Company Quick10K Filing
Quick10K
Andersons
Market
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$29.20 33 $974
Financials
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 2019-08-06 Earnings, Exhibits
8-K 2019-05-10 Shareholder Vote
8-K 2019-05-06 Earnings, Exhibits
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
CNHI CNH Industrial 13,200
MTN Vail Resorts 9,100
HBNC Horizon Bancorp 756
SPKE Spark Energy 336
PRVB Provention Bio 111
KIRK Kirkland's 82
JRSH Jerash 79
CTA Emerging Cta Portfolio 0
ACOL Acology 0
AUSK Auscrete 0
ANDE 2019-06-30
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-10.1 ex101psuepsawardagreem.htm
EX-10.2 ex102rsadirawardagreem.htm
EX-31.1 exhibit311q22019.htm
EX-31.2 exhibit312q22019.htm
EX-32.1 exhibit321q22019.htm
EX-95 ex-95minesafetydisclos.htm

Andersons Earnings 2019-06-30

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 June 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)
 (Former name, former address and former fiscal year, if changed since last report.)
 
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, or a smaller reporting 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 July 26, 2019.

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

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)
 
June 30,
2019
 
December 31,
2018
 
June 30,
2018
Assets
 
 
 
 
 
Current assets:
 
 
 
 
 
Cash and cash equivalents
$
11,087

 
$
22,593

 
$
58,611

Accounts receivable, net
712,294

 
207,285

 
218,476

Inventories (Note 2)
753,641

 
690,804

 
495,611

Commodity derivative assets – current (Note 5)
233,015

 
51,421

 
54,259

Other current assets
58,439

 
50,703

 
42,648

Assets held for sale
151

 
392

 
9,816

Total current assets
1,768,627

 
1,023,198

 
879,421

Other assets:
 
 
 
 
 
Commodity derivative assets – noncurrent (Note 5)
6,161

 
480

 
1,008

Goodwill
135,872

 
6,024

 
6,024

Other intangible assets, net
188,818

 
99,138

 
105,289

Right of use assets, net
74,073

 
—

 
—

Other assets, net
21,841

 
22,341

 
26,888

Equity method investments
120,929

 
242,326

 
232,159

 
547,694

 
370,309

 
371,368

Rail Group assets leased to others, net (Note 3)
559,711

 
521,785

 
458,424

Property, plant and equipment, net (Note 3)
695,827

 
476,711

 
408,575

Total assets
$
3,571,859

 
$
2,392,003

 
$
2,117,788


3
Table of Contents

The Andersons, Inc.
Condensed Consolidated Balance Sheets (continued)
(Unaudited)(In thousands)
 
June 30,
2019
 
December 31,
2018
 
June 30,
2018
Liabilities and equity
 
 
 
 
 
Current liabilities:
 
 
 
 
 
Short-term debt (Note 4)
$
426,125

 
$
205,000

 
$
185,000

Trade and other payables
527,250

 
462,535

 
282,221

Customer prepayments and deferred revenue
49,761

 
32,533

 
16,103

Commodity derivative liabilities – current (Note 5)
69,369

 
32,647

 
85,160

Accrued expenses and other current liabilities
165,383

 
79,046

 
74,512

Current maturities of long-term debt (Note 4)
66,678

 
21,589

 
13,700

Total current liabilities
1,304,566

 
833,350

 
656,696

Long-term lease liabilities
48,401

 
—

 
—

Other long-term liabilities
18,398

 
32,184

 
30,325

Commodity derivative liabilities – noncurrent (Note 5)
3,985

 
889

 
3,202

Employee benefit plan obligations
22,019

 
22,542

 
26,131

Long-term debt, less current maturities (Note 4)
1,007,012

 
496,187

 
435,580

Deferred income taxes
146,839

 
130,087

 
118,864

Total liabilities
2,551,220

 
1,515,239

 
1,270,798

Commitments and contingencies (Note 15)

 

 

Shareholders’ equity:
 
 
 
 
 
Common shares, without par value (63,000 shares authorized; 33,357 shares issued at 6/30/2019, 29,430 shares issued at 12/31/2018 and 6/30/2018)
137

 
96

 
96

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

 
—

 
—

Additional paid-in-capital
331,186

 
224,396

 
223,259

Treasury shares, at cost (173, 936 and 943 shares at 6/30/2019, 12/31/2018 and 6/30/2018, respectively)
(6,449
)
 
(35,300
)
 
(35,561
)
Accumulated other comprehensive income (loss)
(6,241
)
 
(6,387
)
 
(5,347
)
Retained earnings
651,481

 
647,517

 
635,438

Total shareholders’ equity of The Andersons, Inc.
970,114

 
830,322

 
817,885

Noncontrolling interests
50,525

 
46,442

 
29,105

Total equity
1,020,639

 
876,764

 
846,990

Total liabilities and equity
$
3,571,859

 
$
2,392,003

 
$
2,117,788

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 June 30,
 
Six months ended June 30,
 
2019
 
2018
 
2019
 
2018
Sales and merchandising revenues
$
2,325,041

 
$
911,402

 
$
4,301,833

 
$
1,547,141

Cost of sales and merchandising revenues
2,164,313

 
820,928

 
4,031,441

 
1,392,962

Gross profit
160,728

 
90,474

 
270,392

 
154,179

Operating, administrative and general expenses
106,918

 
59,853

 
220,267

 
124,110

Asset impairment
3,081

 
6,272

 
3,081

 
6,272

Interest expense
15,727

 
7,825

 
31,637

 
14,824

Other income:
 
 
 
 
 
 
 
Equity in earnings (loss) of affiliates, net
(157
)
 
9,803

 
1,362

 
13,376

Other income (loss), net
5,563

 
2,828

 
4,049

 
4,514

Income (loss) before income taxes
40,408

 
29,155

 
20,818

 
26,863

Income tax provision (benefit)
10,997

 
7,742

 
5,555

 
7,432

Net income (loss)
29,411

 
21,413

 
15,263

 
19,431

Net income (loss) attributable to the noncontrolling interests
(477
)
 
(116
)
 
(632
)
 
(398
)
Net income (loss) attributable to The Andersons, Inc.
$
29,888

 
$
21,529

 
$
15,895

 
$
19,829

Per common share:
 
 
 
 
 
 
 
Basic earnings (loss) attributable to The Andersons, Inc. common shareholders
$
0.92

 
$
0.76

 
$
0.49

 
$
0.70

Diluted earnings (loss) attributable to The Andersons, Inc. common shareholders
$
0.91

 
$
0.76

 
$
0.48

 
$
0.70

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 June 30,
 
Six months ended June 30,
 
2019
 
2018
 
2019
 
2018
Net income (loss)
$
29,411

 
$
21,413

 
$
15,263

 
$
19,431

Other comprehensive income (loss), net of tax:
 
 
 
 
 
 
 
Change in fair value of convertible preferred securities (net of income tax of $0, $0, $0 and $(87))
—

 
—

 
—

 
(87
)
Change in unrecognized actuarial loss and prior service cost (net of income tax of $(250), $(86), $(293) and $(101))
(728
)
 
(287
)
 
(854
)
 
(338
)
Cash flow hedge activity (net of income tax of $(1,974), $17, $(3,175) and $17)
(5,952
)
 
51

 
(9,574
)
 
51

Foreign currency translation adjustments (net of income tax of $0, $0, $0 and $0)
(2,035
)
 
(1,123
)
 
10,574

 
(2,273
)
Other comprehensive income (loss)
(8,715
)
 
(1,359
)
 
146

 
(2,647
)
Comprehensive income (loss)
20,696

 
20,054

 
15,409

 
16,784

Comprehensive income (loss) attributable to the noncontrolling interests
(477
)
 
(116
)
 
(632
)
 
(398
)
Comprehensive income (loss) attributable to The Andersons, Inc.
$
21,173

 
$
20,170

 
$
16,041

 
$
17,182

See Notes to Condensed Consolidated Financial Statements


6
Table of Contents

The Andersons, Inc.
Condensed Consolidated Statements of Cash Flows
(Unaudited)(In thousands)
 
Six months ended June 30,
 
2019
 
2018
Operating Activities
 
 
 
Net income (loss)
$
15,263

 
$
19,431

Adjustments to reconcile net income (loss) to cash used in operating activities:
 
 
 
Depreciation and amortization
64,146

 
45,232

Bad debt expense (recovery)
1,703

 
(837
)
Equity in (earnings) losses of affiliates, net of dividends
(1,034
)
 
(11,192
)
Gains on sales of Rail Group assets and related leases
(1,298
)
 
(3,989
)
Loss (gain) on sales of assets
106

 
(342
)
Stock-based compensation expense
7,292

 
3,006

Deferred federal income tax
5,793

 
—

Asset impairment
3,081

 
6,272

Other
1,102

 
(138
)
Changes in operating assets and liabilities:
 
 
 
Accounts receivable
(181,917
)
 
(33,859
)
Inventories
394,630

 
151,095

Commodity derivatives
(82,933
)
 
34,850

Other assets
27,420

 
17,552

Payables and other accrued expenses
(338,201
)
 
(271,010
)
Net cash provided by (used in) operating activities
(84,847
)
 
(43,929
)
Investing Activities
 
 
 
Acquisition of business, net of cash acquired
(147,693
)
 
—

Purchases of Rail Group assets
(43,435
)
 
(68,087
)
Proceeds from sale of Rail Group assets
7,389

 
40,967

Purchases of property, plant and equipment and capitalized software
(87,209
)
 
(54,300
)
Proceeds from sale of assets
795

 
34,981

Purchase of investments
(1,240
)
 
—

Net cash provided by (used in) investing activities
(271,393
)
 
(46,439
)
Financing Activities
 
 
 
Net change in short-term borrowings
(660
)
 
163,000

Proceeds from issuance of long-term debt
748,099

 
50,000

Payments of long-term debt
(390,528
)
 
(110,150
)
Proceeds from noncontrolling interest owner
4,715

 
21,806

Payments of debt issuance costs
(5,788
)
 
(787
)
Dividends paid
(11,041
)
 
(9,312
)
Other
(387
)
 
(497
)
Net cash provided by (used in) financing activities
344,410

 
114,060

Effect of exchange rates on cash and cash equivalents
324

 
—

Increase (Decrease) in cash and cash equivalents
(11,506
)
 
23,692

Cash and cash equivalents at beginning of period
22,593

 
34,919

Cash and cash equivalents at end of period
$
11,087

 
$
58,611

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 March 31, 2018
$
96

 
$
221,990

 
$
(36,028
)
 
$
(3,988
)
 
$
618,572

 
$
22,115

 
$
822,757

Net income (loss)
 
 
 
 
 
 
 
 
21,529

 
(116
)
 
21,413

Other comprehensive income (loss)
 
 
 
 
 
 
(1,359
)
 
 
 
 
 
(1,359
)
Cash received from noncontrolling interest
 
 
 
 
 
 
 
 
 
 
7,106

 
7,106

Stock awards, stock option exercises and other shares issued to employees and directors, net of income tax of $0 (12 shares)
 
 
1,269

 
467

 
 
 
 
 
 
 
1,736

Dividends declared ($0.165 per common share)
 
 
 
 
 
 
 
 
(4,663
)
 
 
 
(4,663
)
Balance at June 30, 2018
$
96

 
$
223,259

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

 
$
29,105

 
$
846,990

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance at March 31, 2019
$
137

 
$
324,753

 
$
(7,216
)
 
$
2,474

 
$
627,136

 
$
51,002

 
$
998,286

Net income (loss)
 
 
 
 
 
 
 
 
29,888

 
(477
)
 
29,411

Other comprehensive income (loss)
 
 
 
 
 
 
(8,544
)
 
 
 
 
 
(8,544
)
Amounts reclassified from accumulated other comprehensive loss
 
 
 
 
 
 
(171
)
 
 
 
 
 
(171
)
Stock awards, stock option exercises and other shares issued to employees and directors, net of income tax of $0 (20 shares)
 
 
1,738

 
754

 
 
 
 
 
 
 
2,492

Dividends declared ($0.170 per common share)
 
 
 
 
 
 
 
 
(5,530
)
 
 
 
(5,530
)
Stock award purchase price accounting adjustment
 
 
4,695

 
 
 
 
 
 
 
 
 
4,695

Restricted share award dividend equivalents
 
 
 
 
13

 
 
 
(13
)
 
 
 
—

Balance at June 30, 2019
$
137

 
$
331,186

 
$
(6,449
)
 
$
(6,241
)
 
$
651,481

 
$
50,525

 
$
1,020,639



8
Table of Contents

 
Six Months Ended
 
Common
Shares
 
Additional
Paid-in
Capital
 
Treasury
Shares
 
Accumulated
Other
Comprehensive Income
(Loss)
 
Retained
Earnings
 
Noncontrolling
Interests
 
Total
Balance at December 31, 2017
$
96

 
$
224,622

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

 
$
7,697

 
$
822,899

Net income (loss)
 
 
 
 
 
 
 
 
19,829

 
(398
)
 
19,431

Other comprehensive income (loss)
 
 
 
 
 
 
(2,647
)
 
 
 
 
 
(2,647
)
Cash received from noncontrolling interest
 
 
 
 
 
 
 
 
 
 
21,806

 
21,806

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 (120 shares)
 
 
(1,363
)
 
4,631

 
 
 
 
 
 
 
3,268

Dividends declared ($0.33 per common share)
 
 
 
 
 
 
 
 
(9,326
)
 
 
 
(9,326
)
Restricted share award dividend equivalents
 
 


 
120

 
 
 
(120
)
 
 
 
—

Balance at June 30, 2018
$
96

 
$
223,259

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

 
$
29,105

 
$
846,990

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance at December 31, 2018
$
96

 
$
224,396

 
$
(35,300
)
 
$
(6,387
)
 
$
647,517

 
$
46,442

 
$
876,764

Net income (loss)
 
 
 
 
 
 
 
 
15,895

 
(632
)
 
15,263

Other comprehensive income (loss)
 
 
 
 
 
 
(11,314
)
 
 
 
 
 
(11,314
)
Amounts reclassified from accumulated other comprehensive loss
 
 
 
 
 
 
11,460

 
 
 
 
 
11,460

Cash received from noncontrolling interest