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Table of Contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 10-Q
 
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended 09/30/2020
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to  .             
Commission file number 000-20557
 
ande-20200930_g1.jpg
THE ANDERSONS, INC.
(Exact name of the registrant as specified in its charter)
 
Ohio34-1562374
(State of incorporation or organization)(I.R.S. Employer Identification No.)
1947 Briarfield Boulevard
MaumeeOhio43537
(Address of principal executive offices)(Zip Code)

(419) 893-5050
(Telephone Number)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class: Trading Symbol Name of each exchange on which registered:
Common stock, $0.00 par value, $0.01 stated value ANDE The NASDAQ Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ý    No  ¨
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ý    No  ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act. 
Large accelerated filerýAccelerated Filer
Non-accelerated filerSmaller 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.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act)  Yes     No  ý

The registrant had 32,978,498 common shares outstanding at October 23, 2020.


Table of Contents
THE ANDERSONS, INC.
INDEX
 
 Page No.
PART I. FINANCIAL INFORMATION
PART II. OTHER INFORMATION

2

Table of Contents

Part I. Financial Information


Item 1. Financial Statements

The Andersons, Inc.
Condensed Consolidated Balance Sheets
(Unaudited)(In thousands)


September 30,
2020
December 31,
2019
September 30,
2019
Assets
Current assets:
Cash, cash equivalents and restricted cash$13,693 $54,895 $21,299 
Accounts receivable, net529,584 536,367 523,110 
Inventories (Note 2)
754,604 1,170,536 741,086 
Commodity derivative assets – current (Note 5)
140,066 107,863 120,510 
Other current assets102,302 75,681 82,770 
Total current assets1,540,249 1,945,342 1,488,775 
Other assets:
Goodwill (Note 15)
135,709 135,360 135,872 
Other intangible assets, net152,214 175,312 181,100 
Right of use assets, net58,108 76,401 70,773 
Equity method investments25,368 23,857 117,348 
Other assets, net23,601 21,753 21,442 
Total other assets395,000 432,683 526,535 
Rail Group assets leased to others, net (Note 3)
587,851 584,298 565,746 
Property, plant and equipment, net (Note 3)
888,511 938,418 703,396 
Total assets$3,411,611 $3,900,741 $3,284,452 
3

Table of Contents
September 30,
2020
December 31,
2019
September 30,
2019
Liabilities and equity
Current liabilities:
Short-term debt (Note 4)
$100,405 $147,031 $138,249 
Trade and other payables641,812 873,081 594,708 
Customer prepayments and deferred revenue49,573 133,585 35,274 
Commodity derivative liabilities – current (Note 5)
79,159 46,942 67,606 
Current maturities of long-term debt (Note 4)
67,786 62,899 66,899 
Accrued expenses and other current liabilities157,801 176,381 162,749 
Total current liabilities1,096,536 1,439,919 1,065,485 
Long-term lease liabilities38,232 51,091 47,299 
Long-term debt, less current maturities (Note 4)
916,087 1,016,248 968,117 
Deferred income taxes163,454 146,155 128,003 
Other long-term liabilities60,075 51,673 64,198 
Total liabilities2,274,384 2,705,086 2,273,102 
Commitments and contingencies (Note 13)
Shareholders’ equity:
Common shares, without par value (63,000 shares authorized; 33,599, 33,550 and 33,336 shares issued at 9/30/2020, 12/31/2019 and 9/30/2019, respectively)
138 137 137 
Preferred shares, without par value (1,000 shares authorized; none issued)
   
Additional paid-in-capital346,280 345,359 335,916 
Treasury shares, at cost (41, 207 and 213 shares at 9/30/2020, 12/31/2019 and 9/30/2019, respectively)
(879)(7,342)(7,582)
Accumulated other comprehensive loss(22,230)(7,231)(7,620)
Retained earnings615,890 642,687 641,607 
Total shareholders’ equity of The Andersons, Inc.939,199 973,610 962,458 
Noncontrolling interests198,028 222,045 48,892 
Total equity1,137,227 1,195,655 1,011,350 
Total liabilities and equity$3,411,611 $3,900,741 $3,284,452 
See Notes to Condensed Consolidated Financial Statements

4

Table of Contents
The Andersons, Inc.
Condensed Consolidated Statements of Operations
(Unaudited)(In thousands, except per share data)
 
 Three months ended September 30,Nine months ended September 30,
 2020201920202019
Sales and merchandising revenues$1,922,233 $1,982,755 $5,665,519 $6,284,588 
Cost of sales and merchandising revenues1,820,398 1,873,614 5,394,288 5,905,055 
Gross profit101,835 109,141 271,231 379,533 
Operating, administrative and general expenses98,219 107,118 293,415 327,385 
Asset impairment   3,081 
Interest expense, net10,569 13,975 37,983 45,613 
Other income, net:
Equity in earnings (loss) of affiliates, net20 (3,728)228 (2,367)
Other income, net4,434 2,598 12,697 6,649 
Income (loss) before income taxes(2,499)(13,082)(47,242)7,736 
Income tax benefit(4,714)(7,212)(18,378)(1,657)
Net income (loss)2,215 (5,870)(28,864)9,393 
Net income (loss) attributable to the noncontrolling interests3,273 (1,633)(20,583)(2,265)
Net income (loss) attributable to The Andersons, Inc.$(1,058)$(4,237)$(8,281)$11,658 
Per common share:
Basic earnings (loss) attributable to The Andersons, Inc. common shareholders (Note 9)
$(0.03)$(0.13)$(0.25)$0.36 
Diluted earnings (loss) attributable to The Andersons, Inc. common shareholders (Note 9)
$(0.03)$(0.13)$(0.25)$0.35 
See Notes to Condensed Consolidated Financial Statements

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The Andersons, Inc.
Condensed Consolidated Statements of Comprehensive Income (Loss)
(Unaudited)(In thousands)
 
 Three months ended September 30,Nine months ended September 30,
 2020201920202019
Net income (loss)$2,215 $(5,870)$(28,864)$9,393 
Other comprehensive income (loss), net of tax:
Change in unrecognized actuarial loss and prior service cost (net of income tax of $(27), $(43), $(46) and $(337))
(119)(127)(220)(981)
Cash flow hedge activity (net of income tax of $590, $(946), $(4,544) and $(4,121))
1,783 (2,852)(13,740)(12,426)
Foreign currency translation adjustments (net of income tax of $0 for all periods)
2,351 1,600 (1,039)12,174 
Other comprehensive income (loss)4,015 (1,379)(14,999)(1,233)
Comprehensive income (loss)6,230 (7,249)(43,863)8,160 
Comprehensive income (loss) attributable to the noncontrolling interests3,273 (1,633)(20,583)(2,265)
Comprehensive income (loss) attributable to The Andersons, Inc.$2,957 $(5,616)$(23,280)$10,425 
See Notes to Condensed Consolidated Financial Statements

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The Andersons, Inc.
Condensed Consolidated Statements of Cash Flows
(Unaudited)(In thousands)
 Nine months ended September 30,
 20202019
Operating Activities
Net income (loss)$(28,864)$9,393 
Adjustments to reconcile net income (loss) to cash used in operating activities:
Depreciation and amortization141,167 98,396 
Bad debt expense8,049 3,615 
Equity in (earnings) losses of affiliates, net of dividends(228)2,894 
(Gain) loss on sales of Rail Group assets and related leases, net(175)(1,515)
(Gain) loss on sales of assets, net(862)101 
Stock-based compensation expense7,742 11,637 
Deferred federal income tax21,917 (11,671)
Inventory write down10,933  
Asset impairment 3,081 
Other4,141 3,637 
Changes in operating assets and liabilities:
Accounts receivable(1,952)4,879 
Inventories400,262 405,620 
Commodity derivatives(2,574)29,942 
Other assets(34,343)18,782 
Payables and other accrued expenses(329,422)(259,166)
Net cash provided by operating activities195,791 319,625 
Investing Activities
Acquisition of business, net of cash acquired (149,622)
Purchases of Rail Group assets(26,258)(68,441)
Proceeds from sale of Rail Group assets7,774 9,182 
Purchases of property, plant and equipment and capitalized software(59,414)(125,351)
Proceeds from sale of assets8,121 851 
Proceeds from sale of business2,467  
Purchase of investments(2,849)(1,490)
Net cash used in investing activities(70,159)(334,871)
Financing Activities
Net change in short-term borrowings(44,183)(286,462)
Proceeds from issuance of long-term debt213,906 811,698 
Payments of long-term debt(310,694)(493,886)
Contributions from noncontrolling interest owner6,493 4,714 
Distributions to noncontrolling interest owner(10,322) 
Payments of debt issuance costs(250)(5,649)
Dividends paid(17,234)(16,571)
Other(4,143)(1,587)
Net cash provided by (used in) financing activities(166,427)12,257 
Effect of exchange rates on cash, cash equivalents and restricted cash(407)1,695 
Decrease in cash, cash equivalents and restricted cash(41,202)(1,294)
Cash, cash equivalents and restricted cash at beginning of period54,895 22,593 
Cash, cash equivalents and restricted cash at end of period$13,693 $21,299 
See Notes to Condensed Consolidated Financial Statements
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    The Andersons, Inc.
Condensed Consolidated Statements of Equity
(Unaudited)(In thousands, except per share data)
Three Months Ended
 Common
Shares
Additional
Paid-in
Capital
Treasury
Shares
Accumulated
Other
Comprehensive Income
(Loss)
Retained
Earnings
Noncontrolling
Interests
Total
Balance at June 30, 2019
$137 $331,186 $(6,449)$(6,241)$651,481 $50,525 $1,020,639 
Net income (loss)(4,237)(1,633)(5,870)
Other comprehensive income (loss)(1,405)(1,405)
Amounts reclassified from accumulated other comprehensive income (loss)26 26 
Contributions from noncontrolling interests164 164 
Stock awards, stock option exercises and other shares issued to employees and directors, net of income tax of $0 (41 shares)
4,566 (1,223)3,343 
Dividends declared ($0.17 per common share)
(5,547)(5,547)
Restricted share award dividend equivalents90 (90) 
Balance at September 30, 2019
$137 $335,916 $(7,582)$(7,620)$641,607 $48,892 $1,011,350 
Balance at June 30, 2020
$138 $343,730 $(953)$(26,245)$622,718 $192,695 $1,132,083 
Net income (loss)(1,058)3,273 2,215 
Other comprehensive income (loss)1,868 1,868 
Amounts reclassified from accumulated other comprehensive income (loss)2,147 2,147 
Contributions from noncontrolling interests2,083 2,083 
Distributions to noncontrolling interests(23)(23)
Stock awards, stock option exercises and other shares issued to employees and directors, net of income tax of $0 (0 shares)
2,550 74 2,624 
Dividends declared ($0.175 per common share)
(5,770)(5,770)
Balance at September 30, 2020
$138 $346,280 $(879)$(22,230)$615,890 $198,028 $1,137,227 
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Nine Months Ended
 Common
Shares
Additional
Paid-in
Capital
Treasury
Shares
Accumulated
Other
Comprehensive Income
(Loss)
Retained
Earnings
Noncontrolling
Interests
Total
Balance at December 31, 2018
$96 $224,396 $(35,300)$(6,387)$647,517 $46,442 $876,764 
Net income (loss)11,658 (2,265)9,393 
Other comprehensive loss(12,719)(12,719)
Amounts reclassified from accumulated other comprehensive income (loss)11,486 11,486 
Contributions from noncontrolling interests164 4,715 4,879 
Adoption of accounting standard, net of income tax of ($237)
(711)(711)
Stock awards, stock option exercises and other shares issued to employees and directors, net of income tax of $0 (723 shares)
(16,452)27,475 11,023 
Dividends declared ($0.510 per common share)
(16,606)(16,606)
Stock awards granted due to acquisition41127,800 127,841 
Restricted share award dividend equivalents8 243 (251) 
Balance at September 30, 2019
$137 $335,916 $(7,582)$(7,620)$641,607 $48,892 $1,011,350 
Balance at December 31, 2019
$137 $345,359 $(7,342)$(7,231)$642,687 $222,045 $1,195,655 
Net income (loss)(8,281)(20,583)(28,864)
Other comprehensive loss(19,340)(19,340)
Amounts reclassified from accumulated other comprehensive income (loss)4,341 4,341 
Contributions from noncontrolling interests6,493 6,493 
Distributions to noncontrolling interests(10,322)(10,322)
Noncontrolling interests recognized in connection with business combination(459)395 (64)
Stock awards, stock option exercises and other shares issued to employees and directors, net of income tax of $0 (167 shares)
1 1,380 6,072 (843)6,610 
Dividends declared ($0.525 per common share)
(17,282)(17,282)
Restricted share award dividend equivalents391 (391) 
Balance at September 30, 2020
$138 $346,280 $(879)$(22,230)$615,890 $198,028 $1,137,227 
See Notes to Condensed Consolidated Financial Statements

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The Andersons, Inc.
Notes to Condensed Consolidated Financial Statements
(unaudited)


1. 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”), its majority-owned subsidiaries and variable interest entities (“VIEs”) of which the Company is the primary beneficiary. The portion of these entities that is not owned by the Company is presented as noncontrolling interests. All intercompany accounts and transactions are eliminated in consolidation. Certain prior year amounts have been reclassified to conform to current year presentation.
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, 2020. An unaudited Condensed Consolidated Balance Sheet as of September 30, 2019 has been included as the Company operates in several seasonal industries.
The Condensed Consolidated Balance Sheet data at December 31, 2019 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, 2019 (the “2019 Form 10-K”).
The Company had restricted cash of $9.0 million as of September 30, 2019. This restricted cash balance was related to posting collateral for the release of a mortgage on one of the Company's ethanol assets to be contributed into The Andersons Marathon Holdings LLC. The restricted cash was released from escrow in the fourth quarter of 2019 after the successful completion of the merger and related credit facility. The Company also had restricted cash of $8.7 million as of December 31, 2019. The restricted cash balance was a result of a royalty claim assumed in the TAMH merger and, accordingly, was included in the Consolidated Financial Statements of the Company. The restricted cash balance as of December 31, 2019 was subsequently released in the first quarter of 2020. The Company had no restricted cash balances as of September 30, 2020.
Recent Accounting Guidance Issued Not Yet Effective

Simplifying the Accounting for Income Taxes

In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, which simplifies the accounting for income taxes by removing certain exceptions to the general principles in Topic 740. The amendments also improve consistent application of and simplify GAAP for other areas of Topic 740 by clarifying and amending existing guidance. The provisions of this update are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. The impact of this update on our consolidated financial statements is currently being assessed. At this time the Company does not plan to early adopt the standard.

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2. Inventories

Major classes of inventories are presented below. Readily Marketable Inventories ("RMI") are agricultural commodity inventories such as corn, soybeans, wheat, and ethanol co-products, among others, carried at net realizable value which approximates fair value based on their commodity characteristics, widely available markets, and pricing mechanisms. The net realizable value of RMI is calculated as the fair value (spot price of the commodity in an exchange), less cost of disposal and transportation based on the local market. All other inventories are held at lower of cost or net realizable value.
(in thousands)September 30,
2020
December 31,
2019
September 30,
2019
Grain and other agricultural products (a)$557,808 $907,482 $560,626 
Frac sand and propane10,064 15,438 14,592 
Ethanol and co-products (b)59,543 95,432 26,218 
Plant nutrients and cob products120,173 146,164 133,839 
Railcar repair parts7,016 6,020 5,811 
Total Inventories$754,604 $1,170,536 $741,086 
(a) Includes RMI of $512.9 million, $852.6 million and $488.2 million at September 30, 2020, December 31, 2019 and September 30, 2019, respectively.
(b) Includes RMI of $10.4 million, $10.6 million and $12.6 million at September 30, 2020, December 31, 2019 and September 30, 2019, respectively.

Inventories do not include 2.3 million, 6.4 million and 2.7 million bushels of grain held in storage for others as of September 30, 2020, December 31, 2019 and September 30, 2019, respectively. The Company does not have title to the grain and is only liable for any deficiencies in grade or shortage of quantity that may arise during the storage period. Management has not experienced historical losses on any deficiencies and does not anticipate material losses in the future.

For the nine months ended September 30, 2020, the Company recorded $10.9 million lower of cost or net realizable value charge related to lower ethanol market prices and decreased demand as a result of the COVID-19 pandemic, of which $10.6 million was recognized in the first quarter.


3. Property, Plant and Equipment

The components of Property, plant and equipment, net are as follows:
(in thousands)September 30,
2020
December 31,
2019
September 30,
2019
Land$40,223 $40,442 $39,393 
Land improvements and leasehold improvements96,290 103,148 95,720 
Buildings and storage facilities384,203 373,961 354,625 
Machinery and equipment906,864 835,156 608,831 
Construction in progress21,657 59,993 54,163 
1,449,237 1,412,700 1,152,732 
Less: accumulated depreciation 560,726 474,282 449,336 
Property, plant and equipment, net$888,511 $938,418 $703,396 

Depreciation expense on property, plant and equipment was $93.8 million and $51.0 million for the nine months ended September 30, 2020 and 2019, respectively. Additionally, depreciation expense on property, plant and equipment was $31.6 million and $18.3 million for the three months ended September 30, 2020 and 2019, respectively. The large increase in depreciation expense from the prior year was due to the TAMH merger that took place in the fourth quarter of 2019 and ELEMENT being operational for all of the current year.
In the second quarter of 2019, the Company recorded a $3.1 million impairment related to its remaining Tennessee facilities in the Trade group. The Company wrote down the assets to the extent their carrying values exceeded their 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.
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Rail Group Assets
The components of Rail Group assets leased to others are as follows:
(in thousands)September 30,
2020
December 31,
2019
September 30,
2019
Rail Group assets leased to others$741,080 $723,004 $699,972 
Less: accumulated depreciation153,229 138,706 134,226 
Rail Group assets, net$587,851 $584,298 $565,746 

Depreciation expense on Rail Group assets leased to others amounted to $23.1 million and $21.1 million for the nine months ended September 30, 2020 and 2019, respectively. Additionally, depreciation expense on Rail Group assets leased to others amounted to $7.7 million and $7.4 million for the three months ended September 30, 2020 and 2019, respectively.


4. Debt

Short-term and long-term debt at September 30, 2020, December 31, 2019 and September 30, 2019 consisted of the following:
(in thousands)September 30,
2020
December 31,
2019
September 30,
2019
Short-term debt – non-recourse$40,985 $54,029 $35,278 
Short-term debt – recourse59,420 93,002 102,971 
Total short-term debt$100,405 $147,031 $138,249 
Current maturities of long-term debt – non-recourse$5,059 $9,545 $10,122 
Current maturities of long-term debt – recourse62,727 53,354 56,777 
Total current maturities of long-term debt$67,786 $62,899 $66,899 
Long-term debt, less: current maturities – non-recourse$274,283 $330,250 $243,279 
Long-term debt, less: current maturities – recourse641,804 685,998 724,838 
Total long-term debt, less: current maturities$916,087 $