ý | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
¨ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
OHIO | 34-1562374 | |
(State of incorporation or organization) | (I.R.S. Employer Identification No.) | |
1947 Briarfield Boulevard, Maumee, Ohio | 43537 | |
(Address of principal executive offices) | (Zip Code) | |
Large accelerated filer | ý | Accelerated Filer | ¨ |
Non-accelerated filer | ¨ | Smaller reporting company | ¨ |
Emerging growth company | ¨ | ||
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 | |
The Andersons, Inc. Condensed Consolidated Balance Sheets (Unaudited)(In thousands) | |||||||||||
September 30, 2018 | December 31, 2017 | September 30, 2017 | |||||||||
Assets | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | $ | $ | ||||||||
Accounts receivable, net | |||||||||||
Inventories (Note 2) | |||||||||||
Commodity derivative assets – current (Note 5) | |||||||||||
Other current assets | |||||||||||
Assets held for sale | |||||||||||
Total current assets | |||||||||||
Other assets: | |||||||||||
Commodity derivative assets – noncurrent (Note 5) | |||||||||||
Goodwill | |||||||||||
Other intangible assets, net | |||||||||||
Other assets, net | |||||||||||
Equity method investments | |||||||||||
Rail Group assets leased to others, net (Note 3) | |||||||||||
Property, plant and equipment, net (Note 3) | |||||||||||
Total assets | $ | $ | $ | ||||||||
The Andersons, Inc. Condensed Consolidated Balance Sheets (continued) (Unaudited)(In thousands) | |||||||||||
September 30, 2018 | December 31, 2017 | September 30, 2017 | |||||||||
Liabilities and equity | |||||||||||
Current liabilities: | |||||||||||
Short-term debt (Note 4) | $ | $ | $ | ||||||||
Trade and other payables | |||||||||||
Customer prepayments and deferred revenue | |||||||||||
Commodity derivative liabilities – current (Note 5) | |||||||||||
Accrued expenses and other current liabilities | |||||||||||
Current maturities of long-term debt (Note 4) | |||||||||||
Total current liabilities | |||||||||||
Other long-term liabilities | |||||||||||
Commodity derivative liabilities – noncurrent (Note 5) | |||||||||||
Employee benefit plan obligations | |||||||||||
Long-term debt, less current maturities (Note 4) | |||||||||||
Deferred income taxes | |||||||||||
Total liabilities | |||||||||||
Commitments and contingencies (Note 14) | |||||||||||
Shareholders’ equity: | |||||||||||
Common shares, without par value (63,000 shares authorized; 29,430 shares issued at 9/30/2018, 12/31/17 and 9/30/2017) | |||||||||||
Preferred shares, without par value (1,000 shares authorized; none issued) | |||||||||||
Additional paid-in-capital | |||||||||||
Treasury shares, at cost (929, 1,063 and 1,079 shares at 9/30/2018, 12/31/17 and 9/30/2017, respectively) | ( | ) | ( | ) | ( | ) | |||||
Accumulated other comprehensive loss | ( | ) | ( | ) | ( | ) | |||||
Retained earnings | |||||||||||
Total shareholders’ equity of The Andersons, Inc. | |||||||||||
Noncontrolling interests | |||||||||||
Total equity | |||||||||||
Total liabilities and equity | $ | $ | $ | ||||||||
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
Sales and merchandising revenues | $ | $ | $ | $ | |||||||||||
Cost of sales and merchandising revenues | |||||||||||||||
Gross profit | |||||||||||||||
Operating, administrative and general expenses | |||||||||||||||
Asset impairment | |||||||||||||||
Goodwill impairment | |||||||||||||||
Interest expense | |||||||||||||||
Other income: | |||||||||||||||
Equity in earnings (loss) of affiliates, net | |||||||||||||||
Other income, net | |||||||||||||||
Income (loss) before income taxes | ( | ) | ( | ) | |||||||||||
Income tax provision (benefit) | ( | ) | |||||||||||||
Net income (loss) | ( | ) | ( | ) | |||||||||||
Net income (loss) attributable to the noncontrolling interests | ( | ) | |||||||||||||
Net income (loss) attributable to The Andersons, Inc. | $ | ( | ) | $ | $ | $ | ( | ) | |||||||
Per common share: | |||||||||||||||
Basic earnings (loss) attributable to The Andersons, Inc. common shareholders | $ | ( | ) | $ | $ | $ | ( | ) | |||||||
Diluted earnings (loss) attributable to The Andersons, Inc. common shareholders | $ | ( | ) | $ | $ | $ | ( | ) | |||||||
Dividends declared | $ | $ | $ | $ | |||||||||||
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
Net income (loss) | $ | ( | ) | $ | $ | $ | ( | ) | |||||||
Other comprehensive income (loss), net of tax: | |||||||||||||||
Change in fair value of convertible preferred securities (net of income tax of $0, $134, $0 and $134) | ( | ) | |||||||||||||
Change in unrecognized actuarial loss and prior service cost (net of income tax of $(38), $(64), $(139) and $(699)) | ( | ) | ( | ) | ( | ) | ( | ) | |||||||
Cash flow hedge activity (net of income tax of $40, $0, $56 and $0) | |||||||||||||||
Foreign currency translation adjustments (net of income tax of $0, $0, $0 and $0) | ( | ) | |||||||||||||
Other comprehensive income (loss) | ( | ) | |||||||||||||
Comprehensive income (loss) | ( | ) | ( | ) | |||||||||||
Comprehensive income (loss) attributable to the noncontrolling interests | ( | ) | |||||||||||||
Comprehensive income (loss) attributable to The Andersons, Inc. | $ | ( | ) | $ | $ | $ | ( | ) | |||||||
Nine months ended September 30, | |||||||
2018 | 2017 | ||||||
Operating Activities | |||||||
Net income (loss) | $ | $ | ( | ) | |||
Adjustments to reconcile net income (loss) to cash used in operating activities: | |||||||
Depreciation and amortization | |||||||
Bad debt expense (recovery) | ( | ) | |||||
Equity in (earnings) losses of affiliates, net of dividends | ( | ) | ( | ) | |||
Gains on sale of Rail Group assets and related leases | ( | ) | ( | ) | |||
Gain on sale of assets | ( | ) | ( | ) | |||
Stock-based compensation expense | |||||||
Goodwill impairment | |||||||
Asset impairment | |||||||
Other | ( | ) | ( | ) | |||
Changes in operating assets and liabilities: | |||||||
Accounts receivable | ( | ) | ( | ) | |||
Inventories | |||||||
Commodity derivatives | |||||||
Other assets | |||||||
Payables and other accrued expenses | ( | ) | ( | ) | |||
Net cash provided by (used in) operating activities | |||||||
Investing Activities | |||||||
Acquisition of business, net of cash acquired | ( | ) | |||||
Purchases of Rail Group assets | ( | ) | ( | ) | |||
Proceeds from sale of Rail Group assets | |||||||
Purchases of property, plant and equipment and capitalized software | ( | ) | ( | ) | |||
Proceeds from sale of assets | |||||||
Proceeds from returns of investments in affiliates | |||||||
Purchase of investments | ( | ) | ( | ) | |||
Other | |||||||
Net cash provided by (used in) investing activities | ( | ) | ( | ) | |||
Financing Activities | |||||||
Net change in short-term borrowings | ( | ) | |||||
Proceeds from issuance of long-term debt | |||||||
Proceeds from long-term financing arrangement | |||||||
Payments of long-term debt | ( | ) | ( | ) | |||
Proceeds from noncontrolling interest owner | |||||||
Proceeds from sale of treasury shares to employees and directors | |||||||
Payments of debt issuance costs | ( | ) | ( | ) | |||
Dividends paid | ( | ) | ( | ) | |||
Other | ( | ) | ( | ) | |||
Net cash provided by (used in) financing activities | ( | ) | |||||
Decrease in cash and cash equivalents | ( | ) | ( | ) | |||
Cash and cash equivalents at beginning of period | |||||||
Cash and cash equivalents at end of period | $ | $ | |||||
Common Shares | Additional Paid-in Capital | Treasury Shares | Accumulated Other Comprehensive Income (Loss) | Retained Earnings | Noncontrolling Interests | Total | |||||||||||||||||||||
Balance at December 31, 2016 | $ | $ | $ | ( | ) | $ | ( | ) | $ | $ | $ | ||||||||||||||||
Net income (loss) | ( | ) | ( | ) | |||||||||||||||||||||||
Other comprehensive income (loss) | |||||||||||||||||||||||||||
Other change in noncontrolling interest | ( | ) | ( | ) | |||||||||||||||||||||||
Stock awards, stock option exercises and other shares issued to employees and directors, net of income tax of $(323) (122 shares) | |||||||||||||||||||||||||||
Dividends declared ($0.48 per common share) | ( | ) | ( | ) | |||||||||||||||||||||||
Restricted share award dividend equivalents | ( | ) | |||||||||||||||||||||||||
Balance at September 30, 2017 | $ | $ | $ | ( | ) | $ | ( | ) | $ | $ | $ | ||||||||||||||||
Balance at December 31, 2017 | $ | $ | $ | ( | ) | $ | ( | ) | $ | $ | $ | ||||||||||||||||
Net income (loss) | ( | ) | |||||||||||||||||||||||||
Other comprehensive income (loss) | ( | ) | ( | ) | |||||||||||||||||||||||
Cash received from (paid to) noncontrolling interest | ( | ) | |||||||||||||||||||||||||
Adoption of accounting standard, net of income tax of $2,869 | ( | ) | ( | ) | |||||||||||||||||||||||
Stock awards, stock option exercises and other shares issued to employees and directors, net of income tax of $(0) (134 shares) | |||||||||||||||||||||||||||
Dividends declared ($0.495 per common share) | ( | ) | ( | ) | |||||||||||||||||||||||
Restricted share award dividend equivalents | ( | ) | |||||||||||||||||||||||||
Balance at September 30, 2018 | $ | $ | $ | ( | ) | $ | ( | ) | $ | $ | $ | ||||||||||||||||
(in thousands) | September 30, 2018 | December 31, 2017 | September 30, 2017 | ||||||||
Grain | $ | $ | $ | ||||||||
Ethanol and co-products | |||||||||||
Plant nutrients and cob products | |||||||||||
Retail merchandise | |||||||||||
Railcar repair parts | |||||||||||
$ | $ | $ | |||||||||
(in thousands) | September 30, 2018 | December 31, 2017 | September 30, 2017 | ||||||||
Land | $ | $ | $ | ||||||||
Land improvements and leasehold improvements | |||||||||||
Buildings and storage facilities | |||||||||||
Machinery and equipment | |||||||||||
Construction in progress | |||||||||||
Less: accumulated depreciation | |||||||||||
$ | $ | $ | |||||||||
(in thousands) | September 30, 2018 | December 31, 2017 | September 30, 2017 | ||||||||
Rail Group assets leased to others | $ | $ | $ | ||||||||
Less: accumulated depreciation | |||||||||||
$ | $ | $ | |||||||||
(in thousands) | September 30, 2018 | December 31, 2017 | September 30, 2017 | ||||||||
Short-term Debt – Non-Recourse | $ | $ | $ | ||||||||
Short-term Debt – Recourse | |||||||||||
Total Short-term Debt | $ | $ | $ | ||||||||
Current Maturities of Long-term Debt – Non-Recourse | $ | $ | $ | ||||||||
Current Maturities of Long-term Debt – Recourse | |||||||||||
Total Current Maturities of Long-term Debt | $ | $ | $ | ||||||||
Long-term Debt, Less: Current Maturities – Non-Recourse | $ | $ | $ | ||||||||
Long-term Debt, Less: Current Maturities – Recourse | |||||||||||
Total Long-term Debt, Less: Current Maturities | $ | $ | $ | ||||||||
September 30, 2018 | December 31, 2017 | September 30, 2017 | |||||||||||||||||||||
(in thousands) | Net derivative asset position | Net derivative liability position | Net derivative asset position | Net derivative liability position | Net derivative asset position | Net derivative liability position | |||||||||||||||||
Collateral paid (received) | $ | $ | $ | $ | $ | $ | |||||||||||||||||
Fair value of derivatives | ( | ) | |||||||||||||||||||||
Balance at end of period | $ | $ | $ | $ | $ | $ | |||||||||||||||||
September 30, 2018 | |||||||||||||||||||
(in thousands) | Commodity Derivative Assets - Current | Commodity Derivative Assets - Noncurrent | Commodity Derivative Liabilities - Current | Commodity Derivative Liabilities - Noncurrent | Total | ||||||||||||||
Commodity derivative assets | $ | $ | $ | $ | $ | ||||||||||||||
Commodity derivative liabilities | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | |||||||||
Cash collateral | |||||||||||||||||||
Balance sheet line item totals | $ | $ | $ | ( | ) | $ | ( | ) | $ | ( | ) | ||||||||
December 31, 2017 | |||||||||||||||||||
(in thousands) | Commodity Derivative Assets - Current | Commodity Derivative Assets - Noncurrent | Commodity Derivative Liabilities - Current | Commodity Derivative Liabilities - Noncurrent | Total | ||||||||||||||
Commodity derivative assets | $ | $ | $ | $ | $ | ||||||||||||||
Commodity derivative liabilities | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | |||||||||
Cash collateral | |||||||||||||||||||
Balance sheet line item totals | $ | $ | $ | ( | ) | $ | ( | ) | $ | ||||||||||
September 30, 2017 | |||||||||||||||||||
(in thousands) | Commodity Derivative Assets - Current | Commodity Derivative Assets - Noncurrent | Commodity Derivative Liabilities - Current | Commodity Derivative Liabilities - Noncurrent | Total | ||||||||||||||
Commodity derivative assets | $ | $ | $ | $ | $ | ||||||||||||||
Commodity derivative liabilities | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | |||||||||
Cash collateral | |||||||||||||||||||
Balance sheet line item totals | $ | $ | $ | ( | ) | $ | ( | ) | $ | ||||||||||
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||
(in thousands) | 2018 | 2017 | 2018 | 2017 | |||||||||||
Gains (losses) on commodity derivatives included in cost of sales and merchandising revenues | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) | |||
September 30, 2018 | |||||||||||
Commodity (in thousands) | Number of Bushels | Number of Gallons | Number of Pounds | Number of Tons | |||||||
Non-exchange traded: | |||||||||||
Corn | |||||||||||
Soybeans | |||||||||||
Wheat | |||||||||||
Oats | |||||||||||
Ethanol | |||||||||||
Corn oil | |||||||||||
Other | |||||||||||
Subtotal | |||||||||||
Exchange traded: | |||||||||||
Corn | |||||||||||
Soybeans | |||||||||||
Wheat | |||||||||||
Oats | |||||||||||
Ethanol | |||||||||||
Subtotal | |||||||||||
Total | |||||||||||
December 31, 2017 | |||||||||||
Commodity (in thousands) | Number of Bushels | Number of Gallons | Number of Pounds | Number of Tons | |||||||
Non-exchange traded: | |||||||||||
Corn | |||||||||||
Soybeans | |||||||||||
Wheat | |||||||||||
Oats | |||||||||||
Ethanol | |||||||||||
Corn oil | |||||||||||
Other | |||||||||||
Subtotal | |||||||||||
Exchange traded: | |||||||||||
Corn | |||||||||||
Soybeans | |||||||||||
Wheat | |||||||||||
Oats | |||||||||||
Ethanol | |||||||||||
Other | |||||||||||
Subtotal | |||||||||||
Total | |||||||||||
September 30, 2017 | |||||||||||
Commodity (in thousands) | Number of Bushels | Number of Gallons | Number of Pounds | Number of Tons | |||||||
Non-exchange traded: | |||||||||||
Corn | |||||||||||
Soybeans | |||||||||||
Wheat | |||||||||||
Oats | |||||||||||
Ethanol | |||||||||||
Corn oil | |||||||||||
Other | |||||||||||
Subtotal | |||||||||||
Exchange traded: | |||||||||||
Corn | |||||||||||
Soybeans | |||||||||||
Wheat | |||||||||||
Oats | |||||||||||
Ethanol | |||||||||||
Other | |||||||||||
Subtotal | |||||||||||
Total | |||||||||||
September 30, 2018 | December 31, 2017 | September 30, 2017 | |||||||||
(in thousands) | |||||||||||
Derivatives not designated as hedging instruments | |||||||||||
Interest rate contracts included in Other long-term assets (Other long-term liabilities) | $ | $ | ( | ) | $ | ( | ) | ||||
Foreign currency contracts included in Other current assets (Accrued expenses and other current liabilities) | ( | ) | |||||||||
Derivatives designated as hedging instruments | |||||||||||
Interest rate contract included in Other assets | |||||||||||
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||
(in thousands) | 2018 | 2017 | 2018 | 2017 | |||||||||||
Derivatives not designated as hedging instruments | |||||||||||||||
Interest rate derivative gains (losses) included in Interest income (expense) | $ | $ | $ | $ | |||||||||||
Foreign currency derivative gains (losses) included in Other income, net | ( | ) | |||||||||||||
Derivatives designated as hedging instruments | |||||||||||||||
Interest rate derivative gains (losses) included in OCI | |||||||||||||||
Interest rate derivatives gains (losses) included in Interest income (expense) | |||||||||||||||
Pension Benefits | |||||||||||||||
(in thousands) | Three months ended September 30, | Nine months ended September 30, | |||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
Interest cost | $ | $ | $ | $ | |||||||||||
Recognized net actuarial loss | |||||||||||||||
Benefit cost | $ | $ | $ | $ | |||||||||||
Postretirement Benefits | |||||||||||||||
(in thousands) | Three months ended September 30, | Nine months ended September 30, | |||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
Service cost | $ | $ | $ | $ | |||||||||||
Interest cost | |||||||||||||||
Amortization of prior service cost | ( | ) | ( | ) | ( | ) | ( | ) | |||||||
Benefit cost | $ | $ | $ | $ | |||||||||||
(in thousands) | Three months ended September 30, 2018 | Nine months ended September 30, 2018 | |||||
Revenues under ASC 606 | $ | $ | |||||
Revenues under ASC 840 | |||||||
Revenues under ASC 815 | |||||||
Total Revenues | $ | $ | |||||
Three months ended September 30, 2018 | |||||||||||||||||||
(in thousands) | Grain | Ethanol | Plant Nutrient | Rail | Total | ||||||||||||||
Specialty nutrients | $ | $ | $ | $ | $ | ||||||||||||||
Primary nutrients | |||||||||||||||||||
Services | |||||||||||||||||||
Co-products | |||||||||||||||||||
Other | |||||||||||||||||||
Total | $ | $ | $ | $ | $ | ||||||||||||||
Nine months ended September 30, 2018 | |||||||||||||||||||
(in thousands) | Grain | Ethanol | Plant Nutrient | Rail | Total | ||||||||||||||
Specialty nutrients | $ | $ | $ | $ | $ | ||||||||||||||
Primary nutrients | |||||||||||||||||||
Service | |||||||||||||||||||
Co-products | |||||||||||||||||||
Other | |||||||||||||||||||
Total | $ | $ | $ | $ | $ | ||||||||||||||
(in thousands) | Contract liabilities | ||
Balance at January 1, 2018 | $ | ||
Balance at March 31, 2018 | |||
Balance at June 30, 2018 | |||
Balance at September 30, 2018 | |||
Balance Sheet | |||||||||||
September 30, 2018 | |||||||||||
(in thousands) | As Reported | ASC 606 Impact | Pro forma as if the previous accounting guidance was in effect | ||||||||
Cash and cash equivalents and restricted cash | $ | $ | $ | ||||||||
Accounts receivable, net | |||||||||||
Inventories | |||||||||||
Commodity derivative assets - current | |||||||||||
Other current assets | ( | ) | |||||||||
Other noncurrent assets | |||||||||||
Rail Group assets leased to others, net | ( | ) | |||||||||
Property, plant and equipment, net | |||||||||||
Total assets | ( | ) | |||||||||
Short-term debt and current maturities of long-term debt | ( | ) | |||||||||
Trade and other payables and accrued expenses and other current liabilities | |||||||||||
Commodity derivative liabilities - current | |||||||||||
Customer prepayments and deferred revenue | |||||||||||
Commodity derivative liabilities - noncurrent and Other long-term liabilities | |||||||||||
Employee benefit plan obligations | |||||||||||
Long-term debt, less current maturities | ( | ) | |||||||||
Deferred income taxes | |||||||||||
Total liabilities | ( | ) | |||||||||
Retained earnings | |||||||||||
Common shares, additional paid-in-capital, treasury shares, accumulated other comprehensive loss and noncontrolling interests | |||||||||||
Total equity | |||||||||||
Total liabilities and equity | $ | $ | ( | ) | $ | ||||||
Statement of Operations | |||||||||||
Three months ended September 30, 2018 | |||||||||||
(in thousands) | As Reported | ASC 606 Impact | Pro forma as if the previous accounting guidance was in effect | ||||||||
Sales and merchandising revenues | $ | $ | $ | ||||||||
Cost of sales and merchandising revenues | |||||||||||
Gross profit | ( | ) | |||||||||
Operating, administrative and general expenses | |||||||||||
Asset impairment | |||||||||||
Interest expense | ( | ) | |||||||||
Other income: | |||||||||||
Equity in earnings of affiliates, net | |||||||||||
Other income, net | |||||||||||
Income (loss) before income taxes | ( | ) | ( | ) | ( | ) | |||||
Income tax provision | ( | ) | ( | ) | ( | ) | |||||
Net income (loss) | ( | ) | ( | ) | ( | ) | |||||
Net income attributable to the noncontrolling interests | |||||||||||
Net income (loss) attributable to The Andersons, Inc. | $ | ( | ) | $ | ( | ) | $ | ( | ) | ||
Statement of Operations | |||||||||||
Nine months ended September 30, 2018 | |||||||||||
(in thousands) | As Reported | ASC 606 Impact | Pro forma as if the previous accounting guidance was in effect | ||||||||
Sales and merchandising revenues | $ | $ | $ | ||||||||
Cost of sales and merchandising revenues | |||||||||||
Gross profit | ( | ) | |||||||||
Operating, administrative and general expenses | |||||||||||
Asset impairment | |||||||||||
Interest expense | ( | ) | |||||||||
Other income: | |||||||||||
Equity in earnings of affiliates, net | |||||||||||
Other income, net | |||||||||||
Income (loss) before income taxes | ( | ) | |||||||||
Income tax provision | ( | ) | |||||||||
Net income (loss) | ( | ) | |||||||||
Net income attributable to the noncontrolling interests | ( | ) | ( | ) | |||||||
Net income (loss) attributable to The Andersons, Inc. | $ | $ | ( | ) | $ | ||||||
• | While grain origination agreements, and their related sales contracts, will be accounted for under ASC 815, we are still required to evaluate the principal versus agent guidance in ASC 606 to determine whether realized gains or losses should be presented on a gross or net basis in the consolidated statements of operations upon physical settlement. The |
• | ASC 606 requires certain Rail Group assets and related financing obligations to be recorded on the balance sheet as these transactions no longer qualify as sales as a result of the existence of repurchase options within the sales contracts. The result of this change primarily impacts geography within the income statement, as lease expense to the financial institution is replaced with a combination of depreciation and interest expense. |
• | The performance obligation is part of a contract that has an original expected duration of one year or less. |
• | The variable consideration is allocated entirely to a wholly unsatisfied performance obligation or to a wholly unsatisfied promise to transfer a distinct good or service that forms part of a single performance obligation in accordance with ASC 606-10-25-14(b), for which the criteria in ASC 606-10-32-40 have been met. |
• | Future performance obligations - see discussion above. |
• | Contract costs - see discussion above. |
• | Shipping and handling activities - see discussion above. |
• | Sales tax presentation - the Company has elected to exclude from the transaction price all sales taxes that are assessed by a governmental authority that are imposed on and concurrent with a specific revenue-producing transaction and collected by the Company from a customer. |
• |
Changes in Accumulated Other Comprehensive Income (Loss) by Component (a) | |||||||||||||||||||||||||||||||||||||||||
Three months ended September 30, 2018 | Nine months ended September 30, 2018 | ||||||||||||||||||||||||||||||||||||||||
(in thousands) | Cash Flow Hedges | Foreign Currency Translation Adjustment | Investment in Convertible Preferred Securities | Defined Benefit Plan Items | Total | Cash Flow Hedges | Foreign Currency Translation Adjustment | Investment in Convertible Preferred Securities | Defined Benefit Plan Items | Total | |||||||||||||||||||||||||||||||
Beginning Balance | $ | $ | ( | ) | $ | $ | $ | ( | ) | $ | $ | ( | ) | $ | $ | $ | ( | ) | |||||||||||||||||||||||
Other comprehensive income (loss) before reclassifications | $ | ( | ) | ( | ) | ( | ) | ||||||||||||||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive loss | ( | ) | $ | ( | ) | ( | ) | ( | ) | ||||||||||||||||||||||||||||||||
Net current-period other comprehensive income (loss) | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | |||||||||||||||||||||||||||||||
Ending balance | $ | $ | ( | ) | $ | $ | $ | ( | ) | $ | $ | ( | ) | $ | $ | $ | ( | ) | |||||||||||||||||||||||
Changes in Accumulated Other Comprehensive Income (Loss) by Component (a) | |||||||||||||||||||||||||||||||||
Three months ended September 30, 2017 | Nine months ended September 30, 2017 | ||||||||||||||||||||||||||||||||
(in thousands) | Foreign Currency Translation Adjustment | Investment in Convertible Preferred Securities | Defined Benefit Plan Items | Total | Foreign Currency Translation Adjustment | Investment in Convertible Preferred Securities | Defined Benefit Plan Items | Total | |||||||||||||||||||||||||
Beginning Balance | $ | ( | ) | $ | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | $ | ( | ) | $ | ( | ) | |||||||||||||
Other comprehensive income (loss) before reclassifications | ( | ) | |||||||||||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive loss | ( | ) | ( | ) | ( | ) | ( | ) | |||||||||||||||||||||||||
Net current-period other comprehensive income (loss) | ( | ) | ( | ) | |||||||||||||||||||||||||||||
Ending balance | $ | ( | ) | $ | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | $ | ( | ) | $ | ( | ) | |||||||||||||
Reclassifications Out of Accumulated Other Comprehensive Income (Loss) (a) | ||||||||||||
(in thousands) | Three months ended September 30, 2018 | Nine months ended September 30, 2018 | ||||||||||
Details about Accumulated Other Comprehensive Income (Loss) Components | Amount Reclassified from Accumulated Other Comprehensive Income (Loss) | Affected Line Item in the Statement Where Net Income Is Presented | Amount Reclassified from Accumulated Other Comprehensive Income (Loss) | Affected Line Item in the Statement Where Net Income Is Presented | ||||||||
Defined Benefit Plan Items | ||||||||||||
Amortization of prior-service cost | ( | ) | (b) | ( | ) | (b) | ||||||
( | ) | Total before tax | ( | ) | Total before tax | |||||||
Income tax provision | Income tax provision | |||||||||||
$ | ( | ) | Net of tax | $ | ( | ) | Net of tax | |||||
Cash Flow Hedges | ||||||||||||
Interest payments | Interest expense | Interest expense | ||||||||||
Total before tax | Total before tax | |||||||||||
( | ) | Income tax provision | ( | ) | Income tax provision | |||||||
$ | Net of tax | $ | Net of tax | |||||||||
Total reclassifications for the period | $ | ( | ) | Net of tax | $ | ( | ) | Net of tax | ||||
Reclassifications Out of Accumulated Other Comprehensive Income (Loss) (a) | ||||||||||||
(in thousands) | Three months ended September 30, 2017 | Nine months ended September 30, 2017 | ||||||||||
Details about Accumulated Other Comprehensive Income (Loss) Components | Amount Reclassified from Accumulated Other Comprehensive Income (Loss) | Affected Line Item in the Statement Where Net Income Is Presented | Amount Reclassified from Accumulated Other Comprehensive Income (Loss) | Affected Line Item in the Statement Where Net Income Is Presented | ||||||||
Defined Benefit Plan Items | ||||||||||||
Amortization of prior-service cost | ( | ) | (b) | ( | ) | (b) | ||||||
( | ) | Total before tax | ( | ) | Total before tax | |||||||
Income tax provision | Income tax provision | |||||||||||
$ | ( | ) | Net of tax | $ | ( | ) | Net of tax | |||||
Total reclassifications for the period | $ | ( | ) | Net of tax | $ | ( | ) | Net of tax | ||||
(in thousands, except per common share data) | Three months ended September 30, | Nine months ended September 30, | |||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
Net income (loss) attributable to The Andersons, Inc. | $ | ( | ) | $ | $ | $ | ( | ) | |||||||
Less: Distributed and undistributed earnings allocated to nonvested restricted stock | |||||||||||||||
Earnings (losses) available to common shareholders | $ | ( | ) | $ | $ | $ | ( | ) | |||||||
Earnings per share – basic: | |||||||||||||||
Weighted average shares outstanding – basic | |||||||||||||||
Earnings (losses) per common share – basic | $ | ( | ) | $ | $ | $ | ( | ) | |||||||
Earnings per share – diluted: | |||||||||||||||
Weighted average shares outstanding – basic | |||||||||||||||
Effect of dilutive awards | |||||||||||||||
Weighted average shares outstanding – diluted | |||||||||||||||
Earnings (losses) per common share – diluted | $ | ( | ) | $ | $ | $ | ( | ) | |||||||
(in thousands) | September 30, 2018 | ||||||||||||||
Assets (liabilities) | Level 1 | Level 2 | Level 3 | Total | |||||||||||
Commodity derivatives, net (a) | $ | $ | ( | ) | $ | $ | ( | ) | |||||||
Provisionally priced contracts (b) | ( | ) | ( | ) | $ | ( | ) | ||||||||
Convertible preferred securities (c) | $ | ||||||||||||||
Other assets and liabilities (d) | $ | ||||||||||||||
Total | $ | $ | ( | ) | $ | $ | ( | ) | |||||||
(in thousands) | December 31, 2017 | ||||||||||||||
Assets (liabilities) | Level 1 | Level 2 | Level 3 | Total | |||||||||||
Commodity derivatives, net (a) | ( | ) | |||||||||||||
Provisionally priced contracts (b) | ( | ) | ( | ) | ( | ) | |||||||||
Convertible preferred securities (c) | |||||||||||||||
Other assets and liabilities (d) | ( | ) | |||||||||||||
Total | $ | ( | ) | $ | ( | ) | $ | $ | ( | ) | |||||
(in thousands) | September 30, 2017 | ||||||||||||||
Assets (liabilities) | Level 1 | Level 2 | Level 3 | Total | |||||||||||
Commodity derivatives, net (a) | ( | ) | |||||||||||||
Provisionally priced contracts (b) | ( | ) | ( | ) | ( | ) | |||||||||
Convertible preferred securities (c) | |||||||||||||||
Other assets and liabilities (d) | ( | ) | |||||||||||||
Total | $ | ( | ) | $ | ( | ) | $ | $ | ( | ) | |||||
(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 noncurrent assets” on the Company’s Condensed Consolidated Balance Sheets. |
(d) |
Convertible Preferred Securities | ||||||||
(in thousands) | 2018 | 2017 | ||||||
Assets (liabilities) at January 1, | $ | $ | ||||||
Gains (losses) included in earnings | ||||||||
Assets (liabilities) at March 31, | $ | $ | ||||||
Gains (losses) included in earnings | ||||||||
New investments | ||||||||
Asset (liabilities) at June 30, | $ | $ | ||||||
Gains (losses) included in earnings | ||||||||
Unrealized gains (losses) included in other comprehensive income | ||||||||
New investments | ||||||||
Sale proceeds | ( | ) | ||||||
Asset (liability) at September 30, | $ | $ | ||||||
Quantitative Information about Level 3 Fair Value Measurements | |||||||||
(in thousands) | Fair Value as of September 30, 2018 | Valuation Method | Unobservable Input | Weighted Average | |||||
Convertible preferred securities (a) | $ | Implied based on market prices | N/A | N/A | |||||
(in thousands) | Fair Value as of December 31, 2017 | Valuation Method | Unobservable Input | Weighted Average | |||||
Convertible preferred securities (a) | $ | Implied based on market prices | N/A | N/A | |||||
Real Property (b) | Third-Party Appraisal | N/A | N/A | ||||||
(in thousands) | Fair Value as of September 30, 2017 | Valuation Method | Unobservable Input | Weighted Average | |||||
Convertible preferred securities (a) | $ | Implied based on market prices | N/A | N/A | |||||
(in thousands) | September 30, 2018 | December 31, 2017 | September 30, 2017 | ||||||||
Fair value of long-term debt, including current maturities | $ | $ | $ | ||||||||
Fair value in excess of carrying value (a) | |||||||||||
(in thousands) | September 30, 2018 | December 31, 2017 | September 30, 2017 | ||||||||
The Andersons Albion Ethanol LLC | $ | $ | $ | ||||||||
The Andersons Clymers Ethanol LLC | |||||||||||
The Andersons Marathon Ethanol LLC | |||||||||||
Lansing Trade Group, LLC | |||||||||||
Thompsons Limited (a) | |||||||||||
Other | |||||||||||
Total | $ | $ | $ | ||||||||
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||
(in thousands) | % Ownership at September 30, 2018 | 2018 | 2017 | 2018 | 2017 | ||||||||||||
The Andersons Albion Ethanol LLC | $ | $ | $ | $ | |||||||||||||
The Andersons Clymers Ethanol LLC | |||||||||||||||||
The Andersons Marathon Ethanol LLC | |||||||||||||||||
Lansing Trade Group, LLC | 33% (a) | ||||||||||||||||
Thompsons Limited (b) | ( | ) | |||||||||||||||
Other | 5% - 50% | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
Total | $ | $ | $ | $ | |||||||||||||
(in thousands) | Three months ended September 30, | Nine months ended September 30, | |||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
Revenues | $ | $ | $ | $ | |||||||||||
Gross profit | |||||||||||||||
Income (loss) from continuing operations | |||||||||||||||
Net income (loss) | |||||||||||||||
Net income (loss) attributable to Companies | |||||||||||||||
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||
(in thousands) | 2018 | 2017 | 2018 | 2017 | |||||||||||
Sales revenues | $ | $ | $ | $ | |||||||||||
Service fee revenues (a) | |||||||||||||||
Purchases of product and capital assets | |||||||||||||||
Lease income (b) | |||||||||||||||
Labor and benefits reimbursement (c) | |||||||||||||||
(a) |
(b) |
(c) |
(in thousands) | September 30, 2018 | December 31, 2017 | September 30, 2017 | ||||||||
Accounts receivable (d) | $ | $ | $ | ||||||||
Accounts payable (e) | |||||||||||
(d) |
(e) |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||
(in thousands) | 2018 | 2017 | 2018 | 2017 | |||||||||||
Revenues from external customers | |||||||||||||||
Grain | $ | $ | $ | $ | |||||||||||
Ethanol | |||||||||||||||
Plant Nutrient | |||||||||||||||
Rail | |||||||||||||||
Other | |||||||||||||||
Total | $ | $ | $ | $ | |||||||||||
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||
(in thousands) | 2018 | 2017 | 2018 | 2017 | |||||||||||
Inter-segment sales | |||||||||||||||
Grain | $ | $ | $ | $ | |||||||||||
Plant Nutrient | |||||||||||||||
Rail | |||||||||||||||
Total | $ | $ | $ | $ | |||||||||||
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||
(in thousands) | 2018 | 2017 | 2018 | 2017 | |||||||||||
Income (loss) before income taxes | |||||||||||||||
Grain | $ | ( | ) | $ | $ | $ | |||||||||
Ethanol | |||||||||||||||
Plant Nutrient | ( | ) | ( | ) | ( | ) | |||||||||
Rail | |||||||||||||||
Other | ( | ) | ( | ) | ( | ) | ( | ) | |||||||
Noncontrolling interests | ( | ) | |||||||||||||
Total | $ | ( | ) | $ | $ | $ | ( | ) | |||||||
(in thousands) | September 30, 2018 | December 31, 2017 | September 30, 2017 | ||||||||
Identifiable assets | |||||||||||
Grain | $ | $ | $ | ||||||||
Ethanol | |||||||||||
Plant Nutrient | |||||||||||
Rail | |||||||||||
Other | |||||||||||
Total | $ | $ | $ | ||||||||
Nine months ended September 30, | |||||||
(in thousands) | 2018 | 2017 | |||||
Supplemental disclosure of cash flow information | |||||||
Interest paid | $ | $ | |||||
Noncash investing and financing activity | |||||||
Capital projects incurred but not yet paid | |||||||
Investment merger (decreasing equity method investments and non-controlling interest) | |||||||
Dividends declared not yet paid | |||||||
Debt resulting from accounting standard adoption | |||||||
Railcar assets resulting from accounting standard adoption | |||||||
(in thousands) | Three months ended September 30, | Nine months ended September 30, | |||||||||
2018 | 2017 | 2018 | 2017 | ||||||||
Ethanol (gallons shipped) | 117,848 | 108,452 | 337,984 | 307,379 | |||||||
E-85 (gallons shipped) | 16,022 | 12,482 | 47,501 | 32,385 | |||||||
Corn Oil (pounds shipped) | 5,200 | 4,504 | 15,574 | 12,842 | |||||||
DDG (tons shipped) * | 40 | 42 | 120 | 121 | |||||||
(in thousands) | Three months ended September 30, | Nine months ended September 30, | |||||||||
2018 | 2017 | 2018 | 2017 | ||||||||
Primary nutrients | 214 | 254 | 1,072 | 1,099 | |||||||
Specialty nutrients | 108 | 109 | 541 | 540 | |||||||
Other | 13 | 15 | 42 | 53 | |||||||
Total tons | 335 | 378 | 1,655 | 1,692 | |||||||
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||
(in thousands) | 2018 | 2017 | 2018 | 2017 | |||||||||||
Sales and merchandising revenues | $ | 685,579 | $ | 836,595 | $ | 2,232,720 | $ | 2,682,273 | |||||||
Cost of sales and merchandising revenues | 631,715 | 766,924 | 2,024,677 | 2,448,310 | |||||||||||
Gross profit | 53,864 | 69,671 | 208,043 | 233,963 | |||||||||||
Operating, administrative and general expenses | 65,986 | 68,153 | 190,096 | 219,242 | |||||||||||
Asset impairment | — | — | 6,272 | — | |||||||||||
Goodwill impairment | — | — | — | 42,000 | |||||||||||
Interest expense (income) | 5,176 | 5,384 | 20,000 | 17,472 | |||||||||||
Equity in earnings (losses) of affiliates, net | 7,225 | 3,586 | 20,601 | 8,093 | |||||||||||
Other income (expense), net | 6,434 | 5,285 | 10,949 | 17,028 | |||||||||||
Income (loss) before income taxes | (3,639 | ) | 5,005 | 23,225 | (19,630 | ) | |||||||||
Income (loss) attributable to noncontrolling interests | 223 | 83 | (175 | ) | 73 | ||||||||||
Income (loss) before income taxes attributable to The Andersons, Inc. | $ | (3,862 | ) | $ | 4,922 | $ | 23,400 | $ | (19,703 | ) | |||||
Three months ended September 30, | |||||||
(in thousands) | 2018 | 2017 | |||||
Sales and merchandising revenues | $ | 343,430 | $ | 497,613 | |||
Cost of sales and merchandising revenues | 326,818 | 465,297 | |||||
Gross profit | 16,612 | 32,316 | |||||
Operating, administrative and general expenses | 26,142 | 27,622 | |||||
Interest expense (income) | 2,126 | 1,898 | |||||
Equity in earnings (losses) of affiliates, net | 2,412 | (694 | ) | ||||
Other income (expense), net | 625 | 539 | |||||
Income (loss) before income taxes | $ | (8,619 | ) | $ | 2,641 | ||
Three months ended September 30, | |||||||
(in thousands) | 2018 | 2017 | |||||
Sales and merchandising revenues | $ | 194,849 | $ | 191,531 | |||
Cost of sales and merchandising revenues | 187,889 | 185,143 | |||||
Gross profit | 6,960 | 6,388 | |||||
Operating, administrative and general expenses | 3,296 | 4,526 | |||||
Interest expense (income) | (784 | ) | (27 | ) | |||
Equity in earnings (losses) of affiliates, net | 4,813 | 4,280 | |||||
Other income (expense), net | 20 | 12 | |||||
Income (loss) before income taxes | 9,281 | 6,181 | |||||
Income (loss) attributable to noncontrolling interests | 223 | 83 | |||||
Income (loss) before income taxes attributable to The Andersons, Inc. | $ | 9,058 | $ | 6,098 | |||
Three months ended September 30, | |||||||
(in thousands) | 2018 | 2017 | |||||
Sales and merchandising revenues | $ | 104,188 | $ | 103,620 | |||
Cost of sales and merchandising revenues | 88,646 | 86,271 | |||||
Gross profit | 15,542 | 17,349 | |||||
Operating, administrative and general expenses | 22,829 | 22,086 | |||||
Interest expense (income) | 1,315 | 1,561 | |||||
Other income (expense), net | 626 | (1,622 | ) | ||||
Income (loss) before income taxes | $ | (7,976 | ) | $ | (7,920 | ) | |
Three months ended September 30, | |||||||
(in thousands) | 2018 | 2017 | |||||
Sales and merchandising revenues | $ | 43,112 | $ | 43,093 | |||
Cost of sales and merchandising revenues | 28,362 | 29,671 | |||||
Gross profit | 14,750 | 13,422 | |||||
Operating, administrative and general expenses | 6,636 | 6,246 | |||||
Interest expense (income) | 2,602 | 1,742 | |||||
Other income (expense), net | 220 | 693 | |||||
Income (loss) before income taxes | $ | 5,732 | $ | 6,127 | |||
Three months ended September 30, | |||||||
(in thousands) | 2018 | 2017 | |||||
Sales and merchandising revenues | $ | — | $ | 738 | |||
Cost of sales and merchandising revenues | — | 542 | |||||
Gross profit | — | 196 | |||||
Operating, administrative and general expenses | 7,083 | 7,673 | |||||
Interest expense (income) | (83 | ) | 210 | ||||
Other income (expense), net | 4,943 | 5,663 | |||||
Income (loss) before income taxes | $ | (2,057 | ) | $ | (2,024 | ) | |
Nine months ended September 30, | |||||||
(in thousands) | 2018 | 2017 | |||||
Sales and merchandising revenues | $ | 986,202 | $ | 1,464,588 | |||
Cost of sales and merchandising revenues | 908,833 | 1,378,176 | |||||
Gross profit | 77,369 | 86,412 | |||||
Operating, administrative and general expenses | 77,669 | 78,904 | |||||
Asset impairment | 1,564 | — | |||||
Interest expense (income) | 9,015 | 6,921 | |||||
Equity in earnings (losses) of affiliates, net | 9,909 | 864 | |||||
Other income (expense), net | 2,198 | 3,046 | |||||
Income (loss) before income taxes | $ | 1,228 | $ | 4,497 | |||
Nine months ended September 30, | |||||||
(in thousands) | 2018 | 2017 | |||||
Sales and merchandising revenues | $ | 568,625 | $ | 533,515 | |||
Cost of sales and merchandising revenues | 553,757 | 518,267 | |||||
Gross profit | 14,868 | 15,248 | |||||
Operating, administrative and general expenses | 9,966 | 10,016 | |||||
Interest expense (income) | (1,095 | ) | (52 | ) | |||
Equity in earnings (losses) of affiliates, net | 10,692 | 7,229 | |||||
Other income (expense), net | 158 | 34 | |||||
Income (loss) before income taxes | 16,847 | 12,547 | |||||
Income (loss) attributable to noncontrolling interests | (175 | ) | 73 | ||||
Income (loss) before income taxes attributable to The Andersons, Inc. | $ | 17,022 | $ | 12,474 | |||
Nine months ended September 30, | |||||||
(in thousands) | 2018 | 2017 | |||||
Sales and merchandising revenues | $ | 542,911 | $ | 514,943 | |||
Cost of sales and merchandising revenues | 467,965 | 431,852 | |||||
Gross profit | 74,946 | 83,091 | |||||
Operating, administrative and general expenses | 64,210 | 67,727 | |||||
Goodwill impairment | — | 42,000 | |||||
Interest expense (income) | 4,397 | 5,016 | |||||
Other income (expense), net | 1,900 | 4,578 | |||||
Income (loss) before income taxes | $ | 8,239 | $ | (27,074 | ) | ||
Nine months ended September 30, | |||||||
(in thousands) | 2018 | 2017 | |||||
Sales and merchandising revenues | $ | 134,982 | $ | 121,632 | |||
Cost of sales and merchandising revenues | 94,122 | 83,203 | |||||
Gross profit | 40,860 | 38,429 | |||||
Operating, administrative and general expenses | 18,730 | 17,141 | |||||
Asset impairment | 4,708 | — | |||||
Interest expense (income) | 7,688 | 5,487 | |||||
Other income (expense), net | 911 | 2,264 | |||||
Income (loss) before income taxes | $ | 10,645 | $ | 18,065 | |||
Nine months ended September 30, | |||||||
(in thousands) | 2018 | 2017 | |||||
Sales and merchandising revenues | $ | — | $ | 47,595 | |||
Cost of sales and merchandising revenues | — | 36,812 | |||||
Gross profit | — | 10,783 | |||||
Operating, administrative and general expenses | 19,521 | 45,454 | |||||
Interest expense (income) | (5 | ) | 100 | ||||
Other income (expense), net | 5,782 | 7,106 | |||||
Income (loss) before income taxes | $ | (13,734 | ) | $ | (27,665 | ) | |
(in thousands) | September 30, 2018 | September 30, 2017 | Variance | ||||||||
Current Assets: | |||||||||||
Cash and cash equivalents | $ | 16,820 | $ | 24,478 | $ | (7,658 | ) | ||||
Accounts receivable, net | 206,380 | 196,192 | 10,188 | ||||||||
Inventories | 490,331 | 475,602 | 14,729 | ||||||||
Commodity derivative assets – current | 76,861 | 45,202 | 31,659 | ||||||||
Other current assets | 58,374 | 53,958 | 4,416 | ||||||||
Assets held for sale | 29,527 | 8,383 | 21,144 | ||||||||
Total current assets | 878,293 | 803,815 | 74,478 | ||||||||
Current Liabilities: | |||||||||||
Short-term debt | 132,000 | 19,000 | 113,000 | ||||||||
Trade and other payables | 344,406 | 381,359 | (36,953 | ) | |||||||
Customer prepayments and deferred revenue | 38,242 | 29,520 | 8,722 | ||||||||
Commodity derivative liabilities – current | 91,403 | 38,578 | 52,825 | ||||||||
Accrued expenses and other current liabilities | 68,925 | 67,064 | 1,861 | ||||||||
Current maturities of long-term debt | 15,677 | 53,972 | (38,295 | ) | |||||||
Total current liabilities | 690,653 | 589,493 | 101,160 | ||||||||
Working Capital | $ | 187,640 | $ | 214,322 | $ | (26,682 | ) | ||||
Method of Control | Financial Statement | Units | ||
Owned - railcars available for sale | On balance sheet – current | 665 | ||
Owned - railcar assets leased to others | On balance sheet – non-current | 18,853 | ||
Railcars leased from financial intermediaries | Off balance sheet | 2,502 | ||
Railcars in non-recourse arrangements | Off balance sheet | 326 | ||
Total Railcars | 22,346 | |||
Locomotive assets leased to others | On balance sheet – non-current | 24 | ||
Locomotives leased from financial intermediaries | Off balance sheet | 4 | ||
Total Locomotives | 28 | |||
Barge assets leased from financial intermediaries | Off balance sheet | 15 | ||
Total Barges | 15 | |||
No. | Description | |
2.1 | ||
12 | ||
31.1 | ||
31.2 | ||
32.1 | ||
101 | Financial Statements from the interim report on Form 10-Q of The Andersons, Inc. for the period ended September 30, 2018, formatted in XBRL: (i) the Condensed Consolidated Statements of Operations, (ii) the Condensed Consolidated Statements of Comprehensive Income, (iii) the Condensed Consolidated Balance Sheets, (iv) the Condensed Consolidated Statements of Equity, (v) the Condensed Consolidated Statement of Cash Flows and (vi) the Notes to Condensed Consolidated Financial Statements. | |
THE ANDERSONS, INC. (Registrant) | ||
Date: November 6, 2018 | By /s/ Patrick E. Bowe | |
Patrick E. Bowe | ||
Chief Executive Officer (Principal Executive Officer) | ||
Date: November 6, 2018 | By /s/ Brian A. Valentine | |
Brian A. Valentine | ||
Senior Vice President and Chief Financial Officer (Principal Financial Officer) | ||
No. | Description | |
2.1 | ||
12 | ||
31.1 | ||
31.2 | ||
32.1 | ||
101 | Financial Statements from the interim report on Form 10-Q of The Andersons, Inc. for the period ended September 30, 2018, formatted in XBRL: (i) the Condensed Consolidated Statements of Operations, (ii) the Condensed Consolidated Statements of Comprehensive Income, (iii) the Condensed Consolidated Balance Sheets, (iv) the Condensed Consolidated Statements of Equity, (v) the Condensed Consolidated Statement of Cash Flows and (vi) the Notes to Condensed Consolidated Financial Statements. | |
Nine months ended September 30, | |||||||
(in thousands, except for ratio) | 2018 | 2017 | |||||
Computation of earnings | |||||||
Pretax income (a) | $ | 2,624 | $ | (27,723 | ) | ||
Add: | |||||||
Interest expense on indebtedness | 20,000 | 17,472 | |||||
Amortization of debt issue costs | 564 | 1,371 | |||||
Interest portion of rent expense (b) | 5,259 | 5,728 | |||||
Distributed income of equity investees | 2,149 | 5,801 | |||||
Earnings | $ | 30,596 | $ | 2,649 | |||
Computation of fixed charges | |||||||
Interest expense on indebtedness | $ | 20,000 | $ | 17,472 | |||
Amortization of debt issue costs | 564 | 1,371 | |||||
Interest portion of rent expense (b) | 5,259 | 5,728 | |||||
Fixed charges | $ | 25,823 | $ | 24,571 | |||
Ratio of earnings to fixed charges | 1.18 | 0.11 | |||||
1 | I have reviewed this report on Form 10-Q of The Andersons, Inc. |
2 | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3 | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4 | The registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this annual report is being prepared; | |
b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; | |
c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and | |
d) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and | |
5 | The registrant’s other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent functions): |
a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and | |
b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. | |
/s/ Patrick E. Bowe | |
Patrick E. Bowe | |
Chief Executive Officer (Principal Executive Officer) | |
1 | I have reviewed this report on Form 10-Q of The Andersons, Inc. |
2 | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3 | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4 | The registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this annual report is being prepared; | |
b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; | |
c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and | |
d) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and | |
5 | The registrant’s other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent functions): |
a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and | |
b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. | |
/s/ Brian A. Valentine | |
Brian A. Valentine | |
Senior Vice President and Chief Financial Officer (Principle Financial Officer) | |
(1) | The Report fully complies with the requirements of 13(a) or 15(d) of the Securities Exchange Act of 1934, and |
(2) | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company as of the dates and for the periods expressed in the Report. |
/s/ Patrick E. Bowe | |
Patrick E. Bowe | |
Chief Executive Officer | |
/s/ Brian A. Valentine | |
Brian A. Valentine | |
Senior Vice President and Chief Financial Officer (Principle Financial Officer) | |
Document and Entity Information - shares shares in Millions |
9 Months Ended | |
|---|---|---|
Sep. 30, 2018 |
Oct. 26, 2018 |
|
| Document and Entity Information [Abstract] | ||
| Entity Registrant Name | Andersons, Inc. | |
| Entity Central Index Key | 0000821026 | |
| Document Type | 10-Q | |
| Document Period End Date | Sep. 30, 2018 | |
| Amendment Flag | false | |
| Document Fiscal Year Focus | 2018 | |
| Document Fiscal Period Focus | Q3 | |
| Current Fiscal Year End Date | --12-31 | |
| Entity Filer Category | Large Accelerated Filer | |
| Entity Common Stock, Shares Outstanding | 28.3 |
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares shares in Thousands |
Sep. 30, 2018 |
Dec. 31, 2017 |
Sep. 30, 2017 |
|---|---|---|---|
| Statement of Financial Position [Abstract] | |||
| Common shares, par value (dollars per share) | |||
| Common shares, shares authorized (shares) | 63,000 | 63,000 | 63,000 |
| Common shares, shares issued (shares) | 29,430 | 29,430 | 29,430 |
| Preferred shares, par value (dollars per share) | |||
| Preferred shares, shares authorized (shares) | 1,000 | 1,000 | 1,000 |
| Preferred shares, shares issued (shares) | |||
| Treasury shares, at cost (shares) | 929 | 1,063 | 1,080 |
Condensed Consolidated Statements of Operations - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
|
| Income Statement [Abstract] | ||||
| Sales and merchandising revenues | $ 685,579 | $ 836,595 | $ 2,232,720 | $ 2,682,273 |
| Cost of sales and merchandising revenues | 631,715 | 766,924 | 2,024,677 | 2,448,310 |
| Gross profit | 53,864 | 69,671 | 208,043 | 233,963 |
| Operating, administrative and general expenses | 65,986 | 68,153 | 190,096 | 219,242 |
| Asset impairment | 0 | 0 | 6,272 | 0 |
| Goodwill impairment | 0 | 0 | 0 | 42,000 |
| Interest expense | 5,176 | 5,384 | 20,000 | 17,472 |
| Other income: | ||||
| Equity in earnings (loss) of affiliates, net | 7,225 | 3,586 | 20,601 | 8,093 |
| Other income, net | 6,434 | 5,285 | 10,949 | 17,028 |
| Income (loss) before income taxes | (3,639) | 5,005 | 23,225 | (19,630) |
| Income tax provision (benefit) | (1,764) | 2,389 | 5,668 | 7,505 |
| Net income (loss) | (1,875) | 2,616 | 17,557 | (27,135) |
| Net income (loss) attributable to the noncontrolling interests | 223 | 83 | (175) | 73 |
| Net income (loss) attributable to The Andersons, Inc. | $ (2,098) | $ 2,533 | $ 17,732 | $ (27,208) |
| Per common share: | ||||
| Basic earnings attributable to The Andersons, Inc. common shareholders (dollars per share) | $ (0.07) | $ 0.09 | $ 0.63 | $ (0.96) |
| Diluted earnings attributable to The Andersons, Inc. common shareholders (dollars per share) | (0.07) | 0.09 | 0.62 | (0.96) |
| Dividends declared (dollars per share) | $ 0.165 | $ 0.160 | $ 0.495 | $ 0.480 |
Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||||
|---|---|---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
|||
| Statement of Comprehensive Income [Abstract] | ||||||
| Net income (loss) | $ (1,875) | $ 2,616 | $ 17,557 | $ (27,135) | ||
| Other comprehensive income (loss), net of tax: | ||||||
| Change in fair value of convertible preferred securities (net of income tax of $0, $134, $0 and $134) | 0 | 211 | (87) | 211 | ||
| Change in unrecognized actuarial loss and prior service cost (net of income tax of $(38), $(64), $(139) and $(699)) | (129) | (101) | (467) | (1,099) | ||
| Cash flow hedge activity (net of income tax of $40, $0, $56 and $0) | 119 | 0 | 170 | 0 | ||
| Foreign currency translation adjustments (net of income tax of $0, $0, $0 and $0) | 993 | 2,201 | (1,280) | 3,674 | ||
| Other comprehensive income (loss) | [1] | 983 | 2,311 | (1,664) | 2,786 | |
| Comprehensive income (loss) | (892) | 4,927 | 15,893 | (24,349) | ||
| Comprehensive income (loss) attributable to the noncontrolling interests | 223 | 83 | (175) | 73 | ||
| Comprehensive income (loss) attributable to The Andersons, Inc. | $ (1,115) | $ 4,844 | $ 16,068 | $ (24,422) | ||
| ||||||
Condensed Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
|
| Statement of Comprehensive Income [Abstract] | ||||
| Change in fair value of convertible preferred securities, tax | $ 0 | $ 134 | $ 0 | $ 134 |
| Change in unrecognized actuarial loss and prior service cost, tax | (38) | (64) | (139) | (699) |
| Cash flow hedge activity, tax | 40 | 0 | 57 | 0 |
| Foreign currency translation adjustments, tax | $ 0 | $ 0 | $ 0 | $ 0 |
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands |
9 Months Ended | |
|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
|
| Operating activities | ||
| Net income (loss) | $ 17,557 | $ (27,135) |
| Adjustments to reconcile net income (loss) to cash used in operating activities: | ||
| Depreciation and amortization | 67,960 | 64,546 |
| Bad debt expense (recovery) | (436) | 1,076 |
| Equity in (earnings) losses of affiliates, net of dividends | (18,390) | (2,168) |
| Gains on sale of Rail Group assets and related leases | (5,911) | (7,642) |
| Gain on sale of assets | (4,181) | (11,443) |
| Stock-based compensation expense | 4,898 | 4,550 |
| Goodwill impairment | 0 | 42,000 |
| Asset impairment | 6,272 | 0 |
| Other | (2,626) | (610) |
| Changes in operating assets and liabilities: | ||
| Accounts receivable | (20,853) | (334) |
| Inventories | 156,375 | 200,667 |
| Commodity derivatives | 18,080 | 16,073 |
| Other assets | 127 | 10,422 |
| Payables and other accrued expenses | (190,042) | (229,268) |
| Net cash provided by (used in) operating activities | 28,830 | 60,734 |
| Investing Activities | ||
| Acquisition of business, net of cash acquired | 0 | (3,507) |
| Purchases of Rail Group assets | (108,054) | (77,513) |
| Proceeds from sale of Rail Group assets | 47,644 | 18,368 |
| Purchases of property, plant and equipment and capitalized software | (86,694) | (26,705) |
| Proceeds from sale of assets | 42,307 | 26,601 |
| Proceeds from returns of investments in affiliates | 0 | 1,339 |
| Purchase of investments | (11,086) | (4,929) |
| Other | 0 | 1,470 |
| Net cash provided by (used in) investing activities | (115,883) | (64,876) |
| Financing Activities | ||
| Net change in short-term borrowings | 110,000 | (11,059) |
| Proceeds from issuance of long-term debt | 57,000 | 35,175 |
| Proceeds from long-term financing arrangement | 0 | 12,195 |
| Payments of long-term debt | (112,995) | (54,326) |
| Proceeds from noncontrolling interest owner | 31,115 | 0 |
| Proceeds from sale of treasury shares to employees and directors | 0 | 450 |
| Payments of debt issuance costs | (1,446) | (2,024) |
| Dividends paid | (13,976) | (13,485) |
| Other | (744) | (936) |
| Net cash provided by (used in) financing activities | 68,954 | (34,010) |
| Decrease in cash and cash equivalents | (18,099) | (38,152) |
| Cash and cash equivalents at beginning of period | 34,919 | 62,630 |
| Cash and cash equivalents at end of period | $ 16,820 | $ 24,478 |
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, 2016 | $ 790,697 | $ 96 | $ 222,910 | $ (45,383) | $ (12,468) | $ 609,206 | $ 16,336 | |||
| Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
| Net income (loss) | (27,135) | (27,208) | 73 | |||||||
| Other comprehensive income (loss) | 2,786 | [1] | 2,786 | |||||||
| Other change in noncontrolling interest | (8,359) | (8,359) | ||||||||
| Stock awards, stock option exercises and other shares issued to employees and directors, net of income tax of ($0) (134 shares) and ($323) (122 shares) | 5,325 | 899 | 4,426 | |||||||
| Dividends declared ($0.495 and $0.32 per common share) | (13,503) | (13,503) | ||||||||
| Restricted share award dividend equivalents | 0 | 5 | 52 | (57) | ||||||
| Ending Balance at Sep. 30, 2017 | 749,811 | 96 | 223,814 | (40,905) | (9,682) | 568,438 | 8,050 | |||
| Beginning Balance at Dec. 31, 2017 | 822,899 | 96 | 224,622 | (40,312) | (2,700) | 633,496 | 7,697 | |||
| Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
| Net income (loss) | 17,557 | 17,732 | (175) | |||||||
| Other comprehensive income (loss) | (1,664) | [1] | (1,664) | |||||||
| Cash received from (paid to) noncontrolling interest | 21,116 | (2,268) | 23,384 | |||||||
| Stock awards, stock option exercises and other shares issued to employees and directors, net of income tax of ($0) (134 shares) and ($323) (122 shares) | 5,167 | 14 | 5,153 | |||||||
| Adoption of accounting standard, net of income tax of $2,869 | (8,441) | (8,441) | ||||||||
| Dividends declared ($0.495 and $0.32 per common share) | (13,991) | (13,991) | ||||||||
| Restricted share award dividend equivalents | 0 | 120 | (120) | |||||||
| Ending Balance at Sep. 30, 2018 | $ 842,643 | $ 96 | $ 222,368 | $ (35,039) | $ (4,364) | $ 628,676 | $ 30,906 | |||
| ||||||||||
Condensed Consolidated Statements of Equity (Parenthetical) - USD ($) shares in Thousands, $ in Thousands |
9 Months Ended | |
|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
|
| Dividends declared, per common share (in dollars per share) | $ 0.495 | $ 0.480 |
| Adoption of new accounting standard, tax | $ 2,869 | |
| Additional Paid-in Capital | ||
| Income tax on stock option exercise and other shares issued to employees and directors | $ 0 | $ (323) |
| Stock option exercises and other shares issued to employees and directors, shares | 134 | 122 |
| Retained Earnings | ||
| Dividends declared, per common share (in dollars per share) | $ 0.495 | $ 0.48 |
Basis of Presentation and Consolidation |
9 Months Ended |
|---|---|
Sep. 30, 2018 | |
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
| Basis of Presentation and Consolidation | Basis of Presentation and Consolidation These Condensed Consolidated Financial Statements include the accounts of The Andersons, Inc. and its wholly owned and controlled subsidiaries (the “Company”). All intercompany accounts and transactions are eliminated in consolidation. Investments in unconsolidated entities in which the Company has significant influence, but not control, are accounted for using the equity method of accounting. In the opinion of management, all adjustments consisting of normal 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, 2018. An unaudited Condensed Consolidated Balance Sheet as of September 30, 2017 has been included as the Company operates in several seasonal industries. The Condensed Consolidated Balance Sheet data at December 31, 2017 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, 2017 (the “2017 Form 10-K”). New Accounting Standards Derivatives and Hedging In August 2017, the FASB issued ASU 2017-12 Targeted Improvements to Accounting for Hedging Activities. This standard simplifies the recognition and presentation of changes in the fair value of hedging instruments and, among other things, eliminates the requirement to separately measure and record hedge ineffectiveness. The Company early adopted ASU 2017-12 during the current year noting the effects of this standard on our condensed consolidated financial statements were not material. There was no transition impact. Revenue Recognition In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2014-09, Revenue from Contracts with Customers (ASC 606). The FASB issued subsequent amendments to the initial guidance in August 2015, March 2016, April 2016, May 2016, and December 2016 within ASU 2015-14, ASU 2016-08, ASU 2016-10 ASU 2016-12 and ASU 2016-20, respectively. The core principle of the new revenue standard is that an entity recognizes revenue from the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The Company adopted the standard in the current year using the modified retrospective method. As a result of the adoption we recognized a cumulative catch-up transition adjustment in beginning retained earnings at January 1, 2018 for non-recourse financing transactions that were open as of December 31, 2017. This resulted in a $25.6 million increase in Rail Group net assets, $34.0 million increase in financing liabilities and deferred tax liabilities and $8.4 million decrease to retained earnings. See Note 7 for further detail. Leasing In February 2016, the FASB issued ASU No. 2016-02, Leases (ASC 842). The FASB issued subsequent amendments to the initial guidance in July 2018 with ASU 2018-10 and in August 2018 with ASU 2018-11. ASC 842 supersedes the current accounting for leases. The new standard, while retaining two distinct types of leases, finance and operating, (i) requires lessees to record a right of use asset and a related liability for the rights and obligations associated with a lease, regardless of lease classification, and recognize lease expense in a manner similar to current accounting, (ii) eliminates current real estate specific lease provisions, (iii) modifies the lease classification criteria and (iv) aligns many of the underlying lessor model principles with those in the new revenue standard. ASC 842 is effective for fiscal years beginning after December 15, 2018, and interim periods within. Early adoption is permitted, however the Company does not plan to early adopt. The new standard is effective for the Company beginning January 1, 2019 and must be adopted using either the modified retrospective approach, which requires application of the new guidance at the beginning of the earliest comparative period presented or the optional alternative approach, which requires application of the new guidance at the beginning of the standard’s effective date. The Company expects this standard to have the effect of bringing certain off balance-sheet rail assets onto the balance sheet along with a corresponding liability for the associated obligations. Additionally, we have other arrangements currently classified as operating leases which will be recorded as a right of use asset and corresponding liability on the balance sheet. We are currently evaluating the impact these changes will have on the Consolidated Financial Statements. Other applicable standards In August 2018, the FASB issued ASU No. 2018-15, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that is a Service Contract. This ASU reduces the complexity of accounting for costs of implementing a cloud computing service arrangement. This standard aligns the accounting for implementation costs of hosting arrangements, regardless of whether they convey a license to the hosted software. The guidance is effective for fiscal years beginning after December 15, 2020. The Company does not expect this standard to have a material impact on its Consolidated Financial Statements and disclosures. In August 2018, the FASB issued ASU No. 2018-14, Disclosure Framework - Changes to the Disclosure Requirements for Defined Benefit Plans. This standard modified the disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans. The standard is effective for fiscal years ending after December 15, 2020. and early adoption is permitted. The Company is currently evaluating when to adopt this standard but has not done so in the current period. In August 2018, the FASB issued ASU No. 2018-13 Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement which removes and modifies some existing disclosure requirements and adds others. The ASU is effective for all entities for fiscal years beginning after December 15, 2019, including interim periods therein. Early adoption is permitted for any eliminated or modified disclosures upon issuance of this ASU. is currently evaluating when to adopt this standard but has not done so in the current period. In February 2018, the FASB issued ASU 2018-02, Income Statement-Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income, which allows companies to reclassify stranded income tax effects resulting from the Tax Cuts and Jobs Act from accumulated other comprehensive income to retained earnings in their consolidated financial statements. This guidance is effective for fiscal years beginning after December 15, 2018. We have evaluated the impact of this new standard on our consolidated financial statements noting it is not material. Early adoption is permitted, but the Company has not chosen to do so at this time. In May 2017, the FASB issued ASU 2017-09 Compensation-Stock Compensation (Topic 718): Scope of Modification Accounting. Under this standard, if the vesting conditions, fair value, and classification of the awards are the same immediately before and after the modification an entity would not apply modification accounting. The FASB then issued ASU 2018-07 which expands the scope to include share-based payment transactions for acquiring goods and services from nonemployees. The Company has adopted these standards during the year, noting no impact as the Company has not made any modifications to our stock compensation awards. In March 2017, the FASB issued ASU 2017-07 Compensation-Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost. This standard requires that the service cost component be reported in the same line item as other compensation costs arising from services rendered by the employees during the period. The other components of net benefit costs should be presented in the income statement separately from the service cost component and outside of income from operations if that subtotal is presented. The Company has adopted this standard in the current year using the retrospective approach and prior periods have been recast to reflect this change, noting the amounts are immaterial. In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments. This standard clarifies how companies present and classify certain cash receipts and payments in the statement of cash flows. The Company has adopted this standard in the current year noting the impact is immaterial. In June 2016, the FASB issued ASU 2016-13, Measurement of Credit Losses on Financial Instruments. This update changes the accounting for credit losses on loans and held-to-maturity debt securities and requires a current expected credit loss (CECL) approach to determine the allowance for credit losses. This includes allowances for trade receivables. The Company has not historically incurred significant credit losses and does not currently anticipate circumstances that would lead to a CECL approach differing from the Company's existing allowance estimates in a material way. The guidance is effective for fiscal years beginning after December 15, 2019 with a cumulative-effect adjustment to retained earnings as of the beginning of the year of adoption. Early adoption is permitted, but the Company does not plan to do so. |
Inventories |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Inventory, Net [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Inventories | Inventories Major classes of inventories are as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Property, Plant and Equipment | Property, Plant and Equipment The components of Property, plant and equipment, net are as follows:
Capitalized interest totaled $0.9 million for the nine months ended September 30, 2018. Depreciation expense on property, plant and equipment was $34.7 million and $36.0 million for the nine months ended September 30, 2018 and 2017, respectively. Additionally, depreciation expense on property, plant and equipment was $11.5 million and $11.9 million for the three months ended September 30, 2018 and 2017, respectively. In June 2018, the Company recorded charges totaling $1.6 million for impairment of property, plant and equipment in the Grain segment related to assets that were reclassified as assets held for sale at June 30, 2018 and were sold in the third quarter. In December 2017, the Company recorded charges totaling $10.9 million for impairment of property, plant and equipment in the Grain segment, of which $5.6 million relates to assets that are deemed held and used and $5.3 million related to assets that have been reclassified as assets held for sale at December 31, 2017. The Company wrote down the value of these assets to the extent their carrying amounts exceeded fair value. The Company classified the significant assumptions used to determine the fair value of the impaired assets as Level 3 inputs in the fair value hierarchy. Rail Group Assets The components of Rail Group assets leased to others are as follows:
Depreciation expense on Rail Group assets leased to others amounted to $18.4 million and $14.9 million for the nine months ended September 30, 2018 and 2017, respectively. Additionally, depreciation expense on Rail Group assets leased to others amounted to $6.1 million and $5.2 million for the three months ended September 30, 2018 and 2017, respectively. In June 2018, the Company recorded charges totaling $4.7 million related to Rail Group assets leased to others that have been reclassified as assets held for sale at June 30, 2018. The Company classified the significant assumptions used to determine the fair value of the impaired assets as Level 3 inputs in the fair value hierarchy.Sale of AssetsThe Company closed on an agreement to sell its grain elevators in Humboldt, Kenton and Dyer, Tennessee for $19.5 million plus working capital during the second quarter of 2018 and its Como location for $1.3 million plus working capital during the third quarter of 2018. During the third quarter of 2018, the Company also closed on an agreement to sell one of its convertible preferred security investments for $6.4 million and recorded a pre-tax gain of $3.9 million in Other income, net. The Company sold two of its retail properties during the third quarter of 2017 for $7.6 million and recorded a $5.7 million gain in Other income, net. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Debt | Debt The Company has a line of credit agreement with a syndicate of banks. The agreement provides for a credit facility of $800 million. During the third quarter, the Andersons Railcar Leasing Company LLC amended and restated their revolving asset based loan agreement, increasing the credit facility to $200.0 million. Total borrowing capacity for the Company under all lines of credit is currently at $1,085.0 million, including subsidiary debt that is non-recourse to the Company of $15.0 million for The Andersons Denison Ethanol LLC ("TADE"), $70.0 million for ELEMENT LLC and $200.0 million for The Andersons Railcar Leasing Company LLC. At September 30, 2018, the Company had a total of $823.1 million available for borrowing under its lines of credit. The Company's borrowing capacity is reduced by a combination of outstanding borrowings and letters of credit. The Company was in compliance with all financial covenants as of September 30, 2018.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivatives |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Derivatives | Derivatives The Company’s operating results are affected by changes to commodity prices. The Grain and Ethanol businesses have established “unhedged” position limits (the amount of a commodity, either owned or contracted for, that does not have an offsetting derivative contract to lock in the price). To reduce the exposure to market price risk on commodities owned and forward grain and ethanol purchase and sale contracts, the Company enters into exchange traded commodity futures and options contracts and over-the-counter forward and option contracts with various counterparties. These contracts are primarily traded via the regulated CME. The Company’s forward purchase and sales contracts are for physical delivery of the commodity in a future period. Contracts to purchase commodities from producers generally relate to the current or future crop years for delivery periods quoted by regulated commodity exchanges. Contracts for the sale of commodities to processors or other commercial consumers generally do not extend beyond one year. All these contracts meet the definition of derivatives. While the Company considers its commodity contracts to be effective economic hedges, the Company does not designate or account for its commodity contracts as hedges as defined under current accounting standards. The Company accounts for its commodity derivatives at estimated fair value. The estimated fair value of the commodity derivative contracts that require the receipt or posting of cash collateral is recorded on a net basis (offset against cash collateral posted or received, also known as margin deposits) within commodity derivative assets or liabilities. Management determines fair value based on exchange-quoted prices and in the case of its forward purchase and sale contracts, estimated fair value is adjusted for differences in local markets and non-performance risk. For contracts for which physical delivery occurs, balance sheet classification is based on estimated delivery date. For futures, options and over-the-counter contracts in which physical delivery is not expected to occur but, rather, the contract is expected to be net settled, the Company classifies these contracts as current or noncurrent assets or liabilities, as appropriate, based on the Company’s expectations as to when such contracts will be settled. Realized and unrealized gains and losses in the value of commodity contracts (whether due to changes in commodity prices, changes in performance or credit risk, or due to sale, maturity or extinguishment of the commodity contract) and grain inventories are included in cost of sales and merchandising revenues. Generally accepted accounting principles permit a party to a master netting arrangement to offset fair value amounts recognized for derivative instruments against the right to reclaim cash collateral or obligation to return cash collateral under the same master netting arrangement. The Company has master netting arrangements for its exchange traded futures and options contracts and certain over-the-counter contracts. When the Company enters into a future, option or an over-the-counter contract, an initial margin deposit may be required by the counterparty. The amount of the margin deposit varies by commodity. If the market price of a future, option or an over-the-counter contract moves in a direction that is adverse to the Company’s position, an additional margin deposit, called a maintenance margin, is required. The margin deposit assets and liabilities are included in short-term commodity derivative assets or liabilities, as appropriate, in the Condensed Consolidated Balance Sheets. The following table presents at September 30, 2018, December 31, 2017 and September 30, 2017, 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 noncurrent commodity derivative assets (or liabilities) on the Condensed Consolidated Balance Sheets:
The following table presents, on a gross basis, current and noncurrent commodity derivative assets and liabilities:
The net pre-tax 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 nine months ended September 30, 2018 and 2017 are as follows:
The Company had the following volume of commodity derivative contracts outstanding (on a gross basis) at September 30, 2018, December 31, 2017 and September 30, 2017:
Interest Rate and Other Derivatives The Company’s objectives in 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. At September 30, 2018, December 31, 2017 and September 30, 2017, the Company had recorded the following amounts for the fair value of the Company's other derivatives:
The recording of derivatives gains and losses and the financial statement line in which they are located are as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Employee Benefit Plans |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Employee Benefit Plans | Employee Benefit Plans The following are components of the net periodic benefit cost for the pension and postretirement benefit plans maintained by the Company for the three and nine months ended September 30, 2018 and 2017:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Revenue | Revenue Many of the Company’s revenues are generated from contracts that are outside the scope of ASC 606 and thus are accounted for under other accounting standards. Specifically, many of the Company's Grain and Ethanol sales contracts are derivatives under ASC 815, Derivatives and Hedging and the Rail Group's leasing revenue is accounted for under ASC 840, Leases. The breakdown of revenues between ASC 606 and other standards is as follows:
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 months ended September 30, 2018, approximately 10% of revenues accounted for under ASC 606 are recorded over time which primarily relates to service revenues noted above.
For the nine months ended September 30, 2018, approximately 7% of revenues accounted for under ASC 606 are recorded over time which primarily relates to service revenues noted above. Specialty and primary nutrients The Company sells several different types of specialty nutrient products, including: low-salt liquid starter fertilizers, micro-nutrients and other specialty lawn products. These products can be sold through the wholesale distribution channels as well as directly to end users at the farm center locations. Similarly, the Company sells several different types of primary nutrient products, including nitrogen, phosphorus and potassium. These products may be purchased and re-sold as is or sold as finished goods resulting from a blending and manufacturing process. The contracts associated with specialty and primary nutrients generally have just a single performance obligation, as the Company has elected the accounting policy to consider shipping and handling costs as fulfillment costs. Revenue is recognized when control of the product has passed to the customer. Payment terms generally range from 0 - 30 days. Service Service revenues primarily relate to the railcar repair business. The Company owns several railcar repair shops which repair railcars through specific contracts with customers or by operating as an agent for a particular railroad to repair cars that are on its rail line per Association of American Railroads (“AAR”) standards. These contracts contain a single performance obligation which is to complete the requested and/or required repairs on the railcars. As the customer simultaneously receives and consumes the benefit of the repair work we perform, revenue for these contracts is recognized over time. The Company uses an input-based measure of progress using costs incurred to total expected costs as that is the measure that most faithfully depicts our progress towards satisfying our performance obligation. Upon completion of the work, the invoice is sent to the customer, with payment terms that generally range from 0 - 30 days. Co-products In addition to the ethanol sales contracts that are considered derivative instruments, the Ethanol Group sells several other co-products that remain subject to ASC 606, including E-85, DDGs, syrups and renewable identification numbers (“RINs”). RINs are credits for compliance with the Environmental Protection Agency's Renewable Fuel Standard program and are created by renewable fuel producers. Contracts for these co-products generally have a single performance obligation, as the Company has elected the accounting policy to consider shipping and handling costs as fulfillment costs. Revenue is recognized when control of the product has passed to the customer which follows shipping terms on the contract. Payment terms generally range from 5 - 15 days. Contract balances The opening and closing balances of the Company’s contract liabilities are as follows:
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. Contract liabilities relate to the Plant Nutrient business for payments received in advance of fulfilling our performance obligations under our customer contracts. Due to seasonality of this business, contract liabilities were built up in the first quarter. In the second quarter, the change in liabilities is due to revenue recognized in the current period relating to the liability. This liability then increased in the third quarter primarily as a result of payments received in advance of fulfilling our performance obligations under our customer contracts in preparation for early spring. Impact of New Revenue Guidance on Financial Statement Line Items The following table compares the reported condensed consolidated balance sheet, as of September 30, 2018, to the pro forma amounts had the previous guidance been in effect:
Total reported assets were $23.4 million greater than on the pro forma balance sheet, which assumes the previous guidance remained in effect as of September 30, 2018. This was largely due to the Rail Group assets that were recorded on the balance sheet on January 1, 2018 as part of the cumulative catch-up adjustment upon the adoption of ASC 606. Total reported liabilities were $31.9 million greater than on the pro forma balance sheet, which assumes the previous guidance remained in effect as of September 30, 2018. This was largely due to the financing obligation and deferred taxes related to the Rail Group assets that were recorded on the balance sheet on January 1, 2018 as part of the cumulative catch-up adjustment upon the adoption of ASC 606. The following table compares the reported condensed statement of operations for the three and nine months ended September 30, 2018, to the pro forma amounts had the previous guidance been in effect:
The following summarizes the significant changes on the Company’s condensed consolidated statement of operations for the three and nine months ended September 30, 2018 due to the adoption of ASC 606 on January 1, 2018 compared to the results that would have been reported if the Company had continued to recognize revenues under ASC 605:
Company has determined that it is the agent in certain origination arrangements within our Grain Group and therefore realized gains or losses will be presented under ASC 606. Since these transactions are now being recorded on a net basis, revenues and related cost of sales would have been $170.4 million and $515.4 million higher under the previous guidance for the three and nine months ended September 30, 2018, respectively.
The net impact of accounting for revenue under the new guidance had an immaterial impact on net income (loss) and no impact on the Company's earnings per common share for the three and nine months ended September 30, 2018. The adoption of ASC 606 had an immaterial on the Company’s cash flows from operations. The aforementioned impacts resulted in offsetting shifts in cash flows throughout net income and various changes in working capital balances. Transaction Price Allocated to Future Performance Obligations ASC 606 requires that the Company disclose the aggregate amount of transaction price that is allocated to performance obligations that have not yet been satisfied at period end. The guidance provides certain practical expedients that limit this requirement. The Company has various contracts that meet the following practical expedients provided by ASC 606:
Contract costs The company has elected to apply the practical expedient and accordingly recognizes the incremental costs of obtaining contracts as an expense when incurred if the amortization period of the assets that the Company otherwise would have recognized is one year or less. These costs are included in Operating, administrative and general expenses. Significant judgments In making its determination of standalone selling price, the Company maximizes its use of observable inputs. Standalone selling price, once established, is then used to allocate total consideration proportionally to the various performance obligations, if applicable, within a contract. To estimate variable consideration, the Company applies both the “expected value” method and “most likely amount” method based on the form of variable consideration, according to which method would provide the best prediction. The expected value method involves a probability-weighted determination of the expected amount, whereas the most likely amount method identifies the single most likely outcome in a range of possible amounts. However, once a method has been applied to one form of variable consideration, it is applied consistently throughout the contract term. The primary types of variable consideration present in the Company’s contracts are product returns, volume rebates and the CPI index. The overall impact of this variable consideration is not material. Practical expedients The Company has elected to apply the following practical expedients provided by ASC 606:
• Modified retrospective approach - see discussion in Note 1 regarding adoption elections.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Taxes |
9 Months Ended |
|---|---|
Sep. 30, 2018 | |
| 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 forecast 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. The Company recorded income tax benefit of $1.8 million for the three months ended September 30, 2018, an effective income tax rate of 48.5%, as compared to income tax expense of $2.4 million for the three months ended September 30, 2017, an effective income tax rate of 47.7%. Income tax expense was $5.7 million for the nine months ended September 30, 2018, an effective income tax rate of 24.4%, as compared to $7.5 million for the nine months ended September 30, 2017, an effective income tax rate of (38.2)%. The current year income tax expense for both the three and nine-month periods ended September 30, 2018 reflect the reduction in the U.S. statutory tax rate and other U.S. tax law changes as a result of the 2017 Tax Cuts and Jobs Act. Our effective income tax rate for the three months ended September 30, 2018, is higher than our effective income tax rate for the three months ended September 30, 2017, due to the current period loss before income taxes and additional tax benefits from tax credits and permanent provision to return items, including reversal of the provisional estimate for transition tax. These items resulted in a net increase of 14.8%, offset by the decrease in the U.S. federal statutory rate of 14%. Our effective income tax rate for the nine months ended September 30, 2018, is higher than our effective income tax rate for the nine months ended September 30, 2017, as attributed to the Company’s loss before income taxes in the period ended September 31, 2017, after a goodwill write-off which did not provide a corresponding tax benefit. This was partially offset in the current period by the reduction of the U.S. corporate tax rate from 35% to 21% as a result of the 2017 Tax Cuts and Jobs Act. The company’s accounting for certain elements of the Tax Act was incomplete as of the period ended December 31, 2017, and remains incomplete as of September 30, 2018. However, the company was able to make reasonable estimates of the effects and, therefore, recorded provisional estimates for these items. In connection with its initial analysis of the impact of the Tax Act, the Company recorded a provisional discrete net tax benefit of $73.5 million in the period ended December 31, 2017. This provisional estimate consists of a net expense of $1.4 million for the one-time transition tax and a net benefit of $74.9 million related to revaluation of deferred tax assets and liabilities, caused by the new lower corporate tax rate. To determine the transition tax provisional estimate, the Company determined the estimate of the amount of post-1986 accumulated earnings and profits of the relevant subsidiaries, as well as the amount of non-U.S. income taxes paid on such earnings. While the Company was able to make a reasonable estimate of the impact of the reduction to the corporate tax rate, its rate may be affected by other analysis related to the Tax Act, including, but not limited to, the state tax effect of adjustments made to federal temporary differences. Due to the complexity of the new global intangible low-taxed income ("GILTI") tax rules, the company is continuing to evaluate this provision of the Tax Act and the application of ASC 740. Under GAAP, the Company is allowed to make an accounting policy choice to either (i) treat taxes due on future U.S. inclusions in taxable income related to GILTI as a current-period expense when incurred (the “period cost method"); or (ii) factor in such amounts into a company’s measurement of its deferred taxes (the “deferred method”). The Company’s selection of an accounting policy with respect to the new GILTI tax rules is dependent on additional analysis and potential future modifications to existing structures, which are not currently known. The Company has not made a policy decision regarding whether to record deferred taxes on GILTI. The Company will continue to analyze the full effects of the Tax Act on its Consolidated Financial Statements. During the third quarter of 2018, a portion of initial estimate was refined as a result of the US federal tax return filing and regulations issued by the Internal Revenue Service. As a result, the Company recorded a provisional benefit of $1.4 million in the third quarter of 2018 to reverse the one-time transition tax expense provisional estimate, as well as a $1.3 million expense related to the remeasurement of certain deferred tax assets and liabilities. The measurement period under SAB 118 remains open as there is still anticipated guidance clarifying certain aspects of the Act. Any subsequent adjustment to these amounts will be recorded to current tax expense in the fourth quarter of 2018 when the full analysis is complete.
|
Accumulated Other Comprehensive Loss |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Accumulated Other Comprehensive Loss | Accumulated Other Comprehensive Loss The following tables summarize the after-tax components of accumulated other comprehensive income (loss) attributable to the Company for the three and nine months ended September 30, 2018 and 2017:
(a) All amounts are net of tax. Amounts in parentheses indicate debits The following table shows the reclassification adjustments from accumulated other comprehensive loss to net income for the three and nine months ended September 30, 2018:
(a) Amounts in parentheses indicate credits to profit/loss (b) This accumulated other comprehensive loss component is included in the computation of net periodic benefit cost (see Note 6).
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Earnings Per Share | Earnings Per Share The Company’s non-vested restricted stock that was granted prior to March 2015 is considered a participating security since the share-based awards contain a non-forfeitable right to dividends irrespective of whether the awards ultimately vest. Unvested share-based payment awards that contain non-forfeitable rights to dividends are participating securities and are included in the computation of earnings per share pursuant to the two-class method. The two-class method of computing earnings per share is an earnings allocation formula that determines earnings per share for common stock and any participating securities according to dividends declared (whether paid or unpaid) and participation rights in undistributed earnings.
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair Value Measurements | Fair Value Measurements The following table presents the Company’s assets and liabilities measured at fair value on a recurring basis at September 30, 2018, December 31, 2017 and September 30, 2017:
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. Level 1 commodity derivatives reflect the fair value of the exchange-traded futures and options contracts that the Company holds, net of the cash collateral that the Company has in its margin account. The Company’s net commodity derivatives primarily consist of futures or options contracts via regulated exchanges and contracts with producers or customers under which the future settlement date and bushels (or gallons in the case of ethanol contracts) of commodities to be delivered (primarily wheat, corn, soybeans and ethanol) are fixed and under which the price may or may not be fixed. Depending on the specifics of the individual contracts, the fair value is derived from the futures or options prices on the CME or the New York Mercantile Exchange for similar commodities and delivery dates as well as observable quotes for local basis adjustments (the difference, which is attributable to local market conditions, between the quoted futures price and the local cash price). Because basis for a particular commodity and location typically has multiple quoted prices from other agribusinesses in the same geographical vicinity and is used as a common pricing mechanism in the Agribusiness industry, we have concluded that basis is a Level 2 fair value input for purposes of the fair value disclosure requirements related to our commodity derivatives. Although nonperformance risk, both of the Company and the counterparty, is present in each of these commodity contracts and is a component of the estimated fair values, based on the Company’s historical experience with its producers and customers and the Company’s knowledge of their businesses, the Company does not view nonperformance risk to be a material input to fair value for these commodity contracts. These fair value disclosures exclude physical grain 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 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 CBOT prices are used and the liability is deemed to be Level 1 in the fair value hierarchy. All other unpriced contracts, primarily 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 as they include variable future and basis components. The risk management contract liability allows related ethanol customers to effectively unprice the futures component of their inventory for a period of time, subjecting the bushels to market fluctuations. The Company records an asset or liability for the market value changes of the commodities over the life of the contracts based on quoted CBOT prices and as such, the balance is deemed to be Level 1 in the fair value hierarchy. A reconciliation of beginning and ending balances for the Company’s fair value measurements using Level 3 inputs is as follows:
The following tables summarize quantitative information about the Company's Level 3 fair value measurements as of September 30, 2018, December 31, 2017 and September 30, 2017:
(a) Due to early stages of business and timing of investments, implied value based on market price was deemed to approximate fair value. As the underlying enterprises have matured, observable price changes and other additional market data is available to consider in order to estimate fair value, including additional capital raising, internal valuation models, progress towards key business milestones, and other relevant market data points. (b) The Company recognized impairment charges on certain assets and measured the fair value using Level 3 inputs on a nonrecurring basis. The fair value of the assets was determined using prior transactions, third-party appraisals and a pending sale of grain assets held by the Company. Fair Value of Financial Instruments The fair value of the Company’s long-term debt is estimated using quoted market prices or discounted future cash flows based on the Company’s current incremental borrowing rates for similar types of borrowing arrangements. As such, the Company has concluded that the fair value of long-term debt is considered Level 2 in the fair value hierarchy.
(a) Carrying value used for this purpose excludes unamortized debt issuance costs The fair value of the Company’s cash equivalents, accounts receivable and accounts payable approximate their carrying value as they are close to maturity.
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Related Party Transactions |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Related Party Transactions [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Related Party Transactions | Related Party Transactions Equity Method Investments The Company, directly or indirectly, holds investments in companies that are accounted for under the equity method. The Company’s equity in these entities is presented at cost plus its accumulated proportional share of income or loss, less any distributions it has received. The following table presents the Company’s investment balance in each of its equity method investees by entity:
(a) Thompsons Limited and related U.S. operating company held by joint ventures The following table summarizes income (loss) earned from the Company’s equity method investments by entity:
(a) This does not consider restricted management units which once vested will reduce the ownership percentage by approximately 1% (b) Thompsons Limited and related U.S. operating company held by joint ventures Total distributions received from unconsolidated affiliates were $2.2 million and $7.1 million for the nine months ended September 30, 2018 and 2017, respectively. In the third quarter of 2018, The Andersons Albion Ethanol LLC and Lansing Trade Group ("LTG") qualified as significant equity investees of the Company under the income test. The following table presents unaudited summarized financial information for the investees:
Related Party Transactions In the ordinary course of business and on an arms-length basis, the Company will enter into related party transactions with each of the investments described above, along with other related parties. On March 2, 2018, the Company invested in ELEMENT, LLC. The Company owns 51% of ELEMENT, LLC and ICM, Inc. owns the remaining 49% interest. ELEMENT, LLC is constructing a 70 million-gallon-per-year bio-refinery. As part of the Company’s investment into ELEMENT, LLC, the Company and ICM, Inc. entered into a number of agreements with the entity. Most notably, ICM, Inc. will operate the facility under a management contract and manage the initial construction of the facility, while the Company will provide corn origination, ethanol marketing, and risk management services. The results of operations for ELEMENT, LLC have been included in our consolidated results of operations beginning on March 2, 2018 and are a component of our Ethanol segment. The plant is expected to be operational in 2019. The following table sets forth the related party transactions entered into for the time periods presented:
For the three months ended September 30, 2018 and 2017, revenues recognized for the sale of ethanol and other co-products that the Company purchased from the unconsolidated ethanol LLCs were $161.9 million and $160.8 million, respectively. For the nine months ended September 30, 2018 and 2017, revenues recognized for the sale of ethanol and other co-products that the Company purchased from the unconsolidated ethanol LLCs were $480.4 million and $445.4 million, respectively. For the three and nine months ended September 30, 2017 revenues recognized for the sale of corn to the unconsolidated ethanol LLCs were $119.1 million and $362.2 million. As a result of the new revenue recognition guidance, these transactions are now being recorded on a net basis instead of a gross basis, which is included in service fee revenues above. See Note 7 for further discussion. |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Information |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Segment Information | Segment Information The Company’s operations include four reportable business segments that are distinguished primarily on the basis of products and services offered. The Grain business includes grain merchandising, the operation of terminal grain elevator facilities and the investments in LTG and Thompsons Limited. The Ethanol business purchases and sells ethanol, and provides risk management, origination and management services to ethanol production facilities. These facilities are organized as limited liability companies, two are consolidated and three are investments accounted for under the equity method. The Company performs a combination of these services under various contracts for these investments. The Plant Nutrient business manufactures and distributes agricultural inputs, primarily fertilizer, to dealers and farmers, along with turf care and corncob-based products. Rail operations include the leasing, marketing and fleet management of railcars and other assets, railcar repair and metal fabrication. Prior to 2018, the Company reported the Retail operations as a fifth reportable business segment even though it did not meet the quantitative thresholds for segment disclosures. As previously disclosed, the Company closed the Retail business during 2017, and accordingly has recast the prior results for this segment within the Other category, which also includes other corporate level costs not attributable to an operating segment. The segment information below includes the allocation of expenses shared by one or more operating segments. Although management believes such allocations are reasonable, the operating information does not necessarily reflect how such data might appear if the segments were operated as separate businesses. Inter-segment sales are made at prices comparable to normal, unaffiliated customer sales. The Company does not have any customers who represent 10 percent or more of total revenues.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies |
9 Months Ended |
|---|---|
Sep. 30, 2018 | |
| Commitments and Contingencies Disclosure [Abstract] | |
| Commitments and Contingencies | Commitments and Contingencies The Company is party to litigation, or threats thereof, both as defendant and plaintiff with some regularity, although individual cases that are material in size occur infrequently. As a defendant, the Company establishes reserves for claimed amounts that are considered probable and capable of estimation. If those cases are resolved for lesser amounts, the excess reserves are taken into income and, conversely, if those cases are resolved for larger than the amount the Company has accrued, the Company records additional expense. The Company believes it is unlikely that the results of its current legal proceedings for which it is the defendant, even if unfavorable, will be material. As a plaintiff, amounts that are collected can also result in sudden, non-recurring income. Litigation results depend upon a variety of factors, including the availability of evidence, the credibility of witnesses, the performance of counsel, the state of the law, and the impressions of judges and jurors, any of which can be critical in importance, yet difficult, if not impossible, to predict. Consequently, cases currently pending, or future matters, may result in unexpected, and non-recurring losses, or income, from time to time. Finally, litigation results are often subject to judicial reconsideration, appeal and further negotiation by the parties, and as a result, the final impact of a particular judicial decision may be unknown for some time, or may result in continued reserves to account for the potential of such post-verdict actions. In the third quarter of 2017, the Company’s Plant Nutrient business recorded a $2.2 million reserve for settlement of a 2015 legal claim. The estimated losses for all other outstanding claims that are considered reasonably possible is not material. Commitments In the first quarter of 2018, the Company began construction of a new ethanol facility, which is expected to be completed in 2019. Portions of the project are covered by design and build contracts, with approximately $105.9 million of remaining obligation, of which $10.5 million has been prepaid, as of September 30, 2018. Build-to-Suit Lease In August 2015, the Company entered into a lease agreement with an initial term of 15 years for a build-to-suit facility to be used as the new corporate headquarters which was completed in the third quarter of 2016. Since the Company is deemed to be the owner of this facility for accounting purposes during the construction period, it has recognized an asset and a corresponding financing obligation. The Company has recorded a build-to-suit financing obligation in other long-term liabilities of $23.1 million, $24.3 million, and $24.7 million at September 30, 2018, December 31, 2017, and September 30, 2017, respectively. The Company has recorded a build-to-suit financing obligation in other current liabilities of $1.5 million, $1.4 million, and $1.4 million at September 30, 2018, December 31, 2017, and September 30, 2017, respectively.
|
Sale of Assets |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Sale of Assets | Property, Plant and Equipment The components of Property, plant and equipment, net are as follows:
Capitalized interest totaled $0.9 million for the nine months ended September 30, 2018. Depreciation expense on property, plant and equipment was $34.7 million and $36.0 million for the nine months ended September 30, 2018 and 2017, respectively. Additionally, depreciation expense on property, plant and equipment was $11.5 million and $11.9 million for the three months ended September 30, 2018 and 2017, respectively. In June 2018, the Company recorded charges totaling $1.6 million for impairment of property, plant and equipment in the Grain segment related to assets that were reclassified as assets held for sale at June 30, 2018 and were sold in the third quarter. In December 2017, the Company recorded charges totaling $10.9 million for impairment of property, plant and equipment in the Grain segment, of which $5.6 million relates to assets that are deemed held and used and $5.3 million related to assets that have been reclassified as assets held for sale at December 31, 2017. The Company wrote down the value of these assets to the extent their carrying amounts exceeded fair value. The Company classified the significant assumptions used to determine the fair value of the impaired assets as Level 3 inputs in the fair value hierarchy. Rail Group Assets The components of Rail Group assets leased to others are as follows:
Depreciation expense on Rail Group assets leased to others amounted to $18.4 million and $14.9 million for the nine months ended September 30, 2018 and 2017, respectively. Additionally, depreciation expense on Rail Group assets leased to others amounted to $6.1 million and $5.2 million for the three months ended September 30, 2018 and 2017, respectively. In June 2018, the Company recorded charges totaling $4.7 million related to Rail Group assets leased to others that have been reclassified as assets held for sale at June 30, 2018. The Company classified the significant assumptions used to determine the fair value of the impaired assets as Level 3 inputs in the fair value hierarchy.Sale of AssetsThe Company closed on an agreement to sell its grain elevators in Humboldt, Kenton and Dyer, Tennessee for $19.5 million plus working capital during the second quarter of 2018 and its Como location for $1.3 million plus working capital during the third quarter of 2018. During the third quarter of 2018, the Company also closed on an agreement to sell one of its convertible preferred security investments for $6.4 million and recorded a pre-tax gain of $3.9 million in Other income, net. The Company sold two of its retail properties during the third quarter of 2017 for $7.6 million and recorded a $5.7 million gain in Other income, net. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Supplemental Cash Flow Information |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Supplemental Cash Flow Information [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Supplemental Cash Flow Information | Supplemental Cash Flow Information Certain supplemental cash flow information, including noncash investing and financing activities for the nine months ended September 30, 2018 and 2017 are as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Exit Costs and Assets Held for Sale |
9 Months Ended |
|---|---|
Sep. 30, 2018 | |
| Restructuring and Related Activities [Abstract] | |
| Exit Costs and Assets Held for Sale | Exit Costs and Assets Held for Sale The Company classified $29.5 million of assets as held for sale on the Condensed Consolidated Balance Sheet at September 30, 2018. This includes $25.1 million of Rail Group assets, which is primarily comprised of barges. Additionally, property plant and equipment of $4.4 million was classified as held for sale including $4.2 million of Retail store assets and $0.2 million relating to administrative offices at an outlying location in the Plant Nutrient Group The Company classified $37.9 million of assets as Assets held for sale on the Condensed Consolidated Balance Sheet at December 31, 2017. This includes $19.5 million of Property, plant and equipment, net, $11.4 million of Inventories, and $1.2 million of Commodity derivative assets related to certain western Tennessee locations of the Grain Group. The Company classified $4.2 million and $1.6 million of additional Property, plant and equipment, net as Assets held for sale related to the remaining Retail store assets and administrative offices at an outlying location in the Plant Nutrient Group, respectively. The Company classified $8.4 million of Property, plant and equipment, net as Assets held for sale on the Condensed Consolidated Balance Sheet at September 30, 2017, all of which related to Retail store assets. The Retail business closed during the second quarter of 2017. Inventory and fixtures liquidation efforts were completed throughout the year. The Company recorded minimal additional exit charges during the third quarter of 2017 and a total of $11.5 million during the first nine months of 2017. |
Subsequent Events |
9 Months Ended |
|---|---|
Sep. 30, 2018 | |
| Subsequent Events [Abstract] | |
| Subsequent Events | Subsequent Events On October 15, 2018, the Company entered into an agreement to purchase the remaining equity (not currently owned by the Company) of LTG. The transaction will also result in the consolidation of Thompsons and related entities as they are currently jointly owned by the Company and LTG. The Company currently owns approximately 32.5% of LTG equity and will acquire the remaining approximately 67.5% interest for approximately $305 million, which includes the Company’s share of estimated working capital of the acquired entities and other closing adjustments. The Company will assume approximately $166 million of long-term debt, consisting of up to $130 million from LTG and about $36 million from Thompsons. The Company will pay the purchase price with cash and unregistered common shares of the Company. The Company intends to fund the cash portion utilizing the Company's existing line of credit. The final purchase price will be dependent on the number of shares issued, share price on date of closing, and actual working capital, among other items. The transaction is expected to close in the January 2019. |
Basis of Presentation and Consolidation Basis of Presentation and Consolidation (Policies) |
9 Months Ended |
|---|---|
Sep. 30, 2018 | |
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
| New Accounting Standards | New Accounting Standards Derivatives and Hedging In August 2017, the FASB issued ASU 2017-12 Targeted Improvements to Accounting for Hedging Activities. This standard simplifies the recognition and presentation of changes in the fair value of hedging instruments and, among other things, eliminates the requirement to separately measure and record hedge ineffectiveness. The Company early adopted ASU 2017-12 during the current year noting the effects of this standard on our condensed consolidated financial statements were not material. There was no transition impact. Revenue Recognition In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2014-09, Revenue from Contracts with Customers (ASC 606). The FASB issued subsequent amendments to the initial guidance in August 2015, March 2016, April 2016, May 2016, and December 2016 within ASU 2015-14, ASU 2016-08, ASU 2016-10 ASU 2016-12 and ASU 2016-20, respectively. The core principle of the new revenue standard is that an entity recognizes revenue from the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The Company adopted the standard in the current year using the modified retrospective method. As a result of the adoption we recognized a cumulative catch-up transition adjustment in beginning retained earnings at January 1, 2018 for non-recourse financing transactions that were open as of December 31, 2017. This resulted in a $25.6 million increase in Rail Group net assets, $34.0 million increase in financing liabilities and deferred tax liabilities and $8.4 million decrease to retained earnings. See Note 7 for further detail. Leasing In February 2016, the FASB issued ASU No. 2016-02, Leases (ASC 842). The FASB issued subsequent amendments to the initial guidance in July 2018 with ASU 2018-10 and in August 2018 with ASU 2018-11. ASC 842 supersedes the current accounting for leases. The new standard, while retaining two distinct types of leases, finance and operating, (i) requires lessees to record a right of use asset and a related liability for the rights and obligations associated with a lease, regardless of lease classification, and recognize lease expense in a manner similar to current accounting, (ii) eliminates current real estate specific lease provisions, (iii) modifies the lease classification criteria and (iv) aligns many of the underlying lessor model principles with those in the new revenue standard. ASC 842 is effective for fiscal years beginning after December 15, 2018, and interim periods within. Early adoption is permitted, however the Company does not plan to early adopt. The new standard is effective for the Company beginning January 1, 2019 and must be adopted using either the modified retrospective approach, which requires application of the new guidance at the beginning of the earliest comparative period presented or the optional alternative approach, which requires application of the new guidance at the beginning of the standard’s effective date. The Company expects this standard to have the effect of bringing certain off balance-sheet rail assets onto the balance sheet along with a corresponding liability for the associated obligations. Additionally, we have other arrangements currently classified as operating leases which will be recorded as a right of use asset and corresponding liability on the balance sheet. We are currently evaluating the impact these changes will have on the Consolidated Financial Statements. Other applicable standards In August 2018, the FASB issued ASU No. 2018-15, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that is a Service Contract. This ASU reduces the complexity of accounting for costs of implementing a cloud computing service arrangement. This standard aligns the accounting for implementation costs of hosting arrangements, regardless of whether they convey a license to the hosted software. The guidance is effective for fiscal years beginning after December 15, 2020. The Company does not expect this standard to have a material impact on its Consolidated Financial Statements and disclosures. In August 2018, the FASB issued ASU No. 2018-14, Disclosure Framework - Changes to the Disclosure Requirements for Defined Benefit Plans. This standard modified the disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans. The standard is effective for fiscal years ending after December 15, 2020. and early adoption is permitted. The Company is currently evaluating when to adopt this standard but has not done so in the current period. In August 2018, the FASB issued ASU No. 2018-13 Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement which removes and modifies some existing disclosure requirements and adds others. The ASU is effective for all entities for fiscal years beginning after December 15, 2019, including interim periods therein. Early adoption is permitted for any eliminated or modified disclosures upon issuance of this ASU. is currently evaluating when to adopt this standard but has not done so in the current period. In February 2018, the FASB issued ASU 2018-02, Income Statement-Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income, which allows companies to reclassify stranded income tax effects resulting from the Tax Cuts and Jobs Act from accumulated other comprehensive income to retained earnings in their consolidated financial statements. This guidance is effective for fiscal years beginning after December 15, 2018. We have evaluated the impact of this new standard on our consolidated financial statements noting it is not material. Early adoption is permitted, but the Company has not chosen to do so at this time. In May 2017, the FASB issued ASU 2017-09 Compensation-Stock Compensation (Topic 718): Scope of Modification Accounting. Under this standard, if the vesting conditions, fair value, and classification of the awards are the same immediately before and after the modification an entity would not apply modification accounting. The FASB then issued ASU 2018-07 which expands the scope to include share-based payment transactions for acquiring goods and services from nonemployees. The Company has adopted these standards during the year, noting no impact as the Company has not made any modifications to our stock compensation awards. In March 2017, the FASB issued ASU 2017-07 Compensation-Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost. This standard requires that the service cost component be reported in the same line item as other compensation costs arising from services rendered by the employees during the period. The other components of net benefit costs should be presented in the income statement separately from the service cost component and outside of income from operations if that subtotal is presented. The Company has adopted this standard in the current year using the retrospective approach and prior periods have been recast to reflect this change, noting the amounts are immaterial. In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments. This standard clarifies how companies present and classify certain cash receipts and payments in the statement of cash flows. The Company has adopted this standard in the current year noting the impact is immaterial. In June 2016, the FASB issued ASU 2016-13, Measurement of Credit Losses on Financial Instruments. This update changes the accounting for credit losses on loans and held-to-maturity debt securities and requires a current expected credit loss (CECL) approach to determine the allowance for credit losses. This includes allowances for trade receivables. The Company has not historically incurred significant credit losses and does not currently anticipate circumstances that would lead to a CECL approach differing from the Company's existing allowance estimates in a material way. The guidance is effective for fiscal years beginning after December 15, 2019 with a cumulative-effect adjustment to retained earnings as of the beginning of the year of adoption. Early adoption is permitted, but the Company does not plan to do so. In January 2016, the FASB issued ASU 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities. The FASB issued subsequent amendments to the initial guidance in February 2018 and March 2018 within ASU 2018-03 and ASU 2018-04, respectively. This standard provides guidance for the recognition, measurement, presentation, and disclosure of financial instruments. The Company has adopted this standard in the current year noting the impact is immaterial. |
Inventories (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Inventory, Net [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Classes of inventories | Major classes of inventories are as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Components of property, plant and equipment | The components of Property, plant and equipment, net are as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Components of railcar assets leased to others | The components of Rail Group assets leased to others are as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Short-term and Long-term Debt | The Company’s short-term and long-term debt at September 30, 2018, December 31, 2017 and September 30, 2017 consisted of the following:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivatives (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 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 noncurrent commodity derivative assets (or liabilities) on the Condensed Consolidated Balance Sheets:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | The following table presents, on a gross basis, current and noncurrent commodity derivative assets and liabilities:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Amounts of quantities outstanding included in commodity derivative contracts | The Company had the following volume of commodity derivative contracts outstanding (on a gross basis) at September 30, 2018, December 31, 2017 and September 30, 2017:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Company's Condensed Consolidated Statement of Income gains and location of line items | The net pre-tax gains and losses on commodity derivatives not designated as hedging instruments included in the Company’s Condensed Consolidated Statements of Operations and the line items in which they are located for the three and nine months ended September 30, 2018 and 2017 are as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Fair Value of Interest Rate Derivative Liabilities | At September 30, 2018, December 31, 2017 and September 30, 2017, the Company had recorded the following amounts for the fair value of the Company's other derivatives:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Employee Benefit Plans (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Pension Benefits | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Employee Benefit Plans [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Defined Benefit Plans Disclosures | The following are components of the net periodic benefit cost for the pension and postretirement benefit plans maintained by the Company for the three and nine months ended September 30, 2018 and 2017:
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Postretirement Benefits | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Employee Benefit Plans [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Defined Benefit Plans Disclosures |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Breakdown of Revenues between ASC 606 | The breakdown of revenues between ASC 606 and other standards is as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Disaggregation of Revenues | The following tables disaggregate revenues under ASC 606 by major product/service line:
For the three months ended September 30, 2018, approximately 10% of revenues accounted for under ASC 606 are recorded over time which primarily relates to service revenues noted above.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Opening and Closing Balances of Company's Contract Assets and Liabilities | The opening and closing balances of the Company’s contract liabilities are as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Effects of New Accounting Pronouncements in Balance Sheet and Statement of Operations |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Loss (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Accumulated Other Comprehensive Income (Loss) | The following tables summarize the after-tax components of accumulated other comprehensive income (loss) attributable to the Company for the three and nine months ended September 30, 2018 and 2017:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Reclassification out of Accumulated Other Comprehensive Income | The following table shows the reclassification adjustments from accumulated other comprehensive loss to net income for the three and nine months ended September 30, 2018:
(a) Amounts in parentheses indicate credits to profit/loss (b) This accumulated other comprehensive loss component is included in the computation of net periodic benefit cost (see Note 6).
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Earnings per share |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Assets and liabilities measured at fair value on a recurring basis | The following table presents the Company’s assets and liabilities measured at fair value on a recurring basis at September 30, 2018, December 31, 2017 and September 30, 2017:
(d) Included in other assets and liabilities are assets held in rabbi trusts to fund deferred compensation plans, ethanol risk management contracts, and foreign exchange derivative contracts (Level 1), and 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:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair Value Inputs, Assets, Quantitative Information | The following tables summarize quantitative information about the Company's Level 3 fair value measurements as of September 30, 2018, December 31, 2017 and September 30, 2017:
(a) Due to early stages of business and timing of investments, implied value based on market price was deemed to approximate fair value. As the underlying enterprises have matured, observable price changes and other additional market data is available to consider in order to estimate fair value, including additional capital raising, internal valuation models, progress towards key business milestones, and other relevant market data points. (b) The Company recognized impairment charges on certain assets and measured the fair value using Level 3 inputs on a nonrecurring basis. The fair value of the assets was determined using prior transactions, third-party appraisals and a pending sale of grain assets held by the Company. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair value of long-term debt estimated using quoted market prices or discounted future cash flows | The fair value of the Company’s long-term debt is estimated using quoted market prices or discounted future cash flows based on the Company’s current incremental borrowing rates for similar types of borrowing arrangements. As such, the Company has concluded that the fair value of long-term debt is considered Level 2 in the fair value hierarchy.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Related Party Transactions (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Related Party Transactions [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Company's investment balance in each of its equity method investees by entity | The following table presents unaudited summarized financial information for the investees:
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income (loss) earned from the Company's equity method investments by entity | he following table summarizes income (loss) earned from the Company’s equity method investments by entity:
(a) This does not consider restricted management units which once vested will reduce the ownership percentage by approximately 1% (b) Thompsons Limited and related U.S. operating company held by joint ventures
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of aggregate summarized financial information of subsidiaries | The following table presents unaudited summarized financial information for the investees:
(e) Accounts payable represents amounts due to related parties for purchases of ethanol and other various items.
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Information (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 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. Inter-segment sales are made at prices comparable to normal, unaffiliated customer sales. The Company does not have any customers who represent 10 percent or more of total revenues.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Supplemental Cash Flow Information (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Supplemental Cash Flow Information [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Cash Flow Supplemental Information | Certain supplemental cash flow information, including noncash investing and financing activities for the nine months ended September 30, 2018 and 2017 are as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basis of Presentation and Consolidation (Details) - USD ($) $ in Thousands |
Sep. 30, 2018 |
Jan. 01, 2018 |
Dec. 31, 2017 |
Sep. 30, 2017 |
|---|---|---|---|---|
| New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
| Decrease to retained earnings | $ (628,676) | $ (633,496) | $ (568,438) | |
| Rail Group | Revenues under ASC 606 | Assets, Net | ||||
| New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
| Increase in net assets | $ 25,600 | |||
| Rail Group | Revenues under ASC 606 | Financing Obligations | ||||
| New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
| Increase in financing liabilities and deferred tax liabilities | 34,000 | |||
| ASC 606 Impact | Revenues under ASC 606 | ||||
| New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
| Decrease to retained earnings | $ (8,494) | |||
| ASC 606 Impact | Rail Group | Revenues under ASC 606 | ||||
| New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
| Decrease to retained earnings | $ 8,400 |
Inventories (Details) $ in Thousands, bu in Millions |
Sep. 30, 2018
USD ($)
|
Dec. 31, 2017
USD ($)
bu
|
Sep. 30, 2017
USD ($)
bu
|
|---|---|---|---|
| Inventory, Net [Abstract] | |||
| Grain | $ 324,232 | $ 505,217 | $ 342,837 |
| Ethanol and co-products | 15,419 | 11,003 | 12,502 |
| Plant nutrients and cob products | 145,363 | 126,962 | 114,131 |
| Retail merchandise | 0 | 0 | 718 |
| Railcar repair parts | 5,317 | 5,521 | 5,414 |
| Total inventories | $ 490,331 | $ 648,703 | $ 475,602 |
| Bushels of grain held in storage for others and excluded from inventory calculations | bu | 1.0 | 1.0 |
Property, Plant and Equipment (Details) - USD ($) $ in Thousands |
Sep. 30, 2018 |
Dec. 31, 2017 |
Sep. 30, 2017 |
|---|---|---|---|
| Components of property, plant and equipment | |||
| Land | $ 29,545 | $ 22,388 | $ 23,342 |
| Land improvements and leasehold improvements | 68,859 | 69,127 | 71,559 |
| Buildings and storage facilities | 282,826 | 284,820 | 298,951 |
| Machinery and equipment | 380,109 | 373,127 | 384,422 |
| Construction in progress | 65,539 | 7,502 | 7,703 |
| Property, plant and equipment, gross | 826,878 | 756,964 | 785,977 |
| Less: accumulated depreciation | 392,373 | 372,287 | 366,629 |
| Property, plant and equipment, net | $ 434,505 | $ 384,677 | $ 419,348 |
Property, Plant and Equipment (Textual) (Details) - USD ($) $ in Thousands |
1 Months Ended | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||
|---|---|---|---|---|---|---|---|---|
Jun. 30, 2018 |
Dec. 31, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
Jun. 30, 2018 |
Sep. 30, 2018 |
Sep. 30, 2017 |
Dec. 31, 2017 |
|
| Property, Plant and Equipment [Line Items] | ||||||||
| Capitalized interest | $ 900 | |||||||
| Depreciation expense | $ 11,500 | $ 11,900 | 34,700 | $ 36,000 | ||||
| Total impairments | 0 | 0 | 6,272 | 0 | ||||
| Grain | ||||||||
| Property, Plant and Equipment [Line Items] | ||||||||
| Impairment of long-lived assets held-for-sale | $ 5,300 | $ 1,600 | ||||||
| Total impairments | $ 10,900 | |||||||
| Impairment of long-lived assets held-for-use | $ 5,600 | |||||||
| Rail | ||||||||
| Property, Plant and Equipment [Line Items] | ||||||||
| Impairment of long-lived assets held-for-use | $ 4,700 | |||||||
| Depreciation expense on railcar assets leased to others | $ 6,100 | $ 5,200 | $ 18,400 | $ 14,900 | ||||
Property, Plant and Equipment (Rail Group Assets) (Details) - USD ($) $ in Thousands |
Sep. 30, 2018 |
Dec. 31, 2017 |
Sep. 30, 2017 |
|---|---|---|---|
| Components of Railcar assets leased to others | |||
| Rail Group assets leased to others, gross | $ 576,622 | $ 531,391 | $ 484,214 |
| Less: accumulated depreciation | 111,846 | 107,948 | 106,821 |
| Railcar assets leased to others, net | $ 464,776 | $ 423,443 | $ 377,393 |
Debt (Textual) (Details) - Line of credit - Line of credit |
Sep. 30, 2018
USD ($)
|
|---|---|
| Line of Credit Facility [Line Items] | |
| Credit facility, maximum borrowing capacity | $ 800,000,000 |
| Borrowings under line of credit | 1,085,000,000.0 |
| Total available for borrowings under lines of credit | 823,100,000 |
| TADE | |
| Line of Credit Facility [Line Items] | |
| Credit facility, maximum borrowing capacity | 15,000,000.0 |
| ELEMENT, LLC | Subsidiary | |
| Line of Credit Facility [Line Items] | |
| Credit facility, maximum borrowing capacity | 70,000,000.0 |
| The Andersons Railcar Leasing Company LLC | |
| Line of Credit Facility [Line Items] | |
| Credit facility, maximum borrowing capacity | $ 200,000,000.0 |
Debt (Details) - USD ($) $ in Thousands |
Sep. 30, 2018 |
Dec. 31, 2017 |
Sep. 30, 2017 |
|---|---|---|---|
| Debt Instrument [Line Items] | |||
| Short-term debt | $ 132,000 | $ 22,000 | $ 19,000 |
| Long-term debt | |||
| Total current maturities of long-term debt | 15,677 | 54,205 | 53,972 |
| Long-term debt, less current maturities | 437,280 | 418,339 | 371,315 |
| Nonrecourse | |||
| Debt Instrument [Line Items] | |||
| Short-term debt | 0 | 0 | 0 |
| Long-term debt | |||
| Total current maturities of long-term debt | 3,772 | 0 | 0 |
| Long-term debt, less current maturities | 77,114 | 0 | 0 |
| Recourse | |||
| Debt Instrument [Line Items] | |||
| Short-term debt | 132,000 | 22,000 | 19,000 |
| Long-term debt | |||
| Total current maturities of long-term debt | 11,905 | 54,205 | 53,972 |
| Long-term debt, less current maturities | $ 360,166 | $ 418,339 | $ 371,315 |
Derivatives (Textual) (Details) $ in Millions |
9 Months Ended |
|---|---|
|
Sep. 30, 2018
USD ($)
derivative
| |
| Derivative [Line Items] | |
| Maximum period in which contracts for the sale of grain to processors or other consumers extend (years) | 1 year |
| Designated as Hedging Instrument | Cash Flow Hedging | Interest rate contracts | |
| Derivative [Line Items] | |
| Number of derivative instruments held | derivative | 1 |
| Notional amount of derivative | $ | $ 40 |
Derivatives (Net Asset or Liability Positions in Balance Sheet) (Details) - USD ($) $ in Thousands |
Sep. 30, 2018 |
Dec. 31, 2017 |
Sep. 30, 2017 |
|---|---|---|---|
| Estimated fair value of Company's commodity derivative instruments for cash collateral and associated cash as collateral | |||
| Net derivative asset position, Collateral paid (received) | $ 14,942 | $ 1,351 | $ 27,737 |
| Net derivative asset position, Fair value of derivatives | 36,653 | 17,252 | (999) |
| Net derivative asset position, net | 51,595 | 18,603 | 26,738 |
| Net derivative liability position, Collateral paid | 0 | 0 | 0 |
| Net derivative liability position, Fair value of derivatives | 0 | 0 | 0 |
| Net derivative liability position, net | $ 0 | $ 0 | $ 0 |
Derivatives (Gross Current and Noncurrent Assets and Liabilities) (Details) - USD ($) $ in Thousands |
Sep. 30, 2018 |
Dec. 31, 2017 |
Sep. 30, 2017 |
|---|---|---|---|
| Derivatives, Fair Value [Line Items] | |||
| Commodity derivative assets | $ 36,653 | $ 17,252 | $ (999) |
| Commodity derivative liabilities | 0 | 0 | 0 |
| Commodity derivative assets - current | 76,861 | 30,702 | 45,202 |
| Commodity derivative assets - noncurrent | 766 | 310 | 245 |
| Commodity derivative liabilities - current | (91,403) | (29,651) | (38,578) |
| Commodity derivative liabilities - noncurrent | (2,548) | (825) | (902) |
| Commodity | |||
| Derivatives, Fair Value [Line Items] | |||
| Commodity derivative assets | 71,493 | 37,730 | 34,842 |
| Commodity derivative liabilities | (102,759) | (38,545) | (56,612) |
| Cash collateral | 14,942 | 1,351 | 27,737 |
| Total | (16,324) | 536 | 5,967 |
| Commodity | Commodity Derivative Assets - Current | |||
| Derivatives, Fair Value [Line Items] | |||
| Commodity derivative assets | 69,957 | 36,929 | 33,804 |
| Commodity derivative liabilities | (8,038) | (7,578) | (16,339) |
| Cash collateral | 14,942 | 1,351 | 27,737 |
| Commodity derivative assets - current | 76,861 | 30,702 | 45,202 |
| Commodity | Commodity Derivative Assets - Noncurrent | |||
| Derivatives, Fair Value [Line Items] | |||
| Commodity derivative assets | 767 | 311 | 288 |
| Commodity derivative liabilities | (1) | (1) | (43) |
| Cash collateral | 0 | 0 | 0 |
| Commodity derivative assets - noncurrent | 766 | 310 | 245 |
| Commodity | Commodity Derivative Liabilities - Current | |||
| Derivatives, Fair Value [Line Items] | |||
| Commodity derivative assets | 731 | 489 | 676 |
| Commodity derivative liabilities | (92,134) | (30,140) | (39,254) |
| Cash collateral | 0 | 0 | 0 |
| Commodity derivative liabilities - current | (91,403) | (29,651) | (38,578) |
| Commodity | Commodity Derivative Liabilities - Noncurrent | |||
| Derivatives, Fair Value [Line Items] | |||
| Commodity derivative assets | 38 | 1 | 74 |
| Commodity derivative liabilities | (2,586) | (826) | (976) |
| Cash collateral | 0 | 0 | 0 |
| Commodity derivative liabilities - noncurrent | $ (2,548) | $ (825) | $ (902) |
Derivatives (Pre-tax Gains and Losses) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
|
| Commodity | Cost of Sales and Merchandising Revenues | ||||
| Derivative Instruments, Gain (Loss) [Line Items] | ||||
| Gains (losses) on derivatives instruments recognized in earnings | $ (51,059) | $ (690) | $ (30,451) | $ (15,538) |
| Not Designated as Hedging Instrument | Interest rate contracts | Interest Income (Expense) | ||||
| Derivative Instruments, Gain (Loss) [Line Items] | ||||
| Gains (losses) on derivatives instruments recognized in earnings | 521 | 229 | 1,662 | 601 |
| Not Designated as Hedging Instrument | Foreign currency contract | Other Income, Net | ||||
| Derivative Instruments, Gain (Loss) [Line Items] | ||||
| Gains (losses) on derivatives instruments recognized in earnings | 372 | 950 | (1,163) | 1,717 |
| Designated as Hedging Instrument | Interest rate contracts | ||||
| Derivative Instruments, Gain (Loss) [Line Items] | ||||
| Gains (losses) on derivatives instruments recognized in OCI | 159 | 0 | 226 | 0 |
| Designated as Hedging Instrument | Interest rate contracts | Interest Income (Expense) | ||||
| Derivative Instruments, Gain (Loss) [Line Items] | ||||
| Gains (losses) included in interest income (expense) | $ 54 | $ 0 | $ 126 | $ 0 |
Derivatives (Volume of Contracts Outstanding) (Details) lb in Thousands, gal in Thousands, bu in Thousands, T in Thousands |
Sep. 30, 2018
lb
|
Sep. 30, 2018
bu
|
Sep. 30, 2018
T
|
Sep. 30, 2018
gal
|
Dec. 31, 2017
lb
|
Dec. 31, 2017
bu
|
Dec. 31, 2017
T
|
Dec. 31, 2017
gal
|
Sep. 30, 2017
lb
|
Sep. 30, 2017
bu
|
Sep. 30, 2017
T
|
Sep. 30, 2017
gal
|
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Amounts of quantities outstanding included in commodity derivative contracts | ||||||||||||
| Nonmonetary notional amount | 2,560 | 562,872 | 115 | 324,087 | 6,074 | 464,085 | 97 | 237,885 | 5,782 | 533,750 | 110 | 225,251 |
| Non-exchange Traded | ||||||||||||
| Amounts of quantities outstanding included in commodity derivative contracts | ||||||||||||
| Nonmonetary notional amount | 2,560 | 362,632 | 115 | 231,813 | 6,074 | 277,095 | 97 | 197,607 | 5,782 | 311,850 | 110 | 201,521 |
| Non-exchange Traded | Corn | ||||||||||||
| Amounts of quantities outstanding included in commodity derivative contracts | ||||||||||||
| Nonmonetary notional amount | 0 | 277,774 | 0 | 0 | 218,391 | 0 | 0 | 222,287 | 0 | 0 | ||
| Non-exchange Traded | Soybeans | ||||||||||||
| Amounts of quantities outstanding included in commodity derivative contracts | ||||||||||||
| Nonmonetary notional amount | 0 | 45,755 | 0 | 0 | 0 | 18,127 | 0 | 0 | 0 | 44,463 | 0 | 0 |
| Non-exchange Traded | Wheat | ||||||||||||
| Amounts of quantities outstanding included in commodity derivative contracts | ||||||||||||
| Nonmonetary notional amount | 0 | 7,948 | 0 | 0 | 0 | 14,577 | 0 | 0 | 0 | 8,598 | 0 | 0 |
| Non-exchange Traded | Oats | ||||||||||||
| Amounts of quantities outstanding included in commodity derivative contracts | ||||||||||||
| Nonmonetary notional amount | 0 | 31,155 | 0 | 0 | 0 | 25,953 | 0 | 0 | 0 | 36,451 | 0 | 0 |
| Non-exchange Traded | Ethanol | ||||||||||||
| Amounts of quantities outstanding included in commodity derivative contracts | ||||||||||||
| Nonmonetary notional amount | 0 | 0 | 230,813 | 0 | 0 | 0 | 197,607 | 0 | 0 | 201,521 | ||
| Non-exchange Traded | Corn Oil | ||||||||||||
| Amounts of quantities outstanding included in commodity derivative contracts | ||||||||||||
| Nonmonetary notional amount | 2,560 | 0 | 0 | 0 | 6,074 | 0 | 0 | 0 | 5,782 | 0 | 0 | 0 |
| Non-exchange Traded | Other | ||||||||||||
| Amounts of quantities outstanding included in commodity derivative contracts | ||||||||||||
| Nonmonetary notional amount | 0 | 0 | 115 | 1,000 | 0 | 47 | 97 | 0 | 51 | 110 | 0 | |
| Exchange Traded | ||||||||||||
| Amounts of quantities outstanding included in commodity derivative contracts | ||||||||||||
| Nonmonetary notional amount | 0 | 200,240 | 0 | 92,274 | 0 | 186,990 | 0 | 40,278 | 0 | 221,900 | 0 | 23,730 |
| Exchange Traded | Corn | ||||||||||||
| Amounts of quantities outstanding included in commodity derivative contracts | ||||||||||||
| Nonmonetary notional amount | 0 | 123,250 | 0 | 0 | 0 | 82,835 | 0 | 0 | 0 | 113,990 | 0 | 0 |
| Exchange Traded | Soybeans | ||||||||||||
| Amounts of quantities outstanding included in commodity derivative contracts | ||||||||||||
| Nonmonetary notional amount | 0 | 31,855 | 0 | 0 | 0 | 37,170 | 0 | 0 | 0 | 45,220 | 0 | 0 |
| Exchange Traded | Wheat | ||||||||||||
| Amounts of quantities outstanding included in commodity derivative contracts | ||||||||||||
| Nonmonetary notional amount | 0 | 44,130 | 0 | 0 | 0 | 65,640 | 0 | 0 | 0 | 61,795 | 0 | 0 |
| Exchange Traded | Oats | ||||||||||||
| Amounts of quantities outstanding included in commodity derivative contracts | ||||||||||||
| Nonmonetary notional amount | 0 | 1,005 | 0 | 0 | 0 | 1,345 | 0 | 0 | 0 | 895 | 0 | 0 |
| Exchange Traded | Ethanol | ||||||||||||
| Amounts of quantities outstanding included in commodity derivative contracts | ||||||||||||
| Nonmonetary notional amount | 0 | 0 | 0 | 92,274 | 0 | 0 | 0 | 39,438 | 0 | 0 | 0 | 22,890 |
| Exchange Traded | Other | ||||||||||||
| Amounts of quantities outstanding included in commodity derivative contracts | ||||||||||||
| Nonmonetary notional amount | 0 | 0 | 0 | 840 | 0 | 0 | 0 | 840 |
Derivatives (Fair Value of the Company's Other Derivatives) (Details) - USD ($) $ in Thousands |
Sep. 30, 2018 |
Dec. 31, 2017 |
Sep. 30, 2017 |
|---|---|---|---|
| Not Designated as Hedging Instrument | Other long term liabilities | Interest rate contracts | |||
| Derivative [Line Items] | |||
| Derivative liabilities | $ 193 | $ (1,244) | $ (1,929) |
| Not Designated as Hedging Instrument | Accrued expenses and other current liabilities | Foreign currency contract | |||
| Derivative [Line Items] | |||
| Derivative liabilities | (737) | 426 | 1,605 |
| Designated as Hedging Instrument | Other assets | Interest rate contracts | |||
| Derivative [Line Items] | |||
| Derivative assets | $ 227 | $ 0 | $ 0 |
Employee Benefit Plans (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
|
| Pension Benefits | ||||
| Components of the net periodic benefit cost | ||||
| Interest cost | $ 33 | $ 38 | $ 98 | $ 116 |
| Recognized net actuarial loss | 61 | 63 | 183 | 189 |
| Benefit cost (income) | 94 | 101 | 281 | 305 |
| Postretirement Benefits | ||||
| Components of the net periodic benefit cost | ||||
| Interest cost | 188 | 202 | 565 | 784 |
| Service cost | 81 | 81 | 243 | 310 |
| Amortization of prior service cost | (227) | (228) | (683) | (228) |
| Benefit cost (income) | $ 42 | $ 55 | $ 125 | $ 866 |
Revenue (Breakdown of Revenues by Accounting Standards) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
|
| Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
| Revenue from contract with customers | $ 156,394 | $ 706,927 | ||
| Total Revenues | 685,579 | $ 836,595 | 2,232,720 | $ 2,682,273 |
| Revenues under ASC 606 | ||||
| Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
| Revenue from contract with customers | 156,394 | 706,927 | ||
| Revenues under ASC 840 | ||||
| Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
| Total Revenues | 25,853 | 78,110 | ||
| Revenues under ASC 815 | ||||
| Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
| Total Revenues | $ 503,332 | $ 1,447,683 | ||
Revenue (Disaggregation of Revenues) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended |
|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2018 |
|
| Disaggregation of Revenue [Line Items] | ||
| Total | $ 156,394 | $ 706,927 |
| Specialty nutrients | ||
| Disaggregation of Revenue [Line Items] | ||
| Total | 36,856 | 206,215 |
| Primary nutrients | ||
| Disaggregation of Revenue [Line Items] | ||
| Total | 60,460 | 313,967 |
| Service | ||
| Disaggregation of Revenue [Line Items] | ||
| Total | $ 15,567 | $ 48,717 |
| Service | Transferred over Time | ||
| Disaggregation of Revenue [Line Items] | ||
| Revenue from contract with customer, percentage of service revenues | 10.00% | 7.00% |
| Co-products | ||
| Disaggregation of Revenue [Line Items] | ||
| Total | $ 29,282 | $ 88,390 |
| Other | ||
| Disaggregation of Revenue [Line Items] | ||
| Total | 14,229 | 49,638 |
| Grain | ||
| Disaggregation of Revenue [Line Items] | ||
| Total | 3,297 | 11,598 |
| Grain | Specialty nutrients | ||
| Disaggregation of Revenue [Line Items] | ||
| Total | 0 | 0 |
| Grain | Primary nutrients | ||
| Disaggregation of Revenue [Line Items] | ||
| Total | 0 | 0 |
| Grain | Service | ||
| Disaggregation of Revenue [Line Items] | ||
| Total | 3,052 | 10,851 |
| Grain | Co-products | ||
| Disaggregation of Revenue [Line Items] | ||
| Total | 0 | 0 |
| Grain | Other | ||
| Disaggregation of Revenue [Line Items] | ||
| Total | 245 | 747 |
| Ethanol | ||
| Disaggregation of Revenue [Line Items] | ||
| Total | 31,995 | 96,408 |
| Ethanol | Specialty nutrients | ||
| Disaggregation of Revenue [Line Items] | ||
| Total | 0 | 0 |
| Ethanol | Primary nutrients | ||
| Disaggregation of Revenue [Line Items] | ||
| Total | 0 | 0 |
| Ethanol | Service | ||
| Disaggregation of Revenue [Line Items] | ||
| Total | 2,713 | 8,018 |
| Ethanol | Co-products | ||
| Disaggregation of Revenue [Line Items] | ||
| Total | 29,282 | 88,390 |
| Ethanol | Other | ||
| Disaggregation of Revenue [Line Items] | ||
| Total | 0 | 0 |
| Plant Nutrient | ||
| Disaggregation of Revenue [Line Items] | ||
| Total | 104,189 | 542,911 |
| Plant Nutrient | Specialty nutrients | ||
| Disaggregation of Revenue [Line Items] | ||
| Total | 36,856 | 206,215 |
| Plant Nutrient | Primary nutrients | ||
| Disaggregation of Revenue [Line Items] | ||
| Total | 60,460 | 313,967 |
| Plant Nutrient | Service | ||
| Disaggregation of Revenue [Line Items] | ||
| Total | 877 | 3,498 |
| Plant Nutrient | Co-products | ||
| Disaggregation of Revenue [Line Items] | ||
| Total | 0 | 0 |
| Plant Nutrient | Other | ||
| Disaggregation of Revenue [Line Items] | ||
| Total | 5,996 | 19,231 |
| Rail | ||
| Disaggregation of Revenue [Line Items] | ||
| Total | 16,913 | 56,010 |
| Rail | Specialty nutrients | ||
| Disaggregation of Revenue [Line Items] | ||
| Total | 0 | 0 |
| Rail | Primary nutrients | ||
| Disaggregation of Revenue [Line Items] | ||
| Total | 0 | 0 |
| Rail | Service | ||
| Disaggregation of Revenue [Line Items] | ||
| Total | 8,925 | 26,350 |
| Rail | Co-products | ||
| Disaggregation of Revenue [Line Items] | ||
| Total | 0 | 0 |
| Rail | Other | ||
| Disaggregation of Revenue [Line Items] | ||
| Total | $ 7,988 | $ 29,660 |
Revenue (Textual) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
|
| Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
| Sales and merchandising revenues | $ 685,579 | $ 836,595 | $ 2,232,720 | $ 2,682,273 |
| Expected duration of performance obligations | 1 year | |||
| Amortization period of contract costs | 1 year | |||
| ASC 606 Impact | Revenues under ASC 606 | ||||
| Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
| Sales and merchandising revenues | 173,183 | $ 522,648 | ||
| Pro forma as if the previous accounting guidance was in effect | ||||
| Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
| Sales and merchandising revenues | 858,762 | 2,755,368 | ||
| Pro forma as if the previous accounting guidance was in effect | Revenues under ASC 606 | ||||
| Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
| Sales and merchandising revenues | 170,400 | 515,400 | ||
| Expected increase in cost of sales calculated under the previous accounting guidance | $ 170,400 | 515,400 | ||
| Assets, Total | ASC 606 Impact | Revenues under ASC 606 | ||||
| Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
| Impact on Balance Sheet of adoption of new accounting guidance | 23,400 | |||
| Liabilities, Total | ASC 606 Impact | Revenues under ASC 606 | ||||
| Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
| Impact on Balance Sheet of adoption of new accounting guidance | $ 31,900 | |||
| Service | Minimum | Transferred at Point in Time | ||||
| Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
| Expected payment period | 0 days | |||
| Service | Maximum | Transferred at Point in Time | ||||
| Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
| Expected payment period | 30 days | |||
| Specialty nutrients | Minimum | Transferred at Point in Time | ||||
| Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
| Expected payment period | 0 days | |||
| Specialty nutrients | Maximum | Transferred at Point in Time | ||||
| Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
| Expected payment period | 30 days | |||
| Co-products | Minimum | Transferred at Point in Time | ||||
| Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
| Expected payment period | 5 days | |||
| Co-products | Maximum | Transferred at Point in Time | ||||
| Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
| Expected payment period | 15 days | |||
Revenue (Contract Liabilities Balances) (Details) - USD ($) $ in Thousands |
Sep. 30, 2018 |
Jun. 30, 2018 |
Mar. 31, 2018 |
Jan. 01, 2018 |
|---|---|---|---|---|
| Revenue from Contract with Customer [Abstract] | ||||
| Contract Liabilities | $ 29,836 | $ 10,047 | $ 67,715 | $ 25,520 |
Revenue (Impact of New Revenue Guidance on Financial Statements) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||||
|---|---|---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
| Balance Sheet | ||||||
| Cash and cash equivalents and restricted cash | $ 16,820 | $ 16,820 | ||||
| Accounts receivable, net | 206,380 | $ 196,192 | 206,380 | $ 196,192 | $ 183,238 | |
| Inventories | 490,331 | 475,602 | 490,331 | 475,602 | 648,703 | |
| Commodity derivative assets - current | 76,861 | 45,202 | 76,861 | 45,202 | 30,702 | |
| Other current assets | 87,901 | 87,901 | ||||
| Other noncurrent assets | 374,044 | 363,604 | 374,044 | 363,604 | 355,023 | |
| Rail Group assets leased to others, net | 464,776 | 377,393 | 464,776 | 377,393 | 423,443 | |
| Property, plant and equipment, net | 434,505 | 419,348 | 434,505 | 419,348 | 384,677 | |
| Total assets | 2,151,618 | 1,964,160 | 2,151,618 | 1,964,160 | 2,162,354 | |
| Short-term debt and current maturities of long-term debt | 147,677 | 147,677 | ||||
| Commodity derivative liabilities - current | 413,331 | 413,331 | ||||
| Commodity derivative liabilities - current | 91,403 | 38,578 | 91,403 | 38,578 | 29,651 | |
| Customer prepayments and deferred revenue | 38,242 | 29,520 | 38,242 | 29,520 | 59,710 | |
| Commodity derivative liabilities - noncurrent and Other long-term liabilities | 33,163 | 33,163 | ||||
| Employee benefit plan obligations | 25,356 | 36,356 | 25,356 | 36,356 | 26,716 | |
| Long-term debt, less current maturities | 437,280 | 371,315 | 437,280 | 371,315 | 418,339 | |
| Deferred income taxes | 122,523 | 122,523 | ||||
| Total liabilities | 1,308,975 | 1,214,349 | 1,308,975 | 1,214,349 | 1,339,455 | |
| Retained earnings | 628,676 | 568,438 | 628,676 | 568,438 | 633,496 | |
| Common shares, additional paid-in-capital, treasury shares, accumulated other comprehensive loss and noncontrolling interests | 213,967 | 213,967 | ||||
| Total equity | 842,643 | 749,811 | 842,643 | 749,811 | 822,899 | $ 790,697 |
| Total liabilities and equity | 2,151,618 | 1,964,160 | 2,151,618 | 1,964,160 | $ 2,162,354 | |
| Income Statement Related Disclosures [Abstract] | ||||||
| Sales and merchandising revenues | 685,579 | 836,595 | 2,232,720 | 2,682,273 | ||
| Cost of sales and merchandising revenues | 631,715 | 766,924 | 2,024,677 | 2,448,310 | ||
| Gross profit | 53,864 | 69,671 | 208,043 | 233,963 | ||
| Operating, administrative and general expenses | 65,986 | 68,153 | 190,096 | 219,242 | ||
| Asset impairment | 0 | 0 | 6,272 | 0 | ||
| Interest expense | 5,176 | 5,384 | 20,000 | 17,472 | ||
| Equity in earnings (loss) of affiliates, net | 7,225 | 3,586 | 20,601 | 8,093 | ||
| Other income, net | 6,434 | 5,285 | 10,949 | 17,028 | ||
| Income (loss) before income taxes | (3,639) | 5,005 | 23,225 | (19,630) | ||
| Income tax provision (benefit) | (1,764) | 2,389 | 5,668 | 7,505 | ||
| Net income (loss) | (1,875) | 2,616 | 17,557 | (27,135) | ||
| Net income (loss) attributable to the noncontrolling interests | 223 | 83 | (175) | 73 | ||
| Net income attributable to The Andersons, Inc. | (2,098) | $ 2,533 | 17,732 | $ (27,208) | ||
| ASC 606 Impact | Revenues under ASC 606 | ||||||
| Balance Sheet | ||||||
| Cash and cash equivalents and restricted cash | 0 | 0 | ||||
| Accounts receivable, net | 0 | 0 | ||||
| Inventories | 178 | 178 | ||||
| Commodity derivative assets - current | 0 | 0 | ||||
| Other current assets | (268) | (268) | ||||
| Other noncurrent assets | 0 | 0 | ||||
| Rail Group assets leased to others, net | (23,337) | (23,337) | ||||
| Property, plant and equipment, net | 0 | 0 | ||||
| Total assets | (23,427) | (23,427) | ||||
| Short-term debt and current maturities of long-term debt | (3,772) | (3,772) | ||||
| Commodity derivative liabilities - current | 0 | 0 | ||||
| Commodity derivative liabilities - current | 0 | 0 | ||||
| Customer prepayments and deferred revenue | 0 | 0 | ||||
| Commodity derivative liabilities - noncurrent and Other long-term liabilities | 0 | 0 | ||||
| Employee benefit plan obligations | 0 | 0 | ||||
| Long-term debt, less current maturities | (31,018) | (31,018) | ||||
| Deferred income taxes | 2,869 | 2,869 | ||||
| Total liabilities | (31,921) | (31,921) | ||||
| Retained earnings | 8,494 | 8,494 | ||||
| Common shares, additional paid-in-capital, treasury shares, accumulated other comprehensive loss and noncontrolling interests | 0 | 0 | ||||
| Total equity | 8,494 | 8,494 | ||||
| Total liabilities and equity | (23,427) | (23,427) | ||||
| Income Statement Related Disclosures [Abstract] | ||||||
| Sales and merchandising revenues | 173,183 | 522,648 | ||||
| Cost of sales and merchandising revenues | 173,706 | 524,121 | ||||
| Gross profit | (523) | (1,473) | ||||
| Operating, administrative and general expenses | 0 | 0 | ||||
| Asset impairment | 0 | 0 | ||||
| Interest expense | (387) | (1,185) | ||||
| Equity in earnings (loss) of affiliates, net | 0 | 0 | ||||
| Other income, net | 0 | 0 | ||||
| Income (loss) before income taxes | (136) | (288) | ||||
| Income tax provision (benefit) | (34) | (72) | ||||
| Net income (loss) | (102) | (216) | ||||
| Net income (loss) attributable to the noncontrolling interests | 0 | 0 | ||||
| Net income attributable to The Andersons, Inc. | (102) | (216) | ||||
| Pro forma as if the previous accounting guidance was in effect | ||||||
| Balance Sheet | ||||||
| Cash and cash equivalents and restricted cash | 16,820 | 16,820 | ||||
| Accounts receivable, net | 206,380 | 206,380 | ||||
| Inventories | 490,509 | 490,509 | ||||
| Commodity derivative assets - current | 76,861 | 76,861 | ||||
| Other current assets | 87,633 | 87,633 | ||||
| Other noncurrent assets | 374,044 | 374,044 | ||||
| Rail Group assets leased to others, net | 441,439 | 441,439 | ||||
| Property, plant and equipment, net | 434,505 | 434,505 | ||||
| Total assets | 2,128,191 | 2,128,191 | ||||
| Short-term debt and current maturities of long-term debt | 143,905 | 143,905 | ||||
| Commodity derivative liabilities - current | 413,331 | 413,331 | ||||
| Commodity derivative liabilities - current | 91,403 | 91,403 | ||||
| Customer prepayments and deferred revenue | 38,242 | 38,242 | ||||
| Commodity derivative liabilities - noncurrent and Other long-term liabilities | 33,163 | 33,163 | ||||
| Employee benefit plan obligations | 25,356 | 25,356 | ||||
| Long-term debt, less current maturities | 406,262 | 406,262 | ||||
| Deferred income taxes | 125,392 | 125,392 | ||||
| Total liabilities | 1,277,054 | 1,277,054 | ||||
| Retained earnings | 637,170 | 637,170 | ||||
| Common shares, additional paid-in-capital, treasury shares, accumulated other comprehensive loss and noncontrolling interests | 213,967 | 213,967 | ||||
| Total equity | 851,137 | 851,137 | ||||
| Total liabilities and equity | 2,128,191 | 2,128,191 | ||||
| Income Statement Related Disclosures [Abstract] | ||||||
| Sales and merchandising revenues | 858,762 | 2,755,368 | ||||
| Cost of sales and merchandising revenues | 805,421 | 2,548,798 | ||||
| Gross profit | 53,341 | 206,570 | ||||
| Operating, administrative and general expenses | 65,986 | 190,096 | ||||
| Asset impairment | 0 | 6,272 | ||||
| Interest expense | 4,789 | (18,815) | ||||
| Equity in earnings (loss) of affiliates, net | 7,225 | 20,601 | ||||
| Other income, net | 6,434 | 10,949 | ||||
| Income (loss) before income taxes | (3,775) | 22,937 | ||||
| Income tax provision (benefit) | (1,798) | 5,596 | ||||
| Net income (loss) | (1,977) | 17,341 | ||||
| Net income (loss) attributable to the noncontrolling interests | 223 | (175) | ||||
| Net income attributable to The Andersons, Inc. | (2,200) | 17,516 | ||||
| Pro forma as if the previous accounting guidance was in effect | Revenues under ASC 606 | ||||||
| Income Statement Related Disclosures [Abstract] | ||||||
| Sales and merchandising revenues | $ 170,400 | $ 515,400 | ||||
Income Taxes (Details) - USD ($) |
3 Months Ended | 9 Months Ended | 12 Months Ended | ||
|---|---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
Dec. 31, 2017 |
|
| Income Tax Disclosure [Abstract] | |||||
| Income tax (benefit) expense | $ (1,764,000) | $ 2,389,000 | $ 5,668,000 | $ 7,505,000 | |
| Effective income tax rate | 48.50% | 47.70% | 24.40% | (38.20%) | |
| Increase in effective tax rate due to benefits from tax credit and reversal of provisional estimate for transition tax | 14.80% | ||||
| Decrease in effective tax rate due to change in U.S. federal statutory rate | $ 0.14 | ||||
| Provisional discrete net tax benefit recorded as result of changes in tax law | $ 73,500,000 | ||||
| Provisional tax expense (benefit) for one-time transition tax recorded as result of changes in tax law | (1,400,000) | 1,400,000 | |||
| Provisional tax expense (benefit) recorded for revaluation of deferred tax assets and liabilities as result of changes in tax law | $ 1,300,000 | $ (74,900,000) | |||
Accumulated Other Comprehensive Loss (After-tax Components of Accumulated Other Comprehensive Loss) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
|||||||
| Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||||||||
| Beginning Balance | [1] | $ (5,347) | $ (11,993) | $ (2,700) | $ (12,468) | |||||
| Other comprehensive income (loss) before reclassifications | [1] | 1,097 | 2,453 | (1,286) | 2,928 | |||||
| Amounts reclassified from accumulated other comprehensive loss | [1] | (114) | (142) | (378) | (142) | |||||
| Net current-period other comprehensive income (loss) | [1] | 983 | 2,311 | (1,664) | 2,786 | |||||
| Ending balance | [1] | (4,364) | (9,682) | (4,364) | (9,682) | |||||
| Cash Flow Hedges | ||||||||||
| Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||||||||
| Beginning Balance | [1] | 51 | 0 | |||||||
| Other comprehensive income (loss) before reclassifications | [1] | 65 | 44 | |||||||
| Amounts reclassified from accumulated other comprehensive loss | 54 | 126 | ||||||||
| Net current-period other comprehensive income (loss) | [1] | 119 | 170 | |||||||
| Ending balance | [1] | 170 | 170 | |||||||
| Foreign Currency Translation Adjustment | ||||||||||
| Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||||||||
| Beginning Balance | [1] | (9,989) | (9,529) | (7,716) | (11,002) | |||||
| Other comprehensive income (loss) before reclassifications | [1] | 993 | 2,201 | (1,280) | 3,674 | |||||
| Amounts reclassified from accumulated other comprehensive loss | [1] | 0 | 0 | 0 | 0 | |||||
| Net current-period other comprehensive income (loss) | [1] | 993 | 2,201 | (1,280) | 3,674 | |||||
| Ending balance | [1] | (8,996) | (7,328) | (8,996) | (7,328) | |||||
| Investment in Convertible Preferred Securities | ||||||||||
| Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||||||||
| Beginning Balance | 257 | [1] | 0 | 344 | [1] | 0 | [1] | |||
| Other comprehensive income (loss) before reclassifications | 0 | [1] | 211 | (87) | [1] | 211 | [1] | |||
| Amounts reclassified from accumulated other comprehensive loss | 0 | [1] | 0 | 0 | [1] | 0 | [1] | |||
| Net current-period other comprehensive income (loss) | 0 | [1] | 211 | (87) | [1] | 211 | [1] | |||
| Ending balance | [1] | 257 | 211 | 257 | 211 | |||||
| Defined Benefit Plan Items | ||||||||||
| Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||||||||
| Beginning Balance | [1] | 4,334 | (2,464) | 4,672 | (1,466) | |||||
| Other comprehensive income (loss) before reclassifications | [1] | 39 | 41 | 37 | (957) | |||||
| Amounts reclassified from accumulated other comprehensive loss | [1] | (168) | (142) | (504) | (142) | |||||
| Net current-period other comprehensive income (loss) | [1] | (129) | (101) | (467) | (1,099) | |||||
| Ending balance | [1] | $ 4,205 | $ (2,565) | $ 4,205 | $ (2,565) | |||||
| ||||||||||
Accumulated Other Comprehensive Loss (Schedule of Reclassifications Out of Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
||||||||
| Schedule of Reclassifciations Out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
| Income (loss) before income taxes | $ (3,639) | $ 5,005 | $ 23,225 | $ (19,630) | |||||||
| Income tax provision (benefit) | 1,764 | (2,389) | (5,668) | (7,505) | |||||||
| Net income (loss) | (1,875) | 2,616 | 17,557 | (27,135) | |||||||
| Reclassifications Out of Accumulated Other Comprehensive Income (Loss) | |||||||||||
| Schedule of Reclassifciations Out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
| Net income (loss) | [1] | (114) | (142) | (378) | (142) | ||||||
| Reclassifications Out of Accumulated Other Comprehensive Income (Loss) | Defined Benefit Plan Items | |||||||||||
| Schedule of Reclassifciations Out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
| Amortization of prior-service cost | [2] | (228) | (227) | (684) | (227) | ||||||
| Income (loss) before income taxes | (228) | (227) | (684) | (227) | |||||||
| Income tax provision (benefit) | 60 | 85 | 180 | 85 | |||||||
| Net income (loss) | (168) | $ (142) | (504) | $ (142) | |||||||
| Reclassifications Out of Accumulated Other Comprehensive Income (Loss) | Cash Flow Hedges | |||||||||||
| Schedule of Reclassifciations Out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
| Interest payments | [3] | 73 | 171 | ||||||||
| Income (loss) before income taxes | 73 | 171 | |||||||||
| Income tax provision (benefit) | (19) | (45) | |||||||||
| Net income (loss) | $ 54 | $ 126 | |||||||||
| |||||||||||
Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
|
| Earnings Per Share [Abstract] | ||||
| Net income attributable to The Andersons, Inc. | $ (2,098) | $ 2,533 | $ 17,732 | $ (27,208) |
| Less: Distributed and undistributed earnings allocated to nonvested restricted stock | 0 | 0 | 0 | 0 |
| Earnings available to common shareholders | $ (2,098) | $ 2,533 | $ 17,732 | $ (27,208) |
| Earnings per share - basic: | ||||
| Weighted average shares outstanding - basic (shares) | 28,263,000 | 28,350,000 | 28,254,000 | 28,327,000 |
| Earnings per common share - basic (dollars per share) | $ (0.07) | $ 0.09 | $ 0.63 | $ (0.96) |
| Earnings per share - diluted: | ||||
| Weighted average shares outstanding - basic (shares) | 28,263,000 | 28,350,000 | 28,254,000 | 28,327,000 |
| Effect of dilutive awards (shares) | 0 | 134,000 | 233,000 | 0 |
| Weighted average shares outstanding - diluted (shares) | 28,263,000 | 28,484,000 | 28,487,000 | 28,327,000 |
| Earnings per common share - diluted (dollars per share) | $ (0.07) | $ 0.09 | $ 0.62 | $ (0.96) |
| Earnings Per Share (Textual) [Abstract] | ||||
| Antidilutive stock-based awards outstanding (shares) | 43,000 | 0 | 43,000 | |
Fair Value Measurements (Assets and Liabilities Measured on Recurring Basis) (Details) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands |
Sep. 30, 2018 |
Dec. 31, 2017 |
Sep. 30, 2017 |
|---|---|---|---|
| Assets and liabilities measured at fair value on a recurring basis | |||
| Commodity derivatives, net | $ (16,324) | $ 536 | $ 5,967 |
| Provisionally price contracts | (78,833) | (165,284) | (119,490) |
| Convertible preferred securities | 7,154 | 7,388 | 6,638 |
| Other assets and liabilities | 6,181 | 8,461 | 9,067 |
| Total | (81,822) | (148,899) | (97,818) |
| Level 1 | |||
| Assets and liabilities measured at fair value on a recurring basis | |||
| Commodity derivatives, net | 51,595 | 18,603 | 26,738 |
| Provisionally price contracts | (55,697) | (98,190) | (85,546) |
| Convertible preferred securities | 0 | 0 | 0 |
| Other assets and liabilities | 5,988 | 9,705 | 10,996 |
| Total | 1,886 | (69,882) | (47,812) |
| Level 2 | |||
| Assets and liabilities measured at fair value on a recurring basis | |||
| Commodity derivatives, net | (67,919) | (18,067) | (20,771) |
| Provisionally price contracts | (23,136) | (67,094) | (33,944) |
| Convertible preferred securities | 0 | 0 | 0 |
| Other assets and liabilities | 193 | (1,244) | (1,929) |
| Total | (90,862) | (86,405) | (56,644) |
| Level 3 | |||
| Assets and liabilities measured at fair value on a recurring basis | |||
| Commodity derivatives, net | 0 | 0 | 0 |
| Provisionally price contracts | 0 | 0 | 0 |
| Convertible preferred securities | 7,154 | 7,388 | 6,638 |
| Other assets and liabilities | 0 | 0 | 0 |
| Total | $ 7,154 | $ 7,388 | $ 6,638 |
Fair Value Measurements (Reconciliation of Beginning and Ending Balances of Level 3 Measurements) (Details 2) - Level 3 - USD ($) $ in Thousands |
3 Months Ended | ||||||
|---|---|---|---|---|---|---|---|
Sep. 30, 2018 |
Jun. 30, 2018 |
Mar. 31, 2018 |
Sep. 30, 2017 |
Jun. 30, 2017 |
Mar. 31, 2017 |
Dec. 31, 2017 |
|
| Convertible preferred securities | |||||||
| Reconciliation of Fair Value Measurements Using Level 3 | |||||||
| Asset (liability), Beginning Balance | $ 7,488 | $ 7,388 | $ 7,388 | $ 3,294 | $ 3,294 | $ 3,294 | |
| Gains (losses) included in earnings | 5,080 | 0 | 0 | 0 | 0 | 0 | |
| New investments | 986 | 100 | 3,000 | 0 | |||
| Unrealized gains (losses) included in other comprehensive income | 0 | 344 | |||||
| Sale proceeds | (6,400) | 0 | |||||
| Asset (liability), Ending Balance | 7,154 | $ 7,488 | $ 7,388 | 6,638 | $ 3,294 | $ 3,294 | |
| Convertible preferred securities | Implied based on market prices | |||||||
| Quantitative Information about Level 3 Fair Value Measurements | |||||||
| Convertible preferred securities | $ 7,154 | $ 6,638 | $ 7,388 | ||||
| Real Property | Third-Party Appraisal | |||||||
| Quantitative Information about Level 3 Fair Value Measurements | |||||||
| Real Property | $ 29,347 | ||||||
Fair Value Measurements (Fair Value of Company's Long-term Debt) (Details) - USD ($) $ in Thousands |
Sep. 30, 2018 |
Dec. 31, 2017 |
Sep. 30, 2017 |
|---|---|---|---|
| Fair value of long-term debt estimated using quoted market prices or discounted future cash flows | |||
| Fair value of long-term debt, including current maturities | $ 445,342 | $ 474,769 | $ 431,542 |
| Fair value in excess of carrying value | $ 11,629 | $ 1,451 | $ 2,389 |
Related Party Transactions (Company's Investment Balance in Equity Method Investees) (Details) - USD ($) $ in Thousands |
Sep. 30, 2018 |
Dec. 31, 2017 |
Sep. 30, 2017 |
||
|---|---|---|---|---|---|
| Equity Method Investment Companys Investment Balance In Each Equity Method Investees By Entity [Abstract] | |||||
| Equity method investments | $ 240,350 | $ 223,239 | $ 215,031 | ||
| The Andersons Albion Ethanol LLC | |||||
| Equity Method Investment Companys Investment Balance In Each Equity Method Investees By Entity [Abstract] | |||||
| Equity method investments | 49,882 | 45,024 | 42,302 | ||
| The Andersons Clymers Ethanol LLC | |||||
| Equity Method Investment Companys Investment Balance In Each Equity Method Investees By Entity [Abstract] | |||||
| Equity method investments | 22,589 | 19,830 | 17,837 | ||
| The Andersons Marathon Ethanol LLC | |||||
| Equity Method Investment Companys Investment Balance In Each Equity Method Investees By Entity [Abstract] | |||||
| Equity method investments | 15,373 | 12,660 | 12,390 | ||
| Lansing Trade Group LLC | |||||
| Equity Method Investment Companys Investment Balance In Each Equity Method Investees By Entity [Abstract] | |||||
| Equity method investments | 99,904 | 93,088 | 89,541 | ||
| Thompsons Limited | |||||
| Equity Method Investment Companys Investment Balance In Each Equity Method Investees By Entity [Abstract] | |||||
| Equity method investments | [1] | 50,280 | 50,198 | 50,399 | |
| Other | |||||
| Equity Method Investment Companys Investment Balance In Each Equity Method Investees By Entity [Abstract] | |||||
| Equity method investments | $ 2,322 | $ 2,439 | $ 2,562 | ||
| |||||
Related Party Transactions (Textual) (Details) $ in Millions |
3 Months Ended | 9 Months Ended | ||||
|---|---|---|---|---|---|---|
|
Sep. 30, 2018
USD ($)
|
Sep. 30, 2017
USD ($)
|
Sep. 30, 2018
USD ($)
|
Sep. 30, 2017
USD ($)
|
Mar. 02, 2018
gal
|
Dec. 31, 2017
USD ($)
|
|
| Related Party Transaction [Line Items] | ||||||
| Total distributions received from unconsolidated affiliates | $ 2.2 | $ 7.1 | ||||
| Revenues recognized for the sale of ethanol | 161.9 | $ 160.8 | 480.4 | $ 445.4 | ||
| Revenues recognized for the sale of corn | 119.1 | 362.2 | ||||
| Related party, gross assets | 6.8 | 1.9 | 6.8 | 1.9 | $ 0.2 | |
| Related party, gross liability | $ 7.2 | $ 0.1 | $ 7.2 | $ 0.1 | $ 2.5 | |
| ELEMENT, LLC | Subsidiary | ||||||
| Related Party Transaction [Line Items] | ||||||
| Noncontrolling interest is attributed of all gains and losses of parent (percentage) | 49.00% | |||||
| Percentage of company's interest in subsidiary | 51.00% | |||||
| Maximum production capacity of bio-refinery (gallons) | gal | 70,000,000 | |||||
| TAME | ||||||
| Related Party Transaction [Line Items] | ||||||
| Percentage of company ownership interest (percentage) | 33.00% | 33.00% | ||||
Related Party Transactions (Income (Loss) Earned from Company's Equity Method Investments) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
||||||||
| Income Earned From Companys Equity Method Investments By Entity [Abstract] | |||||||||||
| Income earned from Company's equity method investees | $ 7,225 | $ 3,586 | $ 20,601 | $ 8,093 | |||||||
| Reduction in ownership percentage (percentage) | 1.00% | 1.00% | |||||||||
| The Andersons Albion Ethanol LLC | |||||||||||
| Income Earned From Companys Equity Method Investments By Entity [Abstract] | |||||||||||
| Percentage of company ownership interest (percentage) | 55.00% | 55.00% | |||||||||
| Income earned from Company's equity method investees | $ 2,408 | 1,473 | $ 4,858 | 3,331 | |||||||
| The Andersons Clymers Ethanol LLC | |||||||||||
| Income Earned From Companys Equity Method Investments By Entity [Abstract] | |||||||||||
| Percentage of company ownership interest (percentage) | 39.00% | 39.00% | |||||||||
| Income earned from Company's equity method investees | $ 1,376 | 1,822 | $ 3,121 | 2,597 | |||||||
| The Andersons Marathon Ethanol LLC | |||||||||||
| Income Earned From Companys Equity Method Investments By Entity [Abstract] | |||||||||||
| Percentage of company ownership interest (percentage) | 33.00% | 33.00% | |||||||||
| Income earned from Company's equity method investees | $ 1,029 | 985 | $ 2,713 | 1,301 | |||||||
| Lansing Trade Group LLC | |||||||||||
| Income Earned From Companys Equity Method Investments By Entity [Abstract] | |||||||||||
| Percentage of company ownership interest (percentage) | [1] | 33.00% | 33.00% | ||||||||
| Income earned from Company's equity method investees | $ 2,428 | 305 | $ 8,603 | 491 | |||||||
| Thompsons Limited | |||||||||||
| Income Earned From Companys Equity Method Investments By Entity [Abstract] | |||||||||||
| Percentage of company ownership interest (percentage) | [2] | 50.00% | 50.00% | ||||||||
| Income earned from Company's equity method investees | [3] | $ 35 | (940) | $ 1,345 | 546 | ||||||
| Other | |||||||||||
| Income Earned From Companys Equity Method Investments By Entity [Abstract] | |||||||||||
| Income earned from Company's equity method investees | $ (51) | $ (59) | $ (39) | $ (173) | |||||||
| Other | Minimum | |||||||||||
| Income Earned From Companys Equity Method Investments By Entity [Abstract] | |||||||||||
| Percentage of company ownership interest (percentage) | 5.00% | 5.00% | |||||||||
| Other | Maximum | |||||||||||
| Income Earned From Companys Equity Method Investments By Entity [Abstract] | |||||||||||
| Percentage of company ownership interest (percentage) | 50.00% | 50.00% | |||||||||
| |||||||||||
Related Party Transactions (Unaudited Financial Information from Significant Equity Investees) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
|
| Related Party Transactions [Abstract] | ||||
| Revenues | $ 1,504,141 | $ 1,341,123 | $ 4,244,385 | $ 3,797,546 |
| Gross profit | 49,497 | 42,973 | 147,013 | 111,468 |
| Income (loss) from continuing operations | 12,126 | 3,265 | 36,955 | 7,950 |
| Net income (loss) | 11,678 | 3,121 | 35,240 | 6,583 |
| Net income (loss) attributable to Companies | $ 11,678 | $ 3,300 | $ 35,240 | $ 7,486 |
Related Party Transactions (Transactions Entered Into For the Time Periods Presented) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
Dec. 31, 2017 |
||||||||||
| Related party transactions entered into for the time periods presented | ||||||||||||||
| Sales revenues | $ 82,394 | $ 225,367 | $ 278,974 | $ 665,331 | ||||||||||
| Service fee revenues | [1] | 5,231 | 14,397 | 15,539 | 28,433 | |||||||||
| Purchases of product | 177,583 | 165,084 | 556,551 | 467,495 | ||||||||||
| Lease income | [2] | 1,623 | 1,850 | 4,829 | 4,559 | |||||||||
| Labor and benefits reimbursement | [3] | 3,436 | 3,208 | 10,603 | 10,071 | |||||||||
| Accounts receivable | [4] | 32,584 | 18,694 | 32,584 | 18,694 | $ 30,252 | ||||||||
| Accounts payable | $ 32,347 | $ 27,413 | $ 32,347 | $ 27,413 | $ 27,866 | |||||||||
| ||||||||||||||
Segment Information (Textual) (Details) |
9 Months Ended |
|---|---|
|
Sep. 30, 2018
segment
| |
| Segment Reporting [Abstract] | |
| Number of reportable segments (business segments) | 4 |
| Number of consolidated segments | 2 |
| Number of segments accounted for as equity method investments | 3 |
Segment Information (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | |||
|---|---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
Dec. 31, 2017 |
|
| Segment Reporting Information [Line Items] | |||||
| Sales and merchandising revenues | $ 685,579 | $ 836,595 | $ 2,232,720 | $ 2,682,273 | |
| Income (loss) before income taxes | (3,639) | 5,005 | 23,225 | (19,630) | |
| Total assets | 2,151,618 | 1,964,160 | 2,151,618 | 1,964,160 | $ 2,162,354 |
| Operating Segments | Grain | |||||
| Segment Reporting Information [Line Items] | |||||
| Sales and merchandising revenues | 343,430 | 497,613 | 986,202 | 1,464,588 | |
| Income (loss) before income taxes | (8,619) | 2,641 | 1,228 | 4,497 | |
| Total assets | 788,770 | 799,655 | 788,770 | 799,655 | 948,871 |
| Operating Segments | Ethanol | |||||
| Segment Reporting Information [Line Items] | |||||
| Sales and merchandising revenues | 194,849 | 191,531 | 568,625 | 533,515 | |
| Income (loss) before income taxes | 9,058 | 6,098 | 17,022 | 12,474 | |
| Total assets | 263,949 | 173,545 | 263,949 | 173,545 | 180,173 |
| Operating Segments | Plant Nutrient | |||||
| Segment Reporting Information [Line Items] | |||||
| Sales and merchandising revenues | 104,188 | 103,620 | 542,911 | 514,943 | |
| Income (loss) before income taxes | (7,976) | (7,920) | 8,239 | (27,074) | |
| Total assets | 415,314 | 389,396 | 415,314 | 389,396 | 379,309 |
| Operating Segments | Rail | |||||
| Segment Reporting Information [Line Items] | |||||
| Sales and merchandising revenues | 43,112 | 43,093 | 134,982 | 121,632 | |
| Income (loss) before income taxes | 5,732 | 6,127 | 10,645 | 18,065 | |
| Total assets | 564,227 | 446,884 | 564,227 | 446,884 | 490,448 |
| Segment Reconciling Items | |||||
| Segment Reporting Information [Line Items] | |||||
| Sales and merchandising revenues | 730 | 399 | 2,394 | 1,413 | |
| Segment Reconciling Items | Grain | |||||
| Segment Reporting Information [Line Items] | |||||
| Sales and merchandising revenues | 442 | 72 | 1,435 | 279 | |
| Segment Reconciling Items | Plant Nutrient | |||||
| Segment Reporting Information [Line Items] | |||||
| Sales and merchandising revenues | 0 | 0 | 0 | 241 | |
| Segment Reconciling Items | Rail | |||||
| Segment Reporting Information [Line Items] | |||||
| Sales and merchandising revenues | 288 | 327 | 959 | 893 | |
| Other | |||||
| Segment Reporting Information [Line Items] | |||||
| Sales and merchandising revenues | 0 | 738 | 0 | 47,595 | |
| Income (loss) before income taxes | (2,057) | (2,024) | (13,734) | (27,665) | |
| Total assets | 119,358 | 154,680 | 119,358 | 154,680 | $ 163,553 |
| Noncontrolling interests | |||||
| Segment Reporting Information [Line Items] | |||||
| Income (loss) before income taxes | $ 223 | $ 83 | $ (175) | $ 73 | |
Commitments and Contingencies (Details) - USD ($) $ in Millions |
1 Months Ended | |||
|---|---|---|---|---|
Aug. 31, 2015 |
Sep. 30, 2018 |
Dec. 31, 2017 |
Sep. 30, 2017 |
|
| Build-to-Suit Lease | ||||
| Operating Leased Assets [Line Items] | ||||
| Term of leasing contract | 15 years | |||
| Other long term liabilities | Build-to-Suit Lease | ||||
| Operating Leased Assets [Line Items] | ||||
| Financing obligation | $ 23.1 | $ 24.3 | $ 24.7 | |
| Other current liabilities | Build-to-Suit Lease | ||||
| Operating Leased Assets [Line Items] | ||||
| Financing obligation | 1.5 | $ 1.4 | 1.4 | |
| Capital Addition Purchase Commitments | ||||
| Operating Leased Assets [Line Items] | ||||
| Amount remaining under long-term commitment obligation | 105.9 | |||
| Amount prepaid under long-term commitment obligation | $ 10.5 | |||
| Legal Claim 2015 | Plant Nutrient | ||||
| Operating Leased Assets [Line Items] | ||||
| Loss contingency reserve | $ 2.2 |
Sale of Assets (Details) $ in Millions |
3 Months Ended | |||
|---|---|---|---|---|
|
Mar. 31, 2018
USD ($)
|
Sep. 30, 2018
USD ($)
security
|
Sep. 30, 2017
USD ($)
location
|
Jun. 30, 2018
USD ($)
|
|
| Business Acquisition [Line Items] | ||||
| Number of security investments sold | security | 1 | |||
| Proceeds from Sale of Securities, Operating Activities | $ 6.4 | |||
| Pre-tax gain on sale of security investment | 3.9 | |||
| Disposal Group, Disposed of by Sale, Not Discontinued Operations | Retail Properties | ||||
| Business Acquisition [Line Items] | ||||
| Number of locations sold | location | 2 | |||
| Proceeds from sale of assets | $ 7.6 | |||
| Gain on sale of assets | $ 5.7 | |||
| Disposal Group, Disposed of by Sale, Not Discontinued Operations | Farm Center | Florida | ||||
| Business Acquisition [Line Items] | ||||
| Number of locations sold | location | 4 | |||
| Proceeds from sale of assets | $ 17.4 | |||
| Gain on sale of assets | $ 4.7 | |||
| Working capital adjustment receivable | $ 3.6 | |||
| Disposal Group, Disposed of by Sale, Not Discontinued Operations | Grain Elevators | Humboldt, Kenton and Dyer, Tennessee | ||||
| Business Acquisition [Line Items] | ||||
| Consideration on sell of assets | $ 19.5 | |||
| Disposal Group, Disposed of by Sale, Not Discontinued Operations | Como Location | ||||
| Business Acquisition [Line Items] | ||||
| Consideration on sell of assets | $ 1.3 | |||
Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands |
9 Months Ended | |
|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
|
| Supplemental Cash Flow Information [Abstract] | ||
| Interest paid | $ 23,327 | $ 20,356 |
| Noncash investing and financing activity | ||
| Capital projects incurred but not yet paid | 13,941 | 6,319 |
| Investment merger (decreasing equity method investments and non-controlling interest) | 0 | 8,360 |
| Dividends declared not yet paid | 4,663 | 4,501 |
| Debt resulting from accounting standard adoption | 36,953 | 0 |
| Railcar assets resulting from accounting standard adoption | $ 25,643 | $ 0 |
Exit Costs and Assets Held for Sale (Details) - USD ($) $ in Thousands |
9 Months Ended | ||
|---|---|---|---|
Sep. 30, 2017 |
Sep. 30, 2018 |
Dec. 31, 2017 |
|
| Restructuring Cost and Reserve [Line Items] | |||
| Assets held for sale | $ 8,383 | $ 29,527 | $ 37,859 |
| Exit charges | $ 11,500 | ||
| Rail Group | |||
| Restructuring Cost and Reserve [Line Items] | |||
| Assets held for sale | 25,100 | ||
| Disposal Group, Held-for-sale, Not Discontinued Operations | |||
| Restructuring Cost and Reserve [Line Items] | |||
| Assets held for sale | 37,900 | ||
| Property, plan and equipment held-for-sale | 4,400 | ||
| Disposal Group, Held-for-sale, Not Discontinued Operations | Retail Store | |||
| Restructuring Cost and Reserve [Line Items] | |||
| Property, plan and equipment held-for-sale | 4,200 | 4,200 | |
| Disposal Group, Held-for-sale, Not Discontinued Operations | Plant Nutrient Group | |||
| Restructuring Cost and Reserve [Line Items] | |||
| Property, plan and equipment held-for-sale | $ 200 | 1,600 | |
| Disposal Group, Held-for-sale, Not Discontinued Operations | TENNESSEE | Grain Group | |||
| Restructuring Cost and Reserve [Line Items] | |||
| Property, plan and equipment held-for-sale | 19,500 | ||
| Inventory, held-for-sale | 11,400 | ||
| Commodity derivative, held-for-sale | $ 1,200 |
Subsequent Events (Details) - LTG - USD ($) $ in Millions |
1 Months Ended | |
|---|---|---|
Jan. 31, 2019 |
Sep. 30, 2018 |
|
| Subsequent Event [Line Items] | ||
| Equity percentage currently owned in equity interest | 32.50% | |
| Subsequent Event | Scenario, Forecast | ||
| Subsequent Event [Line Items] | ||
| Remaining equity interest percentage to be acquired | 67.50% | |
| Consideration paid for acquisition | $ 305 | |
| Long-term assumed in acquisition | 166 | |
| Subsequent Event | Scenario, Forecast | LTG | ||
| Subsequent Event [Line Items] | ||
| Long-term assumed in acquisition | 130 | |
| Subsequent Event | Scenario, Forecast | Thompsons | ||
| Subsequent Event [Line Items] | ||
| Long-term assumed in acquisition | $ 36 |