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As Of Filer Filing For·On·As Docs:Size 8/08/22 Andersons, Inc. 10-Q 6/30/22 75:10M |
Document/Exhibit Description Pages Size 1: 10-Q Quarterly Report HTML 2.36M 2: EX-31.1 Certification -- §302 - SOA'02 HTML 27K 3: EX-31.2 Certification -- §302 - SOA'02 HTML 27K 4: EX-32.1 Certification -- §906 - SOA'02 HTML 22K 10: R1 Cover page HTML 73K 11: R2 Condensed Consolidated Statements of Operations HTML 143K 12: R3 Condensed Consolidated Statements of Comprehensive HTML 58K Income (Loss) 13: R4 Condensed Consolidated Balance Sheets HTML 171K 14: R5 Condensed Consolidated Balance Sheets HTML 31K (Parenthetical) 15: R6 Condensed Consolidated Statements of Cash Flows HTML 131K 16: R7 Condensed Consolidated Statements of Equity HTML 80K 17: R8 Condensed Consolidated Statements of Equity HTML 26K (Parenthetical) 18: R9 Basis of Presentation and Consolidation HTML 26K 19: R10 Inventories HTML 34K 20: R11 Property, Plant and Equipment HTML 39K 21: R12 Debt HTML 49K 22: R13 Derivatives HTML 229K 23: R14 Revenue HTML 105K 24: R15 Income Taxes HTML 27K 25: R16 Accumulated Other Comprehensive Income (Loss) HTML 81K 26: R17 Earnings Per Share HTML 62K 27: R18 Fair Value Measurements HTML 107K 28: R19 Related Parties HTML 37K 29: R20 Segment Information HTML 57K 30: R21 Commitments and Contingencies HTML 26K 31: R22 Discontinued Operations HTML 98K 32: R23 Subsequent Events HTML 22K 33: R24 Inventories (Tables) HTML 34K 34: R25 Property, Plant and Equipment (Tables) HTML 37K 35: R26 Debt (Tables) HTML 45K 36: R27 Derivatives (Tables) HTML 234K 37: R28 Revenue (Tables) HTML 101K 38: R29 Accumulated Other Comprehensive Income (Loss) HTML 82K (Tables) 39: R30 Earnings Per Share (Tables) HTML 62K 40: R31 Fair Value Measurements (Tables) HTML 105K 41: R32 Related Parties (Tables) HTML 35K 42: R33 Segment Information (Tables) HTML 53K 43: R34 Discontinued Operation (Tables) HTML 100K 44: R35 Inventories (Details) HTML 34K 45: R36 Property, Plant and Equipment (Details) HTML 40K 46: R37 Property, Plant and Equipment (Textual) (Details) HTML 30K 47: R38 Debt - Schedule of Short-term and Long-term Debt HTML 40K (Details) 48: R39 Debt - Narrative (Details) HTML 58K 49: R40 Derivatives (Textual) (Details) HTML 22K 50: R41 Derivatives (Net Asset or Liability Positions in HTML 27K Balance Sheet) (Details) 51: R42 Derivatives (Gross Current and Noncurrent Assets HTML 61K and Liabilities) (Details) 52: R43 Derivatives (Pre-tax Gains and Losses) (Details) HTML 38K 53: R44 Derivatives (Volume of Contracts Outstanding) HTML 68K (Details) 54: R45 Derivatives (Fair Value of the Company's Other HTML 42K Derivatives) (Details) 55: R46 Derivatives (Outstanding Interest Rate HTML 47K Derivatives) (Details) 56: R47 Revenue (Breakdown of Revenues by Accounting HTML 40K Standards) (Details) 57: R48 Revenue (Disaggregation of Revenues) (Details) HTML 63K 58: R49 Revenue (Textual) (Details) HTML 22K 59: R50 Income Taxes (Details) HTML 31K 60: R51 Accumulated Other Comprehensive Income (Loss) HTML 68K (Details) 61: R52 Earnings Per Share (Details) HTML 86K 62: R53 Fair Value Measurements (Assets and Liabilities HTML 44K Measured on Recurring Basis) (Details) 63: R54 Fair Value Measurements (Reconciliation of HTML 30K Beginning and Ending Balances of Level 3 Measurements) (Details) 64: R55 Fair Value Measurements (Quantitative Information HTML 41K Level 3 Measurements ) (Details) 65: R56 Related Parties (Details) HTML 37K 66: R57 Segment Information (Textual) (Details) HTML 26K 67: R58 Segment Information (Details) HTML 50K 68: R59 Commitments and Contingencies (Details) HTML 27K 69: R60 Discontinued Operations (Details) HTML 150K 70: R61 Subsequent Events (Details) HTML 27K 73: XML IDEA XML File -- Filing Summary XML 136K 71: XML XBRL Instance -- ande-20220630_htm XML 3.31M 72: EXCEL IDEA Workbook of Financial Reports XLSX 134K 6: EX-101.CAL XBRL Calculations -- ande-20220630_cal XML 265K 7: EX-101.DEF XBRL Definitions -- ande-20220630_def XML 497K 8: EX-101.LAB XBRL Labels -- ande-20220630_lab XML 1.50M 9: EX-101.PRE XBRL Presentations -- ande-20220630_pre XML 863K 5: EX-101.SCH XBRL Schema -- ande-20220630 XSD 147K 74: JSON XBRL Instance as JSON Data -- MetaLinks 398± 591K 75: ZIP XBRL Zipped Folder -- 0000821026-22-000215-xbrl Zip 528K
ande-20220630 |
i ☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
i ☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
i Ohio | i 34-1562374 | ||||||||||
(State of incorporation or organization) | (I.R.S. Employer Identification No.) | ||||||||||
i 1947 Briarfield Boulevard | |||||||||||
i Maumee | i Ohio | i 43537 | |||||||||
(Address of principal executive offices) | (Zip Code) |
Securities registered pursuant to Section 12(b) of the Act: | ||||||||||||||
Title of each class: | Trading Symbol | Name of each exchange on which registered: | ||||||||||||
i Common stock, $0.00 par value, $0.01 stated value | i ANDE | i The NASDAQ Stock Market LLC |
i Large accelerated filer | ý | Accelerated filer | ☐ | ||||||||
Non-accelerated filer | ☐ | Smaller reporting company | i ☐ | ||||||||
Emerging growth company | i ☐ | ||||||||||
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. | ☐ |
Page No. | |||||
PART I. FINANCIAL INFORMATION | |||||
PART II. OTHER INFORMATION | |||||
Three months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Sales and merchandising revenues | $ | i 4,450,617 | $ | i 3,235,805 | $ | i 8,428,571 | $ | i 5,830,524 | |||||||||||||||
Cost of sales and merchandising revenues | i 4,219,776 | i 3,072,398 | i 8,078,195 | i 5,553,676 | |||||||||||||||||||
Gross profit | i 230,841 | i 163,407 | i 350,376 | i 276,848 | |||||||||||||||||||
Operating, administrative and general expenses | i 112,559 | i 105,560 | i 214,546 | i 202,558 | |||||||||||||||||||
Interest expense, net | i 16,921 | i 10,060 | i 27,780 | i 20,049 | |||||||||||||||||||
Other income, net: | |||||||||||||||||||||||
Equity in earnings (losses) of affiliates, net | ( i 6,034) | i 845 | ( i 6,278) | i 2,639 | |||||||||||||||||||
Other income, net | i 22,826 | i 5,070 | i 26,988 | i 10,938 | |||||||||||||||||||
Income before income taxes from continuing operations | i 118,153 | i 53,702 | i 128,760 | i 67,818 | |||||||||||||||||||
Income tax provision from continuing operations | i 15,753 | i 9,677 | i 19,856 | i 14,038 | |||||||||||||||||||
Net income from continuing operations | i 102,400 | i 44,025 | i 108,904 | i 53,780 | |||||||||||||||||||
Income (loss) from discontinued operations, net of income taxes | ( i 739) | i 2,099 | ( i 1,294) | i 5,606 | |||||||||||||||||||
Net income | i 101,661 | i 46,124 | i 107,610 | i 59,386 | |||||||||||||||||||
Net income attributable to noncontrolling interests | i 21,856 | i 2,625 | i 22,303 | i 780 | |||||||||||||||||||
Net income attributable to The Andersons, Inc. | $ | i 79,805 | $ | i 43,499 | $ | i 85,307 | $ | i 58,606 | |||||||||||||||
Average number of shares outstanding - basic | i 33,850 | i 33,263 | i 33,795 | i 33,226 | |||||||||||||||||||
Average number of share outstanding - diluted | i 34,416 | i 33,579 | i 34,416 | i 33,617 | |||||||||||||||||||
Earnings (loss) per share attributable to The Andersons, Inc. common shareholders: | |||||||||||||||||||||||
Basic earnings (loss): | |||||||||||||||||||||||
Continuing operations | $ | i 2.38 | $ | i 1.25 | $ | i 2.56 | $ | i 1.60 | |||||||||||||||
Discontinued operations | ( i 0.02) | i 0.06 | ( i 0.04) | i 0.16 | |||||||||||||||||||
$ | i 2.36 | $ | i 1.31 | $ | i 2.52 | $ | i 1.76 | ||||||||||||||||
Diluted earnings (loss): | |||||||||||||||||||||||
Continuing operations | $ | i 2.34 | $ | i 1.23 | $ | i 2.52 | $ | i 1.58 | |||||||||||||||
Discontinued operations | ( i 0.02) | i 0.07 | ( i 0.04) | i 0.16 | |||||||||||||||||||
$ | i 2.32 | $ | i 1.30 | $ | i 2.48 | $ | i 1.74 |
Three months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Net income | $ | i 101,661 | $ | i 46,124 | $ | i 107,610 | $ | i 59,386 | |||||||||||||||
Other comprehensive income (loss), net of tax: | |||||||||||||||||||||||
Change in unrecognized actuarial loss and prior service cost | i 517 | ( i 234) | i 358 | ( i 337) | |||||||||||||||||||
Foreign currency translation adjustments | ( i 5,679) | i 1,469 | ( i 5,581) | i 2,693 | |||||||||||||||||||
Cash flow hedge activity | i 6,697 | ( i 1,858) | i 19,119 | i 7,883 | |||||||||||||||||||
Other comprehensive income (loss) | i 1,535 | ( i 623) | i 13,896 | i 10,239 | |||||||||||||||||||
Comprehensive income | i 103,196 | i 45,501 | i 121,506 | i 69,625 | |||||||||||||||||||
Comprehensive income attributable to the noncontrolling interests | i 21,856 | i 2,625 | i 22,303 | i 780 | |||||||||||||||||||
Comprehensive income attributable to The Andersons, Inc. | $ | i 81,340 | $ | i 42,876 | $ | i 99,203 | $ | i 68,845 |
(In
thousands) | June 30, 2022 | December 31, 2021 | June 30, 2021 | ||||||||||||||
Assets | |||||||||||||||||
Current assets: | |||||||||||||||||
Cash and cash equivalents | $ | i 86,035 | $ | i 216,444 | $ | i 27,538 | |||||||||||
Accounts receivable, net | i 1,141,167 | i 835,180 | i 702,869 | ||||||||||||||
i 1,618,326 | i 1,814,538 | i 904,924 | |||||||||||||||
i 638,357 | i 410,813 | i 507,148 | |||||||||||||||
i 18,627 | i 20,885 | i 28,555 | |||||||||||||||
Other current assets | i 70,367 | i 74,468 | i 63,266 | ||||||||||||||
Total current assets | i 3,572,879 | i 3,372,328 | i 2,234,300 | ||||||||||||||
Other assets: | |||||||||||||||||
Goodwill | i 129,342 | i 129,342 | i 131,542 | ||||||||||||||
Other intangible assets, net | i 105,222 | i 117,137 | i 125,731 | ||||||||||||||
Right of use assets, net | i 50,233 | i 52,146 | i 42,330 | ||||||||||||||
i 24,298 | i 43,169 | i 620,745 | |||||||||||||||
Other assets, net | i 91,758 | i 69,068 | i 70,879 | ||||||||||||||
Total other assets | i 400,853 | i 410,862 | i 991,227 | ||||||||||||||
i 763,443 | i 786,029 | i 823,563 | |||||||||||||||
Total assets | $ | i 4,737,175 | $ | i 4,569,219 | $ | i 4,049,090 | |||||||||||
Liabilities and equity | |||||||||||||||||
Current liabilities: | |||||||||||||||||
$ | i 1,161,428 | $ | i 501,792 | $ | i 757,271 | ||||||||||||
Trade and other payables | i 772,996 | i 1,199,324 | i 543,503 | ||||||||||||||
Customer prepayments and deferred revenue | i 184,154 | i 358,119 | i 55,943 | ||||||||||||||
i 185,903 | i 128,911 | i 90,366 | |||||||||||||||
i 53,951 | i 32,256 | i 50,069 | |||||||||||||||
i 7,314 | i 13,379 | i 25,185 | |||||||||||||||
Accrued expenses and other current liabilities | i 211,830 | i 230,148 | i 168,221 | ||||||||||||||
Total current liabilities | i 2,577,576 | i 2,463,929 | i 1,690,558 | ||||||||||||||
Long-term lease liabilities | i 28,929 | i 31,322 | i 27,134 | ||||||||||||||
i 563,447 | i 600,487 | i 837,609 | |||||||||||||||
Deferred income taxes | i 63,383 | i 71,127 | i 173,212 | ||||||||||||||
i 3,113 | i 16,119 | i 43,993 | |||||||||||||||
Other long-term liabilities | i 83,521 | i 78,531 | i 51,620 | ||||||||||||||
Total liabilities | i 3,319,969 | i 3,261,515 | i 2,824,126 | ||||||||||||||
i | i | i | |||||||||||||||
Shareholders’ equity: | |||||||||||||||||
Common shares, without par value ( i i i 63,000 / /
shares authorized; i 34,064, i 33,870 and i 33,786
shares issued at 6/30/2022, 12/31/2021 and 6/30/2021, respectively) | i 142 | i 140 | i 140 | ||||||||||||||
Preferred
shares, without par value ( i i i 1,000 / /
shares authorized; i i i none / /
issued) | i — | i — | i — | ||||||||||||||
Additional paid-in-capital | i 378,740 | i 368,595 | i 357,606 | ||||||||||||||
Treasury
shares, at cost ( i 62, i 11 and i 111
shares at 6/30/2022, 12/31/2021 and 6/30/2021, respectively) | ( i 2,313) | ( i 263) | ( i 2,650) | ||||||||||||||
Accumulated other comprehensive income (loss) | i 15,090 | i 1,194 | ( i 1,837) | ||||||||||||||
Retained earnings | i 775,495 | i 702,759 | i 669,241 | ||||||||||||||
Total shareholders’ equity of The Andersons, Inc. | i 1,167,154 | i 1,072,425 | i 1,022,500 | ||||||||||||||
Noncontrolling interests | i 250,052 | i 235,279 | i 202,464 | ||||||||||||||
Total equity | i 1,417,206 | i 1,307,704 | i 1,224,964 | ||||||||||||||
Total liabilities and equity | $ | i 4,737,175 | $ | i 4,569,219 | $ | i 4,049,090 |
Six months ended June 30, | |||||||||||
2022 | 2021 | ||||||||||
Operating Activities | |||||||||||
Net income from continuing operations | $ | i 108,904 | $ | i 53,780 | |||||||
Income (loss) from discontinued operations, net of income taxes | ( i 1,294) | i 5,606 | |||||||||
Net income | i 107,610 | i 59,386 | |||||||||
Adjustments to reconcile net income to cash used in operating activities: | |||||||||||
Depreciation and amortization | i 67,945 | i 95,154 | |||||||||
Bad debt expense, net | i 3,069 | ( i 1,156) | |||||||||
Equity in (earnings) losses of affiliates, net of dividends | i 6,278 | ( i 2,639) | |||||||||
Gain on sales of assets, net | ( i 10,305) | ( i 6,253) | |||||||||
Stock-based compensation expense | i 4,708 | i 4,112 | |||||||||
Deferred federal income tax | ( i 13,755) | i 170 | |||||||||
Other | i 8,549 | i 5,570 | |||||||||
Changes in operating assets and liabilities: | |||||||||||
Accounts receivable | ( i 289,196) | ( i 58,338) | |||||||||
Inventories | i 186,685 | i 390,506 | |||||||||
Commodity derivatives | ( i 189,090) | ( i 250,691) | |||||||||
Other current and non-current assets | i 5,106 | i 35,568 | |||||||||
Payables and other current and non-current liabilities | ( i 609,403) | ( i 516,883) | |||||||||
Net cash used in operating activities | ( i 721,799) | ( i 245,494) | |||||||||
Investing Activities | |||||||||||
Purchases of property, plant and equipment and capitalized software | ( i 43,472) | ( i 34,264) | |||||||||
Proceeds from sale of assets | i 4,672 | i 3,794 | |||||||||
Purchases of investments | ( i 2,105) | ( i 4,701) | |||||||||
Purchases of Rail assets | ( i 27,276) | ( i 4,751) | |||||||||
Proceeds from sale of Rail assets | i 36,341 | i 15,616 | |||||||||
Other | i 1,746 | i 832 | |||||||||
Net cash used in investing activities | ( i 30,094) | ( i 23,474) | |||||||||
Financing Activities | |||||||||||
Net receipts (payments) under short-term lines of credit | i 862,698 | ( i 258,157) | |||||||||
Proceeds from issuance of short-term debt | i 350,000 | i 608,250 | |||||||||
Payments of short-term debt | ( i 550,000) | i — | |||||||||
Proceeds from issuance of long-term debt | i — | i 108,300 | |||||||||
Payments of long-term debt | ( i 15,077) | ( i 177,586) | |||||||||
Contributions from noncontrolling interest owner | i 2,450 | i 2,940 | |||||||||
Distributions to noncontrolling interest owner | ( i 9,980) | ( i 25) | |||||||||
Payments of debt issuance costs | ( i 7,802) | ( i 2,059) | |||||||||
Dividends paid | ( i 12,245) | ( i 11,677) | |||||||||
Proceeds from exercises of stock options | i 5,024 | i — | |||||||||
Other | ( i 2,955) | ( i 2,436) | |||||||||
Net cash provided by financing activities | i 622,113 | i 267,550 | |||||||||
Effect of exchange rates on cash and cash equivalents | ( i 629) | ( i 167) | |||||||||
Decrease in cash and cash equivalents | ( i 130,409) | ( i 1,585) | |||||||||
Cash and cash equivalents at beginning of period | i 216,444 | i 29,123 | |||||||||
Cash and cash equivalents at end of period | $ | i 86,035 | $ | i 27,538 |
Three Months Ended | |||||||||||||||||||||||||||||||||||||||||
Common Shares | Additional Paid-in Capital | Treasury Shares | Accumulated Other Comprehensive Income (Loss) | Retained Earnings | Noncontrolling Interests | Total | |||||||||||||||||||||||||||||||||||
Balance at March 31, 2021 | $ | i 140 | $ | i 355,961 | $ | ( i 2,872) | $ | ( i 1,214) | $ | i 631,652 | $ | i 198,884 | $ | i 1,182,551 | |||||||||||||||||||||||||||
Net income | i i 43,499 / | i i 2,625 / | i 46,124 | ||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | ( i 2,108) | ( i 2,108) | |||||||||||||||||||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income | i 1,485 | i 1,485 | |||||||||||||||||||||||||||||||||||||||
Contributions from noncontrolling interests | i 980 | i 980 | |||||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interests | ( i 25) | ( i 25) | |||||||||||||||||||||||||||||||||||||||
Stock
awards, stock option exercises and other shares issued to employees and directors, net of income tax of $ i 0 ( i 11 shares) | i i 1,645 / | i 138 | i 1,783 | ||||||||||||||||||||||||||||||||||||||
Dividends
declared ($ i 0.1750 per common share) | ( i i 5,826 / ) | ( i 5,826) | |||||||||||||||||||||||||||||||||||||||
Restricted share award dividend equivalents | i i 84 / | ( i 84) | i — | ||||||||||||||||||||||||||||||||||||||
Balance
at June 30, 2021 | $ | i 140 | $ | i 357,606 | $ | ( i 2,650) | $ | ( i 1,837) | $ | i 669,241 | $ | i 202,464 | $ | i 1,224,964 | |||||||||||||||||||||||||||
Balance
at March 31, 2022 | $ | i 142 | $ | i 375,794 | $ | ( i 2,265) | $ | i 13,555 | $ | i 701,799 | $ | i 228,196 | $ | i 1,317,221 | |||||||||||||||||||||||||||
Net income | i 79,805 | i 21,856 | i 101,661 | ||||||||||||||||||||||||||||||||||||||
Other comprehensive income | i 750 | i 750 | |||||||||||||||||||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income | i 785 | i 785 | |||||||||||||||||||||||||||||||||||||||
Stock
awards, stock option exercises and other shares issued to employees and directors, net of income tax of $ i 0 ( i 1 share) | i 2,946 | ( i 63) | i 2,883 | ||||||||||||||||||||||||||||||||||||||
Dividends
declared ($ i 0.180 per common share) | ( i 6,094) | ( i 6,094) | |||||||||||||||||||||||||||||||||||||||
Restricted share award dividend equivalents | i 15 | ( i 15) | i — | ||||||||||||||||||||||||||||||||||||||
Balance
at June 30, 2022 | $ | i 142 | $ | i 378,740 | $ | ( i 2,313) | $ | i 15,090 | $ | i 775,495 | $ | i 250,052 | $ | i 1,417,206 |
Six
Months Ended | |||||||||||||||||||||||||||||||||||||||||
Common Shares | Additional Paid-in Capital | Treasury Shares | Accumulated Other Comprehensive Income (Loss) | Retained Earnings | Noncontrolling Interests | Total | |||||||||||||||||||||||||||||||||||
Balance at December 31, 2020 | $ | i 138 | $ | i 348,714 | $ | ( i 966) | $ | ( i 12,076) | $ | i 626,081 | $ | i 198,769 | $ | i 1,160,660 | |||||||||||||||||||||||||||
Net income | i 58,606 | i 780 | i 59,386 | ||||||||||||||||||||||||||||||||||||||
Other comprehensive income | i 7,311 | i 7,311 | |||||||||||||||||||||||||||||||||||||||
Amounts reclassified from Accumulated other comprehensive income | i 2,928 | i 2,928 | |||||||||||||||||||||||||||||||||||||||
Cash received from noncontrolling interests, net | i 2,940 | i 2,940 | |||||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interests | ( i 25) | ( i 25) | |||||||||||||||||||||||||||||||||||||||
Stock
awards, stock option exercises and other shares issued to employees and directors, net of income tax of $ i 0 ( i 67 shares) | i 2 | i 8,892 | ( i 2,016) | ( i 3,480) | i 3,398 | ||||||||||||||||||||||||||||||||||||
Dividends
declared ($ i 0.350 per common share) | ( i 11,634) | ( i 11,634) | |||||||||||||||||||||||||||||||||||||||
Restricted share award dividend equivalents | i 332 | ( i 332) | i — | ||||||||||||||||||||||||||||||||||||||
Balance
at June 30, 2021 | $ | i 140 | $ | i 357,606 | $ | ( i 2,650) | $ | ( i 1,837) | $ | i 669,241 | $ | i 202,464 | $ | i 1,224,964 | |||||||||||||||||||||||||||
Balance
at December 31, 2021 | $ | i 140 | $ | i 368,595 | $ | ( i 263) | $ | i 1,194 | $ | i 702,759 | $ | i 235,279 | $ | i 1,307,704 | |||||||||||||||||||||||||||
Net income | i 85,307 | i 22,303 | i 107,610 | ||||||||||||||||||||||||||||||||||||||
Other comprehensive income | i 11,721 | i 11,721 | |||||||||||||||||||||||||||||||||||||||
Amounts reclassified from Accumulated other comprehensive income | i 2,175 | i 2,175 | |||||||||||||||||||||||||||||||||||||||
Cash received from noncontrolling interests, net | i 2,450 | i 2,450 | |||||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interests | ( i 9,980) | ( i 9,980) | |||||||||||||||||||||||||||||||||||||||
Stock
awards, stock option exercises and other shares issued to employees and directors, net of income tax of $ i 0 ( i 51 shares) | i 2 | i 10,091 | ( i 2,385) | i 7,708 | |||||||||||||||||||||||||||||||||||||
Dividends
declared ($ i 0.360 per common share) | ( i 12,182) | ( i 12,182) | |||||||||||||||||||||||||||||||||||||||
Restricted share award dividend equivalents | i 54 | i 335 | ( i 389) | i — | |||||||||||||||||||||||||||||||||||||
Balance
at June 30, 2022 | $ | i 142 | $ | i 378,740 | $ | ( i 2,313) | $ | i 15,090 | $ | i 775,495 | $ | i 250,052 | $ | i 1,417,206 |
(in thousands) | June
30, 2022 | December 31, 2021 | June 30, 2021 | ||||||||||||||
Grain and other agricultural products (a) | $ | i 1,241,933 | $ | i 1,427,708 | $ | i 636,380 | |||||||||||
Propane and frac sand (a) | i 19,483 | i 23,780 | i 11,265 | ||||||||||||||
Ethanol and co-products (a) | i 179,175 | i 184,354 | i 155,993 | ||||||||||||||
Plant nutrients and cob products | i 177,735 | i 178,696 | i 101,286 | ||||||||||||||
Total Inventories | $ | i 1,618,326 | $ | i 1,814,538 | $ | i 904,924 |
(in thousands) | June 30, 2022 | December 31, 2021 | June 30, 2021 | ||||||||||||||
Land | $ | i 38,630 | $ | i 39,162 | $ | i 39,367 | |||||||||||
Land improvements and leasehold improvements | i 91,542 | i 91,122 | i 93,166 | ||||||||||||||
Buildings and storage facilities | i 370,453 | i 368,577 | i 377,946 | ||||||||||||||
Machinery and equipment | i 949,142 | i 936,476 | i 921,190 | ||||||||||||||
Construction in progress | i 31,237 | i 20,676 | i 19,723 | ||||||||||||||
i 1,481,004 | i 1,456,013 | i 1,451,392 | |||||||||||||||
Less: accumulated depreciation | i 717,561 | i 669,984 | i 627,829 | ||||||||||||||
Property, plant and equipment, net | $ | i 763,443 | $ | i 786,029 | $ | i 823,563 |
(in thousands) | June 30, 2022 | December 31, 2021 | June 30, 2021 | ||||||||||||||
Short-term debt – non-recourse | $ | i 97,668 | $ | i 65,485 | $ | i 120,020 | |||||||||||
Short-term debt – recourse | i 1,063,760 | i 436,307 | i 637,251 | ||||||||||||||
Total short-term debt | $ | i 1,161,428 | $ | i 501,792 | $ | i 757,271 | |||||||||||
Current maturities of long-term debt – non-recourse | $ | i 7,707 | $ | i 7,601 | $ | i 3,691 | |||||||||||
Current maturities of long-term debt – recourse | i 46,244 | i 24,655 | i 46,378 | ||||||||||||||
Total current maturities of long-term debt | $ | i 53,951 | $ | i 32,256 | $ | i 50,069 | |||||||||||
Long-term debt, less: current maturities – non-recourse | $ | i 60,396 | $ | i 64,972 | $ | i 100,876 | |||||||||||
Long-term debt, less: current maturities – recourse | i 503,051 | i 535,515 | i 736,733 | ||||||||||||||
Total long-term debt, less: current maturities | $ | i 563,447 | $ | i 600,487 | $ | i 837,609 |
(in thousands) | June 30, 2022 | December 31, 2021 | June 30, 2021 | ||||||||||||||
Cash collateral paid | $ | i 70,442 | $ | i 165,250 | $ | i 219,469 | |||||||||||
Fair value of derivatives | i 165,223 | ( i 36,843) | ( i 180,842) | ||||||||||||||
Net derivative asset position | $ | i 235,665 | $ | i 128,407 | $ | i 38,627 |
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 | $ | i 707,542 | $ | i 14,257 | $ | i 29,223 | $ | i 1,945 | $ | i 752,967 | |||||||||||||||||||
Commodity derivative liabilities | ( i 138,627) | ( i 2,132) | ( i 216,126) | ( i 12,040) | ( i 368,925) | ||||||||||||||||||||||||
Cash collateral paid | i 69,442 | i — | i 1,000 | i — | i 70,442 | ||||||||||||||||||||||||
Balance sheet line item totals | $ | i 638,357 | $ | i 12,125 | $ | ( i 185,903) | $ | ( i 10,095) | $ | i 454,484 |
December 31, 2021 | |||||||||||||||||||||||||||||
(in thousands) | Commodity Derivative Assets - Current | Commodity Derivative Assets - Noncurrent | Commodity Derivative Liabilities - Current | Commodity Derivative Liabilities - Noncurrent | Total | ||||||||||||||||||||||||
Commodity derivative assets | $ | i 339,321 | $ | i 4,677 | $ | i 23,762 | $ | i 1,209 | $ | i 368,969 | |||||||||||||||||||
Commodity derivative liabilities | ( i 93,758) | ( i 105) | ( i 152,673) | ( i 2,578) | ( i 249,114) | ||||||||||||||||||||||||
Cash collateral paid | i 165,250 | i — | i — | i — | i 165,250 | ||||||||||||||||||||||||
Balance sheet line item totals | $ | i 410,813 | $ | i 4,572 | $ | ( i 128,911) | $ | ( i 1,369) | $ | i 285,105 |
June 30, 2021 | |||||||||||||||||||||||||||||
(in thousands) | Commodity Derivative Assets - Current | Commodity Derivative Assets - Noncurrent | Commodity Derivative Liabilities - Current | Commodity Derivative Liabilities - Noncurrent | Total | ||||||||||||||||||||||||
Commodity derivative assets | $ | i 547,186 | $ | i 16,480 | $ | i 34,327 | $ | i 423 | $ | i 598,416 | |||||||||||||||||||
Commodity derivative liabilities | ( i 259,507) | ( i 873) | ( i 124,693) | ( i 3,874) | ( i 388,947) | ||||||||||||||||||||||||
Cash collateral paid | i 219,469 | i — | i — | i — | i 219,469 | ||||||||||||||||||||||||
Balance sheet line item totals | $ | i 507,148 | $ | i 15,607 | $ | ( i 90,366) | $ | ( i 3,451) | $ | i 428,938 |
Three months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||
(in thousands) | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||
Gains on commodity derivatives included in Cost of sales and merchandising revenues | $ | i 230,188 | $ | i 73,688 | $ | i 264,186 | $ | i 240,673 |
June 30, 2022 | |||||||||||||||||||||||
(in thousands) | Number of Bushels | Number of Gallons | Number of Tons | ||||||||||||||||||||
Non-exchange traded: | |||||||||||||||||||||||
Corn | i 628,471 | i — | i — | ||||||||||||||||||||
Soybeans | i 116,679 | i — | i — | ||||||||||||||||||||
Wheat | i 97,224 | i — | i — | ||||||||||||||||||||
Oats | i 37,355 | i — | i — | ||||||||||||||||||||
Ethanol | i — | i 200,388 | i — | ||||||||||||||||||||
Dried distillers grain | i — | i — | i 318 | ||||||||||||||||||||
Soybean meal | i — | i — | i 421 | ||||||||||||||||||||
Other | i 8,549 | i 25,767 | i 3,032 | ||||||||||||||||||||
Subtotal | i 888,278 | i 226,155 | i 3,771 | ||||||||||||||||||||
Exchange traded: | |||||||||||||||||||||||
Corn | i 219,020 | i — | i — | ||||||||||||||||||||
Soybeans | i 69,115 | i — | i — | ||||||||||||||||||||
Wheat | i 74,418 | i — | i — | ||||||||||||||||||||
Oats | i 650 | i — | i — | ||||||||||||||||||||
Ethanol | i — | i 94,794 | i — | ||||||||||||||||||||
Propane | i — | i 25,578 | i — | ||||||||||||||||||||
Other | i 95 | i 546 | i 360 | ||||||||||||||||||||
Subtotal | i 363,298 | i 120,918 | i 360 | ||||||||||||||||||||
Total | i 1,251,576 | i 347,073 | i 4,131 |
December 31, 2021 | |||||||||||||||||||||||||||||
(in thousands) | Number of Bushels | Number of Gallons | Number of Tons | ||||||||||||||||||||||||||
Non-exchange traded: | |||||||||||||||||||||||||||||
Corn | i 685,681 | i — | i — | ||||||||||||||||||||||||||
Soybeans | i 77,592 | i — | i — | ||||||||||||||||||||||||||
Wheat | i 109,547 | i — | i — | ||||||||||||||||||||||||||
Oats | i 31,627 | i — | i — | ||||||||||||||||||||||||||
Ethanol | i — | i 192,447 | i — | ||||||||||||||||||||||||||
Dried distillers grain | i — | i — | i 507 | ||||||||||||||||||||||||||
Soybean meal | i — | i — | i 544 | ||||||||||||||||||||||||||
Other | i 57,268 | i 16,092 | i 1,854 | ||||||||||||||||||||||||||
Subtotal | i 961,715 | i 208,539 | i 2,905 | ||||||||||||||||||||||||||
Exchange traded: | |||||||||||||||||||||||||||||
Corn | i 226,215 | i — | i — | ||||||||||||||||||||||||||
Soybeans | i 64,730 | i — | i — | ||||||||||||||||||||||||||
Wheat | i 65,020 | i — | i — | ||||||||||||||||||||||||||
Oats | i 1,300 | i — | i — | ||||||||||||||||||||||||||
Ethanol | i — | i 100,884 | i — | ||||||||||||||||||||||||||
Propane | i — | i 31,542 | i — | ||||||||||||||||||||||||||
Other | i 75 | i 798 | i 353 | ||||||||||||||||||||||||||
Subtotal | i 357,340 | i 133,224 | i 353 | ||||||||||||||||||||||||||
Total | i 1,319,055 | i 341,763 | i 3,258 |
June 30, 2021 | |||||||||||||||||||||||
(in thousands) | Number of Bushels | Number of Gallons | Number of Tons | ||||||||||||||||||||
Non-exchange traded: | |||||||||||||||||||||||
Corn | i 696,674 | i — | i — | ||||||||||||||||||||
Soybeans | i 75,507 | i — | i — | ||||||||||||||||||||
Wheat | i 129,264 | i — | i — | ||||||||||||||||||||
Oats | i 45,810 | i — | i — | ||||||||||||||||||||
Ethanol | i — | i 198,316 | i — | ||||||||||||||||||||
Dried distillers grain | i — | i — | i 372 | ||||||||||||||||||||
Soybean meal | i — | i — | i 411 | ||||||||||||||||||||
Other | i 7,803 | i 3,957 | i 1,191 | ||||||||||||||||||||
Subtotal | i 955,058 | i 202,273 | i 1,974 | ||||||||||||||||||||
Exchange traded: | |||||||||||||||||||||||
Corn | i 243,190 | i — | i — | ||||||||||||||||||||
Soybeans | i 49,375 | i — | i — | ||||||||||||||||||||
Wheat | i 80,004 | i — | i — | ||||||||||||||||||||
Oats | i 1,430 | i — | i — | ||||||||||||||||||||
Ethanol | i — | i 112,812 | i — | ||||||||||||||||||||
Propane | i — | i 18,480 | i — | ||||||||||||||||||||
Other | i — | i 5 | i 198 | ||||||||||||||||||||
Subtotal | i 373,999 | i 131,297 | i 198 | ||||||||||||||||||||
Total | i 1,329,057 | i 333,570 | i 2,172 |
(in thousands) | June 30, 2022 | December 31, 2021 | June 30, 2021 | ||||||||||||||
Derivatives not designated as hedging instruments | |||||||||||||||||
Interest rate contracts included in Accrued expenses and other current liabilities | $ | i — | $ | ( i 174) | $ | i — | |||||||||||
Interest rate contracts included in Other long-term liabilities | i — | i — | ( i 309) | ||||||||||||||
Foreign currency contracts included in Other current (liabilities) assets | ( i 1,749) | ( i 1,069) | i 1,523 | ||||||||||||||
Derivatives designated as hedging instruments | |||||||||||||||||
Interest rate contracts included in Other current assets | $ | i 3,276 | $ | i — | $ | i — | |||||||||||
Interest rate contracts included in Other assets | i 15,047 | i 4,574 | i 3,849 | ||||||||||||||
Interest rate contracts included in Accrued expenses and other current liabilities | i — | ( i 5,206) | ( i 6,944) | ||||||||||||||
Interest rate contracts included in Other long-term liabilities | i — | ( i 6,555) | ( i 11,506) |
Three months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||
(in thousands) | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||
Derivatives not designated as hedging instruments | |||||||||||||||||||||||
Interest rate derivative gains (losses) included in Interest expense, net | $ | i 114 | $ | i 355 | $ | i 123 | $ | i 709 | |||||||||||||||
Derivatives designated as hedging instruments | |||||||||||||||||||||||
Interest rate derivative gains (losses) included in Other comprehensive income (loss) | $ | i 8,923 | $ | i 2,471 | $ | i 25,464 | $ | ( i 10,476) | |||||||||||||||
Interest rate derivative gains (losses) included in Interest expense, net | ( i 1,013) | ( i 1,656) | ( i 2,631) | ( i 3,273) |
Interest Rate Hedging Instrument | Year Entered | Year of Maturity | Initial Notional Amount (in millions) | Description | Interest Rate | |||||||||||||||||||||||||||
Long-term | ||||||||||||||||||||||||||||||||
Swap | 2019 | 2025 | $ | i 100.0 | Interest rate component of debt - accounted for as a hedge | i 2.3% | ||||||||||||||||||||||||||
Swap | 2019 | 2025 | $ | i 50.0 | Interest rate component of debt - accounted for as a hedge | i 2.4% | ||||||||||||||||||||||||||
Swap | 2019 | 2025 | $ | i 50.0 | Interest rate component of debt - accounted for as a hedge | i 2.4% | ||||||||||||||||||||||||||
Swap | 2020 | 2030 | $ | i 50.0 | Interest rate component of debt - accounted for as a hedge | i 0.0% to i 0.8% | ||||||||||||||||||||||||||
Swap | 2020 | 2030 | $ | i 50.0 | Interest rate component of debt - accounted for as a hedge | i 0.0% to i 0.8% | ||||||||||||||||||||||||||
Swap | 2022 | 2025 | $ | i 20.0 | Interest rate component of debt - accounted for as a hedge | i 2.6% | ||||||||||||||||||||||||||
Swap | 2022 | 2029 | $ | i 100.0 | Interest rate component of debt - accounted for as a hedge | i 2.0% | ||||||||||||||||||||||||||
Three months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||
(in thousands) | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||
Revenues under ASC 606 | $ | i 956,013 | $ | i 623,813 | $ | i 1,633,869 | $ | i 1,110,908 | |||||||||||||||
Revenues under ASC 815 | i 3,494,604 | i 2,611,992 | i 6,794,702 | i 4,719,616 | |||||||||||||||||||
Total revenues | $ | i 4,450,617 | $ | i 3,235,805 | $ | i 8,428,571 | $ | i 5,830,524 |
Three months ended June 30, 2022 | |||||||||||||||||||||||
(in thousands) | Trade | Renewables | Plant Nutrient | Total | |||||||||||||||||||
Specialty nutrients | $ | i — | $ | i — | $ | i 104,357 | $ | i 104,357 | |||||||||||||||
Primary nutrients | i — | i — | i 336,487 | i 336,487 | |||||||||||||||||||
Products and co-products | i 101,195 | i 329,224 | i — | i 430,419 | |||||||||||||||||||
Propane and frac sand | i 46,935 | i — | i — | i 46,935 | |||||||||||||||||||
Other | i 6,997 | i 1,378 | i 29,440 | i 37,815 | |||||||||||||||||||
Total | $ | i 155,127 | $ | i 330,602 | $ | i 470,284 | $ | i 956,013 |
Three months ended June 30, 2021 | |||||||||||||||||||||||
(in thousands) | Trade | Renewables | Plant Nutrient | Total | |||||||||||||||||||
Specialty nutrients | $ | i — | $ | i — | $ | i 84,915 | $ | i 84,915 | |||||||||||||||
Primary nutrients | i — | i — | i 213,604 | i 213,604 | |||||||||||||||||||
Products and co-products | i 74,948 | i 184,263 | i — | i 259,211 | |||||||||||||||||||
Propane and frac sand | i 36,649 | i — | i — | i 36,649 | |||||||||||||||||||
Other | i 6,151 | i 394 | i 22,889 | i 29,434 | |||||||||||||||||||
Total | $ | i 117,748 | $ | i 184,657 | $ | i 321,408 | $ | i 623,813 |
Six months ended June 30, 2022 | |||||||||||||||||||||||
(in thousands) | Trade | Renewables | Plant Nutrient | Total | |||||||||||||||||||
Specialty nutrients | $ | i — | $ | i — | $ | i 197,625 | $ | i 197,625 | |||||||||||||||
Primary nutrients | i — | i — | i 426,369 | i 426,369 | |||||||||||||||||||
Products and co-products | i 209,066 | i 561,918 | i — | i 770,984 | |||||||||||||||||||
Propane and frac sand | i 166,727 | i — | i — | i 166,727 | |||||||||||||||||||
Other | i 13,239 | i 2,593 | i 56,332 | i 72,164 | |||||||||||||||||||
Total | $ | i 389,032 | $ | i 564,511 | $ | i 680,326 | $ | i 1,633,869 |
Six months ended June 30, 2021 | |||||||||||||||||||||||
(in thousands) | Trade | Renewables | Plant Nutrient | Total | |||||||||||||||||||
Specialty nutrients | $ | i — | $ | i — | $ | i 161,721 | $ | i 161,721 | |||||||||||||||
Primary nutrients | i — | i — | i 285,263 | i 285,263 | |||||||||||||||||||
Products and co-products | i 146,936 | i 329,907 | i — | i 476,843 | |||||||||||||||||||
Propane and frac sand | i 128,714 | i — | i — | i 128,714 | |||||||||||||||||||
Other | i 10,538 | i 4,153 | i 43,676 | i 58,367 | |||||||||||||||||||
Total | $ | i 286,188 | $ | i 334,060 | $ | i 490,660 | $ | i 1,110,908 |
Three months ended June 30, | Six months ended June 30, | |||||||||||||||||||||||||
(in thousands) | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||
Currency Translation Adjustment | ||||||||||||||||||||||||||
Beginning balance | $ | i 5,729 | $ | i 6,963 | $ | i 5,631 | $ | i 5,739 | ||||||||||||||||||
Other comprehensive income (loss) before reclassifications | ( i 5,679) | i 1,469 | ( i 5,581) | i 2,693 | ||||||||||||||||||||||
Tax effect | i — | i — | i — | i — | ||||||||||||||||||||||
Other comprehensive income (loss), net of tax | ( i 5,679) | i 1,469 | ( i 5,581) | i 2,693 | ||||||||||||||||||||||
Ending balance | $ | i 50 | $ | i 8,432 | $ | i 50 | $ | i 8,432 | ||||||||||||||||||
Hedging Adjustment | ||||||||||||||||||||||||||
Beginning balance | $ | i 7,087 | $ | ( i 8,365) | $ | ( i 5,335) | $ | ( i 18,106) | ||||||||||||||||||
Other comprehensive income (loss) before reclassifications | i 7,910 | ( i 3,514) | i 22,833 | i 4,613 | ||||||||||||||||||||||
Amounts reclassified from AOCI (a) | i 1,013 | i 2,208 | i 2,631 | i 4,360 | ||||||||||||||||||||||
Tax effect | ( i 2,226) | ( i 552) | ( i 6,345) | ( i 1,090) | ||||||||||||||||||||||
Other comprehensive income (loss), net of tax | i 6,697 | ( i 1,858) | i 19,119 | i 7,883 | ||||||||||||||||||||||
Ending balance | $ | i 13,784 | $ | ( i 10,223) | $ | i 13,784 | $ | ( i 10,223) | ||||||||||||||||||
Pension and Other Postretirement Adjustment | ||||||||||||||||||||||||||
Beginning balance | $ | i 481 | $ | ( i 70) | $ | i 640 | $ | i 33 | ||||||||||||||||||
Other comprehensive income (loss) before reclassifications | i 845 | ( i 63) | i 914 | i 5 | ||||||||||||||||||||||
Amounts reclassified from AOCI (b) | ( i 228) | ( i 228) | ( i 456) | ( i 456) | ||||||||||||||||||||||
Tax effect | ( i 100) | i 57 | ( i 100) | i 114 | ||||||||||||||||||||||
Other comprehensive income (loss), net of tax | i 517 | ( i 234) | i 358 | ( i 337) | ||||||||||||||||||||||
Ending balance | $ | i 998 | $ | ( i 304) | $ | i 998 | $ | ( i 304) | ||||||||||||||||||
Investments in Convertible Preferred Securities Adjustment | ||||||||||||||||||||||||||
Beginning balance | $ | i 258 | $ | i 258 | $ | i 258 | $ | i 258 | ||||||||||||||||||
Other comprehensive income (loss), net of tax | i — | i — | i — | i — | ||||||||||||||||||||||
Ending balance | $ | i 258 | $ | i 258 | $ | i 258 | $ | i 258 | ||||||||||||||||||
Total AOCI Ending Balance | $ | i 15,090 | $ | ( i 1,837) | $ | i 15,090 | $ | ( i 1,837) |
(in thousands, except per common share data) | Three months ended June 30, | Six months ended June 30, | |||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Numerator: | |||||||||||||||||||||||
Net income from continuing operations | $ | i 102,400 | $ | i 44,025 | $ | i 108,904 | $ | i 53,780 | |||||||||||||||
Net
income attributable to noncontrolling interests(a) | i 21,856 | i 2,625 | i 22,303 | i 780 | |||||||||||||||||||
Net income attributable to The Andersons Inc. common shareholders from continuing operations | $ | i 80,544 | $ | i 41,400 | $ | i 86,601 | $ | i 53,000 | |||||||||||||||
Income (loss) from discontinued operations, net of income taxes | $ | ( i 739) | $ | i 2,099 | $ | ( i 1,294) | $ | i 5,606 | |||||||||||||||
Denominator: | |||||||||||||||||||||||
Weighted average shares outstanding – basic | i 33,850 | i 33,263 | i 33,795 | i 33,226 | |||||||||||||||||||
Effect of dilutive awards | i 566 | i 316 | i 621 | i 391 | |||||||||||||||||||
Weighted average shares outstanding – diluted | i 34,416 | i 33,579 | i 34,416 | i 33,617 | |||||||||||||||||||
Earnings (loss) per share attributable to The Andersons, Inc. common shareholders: | |||||||||||||||||||||||
Basic earnings (loss): | |||||||||||||||||||||||
Continuing operations | $ | i 2.38 | $ | i 1.25 | $ | i 2.56 | $ | i 1.60 | |||||||||||||||
Discontinued operations | ( i 0.02) | i 0.06 | ( i 0.04) | i 0.16 | |||||||||||||||||||
$ | i 2.36 | $ | i 1.31 | $ | i 2.52 | $ | i 1.76 | ||||||||||||||||
Diluted earnings (loss): | |||||||||||||||||||||||
Continuing operations | $ | i 2.34 | $ | i 1.23 | $ | i 2.52 | $ | i 1.58 | |||||||||||||||
Discontinued operations | ( i 0.02) | i 0.07 | ( i 0.04) | i 0.16 | |||||||||||||||||||
$ | i 2.32 | $ | i 1.30 | $ | i 2.48 | $ | i 1.74 |
(in thousands) | June 30, 2022 | ||||||||||||||||||||||
Assets (liabilities) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||
Commodity derivatives, net (a) | $ | i 235,665 | $ | i 218,819 | $ | i — | $ | i 454,484 | |||||||||||||||
Provisionally
priced contracts (b) | i 38,061 | ( i 27,945) | i — | i 10,116 | |||||||||||||||||||
Convertible
preferred securities (c) | i — | i — | i 16,803 | i 16,803 | |||||||||||||||||||
Other
assets and liabilities (d) | i 1,097 | i 18,323 | i — | i 19,420 | |||||||||||||||||||
Total | $ | i 274,823 | $ | i 209,197 | $ | i 16,803 | $ | i 500,823 |
(in thousands) | December 31, 2021 | ||||||||||||||||||||||
Assets (liabilities) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||
Commodity derivatives, net (a) | $ | i 128,407 | $ | i 156,698 | $ | i — | $ | i 285,105 | |||||||||||||||
Provisionally
priced contracts (b) | i 43,944 | ( i 89,797) | i — | ( i 45,853) | |||||||||||||||||||
Convertible
preferred securities (c) | i — | i — | i 11,618 | i 11,618 | |||||||||||||||||||
Other
assets and liabilities (d) | i 2,784 | ( i 7,361) | i — | ( i 4,577) | |||||||||||||||||||
Total | $ | i 175,135 | $ | i 59,540 | $ | i 11,618 | $ | i 246,293 |
(in thousands) | June 30, 2021 | ||||||||||||||||||||||
Assets (liabilities) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||
Commodity
derivatives, net (a) | $ | i 38,627 | $ | i 390,311 | $ | i — | $ | i 428,938 | |||||||||||||||
Provisionally
priced contracts (b) | i 32,710 | ( i 25,210) | i — | i 7,500 | |||||||||||||||||||
Convertible
preferred securities (c) | i — | i — | i 13,550 | i 13,550 | |||||||||||||||||||
Other
assets and liabilities (d) | i 5,373 | ( i 14,909) | i — | ( i 9,536) | |||||||||||||||||||
Total | $ | i 76,710 | $ | i 350,192 | $ | i 13,550 | $ | i 440,452 |
Convertible Preferred Securities | |||||||||||
(in thousands) | 2022 | 2021 | |||||||||
Assets at January 1, | $ | i 11,618 | $ | i 8,849 | |||||||
Additional investments | i 3,883 | i 2,800 | |||||||||
Gains included in Other income, net | i 404 | i — | |||||||||
Assets at March 31, | $ | i 15,905 | $ | i 11,649 | |||||||
Additional Investments | i 772 | i 1,901 | |||||||||
Gains included in Other income, net | i 126 | i — | |||||||||
Assets at June 30, | $ | i 16,803 | $ | i 13,550 | |||||||
Quantitative Information about Recurring Level 3 Fair Value Measurements | |||||||||||||||||||||||||||||||||||
Fair Value as of | |||||||||||||||||||||||||||||||||||
(in thousands) | June 30, 2022 | December 31, 2021 | June 30, 2021 | Valuation Method | Unobservable Input | Weighted Average | |||||||||||||||||||||||||||||
Convertible preferred securities (a) | $ | i 16,803 | $ | i 11,618 | $ | i i 13,550 / | Implied based on market prices | N/A | N/A |
Quantitative Information about Non-Recurring Level 3 Fair Value Measurements | |||||||||||||||||||||||
(in thousands) | Fair Value as of 6/30/2022 | Valuation Method | Unobservable Input | Weighted Average | |||||||||||||||||||
Equity method investment (a) | $ | i 11,538 | Discounted cash flow analysis | Various | N/A |
Quantitative Information about Non-Recurring Level 3 Fair Value Measurements | |||||||||||||||||||||||
(in thousands) | Fair Value as of 12/31/2021 | Valuation Method | Unobservable Input | Weighted Average | |||||||||||||||||||
Frac sand assets (b) | $ | i 2,946 | Third party appraisal | Various | N/A | ||||||||||||||||||
Real property (c) | i 700 | Market approach | Various | N/A |
Three months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||
(in thousands) | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||
Sales revenues | $ | i 103,106 | $ | i 85,294 | $ | i 189,255 | $ | i 151,940 | |||||||||||||||
Purchases of product and capital assets | i 11,983 | i 8,662 | i 38,409 | i 20,336 | |||||||||||||||||||
(in thousands) | June 30, 2022 | December 31, 2021 | June 30, 2021 | ||||||||||||||
Accounts receivable | $ | i 17,560 | $ | i 9,984 | $ | i 11,835 | |||||||||||
Accounts payable | i 3,060 | i 6,034 | i 2,287 |
Three months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||
(in thousands) | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||
Revenues from external customers | |||||||||||||||||||||||
Trade | $ | i 3,097,767 | $ | i 2,297,869 | $ | i 6,182,448 | $ | i 4,280,377 | |||||||||||||||
Renewables | i 882,567 | i 616,527 | i 1,565,798 | i 1,059,486 | |||||||||||||||||||
Plant Nutrient | i 470,283 | i 321,409 | i 680,325 | i 490,661 | |||||||||||||||||||
Total | $ | i 4,450,617 | $ | i 3,235,805 | $ | i 8,428,571 | $ | i 5,830,524 |
Three months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||
(in thousands) | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||
Income (loss) before income taxes from continuing operations | |||||||||||||||||||||||
Trade | $ | i 23,666 | $ | i 13,777 | $ | i 27,335 | $ | i 27,632 | |||||||||||||||
Renewables1 | i 67,776 | i 26,156 | i 73,738 | i 27,237 | |||||||||||||||||||
Plant Nutrient | i 38,311 | i 23,995 | i 49,054 | i 32,518 | |||||||||||||||||||
Other | ( i 11,600) | ( i 10,226) | ( i 21,367) | ( i 19,569) | |||||||||||||||||||
Income before income taxes from continuing operations | $ | i 118,153 | $ | i 53,702 | $ | i 128,760 | $ | i 67,818 |
Three months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||
(in thousands) | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||
Sales and merchandising revenues | $ | i 12,076 | $ | i 37,921 | $ | i 25,191 | $ | i 78,931 | |||||||||||||||
Cost of sales and merchandising revenues | i 12,877 | i 27,284 | i 23,948 | i 59,023 | |||||||||||||||||||
Gross profit (loss) | ( i 801) | i 10,637 | i 1,243 | i 19,908 | |||||||||||||||||||
Operating, administrative and general expenses | i 4,434 | i 4,416 | i 5,813 | i 7,290 | |||||||||||||||||||
Interest expense, net | i — | i 3,394 | i — | i 6,574 | |||||||||||||||||||
Other income, net | i 6,547 | i 237 | i 6,620 | i 1,911 | |||||||||||||||||||
Income from discontinued operations before income taxes | i 1,312 | i 3,064 | i 2,050 | i 7,955 | |||||||||||||||||||
Income tax provision | i 2,051 | i 965 | i 3,344 | i 2,349 | |||||||||||||||||||
Income (loss) from discontinued operations, net of income taxes | $ | ( i 739) | $ | i 2,099 | $ | ( i 1,294) | $ | i 5,606 |
(in thousands) | June 30, 2022 | December 31, 2021 | June 30, 2021 | ||||||||||||||
Assets | |||||||||||||||||
Current assets: | |||||||||||||||||
Accounts receivable, net | $ | i 11,998 | $ | i 12,643 | $ | i 18,707 | |||||||||||
Inventories | i 6,318 | i 6,739 | i 7,375 | ||||||||||||||
Other current assets | i 311 | i 1,503 | i 2,473 | ||||||||||||||
Current assets held-for-sale | i 18,627 | i 20,885 | i 28,555 | ||||||||||||||
Other assets: | |||||||||||||||||
Rail assets leased to others, net | i 427 | i 458 | i 574,585 | ||||||||||||||
Property, plant and equipment, net | i 17,370 | i 17,280 | i 18,199 | ||||||||||||||
Goodwill | i 4,167 | i 4,167 | i 4,167 | ||||||||||||||
Other intangible assets, net | i — | i 24 | i 2,025 | ||||||||||||||
Right of use assets, net | i 2,322 | i 20,999 | i 18,969 | ||||||||||||||
Other assets, net | i 12 | i 241 | i 2,800 | ||||||||||||||
Total non-current assets held-for-sale | i 24,298 | i 43,169 | i 620,745 | ||||||||||||||
Total assets held-for-sale | $ | i 42,925 | $ | i 64,054 | $ | i 649,300 | |||||||||||
Liabilities | |||||||||||||||||
Current liabilities: | |||||||||||||||||
Trade and other payables | $ | i 1,883 | $ | i 2,546 | $ | i 3,666 | |||||||||||
Customer prepayments and deferred revenue | i — | i — | i 2,211 | ||||||||||||||
Current maturities of long-term debt | i — | i — | i 6,513 | ||||||||||||||
Current operating lease liabilities | i 2,112 | i 4,672 | i 6,023 | ||||||||||||||
Accrued expenses and other current liabilities | i 3,319 | i 6,161 | i 6,772 | ||||||||||||||
Total current liabilities held-for-sale | i 7,314 | i 13,379 | i 25,185 | ||||||||||||||
Long-term lease liabilities | i 3,113 | i 16,119 | i 14,718 | ||||||||||||||
Long-term debt, less current maturities | i — | i — | i 28,845 | ||||||||||||||
Other long-term liabilities | i — | i — | i 430 | ||||||||||||||
Non-current liabilities held-for-sale | i 3,113 | i 16,119 | i 43,993 | ||||||||||||||
Total liabilities held-for-sale | $ | i 10,427 | $ | i 29,498 | $ | i 69,178 |
Six months ended June 30, | |||||||||||
(in thousands) | 2022 | 2021 | |||||||||
Depreciation and amortization | $ | i — | $ | i 17,588 | |||||||
Capital expenditures | ( i 27,276) | ( i 5,703) | |||||||||
Proceeds from sale of assets | i 36,341 | i 15,616 | |||||||||
Non-cash operating activities - Gain on sale of railcars | ( i 6,176) | ( i 4,987) | |||||||||
Non-cash operating activities - fixed asset impairment | i 2,818 | i 234 | |||||||||
Non-cash investing activities - capital expenditures, consisting of unpaid capital expenditure liabilities at period end | i — | ( i 113) |
Three months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||
(in thousands) | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||
Ethanol (gallons shipped) | 196,536 | 186,396 | 391,547 | 358,608 | |||||||||||||||||||
E-85 (gallons shipped) | 10,600 | 11,914 | 17,315 | 19,805 | |||||||||||||||||||
Corn oil (pounds shipped) | 122,223 | 56,760 | 232,544 | 104,708 | |||||||||||||||||||
DDG (tons shipped)* | 450 | 454 | 950 | 931 |
Three months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||
(in thousands) | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||
Ag Supply Chain | 492 | 661 | 649 | 1,008 | |||||||||||||||||||
Specialty Liquids | 98 | 133 | 190 | 233 | |||||||||||||||||||
Engineered Granules | 121 | 165 | 228 | 323 | |||||||||||||||||||
Total tons | 711 | 959 | 1,067 | 1,564 |
Three months ended June 30, 2022 | |||||||||||||||||||||||||||||
(in thousands) | Trade | Renewables | Plant Nutrient | Other | Total | ||||||||||||||||||||||||
Sales and merchandising revenues | $ | 3,097,767 | $ | 882,567 | $ | 470,283 | $ | — | $ | 4,450,617 | |||||||||||||||||||
Cost of sales and merchandising revenues | 2,995,773 | 822,679 | 401,324 | — | 4,219,776 | ||||||||||||||||||||||||
Gross profit | 101,994 | 59,888 | 68,959 | — | 230,841 | ||||||||||||||||||||||||
Operating, administrative and general expenses | 62,977 | 8,590 | 29,591 | 11,401 | 112,559 | ||||||||||||||||||||||||
Interest expense (income), net | 13,300 | 2,012 | 1,923 | (314) | 16,921 | ||||||||||||||||||||||||
Equity in earnings (losses) of affiliates, net | (6,034) | — | — | — | (6,034) | ||||||||||||||||||||||||
Other income (expense), net | 3,983 | 18,490 | 866 | (513) | 22,826 | ||||||||||||||||||||||||
Income (loss) before income taxes from continuing operations | $ | 23,666 | $ | 67,776 | $ | 38,311 | $ | (11,600) | $ | 118,153 | |||||||||||||||||||
Income (loss) before income taxes attributable to the noncontrolling interests | — | 21,856 | — | — | 21,856 | ||||||||||||||||||||||||
Non-GAAP Income (loss) before income taxes attributable to the Company from continuing operations | $ | 23,666 | $ | 45,920 | $ | 38,311 | $ | (11,600) | $ | 96,297 |
Three months ended June 30, 2021 | |||||||||||||||||||||||||||||
(in thousands) | Trade | Renewables | Plant Nutrient | Other | Total | ||||||||||||||||||||||||
Sales and merchandising revenues | $ | 2,297,869 | $ | 616,527 | $ | 321,409 | $ | — | $ | 3,235,805 | |||||||||||||||||||
Cost of sales and merchandising revenues | 2,220,038 | 581,811 | 270,549 | — | 3,072,398 | ||||||||||||||||||||||||
Gross profit | 77,831 | 34,716 | 50,860 | — | 163,407 | ||||||||||||||||||||||||
Operating, administrative and general expenses | 61,514 | 6,577 | 26,568 | 10,901 | 105,560 | ||||||||||||||||||||||||
Interest expense (income), net | 7,452 | 2,021 | 1,146 | (559) | 10,060 | ||||||||||||||||||||||||
Equity in earnings (losses) of affiliates, net | 845 | — | — | — | 845 | ||||||||||||||||||||||||
Other income (expense), net | 4,067 | 38 | 849 | 116 | 5,070 | ||||||||||||||||||||||||
Income (loss) before income taxes from continuing operations | $ | 13,777 | $ | 26,156 | $ | 23,995 | $ | (10,226) | $ | 53,702 | |||||||||||||||||||
Income (loss) before income taxes attributable to the noncontrolling interests | — | 2,625 | — | — | 2,625 | ||||||||||||||||||||||||
Non-GAAP Income (loss) before income taxes attributable to the Company from continuing operations | $ | 13,777 | $ | 23,531 | $ | 23,995 | $ | (10,226) | $ | 51,077 |
Six months ended June 30, 2022 | |||||||||||||||||||||||||||||
(in thousands) | Trade | Renewables | Plant Nutrient | Other | Total | ||||||||||||||||||||||||
Sales and merchandising revenues | $ | 6,182,448 | $ | 1,565,798 | $ | 680,325 | $ | — | $ | 8,428,571 | |||||||||||||||||||
Cost of sales and merchandising revenues | 6,012,835 | 1,490,719 | 574,641 | — | 8,078,195 | ||||||||||||||||||||||||
Gross profit | 169,613 | 75,079 | 105,684 | — | 350,376 | ||||||||||||||||||||||||
Operating, administrative and general expenses | 122,520 | 16,480 | 54,916 | 20,630 | 214,546 | ||||||||||||||||||||||||
Interest expense (income), net | 21,487 | 3,779 | 3,384 | (870) | 27,780 | ||||||||||||||||||||||||
Equity in earnings (losses) of affiliates, net | (6,278) | — | — | — | (6,278) | ||||||||||||||||||||||||
Other income (expense), net | 8,007 | 18,918 | 1,670 | (1,607) | 26,988 | ||||||||||||||||||||||||
Income (loss) before income taxes from continuing operations | $ | 27,335 | $ | 73,738 | $ | 49,054 | $ | (21,367) | $ | 128,760 | |||||||||||||||||||
Income (loss) before income taxes attributable to the noncontrolling interests | — | 22,303 | — | — | 22,303 | ||||||||||||||||||||||||
Non-GAAP Income (loss) before income taxes attributable to the Company from continuing operations | $ | 27,335 | $ | 51,435 | $ | 49,054 | $ | (21,367) | $ | 106,457 |
Six months ended June 30, 2021 | |||||||||||||||||||||||||||||
(in thousands) | Trade | Renewables | Plant Nutrient | Other | Total | ||||||||||||||||||||||||
Sales and merchandising revenues | $ | 4,280,377 | $ | 1,059,486 | $ | 490,661 | $ | — | $ | 5,830,524 | |||||||||||||||||||
Cost of sales and merchandising revenues | 4,129,989 | 1,016,287 | 407,400 | — | 5,553,676 | ||||||||||||||||||||||||
Gross profit | 150,388 | 43,199 | 83,261 | — | 276,848 | ||||||||||||||||||||||||
Operating, administrative and general expenses | 118,445 | 13,233 | 49,967 | 20,913 | 202,558 | ||||||||||||||||||||||||
Interest expense (income), net | 14,503 | 4,094 | 2,212 | (760) | 20,049 | ||||||||||||||||||||||||
Equity in earnings (losses) of affiliates, net | 2,639 | — | — | — | 2,639 | ||||||||||||||||||||||||
Other income (expense), net | 7,553 | 1,365 | 1,436 | 584 | 10,938 | ||||||||||||||||||||||||
Income (loss) before income taxes from continuing operations | $ | 27,632 | $ | 27,237 | $ | 32,518 | $ | (19,569) | $ | 67,818 | |||||||||||||||||||
Income (loss) before income taxes attributable to the noncontrolling interests | — | 780 | — | — | 780 | ||||||||||||||||||||||||
Non-GAAP Income (loss) before income taxes attributable to the Company from continuing operations | $ | 27,632 | $ | 26,457 | $ | 32,518 | $ | (19,569) | $ | 67,038 |
(in thousands) | June 30, 2022 | June 30, 2021 | Variance | ||||||||||||||
Current Assets from Continuing Operations: | |||||||||||||||||
Cash and cash equivalents | $ | 86,035 | $ | 27,538 | $ | 58,497 | |||||||||||
Accounts receivable, net | 1,141,167 | 702,869 | 438,298 | ||||||||||||||
Inventories | 1,618,326 | 904,924 | 713,402 | ||||||||||||||
Commodity derivative assets – current | 638,357 | 507,148 | 131,209 | ||||||||||||||
Other current assets | 70,367 | 63,266 | 7,101 | ||||||||||||||
Total current assets from continuing operations | $ | 3,554,252 | $ | 2,205,745 | $ | 1,348,507 | |||||||||||
Current Liabilities from Continuing Operations: | |||||||||||||||||
Short-term debt | 1,161,428 | 757,271 | 404,157 | ||||||||||||||
Trade and other payables | 772,996 | 543,503 | 229,493 | ||||||||||||||
Customer prepayments and deferred revenue | 184,154 | 55,943 | 128,211 | ||||||||||||||
Commodity derivative liabilities – current | 185,903 | 90,366 | 95,537 | ||||||||||||||
Current maturities of long-term debt | 53,951 | 50,069 | 3,882 | ||||||||||||||
Accrued expenses and other current liabilities | 211,830 | 168,221 | 43,609 | ||||||||||||||
Total current liabilities from continuing operations | $ | 2,570,262 | $ | 1,665,373 | $ | 904,889 | |||||||||||
Working Capital from Continuing Operations | $ | 983,990 | $ | 540,372 | $ | 443,618 |
Six Months Ended | ||||||||||||||
(in thousands) | June 30, 2022 | June 30, 2021 | ||||||||||||
Net cash used in operating activities | $ | (721,799) | $ | (245,494) | ||||||||||
Net cash used in investing activities | (30,094) | (23,474) | ||||||||||||
Net cash provided by financing activities | 622,113 | 267,550 |
Periods | Total
Number of Shares Purchased (1) | Average Price Paid Per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs (2) | ||||||||||||||||||||||
April
2022 | — | $ | — | — | $ | — | ||||||||||||||||||||
May 2022 | 588 | 50.26 | — | — | ||||||||||||||||||||||
June
2022 | — | — | — | — | ||||||||||||||||||||||
Total | 588 | $ | 50.26 | — | $ | 100,000,000 |
Exhibit Number | Description | |||||||
10.1 | ||||||||
31.1* | ||||||||
31.2* | ||||||||
32.1** | ||||||||
101** | Inline XBRL Document Set for the Condensed Consolidated Financial Statements and accompanying notes in Part I, Item 1, “Financial Statements” of this Quarterly Report on Form 10-Q. | |||||||
104** | Inline XBRL for the cover page of this Quarterly Report on Form 10-Q, included in the Exhibit 101 Inline XBRL Document Set. | |||||||
** Furnished herewith | ||||||||
THE ANDERSONS, INC. | ||||||||
Date: August 8, 2022 | /s/ Patrick E. Bowe | |||||||
Patrick E. Bowe | ||||||||
President and Chief Executive Officer | ||||||||
Date: August 8, 2022 | /s/ Brian A. Valentine | |||||||
Brian A. Valentine | ||||||||
Executive Vice President and Chief Financial Officer | ||||||||
This ‘10-Q’ Filing | Date | Other Filings | ||
---|---|---|---|---|
3/28/29 | ||||
3/26/27 | ||||
8/20/24 | ||||
12/31/22 | ||||
8/31/22 | ||||
Filed on: | 8/8/22 | 4 | ||
7/22/22 | 4 | |||
7/8/22 | ||||
7/1/22 | ||||
For Period end: | 6/30/22 | |||
6/16/22 | ||||
5/31/22 | ||||
5/27/22 | 8-K | |||
3/31/22 | 10-Q | |||
3/28/22 | 8-K | |||
3/9/22 | 8-K | |||
3/2/22 | 4, 8-K | |||
12/31/21 | 10-K, 11-K | |||
8/20/21 | 8-K | |||
8/16/21 | 8-K | |||
6/30/21 | 10-Q | |||
3/31/21 | 10-Q | |||
12/31/20 | 10-K, 11-K, 5, 8-K | |||
1/11/19 | 8-K, D | |||
List all Filings |
As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 6/02/22 Andersons, Inc. 8-K:1,2,9 5/27/22 12:520K |