Company Quick10K Filing
Quick10K
Andersons
Market
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$22.86 32 $743
Financials
10-Q 2019-09-30 Quarter: 2019-09-30
10-Q 2019-06-30 Quarter: 2019-06-30
10-Q 2019-03-31 Quarter: 2019-03-31
10-K 2018-12-31 Annual: 2018-12-31
10-Q 2018-09-30 Quarter: 2018-09-30
10-Q 2018-06-30 Quarter: 2018-06-30
10-Q 2018-03-31 Quarter: 2018-03-31
10-K 2017-12-31 Annual: 2017-12-31
10-Q 2017-09-30 Quarter: 2017-09-30
10-Q 2017-06-30 Quarter: 2017-06-30
10-Q 2017-03-31 Quarter: 2017-03-31
10-K 2016-12-31 Annual: 2016-12-31
10-Q 2016-09-30 Quarter: 2016-09-30
10-Q 2016-06-30 Quarter: 2016-06-30
10-Q 2016-03-31 Quarter: 2016-03-31
10-K 2015-12-31 Annual: 2015-12-31
10-Q 2015-09-30 Quarter: 2015-09-30
10-Q 2015-06-30 Quarter: 2015-06-30
10-Q 2015-03-31 Quarter: 2015-03-31
10-K 2014-12-31 Annual: 2014-12-31
10-Q 2014-09-30 Quarter: 2014-09-30
10-Q 2014-06-30 Quarter: 2014-06-30
10-Q 2014-03-31 Quarter: 2014-03-31
10-K 2013-12-31 Annual: 2013-12-31
Current Reports
8-K 2019-11-05 Earnings, Exhibits
8-K 2019-10-30 Officers, Exhibits
8-K 2019-10-25 Officers, Exhibits
8-K 2019-10-01 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2019-08-06 Earnings, Exhibits
8-K 2019-05-10 Shareholder Vote
8-K 2019-05-06 Earnings, Exhibits
8-K 2019-03-04 Officers
8-K 2019-02-13 Earnings, Exhibits
8-K 2019-02-01 Officers
8-K 2019-01-11 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2019-01-02 M&A, Officers, Exhibits
8-K 2018-11-05 Earnings, Exhibits
8-K 2018-10-15 Enter Agreement, Regulation FD, Exhibits
8-K 2018-08-27 Officers, Exhibits
8-K 2018-08-07 Enter Agreement, Earnings, Off-BS Arrangement, Exhibits
8-K 2018-06-28 Enter Agreement, Exhibits
8-K 2018-06-01 Officers, Exhibits
8-K 2018-05-11 Shareholder Vote
8-K 2018-05-07 Earnings
8-K 2018-04-02 Other Events, Exhibits
8-K 2018-03-23 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2018-03-20 Enter Agreement
8-K 2018-03-07 Enter Agreement, Regulation FD, Exhibits
8-K 2018-03-01 Officers
8-K 2018-02-14 Earnings
Comparables
BTI British American Tobacco 85,925
SITE Siteone Landscape Supply 3,099
BV Brightview Holdings 1,900
VGR Vector Group 1,635
FDP Fresh Del Monte Produce 1,291
LMNR Limoneira 345
ALCO Alico 240
STKL Sunopta 206
SANW S&W Seed 84
PYX Playtex Products 0
ANDE 2019-09-30
Content
Part I. Financial Information
Item 1. Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II. Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 4. Mine Safety Disclosure
Item 6. Exhibits
Exhibits
EX-31.1 exhibit311q32019.htm
EX-31.2 exhibit312q32019.htm
EX-32.1 exhibit321q32019.htm
EX-95.1 ex-95minesafetydisclos.htm

Andersons Earnings 2019-09-30

ANDE 10Q Quarterly Report

Balance SheetIncome StatementCash Flow
Document
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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 September 30, 2019
☐
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
 
 
THE ANDERSONS, INC.
(Exact name of the registrant as specified in its charter)
 
 
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)
(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 and posted 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 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.
☐
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 approximately 32.6 million common shares outstanding at October 25, 2019.


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,
2019
 
December 31,
2018
 
September 30,
2018
Assets
 
 
 
 
 
Current assets:
 
 
 
 
 
Cash, cash equivalents and restricted cash
$
21,299

 
$
22,593

 
$
16,820

Accounts receivable, net
523,110

 
207,285

 
206,380

Inventories (Note 2)
741,086

 
690,804

 
490,331

Commodity derivative assets – current (Note 5)
120,510

 
51,421

 
76,861

Assets held for sale
573

 
392

 
29,527

Other current assets
82,197

 
50,703

 
58,374

Total current assets
1,488,775

 
1,023,198

 
878,293

Other assets:
 
 
 
 
 
Commodity derivative assets – noncurrent (Note 5)
1,943

 
480

 
766

Goodwill
135,872

 
6,024

 
6,024

Other intangible assets, net
181,100

 
99,138

 
100,730

Right of use assets, net
70,773

 
—

 
—

Equity method investments
117,348

 
242,326

 
240,350

Other assets, net
19,499

 
22,341

 
26,174

Total other assets
526,535

 
370,309

 
374,044

Rail Group assets leased to others, net (Note 3)
565,746

 
521,785

 
464,776

Property, plant and equipment, net (Note 3)
703,396

 
476,711

 
434,505

Total assets
$
3,284,452

 
$
2,392,003

 
$
2,151,618


3
Table of Contents

The Andersons, Inc.
Condensed Consolidated Balance Sheets (continued)
(Unaudited)(In thousands)
 
September 30,
2019
 
December 31,
2018
 
September 30,
2018
Liabilities and equity
 
 
 
 
 
Current liabilities:
 
 
 
 
 
Short-term debt (Note 4)
$
138,249

 
$
205,000

 
$
132,000

Trade and other payables
594,708

 
462,535

 
344,406

Customer prepayments and deferred revenue
35,274

 
32,533

 
38,242

Commodity derivative liabilities – current (Note 5)
67,606

 
32,647

 
91,403

Accrued expenses and other current liabilities
162,749

 
79,046

 
68,925

Current maturities of long-term debt (Note 4)
66,899

 
21,589

 
15,677

Total current liabilities
1,065,485

 
833,350

 
690,653

Long-term lease liabilities
47,299

 
—

 
—

Commodity derivative liabilities – noncurrent (Note 5)
1,960

 
889

 
2,548

Employee benefit plan obligations
21,311

 
22,542

 
25,356

Long-term debt, less current maturities (Note 4)
968,117

 
496,187

 
437,280

Deferred income taxes
128,003

 
130,087

 
122,523

Other long-term liabilities
40,927

 
32,184

 
30,615

Total liabilities
2,273,102

 
1,515,239

 
1,308,975

Commitments and contingencies (Note 15)

 

 

Shareholders’ equity:
 
 
 
 
 
Common shares, without par value (63,000 shares authorized; 33,336 shares issued at 9/30/2019, 29,430 shares issued at 12/31/2018 and 9/30/2018)
137

 
96

 
96

Preferred shares, without par value (1,000 shares authorized; none issued)
—

 
—

 
—

Additional paid-in-capital
335,916

 
224,396

 
222,368

Treasury shares, at cost (213, 936 and 943 shares at 9/30/2019, 12/31/2018 and 9/30/2018, respectively)
(7,582
)
 
(35,300
)
 
(35,039
)
Accumulated other comprehensive loss
(7,620
)
 
(6,387
)
 
(4,364
)
Retained earnings
641,607

 
647,517

 
628,676

Total shareholders’ equity of The Andersons, Inc.
962,458

 
830,322

 
811,737

Noncontrolling interests
48,892

 
46,442

 
30,906

Total equity
1,011,350

 
876,764

 
842,643

Total liabilities and equity
$
3,284,452

 
$
2,392,003

 
$
2,151,618

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,
 
2019
 
2018
 
2019
 
2018
Sales and merchandising revenues
$
1,982,755

 
$
685,579

 
$
6,284,588

 
$
2,232,720

Cost of sales and merchandising revenues
1,873,614

 
631,715

 
5,905,055

 
2,024,677

Gross profit
109,141

 
53,864

 
379,533

 
208,043

Operating, administrative and general expenses
107,118

 
65,986

 
327,385

 
190,096

Asset impairment
—

 
—

 
3,081

 
6,272

Interest expense
13,975

 
5,176

 
45,613

 
20,000

Other income:
 
 
 
 
 
 
 
Equity in earnings (loss) of affiliates, net
(3,728
)
 
7,225

 
(2,367
)
 
20,601

Other income (loss), net
2,598

 
6,434

 
6,649

 
10,949

Income (loss) before income taxes
(13,082
)
 
(3,639
)
 
7,736

 
23,225

Income tax provision (benefit)
(7,212
)
 
(1,764
)
 
(1,657
)
 
5,668

Net income (loss)
(5,870
)
 
(1,875
)
 
9,393

 
17,557

Net income (loss) attributable to the noncontrolling interests
(1,633
)
 
223

 
(2,265
)
 
(175
)
Net income (loss) attributable to The Andersons, Inc.
$
(4,237
)
 
$
(2,098
)
 
$
11,658

 
$
17,732

Per common share:
 
 
 
 
 
 
 
Basic earnings (loss) attributable to The Andersons, Inc. common shareholders
$
(0.13
)
 
$
(0.07
)
 
$
0.36

 
$
0.63

Diluted earnings (loss) attributable to The Andersons, Inc. common shareholders
$
(0.13
)
 
$
(0.07
)
 
$
0.35

 
$
0.62

See Notes to Condensed Consolidated Financial Statements


5
Table of Contents

The Andersons, Inc.
Condensed Consolidated Statements of Comprehensive Income (Loss)
(Unaudited)(In thousands)
 
 
Three months ended September 30,
 
Nine months ended September 30,
 
2019
 
2018
 
2019
 
2018
Net income (loss)
$
(5,870
)
 
$
(1,875
)
 
$
9,393

 
$
17,557

Other comprehensive income (loss), net of tax:
 
 
 
 
 
 
 
Change in fair value of convertible preferred securities (net of income tax of $0 for all periods)
—

 
—

 
—

 
(87
)
Change in unrecognized actuarial loss and prior service cost (net of income tax expense (benefit) of $(43), $(38), $(337) and $(139))
(127
)
 
(129
)
 
(981
)
 
(467
)
Cash flow hedge activity (net of income tax of $(946), $40, $(4,121) and $56)
(2,852
)
 
119

 
(12,426
)
 
170

Foreign currency translation adjustments (net of income tax of $0 for all periods)
1,600

 
993

 
12,174

 
(1,280
)
Other comprehensive income (loss)
(1,379
)
 
983

 
(1,233
)
 
(1,664
)
Comprehensive income (loss)
(7,249
)
 
(892
)
 
8,160

 
15,893

Comprehensive income (loss) attributable to the noncontrolling interests
(1,633
)
 
223

 
(2,265
)
 
(175
)
Comprehensive income (loss) attributable to The Andersons, Inc.
$
(5,616
)
 
$
(1,115
)
 
$
10,425

 
$
16,068

See Notes to Condensed Consolidated Financial Statements


6
Table of Contents

The Andersons, Inc.
Condensed Consolidated Statements of Cash Flows
(Unaudited)(In thousands)
 
Nine months ended September 30,
 
2019
 
2018
Operating Activities
 
 
 
Net income (loss)
$
9,393

 
$
17,557

Adjustments to reconcile net income (loss) to cash used in operating activities:
 
 
 
Depreciation and amortization
98,396

 
67,960

Bad debt expense (recovery)
3,615

 
(436
)
Equity in (earnings) losses of affiliates, net of dividends
2,894

 
(18,390
)
Gains on sales of Rail Group assets and related leases
(1,515
)
 
(5,911
)
Loss (gain) on sales of assets
101

 
(4,181
)
Stock-based compensation expense
11,637

 
4,898

Deferred federal income tax
(11,671
)
 
—

Asset impairment
3,081

 
6,272

Other
3,637

 
(2,626
)
Changes in operating assets and liabilities:
 
 
 
Accounts receivable
4,879

 
(20,853
)
Inventories
405,620

 
156,375

Commodity derivatives
29,942

 
18,080

Other assets
18,782

 
127

Payables and other accrued expenses
(259,166
)
 
(190,042
)
Net cash provided by (used in) operating activities
319,625

 
28,830

Investing Activities
 
 
 
Acquisition of business, net of cash acquired
(149,622
)
 
—

Purchases of Rail Group assets
(68,441
)
 
(108,054
)
Proceeds from sale of Rail Group assets
9,182

 
47,644

Purchases of property, plant and equipment and capitalized software
(125,351
)
 
(86,694
)
Proceeds from sale of assets
851

 
42,307

Purchase of investments
(1,490
)
 
(11,086
)
Net cash provided by (used in) investing activities
(334,871
)
 
(115,883
)
Financing Activities
 
 
 
Net change in short-term borrowings
(286,462
)
 
110,000

Proceeds from issuance of long-term debt
811,698

 
57,000

Payments of long-term debt
(493,886
)
 
(112,995
)
Proceeds from noncontrolling interest owner
4,714

 
31,115

Payments of debt issuance costs
(5,649
)
 
(1,446
)
Dividends paid
(16,571
)
 
(13,976
)
Other
(1,587
)
 
(744
)
Net cash provided by (used in) financing activities
12,257

 
68,954

Effect of exchange rates on cash, cash equivalents and restricted cash
1,695

 
—

Increase (Decrease) in cash, cash equivalents and restricted cash
(1,294
)
 
(18,099
)
Cash, cash equivalents and restricted cash at beginning of period
22,593

 
34,919

Cash, cash equivalents and restricted cash at end of period
$
21,299

 
$
16,820

See Notes to Condensed Consolidated Financial Statements

7
Table of Contents

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, 2018
$
96

 
$
223,259

 
$
(35,561
)
 
$
(5,347
)
 
$
635,438

 
$
29,105

 
$
846,990

Net income (loss)
 
 
 
 
 
 
 
 
(2,098
)
 
223

 
(1,875
)
Other comprehensive income (loss)
 
 
 
 
 
 
983

 
 
 
 
 
983

Cash received from (paid to) noncontrolling interest
 
 
(2,268
)
 
 
 
 
 
 
 
1,578

 
(690
)
Stock awards, stock option exercises and other shares issued to employees and directors, net of income tax of $0 (14 shares)
 
 
1,377

 
522

 
 
 
 
 
 
 
1,899

Dividends declared ($0.165 per common share)
 
 
 
 
 
 
 
 
(4,664
)
 
 
 
(4,664
)
Balance at September 30, 2018
$
96

 
$
222,368

 
$
(35,039
)
 
$
(4,364
)
 
$
628,676

 
$
30,906

 
$
842,643

 
 
 
 
 
 
 
 
 
 
 
 
 
 
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 loss
 
 
 
 
 
 
26

 
 
 
 
 
26

Cash received from (paid to) noncontrolling interest
 
 
164

 
 
 
 
 
 
 
 
 
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 equivalents
 
 
 
 
90

 
 
 
(90
)
 
 
 
—

Balance at September 30, 2019
$
137

 
$
335,916

 
$
(7,582
)
 
$
(7,620
)
 
$
641,607

 
$
48,892

 
$
1,011,350



8
Table of Contents

 
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, 2017
$
96

 
$
224,622

 
$
(40,312
)
 
$
(2,700
)
 
$
633,496

 
$
7,697

 
$
822,899

Net income (loss)
 
 
 
 
 
 
 
 
17,732

 
(175
)
 
17,557

Other comprehensive income (loss)
 
 
 
 
 
 
(1,664
)
 
 
 
 
 
(1,664
)
Cash received from (paid to) noncontrolling interest
 
 
(2,268
)
 
 
 
 
 
 
 
23,384

 
21,116

Adoption of accounting standard, net of income tax of $2,869
 
 
 
 
 
 
 
 
(8,441
)
 
 
 
(8,441
)
Stock awards, stock option exercises and other shares issued to employees and directors, net of income tax of $0 (134 shares)
 
 
14

 
5,153

 
 
 
 
 
 
 
5,167

Dividends declared ($0.495 per common share)
 
 
 
 
 
 
 
 
(13,991
)
 
 
 
(13,991
)
Restricted share award dividend equivalents
 
 


 
120

 
 
 
(120
)
 
 
 
—

Balance at September 30, 2018
$
96

 
$
222,368

 
$
(35,039
)
 
$
(4,364
)
 
$
628,676