Cover page
Cover page - shares | 6 Months Ended | |
Jun. 30, 2023 | Jul. 21, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2023 | |
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, $0.01 stated value | |
Trading Symbol | ANDE | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 33,752,186 | |
Entity Central Index Key | 0000821026 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q2 | |
Current Fiscal Year End Date | --12-31 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Income Statement [Abstract] | ||||
Revenues from external customers | $ 4,020,183 | $ 4,450,617 | $ 7,901,421 | $ 8,428,571 |
Cost of sales and merchandising revenues | 3,798,246 | 4,219,776 | 7,531,473 | 8,078,195 |
Gross profit | 221,937 | 230,841 | 369,948 | 350,376 |
Operating, administrative and general expenses | 116,007 | 112,559 | 233,242 | 214,546 |
Asset impairment | 0 | 0 | 87,156 | 0 |
Interest expense, net | 13,953 | 16,921 | 30,578 | 27,780 |
Other income, net | 12,441 | 16,792 | 20,445 | 20,710 |
Income before income taxes from continuing operations | 104,418 | 118,153 | 39,417 | 128,760 |
Income tax provision from continuing operations | 21,732 | 15,753 | 15,848 | 19,856 |
Net income from continuing operations | 82,686 | 102,400 | 23,569 | 108,904 |
Loss from discontinued operations, net of income taxes | 0 | (739) | 0 | (1,294) |
Net income | 82,686 | 101,661 | 23,569 | 107,610 |
Net income (loss) attributable to noncontrolling interests | 27,640 | 21,856 | (16,727) | 22,303 |
Net income attributable to The Andersons, Inc. | $ 55,046 | $ 79,805 | $ 40,296 | $ 85,307 |
Average number of shares outstanding - basic (in shares) | 33,744 | 33,850 | 33,683 | 33,795 |
Average number of share outstanding - diluted (in shares) | 34,165 | 34,416 | 34,193 | 34,416 |
Basic earnings (loss): | ||||
Continuing operations (in dollars per share) | $ 1.63 | $ 2.38 | $ 1.20 | $ 2.56 |
Discontinued operations (in dollars per share) | 0 | (0.02) | 0 | (0.04) |
Earnings per common share - basic (dollars per share) | 1.63 | 2.36 | 1.20 | 2.52 |
Diluted earnings (loss): | ||||
Continuing operations (in dollars per share) | 1.61 | 2.34 | 1.18 | 2.52 |
Discontinued operations (in dollars per share) | 0 | (0.02) | 0 | (0.04) |
Earnings per common share - diluted (dollars per share) | $ 1.61 | $ 2.32 | $ 1.18 | $ 2.48 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 82,686 | $ 101,661 | $ 23,569 | $ 107,610 |
Other comprehensive income (loss), net of tax: | ||||
Change in unrecognized actuarial loss and prior service cost | (189) | 517 | (377) | 358 |
Foreign currency translation adjustments | 2,669 | (5,679) | 3,436 | (5,581) |
Cash flow hedge activity | 6,735 | 6,697 | 1,939 | 19,119 |
Other comprehensive income | 9,215 | 1,535 | 4,998 | 13,896 |
Comprehensive income | 91,901 | 103,196 | 28,567 | 121,506 |
Comprehensive income (loss) attributable to the noncontrolling interests | 27,640 | 21,856 | (16,727) | 22,303 |
Comprehensive income attributable to The Andersons, Inc. | $ 64,261 | $ 81,340 | $ 45,294 | $ 99,203 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 | Jun. 30, 2022 |
Current assets: | |||
Cash and cash equivalents | $ 96,293 | $ 115,269 | $ 86,035 |
Accounts receivable, net | 1,030,271 | 1,248,878 | 1,141,167 |
Inventories | 990,789 | 1,731,725 | 1,618,326 |
Commodity derivative assets – current | 347,684 | 295,588 | 638,357 |
Current assets held-for-sale | 0 | 2,871 | 18,627 |
Other current assets | 72,228 | 71,622 | 70,367 |
Total current assets | 2,537,265 | 3,465,953 | 3,572,879 |
Other assets: | |||
Goodwill | 129,342 | 129,342 | 129,342 |
Other intangible assets, net | 89,605 | 100,907 | 105,222 |
Right of use assets, net | 60,003 | 61,890 | 50,233 |
Other assets held-for-sale | 0 | 0 | 24,298 |
Other assets, net | 90,390 | 87,175 | 91,758 |
Total other assets | 369,340 | 379,314 | 400,853 |
Property, plant and equipment, net | 663,441 | 762,729 | 763,443 |
Total assets | 3,570,046 | 4,607,996 | 4,737,175 |
Current liabilities: | |||
Short-term debt | 102,752 | 272,575 | 1,161,428 |
Trade and other payables | 641,376 | 1,423,633 | 772,996 |
Customer prepayments and deferred revenue | 189,947 | 370,524 | 184,154 |
Commodity derivative liabilities – current | 251,101 | 98,519 | 185,903 |
Current maturities of long-term debt | 27,511 | 110,155 | 53,951 |
Current liabilities held-for-sale | 0 | 0 | 7,314 |
Accrued expenses and other current liabilities | 180,552 | 245,916 | 211,830 |
Total current liabilities | 1,393,239 | 2,521,322 | 2,577,576 |
Long-term lease liabilities | 34,435 | 37,147 | 28,929 |
Long-term debt, less current maturities | 576,489 | 492,518 | 563,447 |
Deferred income taxes | 57,030 | 64,080 | 63,383 |
Other long-term liabilities held-for-sale | 0 | 0 | 3,113 |
Other long-term liabilities | 70,371 | 63,160 | 83,521 |
Total liabilities | 2,131,564 | 3,178,227 | 3,319,969 |
Commitments and contingencies | |||
Shareholders’ equity: | |||
Common shares, without par value (63,000 shares authorized and 34,064 shares issued for all periods presented) | 142 | 142 | 142 |
Preferred shares, without par value (1,000 shares authorized; none issued) | 0 | 0 | 0 |
Additional paid-in-capital | 380,376 | 385,248 | 378,740 |
Treasury shares, at cost (270, 446 and 62 shares at 6/30/2023, 12/31/2022 and 6/30/2022, respectively) | (10,270) | (15,043) | (2,313) |
Accumulated other comprehensive income | 25,482 | 20,484 | 15,090 |
Retained earnings | 835,256 | 807,770 | 775,495 |
Total shareholders’ equity of The Andersons, Inc. | 1,230,986 | 1,198,601 | 1,167,154 |
Noncontrolling interests | 207,496 | 231,168 | 250,052 |
Total equity | 1,438,482 | 1,429,769 | 1,417,206 |
Total liabilities and equity | $ 3,570,046 | $ 4,607,996 | $ 4,737,175 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - shares | Jun. 30, 2023 | Dec. 31, 2022 | Jun. 30, 2022 |
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 | 34,064,000 | 34,064,000 |
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) | 270,000 | 446,000 | 62,000 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Operating activities | ||
Net income from continuing operations | $ 23,569 | $ 108,904 |
Loss from discontinued operations, net of income taxes | 0 | (1,294) |
Net income | 23,569 | 107,610 |
Adjustments to reconcile net income to cash provided by (used in) operating activities: | ||
Depreciation and amortization | 62,585 | 67,945 |
Bad debt expense, net | 3,720 | 3,069 |
Equity in losses of affiliates, net of dividends | 231 | 6,278 |
Losses (gains) on sales of assets, net | 679 | (10,305) |
Stock-based compensation expense | 6,000 | 4,708 |
Deferred federal income tax | (7,948) | (13,755) |
Asset impairment | 87,156 | 0 |
Other | (1,730) | 8,549 |
Changes in operating assets and liabilities: | ||
Accounts receivable | 207,867 | (289,196) |
Inventories | 734,855 | 186,685 |
Commodity derivatives | 102,753 | (189,090) |
Other current and non-current assets | (1,247) | 5,106 |
Payables and other current and non-current liabilities | (1,011,086) | (609,403) |
Net cash provided by (used in) operating activities | 207,404 | (721,799) |
Investing Activities | ||
Purchases of property, plant and equipment and capitalized software | (74,991) | (43,472) |
Proceeds from sale of assets | 1,192 | 4,672 |
Purchases of investments | (544) | (2,105) |
Purchases of Rail assets | 0 | (27,276) |
Proceeds from sale of Rail assets | 2,871 | 36,341 |
Other | (201) | 1,746 |
Net cash used in investing activities | (71,673) | (30,094) |
Financing Activities | ||
Net receipts (payments) under short-term lines of credit | (173,384) | 862,698 |
Proceeds from issuance of short-term debt | 0 | 350,000 |
Payments of short-term debt | 0 | (550,000) |
Proceeds from issuance of long-term debt | 100,000 | 0 |
Payments of long-term debt | (35,861) | (15,077) |
Contributions from noncontrolling interest owner | 0 | 2,450 |
Distributions to noncontrolling interest owner | (24,344) | (9,980) |
Payments of debt issuance costs | (767) | (7,802) |
Dividends paid | (12,527) | (12,245) |
Proceeds from exercises of stock options | 0 | 5,024 |
Common stock repurchased | (1,747) | 0 |
Value of shares withheld for taxes | (6,616) | (3,349) |
Other | 259 | 394 |
Net cash (used in) provided by financing activities | (154,987) | 622,113 |
Effect of exchange rates on cash and cash equivalents | 280 | (629) |
Decrease in cash and cash equivalents | (18,976) | (130,409) |
Cash and cash equivalents at beginning of period | 115,269 | 216,444 |
Cash and cash equivalents at end of period | $ 96,293 | $ 86,035 |
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, 2021 | $ 1,307,704 | $ 140 | $ 368,595 | $ (263) | $ 1,194 | $ 702,759 | $ 235,279 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income (loss) | 107,610 | 85,307 | 22,303 | ||||
Other comprehensive income | 11,721 | 11,721 | |||||
Amounts reclassified from Accumulated other comprehensive income | 2,175 | 2,175 | |||||
Contributions from noncontrolling interests | 2,450 | 2,450 | |||||
Distributions to noncontrolling interests | (9,980) | (9,980) | |||||
Stock awards, stock option exercises and other shares issued to employees and directors, net of income tax | 7,708 | 2 | 10,091 | (2,385) | |||
Dividends declared per common share | (12,182) | (12,182) | |||||
Restricted share award dividend equivalents | 0 | 54 | 335 | (389) | |||
Ending Balance at Jun. 30, 2022 | 1,417,206 | 142 | 378,740 | (2,313) | 15,090 | 775,495 | 250,052 |
Beginning Balance at Mar. 31, 2022 | 1,317,221 | 142 | 375,794 | (2,265) | 13,555 | 701,799 | 228,196 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income (loss) | 101,661 | 79,805 | 21,856 | ||||
Other comprehensive income | 750 | 750 | |||||
Amounts reclassified from Accumulated other comprehensive income | 785 | 785 | |||||
Stock awards, stock option exercises and other shares issued to employees and directors, net of income tax | 2,883 | 2,946 | (63) | ||||
Dividends declared per common share | (6,094) | (6,094) | |||||
Restricted share award dividend equivalents | 0 | 15 | (15) | ||||
Ending Balance at Jun. 30, 2022 | 1,417,206 | 142 | 378,740 | (2,313) | 15,090 | 775,495 | 250,052 |
Beginning Balance at Dec. 31, 2022 | 1,429,769 | 142 | 385,248 | (15,043) | 20,484 | 807,770 | 231,168 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income (loss) | 23,569 | 40,296 | (16,727) | ||||
Other comprehensive income | 10,073 | 10,073 | |||||
Amounts reclassified from Accumulated other comprehensive income | (5,075) | (5,075) | |||||
Distributions to noncontrolling interests | (24,344) | (24,344) | |||||
Deconsolidation of joint venture | 17,399 | 17,399 | |||||
Stock awards, stock option exercises and other shares issued to employees and directors, net of income tax | 861 | (5,494) | 6,355 | ||||
Purchase of treasury shares | (1,747) | (1,747) | |||||
Dividends declared per common share | (12,485) | (12,485) | |||||
Restricted share award dividend equivalents | 462 | 622 | 165 | (325) | |||
Ending Balance at Jun. 30, 2023 | 1,438,482 | 142 | 380,376 | (10,270) | 25,482 | 835,256 | 207,496 |
Beginning Balance at Mar. 31, 2023 | 1,346,412 | 142 | 377,768 | (11,006) | 16,267 | 786,420 | 176,821 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income (loss) | 82,686 | 55,046 | 27,640 | ||||
Other comprehensive income | 11,957 | 11,957 | |||||
Amounts reclassified from Accumulated other comprehensive income | (2,742) | (2,742) | |||||
Distributions to noncontrolling interests | (14,364) | (14,364) | |||||
Deconsolidation of joint venture | 17,399 | 17,399 | |||||
Stock awards, stock option exercises and other shares issued to employees and directors, net of income tax | 3,405 | 2,593 | 812 | ||||
Purchase of treasury shares | (76) | (76) | |||||
Dividends declared per common share | (6,245) | (6,245) | |||||
Restricted share award dividend equivalents | 50 | 15 | 35 | ||||
Ending Balance at Jun. 30, 2023 | $ 1,438,482 | $ 142 | $ 380,376 | $ (10,270) | $ 25,482 | $ 835,256 | $ 207,496 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Equity (Parenthetical) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
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 | 21 | 1 | 222 | 51 | |
Treasury shares purchased (in shares) | 2 | 51 | |||
Dividends declared, per common share (in dollars per share) | $ 0.185 | $ 0.1800 | $ 0.370 | $ 0.360 |
Basis of Presentation and Conso
Basis of Presentation and Consolidation | 6 Months Ended |
Jun. 30, 2023 | |
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. Following the deconsolidation of ELEMENT in the second quarter of 2023, as discussed in Note 15, TAMH is the Company’s only remaining VIE. 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 segment were classified as held-for-sale in the accompanying Condensed Consolidated Balance Sheets as the Company executed a definitive agreement to sell the Rail Leasing business and announced its intent to sell the remaining Rail Repair business, which was subsequently sold in 2022. 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, Condensed Consolidated Statements of Equity and unless otherwise indicated, amounts and activity are presented on a continuing operations basis. 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, 2023. An unaudited Condensed Consolidated Balance Sheet as of June 30, 2022 has been included as the Company operates in several seasonal industries. The Condensed Consolidated Balance Sheet data at December 31, 2022 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, 2022 (the “2022 Form 10-K”). |
Inventories
Inventories | 6 Months Ended |
Jun. 30, 2023 | |
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 market information, and pricing mechanisms. The net realizable value of RMI is calculated as the fair value (spot price of the commodity in an exchange), less cost of disposal and transportation based on the local market. All other inventories are held at lower of cost or net realizable value. (in thousands) June 30, December 31, June 30, Grain and other agricultural products (a) $ 707,980 $ 1,326,531 $ 1,241,933 Energy inventories (a) 19,564 21,084 19,483 Ethanol and co-products (a) 142,978 156,341 179,175 Plant nutrients and cob products 120,267 227,769 177,735 Total inventories $ 990,789 $ 1,731,725 $ 1,618,326 (a) Includes RMI of $691.7 million, $1,308.8 million and $1,214.4 million at June 30, 2023, December 31, 2022 and June 30, 2022, respectively. |
Property, Plant and Equipment
Property, Plant and Equipment | 6 Months Ended |
Jun. 30, 2023 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | Property, Plant and Equipment The components of Property, plant and equipment, net are as follows: (in thousands) June 30, December 31, June 30, Land $ 31,838 $ 38,689 $ 38,630 Land improvements and leasehold improvements 81,470 92,084 91,542 Buildings and storage facilities 349,773 364,721 370,453 Machinery and equipment 891,368 980,159 949,142 Construction in progress 56,578 41,429 31,237 1,411,027 1,517,082 1,481,004 Less: accumulated depreciation 747,586 754,353 717,561 Property, plant and equipment, net $ 663,441 $ 762,729 $ 763,443 Depreciation expense on property, plant, and equipment used in continuing operations was $24.4 million and $27.5 million for three months ended June 30, 2023 and 2022, respectively. Additionally, depreciation expense on property, plant and equipment used in continuing operations was $50.5 million and $55.8 million for the six months ended June 30, 2023 and 2022, respectively. In the first quarter of 2023, the Company recorded a $87.2 million impairment charge related to ELEMENT, LLC ("ELEMENT"), the Company's joint venture ethanol plant within the Renewables segment. The plant has faced operational and market-based challenges which were exacerbated by a shift in the California Low Carbon Fuel Standard credit markets and high western corn basis. At the time of the impairment, the Company owned 51% of ELEMENT and it was a consolidated entity, so 49% of the impairment charge was represented in Net income (loss) attributable to noncontrolling interests in the Company's Condensed Consolidated Statements of Operations. |
Debt
Debt | 6 Months Ended |
Jun. 30, 2023 | |
Debt Disclosure [Abstract] | |
Debt | Debt Short-term and long-term debt at June 30, 2023, December 31, 2022 and June 30, 2022 consisted of the following: (in thousands) June 30, December 31, June 30, Short-term debt – non-recourse $ 33,555 $ 81,475 $ 97,668 Short-term debt – recourse 69,197 191,100 1,063,760 Total short-term debt $ 102,752 $ 272,575 $ 1,161,428 Current maturities of long-term debt – non-recourse $ 62 $ 63,815 $ 7,707 Current maturities of long-term debt – recourse 27,449 46,340 46,244 Total current maturities of long-term debt $ 27,511 $ 110,155 $ 53,951 Long-term debt, less: current maturities – non-recourse $ — $ 414 $ 60,396 Long-term debt, less: current maturities – recourse 576,489 492,104 503,051 Total long-term debt, less: current maturities $ 576,489 $ 492,518 $ 563,447 The total borrowing capacity of the Company's lines of credit at June 30, 2023, was $1,869.1 million of which the Company had a total of $1,740.7 million available for borrowing. The Company's borrowing capacity is reduced by a combination of outstanding borrowings and letters of credit. As of June 30, 2023, December 31, 2022 and June 30, 2022, the estimated fair value of long-term debt, including the current portion, was $597.6 million, $595.7 million and $617.5 million, respectively. The Company estimates the fair value of its long-term debt based upon the Company’s credit standing and current interest rates offered to the Company on similar bonds and rates currently available to the Company for long-term borrowings with similar terms and remaining maturities. On April 3, 2023, the Company entered into a $100 million 8-year term loan with approximately half of the proceeds used to repay current maturities of long-term debt. The remainder of the proceeds will be used to pay down a portion of outstanding line of credit borrowings. Payment of principal and interest will be made on a quarterly basis. The loan will bear interest at variable rates. On April 18, 2023, ELEMENT was placed into receivership. As the receiver took control of ELEMENT within the quarter, under the VIE consolidation model, the Company was deemed to have lost control of the entity and therefore deconsolidated ELEMENT from its Condensed Consolidated Financial Statements. As a result of the deconsolidation, the $62.8 million of non-recourse debt associated with ELEMENT was removed from Current maturities of long-term debt as of June 30, 2023. |
Derivatives
Derivatives | 6 Months Ended |
Jun. 30, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives | Derivatives The Company’s operating results are affected by changes to commodity prices. The Trade and Renewables businesses have established “unhedged” futures position limits (the amount of a commodity, either owned or contracted for, that does not have an offsetting derivative contract). To reduce the exposure to market price risk on commodities owned and forward purchase and sale contracts, the Company enters into exchange traded commodity futures and options contracts and over-the-counter forward and option contracts with various counterparties. These contracts are primarily traded via regulated commodity exchanges. The Company’s forward purchase and sales contracts are for physical delivery of the commodity in a future period. Contracts to purchase commodities from producers generally relate to the current or future crop years for delivery periods quoted by regulated commodity exchanges. Most contracts for the sale of commodities to processors or other commercial consumers generally do not extend beyond one year. Most of these contracts meet the definition of derivatives. While the Company considers its commodity contracts to be effective economic hedges, the Company does not designate or account for its commodity contracts as hedges as defined under current accounting standards. The Company primarily accounts for its commodity derivatives at estimated fair value. The estimated fair value of the commodity derivative contracts that require the receipt or posting of cash collateral is recorded on a net basis (offset against cash collateral posted or received, also known as margin deposits) within commodity derivative assets or liabilities. Management determines fair value based on exchange-quoted prices and in the case of its forward purchase and sale contracts, estimated fair value is adjusted for differences in local markets and non-performance risk. For contracts for which physical delivery occurs, balance sheet classification is based on estimated delivery date. For futures, options and over-the-counter contracts in which physical delivery is not expected to occur but, rather, the contract is expected to be net settled, the Company classifies these contracts as current or noncurrent assets or liabilities, as appropriate, based on the Company’s expectations as to when such contracts will be settled. Realized and unrealized gains and losses in the value of commodity contracts (whether due to changes in commodity prices, changes in performance or credit risk, or due to sale, maturity or extinguishment of the commodity contract) and commodity inventories are included in cost of sales and merchandising revenues. Generally accepted accounting principles permit a party to a master netting arrangement to offset fair value amounts recognized for derivative instruments against the right to reclaim cash collateral or obligation to return cash collateral under the same master netting arrangement. The Company has master netting arrangements for its exchange traded futures and options contracts and certain over-the-counter contracts. When the Company enters into a future, option or an over-the-counter contract, an initial margin deposit may be required by the counterparty. The amount of the margin deposit varies by commodity. If the market price of a future, option or an over-the-counter contract moves in a direction that is adverse to the Company’s position, an additional margin deposit, called a maintenance margin, is required. The margin deposit assets and liabilities are included in short-term commodity derivative assets or liabilities, as appropriate, in the Condensed Consolidated Balance Sheets. The following table presents at June 30, 2023, December 31, 2022 and June 30, 2022, a summary of the estimated fair value of the Company’s commodity derivative instruments that require cash collateral and the associated cash posted/received as collateral. The net asset or liability positions of these derivatives (net of their cash collateral) are determined on a counterparty-by-counterparty basis and are included within current or non-current commodity derivative assets (or liabilities) on the Condensed Consolidated Balance Sheets: (in thousands) June 30, 2023 December 31, 2022 June 30, 2022 Cash collateral (received) paid $ (15,290) $ 64,530 $ 70,442 Fair value of derivatives 85,123 (10,014) 165,223 Net derivative asset position $ 69,833 $ 54,516 $ 235,665 The following table presents, on a gross basis, current and non-current commodity derivative assets and liabilities: June 30, 2023 (in thousands) Commodity Derivative Assets - Current Commodity Derivative Assets - Noncurrent Commodity Derivative Liabilities - Current Commodity Derivative Liabilities - Noncurrent Total Commodity derivative assets $ 438,227 $ 3,959 $ 26,312 $ 59 $ 468,557 Commodity derivative liabilities (75,253) (1,029) (277,413) (4,215) (357,910) Cash collateral (received) paid (15,290) — — — (15,290) Balance sheet line item totals $ 347,684 $ 2,930 $ (251,101) $ (4,156) $ 95,357 December 31, 2022 (in thousands) Commodity Derivative Assets - Current Commodity Derivative Assets - Noncurrent Commodity Derivative Liabilities - Current Commodity Derivative Liabilities - Noncurrent Total Commodity derivative assets $ 325,762 $ 1,796 $ 18,426 $ 686 $ 346,670 Commodity derivative liabilities (94,704) (149) (116,945) (1,484) (213,282) Cash collateral (received) paid 64,530 — — — 64,530 Balance sheet line item totals $ 295,588 $ 1,647 $ (98,519) $ (798) $ 197,918 June 30, 2022 (in thousands) Commodity Derivative Assets - Current Commodity Derivative Assets - Noncurrent Commodity Derivative Liabilities - Current Commodity Derivative Liabilities - Noncurrent Total Commodity derivative assets $ 707,542 $ 14,257 $ 29,223 $ 1,945 $ 752,967 Commodity derivative liabilities (138,627) (2,132) (216,126) (12,040) (368,925) Cash collateral (received) paid 69,442 — 1,000 — 70,442 Balance sheet line item totals $ 638,357 $ 12,125 $ (185,903) $ (10,095) $ 454,484 The net gains and losses on commodity derivatives not designated as hedging instruments included in the Company’s Condensed Consolidated Statements of Operations and the line items in which they are located for the three and six months ended June 30, 2023 and 2022 are as follows: Three months ended June 30, Six months ended June 30, (in thousands) 2023 2022 2023 2022 Gains (losses) on commodity derivatives included in Cost of sales and merchandising revenues $ 4,827 $ 230,188 $ (22,741) $ 264,186 The Company had the following volume of commodity derivative contracts outstanding (on a gross basis) at June 30, 2023, December 31, 2022 and June 30, 2022: June 30, 2023 (in thousands) Number of Bushels Number of Gallons Number of Tons Non-exchange traded: Corn 547,805 — — Soybeans 42,273 — — Wheat 236,316 — — Oats 27,824 — — Ethanol — 208,251 — Dried distillers grain — — 479 Soybean meal — — 290 Other 11,064 33,819 2,704 Subtotal 865,282 242,070 3,473 Exchange traded: Corn 177,425 — — Soybeans 27,555 — — Wheat 59,262 — — Oats 960 — — Ethanol — 74,760 — Propane — 63,630 — Other — 1,008 393 Subtotal 265,202 139,398 393 Total 1,130,484 381,468 3,866 December 31, 2022 (in thousands) Number of Bushels Number of Gallons Number of Tons Non-exchange traded: Corn 567,405 — — Soybeans 56,608 — — Wheat 102,716 — — Oats 24,710 — — Ethanol — 178,935 — Dried distillers grain — — 449 Soybean meal — — 570 Other 10,054 44,547 2,029 Subtotal 761,493 223,482 3,048 Exchange traded: Corn 170,280 — — Soybeans 46,380 — — Wheat 111,567 — — Oats 365 — — Ethanol — 94,206 — Propane — 47,208 — Other — 588 581 Subtotal 328,592 142,002 581 Total 1,090,085 365,484 3,629 June 30, 2022 (in thousands) Number of Bushels Number of Gallons Number of Tons Non-exchange traded: Corn 628,471 — — Soybeans 116,679 — — Wheat 97,224 — — Oats 37,355 — — Ethanol — 200,388 — Dried distillers grain — — 318 Soybean meal — — 421 Other 8,549 25,767 3,032 Subtotal 888,278 226,155 3,771 Exchange traded: Corn 219,020 — — Soybeans 69,115 — — Wheat 74,418 — — Oats 650 — — Ethanol — 94,794 — Propane — 25,578 — Other 95 546 360 Subtotal 363,298 120,918 360 Total 1,251,576 347,073 4,131 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. The Company had recorded the following amounts for the fair value of the Company's other derivatives: (in thousands) June 30, 2023 December 31, 2022 June 30, 2022 Derivatives not designated as hedging instruments Foreign currency contracts included in Other current assets (liabilities) $ 852 $ (3,124) $ (1,749) Derivatives designated as hedging instruments Interest rate contracts included in Other current assets $ 11,107 $ 8,759 $ 3,276 Interest rate contracts included in Other assets 22,881 22,641 15,047 The recording of derivatives gains and losses and the financial statement line in which they are located are as follows: Three months ended June 30, Six months ended June 30, (in thousands) 2023 2022 2023 2022 Derivatives designated as hedging instruments Interest rate derivative gains (losses) included in Other comprehensive income (loss) $ 8,996 $ 8,923 $ 2,590 $ 25,464 Interest rate derivative gains (losses) included in Interest expense, net 2,515 (1,013) 4,619 (2,631) Outstanding interest rate derivatives, as of June 30, 2023, are as follows: Interest Rate Hedging Instrument Year Entered Year of Maturity Initial Notional Amount Description Interest Rate Long-term Swap 2019 2025 $ 96.9 Interest rate component of debt - accounted for as a hedge 2.3% Swap 2019 2025 $ 48.4 Interest rate component of debt - accounted for as a hedge 2.4% Swap 2019 2025 $ 48.4 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% Swap 2023 2024 $ 50.0 Interest rate component of debt - accounted for as a hedge 3.7% Swap 2023 2025 $ 50.0 Interest rate component of debt - accounted for as a hedge 3.7% Swap 2023 2031 $ 50.0 Interest rate component of debt - accounted for as a hedge 2.9% |
Revenue
Revenue | 6 Months Ended |
Jun. 30, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | Revenue Many of the Company’s sales and merchandising revenues are generated from contracts that are outside the scope of ASC 606, Revenue from Contracts with Customers . Specifically, many of the Company's Trade and Renewables sales contracts are derivatives under ASC 815, Derivatives and Hedging . The breakdown of revenues between ASC 606 and ASC 815 is as follows: Three months ended June 30, Six months ended June 30, (in thousands) 2023 2022 2023 2022 Revenues under ASC 606 $ 975,269 $ 956,013 $ 1,714,247 $ 1,633,869 Revenues under ASC 815 3,044,914 3,494,604 6,187,174 6,794,702 Total revenues $ 4,020,183 $ 4,450,617 $ 7,901,421 $ 8,428,571 The remainder of this note applies only to those revenues that are accounted for under ASC 606. Disaggregation of revenue The following tables disaggregate revenues under ASC 606 by major product/service line for the three and six months ended June 30, 2023 and 2022, respectively: Three months ended June 30, 2023 (in thousands) Trade Renewables Nutrient & Industrial Total Specialty nutrients $ — $ — $ 98,335 $ 98,335 Primary nutrients — — 315,101 315,101 Products and co-products 114,289 368,646 — 482,935 Propane 30,155 — — 30,155 Other 14,782 1,804 32,157 48,743 Total $ 159,226 $ 370,450 $ 445,593 $ 975,269 Three months ended June 30, 2022 (in thousands) Trade Renewables Nutrient & Industrial Total Specialty nutrients $ — $ — $ 104,357 $ 104,357 Primary nutrients — — 336,487 336,487 Products and co-products 101,195 329,224 — 430,419 Propane 41,088 — — 41,088 Other 12,844 1,378 29,440 43,662 Total $ 155,127 $ 330,602 $ 470,284 $ 956,013 Six months ended June 30, 2023 (in thousands) Trade Renewables Nutrient & Industrial Total Specialty nutrients $ — $ — $ 168,332 $ 168,332 Primary nutrients — — 379,851 379,851 Products and co-products 203,256 763,255 — 966,511 Propane 106,678 — — 106,678 Other 27,372 4,152 61,351 92,875 Total $ 337,306 $ 767,407 $ 609,534 $ 1,714,247 Six months ended June 30, 2022 (in thousands) Trade Renewables Nutrient & Industrial Total Specialty nutrients $ — $ — $ 197,625 $ 197,625 Primary nutrients — — 426,369 426,369 Products and co-products 209,066 561,918 — 770,984 Propane 155,591 — — 155,591 Other 24,375 2,593 56,332 83,300 Total $ 389,032 $ 564,511 $ 680,326 $ 1,633,869 Substantially all of the Company's revenues accounted for under ASC 606 during the three and six months ended June 30, 2023 and 2022, respectively, are recorded at a point in time instead of over time. Contract balances The balances of the Company’s contract liabilities were $15.9 million and $55.4 million as of June 30, 2023 and December 31, 2022, 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 are 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 are built up through the first quarter in preparation for the spring application season. As expected, the revenue recognized in the current period satisfied the contract liabilities throughout the spring application season for our Nutrient & Industrial segment. |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes On a quarterly basis, the Company estimates the effective tax rate expected to be applicable for the full year and makes changes, if necessary, based on new information or events. The estimated annual effective tax rate is forecasted based on actual historical information and forward-looking estimates and is used to provide for income taxes in interim reporting periods. The Company also recognizes the tax impact of certain unusual or infrequently occurring items, such as the effects of changes in tax laws or rates and impacts from settlements with tax authorities, discretely in the quarter in which they occur. For the three months ended June 30, 2023, the Company recorded income tax expense from continuing operations of $21.7 million. The Company's effective tax rate was 20.8% on income before income taxes from continuing operations of $104.4 million. The difference between the 20.8% 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 offset by state and local income taxes and nondeductible compensation. During the three months ended June 30, 2023, discrete tax expense of $1.4 million was recorded on income before taxes of $6.5 million related to gain on deconsolidation of the ELEMENT joint venture. For the three months ended June 30, 2022, the Company recorded income tax expense from continuing operations of $15.8 million. The Company’s effective tax rate was 13.3% on income before income taxes from continuing operations of $118.2 million. The effective tax rate differs from the U.S. federal statutory rate of 21.0% due to the tax impact of non-controlling interest as well as certain discrete derivatives and hedging activities offset by state and local income taxes and nondeductible compensation. For the six months ended June 30, 2023, the Company recorded an income tax expense from continuing operations of $15.8 million. The Company's effective tax rate was 40.2% on income before income taxes from continuing operations of $39.4 million. The difference between the 40.2% 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, state and local income taxes and nondeductible compensation. During the six months ended June 30, 2023, a net discrete income tax benefit of $10.6 million was recorded on a net loss before taxes of $88.8 million related to the current year operations, impairment charge, and gain on deconsolidation associated with ELEMENT. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 6 Months Ended |
Jun. 30, 2023 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income The following table summarizes the changes in accumulated other comprehensive income ("AOCI") attributable to the Company for the three and six months ended June 30, 2023 and 2022: Three months ended June 30, Six months ended June 30, (in thousands) 2023 2022 2023 2022 Currency Translation Adjustment Beginning balance $ (7,436) $ 5,729 $ (8,203) $ 5,631 Other comprehensive income (loss) before reclassifications 2,669 (5,679) 3,436 (5,581) Tax effect — — — — Other comprehensive income (loss), net of tax 2,669 (5,679) 3,436 (5,581) Ending balance $ (4,767) $ 50 $ (4,767) $ 50 Hedging Adjustment Beginning balance $ 18,750 $ 7,087 $ 23,546 $ (5,335) Other comprehensive income (loss) before reclassifications 11,511 7,910 7,209 22,833 Amounts reclassified from AOCI (a) (2,514) 1,013 (4,619) 2,631 Tax effect (2,262) (2,226) (651) (6,345) Other comprehensive income (loss), net of tax 6,735 6,697 1,939 19,119 Ending balance $ 25,485 $ 13,784 $ 25,485 $ 13,784 Pension and Other Postretirement Adjustment Beginning balance $ 4,695 $ 481 $ 4,883 $ 640 Other comprehensive income (loss) before reclassifications (15) 845 (29) 914 Amounts reclassified from AOCI (b) (228) (228) (456) (456) Tax effect 54 (100) 108 (100) Other comprehensive income (loss), net of tax (189) 517 (377) 358 Ending balance $ 4,506 $ 998 $ 4,506 $ 998 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 $ 25,482 $ 15,090 $ 25,482 $ 15,090 (a) Amounts reclassified from gain (loss) on cash flow hedges are reclassified from AOCI to income when the hedged item affects earnings and is recognized in Interest expense, net. See Note 5 for additional information. (b) This accumulated other comprehensive loss component is included in the computation of net periodic benefit cost recorded in Operating, administrative and general expenses. |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Jun. 30, 2023 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share (in thousands, except per common share data) Three months ended June 30, Six months ended June 30, 2023 2022 2023 2022 Numerator: Net income from continuing operations $ 82,686 $ 102,400 $ 23,569 $ 108,904 Net income (loss) attributable to noncontrolling interests (a) 27,640 21,856 (16,727) 22,303 Net income attributable to The Andersons, Inc. common shareholders from continuing operations $ 55,046 $ 80,544 $ 40,296 $ 86,601 Loss from discontinued operations, net of income taxes $ — $ (739) $ — $ (1,294) Denominator: Weighted average shares outstanding – basic 33,744 33,850 33,683 33,795 Effect of dilutive awards 421 566 510 621 Weighted average shares outstanding – diluted 34,165 34,416 34,193 34,416 Earnings (loss) per share attributable to The Andersons, Inc. common shareholders: Basic earnings (loss): Continuing operations $ 1.63 $ 2.38 $ 1.20 $ 2.56 Discontinued operations — (0.02) — (0.04) $ 1.63 $ 2.36 $ 1.20 $ 2.52 Diluted earnings (loss): Continuing operations $ 1.61 $ 2.34 $ 1.18 $ 2.52 Discontinued operations — (0.02) — (0.04) $ 1.61 $ 2.32 $ 1.18 $ 2.48 (a) All net income (loss) attributable to noncontrolling interests is within continuing operations of the Company. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements The following table presents the Company’s assets and liabilities measured at fair value on a recurring basis at June 30, 2023, December 31, 2022 and June 30, 2022: (in thousands) June 30, 2023 Assets (liabilities) Level 1 Level 2 Level 3 Total Commodity derivatives, net (a) $ 69,833 $ 25,524 $ — $ 95,357 Provisionally priced contracts (b) (19,061) (16,529) — (35,590) Convertible preferred securities (c) — — 15,424 15,424 Other assets and liabilities (d) 5,018 33,988 — 39,006 Total $ 55,790 $ 42,983 $ 15,424 $ 114,197 (in thousands) December 31, 2022 Assets (liabilities) Level 1 Level 2 Level 3 Total Commodity derivatives, net (a) $ 54,516 $ 143,402 $ — $ 197,918 Provisionally priced contracts (b) (20,960) (115,377) — (136,337) Convertible preferred securities (c) — — 16,278 16,278 Other assets and liabilities (d) (209) 31,400 — 31,191 Total $ 33,347 $ 59,425 $ 16,278 $ 109,050 (in thousands) June 30, 2022 Assets (liabilities) Level 1 Level 2 Level 3 Total Commodity derivatives, net (a) $ 235,665 $ 218,819 $ — $ 454,484 Provisionally priced contracts (b) 38,061 (27,945) — 10,116 Convertible preferred securities (c) — — 16,803 16,803 Other assets and liabilities (d) 1,097 18,323 — 19,420 Total $ 274,823 $ 209,197 $ 16,803 $ 500,823 (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) 2023 2022 Assets at January 1, $ 16,278 $ 11,618 Purchases of additional investments — 3,883 Gains included in Other income, net 802 404 Proceeds from investments (1,670) — Assets at March 31, $ 15,410 $ 15,905 Purchases of additional investments 235 772 Gains (losses) included in Other income, net (221) 126 Assets at June 30, $ 15,424 $ 16,803 The following tables summarize quantitative information about the Company's Level 3 fair value measurements as of June 30, 2023, December 31, 2022 and June 30, 2022: Quantitative Information about Recurring Level 3 Fair Value Measurements Fair Value as of (in thousands) June 30, 2023 December 31, 2022 June 30, 2022 Valuation Method Unobservable Input Weighted Average Convertible preferred securities (a) $ 15,424 $ 16,278 $ 16,803 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 Fair Value as of (in thousands) June 30, 2023 December 31, 2022 June 30, 2022 Valuation Method Unobservable Input Weighted Average Grain Assets (a) $ — $ 9,000 $ — Third party appraisal Various N/A Equity method investment (b) $ — $ — $ 11,538 Discounted cash flow analysis Various N/A (a) The Company recognized impairment charges on a Nebraska grain asset. The fair value of the asset was determined using third-party appraisals. These measures are considered Level 3 inputs on a nonrecurring basis. (b) The Company recorded an other-than-temporary impairment charge on an existing equity method investment. The fair value of the investment was determined using a discounted cash flow analysis. |
Related Parties
Related Parties | 6 Months Ended |
Jun. 30, 2023 | |
Related Party Transactions [Abstract] | |
Related Parties | Related Parties In the ordinary course of business, and on an arm's length basis, the Company will enter into related party transactions with the minority shareholders of the Company's Renewables operations and several equity method investments that the Company holds, along with other related parties. The following table sets forth the related party transactions entered into for the time periods presented: Three months ended June 30, Six months ended June 30, (in thousands) 2023 2022 2023 2022 Sales of products $ 97,099 $ 103,106 $ 172,050 $ 189,255 Purchases of products 14,524 11,983 30,226 38,409 (in thousands) June 30, 2023 December 31, 2022 June 30, 2022 Accounts receivable $ 15,218 $ 12,272 $ 17,560 Accounts payable 2,503 7,070 3,060 |
Segment Information
Segment Information | 6 Months Ended |
Jun. 30, 2023 | |
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 four co-owned and fully consolidated ethanol production facilities as well as purchases and sells ethanol and ethanol co-products. The Nutrient & Industrial (formerly Plant Nutrient) business manufactures and distributes plant nutrient products such as agricultural inputs, primarily fertilizers and turf care products along with industrial products such as deicers, dust abatement solutions and corncob-based products. The segment was rebranded in 2023 to reflect the portfolio of market offerings in the segment. The Other category includes other corporate level costs not attributable to an operating segment and intercompany eliminations between the segments. The segment information below includes the allocation of expenses shared by one or more operating segments. Although management believes such allocations are reasonable, the operating information does not necessarily reflect how such data might appear if the segments were operated as separate businesses. The Company does not have any customers who represent 10 percent or more of total revenues. Three months ended June 30, Six months ended June 30, (in thousands) 2023 2022 2023 2022 Revenues from external customers Trade $ 2,696,810 $ 3,097,767 $ 5,574,590 $ 6,182,448 Renewables 877,781 882,567 1,717,297 1,565,798 Nutrient & Industrial 445,592 470,283 609,534 680,325 Total $ 4,020,183 $ 4,450,617 $ 7,901,421 $ 8,428,571 Three months ended June 30, Six months ended June 30, (in thousands) 2023 2022 2023 2022 Income before income taxes from continuing operations Trade $ 4,990 $ 23,666 $ 44,354 $ 27,335 Renewables (a) 66,604 67,776 (15,909) 73,738 Nutrient & Industrial 42,565 38,311 32,127 49,054 Other (9,741) (11,600) (21,155) (21,367) Total $ 104,418 $ 118,153 $ 39,417 $ 128,760 (a) Includes income (loss) attributable to noncontrolling interests of $27.6 million and $21.9 million for the three months ended June 30, 2023 and 2022, respectively, and $(16.7) million and $22.3 million for the six months ended June 30, 2023 and 2022, respectively. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2023 | |
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. The estimated losses for all other outstanding claims that are considered reasonably possible are not material. |
Other Income
Other Income | 6 Months Ended |
Jun. 30, 2023 | |
Other Income and Expenses [Abstract] | |
Other Income | Other Income The following table sets forth the items in Other income, net within the Condensed Consolidated Statements of Operations for the periods presented below: Three months ended June 30, Six months ended June 30, (in thousands) 2023 2022 2023 2022 Gain on deconsolidation of joint venture $ 6,544 $ — $ 6,544 $ — Property insurance recoveries 2,180 1,851 3,183 3,106 Interest income 1,708 819 3,175 1,293 Patronage income 78 936 2,094 2,399 Gain on sale of frac sand assets — 3,979 — 3,979 Biofuel Producer Program funds — 17,643 — 17,643 Equity earnings (losses) in affiliates (417) (6,034) (231) (6,278) Other 2,348 (2,402) 5,680 (1,432) Total $ 12,441 $ 16,792 $ 20,445 $ 20,710 Individually significant items included in the table above are: Gain on deconsolidation of joint venture - On April 18, 2023, ELEMENT was placed into receivership. As the receiver took control of ELEMENT within the quarter, under the VIE consolidation model, the Company was deemed to have lost control of the entity and therefore deconsolidated ELEMENT from its Condensed Consolidated Financial Statements. As a result of these activities, the Company recognized a gain on deconsolidation. See footnote 15 for additional information. Property insurance recoveries - In 2023, property insurance recoveries consisted of proceeds of $2.2 million relating to a conveyor collapse in Delhi, Louisiana in the prior year, the remaining proceeds consists of several individually insignificant amounts in the ordinary course of business. In 2022, property insurance recoveries consisted of proceeds of approximately $3.0 million relating to a prior period incident at the Company’s Galena Park, Texas facility, the remaining proceeds consists of several individually insignificant amounts in the ordinary course of business. Interest income - The Company earns interest income on cash and cash equivalents held in money market accounts at TAMH along with inventory financing programs provided by the Company. For the six months ended June 30, 2023, the money market account at TAMH earned $1.0 million and the inventory financing program earned $1.1 million , the remaining interest income consists of several individually insignificant amounts in the ordinary course of business. Interest income for the year ended June 30, 2022 consisted of individually insignificant amounts in the ordinary course of business. Patronage income - As a part of the Company’s normal operations it relies heavily on short-term lines of credit in order to support working capital needs in addition to long-term debt presented on the balance sheet. As part of these programs the Company receives patronage income annually from its lenders. Gain on sale of frac sand assets - Gains on sale of frac sand assets for the year ended June 30, 2022, consisted of gains on the sale of the Company’s remaining frac sand facilities and assets in Oklahoma City, Oklahoma and North Branch, Minnesota of $4.0 million. Biofuel Producer Program funds - In 2022, the USDA as a part of the Biofuel Producer Program, created under the CARES Act, provided funding to support biofuel producers who faced unexpected market losses due to the COVID-19 pandemic. Under this program TAMH and ELEMENT received proceeds of $13.3 million and $4.3 million, respectively. Of these proceeds $8.9 million was attributable to the Company and the remaining $8.7 million attributable to the noncontrolling interest. Equity earnings (losses) in affiliates - In 2022, the Company recorded an impairment charge on a Canadian equity method investment for $4.5 million, the remaining equity earnings (losses) in affiliates consists of individually insignificant activity in the ordinary course of business. |
ELEMENT
ELEMENT | 6 Months Ended |
Jun. 30, 2023 | |
Equity Method Investments and Joint Ventures [Abstract] | |
ELEMENT | ELEMENT ELEMENT was structured as a limited liability company established for the primary purpose of producing ethanol and additional co-products such as distiller’s dried grain and corn oil. The facility located in Colwich, Kansas was designed to produce 70 million gallons of ethanol per year and began operations in August 2019. The Company holds 51% of the membership units and ICM Holdings, Inc. (“ICM”) owns the remaining 49% of the membership units. The Company acted as the manager of the facility, responsibilities which were assumed per the Management Services Agreement dated January 1, 2021, and it was concluded to be a variable interest entity (“VIE”) and consolidated ELEMENT within the Company’s Consolidated Financial Statements. The plant has faced operational and market-based challenges. These challenges have been exacerbated by a shift in the California Low Carbon Fuel Standard credit markets and high western corn basis. In early 2023, ELEMENT was unable to make its scheduled debt payments and was placed into default. The default led to an impairment triggering event, concluding in an $87.2 million impairment charge in the first quarter. On April 18, 2023, ELEMENT was placed into receivership and was appointed a receiver, which took possession and control of the rights and interests of ELEMENT. The facility is being marketed for sale. With this appointment, while retaining its investment in ELEMENT, the Company ceased to have a controlling financial interest and was no longer deemed to be the primary beneficiary in the subsidiary. Accordingly, the Company deconsolidated ELEMENT at that time and began accounting for the subsidiary as an equity method investment which resulted in a pretax gain of $18.1 million. Additionally, the Company had a $9.6 million balance in raw material and fee receivables as well as $2.0 million in loans and interest due from ELEMENT that were previously eliminated in consolidation. Upon deconsolidation, the fair values of these receivables and loans from ELEMENT to the Company were ascertained to have no value and were fully reserved for resulting in a pretax loss of $11.6 million. The combination of this activity triggered by the ELEMENT deconsolidation resulted in a cumulative net pretax gain of $6.5 million which was recorded in Other income, net in the Condensed Consolidated Statements of Operations. As of June 30, 2023, ELEMENT has continued to incur losses and there have been no payments on the outstanding receivables or loan mentioned previously. No equity method losses related to ELEMENT have been recorded since deconsolidation as the investment is in a negative position as of June 30, 2023. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent EventsOn July 10, 2023, the Company closed on the purchase of the assets of ACJ International LLC ("ACJ"), an ingredient, logistics, and supply chain management company in the pet food industry, headquartered in St. Louis, Missouri. The Company purchased ACJ for $41.4 million, of which, $24.4 million was paid at closing and the remaining estimated amount will be paid over three years based on certain earn-out provisions. |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Pay vs Performance Disclosure | ||||
Net Income (Loss) Attributable to Parent | $ 55,046 | $ 79,805 | $ 40,296 | $ 85,307 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended | 6 Months Ended |
Jun. 30, 2023 shares | Jun. 30, 2023 shares | |
Trading Arrangements, by Individual | ||
Non-Rule 10b5-1 Arrangement Adopted | false | |
Rule 10b5-1 Arrangement Terminated | false | |
Non-Rule 10b5-1 Arrangement Terminated | false | |
Brian K. Walz [Member] | ||
Trading Arrangements, by Individual | ||
Material Terms of Trading Arrangement | On May 24, 2023, Brian K. Walz, Treasurer, entered into a Rule 105b-1 plan to sell up to 3,414 shares of the Company's common stock, based on certain price parameters, from August 25, 2023, to August 30, 2024. | |
Name | Brian K. Walz | |
Title | Treasurer | |
Rule 10b5-1 Arrangement Adopted | true | |
Adoption Date | May 24, 2023 | |
Arrangement Duration | 371 days | |
Aggregate Available | 3,414 | 3,414 |
Inventories (Tables)
Inventories (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Inventory, Net [Abstract] | |
Classes of inventories | (in thousands) June 30, December 31, June 30, Grain and other agricultural products (a) $ 707,980 $ 1,326,531 $ 1,241,933 Energy inventories (a) 19,564 21,084 19,483 Ethanol and co-products (a) 142,978 156,341 179,175 Plant nutrients and cob products 120,267 227,769 177,735 Total inventories $ 990,789 $ 1,731,725 $ 1,618,326 (a) Includes RMI of $691.7 million, $1,308.8 million and $1,214.4 million at June 30, 2023, December 31, 2022 and June 30, 2022, respectively. |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Property, Plant and Equipment [Abstract] | |
Components of property, plant and equipment | The components of Property, plant and equipment, net are as follows: (in thousands) June 30, December 31, June 30, Land $ 31,838 $ 38,689 $ 38,630 Land improvements and leasehold improvements 81,470 92,084 91,542 Buildings and storage facilities 349,773 364,721 370,453 Machinery and equipment 891,368 980,159 949,142 Construction in progress 56,578 41,429 31,237 1,411,027 1,517,082 1,481,004 Less: accumulated depreciation 747,586 754,353 717,561 Property, plant and equipment, net $ 663,441 $ 762,729 $ 763,443 |
Debt (Tables)
Debt (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of Short-term and Long-term Debt | Short-term and long-term debt at June 30, 2023, December 31, 2022 and June 30, 2022 consisted of the following: (in thousands) June 30, December 31, June 30, Short-term debt – non-recourse $ 33,555 $ 81,475 $ 97,668 Short-term debt – recourse 69,197 191,100 1,063,760 Total short-term debt $ 102,752 $ 272,575 $ 1,161,428 Current maturities of long-term debt – non-recourse $ 62 $ 63,815 $ 7,707 Current maturities of long-term debt – recourse 27,449 46,340 46,244 Total current maturities of long-term debt $ 27,511 $ 110,155 $ 53,951 Long-term debt, less: current maturities – non-recourse $ — $ 414 $ 60,396 Long-term debt, less: current maturities – recourse 576,489 492,104 503,051 Total long-term debt, less: current maturities $ 576,489 $ 492,518 $ 563,447 |
Derivatives (Tables)
Derivatives (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Estimated fair value of Company's commodity derivative instruments for cash collateral and associated cash as collateral | The net asset or liability positions of these derivatives (net of their cash collateral) are determined on a counterparty-by-counterparty basis and are included within current or non-current commodity derivative assets (or liabilities) on the Condensed Consolidated Balance Sheets: (in thousands) June 30, 2023 December 31, 2022 June 30, 2022 Cash collateral (received) paid $ (15,290) $ 64,530 $ 70,442 Fair value of derivatives 85,123 (10,014) 165,223 Net derivative asset position $ 69,833 $ 54,516 $ 235,665 |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | The following table presents, on a gross basis, current and non-current commodity derivative assets and liabilities: June 30, 2023 (in thousands) Commodity Derivative Assets - Current Commodity Derivative Assets - Noncurrent Commodity Derivative Liabilities - Current Commodity Derivative Liabilities - Noncurrent Total Commodity derivative assets $ 438,227 $ 3,959 $ 26,312 $ 59 $ 468,557 Commodity derivative liabilities (75,253) (1,029) (277,413) (4,215) (357,910) Cash collateral (received) paid (15,290) — — — (15,290) Balance sheet line item totals $ 347,684 $ 2,930 $ (251,101) $ (4,156) $ 95,357 December 31, 2022 (in thousands) Commodity Derivative Assets - Current Commodity Derivative Assets - Noncurrent Commodity Derivative Liabilities - Current Commodity Derivative Liabilities - Noncurrent Total Commodity derivative assets $ 325,762 $ 1,796 $ 18,426 $ 686 $ 346,670 Commodity derivative liabilities (94,704) (149) (116,945) (1,484) (213,282) Cash collateral (received) paid 64,530 — — — 64,530 Balance sheet line item totals $ 295,588 $ 1,647 $ (98,519) $ (798) $ 197,918 June 30, 2022 (in thousands) Commodity Derivative Assets - Current Commodity Derivative Assets - Noncurrent Commodity Derivative Liabilities - Current Commodity Derivative Liabilities - Noncurrent Total Commodity derivative assets $ 707,542 $ 14,257 $ 29,223 $ 1,945 $ 752,967 Commodity derivative liabilities (138,627) (2,132) (216,126) (12,040) (368,925) Cash collateral (received) paid 69,442 — 1,000 — 70,442 Balance sheet line item totals $ 638,357 $ 12,125 $ (185,903) $ (10,095) $ 454,484 |
Company's Condensed Consolidated Statement of Income gains and location of line items | The net gains and losses on commodity derivatives not designated as hedging instruments included in the Company’s Condensed Consolidated Statements of Operations and the line items in which they are located for the three and six months ended June 30, 2023 and 2022 are as follows: Three months ended June 30, Six months ended June 30, (in thousands) 2023 2022 2023 2022 Gains (losses) on commodity derivatives included in Cost of sales and merchandising revenues $ 4,827 $ 230,188 $ (22,741) $ 264,186 The recording of derivatives gains and losses and the financial statement line in which they are located are as follows: Three months ended June 30, Six months ended June 30, (in thousands) 2023 2022 2023 2022 Derivatives designated as hedging instruments Interest rate derivative gains (losses) included in Other comprehensive income (loss) $ 8,996 $ 8,923 $ 2,590 $ 25,464 Interest rate derivative gains (losses) included in Interest expense, net 2,515 (1,013) 4,619 (2,631) |
Amounts of quantities outstanding included in commodity derivative contracts | The Company had the following volume of commodity derivative contracts outstanding (on a gross basis) at June 30, 2023, December 31, 2022 and June 30, 2022: June 30, 2023 (in thousands) Number of Bushels Number of Gallons Number of Tons Non-exchange traded: Corn 547,805 — — Soybeans 42,273 — — Wheat 236,316 — — Oats 27,824 — — Ethanol — 208,251 — Dried distillers grain — — 479 Soybean meal — — 290 Other 11,064 33,819 2,704 Subtotal 865,282 242,070 3,473 Exchange traded: Corn 177,425 — — Soybeans 27,555 — — Wheat 59,262 — — Oats 960 — — Ethanol — 74,760 — Propane — 63,630 — Other — 1,008 393 Subtotal 265,202 139,398 393 Total 1,130,484 381,468 3,866 December 31, 2022 (in thousands) Number of Bushels Number of Gallons Number of Tons Non-exchange traded: Corn 567,405 — — Soybeans 56,608 — — Wheat 102,716 — — Oats 24,710 — — Ethanol — 178,935 — Dried distillers grain — — 449 Soybean meal — — 570 Other 10,054 44,547 2,029 Subtotal 761,493 223,482 3,048 Exchange traded: Corn 170,280 — — Soybeans 46,380 — — Wheat 111,567 — — Oats 365 — — Ethanol — 94,206 — Propane — 47,208 — Other — 588 581 Subtotal 328,592 142,002 581 Total 1,090,085 365,484 3,629 June 30, 2022 (in thousands) Number of Bushels Number of Gallons Number of Tons Non-exchange traded: Corn 628,471 — — Soybeans 116,679 — — Wheat 97,224 — — Oats 37,355 — — Ethanol — 200,388 — Dried distillers grain — — 318 Soybean meal — — 421 Other 8,549 25,767 3,032 Subtotal 888,278 226,155 3,771 Exchange traded: Corn 219,020 — — Soybeans 69,115 — — Wheat 74,418 — — Oats 650 — — Ethanol — 94,794 — Propane — 25,578 — Other 95 546 360 Subtotal 363,298 120,918 360 Total 1,251,576 347,073 4,131 |
Schedule of Fair Value of Interest Rate Derivative Liabilities | The Company had recorded the following amounts for the fair value of the Company's other derivatives: (in thousands) June 30, 2023 December 31, 2022 June 30, 2022 Derivatives not designated as hedging instruments Foreign currency contracts included in Other current assets (liabilities) $ 852 $ (3,124) $ (1,749) Derivatives designated as hedging instruments Interest rate contracts included in Other current assets $ 11,107 $ 8,759 $ 3,276 Interest rate contracts included in Other assets 22,881 22,641 15,047 |
Schedule of Outstanding Interest Rate Derivatives | Outstanding interest rate derivatives, as of June 30, 2023, are as follows: Interest Rate Hedging Instrument Year Entered Year of Maturity Initial Notional Amount Description Interest Rate Long-term Swap 2019 2025 $ 96.9 Interest rate component of debt - accounted for as a hedge 2.3% Swap 2019 2025 $ 48.4 Interest rate component of debt - accounted for as a hedge 2.4% Swap 2019 2025 $ 48.4 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% Swap 2023 2024 $ 50.0 Interest rate component of debt - accounted for as a hedge 3.7% Swap 2023 2025 $ 50.0 Interest rate component of debt - accounted for as a hedge 3.7% Swap 2023 2031 $ 50.0 Interest rate component of debt - accounted for as a hedge 2.9% |
Revenue (Tables)
Revenue (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Breakdown of Revenues between ASC 606 | The breakdown of revenues between ASC 606 and ASC 815 is as follows: Three months ended June 30, Six months ended June 30, (in thousands) 2023 2022 2023 2022 Revenues under ASC 606 $ 975,269 $ 956,013 $ 1,714,247 $ 1,633,869 Revenues under ASC 815 3,044,914 3,494,604 6,187,174 6,794,702 Total revenues $ 4,020,183 $ 4,450,617 $ 7,901,421 $ 8,428,571 |
Schedule of Disaggregation of Revenues | The following tables disaggregate revenues under ASC 606 by major product/service line for the three and six months ended June 30, 2023 and 2022, respectively: Three months ended June 30, 2023 (in thousands) Trade Renewables Nutrient & Industrial Total Specialty nutrients $ — $ — $ 98,335 $ 98,335 Primary nutrients — — 315,101 315,101 Products and co-products 114,289 368,646 — 482,935 Propane 30,155 — — 30,155 Other 14,782 1,804 32,157 48,743 Total $ 159,226 $ 370,450 $ 445,593 $ 975,269 Three months ended June 30, 2022 (in thousands) Trade Renewables Nutrient & Industrial Total Specialty nutrients $ — $ — $ 104,357 $ 104,357 Primary nutrients — — 336,487 336,487 Products and co-products 101,195 329,224 — 430,419 Propane 41,088 — — 41,088 Other 12,844 1,378 29,440 43,662 Total $ 155,127 $ 330,602 $ 470,284 $ 956,013 Six months ended June 30, 2023 (in thousands) Trade Renewables Nutrient & Industrial Total Specialty nutrients $ — $ — $ 168,332 $ 168,332 Primary nutrients — — 379,851 379,851 Products and co-products 203,256 763,255 — 966,511 Propane 106,678 — — 106,678 Other 27,372 4,152 61,351 92,875 Total $ 337,306 $ 767,407 $ 609,534 $ 1,714,247 Six months ended June 30, 2022 (in thousands) Trade Renewables Nutrient & Industrial Total Specialty nutrients $ — $ — $ 197,625 $ 197,625 Primary nutrients — — 426,369 426,369 Products and co-products 209,066 561,918 — 770,984 Propane 155,591 — — 155,591 Other 24,375 2,593 56,332 83,300 Total $ 389,032 $ 564,511 $ 680,326 $ 1,633,869 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | The following table summarizes the changes in accumulated other comprehensive income ("AOCI") attributable to the Company for the three and six months ended June 30, 2023 and 2022: Three months ended June 30, Six months ended June 30, (in thousands) 2023 2022 2023 2022 Currency Translation Adjustment Beginning balance $ (7,436) $ 5,729 $ (8,203) $ 5,631 Other comprehensive income (loss) before reclassifications 2,669 (5,679) 3,436 (5,581) Tax effect — — — — Other comprehensive income (loss), net of tax 2,669 (5,679) 3,436 (5,581) Ending balance $ (4,767) $ 50 $ (4,767) $ 50 Hedging Adjustment Beginning balance $ 18,750 $ 7,087 $ 23,546 $ (5,335) Other comprehensive income (loss) before reclassifications 11,511 7,910 7,209 22,833 Amounts reclassified from AOCI (a) (2,514) 1,013 (4,619) 2,631 Tax effect (2,262) (2,226) (651) (6,345) Other comprehensive income (loss), net of tax 6,735 6,697 1,939 19,119 Ending balance $ 25,485 $ 13,784 $ 25,485 $ 13,784 Pension and Other Postretirement Adjustment Beginning balance $ 4,695 $ 481 $ 4,883 $ 640 Other comprehensive income (loss) before reclassifications (15) 845 (29) 914 Amounts reclassified from AOCI (b) (228) (228) (456) (456) Tax effect 54 (100) 108 (100) Other comprehensive income (loss), net of tax (189) 517 (377) 358 Ending balance $ 4,506 $ 998 $ 4,506 $ 998 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 $ 25,482 $ 15,090 $ 25,482 $ 15,090 (a) Amounts reclassified from gain (loss) on cash flow hedges are reclassified from AOCI to income when the hedged item affects earnings and is recognized in Interest expense, net. See Note 5 for additional information. (b) This accumulated other comprehensive loss component is included in the computation of net periodic benefit cost recorded in Operating, administrative and general expenses. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Earnings Per Share [Abstract] | |
Earnings per share | (in thousands, except per common share data) Three months ended June 30, Six months ended June 30, 2023 2022 2023 2022 Numerator: Net income from continuing operations $ 82,686 $ 102,400 $ 23,569 $ 108,904 Net income (loss) attributable to noncontrolling interests (a) 27,640 21,856 (16,727) 22,303 Net income attributable to The Andersons, Inc. common shareholders from continuing operations $ 55,046 $ 80,544 $ 40,296 $ 86,601 Loss from discontinued operations, net of income taxes $ — $ (739) $ — $ (1,294) Denominator: Weighted average shares outstanding – basic 33,744 33,850 33,683 33,795 Effect of dilutive awards 421 566 510 621 Weighted average shares outstanding – diluted 34,165 34,416 34,193 34,416 Earnings (loss) per share attributable to The Andersons, Inc. common shareholders: Basic earnings (loss): Continuing operations $ 1.63 $ 2.38 $ 1.20 $ 2.56 Discontinued operations — (0.02) — (0.04) $ 1.63 $ 2.36 $ 1.20 $ 2.52 Diluted earnings (loss): Continuing operations $ 1.61 $ 2.34 $ 1.18 $ 2.52 Discontinued operations — (0.02) — (0.04) $ 1.61 $ 2.32 $ 1.18 $ 2.48 (a) All net income (loss) attributable to noncontrolling interests is within continuing operations of the Company. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Assets and liabilities measured at fair value on a recurring basis | The following table presents the Company’s assets and liabilities measured at fair value on a recurring basis at June 30, 2023, December 31, 2022 and June 30, 2022: (in thousands) June 30, 2023 Assets (liabilities) Level 1 Level 2 Level 3 Total Commodity derivatives, net (a) $ 69,833 $ 25,524 $ — $ 95,357 Provisionally priced contracts (b) (19,061) (16,529) — (35,590) Convertible preferred securities (c) — — 15,424 15,424 Other assets and liabilities (d) 5,018 33,988 — 39,006 Total $ 55,790 $ 42,983 $ 15,424 $ 114,197 (in thousands) December 31, 2022 Assets (liabilities) Level 1 Level 2 Level 3 Total Commodity derivatives, net (a) $ 54,516 $ 143,402 $ — $ 197,918 Provisionally priced contracts (b) (20,960) (115,377) — (136,337) Convertible preferred securities (c) — — 16,278 16,278 Other assets and liabilities (d) (209) 31,400 — 31,191 Total $ 33,347 $ 59,425 $ 16,278 $ 109,050 (in thousands) June 30, 2022 Assets (liabilities) Level 1 Level 2 Level 3 Total Commodity derivatives, net (a) $ 235,665 $ 218,819 $ — $ 454,484 Provisionally priced contracts (b) 38,061 (27,945) — 10,116 Convertible preferred securities (c) — — 16,803 16,803 Other assets and liabilities (d) 1,097 18,323 — 19,420 Total $ 274,823 $ 209,197 $ 16,803 $ 500,823 (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) 2023 2022 Assets at January 1, $ 16,278 $ 11,618 Purchases of additional investments — 3,883 Gains included in Other income, net 802 404 Proceeds from investments (1,670) — Assets at March 31, $ 15,410 $ 15,905 Purchases of additional investments 235 772 Gains (losses) included in Other income, net (221) 126 Assets at June 30, $ 15,424 $ 16,803 |
Fair Value Inputs, Assets, Quantitative Information | The following tables summarize quantitative information about the Company's Level 3 fair value measurements as of June 30, 2023, December 31, 2022 and June 30, 2022: Quantitative Information about Recurring Level 3 Fair Value Measurements Fair Value as of (in thousands) June 30, 2023 December 31, 2022 June 30, 2022 Valuation Method Unobservable Input Weighted Average Convertible preferred securities (a) $ 15,424 $ 16,278 $ 16,803 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 Fair Value as of (in thousands) June 30, 2023 December 31, 2022 June 30, 2022 Valuation Method Unobservable Input Weighted Average Grain Assets (a) $ — $ 9,000 $ — Third party appraisal Various N/A Equity method investment (b) $ — $ — $ 11,538 Discounted cash flow analysis Various N/A (a) The Company recognized impairment charges on a Nebraska grain asset. The fair value of the asset was determined using third-party appraisals. These measures are considered Level 3 inputs on a nonrecurring basis. (b) The Company recorded an other-than-temporary impairment charge on an existing equity method investment. The fair value of the investment was determined using a discounted cash flow analysis. |
Related Parties (Tables)
Related Parties (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Related Party Transactions [Abstract] | |
Schedule of related party transactions | The following table sets forth the related party transactions entered into for the time periods presented: Three months ended June 30, Six months ended June 30, (in thousands) 2023 2022 2023 2022 Sales of products $ 97,099 $ 103,106 $ 172,050 $ 189,255 Purchases of products 14,524 11,983 30,226 38,409 (in thousands) June 30, 2023 December 31, 2022 June 30, 2022 Accounts receivable $ 15,218 $ 12,272 $ 17,560 Accounts payable 2,503 7,070 3,060 |
Segment Information (Tables)
Segment Information (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Segment Reporting [Abstract] | |
Segment Information | The segment information below includes the allocation of expenses shared by one or more operating segments. Although management believes such allocations are reasonable, the operating information does not necessarily reflect how such data might appear if the segments were operated as separate businesses. The Company does not have any customers who represent 10 percent or more of total revenues. Three months ended June 30, Six months ended June 30, (in thousands) 2023 2022 2023 2022 Revenues from external customers Trade $ 2,696,810 $ 3,097,767 $ 5,574,590 $ 6,182,448 Renewables 877,781 882,567 1,717,297 1,565,798 Nutrient & Industrial 445,592 470,283 609,534 680,325 Total $ 4,020,183 $ 4,450,617 $ 7,901,421 $ 8,428,571 Three months ended June 30, Six months ended June 30, (in thousands) 2023 2022 2023 2022 Income before income taxes from continuing operations Trade $ 4,990 $ 23,666 $ 44,354 $ 27,335 Renewables (a) 66,604 67,776 (15,909) 73,738 Nutrient & Industrial 42,565 38,311 32,127 49,054 Other (9,741) (11,600) (21,155) (21,367) Total $ 104,418 $ 118,153 $ 39,417 $ 128,760 (a) Includes income (loss) attributable to noncontrolling interests of $27.6 million and $21.9 million for the three months ended June 30, 2023 and 2022, respectively, and $(16.7) million and $22.3 million for the six months ended June 30, 2023 and 2022, respectively. |
Other Income (Tables)
Other Income (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Other Income and Expenses [Abstract] | |
Schedule of Other Nonoperating Income | The following table sets forth the items in Other income, net within the Condensed Consolidated Statements of Operations for the periods presented below: Three months ended June 30, Six months ended June 30, (in thousands) 2023 2022 2023 2022 Gain on deconsolidation of joint venture $ 6,544 $ — $ 6,544 $ — Property insurance recoveries 2,180 1,851 3,183 3,106 Interest income 1,708 819 3,175 1,293 Patronage income 78 936 2,094 2,399 Gain on sale of frac sand assets — 3,979 — 3,979 Biofuel Producer Program funds — 17,643 — 17,643 Equity earnings (losses) in affiliates (417) (6,034) (231) (6,278) Other 2,348 (2,402) 5,680 (1,432) Total $ 12,441 $ 16,792 $ 20,445 $ 20,710 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 | Jun. 30, 2022 |
Inventory, Net [Abstract] | |||
Grain and other agricultural products | $ 707,980 | $ 1,326,531 | $ 1,241,933 |
Frac sand and propane | 19,564 | 21,084 | 19,483 |
Ethanol and co-products | 142,978 | 156,341 | 179,175 |
Plant nutrients and cob products | 120,267 | 227,769 | 177,735 |
Total inventories | 990,789 | 1,731,725 | 1,618,326 |
Readily marketable inventory | $ 691,700 | $ 1,308,800 | $ 1,214,400 |
Property, Plant and Equipment_2
Property, Plant and Equipment (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 | Jun. 30, 2022 |
Components of property, plant and equipment | |||
Land | $ 31,838 | $ 38,689 | $ 38,630 |
Land improvements and leasehold improvements | 81,470 | 92,084 | 91,542 |
Buildings and storage facilities | 349,773 | 364,721 | 370,453 |
Machinery and equipment | 891,368 | 980,159 | 949,142 |
Construction in progress | 56,578 | 41,429 | 31,237 |
Property, plant and equipment, gross | 1,411,027 | 1,517,082 | 1,481,004 |
Less: accumulated depreciation | 747,586 | 754,353 | 717,561 |
Property, plant and equipment, net | $ 663,441 | $ 762,729 | $ 763,443 |
Property, Plant and Equipment_3
Property, Plant and Equipment (Textual) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Property, Plant and Equipment [Line Items] | ||||
Depreciation expense | $ 24,400 | $ 27,500 | $ 50,500 | $ 55,800 |
Asset impairment | $ 0 | $ 0 | $ 87,156 | $ 0 |
Asset impairment, noncontrolling interest percent | 49% | |||
Ethanol | ||||
Property, Plant and Equipment [Line Items] | ||||
Asset impairment | $ 87,200 | |||
Element LLC | ||||
Property, Plant and Equipment [Line Items] | ||||
Ownership percentage by parent | 51% | 51% |
Debt - Schedule of Short-term a
Debt - Schedule of Short-term and Long-term Debt (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 | Jun. 30, 2022 |
Debt Instrument [Line Items] | |||
Short-term debt | $ 102,752 | $ 272,575 | $ 1,161,428 |
Long-term debt | |||
Current maturities of long-term debt | 27,511 | 110,155 | 53,951 |
Total current maturities of long-term debt | 27,511 | 110,155 | 53,951 |
Long-term debt, less current maturities | 576,489 | 492,518 | 563,447 |
Total long-term debt, less: current maturities | 576,489 | 492,518 | 563,447 |
Nonrecourse | |||
Debt Instrument [Line Items] | |||
Short-term debt | 33,555 | 81,475 | 97,668 |
Long-term debt | |||
Current maturities of long-term debt | 62 | 63,815 | 7,707 |
Long-term debt, less current maturities | 0 | 414 | 60,396 |
Recourse | |||
Debt Instrument [Line Items] | |||
Short-term debt | 69,197 | 191,100 | 1,063,760 |
Long-term debt | |||
Current maturities of long-term debt | 27,449 | 46,340 | 46,244 |
Long-term debt, less current maturities | $ 576,489 | $ 492,104 | $ 503,051 |
Debt - Narrative (Details)
Debt - Narrative (Details) - USD ($) | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Apr. 03, 2023 | Dec. 31, 2022 | |
Line of Credit Facility [Line Items] | ||||
Payments of short-term debt | $ 0 | $ 550,000,000 | ||
Current maturities of long-term debt | 27,511,000 | 53,951,000 | $ 110,155,000 | |
ELEMENT Non-Recourse Debt | Nonrecourse | ||||
Line of Credit Facility [Line Items] | ||||
Current maturities of long-term debt | 62,800,000 | |||
Estimate of Fair Value Measurement | ||||
Line of Credit Facility [Line Items] | ||||
Long-term debt, fair value | 597,600,000 | $ 617,500,000 | $ 595,700,000 | |
Line of credit | ||||
Line of Credit Facility [Line Items] | ||||
Credit facility, maximum borrowing capacity | 1,869,100,000 | |||
Total available for borrowings under lines of credit | $ 1,740,700,000 | |||
Term loan | ||||
Line of Credit Facility [Line Items] | ||||
Debt amount | $ 100,000,000 |
Derivatives (Textual) (Details)
Derivatives (Textual) (Details) | 6 Months Ended |
Jun. 30, 2023 | |
Derivative [Line Items] | |
Maximum period in which contracts for the sale of grain to processors or other consumers extend (years) | 1 year |
Derivatives (Net Asset or Liabi
Derivatives (Net Asset or Liability Positions in Balance Sheet) (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 | Jun. 30, 2022 |
Estimated fair value of Company's commodity derivative instruments for cash collateral and associated cash as collateral | |||
Cash collateral (received) paid | $ (15,290) | $ 64,530 | $ 70,442 |
Fair value of derivatives | 85,123 | (10,014) | 165,223 |
Net derivative asset position, net | $ 69,833 | $ 54,516 | $ 235,665 |
Derivatives (Gross Current and
Derivatives (Gross Current and Noncurrent Assets and Liabilities) (Details) - Commodity - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 | Jun. 30, 2022 |
Derivatives, Fair Value [Line Items] | |||
Commodity derivative assets | $ 468,557 | $ 346,670 | $ 752,967 |
Commodity derivative liabilities | (357,910) | (213,282) | (368,925) |
Cash collateral (received) paid | (15,290) | ||
Cash collateral (received) paid | 64,530 | 70,442 | |
Total | 95,357 | 197,918 | 454,484 |
Commodity Derivative Assets - Current | |||
Derivatives, Fair Value [Line Items] | |||
Commodity derivative assets | 438,227 | 325,762 | 707,542 |
Commodity derivative liabilities | (75,253) | (94,704) | (138,627) |
Cash collateral (received) paid | (15,290) | ||
Cash collateral (received) paid | 64,530 | 69,442 | |
Derivative assets | 347,684 | 295,588 | 638,357 |
Commodity Derivative Assets - Noncurrent | |||
Derivatives, Fair Value [Line Items] | |||
Commodity derivative assets | 3,959 | 1,796 | 14,257 |
Commodity derivative liabilities | (1,029) | (149) | (2,132) |
Cash collateral (received) paid | 0 | ||
Cash collateral (received) paid | 0 | 0 | |
Derivative assets | 2,930 | 1,647 | 12,125 |
Commodity Derivative Liabilities - Current | |||
Derivatives, Fair Value [Line Items] | |||
Commodity derivative assets | 26,312 | 18,426 | 29,223 |
Commodity derivative liabilities | (277,413) | (116,945) | (216,126) |
Cash collateral (received) paid | 0 | ||
Cash collateral (received) paid | 0 | 1,000 | |
Derivative Liability | (251,101) | (98,519) | (185,903) |
Commodity Derivative Liabilities - Noncurrent | |||
Derivatives, Fair Value [Line Items] | |||
Commodity derivative assets | 59 | 686 | 1,945 |
Commodity derivative liabilities | (4,215) | (1,484) | (12,040) |
Cash collateral (received) paid | 0 | ||
Cash collateral (received) paid | 0 | 0 | |
Derivative Liability | $ (4,156) | $ (798) | $ (10,095) |
Derivatives (Pre-tax Gains and
Derivatives (Pre-tax Gains and Losses) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Commodity | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gains (losses) on derivatives instruments recognized in earnings | $ 4,827 | $ 230,188 | $ (22,741) | $ 264,186 |
Designated as Hedging Instrument | Interest rate contracts | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Interest rate derivative gains (losses) included in Other comprehensive income (loss) | 8,996 | 8,923 | 2,590 | 25,464 |
Interest rate derivative gains (losses) included in Interest expense, net | $ 2,515 | $ (1,013) | $ 4,619 | $ (2,631) |
Derivatives (Volume of Contract
Derivatives (Volume of Contracts Outstanding) (Details) gal in Thousands, bu in Thousands, T in Thousands | Jun. 30, 2023 bu | Jun. 30, 2023 gal | Jun. 30, 2023 T | Dec. 31, 2022 bu | Dec. 31, 2022 gal | Dec. 31, 2022 T | Jun. 30, 2022 bu | Jun. 30, 2022 gal | Jun. 30, 2022 T |
Amounts of quantities outstanding included in commodity derivative contracts | |||||||||
Nonmonetary notional amount | 1,130,484 | 381,468 | 3,866 | 1,090,085 | 365,484 | 3,629 | 1,251,576 | 347,073 | 4,131 |
Non-exchange Traded | |||||||||
Amounts of quantities outstanding included in commodity derivative contracts | |||||||||
Nonmonetary notional amount | 865,282 | 242,070 | 3,473 | 761,493 | 223,482 | 3,048 | 888,278 | 226,155 | 3,771 |
Non-exchange Traded | Corn | |||||||||
Amounts of quantities outstanding included in commodity derivative contracts | |||||||||
Nonmonetary notional amount | 547,805 | 0 | 0 | 567,405 | 0 | 0 | 628,471 | 0 | 0 |
Non-exchange Traded | Soybeans | |||||||||
Amounts of quantities outstanding included in commodity derivative contracts | |||||||||
Nonmonetary notional amount | 42,273 | 0 | 0 | 56,608 | 0 | 0 | 116,679 | 0 | 0 |
Non-exchange Traded | Wheat | |||||||||
Amounts of quantities outstanding included in commodity derivative contracts | |||||||||
Nonmonetary notional amount | 236,316 | 0 | 0 | 102,716 | 0 | 0 | 97,224 | 0 | 0 |
Non-exchange Traded | Oats | |||||||||
Amounts of quantities outstanding included in commodity derivative contracts | |||||||||
Nonmonetary notional amount | 27,824 | 0 | 0 | 24,710 | 0 | 0 | 37,355 | 0 | 0 |
Non-exchange Traded | Ethanol | |||||||||
Amounts of quantities outstanding included in commodity derivative contracts | |||||||||
Nonmonetary notional amount | 0 | 208,251 | 0 | 0 | 178,935 | 0 | 0 | 200,388 | 0 |
Non-exchange Traded | Dried distillers grain | |||||||||
Amounts of quantities outstanding included in commodity derivative contracts | |||||||||
Nonmonetary notional amount | 0 | 0 | 479 | 0 | 0 | 449 | 0 | 0 | 318 |
Non-exchange Traded | Soybean meal | |||||||||
Amounts of quantities outstanding included in commodity derivative contracts | |||||||||
Nonmonetary notional amount | 0 | 0 | 290 | 0 | 0 | 570 | 0 | 0 | 421 |
Non-exchange Traded | Other | |||||||||
Amounts of quantities outstanding included in commodity derivative contracts | |||||||||
Nonmonetary notional amount | 11,064 | 33,819 | 2,704 | 10,054 | 44,547 | 2,029 | 8,549 | 25,767 | 3,032 |
Exchange Traded | |||||||||
Amounts of quantities outstanding included in commodity derivative contracts | |||||||||
Nonmonetary notional amount | 265,202 | 139,398 | 393 | 328,592 | 142,002 | 581 | 363,298 | 120,918 | 360 |
Exchange Traded | Corn | |||||||||
Amounts of quantities outstanding included in commodity derivative contracts | |||||||||
Nonmonetary notional amount | 177,425 | 0 | 0 | 170,280 | 0 | 0 | 219,020 | 0 | 0 |
Exchange Traded | Soybeans | |||||||||
Amounts of quantities outstanding included in commodity derivative contracts | |||||||||
Nonmonetary notional amount | 27,555 | 0 | 0 | 46,380 | 0 | 0 | 69,115 | 0 | 0 |
Exchange Traded | Wheat | |||||||||
Amounts of quantities outstanding included in commodity derivative contracts | |||||||||
Nonmonetary notional amount | 59,262 | 0 | 0 | 111,567 | 0 | 0 | 74,418 | 0 | 0 |
Exchange Traded | Oats | |||||||||
Amounts of quantities outstanding included in commodity derivative contracts | |||||||||
Nonmonetary notional amount | 960 | 0 | 0 | 365 | 0 | 0 | 650 | 0 | 0 |
Exchange Traded | Ethanol | |||||||||
Amounts of quantities outstanding included in commodity derivative contracts | |||||||||
Nonmonetary notional amount | 0 | 74,760 | 0 | 0 | 94,206 | 0 | 0 | 94,794 | 0 |
Exchange Traded | Propane | |||||||||
Amounts of quantities outstanding included in commodity derivative contracts | |||||||||
Nonmonetary notional amount | 0 | 63,630 | 0 | 0 | 47,208 | 0 | 0 | 25,578 | 0 |
Exchange Traded | Other | |||||||||
Amounts of quantities outstanding included in commodity derivative contracts | |||||||||
Nonmonetary notional amount | 0 | 1,008 | 393 | 0 | 588 | 581 | 95 | 546 | 360 |
Derivatives (Fair Value of the
Derivatives (Fair Value of the Company's Other Derivatives) (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 | Jun. 30, 2022 |
Not Designated as Hedging Instrument | Foreign currency contract | |||
Derivative [Line Items] | |||
Derivative liabilities | $ (3,124) | ||
Derivative assets | $ 852 | $ (1,749) | |
Designated as Hedging Instrument | Other current assets | Interest rate contracts | |||
Derivative [Line Items] | |||
Derivative assets | 11,107,000 | 8,759 | 3,276 |
Designated as Hedging Instrument | Other Noncurrent Assets | Interest rate contracts | |||
Derivative [Line Items] | |||
Derivative assets | $ 22,881,000 | $ 22,641 | $ 15,047 |
Derivatives (Outstanding Intere
Derivatives (Outstanding Interest Rate Derivatives) (Details) - Long-term $ in Millions | Jun. 30, 2023 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 | $ 96.9 |
Interest rate | 2.30% |
Accounted for as Hedge | Swap 2.4% | |
Derivative [Line Items] | |
Notional amount | $ 48.4 |
Interest rate | 2.40% |
Accounted for as Hedge | Swap 2.4% | |
Derivative [Line Items] | |
Notional amount | $ 48.4 |
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% |
Accounted for as Hedge | Swap 3.7% | |
Derivative [Line Items] | |
Notional amount | $ 50 |
Interest rate | 3.70% |
Accounted for as Hedge | Swap 3.7% | |
Derivative [Line Items] | |
Notional amount | $ 50 |
Interest rate | 3.70% |
Accounted for as Hedge | Swap 2.9% | |
Derivative [Line Items] | |
Notional amount | $ 50 |
Interest rate | 2.90% |
Revenue (Breakdown of Revenues
Revenue (Breakdown of Revenues by Accounting Standards) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customers | $ 975,269 | $ 956,013 | $ 1,714,247 | $ 1,633,869 |
Total revenues | 4,020,183 | 4,450,617 | 7,901,421 | 8,428,571 |
Revenues under ASC 606 | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customers | 975,269 | 956,013 | 1,714,247 | 1,633,869 |
Revenues under ASC 815 | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | $ 3,044,914 | $ 3,494,604 | $ 6,187,174 | $ 6,794,702 |
Revenue (Disaggregation of Reve
Revenue (Disaggregation of Revenues) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Disaggregation of Revenue [Line Items] | ||||
Total | $ 975,269 | $ 956,013 | $ 1,714,247 | $ 1,633,869 |
Specialty nutrients | ||||
Disaggregation of Revenue [Line Items] | ||||
Total | 98,335 | 104,357 | 168,332 | 197,625 |
Primary nutrients | ||||
Disaggregation of Revenue [Line Items] | ||||
Total | 315,101 | 336,487 | 379,851 | 426,369 |
Products and co-products | ||||
Disaggregation of Revenue [Line Items] | ||||
Total | 482,935 | 430,419 | 966,511 | 770,984 |
Propane | ||||
Disaggregation of Revenue [Line Items] | ||||
Total | 30,155 | 41,088 | 106,678 | 155,591 |
Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Total | 48,743 | 43,662 | 92,875 | 83,300 |
Trade | ||||
Disaggregation of Revenue [Line Items] | ||||
Total | 159,226 | 155,127 | 337,306 | 389,032 |
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 | 114,289 | 101,195 | 203,256 | 209,066 |
Trade | Propane | ||||
Disaggregation of Revenue [Line Items] | ||||
Total | 30,155 | 41,088 | 106,678 | 155,591 |
Trade | Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Total | 14,782 | 12,844 | 27,372 | 24,375 |
Ethanol | ||||
Disaggregation of Revenue [Line Items] | ||||
Total | 370,450 | 330,602 | 767,407 | 564,511 |
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 | 368,646 | 329,224 | 763,255 | 561,918 |
Ethanol | Propane | ||||
Disaggregation of Revenue [Line Items] | ||||
Total | 0 | 0 | 0 | 0 |
Ethanol | Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Total | 1,804 | 1,378 | 4,152 | 2,593 |
Nutrient & Industrial | ||||
Disaggregation of Revenue [Line Items] | ||||
Total | 445,593 | 470,284 | 609,534 | 680,326 |
Nutrient & Industrial | Specialty nutrients | ||||
Disaggregation of Revenue [Line Items] | ||||
Total | 98,335 | 104,357 | 168,332 | 197,625 |
Nutrient & Industrial | Primary nutrients | ||||
Disaggregation of Revenue [Line Items] | ||||
Total | 315,101 | 336,487 | 379,851 | 426,369 |
Nutrient & Industrial | Products and co-products | ||||
Disaggregation of Revenue [Line Items] | ||||
Total | 0 | 0 | 0 | 0 |
Nutrient & Industrial | Propane | ||||
Disaggregation of Revenue [Line Items] | ||||
Total | 0 | 0 | 0 | 0 |
Nutrient & Industrial | Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Total | $ 32,157 | $ 29,440 | $ 61,351 | $ 56,332 |
Revenue (Textual) (Details)
Revenue (Textual) (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Revenue from Contract with Customer [Abstract] | ||
Contract Liabilities | $ 15.9 | $ 55.4 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Apr. 18, 2023 | Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Noncontrolling Interest [Line Items] | |||||
Income tax (benefit) expense | $ 21,732 | $ 15,753 | $ 15,848 | $ 19,856 | |
Effective income tax rate | (20.80%) | (13.30%) | (40.20%) | 15.40% | |
Income (loss) before income taxes | $ 104,418 | $ 118,153 | $ 39,417 | $ 128,760 | |
Tax expense, deconsolidation gain | 1,400 | ||||
ELEMENT Deconsolidation Gain | $ 6,500 | 6,544 | $ 0 | 6,544 | $ 0 |
Tax benefit, impairment charge | 10,600 | ||||
Element LLC | |||||
Noncontrolling Interest [Line Items] | |||||
ELEMENT Deconsolidation Gain | $ 6,500 | ||||
Loss attributable to noncontrolling interest, before taxes | $ 88,800 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Beginning Balance | $ 1,346,412 | $ 1,317,221 | $ 1,429,769 | $ 1,307,704 |
Other comprehensive income | 9,215 | 1,535 | 4,998 | 13,896 |
Ending Balance | 1,438,482 | 1,417,206 | 1,438,482 | 1,417,206 |
Accumulated Other Comprehensive Income (Loss) | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Beginning Balance | 16,267 | 13,555 | 20,484 | 1,194 |
Ending Balance | 25,482 | 15,090 | 25,482 | 15,090 |
Currency Translation Adjustment | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Beginning Balance | (7,436) | 5,729 | (8,203) | 5,631 |
Other comprehensive income (loss) before reclassifications | 2,669 | (5,679) | 3,436 | (5,581) |
Other Comprehensive Income (Loss), Tax | 0 | 0 | 0 | 0 |
Other comprehensive income | 2,669 | (5,679) | 3,436 | (5,581) |
Ending Balance | (4,767) | 50 | (4,767) | 50 |
Hedging Adjustment | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Beginning Balance | 18,750 | 7,087 | 23,546 | (5,335) |
Other comprehensive income (loss) before reclassifications | 11,511 | 7,910 | 7,209 | 22,833 |
Amounts reclassified from accumulated other comprehensive income (loss) | (2,514) | 1,013 | (4,619) | 2,631 |
Other Comprehensive Income (Loss), Tax | (2,262) | (2,226) | (651) | (6,345) |
Other comprehensive income | 6,735 | 6,697 | 1,939 | 19,119 |
Ending Balance | 25,485 | 13,784 | 25,485 | 13,784 |
Pension and Other Postretirement Adjustment | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Beginning Balance | 4,695 | 481 | 4,883 | 640 |
Other comprehensive income (loss) before reclassifications | (15) | 845 | (29) | 914 |
Amounts reclassified from accumulated other comprehensive income (loss) | (228) | (228) | (456) | (456) |
Other Comprehensive Income (Loss), Tax | 54 | (100) | 108 | (100) |
Other comprehensive income | (189) | 517 | (377) | 358 |
Ending Balance | 4,506 | 998 | 4,506 | 998 |
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 | 0 | 0 | 0 | 0 |
Ending Balance | $ 258 | $ 258 | $ 258 | $ 258 |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Earnings Per Share [Abstract] | ||||
Net income from continuing operations | $ 82,686 | $ 102,400 | $ 23,569 | $ 108,904 |
Net income (loss) attributable to noncontrolling interests | 27,640 | 21,856 | (16,727) | 22,303 |
Net income attributable to The Andersons, Inc. | 55,046 | 80,544 | 40,296 | 86,601 |
Loss from discontinued operations, net of income taxes | $ 0 | $ (739) | $ 0 | $ (1,294) |
Denominator: | ||||
Weighted average shares outstanding - basic (shares) | 33,744 | 33,850 | 33,683 | 33,795 |
Effect of dilutive awards (shares) | 421 | 566 | 510 | 621 |
Weighted average shares outstanding - diluted (shares) | 34,165 | 34,416 | 34,193 | 34,416 |
Basic earnings (loss): | ||||
Continuing operations (in dollars per share) | $ 1.63 | $ 2.38 | $ 1.20 | $ 2.56 |
Discontinued operations (in dollars per share) | 0 | (0.02) | 0 | (0.04) |
Earnings per common share - basic (dollars per share) | 1.63 | 2.36 | 1.20 | 2.52 |
Diluted earnings (loss): | ||||
Continuing operations (in dollars per share) | 1.61 | 2.34 | 1.18 | 2.52 |
Discontinued operations (in dollars per share) | 0 | (0.02) | 0 | (0.04) |
Earnings per common share - diluted (dollars per share) | $ 1.61 | $ 2.32 | $ 1.18 | $ 2.48 |
Fair Value Measurements (Assets
Fair Value Measurements (Assets and Liabilities Measured on Recurring Basis) (Details) - Recurring - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 | Jun. 30, 2022 |
Assets and liabilities measured at fair value on a recurring basis | |||
Commodity derivatives, net | $ 95,357 | $ 197,918 | $ 454,484 |
Provisionally priced contracts | (35,590) | (136,337) | 10,116 |
Convertible preferred securities | 15,424 | 16,278 | 16,803 |
Other assets and liabilities | 39,006 | 31,191 | 19,420 |
Total | 114,197 | 109,050 | 500,823 |
Level 1 | |||
Assets and liabilities measured at fair value on a recurring basis | |||
Commodity derivatives, net | 69,833 | 54,516 | 235,665 |
Provisionally priced contracts | (19,061) | (20,960) | 38,061 |
Convertible preferred securities | 0 | 0 | 0 |
Other assets and liabilities | 5,018 | (209) | 1,097 |
Total | 55,790 | 33,347 | 274,823 |
Level 2 | |||
Assets and liabilities measured at fair value on a recurring basis | |||
Commodity derivatives, net | 25,524 | 143,402 | 218,819 |
Provisionally priced contracts | (16,529) | (115,377) | (27,945) |
Convertible preferred securities | 0 | 0 | 0 |
Other assets and liabilities | 33,988 | 31,400 | 18,323 |
Total | 42,983 | 59,425 | 209,197 |
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 | 15,424 | 16,278 | 16,803 |
Other assets and liabilities | 0 | 0 | 0 |
Total | $ 15,424 | $ 16,278 | $ 16,803 |
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 | 6 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Reconciliation of Fair Value Measurements Using Level 3 | ||||
Asset, beginning balance | $ 16,278 | $ 11,618 | $ 16,278 | $ 11,618 |
Purchases of additional investments | 235 | 772 | 0 | 3,883 |
Gains included in Other income, net | (221) | 126 | 802 | 404 |
Proceeds from investments | (1,670) | 0 | ||
Asset, ending balance | $ 15,424 | $ 16,803 | $ 15,410 | $ 15,905 |
Fair Value Measurements (Quanti
Fair Value Measurements (Quantitative Information Level 3 Measurements ) (Details) - Level 3 - USD ($) $ in Thousands | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 |
Convertible preferred securities | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Asset fair value | $ 15,410 | $ 15,424 | $ 16,278 | $ 15,905 | $ 16,803 | $ 11,618 |
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 | 15,424 | 16,278 | 16,803 | |||
Third party appraisal | Grain Assets | Nonrecurring | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Asset fair value | 0 | 9,000 | 0 | |||
Third party appraisal | Equity method investments | Nonrecurring | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Asset fair value | $ 0 | $ 0 | $ 11,538 |
Related Parties (Details)
Related Parties (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Related Party Transaction [Line Items] | |||||
Revenues from external customers | $ 4,020,183 | $ 4,450,617 | $ 7,901,421 | $ 8,428,571 | |
Purchases of product | 14,524 | 11,983 | 30,226 | 38,409 | |
Accounts receivable, net | 1,030,271 | 1,141,167 | 1,030,271 | 1,141,167 | $ 1,248,878 |
Related Party | |||||
Related Party Transaction [Line Items] | |||||
Revenues from external customers | 97,099 | 103,106 | 172,050 | 189,255 | |
Accounts receivable, net | 15,218 | 17,560 | 15,218 | 17,560 | 12,272 |
Accounts payable | $ 2,503 | $ 3,060 | $ 2,503 | $ 3,060 | $ 7,070 |
Segment Information (Textual) (
Segment Information (Textual) (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 USD ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2023 USD ($) segment | Jun. 30, 2022 USD ($) | |
Segment Reporting [Abstract] | ||||
Number of reportable segments (business segments) | segment | 3 | |||
Net income (loss) attributable to noncontrolling interests | $ | $ 27,640 | $ 21,856 | $ (16,727) | $ 22,303 |
Segment Information (Details)
Segment Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Segment Reporting Information [Line Items] | ||||
Revenues from external customers | $ 4,020,183 | $ 4,450,617 | $ 7,901,421 | $ 8,428,571 |
Total | 104,418 | 118,153 | 39,417 | 128,760 |
Net income (loss) attributable to noncontrolling interests | 27,640 | 21,856 | (16,727) | 22,303 |
Operating Segments | Trade | ||||
Segment Reporting Information [Line Items] | ||||
Revenues from external customers | 2,696,810 | 3,097,767 | 5,574,590 | 6,182,448 |
Total | 4,990 | 23,666 | 44,354 | 27,335 |
Operating Segments | Renewables | ||||
Segment Reporting Information [Line Items] | ||||
Revenues from external customers | 877,781 | 882,567 | 1,717,297 | 1,565,798 |
Total | 66,604 | 67,776 | (15,909) | 73,738 |
Net income (loss) attributable to noncontrolling interests | 27,600 | 21,900 | (16,700) | 22,300 |
Operating Segments | Nutrient & Industrial | ||||
Segment Reporting Information [Line Items] | ||||
Revenues from external customers | 445,592 | 470,283 | 609,534 | 680,325 |
Total | 42,565 | 38,311 | 32,127 | 49,054 |
Other | ||||
Segment Reporting Information [Line Items] | ||||
Total | $ (9,741) | $ (11,600) | $ (21,155) | $ (21,367) |
Other Income - Schedule of Othe
Other Income - Schedule of Other Nonoperating Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Apr. 18, 2023 | Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Subsidiary or Equity Method Investee [Line Items] | |||||
ELEMENT Deconsolidation Gain | $ 6,500 | $ 6,544 | $ 0 | $ 6,544 | $ 0 |
Property insurance recoveries | 2,180 | 1,851 | 3,183 | 3,106 | |
Interest income | 1,708 | 819 | 3,175 | 1,293 | |
Patronage income | 78 | 936 | 2,094 | 2,399 | |
Gain on sale of frac sand assets | (679) | 10,305 | |||
Biofuel Producer Program funds | 0 | 17,643 | 0 | 17,643 | |
Equity earnings (losses) in affiliates | (417) | (6,034) | (231) | (6,278) | |
Other | 2,348 | (2,402) | 5,680 | (1,432) | |
Total | 12,441 | 16,792 | 20,445 | 20,710 | |
Frac sand assets | |||||
Subsidiary or Equity Method Investee [Line Items] | |||||
Gain on sale of frac sand assets | $ 0 | $ 3,979 | $ 0 | $ 3,979 |
Other Income - Narrative (Detai
Other Income - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Loss Contingencies [Line Items] | ||||
Property insurance recoveries | $ 2,180 | $ 1,851 | $ 3,183 | $ 3,106 |
Interest income, money market deposits | 1,000 | |||
Interest income, inventory financing program | 1,100 | |||
Gain on sale of frac sand assets | (679) | 10,305 | ||
Biofuel Producer Program funds | 0 | 17,643 | 0 | 17,643 |
Equity method investment, impairment charge | 4,500 | |||
Parent | ||||
Loss Contingencies [Line Items] | ||||
Biofuel Producer Program funds | 8,900 | |||
Noncontrolling Interests | ||||
Loss Contingencies [Line Items] | ||||
Biofuel Producer Program funds | 8,700 | |||
Frac sand assets | ||||
Loss Contingencies [Line Items] | ||||
Gain on sale of frac sand assets | $ 0 | $ 3,979 | 0 | 3,979 |
Conveyor Collapse, Delhi, Louisiana | ||||
Loss Contingencies [Line Items] | ||||
Property insurance recoveries | $ 2,200 | |||
Property Damage, Galena Park, Texas | ||||
Loss Contingencies [Line Items] | ||||
Property insurance recoveries | 3,000 | |||
TAMH | ||||
Loss Contingencies [Line Items] | ||||
Biofuel Producer Program funds | 13,300 | |||
Element LLC | ||||
Loss Contingencies [Line Items] | ||||
Biofuel Producer Program funds | $ 4,300 |
ELEMENT (Details)
ELEMENT (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Apr. 18, 2023 | Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Schedule of Equity Method Investments [Line Items] | ||||||
Asset impairment | $ 0 | $ 0 | $ 87,156 | $ 0 | ||
Deconsolidation, gain on revaluation of retained investment | $ 18,100 | |||||
Accounts receivable, net | 1,030,271 | 1,141,167 | 1,030,271 | 1,141,167 | $ 1,248,878 | |
ELEMENT Deconsolidation Gain | 6,500 | 6,544 | 0 | 6,544 | 0 | |
Related Party | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Accounts receivable, net | $ 15,218 | $ 17,560 | 15,218 | $ 17,560 | $ 12,272 | |
Related Party | Element LLC | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Loss on receivables | 11,600 | |||||
Related Party | Element LLC | Raw Material And Fees Receivable | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Accounts receivable, net | 9,600 | |||||
Related Party | Element LLC | Loans And Interest Due | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Accounts receivable, net | $ 2,000 | |||||
Ethanol | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Asset impairment | $ 87,200 | |||||
Element LLC | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Ownership percentage by parent | 51% | 51% | ||||
ELEMENT Deconsolidation Gain | $ 6,500 | |||||
Element LLC | ICM Holdings, In | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Ownership percentage by noncontrolling owners | 49% | 49% |
Subsequent Events (Details)
Subsequent Events (Details) - Subsequent Event - ACJ International LLC $ in Millions | Jul. 10, 2023 USD ($) |
Subsequent Event [Line Items] | |
Consideration for acquisition | $ 41.4 |
Consideration for acquisition, cash | $ 24.4 |
Consideration payable, period | 3 years |