 398,683 |
Operating, administrative and general expenses | 115,539 | 110,275 | 330,085 | 312,833 |
Interest expense, net | 14,982 | 8,799 | 42,762 | 28,848 |
Other income, net: | ||||
Equity in earnings (losses) of affiliates, net | 681 | (250) | (5,597) | 2,389 |
Other income, net | 794 | 13,806 | 27,782 | 24,743 |
Income before income taxes from continuing operations | 34,719 | 16,317 | 163,479 | 84,134 |
Income tax provision from continuing operations | 9,839 | 4,027 | 29,695 | 18,065 |
Net income from continuing operations | 24,880 | 12,290 | 133,784 | 66,069 |
Income from discontinued operations, net of income taxes | 19,392 | 1,846 | 18,099 | 7,453 |
Net income | 44,272 | 14,136 | 151,883 | 73,522 |
Net income (loss) attributable to noncontrolling interests | 7,524 | (1,602) | 29,827 | (822) |
Net income attributable to The Andersons, Inc. | $ 36,748 | $ 15,738 | $ 122,056 | $ 74,344 |
Average number of shares outstanding - basic (in shares) | 33,825 | 33,284 | 33,805 | 33,246 |
Average number of share outstanding - diluted (in shares) | 34,407 | 33,634 | 34,469 | 33,670 |
Basic earnings: | ||||
Continuing operations (in dollars per share) | $ 0.51 | $ 0.42 | $ 3.08 | $ 2.01 |
Discontinued operations (in dollars per share) | 0.57 | 0.06 | 0.54 | 0.22 |
Earnings per common share - basic (dollars per share) | 1.08 | 0.48 | 3.62 | 2.23 |
Diluted earnings: | ||||
Continuing operations (in dollars per share) | 0.50 | 0.41 | 3.02 | 1.99 |
Discontinued operations (in dollars per share) | 0.56 | 0.05 | 0.53 | 0.22 |
Earnings per common share - diluted (dollars per share) | $ 1.06 | $ 0.46 | $ 3.55 | $ 2.21 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 44,272 | $ 14,136 | $ 151,883 | $ 73,522 |
Other comprehensive income (loss), net of tax: | ||||
Change in unrecognized actuarial gain (loss) and prior service cost | (131) | (102) | 227 | (439) |
Foreign currency translation adjustments | (9,828) | (3,004) | (15,409) | (311) |
Cash flow hedge activity | 10,719 | 1,537 | 29,838 | 9,420 |
Other comprehensive income (loss) | 760 | (1,569) | 14,656 | 8,670 |
Comprehensive income | 45,032 | 12,567 | 166,539 | 82,192 |
Comprehensive income (loss) attributable to the noncontrolling interests | 7,524 | (1,602) | 29,827 | (822) |
Comprehensive income attributable to The Andersons, Inc. | $ 37,508 | $ 14,169 | $ 136,712 | $ 83,014 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 | Sep. 30, 2021 |
Current assets: | |||
Cash and cash equivalents | $ 140,771 | $ 216,444 | $ 216,874 |
Accounts receivable, net | 990,531 | 835,180 | 735,349 |
Inventories | 1,556,426 | 1,814,538 | 1,017,804 |
Commodity derivative assets – current | 502,097 | 410,813 | 409,647 |
Current assets held-for-sale | 0 | 20,885 | 26,561 |
Other current assets | 75,402 | 74,468 | 92,159 |
Total current assets | 3,265,227 | 3,372,328 | 2,498,394 |
Other assets: | |||
Goodwill | 129,342 | 129,342 | 129,342 |
Other intangible assets, net | 99,317 | 117,137 | 118,690 |
Right of use assets, net | 59,146 | 52,146 | 50,270 |
Other assets held-for-sale (Note 14) | 0 | 43,169 | 38,863 |
Other assets, net | 99,650 | 69,068 | 74,923 |
Total other assets | 387,455 | 410,862 | 412,088 |
Property, plant and equipment, net | 765,939 | 786,029 | 797,660 |
Total assets | 4,418,621 | 4,569,219 | 3,708,142 |
Current liabilities: | |||
Short-term debt | 652,947 | 501,792 | 281,199 |
Trade and other payables | 930,027 | 1,199,324 | 825,923 |
Customer prepayments and deferred revenue | 258,828 | 358,119 | 147,225 |
Commodity derivative liabilities – current | 137,168 | 128,911 | 78,702 |
Current maturities of long-term debt | 112,029 | 32,256 | 106,255 |
Accrued taxes | 23,439 | 37,668 | 97,215 |
Current liabilities held-for-sale (Note 14) | 0 | 13,379 | 13,427 |
Accrued expenses and other current liabilities | 206,069 | 192,480 | 173,215 |
Total current liabilities | 2,320,507 | 2,463,929 | 1,723,161 |
Long-term lease liabilities | 34,779 | 31,322 | 31,332 |
Long-term debt, less current maturities | 497,988 | 600,487 | 542,821 |
Deferred income taxes | 59,079 | 71,127 | 79,636 |
Other long-term liabilities held-for-sale (Note 14) | 0 | 16,119 | 13,592 |
Other long-term liabilities | 79,727 | 78,531 | 81,587 |
Total liabilities | 2,992,080 | 3,261,515 | 2,472,129 |
Commitments and contingencies | |||
Shareholders’ equity: | |||
Common shares, without par value (63,000 shares authorized; 34,064, 33,870 and 33,786 shares issued at 9/30/2022, 12/31/2021 and 9/30/2021, respectively) | 142 | 140 | 140 |
Preferred shares, without par value (1,000 shares authorized; none issued) | 0 | 0 | 0 |
Additional paid-in-capital | 381,728 | 368,595 | 360,159 |
Treasury shares, at cost (293, 11 and 110 shares at 9/30/2022, 12/31/2021 and 9/30/2021, respectively) | (9,991) | (263) | (2,611) |
Accumulated other comprehensive income (loss) | 15,850 | 1,194 | (3,406) |
Retained earnings | 806,186 | 702,759 | 679,154 |
Total shareholders’ equity of The Andersons, Inc. | 1,193,915 | 1,072,425 | 1,033,436 |
Noncontrolling interests | 232,626 | 235,279 | 202,577 |
Total equity | 1,426,541 | 1,307,704 | 1,236,013 |
Total liabilities and equity | $ 4,418,621 | $ 4,569,219 | $ 3,708,142 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - shares | Sep. 30, 2022 | Dec. 31, 2021 | Sep. 30, 2021 |
Statement of Financial Position [Abstract] | |||
Common shares, shares authorized (shares) | 63,000,000 | 63,000,000 | 63,000,000 |
Common shares, shares issued (shares) | 34,064,000 | 33,870,000 | 33,786,000 |
Preferred shares, shares authorized (shares) | 1,000,000 | 1,000,000 | 1,000,000 |
Preferred shares, shares issued (shares) | 0 | 0 | 0 |
Treasury shares, at cost (shares) | 293,000 | 11,000 | 110,000 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Operating activities | ||
Net income from continuing operations | $ 133,784 | $ 66,069 |
Income from discontinued operations, net of income taxes | 18,099 | 7,453 |
Net income | 151,883 | 73,522 |
Adjustments to reconcile net income to cash provided by (used in) operating activities: | ||
Depreciation and amortization | 101,266 | 142,137 |
Bad debt expense, net | 5,028 | (2,182) |
Equity in (earnings) losses of affiliates, net of dividends | 5,597 | (2,389) |
Gain on sale of business from continuing operations | 0 | (14,619) |
(Gain) loss on sale of business from discontinued operations | (27,091) | 1,491 |
Gain on sales of assets, net | (8,854) | (6,505) |
Stock-based compensation expense | 7,697 | 6,727 |
Deferred federal income tax | (20,819) | (93,725) |
Other | 10,055 | 10,404 |
Changes in operating assets and liabilities: | ||
Accounts receivable | (140,866) | (89,902) |
Inventories | 236,854 | 266,865 |
Commodity derivatives | (104,901) | (158,741) |
Other current and non-current assets | 2,000 | (3,357) |
Payables and other current and non-current liabilities | (371,219) | (10,659) |
Net cash (used in) provided by operating activities | (153,370) | 119,067 |
Investing Activities | ||
Purchases of property, plant and equipment and capitalized software | (72,247) | (52,730) |
Proceeds from sale of assets | 4,810 | 3,999 |
Purchases of investments | (2,105) | (5,993) |
Proceeds from sale of business from continuing operations | 5,171 | 18,130 |
Proceeds from sale of business from discontinued operations | 56,302 | 543,102 |
Purchases of Rail assets | (27,464) | (6,039) |
Proceeds from sale of Rail assets | 36,706 | 18,705 |
Other | 1,746 | 349 |
Net cash provided by investing activities | 2,919 | 519,523 |
Financing Activities | ||
Net receipts (payments) under short-term lines of credit | 361,318 | (324,279) |
Proceeds from issuance of short-term debt | 350,000 | 608,250 |
Payments of short-term debt | (550,000) | (408,250) |
Proceeds from issuance of long-term debt | 0 | 186,800 |
Payments of long-term debt | (22,585) | (485,527) |
Contributions from noncontrolling interest owner | 2,450 | 4,655 |
Distributions to noncontrolling interest owner | (34,930) | (25) |
Payments of debt issuance costs | (7,802) | (2,059) |
Dividends paid | (18,262) | (17,503) |
Proceeds from exercises of stock options | 5,024 | 0 |
Common stock repurchased | (6,769) | 0 |
Other | (2,955) | (12,709) |
Net cash provided by (used in) financing activities | 75,489 | (450,647) |
Effect of exchange rates on cash and cash equivalents | (711) | (192) |
Increase (decrease) in cash and cash equivalents | (75,673) | 187,751 |
Cash and cash equivalents at beginning of period | 216,444 | 29,123 |
Cash and cash equivalents at end of period | $ 140,771 | $ 216,874 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Equity - USD ($) $ in Thousands | Total | Common Shares | Additional Paid-in Capital | Treasury Shares | Accumulated Other Comprehensive Income (Loss) | Retained Earnings | Noncontrolling Interests |
Beginning Balance at Dec. 31, 2020 | $ 1,160,660 | $ 138 | $ 348,714 | $ (966) | $ (12,076) | $ 626,081 | $ 198,769 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income (loss) | 73,522 | 74,344 | (822) | ||||
Other comprehensive income | 4,230 | 4,230 | |||||
Amounts reclassified from Accumulated other comprehensive income | 4,440 | 4,440 | |||||
Contributions from noncontrolling interests | 4,655 | 4,655 | |||||
Distributions to noncontrolling interests | (25) | (25) | |||||
Stock awards, stock option exercises and other shares issued to employees and directors, net of income tax | 5,991 | 2 | 11,445 | (1,977) | (3,479) | ||
Dividends declared per common share | (17,460) | (17,460) | |||||
Restricted share award dividend equivalents | 0 | 332 | (332) | ||||
Ending Balance at Sep. 30, 2021 | 1,236,013 | 140 | 360,159 | (2,611) | (3,406) | 679,154 | 202,577 |
Beginning Balance at Jun. 30, 2021 | 1,224,964 | 140 | 357,606 | (2,650) | (1,837) | 669,241 | 202,464 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income (loss) | 14,136 | 15,738 | (1,602) | ||||
Other comprehensive income | (3,081) | (3,081) | |||||
Amounts reclassified from Accumulated other comprehensive income | 1,512 | 1,512 | |||||
Contributions from noncontrolling interests | 1,715 | 1,715 | |||||
Stock awards, stock option exercises and other shares issued to employees and directors, net of income tax | 2,592 | 2,553 | 39 | ||||
Dividends declared per common share | (5,825) | (5,825) | |||||
Ending Balance at Sep. 30, 2021 | 1,236,013 | 140 | 360,159 | (2,611) | (3,406) | 679,154 | 202,577 |
Beginning Balance at Dec. 31, 2021 | 1,307,704 | 140 | 368,595 | (263) | 1,194 | 702,759 | 235,279 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income (loss) | 151,883 | 122,056 | 29,827 | ||||
Other comprehensive income | 12,919 | 12,919 | |||||
Amounts reclassified from Accumulated other comprehensive income | 1,737 | 1,737 | |||||
Contributions from noncontrolling interests | 2,450 | 2,450 | |||||
Distributions to noncontrolling interests | (34,930) | (34,930) | |||||
Stock awards, stock option exercises and other shares issued to employees and directors, net of income tax | 10,719 | 2 | 13,079 | (2,362) | |||
Purchase of treasury shares | (7,701) | (7,701) | |||||
Dividends declared per common share | (18,240) | (18,240) | |||||
Restricted share award dividend equivalents | 0 | 54 | 335 | (389) | |||
Ending Balance at Sep. 30, 2022 | 1,426,541 | 142 | 381,728 | (9,991) | 15,850 | 806,186 | 232,626 |
Beginning Balance at Jun. 30, 2022 | 1,417,206 | 142 | 378,740 | (2,313) | 15,090 | 775,495 | 250,052 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income (loss) | 44,272 | 36,748 | 7,524 | ||||
Other comprehensive income | 1,198 | 1,198 | |||||
Amounts reclassified from Accumulated other comprehensive income | (438) | (438) | |||||
Distributions to noncontrolling interests | (24,950) | (24,950) | |||||
Stock awards, stock option exercises and other shares issued to employees and directors, net of income tax | 3,011 | 2,988 | 23 | ||||
Purchase of treasury shares | (7,701) | (7,701) | |||||
Dividends declared per common share | (6,057) | (6,057) | |||||
Ending Balance at Sep. 30, 2022 | $ 1,426,541 | $ 142 | $ 381,728 | $ (9,991) | $ 15,850 | $ 806,186 | $ 232,626 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Equity (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Jun. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Statement of Stockholders' Equity [Abstract] | |||||
Stock awards, stock option exercises and other shares issued to employees and directors, tax | $ 0 | $ 0 | $ 0 | $ 0 | |
Number Of Common Shares Issued For Cash | 0 | 2 | 51 | 65 | |
Dividends declared, per common share (in dollars per share) | $ 0.180 | $ 0.1750 | $ 0.540 | $ 0.525 | |
Treasury shares purchased (in shares) | 232,000 | 232,000 |
Basis of Presentation and Conso
Basis of Presentation and Consolidation | 9 Months Ended |
Sep. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation and Consolidation | Basis of Presentation and Consolidation These Condensed Consolidated Financial Statements include the accounts of The Andersons, Inc. and its wholly owned and controlled subsidiaries (the “Company”). Controlled subsidiaries include majority-owned subsidiaries and variable interest entities (“VIEs”) of which the Company is the primary beneficiary. The portion of these entities that is not owned by the Company is presented as noncontrolling interests. All intercompany accounts and transactions are eliminated in consolidation. Investments in unconsolidated entities in which the Company has significant influence, but not control, are accounted for using the equity method of accounting. During the third quarter of 2021, substantially all of the assets and liabilities of the Rail business were classified as held-for-sale in the accompanying Condensed Consolidated Balance Sheets. As discussed further in Note 14, the Company executed a definitive agreement to sell the Rail Leasing business. In conjunction with the sale of the Rail Leasing business, the Company announced its intent to divest the remainder of the Rail business, which primarily consisted of the Rail Repair business. These transactions effectively constitute the entirety of what has historically been included in the Rail reportable segment. Therefore, the associated operating results, net of income tax, have been classified as discontinued operations in the accompanying Condensed Consolidated Statements of Operations for all periods presented. Throughout this Quarterly Report on Form 10-Q, with the exception of the Condensed Consolidated Statements of Cash Flows and unless otherwise indicated, amounts and activity are presented on a continuing operations basis. Certain reclassifications have been made to the prior year financial statements to conform to current year classifications. The reclassification relates to the Condensed Consolidated Balance Sheet presentation of assets and liabilities as held-for-sale and Condensed Consolidated Statements of Operations presentation of results classified as discontinued operations in relation to the Rail business transactions noted above. In the opinion of management, all adjustments consisting of normal and recurring items considered necessary for the fair presentation of the results of operations, financial position, and cash flows for the periods indicated have been made. The results in these Condensed Consolidated Financial Statements are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2022. An unaudited Condensed Consolidated Balance Sheet as of September 30, 2021 has been included as the Company operates in several seasonal industries. The Condensed Consolidated Balance Sheet data at December 31, 2021 was derived from the audited Consolidated Financial Statements but does not include all disclosures required by accounting principles generally accepted in the United States of America. The accompanying unaudited Condensed Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and notes thereto included in The Andersons, Inc. Annual Report on Form 10-K for the year ended December 31, 2021 (the “2021 Form 10-K”). |
Inventories
Inventories | 9 Months Ended |
Sep. 30, 2022 | |
Inventory, Net [Abstract] | |
Inventories | Inventories Major classes of inventories are presented below. Readily Marketable Inventories ("RMI") are agricultural commodity inventories such as corn, soybeans, wheat, and ethanol co-products, among others, carried at net realizable value which approximates fair value based on their commodity characteristics, widely available markets, and pricing mechanisms. The net realizable value of RMI is calculated as the fair value (spot price of the commodity in an exchange), less cost of disposal and transportation based on the local market. All other inventories are held at lower of cost or net realizable value. (in thousands) September 30, December 31, September 30, Grain and other agricultural products (a) $ 1,198,790 $ 1,427,708 $ 732,512 Propane and frac sand (a) 25,797 23,780 18,481 Ethanol and co-products (a) 117,310 184,354 105,052 Plant nutrients and cob products 214,529 178,696 161,759 Total inventories $ 1,556,426 $ 1,814,538 $ 1,017,804 (a) Includes RMI of $1,167.0 million, $1,410.9 million and $700.3 million at September 30, 2022, December 31, 2021 and September 30, 2021, respectively. Inventories do not include 0.9 million, 3.0 million and 2.0 million bushels of grain held in storage for others as of September 30, 2022, December 31, 2021 and September 30, 2021, respectively. The Company does not have title to the grain and is only liable for any deficiencies in grade or shortage of quantity that may arise during the storage period. Management has not experienced historical losses on any deficiencies and does not anticipate material losses in the future. |
Property, Plant and Equipment
Property, Plant and Equipment | 9 Months Ended |
Sep. 30, 2022 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | Property, Plant and Equipment The components of Property, plant and equipment, net are as follows: (in thousands) September 30, December 31, September 30, Land $ 38,508 $ 39,162 $ 39,159 Land improvements and leasehold improvements 93,026 91,122 89,941 Buildings and storage facilities 366,453 368,577 368,678 Machinery and equipment 956,471 936,476 920,232 Construction in progress 40,599 20,676 24,556 1,495,057 1,456,013 1,442,566 Less: accumulated depreciation 729,118 669,984 644,906 Property, plant and equipment, net $ 765,939 $ 786,029 $ 797,660 |
Debt
Debt | 9 Months Ended |
Sep. 30, 2022 | |
Debt Disclosure [Abstract] | |
Debt | Debt Short-term and long-term debt at September 30, 2022, December 31, 2021 and September 30, 2021 consisted of the following: (in thousands) September 30, December 31, September 30, Short-term debt – non-recourse $ 77,564 $ 65,485 $ 81,494 Short-term debt – recourse 575,383 436,307 199,705 Total short-term debt $ 652,947 $ 501,792 $ 281,199 Current maturities of long-term debt – non-recourse $ 65,738 $ 7,601 $ 69,932 Current maturities of long-term debt – recourse 46,291 24,655 36,323 Total current maturities of long-term debt $ 112,029 $ 32,256 $ 106,255 Long-term debt, less: current maturities – non-recourse $ 404 $ 64,972 $ — Long-term debt, less: current maturities – recourse 497,584 535,515 542,821 Total long-term debt, less: current maturities $ 497,988 $ 600,487 $ 542,821 On March 2, 2022, the Company completed an incremental term loan amendment to its credit agreement dated January 11, 2019. The amendment provided for a short-term note of $250.0 million in which the entire stated principal was due on May 31, 2022 (subsequently extended to August 31, 2022 as described below). On March 9, 2022, the Company completed an additional term loan amendment that expanded the short-term note capacity from $250.0 million to $450.0 million. On May 27, 2022, the Company completed an additional amendment to convert the $350.0 million then outstanding balance from the $450.0 million incremental term loan amendment to a revolving credit agreement with a capacity of up to $450.0 million. The entire amount outstanding was due on August 31, 2022 and was fully repaid during the third quarter of 2022. On March 28, 2022, the Company amended its credit agreement dated January 11, 2019. The amendment increased borrowing capacity on the revolver from $900.0 million to $1,550.0 million and extended the maturity dates of the $140.6 million and $209.4 million long-term notes originally due in 2026 to March 26, 2027 and March 28, 2029, respectively. The amendment also transitions the reference rate in the credit agreement from LIBOR to SOFR. The revolver and term notes will bear interest at variable rates, which are based on SOFR plus an applicable spread. During the first quarter of 2022, the Company repaid the remaining $200.0 million balance that was outstanding as of December 31, 2021 on a short-term note that was classified as recourse debt to the Company. The total borrowing capacity of the Company's lines of credit at September 30, 2022 was $1,978.6 million of which the Company had a total of $1,302.6 million available for borrowing under its lines of credit. The Company's borrowing capacity is reduced by a combination of outstanding borrowings and letters of credit. As of September 30, 2022, December 31, 2021 and September 30, 2021, the estimated fair value of long-term debt, including the current portion, was $602.2 million, $650.7 million and $667.9 million, respectively. The Company estimates the fair value of its long-term debt based upon the Company’s credit standing and current interest rates offered to the Company on similar bonds and rates currently available to the Company for long-term borrowings with similar terms and remaining maturities. As part of the Company's ongoing covenant monitoring process, the Company determined that ELEMENT's non-recourse debt was out of compliance regarding the minimum working capital covenant as of August 31, 2022, and is virtually certain to be out of compliance for an owner's equity ratio covenant within the next 12 months. If ELEMENT does not cure or obtain a waiver for the covenants, it would result in an event of default, which could result in the lender accelerating the maturity of ELEMENT’s indebtedness or preventing access to additional funds under the line of credit agreement, or requiring prepayment of outstanding indebtedness under the loan agreement or the line of credit agreement. As ELEMENT was out of compliance and has not yet cured or obtained a waiver, the $65.2 million of non-recourse debt associated with ELEMENT has been classified as current maturity of long-term debt as of September 30, 2022. |
Derivatives
Derivatives | 9 Months Ended |
Sep. 30, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives | Derivatives The Company’s operating results are affected by changes to commodity prices. The Trade and Renewables businesses have established “unhedged” futures position limits (the amount of a commodity, either owned or contracted for, that does not have an offsetting derivative contract). To reduce the exposure to market price risk on commodities owned and forward purchase and sale contracts, the Company enters into exchange traded commodity futures and options contracts and over-the-counter forward and option contracts with various counterparties. These contracts are primarily traded via regulated commodity exchanges. The Company’s forward purchase and sales contracts are for physical delivery of the commodity in a future period. Contracts to purchase commodities from producers generally relate to the current or future crop years for delivery periods quoted by regulated commodity exchanges. Most contracts for the sale of commodities to processors or other commercial consumers generally do not extend beyond one year. Most of these contracts meet the definition of derivatives. While the Company considers its commodity contracts to be effective economic hedges, the Company does not designate or account for its commodity contracts as hedges as defined under current accounting standards. The Company primarily accounts for its commodity derivatives at estimated fair value. The estimated fair value of the commodity derivative contracts that require the receipt or posting of cash collateral is recorded on a net basis (offset against cash collateral posted or received, also known as margin deposits) within commodity derivative assets or liabilities. Management determines fair value based on exchange-quoted prices and in the case of its forward purchase and sale contracts, estimated fair value is adjusted for differences in local markets and non-performance risk. For contracts for which physical delivery occurs, balance sheet classification is based on estimated delivery date. For futures, options and over-the-counter contracts in which physical delivery is not expected to occur but, rather, the contract is expected to be net settled, the Company classifies these contracts as current or noncurrent assets or liabilities, as appropriate, based on the Company’s expectations as to when such contracts will be settled. Realized and unrealized gains and losses in the value of commodity contracts (whether due to changes in commodity prices, changes in performance or credit risk, or due to sale, maturity or extinguishment of the commodity contract) and commodity inventories are included in cost of sales and merchandising revenues. Generally accepted accounting principles permit a party to a master netting arrangement to offset fair value amounts recognized for derivative instruments against the right to reclaim cash collateral or obligation to return cash collateral under the same master netting arrangement. The Company has master netting arrangements for its exchange traded futures and options contracts and certain over-the-counter contracts. When the Company enters into a future, option or an over-the-counter contract, an initial margin deposit may be required by the counterparty. The amount of the margin deposit varies by commodity. If the market price of a future, option or an over-the-counter contract moves in a direction that is adverse to the Company’s position, an additional margin deposit, called a maintenance margin, is required. The margin deposit assets and liabilities are included in short-term commodity derivative assets or liabilities, as appropriate, in the Condensed Consolidated Balance Sheets. The following table presents at September 30, 2022, December 31, 2021 and September 30, 2021, a summary of the estimated fair value of the Company’s commodity derivative instruments that require cash collateral and the associated cash posted/received as collateral. The net asset or liability positions of these derivatives (net of their cash collateral) are determined on a counterparty-by-counterparty basis and are included within current or non-current commodity derivative assets (or liabilities) on the Condensed Consolidated Balance Sheets: (in thousands) September 30, 2022 December 31, 2021 September 30, 2021 Cash collateral paid $ 152,603 $ 165,250 $ 136,977 Fair value of derivatives (42,578) (36,843) (14,100) Net derivative asset position $ 110,025 $ 128,407 $ 122,877 The following table presents, on a gross basis, current and non-current commodity derivative assets and liabilities: September 30, 2022 (in thousands) Commodity Derivative Assets - Current Commodity Derivative Assets - Noncurrent Commodity Derivative Liabilities - Current Commodity Derivative Liabilities - Noncurrent Total Commodity derivative assets $ 529,456 $ 7,743 $ 24,143 $ 1,488 $ 562,830 Commodity derivative liabilities (179,962) (1,008) (161,311) (5,985) (348,266) Cash collateral paid 152,603 — — — 152,603 Balance sheet line item totals $ 502,097 $ 6,735 $ (137,168) $ (4,497) $ 367,167 December 31, 2021 (in thousands) Commodity Derivative Assets - Current Commodity Derivative Assets - Noncurrent Commodity Derivative Liabilities - Current Commodity Derivative Liabilities - Noncurrent Total Commodity derivative assets $ 339,321 $ 4,677 $ 23,762 $ 1,209 $ 368,969 Commodity derivative liabilities (93,758) (105) (152,673) (2,578) (249,114) Cash collateral paid 165,250 — — — 165,250 Balance sheet line item totals $ 410,813 $ 4,572 $ (128,911) $ (1,369) $ 285,105 September 30, 2021 (in thousands) Commodity Derivative Assets - Current Commodity Derivative Assets - Noncurrent Commodity Derivative Liabilities - Current Commodity Derivative Liabilities - Noncurrent Total Commodity derivative assets $ 380,391 $ 11,704 $ 27,035 $ 461 $ 419,591 Commodity derivative liabilities (107,721) (370) (105,737) (7,645) (221,473) Cash collateral paid 136,977 — — — 136,977 Balance sheet line item totals $ 409,647 $ 11,334 $ (78,702) $ (7,184) $ 335,095 The net pre-tax gains and losses on commodity derivatives not designated as hedging instruments are included in the Company’s Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2022 and 2021 as follows: Three months ended September 30, Nine months ended September 30, (in thousands) 2022 2021 2022 2021 Gains (losses) on commodity derivatives included in Cost of sales and merchandising revenues $ (169,478) $ (11,353) $ 94,708 $ 229,320 The Company had the following volume of commodity derivative contracts outstanding (on a gross basis) at September 30, 2022, December 31, 2021 and September 30, 2021: September 30, 2022 (in thousands) Number of Bushels Number of Gallons Number of Tons Non-exchange traded: Corn 628,346 — — Soybeans 120,182 — — Wheat 60,877 — — Oats 31,147 — — Ethanol — 196,660 — Dried distillers grain — — 391 Soybean meal — — 483 Other 9,449 30,747 3,448 Subtotal 850,001 227,407 4,322 Exchange traded: Corn 206,705 — — Soybeans 68,520 — — Wheat 87,580 — — Oats 1,450 — — Ethanol — 91,770 — Propane — 50,904 — Other 145 1,638 632 Subtotal 364,400 144,312 632 Total 1,214,401 371,719 4,954 December 31, 2021 (in thousands) Number of Bushels Number of Gallons Number of Tons Non-exchange traded: Corn 685,681 — — Soybeans 77,592 — — Wheat 109,547 — — Oats 31,627 — — Ethanol — 192,447 — Dried distillers grain — — 507 Soybean meal — — 544 Other 57,268 16,092 1,854 Subtotal 961,715 208,539 2,905 Exchange traded: Corn 226,215 — — Soybeans 64,730 — — Wheat 65,020 — — Oats 1,300 — — Ethanol — 100,884 — Propane — 31,542 — Other 75 798 353 Subtotal 357,340 133,224 353 Total 1,319,055 341,763 3,258 September 30, 2021 (in thousands) Number of Bushels Number of Gallons Number of Tons Non-exchange traded: Corn 687,177 — — Soybeans 96,061 — — Wheat 94,132 — — Oats 35,460 — — Ethanol — 174,381 — Dried distillers grain — — 533 Soybean meal — — 465 Other 31,086 2,264 1,394 Subtotal 943,916 176,645 2,392 Exchange traded: Corn 236,395 — — Soybeans 60,660 — — Wheat 101,087 — — Oats 1,290 — — Ethanol — 96,894 — Propane — 24,402 — Other — 8 241 Subtotal 399,432 121,304 241 Total 1,343,348 297,949 2,633 Interest Rate and Other Derivatives The Company’s objectives for using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish these objectives, the Company primarily uses interest rate swaps as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. The gains or losses on the derivatives designated as hedging instruments are recorded in Other comprehensive income (loss) and subsequently reclassified into interest expense in the same periods during which the hedged transaction affects earnings. Amounts reported in accumulated other comprehensive income related to derivatives will be reclassified to interest expense as interest payments are made on the Company’s variable-rate debt. At September 30, 2022, December 31, 2021 and September 30, 2021, the Company had recorded the following amounts for the fair value of the Company's other derivatives: (in thousands) September 30, 2022 December 31, 2021 September 30, 2021 Derivatives not designated as hedging instruments Interest rate contracts included in Accrued expenses and other current liabilities $ — $ (174) $ — Interest rate contracts included in Other long-term liabilities — — (258) Foreign currency contracts included in Other current (liabilities) assets (5,685) (1,069) 491 Derivatives designated as hedging instruments Interest rate contracts included in Other current assets $ 6,925 $ — $ — Interest rate contracts included in Other assets 25,669 4,574 4,431 Interest rate contracts included in Accrued expenses and other current liabilities — (5,206) (6,892) Interest rate contracts included in Other long-term liabilities — (6,555) (9,146) The recording of derivatives gains and losses and the financial statement line in which they are located are as follows: Three months ended September 30, Nine months ended September 30, (in thousands) 2022 2021 2022 2021 Derivatives not designated as hedging instruments Interest rate derivative gains (losses) included in Interest expense, net $ — $ 51 $ (123) $ 760 Derivatives designated as hedging instruments Interest rate derivative gains (losses) included in Other comprehensive income (loss) $ 14,282 $ (2,044) $ 39,746 $ (12,520) Interest rate derivative gains (losses) included in Interest expense, net 210 (1,746) (2,420) (5,020) Outstanding interest rate derivatives, as of September 30, 2022, are as follows: Interest Rate Hedging Instrument Year Entered Year of Maturity Initial Notional Amount Description Interest Rate Long-term Swap 2019 2025 $ 100.0 Interest rate component of debt - accounted for as a hedge 2.3% Swap 2019 2025 $ 50.0 Interest rate component of debt - accounted for as a hedge 2.4% Swap 2019 2025 $ 50.0 Interest rate component of debt - accounted for as a hedge 2.4% Swap 2020 2030 $ 50.0 Interest rate component of debt - accounted for as a hedge 0.0% to 0.8% Swap 2020 2030 $ 50.0 Interest rate component of debt - accounted for as a hedge 0.0% to 0.8% Swap 2022 2025 $ 20.0 Interest rate component of debt - accounted for as a hedge 2.6% Swap 2022 2029 $ 100.0 Interest rate component of debt - accounted for as a hedge 2.0% Swap 2022 2029 $ 50.0 Interest rate component of debt - accounted for as a hedge 2.4% |
Revenue
Revenue | 9 Months Ended |
Sep. 30, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | Revenue Many of the Company’s revenues are generated from contracts that are outside the scope of Accounting Standard Codification ("ASC") 606 and thus are accounted for under other accounting standards. Specifically, many of the Company's Trade and Renewables sales contracts are derivatives under ASC 815, Derivatives and Hedging. The breakdown of revenues between the two standards are as follows: Three months ended September 30, Nine months ended September 30, (in thousands) 2022 2021 2022 2021 Revenues under ASC 606 $ 635,445 $ 457,621 $ 2,269,314 $ 1,568,529 Revenues under ASC 815 3,583,880 2,541,203 10,378,582 7,260,819 Total revenues $ 4,219,325 $ 2,998,824 $ 12,647,896 $ 8,829,348 The remainder of this note applies only to those revenues that are accounted for under ASC 606. Disaggregation of revenue The following tables disaggregate revenues under ASC 606 by major product/service line for the three and nine months ended September 30, 2022 and 2021, respectively: Three months ended September 30, 2022 (in thousands) Trade Renewables Plant Nutrient Total Specialty nutrients $ — $ — $ 44,957 $ 44,957 Primary nutrients — — 92,071 92,071 Products and co-products 88,201 323,676 — 411,877 Propane and frac sand 53,962 — — 53,962 Other 4,084 1,646 26,848 32,578 Total $ 146,247 $ 325,322 $ 163,876 $ 635,445 Three months ended September 30, 2021 (in thousands) Trade Renewables Plant Nutrient Total Specialty nutrients $ — $ — $ 49,249 $ 49,249 Primary nutrients — — 69,835 69,835 Products and co-products 70,924 183,225 — 254,149 Propane and frac sand 49,379 — — 49,379 Other 10,991 1,046 22,972 35,009 Total $ 131,294 $ 184,271 $ 142,056 $ 457,621 Nine months ended September 30, 2022 (in thousands) Trade Renewables Plant Nutrient Total Specialty nutrients $ — $ — $ 242,582 $ 242,582 Primary nutrients — — 518,439 518,439 Products and co-products 297,267 885,595 — 1,182,862 Propane and frac sand 220,690 — — 220,690 Other 17,323 4,239 83,179 104,741 Total $ 535,280 $ 889,834 $ 844,200 $ 2,269,314 Nine months ended September 30, 2021 (in thousands) Trade Renewables Plant Nutrient Total Specialty nutrients $ — $ — $ 210,971 $ 210,971 Primary nutrients — — 355,098 355,098 Products and co-products 217,859 513,132 — 730,991 Propane and frac sand 178,094 — — 178,094 Other 21,528 5,199 66,648 93,375 Total $ 417,481 $ 518,331 $ 632,717 $ 1,568,529 Substantially all of the Company's revenues accounted for under ASC 606 during the three and nine months ended September 30, 2022 and 2021, respectively, are recorded at a point in time instead of over time. Contract balances The balances of the Company’s contract liabilities were $32.4 million and $100.8 million as of September 30, 2022 and December 31, 2021, respectively. The difference between the opening and closing balances of the Company’s contract liabilities primarily results from the timing difference between the Company’s performance and the customer’s payment. The main driver of the contract liabilities balance as of December 31, 2021, is payments for primary and specialty nutrients received in advance of fulfilling our performance obligations under our customer contracts. Due to seasonality of this business, contract liabilities were built up at year-end and through the first quarter in preparation for the spring application season. As expected, the revenue recognized in the second and third quarters satisfied the contract liabilities throughout the spring application season for the Plant Nutrient segment. |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes On a quarterly basis, the Company estimates the effective tax rate expected to be applicable for the full year and makes changes, if necessary, based on new information or events. The estimated annual effective tax rate is forecasted based on actual historical information and forward-looking estimates and is used to provide for income taxes in interim reporting periods. The Company also recognizes the tax impact of certain unusual or infrequently occurring items, such as the effects of changes in tax laws or rates and impacts from settlements with tax authorities, discretely in the quarter in which they occur. For the three months ended September 30, 2022, the Company recorded income tax expense from continuing operations of $9.8 million. The Company's effective tax rate was 28.3% on income before taxes from continuing operations of $34.7 million. The difference between the 28.3% effective tax rate and the U.S. federal statutory tax rate of 21.0% is primarily attributable to the tax impact of non-controlling interest and state and local income taxes. For the three months ended September 30, 2021, the Company recorded income tax expense from continuing operations of $4.0 million. The Company’s effective tax rate was 24.7% on income from continuing operations of $16.3 million. The effective tax rate differs from the U.S. federal statutory tax rate of 21.0% due to the tax impact of certain discrete derivatives and hedging activities, state and local taxes, and nondeductible compensation offset by the tax impact of non-controlling interest. For the nine months ended September 30, 2022, the Company recorded income tax expense from continuing operations of $29.7 million. The Company's effective tax rate was 18.2% on income before taxes from continuing operations of $163.5 million. The difference between the 18.2% effective tax rate and the U.S. federal statutory tax rate of 21.0% is primarily attributable to the tax impact of non-controlling interest as well as certain discrete derivatives and hedging activities offset by state and local income taxes and nondeductible compensation. For the nine months ended September 30, 2021, the Company recorded income tax expense from continuing operations of $18.1 million. The Company’s effective tax rate was 21.5% on income from continuing operations of $84.1 million. The effective tax rate differs from the U.S. federal statutory tax rate of 21.0% due to the tax impact of state and local taxes and nondeductible compensation offset by non-controlling interest and certain discrete derivatives and hedging activities. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 9 Months Ended |
Sep. 30, 2022 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss) The following table summarizes the changes in accumulated other comprehensive income (loss) ("AOCI") attributable to the Company for the three and nine months ended September 30, 2022 and 2021: Three months ended September 30, Nine months ended September 30, (in thousands) 2022 2021 2022 2021 Currency Translation Adjustment Beginning balance $ 50 $ 8,432 $ 5,631 $ 5,739 Other comprehensive income (loss) before reclassifications (9,828) (3,004) (15,409) (311) Tax effect — — — — Other comprehensive income (loss), net of tax (9,828) (3,004) (15,409) (311) Ending balance $ (9,778) $ 5,428 $ (9,778) $ 5,428 Hedging Adjustment Beginning balance $ 13,784 $ (10,223) $ (5,335) $ (18,106) Other comprehensive income (loss) before reclassifications 14,492 (146) 37,325 4,467 Amounts reclassified from AOCI (a) (210) 2,244 2,421 6,604 Tax effect (3,563) (561) (9,908) (1,651) Other comprehensive income (loss), net of tax 10,719 1,537 29,838 9,420 Ending balance $ 24,503 $ (8,686) $ 24,503 $ (8,686) Pension and Other Postretirement Adjustment Beginning balance $ 998 $ (304) $ 640 $ 33 Other comprehensive income (loss) before reclassifications 69 69 983 74 Amounts reclassified from AOCI (b) (228) (228) (684) (684) Tax effect 28 57 (72) 171 Other comprehensive income (loss), net of tax (131) (102) 227 (439) Ending balance $ 867 $ (406) $ 867 $ (406) Investments in Convertible Preferred Securities Adjustment Beginning balance $ 258 $ 258 $ 258 $ 258 Other comprehensive income (loss), net of tax — — — — Ending balance $ 258 $ 258 $ 258 $ 258 Total AOCI Ending Balance $ 15,850 $ (3,406) $ 15,850 $ (3,406) (a) Amounts reclassified from gain (loss) on cash flow hedges are reclassified from AOCI to income when the hedged item affects earnings and is recognized in Interest expense, net. See Note 5 for additional information. (b) This accumulated other comprehensive loss component is included in the computation of net periodic benefit cost recorded in Operating, administrative and general expenses. |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Sep. 30, 2022 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share (in thousands, except per common share data) Three months ended September 30, Nine months ended September 30, 2022 2021 2022 2021 Numerator: Net income from continuing operations $ 24,880 $ 12,290 $ 133,784 $ 66,069 Net income (loss) attributable to noncontrolling interests (a) 7,524 (1,602) 29,827 (822) Net income attributable to The Andersons Inc. common shareholders from continuing operations $ 17,356 $ 13,892 $ 103,957 $ 66,891 Income from discontinued operations, net of income taxes $ 19,392 $ 1,846 $ 18,099 $ 7,453 Denominator: Weighted average shares outstanding – basic 33,825 33,284 33,805 33,246 Effect of dilutive awards 582 350 664 424 Weighted average shares outstanding – diluted 34,407 33,634 34,469 33,670 Earnings per share attributable to The Andersons, Inc. common shareholders: Basic earnings: Continuing operations $ 0.51 $ 0.42 $ 3.08 $ 2.01 Discontinued operations 0.57 0.06 0.54 0.22 $ 1.08 $ 0.48 $ 3.62 $ 2.23 Diluted earnings: Continuing operations $ 0.50 $ 0.41 $ 3.02 $ 1.99 Discontinued operations 0.56 0.05 0.53 0.22 $ 1.06 $ 0.46 $ 3.55 $ 2.21 (a) All net income (loss) attributable to noncontrolling interests is within continuing operations of the Company. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements The following table presents the Company’s assets and liabilities measured at fair value on a recurring basis at September 30, 2022, December 31, 2021 and September 30, 2021: (in thousands) September 30, 2022 Assets (liabilities) Level 1 Level 2 Level 3 Total Commodity derivatives, net (a) $ 110,025 $ 257,142 $ — $ 367,167 Provisionally priced contracts (b) 19,685 (41,188) — (21,503) Convertible preferred securities (c) — — 16,946 16,946 Other assets and liabilities (d) (3,037) 32,594 — 29,557 Total $ 126,673 $ 248,548 $ 16,946 $ 392,167 (in thousands) December 31, 2021 Assets (liabilities) Level 1 Level 2 Level 3 Total Commodity derivatives, net (a) $ 128,407 $ 156,698 $ — $ 285,105 Provisionally priced contracts (b) 43,944 (89,797) — (45,853) Convertible preferred securities (c) — — 11,618 11,618 Other assets and liabilities (d) 2,784 (7,361) — (4,577) Total $ 175,135 $ 59,540 $ 11,618 $ 246,293 (in thousands) September 30, 2021 Assets (liabilities) Level 1 Level 2 Level 3 Total Commodity derivatives, net (a) $ 122,877 $ 212,218 $ — $ 335,095 Provisionally priced contracts (b) 28,469 (25,134) — 3,335 Convertible preferred securities (c) — — 11,066 11,066 Other assets and liabilities (d) 4,171 (11,865) — (7,694) Total $ 155,517 $ 175,219 $ 11,066 $ 341,802 (a) Includes associated cash posted/received as collateral (b) Included in "Provisionally priced contracts" are those instruments based only on underlying futures values (Level 1) and delayed price contracts (Level 2) (c) Recorded in “Other assets, net” on the Company’s Condensed Consolidated Balance Sheets related to certain available for sale securities. (d) Included in other assets and liabilities are assets held by the Company to fund deferred compensation plans and foreign exchange derivative contracts (Level 1), as well as interest rate derivatives (Level 2). Level 1 commodity derivatives reflect the fair value of the exchanged-traded futures and options contracts that the Company holds, net of the cash collateral, that the Company has in its margin account. The majority of the Company’s assets and liabilities measured at fair value are based on the market approach valuation technique. With the market approach, fair value is derived using prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities. The Company’s net commodity derivatives primarily consist of futures or options contracts via regulated exchanges and contracts with producers or customers under which the future settlement date and bushels (or gallons in the case of ethanol contracts) of commodities to be delivered (primarily wheat, corn, soybeans and ethanol) are fixed and under which the price may or may not be fixed. Depending on the specifics of the individual contracts, the fair value is derived from the futures or options prices quoted on various exchanges for similar commodities and delivery dates as well as observable quotes for local basis adjustments (the difference, which is attributable to local market conditions, between the quoted futures price and the local cash price). Because “basis” for a particular commodity and location typically has multiple quoted prices from other agribusinesses in the same geographical vicinity and is used as a common pricing mechanism in the agribusiness industry, the Company has concluded that “basis” is typically a Level 2 fair value input for purposes of the fair value disclosure requirements related to our commodity derivatives, depending on the specific commodity. Although nonperformance risk, both of the Company and the counterparty, is present in each of these commodity contracts and is a component of the estimated fair values, based on the Company’s historical experience with its producers and customers and the Company’s knowledge of their businesses, the Company does not view nonperformance risk to be a significant input to fair value for these commodity contracts. These fair value disclosures exclude RMI which consists of agricultural commodity inventories measured at net realizable value. The net realizable value used to measure the Company’s agricultural commodity inventories is the fair value (spot price of the commodity in an exchange), less cost of disposal and transportation based on the local market. This valuation would generally be considered Level 2. The amount of RMI is disclosed in Note 2. Changes in the net realizable value of commodity inventories are recognized as a component of cost of sales and merchandising revenues. Provisionally priced contract liabilities are those for which the Company has taken ownership and possession of grain, but the final purchase price has not been established. In the case of payables where the unpriced portion of the contract is limited to the futures price of the underlying commodity or the Company has delivered provisionally priced grain and a subsequent payable or receivable is set up for any future changes in the grain price, quoted exchange prices are used and the liability is deemed to be Level 1 in the fair value hierarchy. For all other unpriced contracts which include variable futures and basis components, the amounts recorded for delayed price contracts are determined on the basis of local grain market prices at the balance sheet date and, as such, are deemed to be Level 2 in the fair value hierarchy. The convertible preferred securities are interests in several early-stage enterprises that may be in various forms, such as convertible debt or preferred equity securities. A reconciliation of beginning and ending balances for the Company’s fair value measurements using Level 3 inputs is as follows: Convertible Preferred Securities (in thousands) 2022 2021 Assets at January 1, $ 11,618 $ 8,849 Additional investments 3,883 2,800 Gains included in Other income, net 404 — Assets at March 31, $ 15,905 $ 11,649 Additional Investments 772 1,901 Gains included in Other income, net 126 — Assets at June 30, $ 16,803 $ 13,550 Additional investments — 300 Gains (losses) included in Other income, net 143 (2,784) Assets at September 30, $ 16,946 $ 11,066 The following tables summarize quantitative information about the Company's Level 3 fair value measurements as of September 30, 2022, December 31, 2021 and September 30, 2021: Quantitative Information about Recurring Level 3 Fair Value Measurements Fair Value as of (in thousands) September 30, 2022 December 31, 2021 September 30, 2021 Valuation Method Unobservable Input Weighted Average Convertible preferred securities (a) $ 16,946 $ 11,618 $ 11,066 Implied based on market prices N/A N/A (a) The Company considers observable price changes and other additional market data available to estimate fair value, including additional capital raising, internal valuation models, progress towards key business milestones, and other relevant market data points. Quantitative Information about Non-Recurring Level 3 Fair Value Measurements (in thousands) Fair Value as of 12/31/2021 Valuation Method Unobservable Input Weighted Average Frac sand assets (b) $ 2,946 Third party appraisal Various N/A Real property (c) 700 Market approach Various N/A (b) The Company recognized impairment charges on long lived assets related to its frac sand business. The fair value of the assets were determined using prior transactions and third-party appraisals. These measures are considered Level 3 inputs on a nonrecurring basis. (c) The Company recognized impairment charges on certain Trade assets and measured the fair value using Level 3 inputs on a nonrecurring basis. The fair value of the assets was determined using prior transactions in the local market and a recent sale of comparable Trade group assets held by the Company. There were no non-recurring fair value measurements as of September 30, 2022 and September 30, 2021. |
Related Parties
Related Parties | 9 Months Ended |
Sep. 30, 2022 | |
Related Party Transactions [Abstract] | |
Related Parties | Related Parties In the ordinary course of business, and on an arm's length basis, the Company will enter into related party transactions with the minority shareholders of the Company's Renewables operations and several equity method investments that the Company holds, along with other related parties. The following table sets forth the related party transactions entered into for the time periods presented: Three months ended September 30, Nine months ended September 30, (in thousands) 2022 2021 2022 2021 Sales revenues $ 102,565 $ 77,577 $ 291,820 $ 229,517 Purchases of product and capital assets 13,405 9,715 51,814 30,051 (in thousands) September 30, 2022 December 31, 2021 September 30, 2021 Accounts receivable $ 12,016 $ 9,984 $ 13,523 Accounts payable 4,226 6,034 2,514 |
Segment Information
Segment Information | 9 Months Ended |
Sep. 30, 2022 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information The Company’s operations include three reportable business segments that are distinguished primarily on the basis of products and services offered as well as the structure of management. The Trade business includes commodity merchandising and the operation of terminal grain elevator facilities. The Renewables business produces ethanol and co-products through its five co-owned and fully consolidated ethanol production facilities as well as purchases and sells ethanol and ethanol co-products. The Plant Nutrient business manufactures and distributes agricultural inputs, primarily fertilizer, to dealers and farmers, along with turf care and corncob-based products. The Other category includes other corporate level costs not attributable to an operating segment and intercompany eliminations between the segments. See Note 14 for details of the divestiture of the Rail segment. The segment information below includes the allocation of expenses shared by one or more operating segments. Although management believes such allocations are reasonable, the operating information does not necessarily reflect how such data might appear if the segments were operated as separate businesses. The Company does not have any customers who represent 10 percent or more of total revenues. Three months ended September 30, Nine months ended September 30, (in thousands) 2022 2021 2022 2021 Revenues from external customers Trade $ 3,240,526 $ 2,242,131 $ 9,422,974 $ 6,522,508 Renewables 814,923 614,637 2,380,721 1,674,123 Plant Nutrient 163,876 142,056 844,201 632,717 Total $ 4,219,325 $ 2,998,824 $ 12,647,896 $ 8,829,348 Three months ended September 30, Nine months ended September 30, (in thousands) 2022 2021 2022 2021 Income (loss) before income taxes from continuing operations Trade $ 40,658 $ 41,999 $ 67,993 $ 69,631 Renewables 1 15,901 (5,238) 89,639 21,999 Plant Nutrient (11,609) (5,832) 37,445 26,686 Other (10,231) (14,612) (31,598) (34,182) Income before income taxes from continuing operations $ 34,719 $ 16,317 $ 163,479 $ 84,134 1 Includes income (loss) attributable to noncontrolling interests of $7.5 million and $(1.6) million for the three months ended September 30, 2022 and 2021, respectively, and $29.8 million and $(0.8) million for the nine months ended September 30, 2022 and 2021, respectively. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Litigation activities The Company is party to litigation, or threats thereof, both as defendant and plaintiff with some regularity, although individual cases that are material in size occur infrequently. As a defendant, the Company establishes reserves for claimed amounts that are considered probable and capable of estimation. If those cases are resolved for lesser amounts, the excess reserves are taken into income and, conversely, if those cases are resolved for larger than the amount the Company has accrued, the Company records additional expense. The Company believes it is unlikely that the results of its current legal proceedings for which it is the defendant, even if unfavorable, will be material. As a plaintiff, amounts that are collected can also result in sudden, non-recurring income. Litigation results depend upon a variety of factors, including the availability of evidence, the credibility of witnesses, the performance of counsel, the state of the law, and the impressions of judges and jurors, any of which can be critical in importance, yet difficult, if not impossible, to predict. Consequently, cases currently pending, or future matters, may result in unexpected, and non-recurring losses, or income, from time to time. Finally, litigation results are often subject to judicial reconsideration, appeal and further negotiation by the parties, and as a result, the final impact of a particular judicial decision may be unknown for some time or may result in continued reserves to account for the potential of such post-verdict actions. Specifically, the Company is party to a non-regulatory litigation claim, which is in response to penalties and fines paid to regulatory entities by a previously unconsolidated subsidiary in 2018 for the settlement of matters which focused on certain trading activity. While the Company believes it has meritorious defenses against the suit, the ultimate resolution of the matter could result in a loss in excess of the amount accrued. Given the status of the claim, the Company does not believe the excess, net of the acquisition-related indemnity, is material. The estimated losses for all other outstanding claims that are considered reasonably possible are not material. |
Discontinued Operations
Discontinued Operations | 9 Months Ended |
Sep. 30, 2022 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations | Discontinued Operations On August 16, 2021, the Company entered into a definitive agreement under which the Company sold the assets of the Company’s Rail Leasing business for a cash purchase price of approximately $543.1 million. In conjunction with the sale of the Rail Leasing business, the Company announced its intent to divest the remaining pieces of the Rail Leasing business and the Rail Repair business. In the third quarter of 2022, the Company finalized the definitive agreement to sell the Rail Repair business and divested substantially all of the remaining leases under the Rail Leasing business. The sale of the Rail Repair business for a purchase price of approximately $56.3 million, resulted in a pre-tax gain of approximately $27.1 million that was recorded in Other income, net in the table below. As a result of the sale of the Rail Leasing business and the intent to divest the Rail Repair business in the third quarter of 2021, substantially all of the assets and liabilities of the former Rail segment was classified as held for sale in the accompanying Condensed Consolidated Balance Sheets. As a part of the Rail Repair agreement, the Company retained the working capital from the Rail Repair business along with an immaterial group of right of use assets and lease liabilities from the Rail Leasing business that were not sold. The Company no longer has the intent to sell these remaining Rail items and has included these balances in continuing operations within the Condensed Consolidated Balance Sheet as of September 30, 2022. The table below summarizes the results of the Rail Leasing business and the Rail Repair business for the three and nine months ended September 30, 2022 and 2021 which are reflected in the Consolidated Statements of Operations as discontinued operations: Three months ended September 30, Nine months ended September 30, (in thousands) 2022 2021 2022 2021 Sales and merchandising revenues $ 513 $ 25,018 $ 25,704 $ 103,950 Cost of sales and merchandising revenues 1,932 19,065 25,880 78,089 Gross profit (loss) (1,419) 5,953 (176) 25,861 Operating, administrative and general expenses 333 3,415 6,146 10,705 Interest expense, net — 2,139 — 8,714 Other income (loss), net 26,970 (1,330) 33,590 583 Income (loss) from discontinued operations before income taxes 25,218 (931) 27,268 7,025 Income tax provision 5,826 (2,777) 9,169 (428) Income (loss) from discontinued operations, net of income taxes $ 19,392 $ 1,846 $ 18,099 $ 7,453 The following table summarizes the assets and liabilities which are classified as discontinued operations at September 30, 2022, December 31, 2021 and September 30, 2021: (in thousands) September 30, December 31, September 30, Assets Current assets: Accounts receivable, net $ — $ 12,643 $ 18,389 Inventories — 6,739 6,803 Other current assets — 1,503 1,369 Current assets held-for-sale — 20,885 26,561 Other assets: Property, plant and equipment, net — 17,280 17,439 Goodwill — 4,167 4,167 Right of use assets, net — 20,999 16,521 Other assets, net — 723 736 Total non-current assets held-for-sale — 43,169 38,863 Total assets held-for-sale $ — $ 64,054 $ 65,424 Liabilities Current liabilities: Trade and other payables $ — $ 2,546 $ 4,223 Current operating lease liabilities — 4,672 4,262 Accrued expenses and other current liabilities — 6,161 4,942 Total current liabilities held-for-sale — 13,379 13,427 Long-term lease liabilities — 16,119 13,592 Total liabilities held-for-sale $ — $ 29,498 $ 27,019 The following table summarizes cash flow data relating to discontinued operations for the nine months ended September 30, 2022 and 2021: Nine months ended September 30, (in thousands) 2022 2021 Depreciation and amortization $ — $ 21,786 Capital expenditures (27,464) (8,368) Proceeds from sale of assets 36,706 18,705 (Gain) loss on sale of discontinued operations (27,091) 1,491 Non-cash operating activities - gain on sale of railcars (6,030) (5,603) Non-cash operating activities - asset impairment 2,818 626 |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events On November 1, 2022, |
Inventories (Tables)
Inventories (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Inventory, Net [Abstract] | |
Classes of inventories | (in thousands) September 30, December 31, September 30, Grain and other agricultural products (a) $ 1,198,790 $ 1,427,708 $ 732,512 Propane and frac sand (a) 25,797 23,780 18,481 Ethanol and co-products (a) 117,310 184,354 105,052 Plant nutrients and cob products 214,529 178,696 161,759 Total inventories $ 1,556,426 $ 1,814,538 $ 1,017,804 (a) Includes RMI of $1,167.0 million, $1,410.9 million and $700.3 million at September 30, 2022, December 31, 2021 and September 30, 2021, respectively. |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Property, Plant and Equipment [Abstract] | |
Components of property, plant and equipment | The components of Property, plant and equipment, net are as follows: (in thousands) September 30, December 31, September 30, Land $ 38,508 $ 39,162 $ 39,159 Land improvements and leasehold improvements 93,026 91,122 89,941 Buildings and storage facilities 366,453 368,577 368,678 Machinery and equipment 956,471 936,476 920,232 Construction in progress 40,599 20,676 24,556 1,495,057 1,456,013 1,442,566 Less: accumulated depreciation 729,118 669,984 644,906 Property, plant and equipment, net $ 765,939 $ 786,029 $ 797,660 |
Debt (Tables)
Debt (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Debt Disclosure [Abstract] | |
Schedule of Short-term and Long-term Debt | Short-term and long-term debt at September 30, 2022, December 31, 2021 and September 30, 2021 consisted of the following: (in thousands) September 30, December 31, September 30, Short-term debt – non-recourse $ 77,564 $ 65,485 $ 81,494 Short-term debt – recourse 575,383 436,307 199,705 Total short-term debt $ 652,947 $ 501,792 $ 281,199 Current maturities of long-term debt – non-recourse $ 65,738 $ 7,601 $ 69,932 Current maturities of long-term debt – recourse 46,291 24,655 36,323 Total current maturities of long-term debt $ 112,029 $ 32,256 $ 106,255 Long-term debt, less: current maturities – non-recourse $ 404 $ 64,972 $ — Long-term debt, less: current maturities – recourse 497,584 535,515 542,821 Total long-term debt, less: current maturities $ 497,988 $ 600,487 $ 542,821 |
Derivatives (Tables)
Derivatives (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Estimated fair value of Company's commodity derivative instruments for cash collateral and associated cash as collateral | The net asset or liability positions of these derivatives (net of their cash collateral) are determined on a counterparty-by-counterparty basis and are included within current or non-current commodity derivative assets (or liabilities) on the Condensed Consolidated Balance Sheets: (in thousands) September 30, 2022 December 31, 2021 September 30, 2021 Cash collateral paid $ 152,603 $ 165,250 $ 136,977 Fair value of derivatives (42,578) (36,843) (14,100) Net derivative asset position $ 110,025 $ 128,407 $ 122,877 |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | The following table presents, on a gross basis, current and non-current commodity derivative assets and liabilities: September 30, 2022 (in thousands) Commodity Derivative Assets - Current Commodity Derivative Assets - Noncurrent Commodity Derivative Liabilities - Current Commodity Derivative Liabilities - Noncurrent Total Commodity derivative assets $ 529,456 $ 7,743 $ 24,143 $ 1,488 $ 562,830 Commodity derivative liabilities (179,962) (1,008) (161,311) (5,985) (348,266) Cash collateral paid 152,603 — — — 152,603 Balance sheet line item totals $ 502,097 $ 6,735 $ (137,168) $ (4,497) $ 367,167 December 31, 2021 (in thousands) Commodity Derivative Assets - Current Commodity Derivative Assets - Noncurrent Commodity Derivative Liabilities - Current Commodity Derivative Liabilities - Noncurrent Total Commodity derivative assets $ 339,321 $ 4,677 $ 23,762 $ 1,209 $ 368,969 Commodity derivative liabilities (93,758) (105) (152,673) (2,578) (249,114) Cash collateral paid 165,250 — — — 165,250 Balance sheet line item totals $ 410,813 $ 4,572 $ (128,911) $ (1,369) $ 285,105 September 30, 2021 (in thousands) Commodity Derivative Assets - Current Commodity Derivative Assets - Noncurrent Commodity Derivative Liabilities - Current Commodity Derivative Liabilities - Noncurrent Total Commodity derivative assets $ 380,391 $ 11,704 $ 27,035 $ 461 $ 419,591 Commodity derivative liabilities (107,721) (370) (105,737) (7,645) (221,473) Cash collateral paid 136,977 — — — 136,977 Balance sheet line item totals $ 409,647 $ 11,334 $ (78,702) $ (7,184) $ 335,095 |
Company's Condensed Consolidated Statement of Income gains and location of line items | The net pre-tax gains and losses on commodity derivatives not designated as hedging instruments are included in the Company’s Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2022 and 2021 as follows: Three months ended September 30, Nine months ended September 30, (in thousands) 2022 2021 2022 2021 Gains (losses) on commodity derivatives included in Cost of sales and merchandising revenues $ (169,478) $ (11,353) $ 94,708 $ 229,320 The recording of derivatives gains and losses and the financial statement line in which they are located are as follows: Three months ended September 30, Nine months ended September 30, (in thousands) 2022 2021 2022 2021 Derivatives not designated as hedging instruments Interest rate derivative gains (losses) included in Interest expense, net $ — $ 51 $ (123) $ 760 Derivatives designated as hedging instruments Interest rate derivative gains (losses) included in Other comprehensive income (loss) $ 14,282 $ (2,044) $ 39,746 $ (12,520) Interest rate derivative gains (losses) included in Interest expense, net 210 (1,746) (2,420) (5,020) |
Amounts of quantities outstanding included in commodity derivative contracts | The Company had the following volume of commodity derivative contracts outstanding (on a gross basis) at September 30, 2022, December 31, 2021 and September 30, 2021: September 30, 2022 (in thousands) Number of Bushels Number of Gallons Number of Tons Non-exchange traded: Corn 628,346 — — Soybeans 120,182 — — Wheat 60,877 — — Oats 31,147 — — Ethanol — 196,660 — Dried distillers grain — — 391 Soybean meal — — 483 Other 9,449 30,747 3,448 Subtotal 850,001 227,407 4,322 Exchange traded: Corn 206,705 — — Soybeans 68,520 — — Wheat 87,580 — — Oats 1,450 — — Ethanol — 91,770 — Propane — 50,904 — Other 145 1,638 632 Subtotal 364,400 144,312 632 Total 1,214,401 371,719 4,954 December 31, 2021 (in thousands) Number of Bushels Number of Gallons Number of Tons Non-exchange traded: Corn 685,681 — — Soybeans 77,592 — — Wheat 109,547 — — Oats 31,627 — — Ethanol — 192,447 — Dried distillers grain — — 507 Soybean meal — — 544 Other 57,268 16,092 1,854 Subtotal 961,715 208,539 2,905 Exchange traded: Corn 226,215 — — Soybeans 64,730 — — Wheat 65,020 — — Oats 1,300 — — Ethanol — 100,884 — Propane — 31,542 — Other 75 798 353 Subtotal 357,340 133,224 353 Total 1,319,055 341,763 3,258 September 30, 2021 (in thousands) Number of Bushels Number of Gallons Number of Tons Non-exchange traded: Corn 687,177 — — Soybeans 96,061 — — Wheat 94,132 — — Oats 35,460 — — Ethanol — 174,381 — Dried distillers grain — — 533 Soybean meal — — 465 Other 31,086 2,264 1,394 Subtotal 943,916 176,645 2,392 Exchange traded: Corn 236,395 — — Soybeans 60,660 — — Wheat 101,087 — — Oats 1,290 — — Ethanol — 96,894 — Propane — 24,402 — Other — 8 241 Subtotal 399,432 121,304 241 Total 1,343,348 297,949 2,633 |
Schedule of Fair Value of Interest Rate Derivative Liabilities | At September 30, 2022, December 31, 2021 and September 30, 2021, the Company had recorded the following amounts for the fair value of the Company's other derivatives: (in thousands) September 30, 2022 December 31, 2021 September 30, 2021 Derivatives not designated as hedging instruments Interest rate contracts included in Accrued expenses and other current liabilities $ — $ (174) $ — Interest rate contracts included in Other long-term liabilities — — (258) Foreign currency contracts included in Other current (liabilities) assets (5,685) (1,069) 491 Derivatives designated as hedging instruments Interest rate contracts included in Other current assets $ 6,925 $ — $ — Interest rate contracts included in Other assets 25,669 4,574 4,431 Interest rate contracts included in Accrued expenses and other current liabilities — (5,206) (6,892) Interest rate contracts included in Other long-term liabilities — (6,555) (9,146) |
Schedule of Outstanding Interest Rate Derivatives | Outstanding interest rate derivatives, as of September 30, 2022, are as follows: Interest Rate Hedging Instrument Year Entered Year of Maturity Initial Notional Amount Description Interest Rate Long-term Swap 2019 2025 $ 100.0 Interest rate component of debt - accounted for as a hedge 2.3% Swap 2019 2025 $ 50.0 Interest rate component of debt - accounted for as a hedge 2.4% Swap 2019 2025 $ 50.0 Interest rate component of debt - accounted for as a hedge 2.4% Swap 2020 2030 $ 50.0 Interest rate component of debt - accounted for as a hedge 0.0% to 0.8% Swap 2020 2030 $ 50.0 Interest rate component of debt - accounted for as a hedge 0.0% to 0.8% Swap 2022 2025 $ 20.0 Interest rate component of debt - accounted for as a hedge 2.6% Swap 2022 2029 $ 100.0 Interest rate component of debt - accounted for as a hedge 2.0% Swap 2022 2029 $ 50.0 Interest rate component of debt - accounted for as a hedge 2.4% |
Revenue (Tables)
Revenue (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Breakdown of Revenues between ASC 606 | The breakdown of revenues between the two standards are as follows: Three months ended September 30, Nine months ended September 30, (in thousands) 2022 2021 2022 2021 Revenues under ASC 606 $ 635,445 $ 457,621 $ 2,269,314 $ 1,568,529 Revenues under ASC 815 3,583,880 2,541,203 10,378,582 7,260,819 Total revenues $ 4,219,325 $ 2,998,824 $ 12,647,896 $ 8,829,348 |
Schedule of Disaggregation of Revenues | The following tables disaggregate revenues under ASC 606 by major product/service line for the three and nine months ended September 30, 2022 and 2021, respectively: Three months ended September 30, 2022 (in thousands) Trade Renewables Plant Nutrient Total Specialty nutrients $ — $ — $ 44,957 $ 44,957 Primary nutrients — — 92,071 92,071 Products and co-products 88,201 323,676 — 411,877 Propane and frac sand 53,962 — — 53,962 Other 4,084 1,646 26,848 32,578 Total $ 146,247 $ 325,322 $ 163,876 $ 635,445 Three months ended September 30, 2021 (in thousands) Trade Renewables Plant Nutrient Total Specialty nutrients $ — $ — $ 49,249 $ 49,249 Primary nutrients — — 69,835 69,835 Products and co-products 70,924 183,225 — 254,149 Propane and frac sand 49,379 — — 49,379 Other 10,991 1,046 22,972 35,009 Total $ 131,294 $ 184,271 $ 142,056 $ 457,621 Nine months ended September 30, 2022 (in thousands) Trade Renewables Plant Nutrient Total Specialty nutrients $ — $ — $ 242,582 $ 242,582 Primary nutrients — — 518,439 518,439 Products and co-products 297,267 885,595 — 1,182,862 Propane and frac sand 220,690 — — 220,690 Other 17,323 4,239 83,179 104,741 Total $ 535,280 $ 889,834 $ 844,200 $ 2,269,314 Nine months ended September 30, 2021 (in thousands) Trade Renewables Plant Nutrient Total Specialty nutrients $ — $ — $ 210,971 $ 210,971 Primary nutrients — — 355,098 355,098 Products and co-products 217,859 513,132 — 730,991 Propane and frac sand 178,094 — — 178,094 Other 21,528 5,199 66,648 93,375 Total $ 417,481 $ 518,331 $ 632,717 $ 1,568,529 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | The following table summarizes the changes in accumulated other comprehensive income (loss) ("AOCI") attributable to the Company for the three and nine months ended September 30, 2022 and 2021: Three months ended September 30, Nine months ended September 30, (in thousands) 2022 2021 2022 2021 Currency Translation Adjustment Beginning balance $ 50 $ 8,432 $ 5,631 $ 5,739 Other comprehensive income (loss) before reclassifications (9,828) (3,004) (15,409) (311) Tax effect — — — — Other comprehensive income (loss), net of tax (9,828) (3,004) (15,409) (311) Ending balance $ (9,778) $ 5,428 $ (9,778) $ 5,428 Hedging Adjustment Beginning balance $ 13,784 $ (10,223) $ (5,335) $ (18,106) Other comprehensive income (loss) before reclassifications 14,492 (146) 37,325 4,467 Amounts reclassified from AOCI (a) (210) 2,244 2,421 6,604 Tax effect (3,563) (561) (9,908) (1,651) Other comprehensive income (loss), net of tax 10,719 1,537 29,838 9,420 Ending balance $ 24,503 $ (8,686) $ 24,503 $ (8,686) Pension and Other Postretirement Adjustment Beginning balance $ 998 $ (304) $ 640 $ 33 Other comprehensive income (loss) before reclassifications 69 69 983 74 Amounts reclassified from AOCI (b) (228) (228) (684) (684) Tax effect 28 57 (72) 171 Other comprehensive income (loss), net of tax (131) (102) 227 (439) Ending balance $ 867 $ (406) $ 867 $ (406) Investments in Convertible Preferred Securities Adjustment Beginning balance $ 258 $ 258 $ 258 $ 258 Other comprehensive income (loss), net of tax — — — — Ending balance $ 258 $ 258 $ 258 $ 258 Total AOCI Ending Balance $ 15,850 $ (3,406) $ 15,850 $ (3,406) (a) Amounts reclassified from gain (loss) on cash flow hedges are reclassified from AOCI to income when the hedged item affects earnings and is recognized in Interest expense, net. See Note 5 for additional information. (b) This accumulated other comprehensive loss component is included in the computation of net periodic benefit cost recorded in Operating, administrative and general expenses. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Earnings Per Share [Abstract] | |
Earnings per share | (in thousands, except per common share data) Three months ended September 30, Nine months ended September 30, 2022 2021 2022 2021 Numerator: Net income from continuing operations $ 24,880 $ 12,290 $ 133,784 $ 66,069 Net income (loss) attributable to noncontrolling interests (a) 7,524 (1,602) 29,827 (822) Net income attributable to The Andersons Inc. common shareholders from continuing operations $ 17,356 $ 13,892 $ 103,957 $ 66,891 Income from discontinued operations, net of income taxes $ 19,392 $ 1,846 $ 18,099 $ 7,453 Denominator: Weighted average shares outstanding – basic 33,825 33,284 33,805 33,246 Effect of dilutive awards 582 350 664 424 Weighted average shares outstanding – diluted 34,407 33,634 34,469 33,670 Earnings per share attributable to The Andersons, Inc. common shareholders: Basic earnings: Continuing operations $ 0.51 $ 0.42 $ 3.08 $ 2.01 Discontinued operations 0.57 0.06 0.54 0.22 $ 1.08 $ 0.48 $ 3.62 $ 2.23 Diluted earnings: Continuing operations $ 0.50 $ 0.41 $ 3.02 $ 1.99 Discontinued operations 0.56 0.05 0.53 0.22 $ 1.06 $ 0.46 $ 3.55 $ 2.21 (a) All net income (loss) attributable to noncontrolling interests is within continuing operations of the Company. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Assets and liabilities measured at fair value on a recurring basis | The following table presents the Company’s assets and liabilities measured at fair value on a recurring basis at September 30, 2022, December 31, 2021 and September 30, 2021: (in thousands) September 30, 2022 Assets (liabilities) Level 1 Level 2 Level 3 Total Commodity derivatives, net (a) $ 110,025 $ 257,142 $ — $ 367,167 Provisionally priced contracts (b) 19,685 (41,188) — (21,503) Convertible preferred securities (c) — — 16,946 16,946 Other assets and liabilities (d) (3,037) 32,594 — 29,557 Total $ 126,673 $ 248,548 $ 16,946 $ 392,167 (in thousands) December 31, 2021 Assets (liabilities) Level 1 Level 2 Level 3 Total Commodity derivatives, net (a) $ 128,407 $ 156,698 $ — $ 285,105 Provisionally priced contracts (b) 43,944 (89,797) — (45,853) Convertible preferred securities (c) — — 11,618 11,618 Other assets and liabilities (d) 2,784 (7,361) — (4,577) Total $ 175,135 $ 59,540 $ 11,618 $ 246,293 (in thousands) September 30, 2021 Assets (liabilities) Level 1 Level 2 Level 3 Total Commodity derivatives, net (a) $ 122,877 $ 212,218 $ — $ 335,095 Provisionally priced contracts (b) 28,469 (25,134) — 3,335 Convertible preferred securities (c) — — 11,066 11,066 Other assets and liabilities (d) 4,171 (11,865) — (7,694) Total $ 155,517 $ 175,219 $ 11,066 $ 341,802 (a) Includes associated cash posted/received as collateral (b) Included in "Provisionally priced contracts" are those instruments based only on underlying futures values (Level 1) and delayed price contracts (Level 2) (c) Recorded in “Other assets, net” on the Company’s Condensed Consolidated Balance Sheets related to certain available for sale securities. (d) Included in other assets and liabilities are assets held by the Company to fund deferred compensation plans and foreign exchange derivative contracts (Level 1), as well as interest rate derivatives (Level 2). |
Beginning and ending balances for the Company's fair value measurements using Level 3 inputs | A reconciliation of beginning and ending balances for the Company’s fair value measurements using Level 3 inputs is as follows: Convertible Preferred Securities (in thousands) 2022 2021 Assets at January 1, $ 11,618 $ 8,849 Additional investments 3,883 2,800 Gains included in Other income, net 404 — Assets at March 31, $ 15,905 $ 11,649 Additional Investments 772 1,901 Gains included in Other income, net 126 — Assets at June 30, $ 16,803 $ 13,550 Additional investments — 300 Gains (losses) included in Other income, net 143 (2,784) Assets at September 30, $ 16,946 $ 11,066 |
Fair Value Inputs, Assets, Quantitative Information | The following tables summarize quantitative information about the Company's Level 3 fair value measurements as of September 30, 2022, December 31, 2021 and September 30, 2021: Quantitative Information about Recurring Level 3 Fair Value Measurements Fair Value as of (in thousands) September 30, 2022 December 31, 2021 September 30, 2021 Valuation Method Unobservable Input Weighted Average Convertible preferred securities (a) $ 16,946 $ 11,618 $ 11,066 Implied based on market prices N/A N/A (a) The Company considers observable price changes and other additional market data available to estimate fair value, including additional capital raising, internal valuation models, progress towards key business milestones, and other relevant market data points. Quantitative Information about Non-Recurring Level 3 Fair Value Measurements (in thousands) Fair Value as of 12/31/2021 Valuation Method Unobservable Input Weighted Average Frac sand assets (b) $ 2,946 Third party appraisal Various N/A Real property (c) 700 Market approach Various N/A (b) The Company recognized impairment charges on long lived assets related to its frac sand business. The fair value of the assets were determined using prior transactions and third-party appraisals. These measures are considered Level 3 inputs on a nonrecurring basis. (c) The Company recognized impairment charges on certain Trade assets and measured the fair value using Level 3 inputs on a nonrecurring basis. The fair value of the assets was determined using prior transactions in the local market and a recent sale of comparable Trade group assets held by the Company. |
Related Parties (Tables)
Related Parties (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Related Party Transactions [Abstract] | |
Schedule of related party transactions | The following table sets forth the related party transactions entered into for the time periods presented: Three months ended September 30, Nine months ended September 30, (in thousands) 2022 2021 2022 2021 Sales revenues $ 102,565 $ 77,577 $ 291,820 $ 229,517 Purchases of product and capital assets 13,405 9,715 51,814 30,051 (in thousands) September 30, 2022 December 31, 2021 September 30, 2021 Accounts receivable $ 12,016 $ 9,984 $ 13,523 Accounts payable 4,226 6,034 2,514 |
Segment Information (Tables)
Segment Information (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Segment Reporting [Abstract] | |
Segment Information | The segment information below includes the allocation of expenses shared by one or more operating segments. Although management believes such allocations are reasonable, the operating information does not necessarily reflect how such data might appear if the segments were operated as separate businesses. The Company does not have any customers who represent 10 percent or more of total revenues. Three months ended September 30, Nine months ended September 30, (in thousands) 2022 2021 2022 2021 Revenues from external customers Trade $ 3,240,526 $ 2,242,131 $ 9,422,974 $ 6,522,508 Renewables 814,923 614,637 2,380,721 1,674,123 Plant Nutrient 163,876 142,056 844,201 632,717 Total $ 4,219,325 $ 2,998,824 $ 12,647,896 $ 8,829,348 Three months ended September 30, Nine months ended September 30, (in thousands) 2022 2021 2022 2021 Income (loss) before income taxes from continuing operations Trade $ 40,658 $ 41,999 $ 67,993 $ 69,631 Renewables 1 15,901 (5,238) 89,639 21,999 Plant Nutrient (11,609) (5,832) 37,445 26,686 Other (10,231) (14,612) (31,598) (34,182) Income before income taxes from continuing operations $ 34,719 $ 16,317 $ 163,479 $ 84,134 1 Includes income (loss) attributable to noncontrolling interests of $7.5 million and $(1.6) million for the three months ended September 30, 2022 and 2021, respectively, and $29.8 million and $(0.8) million for the nine months ended September 30, 2022 and 2021, respectively. |
Discontinued Operation (Tables)
Discontinued Operation (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Disposal Groups, Including Discontinued Operations | The table below summarizes the results of the Rail Leasing business and the Rail Repair business for the three and nine months ended September 30, 2022 and 2021 which are reflected in the Consolidated Statements of Operations as discontinued operations: Three months ended September 30, Nine months ended September 30, (in thousands) 2022 2021 2022 2021 Sales and merchandising revenues $ 513 $ 25,018 $ 25,704 $ 103,950 Cost of sales and merchandising revenues 1,932 19,065 25,880 78,089 Gross profit (loss) (1,419) 5,953 (176) 25,861 Operating, administrative and general expenses 333 3,415 6,146 10,705 Interest expense, net — 2,139 — 8,714 Other income (loss), net 26,970 (1,330) 33,590 583 Income (loss) from discontinued operations before income taxes 25,218 (931) 27,268 7,025 Income tax provision 5,826 (2,777) 9,169 (428) Income (loss) from discontinued operations, net of income taxes $ 19,392 $ 1,846 $ 18,099 $ 7,453 The following table summarizes the assets and liabilities which are classified as discontinued operations at September 30, 2022, December 31, 2021 and September 30, 2021: (in thousands) September 30, December 31, September 30, Assets Current assets: Accounts receivable, net $ — $ 12,643 $ 18,389 Inventories — 6,739 6,803 Other current assets — 1,503 1,369 Current assets held-for-sale — 20,885 26,561 Other assets: Property, plant and equipment, net — 17,280 17,439 Goodwill — 4,167 4,167 Right of use assets, net — 20,999 16,521 Other assets, net — 723 736 Total non-current assets held-for-sale — 43,169 38,863 Total assets held-for-sale $ — $ 64,054 $ 65,424 Liabilities Current liabilities: Trade and other payables $ — $ 2,546 $ 4,223 Current operating lease liabilities — 4,672 4,262 Accrued expenses and other current liabilities — 6,161 4,942 Total current liabilities held-for-sale — 13,379 13,427 Long-term lease liabilities — 16,119 13,592 Total liabilities held-for-sale $ — $ 29,498 $ 27,019 The following table summarizes cash flow data relating to discontinued operations for the nine months ended September 30, 2022 and 2021: Nine months ended September 30, (in thousands) 2022 2021 Depreciation and amortization $ — $ 21,786 Capital expenditures (27,464) (8,368) Proceeds from sale of assets 36,706 18,705 (Gain) loss on sale of discontinued operations (27,091) 1,491 Non-cash operating activities - gain on sale of railcars (6,030) (5,603) Non-cash operating activities - asset impairment 2,818 626 |
Inventories (Details)
Inventories (Details) $ in Thousands, bu in Millions | Sep. 30, 2022 USD ($) bu | Dec. 31, 2021 USD ($) bu | Sep. 30, 2021 USD ($) bu |
Inventory, Net [Abstract] | |||
Grain and other agricultural products | $ 1,198,790 | $ 1,427,708 | $ 732,512 |
Frac sand and propane | 25,797 | 23,780 | 18,481 |
Ethanol and co-products | 117,310 | 184,354 | 105,052 |
Plant nutrients and cob products | 214,529 | 178,696 | 161,759 |
Total inventories | 1,556,426 | 1,814,538 | 1,017,804 |
Readily marketable inventory | $ 1,167,000 | $ 1,410,900 | $ 700,300 |
Bushels of grain held in storage for others and excluded from inventory calculations | bu | 0.9 | 3 | 2 |
Property, Plant and Equipment_2
Property, Plant and Equipment (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 | Sep. 30, 2021 |
Components of property, plant and equipment | |||
Land | $ 38,508 | $ 39,162 | $ 39,159 |
Land improvements and leasehold improvements | 93,026 | 91,122 | 89,941 |
Buildings and storage facilities | 366,453 | 368,577 | 368,678 |
Machinery and equipment | 956,471 | 936,476 | 920,232 |
Construction in progress | 40,599 | 20,676 | 24,556 |
Property, plant and equipment, gross | 1,495,057 | 1,456,013 | 1,442,566 |
Less: accumulated depreciation | 729,118 | 669,984 | 644,906 |
Property, plant and equipment, net | $ 765,939 | $ 786,029 | $ 797,660 |
Property, Plant and Equipment_3
Property, Plant and Equipment (Textual) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Property, Plant and Equipment [Abstract] | ||||
Depreciation expense | $ 27,300 | $ 35,200 | $ 83,200 | $ 97,700 |
Proceeds from sale of assets | $ 4,810 | $ 3,999 |
Debt - Schedule of Short-term a
Debt - Schedule of Short-term and Long-term Debt (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 | Sep. 30, 2021 |
Debt Instrument [Line Items] | |||
Short-term debt | $ 652,947 | $ 501,792 | $ 281,199 |
Long-term debt | |||
Current maturities of long-term debt | 112,029 | 32,256 | 106,255 |
Total current maturities of long-term debt | 112,029 | 32,256 | 106,255 |
Long-term debt, less current maturities | 497,988 | 600,487 | 542,821 |
Total long-term debt, less: current maturities | 497,988 | 600,487 | 542,821 |
Nonrecourse | |||
Debt Instrument [Line Items] | |||
Short-term debt | 77,564 | 65,485 | 81,494 |
Long-term debt | |||
Current maturities of long-term debt | 65,738 | 7,601 | 69,932 |
Long-term debt, less current maturities | 404 | 64,972 | 0 |
Recourse | |||
Debt Instrument [Line Items] | |||
Short-term debt | 575,383 | 436,307 | 199,705 |
Long-term debt | |||
Current maturities of long-term debt | 46,291 | 24,655 | 36,323 |
Long-term debt, less current maturities | $ 497,584 | $ 535,515 | $ 542,821 |
Debt - Narrative (Details)
Debt - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||||||
Jun. 30, 2022 | Sep. 30, 2022 | Sep. 30, 2021 | May 27, 2022 | Mar. 28, 2022 | Mar. 09, 2022 | Mar. 02, 2022 | Dec. 31, 2021 | Jan. 11, 2019 | |
Line of Credit Facility [Line Items] | |||||||||
Payments of short-term debt | $ 200,000 | $ 550,000 | $ 408,250 | ||||||
Current maturities of long-term debt | 112,029 | 106,255 | $ 32,256 | ||||||
Nonrecourse | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Current maturities of long-term debt | 65,200 | ||||||||
Notes payable | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Credit facility, maximum borrowing capacity | $ 450,000 | $ 450,000 | $ 250,000 | ||||||
Line of credit | 350,000 | ||||||||
Line of credit | Revolving line of credit | Short Term Revolving Credit Agreement, Due August 2022 | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Credit facility, maximum borrowing capacity | $ 450,000 | ||||||||
Estimate of Fair Value Measurement | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Long-term debt, fair value | 602,200 | $ 667,900 | $ 650,700 | ||||||
Line of credit | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Credit facility, maximum borrowing capacity | 1,978,600 | ||||||||
Total available for borrowings under lines of credit | $ 1,302,600 | ||||||||
Line of credit | Revolving line of credit | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Credit facility, maximum borrowing capacity | $ 1,550,000 | $ 900,000 | |||||||
Notes payable | Long term note due 2027 | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Debt amount | 140,600 | ||||||||
Notes payable | Long term note due 2029 | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Debt amount | $ 209,400 |
Derivatives (Textual) (Details)
Derivatives (Textual) (Details) | 9 Months Ended |
Sep. 30, 2022 | |
Derivative [Line Items] | |
Maximum period in which contracts for the sale of grain to processors or other consumers extend (years) | 1 year |
Derivatives (Net Asset or Liabi
Derivatives (Net Asset or Liability Positions in Balance Sheet) (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 | Sep. 30, 2021 |
Estimated fair value of Company's commodity derivative instruments for cash collateral and associated cash as collateral | |||
Net derivative asset position, Collateral paid (received) | $ 152,603 | $ 165,250 | $ 136,977 |
Fair value of derivatives | (42,578) | (36,843) | (14,100) |
Net derivative asset position, net | $ 110,025 | $ 128,407 | $ 122,877 |
Derivatives (Gross Current and
Derivatives (Gross Current and Noncurrent Assets and Liabilities) (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 | Sep. 30, 2021 |
Derivatives, Fair Value [Line Items] | |||
Commodity derivative assets - current | $ 502,097 | $ 410,813 | $ 409,647 |
Commodity derivative liabilities - current | (137,168) | (128,911) | (78,702) |
Commodity | |||
Derivatives, Fair Value [Line Items] | |||
Commodity derivative assets | 562,830 | 368,969 | 419,591 |
Commodity derivative liabilities | (348,266) | (249,114) | (221,473) |
Cash collateral paid | 152,603 | 165,250 | |
Cash collateral paid | 136,977 | ||
Total | 367,167 | 285,105 | 335,095 |
Commodity | Commodity Derivative Assets - Current | |||
Derivatives, Fair Value [Line Items] | |||
Commodity derivative assets | 529,456 | 339,321 | 380,391 |
Commodity derivative liabilities | (179,962) | (93,758) | (107,721) |
Cash collateral paid | 152,603 | 165,250 | |
Cash collateral paid | 136,977 | ||
Commodity derivative assets - current | 502,097 | 410,813 | 409,647 |
Commodity | Commodity Derivative Assets - Noncurrent | |||
Derivatives, Fair Value [Line Items] | |||
Commodity derivative assets | 7,743 | 4,677 | 11,704 |
Commodity derivative liabilities | (1,008) | (105) | (370) |
Cash collateral paid | 0 | 0 | |
Cash collateral paid | 0 | ||
Commodity derivative assets - noncurrent | 6,735 | 4,572 | 11,334 |
Commodity | Commodity Derivative Liabilities - Current | |||
Derivatives, Fair Value [Line Items] | |||
Commodity derivative assets | 24,143 | 23,762 | 27,035 |
Commodity derivative liabilities | (161,311) | (152,673) | (105,737) |
Cash collateral paid | 0 | 0 | |
Cash collateral paid | 0 | ||
Commodity derivative liabilities - current | (137,168) | (128,911) | (78,702) |
Commodity | Commodity Derivative Liabilities - Noncurrent | |||
Derivatives, Fair Value [Line Items] | |||
Commodity derivative assets | 1,488 | 1,209 | 461 |
Commodity derivative liabilities | (5,985) | (2,578) | (7,645) |
Cash collateral paid | 0 | 0 | |
Cash collateral paid | 0 | ||
Commodity derivative liabilities - noncurrent | $ (4,497) | $ (1,369) | $ (7,184) |
Derivatives (Pre-tax Gains and
Derivatives (Pre-tax Gains and Losses) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Commodity | Cost of sales and merchandising revenues | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gains (losses) on derivatives instruments recognized in earnings | $ (169,478) | $ (11,353) | $ 94,708 | $ 229,320 |
Not Designated as Hedging Instrument | Interest rate contracts | Operating, administrative and general expenses | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gains (losses) on derivatives instruments recognized in earnings | 0 | 51 | (123) | 760 |
Designated as Hedging Instrument | Interest rate contracts | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Interest rate derivative gains (losses) included in Other comprehensive income (loss) | 14,282 | (2,044) | 39,746 | (12,520) |
Designated as Hedging Instrument | Interest rate contracts | Operating, administrative and general expenses | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Interest rate derivative gains (losses) included in Interest expense, net | $ 210 | $ (1,746) | $ (2,420) | $ (5,020) |
Derivatives (Volume of Contract
Derivatives (Volume of Contracts Outstanding) (Details) gal in Thousands, bu in Thousands, T in Thousands | Sep. 30, 2022 bu | Sep. 30, 2022 gal | Sep. 30, 2022 T | Dec. 31, 2021 bu | Dec. 31, 2021 gal | Dec. 31, 2021 T | Sep. 30, 2021 bu | Sep. 30, 2021 gal | Sep. 30, 2021 T |
Amounts of quantities outstanding included in commodity derivative contracts | |||||||||
Nonmonetary notional amount | 1,214,401 | 371,719 | 4,954 | 1,319,055 | 341,763 | 3,258 | 1,343,348 | 297,949 | 2,633 |
Non-exchange Traded | |||||||||
Amounts of quantities outstanding included in commodity derivative contracts | |||||||||
Nonmonetary notional amount | 850,001 | 227,407 | 4,322 | 961,715 | 208,539 | 2,905 | 943,916 | 176,645 | 2,392 |
Non-exchange Traded | Corn | |||||||||
Amounts of quantities outstanding included in commodity derivative contracts | |||||||||
Nonmonetary notional amount | 628,346 | 0 | 0 | 685,681 | 0 | 0 | 687,177 | 0 | 0 |
Non-exchange Traded | Soybeans | |||||||||
Amounts of quantities outstanding included in commodity derivative contracts | |||||||||
Nonmonetary notional amount | 120,182 | 0 | 0 | 77,592 | 0 | 0 | 96,061 | 0 | 0 |
Non-exchange Traded | Wheat | |||||||||
Amounts of quantities outstanding included in commodity derivative contracts | |||||||||
Nonmonetary notional amount | 60,877 | 0 | 0 | 109,547 | 0 | 0 | 94,132 | 0 | 0 |
Non-exchange Traded | Oats | |||||||||
Amounts of quantities outstanding included in commodity derivative contracts | |||||||||
Nonmonetary notional amount | 31,147 | 0 | 0 | 31,627 | 0 | 0 | 35,460 | 0 | 0 |
Non-exchange Traded | Ethanol | |||||||||
Amounts of quantities outstanding included in commodity derivative contracts | |||||||||
Nonmonetary notional amount | 0 | 196,660 | 0 | 0 | 192,447 | 0 | 0 | 174,381 | 0 |
Non-exchange Traded | Dried distillers grain | |||||||||
Amounts of quantities outstanding included in commodity derivative contracts | |||||||||
Nonmonetary notional amount | 0 | 0 | 391 | 0 | 0 | 507 | 0 | 0 | 533 |
Non-exchange Traded | Soybean meal | |||||||||
Amounts of quantities outstanding included in commodity derivative contracts | |||||||||
Nonmonetary notional amount | 0 | 0 | 483 | 0 | 0 | 544 | 0 | 0 | 465 |
Non-exchange Traded | Other | |||||||||
Amounts of quantities outstanding included in commodity derivative contracts | |||||||||
Nonmonetary notional amount | 9,449 | 30,747 | 3,448 | 57,268 | 16,092 | 1,854 | 31,086 | 2,264 | 1,394 |
Exchange Traded | |||||||||
Amounts of quantities outstanding included in commodity derivative contracts | |||||||||
Nonmonetary notional amount | 364,400 | 144,312 | 632 | 357,340 | 133,224 | 353 | 399,432 | 121,304 | 241 |
Exchange Traded | Corn | |||||||||
Amounts of quantities outstanding included in commodity derivative contracts | |||||||||
Nonmonetary notional amount | 206,705 | 0 | 0 | 226,215 | 0 | 0 | 236,395 | 0 | 0 |
Exchange Traded | Soybeans | |||||||||
Amounts of quantities outstanding included in commodity derivative contracts | |||||||||
Nonmonetary notional amount | 68,520 | 0 | 0 | 64,730 | 0 | 0 | 60,660 | 0 | 0 |
Exchange Traded | Wheat | |||||||||
Amounts of quantities outstanding included in commodity derivative contracts | |||||||||
Nonmonetary notional amount | 87,580 | 0 | 0 | 65,020 | 0 | 0 | 101,087 | 0 | 0 |
Exchange Traded | Oats | |||||||||
Amounts of quantities outstanding included in commodity derivative contracts | |||||||||
Nonmonetary notional amount | 1,450 | 0 | 0 | 1,300 | 0 | 0 | 1,290 | 0 | 0 |
Exchange Traded | Ethanol | |||||||||
Amounts of quantities outstanding included in commodity derivative contracts | |||||||||
Nonmonetary notional amount | 0 | 91,770 | 0 | 0 | 100,884 | 0 | 0 | 96,894 | 0 |
Exchange Traded | Propane | |||||||||
Amounts of quantities outstanding included in commodity derivative contracts | |||||||||
Nonmonetary notional amount | 0 | 50,904 | 0 | 0 | 31,542 | 0 | 0 | 24,402 | 0 |
Exchange Traded | Other | |||||||||
Amounts of quantities outstanding included in commodity derivative contracts | |||||||||
Nonmonetary notional amount | 145 | 1,638 | 632 | 75 | 798 | 353 | 0 | 8 | 241 |
Derivatives (Fair Value of the
Derivatives (Fair Value of the Company's Other Derivatives) (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 | Sep. 30, 2021 |
Not Designated as Hedging Instrument | Foreign currency contract | |||
Derivative [Line Items] | |||
Derivative liabilities | $ (1,069) | ||
Derivative assets | $ (5,685) | $ 491 | |
Not Designated as Hedging Instrument | Accrued expenses and other current liabilities | Interest rate contracts | |||
Derivative [Line Items] | |||
Derivative liabilities | 0 | (174) | 0 |
Not Designated as Hedging Instrument | Other long term liabilities | Interest rate contracts | |||
Derivative [Line Items] | |||
Derivative liabilities | 0 | 0 | (258) |
Designated as Hedging Instrument | Accrued expenses and other current liabilities | Interest rate contracts | |||
Derivative [Line Items] | |||
Derivative liabilities | 0 | (5,206) | (6,892) |
Designated as Hedging Instrument | Other long term liabilities | Interest rate contracts | |||
Derivative [Line Items] | |||
Derivative liabilities | 0 | (6,555) | (9,146) |
Designated as Hedging Instrument | Other current assets | Interest rate contracts | |||
Derivative [Line Items] | |||
Derivative assets | 6,925 | 0 | 0 |
Designated as Hedging Instrument | Other Noncurrent Assets | Interest rate contracts | |||
Derivative [Line Items] | |||
Derivative assets | $ 25,669 | $ 4,574 | $ 4,431 |
Derivatives (Outstanding Intere
Derivatives (Outstanding Interest Rate Derivatives) (Details) - Long-term $ in Millions | Sep. 30, 2022 USD ($) |
Not Accounted for as Hedge | Swap 0.0% to 0.8% | Minimum | |
Derivative [Line Items] | |
Interest rate | 0% |
Not Accounted for as Hedge | Swap 0.0% to 0.8% | Maximum | |
Derivative [Line Items] | |
Interest rate | 0.80% |
Not Accounted for as Hedge | Swap 0.0% to 0.8% | Minimum | |
Derivative [Line Items] | |
Interest rate | 0% |
Not Accounted for as Hedge | Swap 0.0% to 0.8% | Maximum | |
Derivative [Line Items] | |
Interest rate | 0.80% |
Accounted for as Hedge | Swap 2.3% | |
Derivative [Line Items] | |
Notional amount | $ 100 |
Interest rate | 2.30% |
Accounted for as Hedge | Swap 2.4% | |
Derivative [Line Items] | |
Notional amount | $ 50 |
Interest rate | 2.40% |
Accounted for as Hedge | Swap 2.4% | |
Derivative [Line Items] | |
Notional amount | $ 50 |
Interest rate | 2.40% |
Accounted for as Hedge | Swap 0.0% to 0.8% | |
Derivative [Line Items] | |
Notional amount | $ 50 |
Accounted for as Hedge | Swap 0.0% to 0.8% | |
Derivative [Line Items] | |
Notional amount | 50 |
Accounted for as Hedge | Swap, 2.6% | |
Derivative [Line Items] | |
Notional amount | $ 20 |
Interest rate | 2.60% |
Accounted for as Hedge | Swap 2.0% | |
Derivative [Line Items] | |
Notional amount | $ 100 |
Interest rate | 2% |
Accounted for as Hedge | Swap 2.4% | |
Derivative [Line Items] | |
Notional amount | $ 50 |
Interest rate | 2.40% |
Revenue (Breakdown of Revenues
Revenue (Breakdown of Revenues by Accounting Standards) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Revenue from contract with customers | $ 635,445 | $ 457,621 | $ 2,269,314 | $ 1,568,529 |
Total revenues | 4,219,325 | 2,998,824 | 12,647,896 | 8,829,348 |
Revenues under ASC 606 | ||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Revenue from contract with customers | 635,445 | 457,621 | 2,269,314 | 1,568,529 |
Revenues under ASC 815 | ||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Total revenues | $ 3,583,880 | $ 2,541,203 | $ 10,378,582 | $ 7,260,819 |
Revenue (Disaggregation of Reve
Revenue (Disaggregation of Revenues) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Disaggregation of Revenue [Line Items] | ||||
Total | $ 635,445 | $ 457,621 | $ 2,269,314 | $ 1,568,529 |
Specialty nutrients | ||||
Disaggregation of Revenue [Line Items] | ||||
Total | 44,957 | 49,249 | 242,582 | 210,971 |
Primary nutrients | ||||
Disaggregation of Revenue [Line Items] | ||||
Total | 92,071 | 69,835 | 518,439 | 355,098 |
Products and co-products | ||||
Disaggregation of Revenue [Line Items] | ||||
Total | 411,877 | 254,149 | 1,182,862 | 730,991 |
Propane and frac sand | ||||
Disaggregation of Revenue [Line Items] | ||||
Total | 53,962 | 49,379 | 220,690 | 178,094 |
Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Total | 32,578 | 35,009 | 104,741 | 93,375 |
Trade | ||||
Disaggregation of Revenue [Line Items] | ||||
Total | 146,247 | 131,294 | 535,280 | 417,481 |
Trade | Specialty nutrients | ||||
Disaggregation of Revenue [Line Items] | ||||
Total | 0 | 0 | 0 | 0 |
Trade | Primary nutrients | ||||
Disaggregation of Revenue [Line Items] | ||||
Total | 0 | 0 | 0 | 0 |
Trade | Products and co-products | ||||
Disaggregation of Revenue [Line Items] | ||||
Total | 88,201 | 70,924 | 297,267 | 217,859 |
Trade | Propane and frac sand | ||||
Disaggregation of Revenue [Line Items] | ||||
Total | 53,962 | 49,379 | 220,690 | 178,094 |
Trade | Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Total | 4,084 | 10,991 | 17,323 | 21,528 |
Ethanol | ||||
Disaggregation of Revenue [Line Items] | ||||
Total | 325,322 | 184,271 | 889,834 | 518,331 |
Ethanol | Specialty nutrients | ||||
Disaggregation of Revenue [Line Items] | ||||
Total | 0 | 0 | 0 | 0 |
Ethanol | Primary nutrients | ||||
Disaggregation of Revenue [Line Items] | ||||
Total | 0 | 0 | 0 | 0 |
Ethanol | Products and co-products | ||||
Disaggregation of Revenue [Line Items] | ||||
Total | 323,676 | 183,225 | 885,595 | 513,132 |
Ethanol | Propane and frac sand | ||||
Disaggregation of Revenue [Line Items] | ||||
Total | 0 | 0 | 0 | 0 |
Ethanol | Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Total | 1,646 | 1,046 | 4,239 | 5,199 |
Plant Nutrient | ||||
Disaggregation of Revenue [Line Items] | ||||
Total | 163,876 | 142,056 | 844,200 | 632,717 |
Plant Nutrient | Specialty nutrients | ||||
Disaggregation of Revenue [Line Items] | ||||
Total | 44,957 | 49,249 | 242,582 | 210,971 |
Plant Nutrient | Primary nutrients | ||||
Disaggregation of Revenue [Line Items] | ||||
Total | 92,071 | 69,835 | 518,439 | 355,098 |
Plant Nutrient | Products and co-products | ||||
Disaggregation of Revenue [Line Items] | ||||
Total | 0 | 0 | 0 | 0 |
Plant Nutrient | Propane and frac sand | ||||
Disaggregation of Revenue [Line Items] | ||||
Total | 0 | 0 | 0 | 0 |
Plant Nutrient | Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Total | $ 26,848 | $ 22,972 | $ 83,179 | $ 66,648 |
Revenue (Textual) (Details)
Revenue (Textual) (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Revenue from Contract with Customer [Abstract] | ||
Contract Liabilities | $ 32.4 | $ 100.8 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Income Tax Disclosure [Abstract] | ||||
Income tax (benefit) expense | $ 9,839 | $ 4,027 | $ 29,695 | $ 18,065 |
Effective income tax rate | (28.30%) | (24.70%) | (18.20%) | 21.50% |
Income (loss) before income taxes | $ 34,719 | $ 16,317 | $ 163,479 | $ 84,134 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Beginning Balance | $ 1,417,206 | $ 1,224,964 | $ 1,307,704 | $ 1,160,660 |
Other comprehensive income (loss) | 760 | (1,569) | 14,656 | 8,670 |
Ending Balance | 1,426,541 | 1,236,013 | 1,426,541 | 1,236,013 |
Accumulated Other Comprehensive Income (Loss) | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Beginning Balance | 15,090 | (1,837) | 1,194 | (12,076) |
Ending Balance | 15,850 | (3,406) | 15,850 | (3,406) |
Currency Translation Adjustment | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Beginning Balance | 50 | 8,432 | 5,631 | 5,739 |
Other comprehensive income (loss) before reclassifications | (9,828) | (3,004) | (15,409) | (311) |
Other Comprehensive Income (Loss), Tax | 0 | 0 | 0 | 0 |
Other comprehensive income (loss) | (9,828) | (3,004) | (15,409) | (311) |
Ending Balance | (9,778) | 5,428 | (9,778) | 5,428 |
Hedging Adjustment | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Beginning Balance | 13,784 | (10,223) | (5,335) | (18,106) |
Other comprehensive income (loss) before reclassifications | 14,492 | (146) | 37,325 | 4,467 |
Amounts reclassified from accumulated other comprehensive income (loss) | (210) | 2,244 | 2,421 | 6,604 |
Other Comprehensive Income (Loss), Tax | (3,563) | (561) | (9,908) | (1,651) |
Other comprehensive income (loss) | 10,719 | 1,537 | 29,838 | 9,420 |
Ending Balance | 24,503 | (8,686) | 24,503 | (8,686) |
Pension and Other Postretirement Adjustment | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Beginning Balance | 998 | (304) | 640 | 33 |
Other comprehensive income (loss) before reclassifications | 69 | 69 | 983 | 74 |
Amounts reclassified from accumulated other comprehensive income (loss) | (228) | (228) | (684) | (684) |
Other Comprehensive Income (Loss), Tax | 28 | 57 | (72) | 171 |
Other comprehensive income (loss) | (131) | (102) | 227 | (439) |
Ending Balance | 867 | (406) | 867 | (406) |
Investments in Convertible Preferred Securities Adjustment | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Beginning Balance | 258 | 258 | 258 | 258 |
Other comprehensive income (loss) | 0 | 0 | 0 | 0 |
Ending Balance | $ 258 | $ 258 | $ 258 | $ 258 |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Earnings Per Share [Abstract] | ||||
Net income from continuing operations | $ 24,880 | $ 12,290 | $ 133,784 | $ 66,069 |
Net income (loss) attributable to noncontrolling interests | 7,524 | (1,602) | 29,827 | (822) |
Net income attributable to The Andersons, Inc. | 17,356 | 13,892 | 103,957 | 66,891 |
Income from discontinued operations, net of income taxes | $ 19,392 | $ 1,846 | $ 18,099 | $ 7,453 |
Denominator: | ||||
Weighted average shares outstanding - basic (shares) | 33,825 | 33,284 | 33,805 | 33,246 |
Effect of dilutive awards (shares) | 582 | 350 | 664 | 424 |
Weighted average shares outstanding - diluted (shares) | 34,407 | 33,634 | 34,469 | 33,670 |
Basic earnings: | ||||
Continuing operations (in dollars per share) | $ 0.51 | $ 0.42 | $ 3.08 | $ 2.01 |
Discontinued operations (in dollars per share) | 0.57 | 0.06 | 0.54 | 0.22 |
Earnings per common share - basic (dollars per share) | 1.08 | 0.48 | 3.62 | 2.23 |
Diluted earnings: | ||||
Continuing operations (in dollars per share) | 0.50 | 0.41 | 3.02 | 1.99 |
Discontinued operations (in dollars per share) | 0.56 | 0.05 | 0.53 | 0.22 |
Earnings per common share - diluted (dollars per share) | $ 1.06 | $ 0.46 | $ 3.55 | $ 2.21 |
Fair Value Measurements (Assets
Fair Value Measurements (Assets and Liabilities Measured on Recurring Basis) (Details) - Recurring - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 | Sep. 30, 2021 |
Assets and liabilities measured at fair value on a recurring basis | |||
Commodity derivatives, net | $ 367,167 | $ 285,105 | $ 335,095 |
Provisionally priced contracts | (21,503) | (45,853) | 3,335 |
Convertible preferred securities | 16,946 | 11,618 | 11,066 |
Other assets and liabilities | 29,557 | (4,577) | (7,694) |
Total | 392,167 | 246,293 | 341,802 |
Level 1 | |||
Assets and liabilities measured at fair value on a recurring basis | |||
Commodity derivatives, net | 110,025 | 128,407 | 122,877 |
Provisionally priced contracts | 19,685 | 43,944 | 28,469 |
Convertible preferred securities | 0 | 0 | 0 |
Other assets and liabilities | (3,037) | 2,784 | 4,171 |
Total | 126,673 | 175,135 | 155,517 |
Level 2 | |||
Assets and liabilities measured at fair value on a recurring basis | |||
Commodity derivatives, net | 257,142 | 156,698 | 212,218 |
Provisionally priced contracts | (41,188) | (89,797) | (25,134) |
Convertible preferred securities | 0 | 0 | 0 |
Other assets and liabilities | 32,594 | (7,361) | (11,865) |
Total | 248,548 | 59,540 | 175,219 |
Level 3 | |||
Assets and liabilities measured at fair value on a recurring basis | |||
Commodity derivatives, net | 0 | 0 | 0 |
Provisionally priced contracts | 0 | 0 | 0 |
Convertible preferred securities | 16,946 | 11,618 | 11,066 |
Other assets and liabilities | 0 | 0 | 0 |
Total | $ 16,946 | $ 11,618 | $ 11,066 |
Fair Value Measurements (Reconc
Fair Value Measurements (Reconciliation of Beginning and Ending Balances of Level 3 Measurements) (Details) - Level 3 - Convertible preferred securities - USD ($) $ in Thousands | 3 Months Ended | |||||
Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | |
Reconciliation of Fair Value Measurements Using Level 3 | ||||||
Asset, beginning balance | $ 16,803 | $ 15,905 | $ 11,618 | $ 13,550 | $ 11,649 | $ 8,849 |
Additional investments | 0 | 772 | 3,883 | 300 | 1,901 | 2,800 |
Gains included in Other income, net | 143 | 126 | 404 | (2,784) | 0 | 0 |
Asset, ending balance | $ 16,946 | $ 16,803 | $ 15,905 | $ 11,066 | $ 13,550 | $ 11,649 |
Fair Value Measurements (Quanti
Fair Value Measurements (Quantitative Information Level 3 Measurements ) (Details) - Level 3 - USD ($) $ in Thousands | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 |
Convertible preferred securities | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Asset fair value | $ 16,946 | $ 16,803 | $ 15,905 | $ 11,618 | $ 11,066 | $ 13,550 | $ 11,649 | $ 8,849 |
Third party appraisal | Frac sand assets | Nonrecurring | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Asset fair value | 2,946 | |||||||
Implied based on market prices | Convertible preferred securities | Recurring | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Asset fair value | $ 16,946 | 11,618 | $ 11,066 | |||||
Implied based on market prices | Real property | Nonrecurring | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Asset fair value | $ 700 |
Related Parties (Details)
Related Parties (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Related Party Transactions [Abstract] | |||||
Sales revenues | $ 102,565 | $ 77,577 | $ 291,820 | $ 229,517 | |
Purchases of product | 13,405 | 9,715 | 51,814 | 30,051 | |
Accounts receivable | 12,016 | 13,523 | 12,016 | 13,523 | $ 9,984 |
Accounts payable | $ 4,226 | $ 2,514 | $ 4,226 | $ 2,514 | $ 6,034 |
Segment Information (Textual) (
Segment Information (Textual) (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 USD ($) | Sep. 30, 2021 USD ($) | Sep. 30, 2022 USD ($) segment | Sep. 30, 2021 USD ($) | |
Segment Reporting [Abstract] | ||||
Number of reportable segments (business segments) | segment | 3 | |||
Net income (loss) attributable to noncontrolling interests | $ | $ 7,524 | $ (1,602) | $ 29,827 | $ (822) |
Segment Information (Details)
Segment Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Segment Reporting Information [Line Items] | ||||
Revenues from external customers | $ 4,219,325 | $ 2,998,824 | $ 12,647,896 | $ 8,829,348 |
Income before income taxes from continuing operations | 34,719 | 16,317 | 163,479 | 84,134 |
Net income (loss) attributable to noncontrolling interests | 7,524 | (1,602) | 29,827 | (822) |
Operating Segments | Trade | ||||
Segment Reporting Information [Line Items] | ||||
Revenues from external customers | 3,240,526 | 2,242,131 | 9,422,974 | 6,522,508 |
Income before income taxes from continuing operations | 40,658 | 41,999 | 67,993 | 69,631 |
Operating Segments | Renewables | ||||
Segment Reporting Information [Line Items] | ||||
Revenues from external customers | 814,923 | 614,637 | 2,380,721 | 1,674,123 |
Income before income taxes from continuing operations | 15,901 | (5,238) | 89,639 | 21,999 |
Net income (loss) attributable to noncontrolling interests | 7,500 | (1,600) | 29,800 | (800) |
Operating Segments | Plant Nutrient | ||||
Segment Reporting Information [Line Items] | ||||
Revenues from external customers | 163,876 | 142,056 | 844,201 | 632,717 |
Income before income taxes from continuing operations | (11,609) | (5,832) | 37,445 | 26,686 |
Other | ||||
Segment Reporting Information [Line Items] | ||||
Income before income taxes from continuing operations | $ (10,231) | $ (14,612) | $ (31,598) | $ (34,182) |
Discontinued Operations (Detail
Discontinued Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | Aug. 16, 2021 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Pre-tax gain on sale of business from discontinued operations | $ 27,091 | $ (1,491) | ||||
Income Statement Disclosures | ||||||
Sales and merchandising revenues | $ 513 | $ 25,018 | 25,704 | 103,950 | ||
Cost of sales and merchandising revenues | 1,932 | 19,065 | 25,880 | 78,089 | ||
Gross profit (loss) | (1,419) | 5,953 | (176) | 25,861 | ||
Operating, administrative and general expenses | 333 | 3,415 | 6,146 | 10,705 | ||
Interest expense, net | 0 | 2,139 | 0 | 8,714 | ||
Other income (loss), net | 26,970 | (1,330) | 33,590 | 583 | ||
Income (loss) from discontinued operations before income taxes | 25,218 | (931) | 27,268 | 7,025 | ||
Income tax provision | 5,826 | (2,777) | 9,169 | (428) | ||
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | 19,392 | 1,846 | 18,099 | 7,453 | ||
Current assets: | ||||||
Accounts receivable, net | 0 | 18,389 | 0 | 18,389 | $ 12,643 | |
Inventories | 0 | 6,803 | 0 | 6,803 | 6,739 | |
Other current assets | 0 | 1,369 | 0 | 1,369 | 1,503 | |
Current assets held-for-sale | 0 | 26,561 | 0 | 26,561 | 20,885 | |
Other assets: | ||||||
Property, plant and equipment, net | 0 | 17,439 | 0 | 17,439 | 17,280 | |
Goodwill | 0 | 4,167 | 0 | 4,167 | 4,167 | |
Right of use assets, net | 0 | 16,521 | 0 | 16,521 | 20,999 | |
Other assets, net | 0 | 736 | 0 | 736 | 723 | |
Total non-current assets held-for-sale | 0 | 38,863 | 0 | 38,863 | 43,169 | |
Total assets held-for-sale | 0 | 65,424 | 0 | 65,424 | 64,054 | |
Current liabilities: | ||||||
Trade and other payables | 0 | 4,223 | 0 | 4,223 | 2,546 | |
Current operating lease liabilities | 0 | 4,262 | 0 | 4,262 | 4,672 | |
Accrued expenses and other current liabilities | 0 | 4,942 | 0 | 4,942 | 6,161 | |
Total current liabilities held-for-sale | 0 | 13,427 | 0 | 13,427 | 13,379 | |
Long-term lease liabilities | 0 | 13,592 | 0 | 13,592 | 16,119 | |
Total liabilities held-for-sale | 0 | $ 27,019 | 0 | 27,019 | $ 29,498 | |
Cash Flow Disclosures | ||||||
Depreciation and amortization | 0 | 21,786 | ||||
Capital expenditures | 27,464 | 8,368 | ||||
Proceeds from sale of Rail assets | 36,706 | 18,705 | ||||
(Gain) loss on sale of business from discontinued operations | (27,091) | 1,491 | ||||
Non-cash operating activities - gain on sale of railcars | (6,030) | (5,603) | ||||
Non-cash operating activities - asset impairment | 2,818 | $ 626 | ||||
Rail Leasing Business | Discontinued Operations, Disposed of by Sale | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Consideration on sale of assets and liabilities of business | $ 543,100 | |||||
Rail Repair Business | Discontinued Operations, Disposed of by Sale | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Consideration on sale of assets and liabilities of business | 56,300 | $ 56,300 | ||||
Pre-tax gain on sale of business from discontinued operations | 27,100 | |||||
Cash Flow Disclosures | ||||||
(Gain) loss on sale of business from discontinued operations | $ (27,100) |
Subsequent Events (Details)
Subsequent Events (Details) - Subsequent Event - Bridge Agri $ in Millions | Nov. 01, 2022 CAD ($) |
Subsequent Event [Line Items] | |
Consideration for acquisition | $ 20 |
Consideration for acquisition, cash | 10 |
Consideration for acquisition, liability | $ 10 |
Consideration for acquisition, liability, payment period | 2 years |