Form 10-Q - Quarterly report [Sections 13 or 15(d)]

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 09/30/2024


☐			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 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 34,070,003 common shares outstanding at October 25, 2024.

Table of Contents

THE ANDERSONS, INC.

INDEX


			Page No.
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements (Unaudited)
Condensed Consolidated Statements of Operations – Three and Nine months ended September 30, 2024 and 2023			1
Condensed Consolidated Statements of Comprehensive Income – Three and Nine months ended September 30, 2024 and 2023			2
Condensed Consolidated Balance Sheets – September 30, 2024, December 31, 2023 and September 30, 2023			3
Condensed Consolidated Statements of Cash Flows – Nin e months ended September 30, 2024 and 2023			4
Condensed Consolidated Statements of Equity – Three and Nine months end ed September 30, 2024 and 2023			5
Notes to Condensed Consolidated Financial Statements			7
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations			21
Item 3. Quantitative and Qualitative Disclosures about Market Risk			29
Item 4. Controls and Procedures			29
PART II. OTHER INFORMATION
Item 1. Legal Proceedings			30
Item 1A. Risk Factors			30
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds			30
Item 5. Other Information			30
Item 6. Exhibits			31

Table of Contents

Part I. Financial Information

Item 1. Financial Statements

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,
	2024		2023		2024		2023
Sales and merchandising revenues	$	2,620,988	$	3,635,691	$	8,134,410	$	11,537,112
Cost of sales and merchandising revenues	2,443,863		3,477,990		7,653,594		11,009,463
Gross profit	177,125		157,701		480,816		527,649
Operating, administrative and general expenses	120,494		126,306		356,466		359,548
Asset impairment	—		—		—		87,156
Interest expense, net	8,361		8,188		21,494		38,766


Other income, net	13,922		15,178		30,651		35,623
Income before income taxes	62,192		38,385		133,507		77,802
Income tax provision	10,731		7,862		16,911		23,710


Net income	51,461		30,523		116,596		54,092
Net income attributable to noncontrolling interests	24,096		20,815		47,674		4,088
Net income attributable to The Andersons, Inc.	$	27,365	$	9,708	$	68,922	$	50,004

Average number of shares outstanding - basic	34,069		33,752		34,020		33,706
Average number of share outstanding - diluted	34,358		34,270		34,321		34,266

Earnings per share attributable to The Andersons, Inc. common shareholders:
Basic earnings per share attributable to The Andersons, Inc. common shareholders	$	0.80	$	0.29	$	2.03	$	1.48



Diluted earnings per share attributable to The Andersons, Inc. common shareholders	$	0.80	$	0.28	$	2.01	$	1.46

See Notes to Condensed Consolidated Financial Statements

The Andersons, Inc. | Q3 2024 Form 10-Q | 1

Table of Contents

The Andersons, Inc.

Condensed Consolidated Statements of Comprehensive Income (Unaudited)

(In thousands)


	Three months ended September 30,				Nine months ended September 30,
	2024		2023		2024		2023
Net income	$	51,461	$	30,523	$	116,596	$	54,092
Other comprehensive income (loss), net of tax:
Change in unrecognized actuarial loss and prior service cost	(222)		(276)		(572)		(653)
Foreign currency translation adjustments	3,792		(2,600)		(1,091)		836
Cash flow hedge activity	(9,375)		5,973		(5,826)		7,912
Other comprehensive income (loss)	(5,805)		3,097		(7,489)		8,095
Comprehensive income	45,656		33,620		109,107		62,187
Comprehensive income attributable to the noncontrolling interests	24,096		20,815		47,674		4,088
Comprehensive income attributable to The Andersons, Inc.	$	21,560	$	12,805	$	61,433	$	58,099

See Notes to Condensed Consolidated Financial Statements

The Andersons, Inc. | Q3 2024 Form 10-Q | 2

Table of Contents

The Andersons, Inc.

Condensed Consolidated Balance Sheets (Unaudited)


(In thousands)	September 30, 2024		December 31, 2023		September 30, 2023
Assets
Current assets:
Cash and cash equivalents	$	454,065	$	643,854	$	418,055
Accounts receivable, net	756,618		762,549		816,686
Inventories	884,339		1,166,700		985,292
Commodity derivative assets – current	122,326		178,083		239,595
Other current assets	113,726		55,777		67,471
Total current assets	2,331,074		2,806,963		2,527,099
Property, plant and equipment, net	709,951		693,365		680,188
Other assets, net	347,274		354,679		380,815





Total assets	$	3,388,299	$	3,855,007	$	3,588,102
Liabilities and equity
Current liabilities:
Short-term debt	$	14,716	$	43,106	$	14,138
Trade and other payables	774,347		1,055,473		822,153
Customer prepayments and deferred revenue	67,899		187,054		211,867
Commodity derivative liabilities – current	85,640		90,849		142,511
Current maturities of long-term debt	27,727		27,561		27,535
Accrued expenses and other current liabilities	207,543		232,288		189,430
Total current liabilities	1,177,872		1,636,331		1,407,634

Long-term debt, less current maturities	542,564		562,960		569,730

Other long-term liabilities	144,855		139,329		161,652
Total liabilities	1,865,291		2,338,620		2,139,016
Commitments and contingencies (Note 11)
Shareholders’ equity:
Common shares, without par value (63,000 shares authorized and 34,083 shares at 9/30/2024 and 34,064 shares issued at 12/31/2023 and 9/30/2023)	143		142		142
Preferred shares, without par value (1,000 shares authorized; none issued)	—		—		—
Additional paid-in-capital	382,009		387,210		383,724
Treasury shares, at cost (12, 270 and 270 shares at 9/30/2024, 12/31/2023 and 9/30/2023, respectively)	(572)		(10,261)		(10,266)
Accumulated other comprehensive income	15,376		22,865		28,579
Retained earnings	932,215		882,943		838,556
Total shareholders’ equity of The Andersons, Inc.	1,329,171		1,282,899		1,240,735
Noncontrolling interests	193,837		233,488		208,351
Total equity	1,523,008		1,516,387		1,449,086
Total liabilities and equity	$	3,388,299	$	3,855,007	$	3,588,102

See Notes to Condensed Consolidated Financial Statements

The Andersons, Inc. | Q3 2024 Form 10-Q | 3

Table of Contents

The Andersons, Inc.

Condensed Consolidated Statements of Cash Flows (Unaudited)

(In thousands)


	Nine months ended September 30,
	2024		2023
Operating Activities


Net income	$	116,596	$	54,092
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation and amortization	91,626		93,800







Asset impairment	—		87,156

Other	15,146		1,347
Changes in operating assets and liabilities:
Accounts receivable	3,498		406,263
Inventories	278,947		748,118
Commodity derivatives	49,327		99,479
Other current and non-current assets	(59,376)		2,048
Payables and other current and non-current liabilities	(433,069)		(796,216)
Net cash provided by operating activities	62,695		696,087
Investing Activities
Purchases of property, plant and equipment and capitalized software	(93,230)		(108,718)
Acquisition of businesses, net of cash acquired	(9,561)		(24,385)
Insurance proceeds	9,219		—


Proceeds from sale of a business	—		10,318


Other	2,980		5,522
Net cash used in investing activities	(90,592)		(117,263)
Financing Activities
Net payments under short-term lines of credit	(27,054)		(261,152)


Payments of long-term debt	(20,649)		(42,734)

Distributions to noncontrolling interest owner	(87,325)		(44,304)

Dividends paid	(19,466)		(18,771)

Value of shares withheld for taxes	(8,101)		(6,627)

Proceeds from issuance of long-term debt	—		100,000
Other	—		(2,258)
Net cash used in financing activities	(162,595)		(275,846)
Effect of exchange rates on cash and cash equivalents	703		(192)
(Decrease) increase in cash and cash equivalents	(189,789)		302,786
Cash and cash equivalents at beginning of period	643,854		115,269
Cash and cash equivalents at end of period	$	454,065	$	418,055

See Notes to Condensed Consolidated Financial Statements

The Andersons, Inc. | Q3 2024 Form 10-Q | 4

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		Retained Earnings		Noncontrolling Interests		Total
Balance at June 30, 2023	$	142	$	380,376	$	(10,270)	$	25,482	$	835,256	$	207,496	$	1,438,482
Net income									9,708		20,815		30,523
Other comprehensive income							6,060						6,060
Amounts reclassified from accumulated other comprehensive income (loss)							(2,963)						(2,963)

Distributions to noncontrolling interests											(19,960)		(19,960)

Stock awards, stock option exercises and other shares issued to employees and directors, net of income tax of $0 (0 shares)			3,348		4								3,352

Dividends declared ($0.185 per common share)									(6,243)				(6,243)
Restricted share award dividend equivalents									(165)				(165)
Balance at September 30, 2023	$	142	$	383,724	$	(10,266)	$	28,579	$	838,556	$	208,351	$	1,449,086

Balance at June 30, 2024	$	143	$	378,453	$	(631)	$	21,181	$	911,455	$	209,661	$	1,520,262
Net income									27,365		24,096		51,461
Other comprehensive income (loss)							(2,383)						(2,383)
Amounts reclassified from accumulated other comprehensive income (loss)							(3,422)						(3,422)

Distributions to noncontrolling interests											(39,920)		(39,920)

Stock awards, stock option exercises and other shares issued to employees and directors, net of income tax of $0 (1 shares)			3,556		58								3,614

Dividends declared ($0.19 per common share)									(6,472)				(6,472)
Restricted share award dividend equivalents					1				(133)				(132)
Balance at September 30, 2024	$	143	$	382,009	$	(572)	$	15,376	$	932,215	$	193,837	$	1,523,008

The Andersons, Inc. | Q3 2024 Form 10-Q | 5

Table of Contents



	Nine Months Ended
	Common Shares		Additional Paid-in Capital		Treasury Shares		Accumulated Other Comprehensive Income		Retained Earnings		Noncontrolling Interests		Total
Balance at December 31, 2022	$	142	$	385,248	$	(15,043)	$	20,484	$	807,770	$	231,168	$	1,429,769
Net income									50,004		4,088		54,092
Other comprehensive income							16,133						16,133
Amounts reclassified from Accumulated other comprehensive income (loss)							(8,038)						(8,038)

Distributions to noncontrolling interests											(44,304)		(44,304)
Deconsolidation of joint venture											17,399		17,399
Stock awards, stock option exercises and other shares issued to employees and directors, net of income tax of $0 (222 shares)			(2,146)		6,359								4,213
Purchase of treasury shares (51 shares)					(1,747)								(1,747)
Dividends declared ($0.56 per common share)									(18,728)				(18,728)
Restricted share award dividend equivalents			622		165				(490)				297
Balance at September 30, 2023	$	142	$	383,724	$	(10,266)	$	28,579	$	838,556	$	208,351	$	1,449,086

Balance at December 31, 2023	$	142	$	387,210	$	(10,261)	$	22,865	$	882,943	$	233,488	$	1,516,387
Net income									68,922		47,674		116,596
Other comprehensive income							3,545						3,545
Amounts reclassified from Accumulated other comprehensive income (loss)							(11,034)						(11,034)

Distributions to noncontrolling interests											(87,325)		(87,325)

Stock awards, stock option exercises and other shares issued to employees and directors, net of income tax of $0 (257 shares)	1		(5,909)		9,627								3,719

Dividends declared ($0.57 per common share)									(19,416)				(19,416)
Restricted share award dividend equivalents			708		62				(234)				536
Balance at September 30, 2024	$	143	$	382,009	$	(572)	$	15,376	$	932,215	$	193,837	$	1,523,008

See Notes to Condensed Consolidated Financial Statements

The Andersons, Inc. | Q3 2024 Form 10-Q | 6

Table of Contents

The Andersons, Inc.

Notes to Condensed Consolidated Financial Statements

(unaudited)

1. Basis of Presentation and Recently Issued Accounting Standards

The accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial statements and are in the form prescribed by the Securities and Exchange Commission (the “SEC”) in instructions to Form 10-Q and Rule 10-01 of Regulation S-X. The accompanying unaudited Condensed Consolidated Financial Statements include the accounts of The Andersons, Inc. and its wholly owned and controlled subsidiaries (the “Company”). In the opinion of management, the accompanying unaudited Condensed Consolidated Financial Statements reflect all adjustments, consisting of normal recurring adjustments, considered necessary for a fair statement of financial position, results of operations and cash flows for the periods indicated. All intercompany accounts and transactions have been eliminated in consolidation.

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, 2024. An unaudited Condensed Consolidated Balance Sheet as of September 30, 2023, has been included as the Company operates in several seasonal industries.

The Condensed Consolidated Balance Sheet data at December 31, 2023, was derived from the audited Consolidated Financial Statements but does not include all disclosures required by GAAP. 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, 2023 (the “2023 Form 10-K”).

Variable Interest Entities ("VIEs")

The Company consolidates any VIE of which it is the primary beneficiary. The typical condition for a controlling financial interest ownership is holding a majority of the voting interests of an entity; however, a controlling financial interest may also exist in entities, such as VIEs, through arrangements that do not involve controlling voting interests. A variable interest holder is required to consolidate a VIE if that party has the power to direct the activities of the VIE that most significantly impact the VIE's economic performance and the obligation to absorb losses of the VIE that could potentially be significant to the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE. The Company does not consolidate a VIE in which it has a majority ownership interest when the Company is not considered the primary beneficiary. The Company evaluates its relationships with the VIEs on an ongoing basis to determine if it is the primary beneficiary.

The Company's Condensed Consolidated Financial Statements include the assets, liabilities and results of operations of VIEs for which the Company is deemed to be the primary beneficiary. The other equity holders’ interests are reflected in "Net income attributable to noncontrolling interests" in the Condensed Consolidated Statements of Operations and "Noncontrolling interests" in the Condensed Consolidated Balance Sheets.

On October 1, 2019, the Company formed The Andersons Marathon Holding Company ("TAMH") with MPC Investments, LLC ("Marathon") for the primary purpose of producing ethanol and additional co-products such as dried distillers grains and corn oil. TAMH has plants located in Iowa, Indiana, Michigan, and Ohio. The plants have a combined nameplate production capacity of 405 million gallons of ethanol but have a history of outperforming the nameplate capacity. The Company owns 50.1% of TAMH's common units and management has determined that TAMH is a VIE in which the Company is the primary beneficiary. Accordingly, TAMH is consolidated within the Company’s Consolidated Financial Statements and records noncontrolling interest for the share of the entity owned by Marathon.

ELEMENT was structured as a limited liability company which began operations in 2019 for the primary purpose of producing ethanol and additional co-products such as dried distillers grain and corn oil. The Company held 51% of the membership units and the Company had acted as the manager of the facility. As a result, ELEMENT was concluded to be a VIE in which the Company was the primary beneficiary and had been consolidated within the Company’s Consolidated Financial Statements. On April 18, 2023, ELEMENT was placed into receivership and a receiver was appointed, which took possession and control of the rights and interests of ELEMENT. With this appointment, while retaining its investment in ELEMENT, the Company ceased to have a controlling financial interest and was no longer deemed to be the primary beneficiary in the subsidiary. Accordingly, the Company deconsolidated ELEMENT at that time and began accounting for the subsidiary as an equity method investment.

The Andersons, Inc. | Q3 2024 Form 10-Q | 7

Table of Contents

Therefore, operating results from January 1, 2023, to April 18, 2023, are included within the Condensed Consolidated Statements of Operations.

The creditors of the consolidated VIEs do not have recourse to the Company other than to the assets of the consolidated VIEs. The following table summarizes the carrying amounts of the assets and liabilities of TAMH, the Company's only consolidated VIE for the periods presented in the Company’s Condensed Consolidated Balance Sheets:


(In thousands)	September 30, 2024		December 31, 2023		September 30, 2023
Assets
Current assets:
Cash and cash equivalents	$	99,414	$	153,258	$	106,279
Accounts receivable, net	4,857		9,324		8,446
Inventories	36,605		61,270		36,912
Other current assets	5,018		6,844		7,169
Total current assets	145,894		230,696		158,806
Property, plant and equipment, net	273,799		270,379		269,433
Other assets, net	24,483		25,434		26,167
Total assets	$	444,176	$	526,509	$	454,406
Liabilities
Current liabilities	$	44,310	$	51,020	$	40,990
Long-term liabilities	11,051		12,010		13,438
Total liabilities	$	55,361	$	63,030	$	54,428

Accounting Pronouncements Not Yet Adopted

In November 2023, the Financial Accounting Standards Board ("FASB") issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (ASU 2023-07), which requires an enhanced disclosure of significant segment expenses on an annual and interim basis. This guidance will be effective for the annual periods beginning with the year ended December 31, 2024, and for interim periods beginning January 1, 2025. Early adoption is permitted. Upon adoption, the guidance should be applied retrospectively to all prior periods presented in the financial statements. We do not expect the adoption of this guidance to have a material impact on the Consolidated Financial Statements.

In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (ASU 2023-09), which improves the transparency of income tax disclosures by requiring consistent categories and greater disaggregation of information in the effective tax rate reconciliation and income taxes paid disaggregated by jurisdiction. It also includes certain other amendments to improve the effectiveness of income tax disclosures. This guidance will be effective for the annual periods beginning with the year ended December 31, 2025. Early adoption is permitted. Upon adoption, the guidance can be applied prospectively or retrospectively. We do not expect the adoption of this guidance to have a material impact on the Consolidated Financial Statements.

The Andersons, Inc. | Q3 2024 Form 10-Q | 8

Table of Contents

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 market information, 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, 2024		December 31, 2023		September 30, 2023
Grain and other agricultural products (a)	$	648,808	$	886,725	$	718,290
Energy inventories (a)	13,688		21,705		18,939
Ethanol and co-products (a)	80,577		104,349		94,375
Plant nutrients and cob products	141,266		153,921		153,688
Total inventories	$	884,339	$	1,166,700	$	985,292

(a) Includes RMI of $639.7 million, $862.5 million, and $708.2 million at September 30, 2024, December 31, 2023, and September 30, 2023, respectively.

3. Property, Plant and Equipment

The components of Property, plant and equipment, net are as follows:


(in thousands)	September 30, 2024		December 31, 2023		September 30, 2023
Land	$	30,984	$	30,912	$	30,872
Land improvements and leasehold improvements	86,206		82,438		79,829
Buildings and storage facilities	379,681		365,744		360,234
Machinery and equipment	1,004,315		951,544		916,552
Construction in progress	47,656		36,541		44,420
	1,548,842		1,467,179		1,431,907
Less: accumulated depreciation	838,891		773,814		751,719
Property, plant and equipment, net	$	709,951	$	693,365	$	680,188

Depreciation expense on property, plant, and equipment was $25.0 million and $24.9 million for three months ended September 30, 2024, and 2023, respectively. Additionally, depreciation expense on property, plant and equipment was $74.3 million and $75.5 million for the nine months ended September 30, 2024, and 2023, respectively.

In the first quarter of 2023, the Company recorded a $87.2 million impairment charge related to ELEMENT. The plant faced operational and market-based challenges which were exacerbated by a shift in the California Low Carbon Fuel Standard credit markets and high western corn basis. At the time of the impairment, the Company owned 51% of ELEMENT and it was a consolidated entity, as such, 49% of the impairment charge was represented in Net income attributable to noncontrolling interests in the Company's Condensed Consolidated Statements of Operations.

4. Derivatives

The Company’s operating results are affected by changes to commodity prices. The Trade and Renewables businesses have established “unhedged” futures position limits (the amount of a commodity, either owned or contracted for, that does not have an offsetting derivative contract). To reduce the exposure to market price risk on commodities owned and forward 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 regulated commodity exchanges. 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. Most contracts for the sale of commodities to processors or other commercial consumers generally do not extend beyond one year.

The Andersons, Inc. | Q3 2024 Form 10-Q | 9

Table of Contents

Most of 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 primarily 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 commodity 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 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 Condensed Consolidated Balance Sheets in Commodity derivative assets (liabilities) - current or if long-term in nature, Other assets, net or Other long-term liabilities:


(in thousands)	September 30, 2024		December 31, 2023		September 30, 2023
Cash collateral paid	$	49,341	$	24,439	$	16,121
Fair value of derivatives	(10,199)		24,237		38,203
Net derivative asset position	$	39,142	$	48,676	$	54,324

The following table presents, on a gross basis, current and non-current commodity derivative assets and liabilities:


	September 30, 2024
(in thousands)	Commodity Derivative Assets - Current		Commodity Derivative Assets - Noncurrent		Commodity Derivative Liabilities - Current		Commodity Derivative Liabilities - Noncurrent		Total
Commodity derivative assets	$	154,042	$	3,656	$	11,207	$	219	$	169,124
Commodity derivative liabilities	(81,057)		(96)		(96,847)		(1,916)		(179,916)
Cash collateral paid	49,341		—		—		—		49,341
Balance sheet line item totals	$	122,326	$	3,560	$	(85,640)	$	(1,697)	$	38,549


	December 31, 2023
(in thousands)	Commodity Derivative Assets - Current		Commodity Derivative Assets - Noncurrent		Commodity Derivative Liabilities - Current		Commodity Derivative Liabilities - Noncurrent		Total
Commodity derivative assets	$	201,542	$	1,496	$	7,868	$	13	$	210,919
Commodity derivative liabilities	(47,898)		(64)		(98,717)		(431)		(147,110)
Cash collateral paid	24,439		—		—		—		24,439
Balance sheet line item totals	$	178,083	$	1,432	$	(90,849)	$	(418)	$	88,248

The Andersons, Inc. | Q3 2024 Form 10-Q | 10

Table of Contents


	September 30, 2023
(in thousands)	Commodity Derivative Assets - Current		Commodity Derivative Assets - Noncurrent		Commodity Derivative Liabilities - Current		Commodity Derivative Liabilities - Noncurrent		Total
Commodity derivative assets	$	301,990	$	4,730	$	12,733	$	101	$	319,554
Commodity derivative liabilities	(78,516)		(396)		(155,244)		(1,669)		(235,825)
Cash collateral paid	16,121		—		—		—		16,121
Balance sheet line item totals	$	239,595	$	4,334	$	(142,511)	$	(1,568)	$	99,850

The net pretax 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 are as follows:


	Three months ended September 30,				Nine months ended September 30,
(in thousands)	2024		2023		2024		2023
Losses on commodity derivatives included in Cost of sales and merchandising revenues	$	(87,774)	$	(26,918)	$	(74,600)	$	(49,659)

The Company's volumes of commodity derivative contracts outstanding (on a gross basis) are as follows:


	September 30, 2024
(in thousands)	Number of Bushels	Number of Gallons	Number of Tons
Non-exchange traded:
Corn	562,754	—	—
Soybeans	56,718	—	—
Wheat	79,817	—	—
Oats	27,851	—	—
Ethanol	—	305,865	—
Dried distillers grain	—	—	931
Soybean meal	—	—	607
Other	4,073	83,847	2,056
Subtotal	731,213	389,712	3,594
Exchange traded:
Corn	185,750	—	—
Soybeans	41,835	—	—
Wheat	97,018	—	—
Oats	1,165	—	—
Ethanol	—	71,736	—
Propane	—	84,798	—
Other	—	2,016	1,432
Subtotal	325,768	158,550	1,432
Total	1,056,981	548,262	5,026

The Andersons, Inc. | Q3 2024 Form 10-Q | 11

Table of Contents


	December 31, 2023
(in thousands)	Number of Bushels	Number of Gallons	Number of Tons
Non-exchange traded:
Corn	519,825	—	—
Soybeans	41,848	—	—
Wheat	66,953	—	—
Oats	15,355	—	—
Ethanol	—	206,986	—
Dried distillers grain	—	—	740
Soybean meal	—	—	546
Other	6,847	37,153	1,882
Subtotal	650,828	244,139	3,168
Exchange traded:
Corn	160,795	—	—
Soybeans	34,250	—	—
Wheat	64,778	—	—
Oats	375	—	—
Ethanol	—	97,272	—
Propane	—	74,550	—
Other	—	420	825
Subtotal	260,198	172,242	825
Total	911,026	416,381	3,993


	September 30, 2023
(in thousands)	Number of Bushels	Number of Gallons	Number of Tons
Non-exchange traded:
Corn	546,004	—	—
Soybeans	66,884	—	—
Wheat	114,195	—	—
Oats	24,712	—	—
Ethanol	—	217,092	—
Dried distillers grain	—	—	669
Soybean meal	—	—	686
Other	9,734	26,632	2,295
Subtotal	761,529	243,724	3,650
Exchange traded:
Corn	158,900	—	—
Soybeans	36,135	—	—
Wheat	106,068	—	—
Oats	1,865	—	—
Ethanol	—	121,002	—

Propane	—	108,990	—
Other	—	672	779
Subtotal	302,968	230,664	779
Total	1,064,497	474,388	4,429

The Andersons, Inc. | Q3 2024 Form 10-Q | 12

Table of Contents

Interest Rate Derivatives

The Company’s objectives for 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 or payment of variable amounts with a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount.

The gains or losses on the derivatives designated as hedging instruments are recorded in Other comprehensive income and subsequently reclassified into Interest expense, net in the same periods during which the hedged transaction affects earnings. Amounts reported in Accumulated other comprehensive income related to derivatives will be reclassified to Interest expense, net as interest payments are made on the Company’s variable-rate debt. In the case where interest rate derivatives are settled prior to maturity, the gain or loss is recorded in Other income, net within the Condensed Consolidated Statements of Operations.

The Company had recorded the following amounts for the fair value of the interest rate derivatives:


(in thousands)	September 30, 2024		December 31, 2023		September 30, 2023




Derivatives designated as hedging instruments
Interest rate contracts included in Other current assets	$	6,000	$	9,968	$	12,026
Interest rate contracts included in Other assets	14,281		18,041		29,952

The recording of gains and losses on the interest rate derivatives and the financial statement line in which they are located are as follows:


	Three months ended September 30,				Nine months ended September 30,
(in thousands)	2024		2023		2024		2023



Derivatives designated as hedging instruments
Interest rate derivative gains (losses) included in Other comprehensive income	$	(12,477)	$	7,981	$	(7,754)	$	10,571
Interest rate derivative gains (losses) included in Interest expense, net	3,194		2,734		9,782		7,354
Interest rate derivative gains included in Other income, net	—		—		568		—

Outstanding interest rate derivatives, as of September 30, 2024, are as follows:


Interest Rate Hedging Instrument	Year Entered	Year of Maturity	Notional Amount (in millions)		Description	Interest Rate
Swap	2019	2025	$	44.5	Interest rate component of debt - accounted for as a hedge	2.4%
Swap	2019	2025	$	89.1	Interest rate component of debt - accounted for as a hedge	2.3%
Swap	2019	2025	$	44.5	Interest rate component of debt - accounted for as a hedge	2.4%
Swap	2020	2030	$	50.0	Interest rate component of debt - accounted for as a hedge	0.0% to 0.8%
Swap	2020	2030	$	50.0	Interest rate component of debt - accounted for as a hedge	0.0% to 0.8%
Swap	2022	2025	$	20.0	Interest rate component of debt - accounted for as a hedge	2.6%
Swap	2022	2029	$	100.0	Interest rate component of debt - accounted for as a hedge	2.0%
Swap	2022	2029	$	50.0	Interest rate component of debt - accounted for as a hedge	2.4%
Swap	2023	2025	$	50.0	Interest rate component of debt - accounted for as a hedge	3.7%
Swap	2023	2031	$	50.0	Interest rate component of debt - accounted for as a hedge	2.9%

The Andersons, Inc. | Q3 2024 Form 10-Q | 13

Table of Contents

5. Revenue

Many of the Company’s sales and merchandising revenues are generated from contracts that are outside the scope of ASC 606, Revenue from Contracts with Customers. Specifically, the vast majority of the Company's Trade and Renewables sales contracts are derivatives within the scope of ASC 815, Derivatives and Hedging. Of the sales and merchandising revenues within the scope of ASC 606 in the Trade and Renewables segments, substantially all of the activity occurs at a point in time with de minimis outstanding contract liabilities. In the Company's Nutrient & Industrial segment, all sales and merchandising revenues are within the scope of ASC 606. Therefore, a further disaggregation of revenues and detail of outstanding contract balances have been provided below:


	Three months ended September 30,				Nine months ended September 30,
(in thousands)	2024		2023		2024		2023
Ag Supply Chain	$	68,614	$	79,058	$	374,727	$	466,126
Specialty Liquids	24,114		23,282		132,422		149,886
Engineered Granules	35,339		26,193		139,574		122,055
Total	$	128,067	$	128,533	$	646,723	$	738,067

The Nutrient & Industrial segment is organized into three divisions: Ag Supply Chain, which includes wholesale distribution centers and retail farm centers; Specialty Liquids, which includes manufactured liquid products intended for agricultural and industrial uses; and Engineered Granules, which includes granular products for turf and agricultural uses, contract manufacturing and cob products. Prior period amounts above were recast to conform to this organization.

Substantially all of the Nutrient & Industrial segment revenues presented in the preceding table occurred within the United States and are recorded at a point in time instead of over time.

Contract balances

The balances of the Nutrient & Industrial segment's contract liabilities were $15.6 million and $30.7 million as of September 30, 2024, and December 31, 2023, respectively. The difference between the opening and closing balances of the Company’s contract liabilities is primarily a result of timing differences between the Company’s performance and the customer’s payment. The main driver of the contract liabilities balance are payments for primary and specialty nutrients within the Nutrient & Industrial segment received in advance of fulfilling our performance obligations under our customer contracts. Due to the seasonality of this business, contract liabilities are built up through the first quarter in preparation for the spring application season. Revenue is then recognized in the throughout the spring application season as the Company fulfills its contract obligations which is why the balance is much lower in the current quarter when compared to December 31, 2023.

6. Income Taxes


	Three months ended September 30,						Nine months ended September 30,
(in thousands)	2024			2023			2024			2023
Income before income taxes	$	62,192		$	38,385		$	133,507		$	77,802
Income tax provision	10,731			7,862			16,911			23,710
Effective tax rate	17.3		%	20.5		%	12.7		%	30.5		%

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 forecasted 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 difference between the 17.3% effective tax rate and the U.S. federal statutory tax rate of 21.0% for the three months ended September 30, 2024, is primarily attributable to the tax impact of noncontrolling interest and federal tax credits offset by state and local income taxes, tax impacts of foreign operations, nondeductible compensation, and changes in other discrete tax adjustments.

The Andersons, Inc. | Q3 2024 Form 10-Q | 14

Table of Contents

The difference between the 20.5% effective tax rate and the U.S. federal statutory rate of 21.0% for the three months ended September 30, 2023, was primarily attributable to the tax impact of noncontrolling interest offset by state and local income taxes, nondeductible compensation, and other discrete tax adjustments.

The difference between the 12.7% effective tax rate and the U.S. federal statutory tax rate of 21.0% for the nine months ended September 30, 2024, is primarily attributable to the tax impact of noncontrolling interest, federal tax credits, stock-based compensation, and the reversal of certain unrecognized tax benefits offset by state and local income taxes, tax impacts of foreign operations, and nondeductible compensation.

The difference between the 30.5% effective tax rate and the U.S. federal statutory tax rate of 21.0% for the nine months ended September 30, 2023, was primarily attributable to the tax impact of noncontrolling interest, state and local income taxes, nondeductible compensation and other discrete tax adjustments. Other discrete tax items include a net income tax benefit of $10.6 million recorded on a net loss before taxes of $88.8 million related to the operations, impairment charge, and gain on deconsolidation associated with ELEMENT.

7. Accumulated Other Comprehensive Income

The following table summarizes the changes in accumulated other comprehensive income ("AOCI") attributable to the Company:


	Three months ended September 30,				Nine months ended September 30,
(in thousands)	2024		2023		2024		2023
Currency Translation Adjustment
Beginning balance	$	(7,464)	$	(4,767)	$	(2,581)	$	(8,203)
Other comprehensive income (loss) before reclassifications	3,792		(2,600)		(1,091)		836

Tax effect	—		—		—		—
Other comprehensive income (loss), net of tax	3,792		(2,600)		(1,091)		836
Ending balance	$	(3,672)	$	(7,367)	$	(3,672)	$	(7,367)
Hedging Adjustment
Beginning balance	$	24,534	$	25,485	$	20,985	$	23,546
Other comprehensive income (loss) before reclassifications	(9,283)		10,715		2,596		17,924
Amounts reclassified from AOCI (a)	(3,194)		(2,735)		(10,350)		(7,354)
Tax effect (c)	3,102		(2,007)		1,928		(2,658)
Other comprehensive income (loss), net of tax	(9,375)		5,973		(5,826)		7,912
Ending balance	$	15,159	$	31,458	$	15,159	$	31,458
Pension and Other Postretirement Adjustment
Beginning balance	$	3,853	$	4,506	$	4,203	$	4,883
Other comprehensive income (loss) before reclassifications	(59)		(129)		(49)		(158)
Amounts reclassified from AOCI (b)	(228)		(228)		(684)		(684)
Tax effect (c)	65		81		161		189
Other comprehensive income (loss), net of tax	(222)		(276)		(572)		(653)
Ending balance	$	3,631	$	4,230	$	3,631	$	4,230
Investments in Convertible Preferred Securities Adjustment





Ending balance	$	258	$	258	$	258	$	258

Total AOCI Ending Balance	$	15,376	$	28,579	$	15,376	$	28,579

(a)Amounts reclassified from gain (loss) on cash flow hedges are reclassified from AOCI to income when the hedged item affects earnings. Gains and losses from interest rate derivatives are recognized in Interest expense, net as interest payments are made on the Company's variable rate debt. When interest rate derivatives are settled prior to maturity the gain or loss is recognized in Other income, net. See Note 5 for additional information.

(b)This accumulated other comprehensive loss component is included in the computation of net periodic benefit cost recorded in Operating, administrative and general expenses.

(c)The Company utilizes the aggregate approach for releasing disproportionate income tax effects in AOCI.

The Andersons, Inc. | Q3 2024 Form 10-Q | 15

Table of Contents

8. Fair Value Measurements

The following table presents the Company’s assets and liabilities measured at fair value on a recurring basis:


(in thousands)	September 30, 2024
Assets (liabilities)	Level 1		Level 2		Level 3		Total
Commodity derivatives, net (a)	$	39,142	$	(593)	$	—	$	38,549
Provisionally priced contracts (b)	(24,870)		(29,944)		—		(54,814)
Convertible preferred securities (c)	—		—		15,725		15,725
Other assets and liabilities (d)	6,226		20,281		—		26,507
Total	$	20,498	$	(10,256)	$	15,725	$	25,967


(in thousands)	December 31, 2023
Assets (liabilities)	Level 1		Level 2		Level 3		Total

Commodity derivatives, net (a)	$	48,676	$	39,572	$	—	$	88,248
Provisionally priced contracts (b)	(108,736)		(65,343)		—		(174,079)
Convertible preferred securities (c)	—		—		15,625		15,625
Other assets and liabilities (d)	5,477		28,009		—		33,486
Total	$	(54,583)	$	2,238	$	15,625	$	(36,720)


(in thousands)	September 30, 2023
Assets (liabilities)	Level 1		Level 2		Level 3		Total


Commodity derivatives, net (a)	$	54,324	$	45,526	$	—	$	99,850
Provisionally priced contracts (b)	(80,657)		(24,460)		—		(105,117)
Convertible preferred securities (c)	—		—		20,628		20,628
Other assets and liabilities (d)	2,331		41,978		—		44,309
Total	$	(24,002)	$	63,044	$	20,628	$	59,670

(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 assets, net” on the Company’s Condensed Consolidated Balance Sheets related to certain available for sale securities.

(d)Included in other assets and liabilities are assets held by the Company to fund deferred compensation plans and foreign exchange derivative contracts (Level 1), as well as interest rate derivatives (Level 2).

Level 1 commodity derivatives reflect the fair value of the exchanged-traded futures and options contracts that the Company holds, net of the cash collateral, that the Company has in its margin account.

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.

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 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 quoted on various exchanges 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, the Company has concluded that “basis” is typically a Level 2 fair value input for purposes of the fair value disclosure requirements related to our commodity derivatives, depending on the specific commodity. 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 significant input to fair value for these commodity contracts.

The Andersons, Inc. | Q3 2024 Form 10-Q | 16

Table of Contents

These fair value disclosures exclude RMI which consists of agricultural commodity 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 of RMI 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 exchange prices are used and the liability is deemed to be Level 1 in the fair value hierarchy. For all other unpriced contracts which include variable futures and basis components, the amounts recorded for 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.

The convertible preferred securities are interests in several early-stage enterprises that may be in various forms, such as convertible debt or preferred equity securities.

A reconciliation of beginning and ending balances for the Company’s fair value measurements using Level 3 inputs is as follows:


	Convertible Preferred Securities
(in thousands)	2024		2023
Assets at January 1,	$	15,625	$	16,278

Gains included in Other income, net	—		802
Proceeds from investments	—		(1,670)
Assets at March 31,	15,625		15,410
Additional investments	—		235
Losses included in Other income, net	—		(221)

Assets at June 30,	15,625		15,424
Additional investments	100		1,107
Gains included in Other income, net	—		4,919
Reclassification to a receivable in Other assets, net	—		(822)
Assets at September 30,	$	15,725	$	20,628

The following summarize quantitative information about the Company's Level 3 fair value measurements:

Quantitative Information about Recurring Level 3 Fair Value Measurements

Fair Value as of

(in thousands)

September 30, 2024

December 31, 2023

September 30, 2023

Valuation Method

Unobservable Input

Weighted Average

Convertible preferred securities (a)

15,725

15,625

20,628

Implied based on market prices

N/A

(a) The Company considers observable price changes and other additional market data available to estimate fair value, including additional capital raising, internal valuation models, progress towards key business milestones, and other relevant market data points.

There were no nonrecurring level 3 fair value measurements as of September 30, 2024, December 31, 2023, or September 30, 2023.

The fair value of the Company’s cash equivalents, accounts receivable and accounts payable approximate their carrying value as they are close to maturity.

As of September 30, 2024, December 31, 2023 and September 30, 2023, the estimated fair value of long-term debt, including the current portion, was $567.5 million, $585.1 million, and $585.2 million, respectively. The Company estimates the fair value of its long-term debt based upon the Company’s credit standing and current interest rates offered to the Company on similar bonds and rates currently available to the Company for long-term borrowings with similar terms and remaining maturities.

The Andersons, Inc. | Q3 2024 Form 10-Q | 17

Table of Contents

9. Related Parties

In the ordinary course of business, and on an arm's length basis, the Company will enter into related party transactions with the minority shareholder of the Company's Renewables operations and certain equity method investments that the Company holds, along with other related parties.

The following table sets forth the related party transactions entered into for the time periods presented:


	Three months ended September 30,				Nine months ended September 30,
(in thousands)	2024		2023		2024		2023
Sales of products	$	103,736	$	98,062	$	236,038	$	270,112
Purchases of products	14,986		9,061		31,242		39,286


(in thousands)	September 30, 2024		December 31, 2023		September 30, 2023
Accounts receivable	$	10,327	$	6,732	$	13,706
Accounts payable	4,633		3,901		4,697

10. Segment Information

The Company’s operations include three reportable business segments that are distinguished primarily on the basis of products and services offered as well as the structure of management. The Trade business includes commodity merchandising and the operation of terminal grain elevator facilities. The Renewables business produces ethanol and co-products through its four co-owned and consolidated ethanol production facilities as well as purchases and sells ethanol and ethanol co-products. The Nutrient & Industrial business manufactures and distributes plant nutrient products such as agricultural inputs, primarily fertilizers and turf care products along with industrial products such as deicers, dust abatement solutions and corncob-based products. The Other category includes other corporate level costs not attributable to an operating segment and intercompany eliminations between the segments.

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. The Company does not have any customers who represent 10 percent or more of total revenues.


	Three months ended September 30,				Nine months ended September 30,
(in thousands)	2024		2023		2024		2023
Revenues from external customers
Trade	$	1,747,715	$	2,639,059	$	5,399,315	$	8,213,649
Renewables	745,206		868,099		2,088,372		2,585,396
Nutrient & Industrial	128,067		128,533		646,723		738,067
Total	$	2,620,988	$	3,635,691	$	8,134,410	$	11,537,112


	Three months ended September 30,				Nine months ended September 30,
(in thousands)	2024		2023		2024		2023
Income (loss) before income taxes
Trade	$	26,266	$	8,073	$	37,615	$	52,427
Renewables (a)	52,583		47,096		114,574		31,187
Nutrient & Industrial	(6,132)		(8,452)		15,437		23,675
Other	(10,525)		(8,332)		(34,119)		(29,487)
Total	$	62,192	$	38,385	$	133,507	$	77,802

(a) Includes Net income attributable to noncontrolling interests of $24.1 million and $20.8 million for the three months ended September 30, 2024, and 2023, respectively, and $47.7 million and $4.1 million for the nine months ended September 30, 2024, and 2023, respectively.

The Andersons, Inc. | Q3 2024 Form 10-Q | 18

Table of Contents

11. 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.

The estimated losses for outstanding claims that are considered reasonably possible are not material.

12. Other Income, net

The following table sets forth the items in Other income, net within the Condensed Consolidated Statements of Operations:


	Three months ended September 30,				Nine months ended September 30,
(in thousands)	2024		2023		2024		2023
Interest income	$	8,141	$	3,296	$	16,535	$	6,471
Property insurance recoveries	5,204		—		5,204		3,183
Patronage income	—		951		3,406		3,046
Gain on deconsolidation of joint venture	—		—		3,117		6,544
Gain on sale of assets and businesses	—		6,515		—		5,836


Gain on investments	—		4,798		—		5,144
Other	577		(382)		2,389		5,399
Total	$	13,922	$	15,178	$	30,651	$	35,623

Individually significant items included in the table above are:

Interest income - The vast majority of interest income recorded by the Company was due to the amount of cash and cash equivalents on hand in all periods presented.

Property insurance recoveries - In 2024, property insurance recoveries consisted of $5.0 million related to a grain bin collapse at an Indiana grain facility in a prior year. In 2023, property insurance recoveries consisted of several individually insignificant amounts in the ordinary course of business.

Patronage income - As a part of the Company’s normal operations it relies on short-term lines of credit to support working capital needs in addition to long-term debt. The Company receives patronage income from its lenders as a part of these programs.

Gain on deconsolidation of joint venture - On April 18, 2023, ELEMENT was placed into receivership. As the receiver took control of ELEMENT, under the VIE consolidation model, the Company was deemed to have lost control of the entity and therefore deconsolidated ELEMENT from its Condensed Consolidated Financial Statements. As a result of these activities, the Company recognized a gain on deconsolidation in the second quarter of 2023. The Company recognized an additional $3.1 million gain in the first quarter of 2024 as the amount of cash distributed to the Company related to its receivables from ELEMENT exceeded management's estimate at the time of deconsolidation.

The Andersons, Inc. | Q3 2024 Form 10-Q | 19

Table of Contents

Gain on sale of assets and businesses - In 2023, the vast majority of the gain was from the sale of a Nebraska grain facility of $5.6 million, with the remaining amounts consisting of several individually insignificant amounts in the ordinary course of business.

Gain on investments - In 2023, the gain on investments consisted of a $4.8 million revaluation gain of an investment within the Company's corporate venture fund. The remaining gains consists of individually insignificant activity in the ordinary course of business.

13. Subsequent Events

On November 1, 2024, the Company purchased an ownership interest in Skyland Grain, LLC ("Skyland"), which operates grain receiving and agronomy facilities in Kansas, Oklahoma, Colorado, and Texas. The transaction enables the Company to expand its core grain and fertilizer businesses across strategic markets. The Company will own 65% of Skyland's equity and will result in the consolidation of Skyland’s results in the Company's Consolidated Financial Statements within the Trade and Nutrient & Industrial segments. The Company purchased its ownership interest in Skyland for $85.0 million in cash, subject to customary working capital adjustments, and was financed by cash on hand.

The Company will apply the acquisition method of accounting in accordance with ASC Topic 805, Business Combinations, to account for the transaction and expect to record any purchase price accounting adjustments in the fourth quarter of 2024. The Company will record the assets acquired and liabilities assumed at their fair values as of the acquisition date. Due to the limited time since the closing of the acquisition, the valuation efforts and related acquisition accounting is incomplete at the time of the filing of these unaudited Condensed Consolidated Financial Statements. As a result, the Company is unable to provide amounts recognized as of the acquisition date for major classes of assets and liabilities acquired, including goodwill and other intangible assets.

The Andersons, Inc. | Q3 2024 Form 10-Q | 20

Table of Contents

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Forward Looking Statements

The following “Management’s Discussion and Analysis of Financial Condition and Results of Operations” contains forward-looking statements which relate to future events or future financial performance and involve known and unknown risks, uncertainties and other factors that may cause actual results, levels of activity, performance or achievements to be materially different from those expressed or implied by these forward-looking statements. Such factors include, but are not limited to, the effects of economic, weather and agricultural conditions, regulatory conditions, competition globally and in the markets the Company serves, geopolitical risk, fluctuations in cost and availability of commodities, the effectiveness of the Company's internal control over financial reporting and the unpredictability of existing and possible future litigation. However, it is not possible to predict or identify all such factors. The reader is urged to carefully consider these risks and others, including those risk factors listed under Item 1A of the 2023 Form 10-K. In some cases, the reader can identify forward-looking statements by terminology such as may, anticipates, believes, estimates, predicts, or the negative of these terms or other comparable terminology. These statements are only predictions. Actual events or results may differ materially. These forward-looking statements relate only to events as of the date on which the statements are made and the Company undertakes no obligation, other than any imposed by law, to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Although management believes that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements.

Critical Accounting Policies and Estimates

Our critical accounting policies and critical accounting estimates, as described in our 2023 Form 10-K, have not materially changed through the third quarter of 2024.

Executive Overview

Our operations are organized, managed and classified into three reportable business segments: Trade, Renewables and Nutrient & Industrial. Each of these segments is generally based on the nature of products and services offered and aligns with the management structure.

The agricultural commodity-based business is one in which changes in selling prices generally move in relationship to changes in purchase prices. Therefore, increases or decreases in prices of the agricultural commodities that the business deals in will have a relatively equal impact on sales and merchandising revenues and cost of sales and merchandising revenues and a much less significant impact on gross profit. As a result, changes in sales and merchandising revenues and cost of sales and merchandising revenues between periods may not necessarily be indicative of the overall performance of the business and greater emphasis should be placed on changes in gross profit.

Trade

The Trade segment’s third quarter operating results were ahead of the prior year. Results from our grain asset footprint improved when compared to the prior year, due to strong elevation margins and space income. Trade's growing specialty food and feed ingredients business continued to benefit from recent growth investments. The merchandising business remained profitable with well-supplied commodity markets and limited volatility. Prior year results also included a $19 million pretax foreign currency loss in Egypt. As expected, farmer engagement ramped up during the quarter to bring significant old crop bushels to market and forward sell new crop in anticipation of an early and robust harvest.

The portfolio mix of assets, ingredients, and merchandising businesses provides a solid foundation for us to benefit from large crops and carry markets, as well as tight, demand-driven markets. Assets are well-positioned for the anticipated early and large harvest, which should allow Trade to purchase grains at low basis levels. Domestic specialty ingredient demand is also expected to stay solid and should continue to support recent capital growth investments.

Agricultural inventories on hand were 113.2 million and 91.4 million bushels at September 30, 2024, and September 30, 2023, respectively. These bushels consist of inventory held at company-owned or leased facilities, transload inventory, in-transit inventory, and third-party held inventory. Total Trade storage space capacity at company-owned or leased facilities, including temporary pile storage, was approximately 170 million bushels at September 30, 2024, which is consistent with the prior year.

The Andersons, Inc. | Q3 2024 Form 10-Q | 21

Table of Contents

Renewables

The Renewables segment's solid third quarter operating results were slightly improved when compared to the prior year. Margins on ethanol production improved year-over-year on significantly lower corn basis in the eastern plants, despite a reduction in ethanol board crush margins in the quarter. Production facilities continued to operate efficiently in the quarter with increased volume and higher ethanol yields. Plant co-product values were lower, with feed ingredients following the overall price reduction of corn despite improved demand. Renewable diesel feedstock volumes continue to grow albeit with compressed margins on industry fundamentals. All four plants completed their semi-annual maintenance shutdowns in the third quarter. A favorable ethanol margin environment should continue, supported by exports, higher blending rates and lower corn basis levels in the east.

Ethanol and related co-products volumes were as follows:


	Three months ended September 30,		Nine months ended September 30,
(in thousands)	2024	2023	2024	2023
Ethanol (gallons shipped)	212,336	190,368	585,213	575,567
E-85 (gallons shipped)	12,142	11,786	37,927	30,867
Vegetable oils (pounds shipped) (a)	415,505	343,619	1,191,077	908,976
DDG (tons shipped) (b)	636	497	1,737	1,534

(a) Includes corn oil, soybean oil, and other fats, oils, and greases.

(b) Dried distillers grains ("DDG") tons shipped converts wet tons to a dry ton equivalent amount.

Nutrient & Industrial

The Nutrient & Industrial segment's third quarter operating results improved from the prior year. Overall volumes improved during a seasonally slow third quarter, but margins in base nutrients have reset to more normalized levels and did not repeat outsized margin opportunities seen in recent years. The engineered granules business saw significant improvement in the quarter on higher sales volume and margins, as the Company has continued to focus on operational improvements in this business. Looking forward, the fourth quarter should benefit from high yields and an early harvest, allowing for fall applications, dependent on grower sentiment.

Storage capacity at our Ag Supply Chain and Specialty Liquids facilities, including leased storage, was approximately 457 thousand tons for dry nutrients and approximately 511 thousand tons for liquid nutrients at September 30, 2024, which is similar to the prior year.

Tons of product sold were as follows:


	Three months ended September 30,		Nine months ended September 30,
(in thousands)	2024	2023	2024	2023
Ag Supply Chain	205	209	982	1,053
Specialty Liquids	62	59	270	282
Engineered Granules	39	25	161	134
Total tons	306	293	1,413	1,469

In the table above, Ag Supply Chain represents facilities principally engaged in the wholesale distribution and retail sale and application of primary agricultural nutrients such as bulk nitrogen, phosphorus, and potassium. Specialty Liquid locations produce and sell a variety of low-salt liquid starter fertilizers, micronutrients for agricultural use, and specialty products for use in various industrial processes. Engineered Granules include a variety of corncob-based products and facilities that primarily manufacture granulated dry products for use in specialty turf and agricultural applications.

Other

Our “Other” activities include corporate income and expense and cost for functions that provide support and services to the operating segments. The results include expenses and benefits not allocated to the operating segments and other elimination and consolidation adjustments.

The Andersons, Inc. | Q3 2024 Form 10-Q | 22

Table of Contents

Operating Results

The following discussion focuses on the operating results as shown in the Condensed Consolidated Statements of Operations and includes a separate discussion by segment. Additional segment information is included herein in Note 10, Segment Information.

Comparison of the three months ended September 30, 2024, with the three months ended September 30, 2023, including a reconciliation of GAAP to non-GAAP measures:


	Three months ended September 30, 2024
(in thousands)	Trade		Renewables		Nutrient & Industrial		Other		Total
Sales and merchandising revenues	$	1,747,715	$	745,206	$	128,067	$	—	$	2,620,988
Cost of sales and merchandising revenues	1,648,939		684,831		110,093		—		2,443,863
Gross profit	98,776		60,375		17,974		—		177,125
Operating, administrative and general expenses	75,825		8,839		24,591		11,239		120,494

Interest expense (income), net	5,405		713		2,838		(595)		8,361

Other income (loss), net	8,720		1,760		3,323		119		13,922
Income (loss) before income taxes	$	26,266	$	52,583	$	(6,132)	$	(10,525)	$	62,192
Income before income taxes attributable to the noncontrolling interests	—		24,096		—		—		24,096
Non-GAAP Income (loss) before income taxes attributable to the Company	$	26,266	$	28,487	$	(6,132)	$	(10,525)	$	38,096


	Three months ended September 30, 2023
(in thousands)	Trade		Renewables		Nutrient & Industrial		Other		Total
Sales and merchandising revenues	$	2,639,059	$	868,099	$	128,533	$	—	$	3,635,691
Cost of sales and merchandising revenues	2,553,062		815,054		109,874		—		3,477,990
Gross profit	85,997		53,045		18,659		—		157,701
Operating, administrative and general expenses	79,247		8,332		26,233		12,494		126,306

Interest expense (income), net	6,515		963		1,484		(774)		8,188
Other income, net	7,838		3,346		606		3,388		15,178
Income (loss) before income taxes	$	8,073	$	47,096	$	(8,452)	$	(8,332)	$	38,385
Income before income taxes attributable to the noncontrolling interests	—		20,815		—		—		20,815
Non-GAAP Income (loss) before income taxes attributable to the Company	$	8,073	$	26,281	$	(8,452)	$	(8,332)	$	17,570

The Company uses Income (loss) before income taxes attributable to the Company, a non-GAAP financial measure as defined by the Securities and Exchange Commission, to evaluate the Company’s financial performance. This performance measure is not defined by accounting principles generally accepted in the United States and should be considered in addition to, and not in lieu of, GAAP financial measures. Management believes that Income (loss) before income taxes attributable to the Company is a useful measure of the Company’s performance as it provides investors additional information about the Company's operations, allowing evaluation of underlying business performance and period-to-period comparability. This measure is not intended to replace or be an alternative to Income (loss) before income taxes, the most directly comparable measure reported under GAAP.

The Andersons, Inc. | Q3 2024 Form 10-Q | 23

Table of Contents

Trade

Operating results for the Trade segment improved from the same period of the prior year. Sales and merchandising revenues decreased by $891.3 million and cost of sales and merchandising revenues decreased by $904.1 million resulting in increased gross profit of $12.8 million. A majority of the decrease in sales and merchandising revenues and cost of sales and merchandising revenues can be attributed to reduced commodity prices across all of our business lines as the oversupply of commodities has shifted to a carry market. The remainder of the decrease from the prior year can be attributed to management making a prudent decision to intentionally pull back on volumes traded in certain regions due to the recent geopolitical unrest. The $12.8 million increase in gross profit can be attributed to a $17.2 million improvement in the international merchandising business as currency liquidity issues in Egypt impacted results in the prior period. Our asset-based business realized strong elevation margins and space income in the current carry market and our specialty ingredients business continues to perform well, realizing the benefits of its recent acquisition and other growth investments.

Operating, administrative and general expenses decreased by $3.4 million. Substantially all of the decrease from the prior year can be attributed to decreased incentives.

Interest expense decreased by $1.1 million due to reduced short-term borrowings from lower commodity prices.

Renewables

Operating results for the Renewables segment increased by $2.2 million from the same period last year. Sales and merchandising revenues decreased by $122.9 million and cost of sales and merchandising revenues decreased by $130.2 million compared to prior year results. As a result, gross profit increased by $7.3 million compared to 2023 results. The decrease in both sales and merchandising revenues and cost of sales and merchandising revenues can be attributed to 23% lower ethanol prices, a similar reduction in DDG prices, and declines in values across the various renewable diesel feedstocks. Sales volumes remained consistent for the base ethanol business and increased in our feed and renewable diesel feedstocks products by 30% and 21%, respectively. The $7.3 million increase to gross profit in the current period results reflect a $10.1 million increase at the ethanol plants from efficient production combined with strong ethanol margins. The improved gross profit performance at the ethanol plants was partially offset by lower results in the third-party trading business on compressed margins despite higher sales volumes.

Other income, net decreased from the prior year by $1.6 million due to $2.2 million in USDA Biofuel Producer Program proceeds received in the third quarter of 2023 that did not recur.

Nutrient & Industrial

Operating results for the Nutrient & Industrial segment increased by $2.3 million compared to the same period in the prior year. Sales and merchandising revenues and cost of sales and merchandising revenues were flat from the prior year resulting in gross profit largely consistent with the prior year. Although overall gross profit was flat, our Ag Supply Chain business fell short of the prior year by $6.6 million due to a weaker margin environment as margins dropped approximately 50% from outsized levels in the prior year. This gross profit shortfall was almost entirely offset by the improved performance in our Engineered Granules and Specialty liquids businesses as both margins and volumes improved.

Operating, administrative and general expenses decreased from the prior year by $1.6 million mainly due to $1.2 million of reduced incentives from lower operating results.

Other income, net increased by $2.7 million in which substantially all of the increase from prior year was related to interest income from cash on hand.

Other

Results for the quarter declined by $2.2 million compared to the same period in the prior year. The decrease from the prior year was primarily driven by a $4.8 million revaluation gain of a cost method investment in the prior year which was partially offset by lower incentive compensation in the current year.

The Andersons, Inc. | Q3 2024 Form 10-Q | 24

Table of Contents

Income Taxes

For the three months ended September 30, 2024, the Company recorded income tax expense of $10.7 million. The Company's effective tax rate was 17.3% on income before taxes of $62.2 million. The difference between the 17.3% effective tax rate and the U.S. federal statutory tax rate of 21% is primarily attributable to the tax impact of noncontrolling interest and federal tax credits offset by state and local income taxes, tax impacts of foreign operations, nondeductible compensation, and changes in other discrete tax adjustments.

For the three months ended September 30, 2023, the Company recorded income tax expense of $7.9 million. The Company's effective tax rate was 20.5% on income of $38.4 million. The difference between the 20.5% effective tax rate and the U.S. federal statutory tax rate of 21.0% was primarily attributable to the tax impact of noncontrolling interest offset by state and local income taxes, nondeductible compensation, and other discrete tax adjustments.

Comparison of the nine months ended September 30, 2024, with the nine months ended September 30, 2023, including a reconciliation of GAAP to non-GAAP measures:


	Nine months ended September 30, 2024
(in thousands)	Trade		Renewables		Nutrient & Industrial		Other		Total
Sales and merchandising revenues	$	5,399,315	$	2,088,372	$	646,723	$	—	$	8,134,410
Cost of sales and merchandising revenues	5,142,609		1,954,700		556,285		—		7,653,594
Gross profit	256,706		133,672		90,438		—		480,816
Operating, administrative and general expenses	220,886		24,592		75,427		35,561		356,466

Interest expense (income), net	16,492		2,192		4,454		(1,644)		21,494

Other income (loss), net	18,287		7,686		4,880		(202)		30,651
Income (loss) before income taxes	$	37,615	$	114,574	$	15,437	$	(34,119)	$	133,507
Income before income taxes attributable to the noncontrolling interests	—		47,674		—		—		47,674
Non-GAAP Income (loss) before income taxes attributable to the Company	$	37,615	$	66,900	$	15,437	$	(34,119)	$	85,833


	Nine months ended September 30, 2023
(in thousands)	Trade		Renewables		Nutrient & Industrial		Other		Total
Sales and merchandising revenues	$	8,213,649	$	2,585,396	$	738,067	$	—	$	11,537,112
Cost of sales and merchandising revenues	7,929,763		2,448,256		631,444		—		11,009,463
Gross profit	283,886		137,140		106,623		—		527,649
Operating, administrative and general expenses	220,373		24,804		79,251		35,120		359,548
Asset impairment	—		87,156		—		—		87,156
Interest expense (income), net	29,235		5,648		5,649		(1,766)		38,766

Other income, net	18,149		11,655		1,952		3,867		35,623
Income (loss) before income taxes	$	52,427	$	31,187	$	23,675	$	(29,487)	$	77,802
Loss before income taxes attributable to the noncontrolling interests	—		4,088		—		—		4,088
Non-GAAP Income (loss) before income taxes attributable to the Company	$	52,427	$	27,099	$	23,675	$	(29,487)	$	73,714

The Andersons, Inc. | Q3 2024 Form 10-Q | 25

Table of Contents

Trade

Operating results for the Trade segment decreased by $14.8 million from the prior year. Sales and merchandising revenues decreased by $2,814.3 million, and cost of sales and merchandising revenues decreased by $2,787.2 million for a decreased gross profit impact of $27.2 million. A majority of the decrease in sales and merchandising revenues and cost of sales and merchandising revenues can be attributed to reduced commodity prices across all of our business lines as the oversupply of commodities has shifted to a carry market. The remainder of the decrease from the prior year can be attributed to management making a prudent decision to intentionally pull back on volumes traded in certain regions due to the recent geopolitical unrest. Of the $27.2 million decrease in gross profit, $20.3 million was related to damaged inventory insurance recoveries recorded in the prior year within the asset-based business. This was followed by a $14.7 million decrease in the merchandising businesses as there were less trading opportunities in a less volatile commodity market, which was partially offset by $6.6 million of improved results in our specialty ingredients business as recent acquisitions and growth investments were accretive to results.

Interest expense decreased by $12.7 million due to reduced short-term borrowings from lower commodity prices.

Renewables

Operating results for Renewables increased by $39.8 million from the same period of prior year. Sales and merchandising revenues decreased by $497.0 million, and cost of sales and merchandising revenues decreased by $493.6 million compared to prior year. As a result, gross profit decreased by $3.5 million. The decrease in both sales and merchandising revenues and cost of sales and merchandising revenues can be attributed to 26% lower ethanol prices, a similar reduction in DDG prices, and declines in values across the various renewable diesel feedstocks. Sales volumes remained consistent for the base ethanol business and increased in our feed and renewable diesel feedstocks products by 16% and 31%, respectively. The $3.5 million decrease in gross profit from the prior period can mainly be attributed to margin compression in our third-party trading business.

An asset impairment charge of $87.2 million related to ELEMENT was recorded in the prior year. As ELEMENT was a consolidated subsidiary of the Company at the time, the entire impairment charge is reflected in Asset impairment.

Interest expense decreased by $3.5 million from the prior year, of which $2.2 million of the decrease was due to the deconsolidation of ELEMENT non-recourse debt with the remainder due to lower working capital usage.

Other income, net decreased from the prior year by $4.0 million as the Company recorded an additional $3.4 million in gains as a result of the deconsolidation of the ELEMENT ethanol plant in the prior year.

Nutrient & Industrial

Operating results for the Nutrient & Industrial segment decreased by $8.2 million when compared to the same period of the prior year. Sales and merchandising revenues decreased $91.3 million, and cost of sales and merchandising revenues decreased by $75.2 million resulting in decreased gross profit of $16.2 million. Over 90% of the decrease in sales and merchandising revenues and cost of sales and merchandising revenues was due to margin compression as the prior year experienced outsized pricing opportunities in the spring application season. Specifically, our Ag Supply Chain business was impacted the most by a lower price environment and reduced volumes from a wet and delayed spring application season, as it contributed $13.1 million of the $16.2 million gross profit shortfall when compared to the outsized prior year results.

Interest expense decreased $1.2 million from prior year due to lower working capital usage.

Other income, net increased by $2.9 million in which substantially all of the increase from prior year was related to interest income from cash on hand.

Other

Results for the quarter decreased by $4.6 million compared to the same period in the prior year due to a $4.8 million revaluation gain of a cost method investment in the prior year.

The Andersons, Inc. | Q3 2024 Form 10-Q | 26

Table of Contents

Income Taxes

For the nine months ended September 30, 2024, the Company recorded income tax expense of $16.9 million. The Company's effective tax rate was 12.7% on income before taxes of $133.5 million. The difference between the 12.7% effective tax rate and the U.S. federal statutory tax rate of 21.0% is primarily attributable to the tax impact of noncontrolling interest, federal tax credits, stock-based compensation, and the reversal of certain unrecognized tax benefits offset by state and local income taxes, tax impacts of foreign operations, and nondeductible compensation.

For the nine months ended September 30, 2023, the Company recorded an income tax expense of $23.7 million. The Company’s effective tax rate was 30.5% on income before income taxes of $77.8 million. The difference between the 30.5% effective tax rate and the U.S. federal statutory rate of 21.0% is primarily attributable to the tax impact of noncontrolling interest, state and local income taxes, and nondeductible compensation, and other discrete tax adjustments. Other discrete tax adjustments include a net income tax benefit of $10.6 million, recorded on a net loss before taxes of $88.8 million related to the operations, impairment charge, and gain on deconsolidation associated with ELEMENT.

The Company’s subsidiary partnership returns are under U.S. federal and certain state tax examinations for tax years 2018 through 2022. The Company’s subsidiary is under federal tax examination by the Mexican tax authorities for tax year 2015. The U.S. federal, state, and Mexican tax authorities’ examinations could potentially be resolved within the next 12 months. The resolution of these examinations could change our unrecognized tax benefits and favorably impact income tax expense by a range of $5.7 million to $10.1 million.

On December 20, 2021, the Organization for Economic Co-operation and Development ("OECD") issued Pillar Two model rules introducing a global minimum tax of 15% on large corporations. Although the U.S. has not yet adopted the Pillar Two model rules, several foreign countries enacted legislation in 2023 which closely follow OECD’s Pillar Two guidance to be effective January 1, 2024. The impact of Pillar Two legislation on the Company's 2024 effective tax rate is expected to be minimal. Management will continue to monitor Pillar Two legislation in our relevant jurisdictions to determine any changes to the Company's effective tax rate.

Liquidity and Capital Resources

Working Capital

At September 30, 2024, the Company had working capital of $1,153.2 million, an increase of $33.7 million from the prior year. This increase was attributable to changes in the following components of current assets and current liabilities:


(in thousands)	September 30, 2024		September 30, 2023		Variance
Current Assets:
Cash and cash equivalents	$	454,065	$	418,055	$	36,010
Accounts receivable, net	756,618		816,686		(60,068)
Inventories	884,339		985,292		(100,953)
Commodity derivative assets – current	122,326		239,595		(117,269)
Other current assets	113,726		67,471		46,255
Total current assets	2,331,074		2,527,099		(196,025)
Current Liabilities:
Short-term debt	14,716		14,138		578
Trade and other payables	774,347		822,153		(47,806)
Customer prepayments and deferred revenue	67,899		211,867		(143,968)
Commodity derivative liabilities – current	85,640		142,511		(56,871)
Current maturities of long-term debt	27,727		27,535		192
Accrued expenses and other current liabilities	207,543		189,430		18,113
Total current liabilities	1,177,872		1,407,634		(229,762)
Working Capital	$	1,153,202	$	1,119,465	$	33,737

The Andersons, Inc. | Q3 2024 Form 10-Q | 27

Table of Contents

Current assets as of September 30, 2024, decreased $196.0 million in comparison to those as of September 30, 2023. This decrease related to the reduction of all current asset accounts with the exception of the increase in cash and other current assets. The decreases in these current asset accounts can largely be attributed to the reduction and stabilization of agricultural commodity prices over the last year in comparison to historically high price levels of agricultural commodities, including fertilizer, in the same period of the prior year. The decreases in the working capital asset accounts also had a direct impact on cash as the Company was not deploying cash to hold working capital as it had done in the previous year.

Current liabilities decreased $229.8 million from the prior year. Current liabilities have decreased in trade payables, customer prepayments and deferred revenue, and commodity derivative liabilities as commodity prices have continued to stabilize over the last year compared to the historically high commodity prices in the same period of the prior year.

Sources and Uses of Cash


	Nine months ended September 30,
(in thousands)	2024		2023
Net cash provided by operating activities	$	62,695	$	696,087
Net cash used in investing activities	(90,592)		(117,263)
Net cash used in financing activities	(162,595)		(275,846)

Operating Activities

Operating activities provided cash of $62.7 million and $696.1 million in the first nine months of 2024 and 2023, respectively. The decrease in the amount of cash provided in operating activities is mainly due to an unfavorable change of $620.4 million in operating assets and liabilities through the normal course of business. Cash generation excluding working capital changes remains consistent and strong in changing markets.

Investing Activities

Investing activities used cash of $90.6 million through the first nine months of 2024 compared to $117.3 million in the prior period. Cash used in investing activities decreased from the prior year mainly due to reduced capital spending combined with $14.8 million in reduced spending on business acquisitions in the current year.

We expect to invest approximately $150 million in property, plant, and equipment in 2024, depending on project timing. Approximately 50% of capital spending will be to maintain current facilities.

Financing Activities

Financing activities used cash of $162.6 million and $275.8 million for the nine months ended September 30, 2024, and 2023, respectively. This decrease in cash used from the prior year is mainly due to the change in the Company's borrowings on its short-term credit facility as the Company had sufficient cash on hand in 2024 to cover a large amount of settled payables and other changes in working capital.

The Company paid $19.5 million in dividends in the first nine months of 2024 compared to $18.8 million paid in the prior period. The Company paid dividends of $0.19 and $0.185 per common share in January, April, and July of 2024 and 2023, respectively. On August 15, 2024, the Company declared a cash dividend of $0.19 per common share payable on October 22, 2024, to shareholders of record on October 1, 2024.

The Company is party to borrowing arrangements with a syndicate of banks that provide a total of $1,859.4 million in borrowing capacity. As of September 30, 2024, the Company had $1,841.0 million available for borrowing.

Certain of our long-term borrowings include covenants that, among other things, impose minimum levels of working capital and various debt leverage ratios. The Company is in compliance with all covenants as of September 30, 2024. In addition, certain of our long-term borrowings are collateralized by mortgages on various facilities.

The Company is typically in a net short-term borrowing position in the first two quarters of the year. The majority of these short-term borrowings bear interest at variable rates, and an increase in interest rates could have a significant impact on our profitability. In addition, periods of high grain prices could require us to make additional margin deposits on our exchange traded futures contracts. Conversely, in periods of declining prices, the Company could receive a return of cash.

Management believes the Company's sources of liquidity will be adequate to fund operations, capital expenditures and service indebtedness. At September 30, 2024, the Company had standby letters of credit outstanding of $3.7 million.

The Andersons, Inc. | Q3 2024 Form 10-Q | 28

Table of Contents

Item 3. Quantitative and Qualitative Disclosures about Market Risk

For further information, refer to our Annual Report on Form 10-K for the year ended December 31, 2023. There were no material changes in market risk, specifically commodity and interest rate risk during the nine months ended September 30, 2024.

Item 4. Controls and Procedures

Evaluation of Disclosure Controls and Procedures

Based on an evaluation under the supervision and with the participation of the Company’s management, the Company’s principal executive officer and principal financial officer have concluded that the Company’s disclosure controls and procedures as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act were effective as of September 30, 2024, to provide reasonable assurance that information required to be disclosed by the Company in reports that it files or submits under the Exchange Act is (i) recorded, processed, summarized and reported within the time periods specified in the SEC rules and forms and (ii) accumulated and communicated to the Company’s management, including its principal executive officer and principal financial officer, as appropriate to allow timely decisions regarding required disclosure.

Changes in Internal Control over Financial Reporting

There were no changes in the Company’s internal control over financial reporting during the third quarter of 2024, identified in connection with management’s evaluation required by paragraph (d) of Rules 13a-15 and 15d-15 under the Exchange Act that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

The Andersons, Inc. | Q3 2024 Form 10-Q | 29

Table of Contents

Part II. Other Information

Item 1. Legal Proceedings

The Company is subject to legal proceedings and claims that have not been fully resolved and that have arisen in the ordinary course of business. Refer to Part I, Item 1 of this Form 10-Q in the Notes to Condensed Consolidated Financial Statements in Note 11, “Commitments and Contingencies,” In the opinion of management, there was not at least a reasonable possibility the Company may have incurred a material loss, or a material loss greater than a recorded accrual, concerning loss contingencies for asserted legal and other claims.

The outcome of litigation is inherently uncertain. If one or more legal matters were resolved against the Company in a reporting period for amounts above management’s expectations, the Company’s financial condition and operating results for that reporting period could be materially adversely affected.

Item 1A. Risk Factors

The business, financial condition and operating results of the Company can be affected by a number of factors, whether currently known or unknown, including but not limited to those described in Part I, Item 1A of the 2023 Form 10-K under the heading “Risk Factors,” any one or more of which could, directly or indirectly, cause the Company’s actual financial condition and operating results to vary materially from past, or from anticipated future, financial condition and operating results. Any of these factors, in whole or in part, could materially and adversely affect the Company’s business, financial condition, operating results and stock price.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds


Periods	Total Number of Shares Purchased (a)	Average Price Paid Per Share		Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs	Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs (b)
July 2024	—	$	—	—	$	100,000,000
August 2024	—	—		—	100,000,000
September 2024	604	50.97		—	100,000,000
Total	604	$	50.97	—	$	100,000,000

(a) During the three months ended September 30, 2024, the Company acquired shares of common stock held by employees who tendered owned shares to satisfy tax withholding obligations.

(b) As of August 15, 2024, the Company was authorized to purchase up to $100 million of the Company’s common stock (the "Repurchase Plan") on or before August 15, 2027. As of September 30, 2024, none of the $100 million available to repurchase shares had been utilized. The Repurchase Plan does not obligate the Company to acquire any specific number of shares. Under the Repurchase Plan, shares may be repurchased in privately negotiated and/or open market transactions, including under plans complying with Rule 10b5-1 under the Exchange Act.

Item 5. Other Information

On August 30, 2024, Patrick E. Bowe, Executive Chairman, entered into a Rule 10b5-1 plan to sell up to 99,215 shares of the Company's common stock, based on certain price parameters, from November 29, 2024 to November 28, 2025.

The Andersons, Inc. | Q3 2024 Form 10-Q | 30

Table of Contents

Item 6. Exhibits



Exhibit Number						Description

10.1						Second Amended and Restated Employment Agreement, dated August 15, 2024, between The Andersons, Inc. and William E. Krueger

10.2						Letter Agreement, dated August 15, 2024, between The Andersons, Inc. and Patrick E. Bowe

31.1*						Certification of the Chief Executive Officer under Rule 13(a)-14(a)/15d-14(a)

31.2*						Certification of the Chief Financial Officer under Rule 13(a)-14(a)/15d-14(a)

32.1**						Certifications Pursuant to 18 U.S.C. Section 1350

101**						Inline XBRL Document Set for the Condensed Consolidated Financial Statements and accompanying notes in Part I, Item 1, “Financial Statements” of this Quarterly Report on Form 10-Q.

104**						Inline XBRL for the cover page of this Quarterly Report on Form 10-Q, included in the Exhibit 101 Inline XBRL Document Set.

* Filed herewith
** Furnished herewith

Items 3 and 4 are not applicable and have been omitted.

The Andersons, Inc. | Q3 2024 Form 10-Q | 31

Table of Contents

Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.



						THE ANDERSONS, INC.

Date: November 5, 2024						/s/ William E. Krueger
						William E. Krueger
						President and Chief Executive Officer

Date: November 5, 2024						/s/ Brian A. Valentine
						Brian A. Valentine
						Executive Vice President and Chief Financial Officer

The Andersons, Inc. | Q3 2024 Form 10-Q | 32

Exhibit 31.1

Certifications

I, William E. Krueger, certify that:


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.

November 5, 2024


			/s/ William E. Krueger
			William E. Krueger
			President and Chief Executive Officer

Exhibit 31.2

Certifications

I, Brian A. Valentine, certify that:


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.

November 5, 2024


			/s/ Brian A. Valentine
			Brian A. Valentine
			Executive Vice President and Chief Financial Officer

Exhibit 32.1

The Andersons, Inc.

Certifications Pursuant to 18 U.S.C. Section 1350

In connection with the Quarterly Report of The Andersons, Inc. (the “Company”) on Form 10-Q for the quarter ended September 30, 2024, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), each of the undersigned officers of the Company certifies pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to such officer’s knowledge:

(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.

November 5, 2024



			/s/ William E. Krueger
			William E. Krueger
			President and Chief Executive Officer

			/s/ Brian A. Valentine
			Brian A. Valentine
			Executive Vice President and Chief Financial Officer

A signed original of this written statement required by Section 906 has been provided to The Andersons, Inc. and will be retained by The Andersons, Inc. and furnished to the Securities and Exchange Commission or its staff upon request.

Cover page - shares	9 Months Ended
Cover page - shares	Sep. 30, 2024	Oct. 25, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
Document Transition Report	false
Entity File Number	000-20557
Entity Registrant Name	ANDERSONS, INC.
Entity Incorporation, State or Country Code	OH
Entity Tax Identification Number	34-1562374
Entity Address, Address Line One	1947 Briarfield Boulevard
Entity Address, City or Town	Maumee
Entity Address, State or Province	OH
Entity Address, Postal Zip Code	43537
City Area Code	419
Local Phone Number	893-5050
Title of 12(b) Security	Common stock, $0.00 par value, $0.01 stated value
Trading Symbol	ANDE
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		34,070,003
Entity Central Index Key	0000821026
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Current Fiscal Year End Date	--12-31

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Statement [Abstract]
Sales and merchandising revenues	$ 2,620,988	$ 3,635,691	$ 8,134,410	$ 11,537,112
Cost of sales and merchandising revenues	2,443,863	3,477,990	7,653,594	11,009,463
Gross profit	177,125	157,701	480,816	527,649
Operating, administrative and general expenses	120,494	126,306	356,466	359,548
Asset impairment	0	0	0	87,156
Interest expense, net	8,361	8,188	21,494	38,766
Other income, net	13,922	15,178	30,651	35,623
Income before income taxes	62,192	38,385	133,507	77,802
Income tax provision	10,731	7,862	16,911	23,710
Net income	51,461	30,523	116,596	54,092
Net income attributable to noncontrolling interests	24,096	20,815	47,674	4,088
Net income attributable to The Andersons, Inc.	$ 27,365	$ 9,708	$ 68,922	$ 50,004
Average number of shares outstanding - basic (in shares)	34,069	33,752	34,020	33,706
Average number of share outstanding - diluted (in shares)	34,358	34,270	34,321	34,266
Earnings per share attributable to The Andersons, Inc. common shareholders:
Basic earnings (loss) per share attributable to The Andersons, Inc. common shareholders (usd per share)	$ 0.80	$ 0.29	$ 2.03	$ 1.48
Diluted earnings (loss) per share attributable to The Andersons, Inc. common shareholders (usd per share)	$ 0.80	$ 0.28	$ 2.01	$ 1.46

Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 51,461	$ 30,523	$ 116,596	$ 54,092
Other comprehensive income (loss), net of tax:
Change in unrecognized actuarial loss and prior service cost	(222)	(276)	(572)	(653)
Foreign currency translation adjustments	3,792	(2,600)	(1,091)	836
Cash flow hedge activity	(9,375)	5,973	(5,826)	7,912
Other comprehensive income (loss)	(5,805)	3,097	(7,489)	8,095
Comprehensive income	45,656	33,620	109,107	62,187
Comprehensive income attributable to the noncontrolling interests	24,096	20,815	47,674	4,088
Comprehensive income attributable to The Andersons, Inc.	$ 21,560	$ 12,805	$ 61,433	$ 58,099

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023
Current assets:
Cash and cash equivalents	$ 454,065	$ 643,854	$ 418,055
Accounts receivable, net	756,618	762,549	816,686
Inventories	884,339	1,166,700	985,292
Commodity derivative assets – current	122,326	178,083	239,595
Other current assets	113,726	55,777	67,471
Total current assets	2,331,074	2,806,963	2,527,099
Property, plant and equipment, net	709,951	693,365	680,188
Other assets, net	347,274	354,679	380,815
Total assets	3,388,299	3,855,007	3,588,102
Current liabilities:
Short-term debt	14,716	43,106	14,138
Trade and other payables	774,347	1,055,473	822,153
Customer prepayments and deferred revenue	67,899	187,054	211,867
Commodity derivative liabilities – current	85,640	90,849	142,511
Current maturities of long-term debt	27,727	27,561	27,535
Accrued expenses and other current liabilities	207,543	232,288	189,430
Total current liabilities	1,177,872	1,636,331	1,407,634
Long-term debt, less current maturities	542,564	562,960	569,730
Other long-term liabilities	144,855	139,329	161,652
Total liabilities	1,865,291	2,338,620	2,139,016
Commitments and contingencies
Shareholders’ equity:
Common shares, without par value (63,000 shares authorized and 34,083 shares at 9/30/2024 and 34,064 shares issued at 12/31/2023 and 9/30/2023)	143	142	142
Preferred shares, without par value (1,000 shares authorized; none issued)	0	0	0
Additional paid-in-capital	382,009	387,210	383,724
Treasury shares, at cost (12, 270 and 270 shares at 9/30/2024, 12/31/2023 and 9/30/2023, respectively)	(572)	(10,261)	(10,266)
Accumulated other comprehensive income	15,376	22,865	28,579
Retained earnings	932,215	882,943	838,556
Total shareholders’ equity of The Andersons, Inc.	1,329,171	1,282,899	1,240,735
Noncontrolling interests	193,837	233,488	208,351
Total equity	1,523,008	1,516,387	1,449,086
Total liabilities and equity	$ 3,388,299	$ 3,855,007	$ 3,588,102

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - shares	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023
Statement of Financial Position [Abstract]
Common shares, shares authorized (shares)	63,000,000	63,000,000	63,000,000
Common shares, shares issued (shares)	34,083,000	34,064,000	34,064,000
Preferred shares, shares authorized (shares)	1,000,000	1,000,000	1,000,000
Preferred shares, shares issued (shares)	0	0	0
Treasury shares, at cost (shares)	12,000	270,000	270,000

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Operating Activities
Net income	$ 116,596	$ 54,092
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation and amortization	91,626	93,800
Asset impairment	0	87,156
Other	15,146	1,347
Changes in operating assets and liabilities:
Accounts receivable	3,498	406,263
Inventories	278,947	748,118
Commodity derivatives	49,327	99,479
Other current and non-current assets	(59,376)	2,048
Payables and other current and non-current liabilities	(433,069)	(796,216)
Net cash provided by operating activities	62,695	696,087
Investing Activities
Purchases of property, plant and equipment and capitalized software	(93,230)	(108,718)
Acquisition of businesses, net of cash acquired	(9,561)	(24,385)
Insurance proceeds	9,219	0
Proceeds from sale of a business	0	10,318
Other	2,980	5,522
Net cash used in investing activities	(90,592)	(117,263)
Financing Activities
Net payments under short-term lines of credit	(27,054)	(261,152)
Proceeds from issuance of long-term debt	0	100,000
Payments of long-term debt	(20,649)	(42,734)
Distributions to noncontrolling interest owner	(87,325)	(44,304)
Dividends paid	(19,466)	(18,771)
Value of shares withheld for taxes	(8,101)	(6,627)
Other	0	(2,258)
Net cash used in financing activities	(162,595)	(275,846)
Effect of exchange rates on cash and cash equivalents	703	(192)
(Decrease) increase in cash and cash equivalents	(189,789)	302,786
Cash and cash equivalents at beginning of period	643,854	115,269
Cash and cash equivalents at end of period	$ 454,065	$ 418,055

Condensed Consolidated Statements of Equity (Unaudited) - 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, 2022	$ 1,429,769	$ 142	$ 385,248	$ (15,043)	$ 20,484	$ 807,770	$ 231,168
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	54,092					50,004	4,088
Other comprehensive income (loss)	16,133				16,133
Amounts reclassified from Accumulated other comprehensive income (loss)	(8,038)				(8,038)
Distributions to noncontrolling interests	(44,304)						(44,304)
Deconsolidation of joint venture	17,399						17,399
Stock awards, stock option exercises and other shares issued to employees and directors, net of income tax	4,213		(2,146)	6,359
Purchase of treasury shares	(1,747)			(1,747)
Dividends declared per common share	(18,728)					(18,728)
Restricted share award dividend equivalents	297		622	165		(490)
Ending Balance at Sep. 30, 2023	1,449,086	142	383,724	(10,266)	28,579	838,556	208,351
Beginning Balance at Jun. 30, 2023	1,438,482	142	380,376	(10,270)	25,482	835,256	207,496
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	30,523					9,708	20,815
Other comprehensive income (loss)	6,060				6,060
Amounts reclassified from Accumulated other comprehensive income (loss)	(2,963)				(2,963)
Distributions to noncontrolling interests	(19,960)						(19,960)
Stock awards, stock option exercises and other shares issued to employees and directors, net of income tax	3,352		3,348	4
Dividends declared per common share	(6,243)					(6,243)
Restricted share award dividend equivalents	(165)					(165)
Ending Balance at Sep. 30, 2023	1,449,086	142	383,724	(10,266)	28,579	838,556	208,351
Beginning Balance at Dec. 31, 2023	1,516,387	142	387,210	(10,261)	22,865	882,943	233,488
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	116,596					68,922	47,674
Other comprehensive income (loss)	3,545				3,545
Amounts reclassified from Accumulated other comprehensive income (loss)	(11,034)				(11,034)
Distributions to noncontrolling interests	(87,325)						(87,325)
Stock awards, stock option exercises and other shares issued to employees and directors, net of income tax	3,719	1	(5,909)	9,627
Dividends declared per common share	(19,416)					(19,416)
Restricted share award dividend equivalents	536		708	62		(234)
Ending Balance at Sep. 30, 2024	1,523,008	143	382,009	(572)	15,376	932,215	193,837
Beginning Balance at Jun. 30, 2024	1,520,262	143	378,453	(631)	21,181	911,455	209,661
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	51,461					27,365	24,096
Other comprehensive income (loss)	(2,383)				(2,383)
Amounts reclassified from Accumulated other comprehensive income (loss)	(3,422)				(3,422)
Distributions to noncontrolling interests	(39,920)						(39,920)
Stock awards, stock option exercises and other shares issued to employees and directors, net of income tax	3,614		3,556	58
Dividends declared per common share	(6,472)					(6,472)
Restricted share award dividend equivalents	(132)			1		(133)
Ending Balance at Sep. 30, 2024	$ 1,523,008	$ 143	$ 382,009	$ (572)	$ 15,376	$ 932,215	$ 193,837

Condensed Consolidated Statements of Equity (Unaudited) (Parenthetical) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Stockholders' Equity [Abstract]
Stock awards, stock option exercises and other shares issued to employees and directors, tax	$ 0	$ 0	$ 0	$ 0
Number of common shares issued for cash (in shares)	1	0	257	222
Treasury shares purchased (in shares)				51
Dividends declared, per common share (in dollars per share)	$ 0.19	$ 0.185	$ 0.57	$ 0.56

Basis of Presentation and Recently Issued Accounting Standards

9 Months Ended

Sep. 30, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Basis of Presentation and Recently Issued Accounting Standards

Variable Interest Entities ("VIEs")

Therefore, operating results from January 1, 2023, to April 18, 2023, are included within the Condensed Consolidated Statements of Operations.


(In thousands)	September 30, 2024		December 31, 2023		September 30, 2023
Assets
Current assets:
Cash and cash equivalents	$	99,414	$	153,258	$	106,279
Accounts receivable, net	4,857		9,324		8,446
Inventories	36,605		61,270		36,912
Other current assets	5,018		6,844		7,169
Total current assets	145,894		230,696		158,806
Property, plant and equipment, net	273,799		270,379		269,433
Other assets, net	24,483		25,434		26,167
Total assets	$	444,176	$	526,509	$	454,406
Liabilities
Current liabilities	$	44,310	$	51,020	$	40,990
Long-term liabilities	11,051		12,010		13,438
Total liabilities	$	55,361	$	63,030	$	54,428

Accounting Pronouncements Not Yet Adopted

Inventories

9 Months Ended

Sep. 30, 2024

Inventory, Net [Abstract]

Inventories


(in thousands)	September 30, 2024		December 31, 2023		September 30, 2023
Grain and other agricultural products (a)	$	648,808	$	886,725	$	718,290
Energy inventories (a)	13,688		21,705		18,939
Ethanol and co-products (a)	80,577		104,349		94,375
Plant nutrients and cob products	141,266		153,921		153,688
Total inventories	$	884,339	$	1,166,700	$	985,292

(a) Includes RMI of $639.7 million, $862.5 million, and $708.2 million at September 30, 2024, December 31, 2023, and September 30, 2023, respectively.

Property, Plant and Equipment

9 Months Ended

Sep. 30, 2024

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

The components of Property, plant and equipment, net are as follows:


(in thousands)	September 30, 2024		December 31, 2023		September 30, 2023
Land	$	30,984	$	30,912	$	30,872
Land improvements and leasehold improvements	86,206		82,438		79,829
Buildings and storage facilities	379,681		365,744		360,234
Machinery and equipment	1,004,315		951,544		916,552
Construction in progress	47,656		36,541		44,420
	1,548,842		1,467,179		1,431,907
Less: accumulated depreciation	838,891		773,814		751,719
Property, plant and equipment, net	$	709,951	$	693,365	$	680,188

Derivatives

9 Months Ended

Sep. 30, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivatives


(in thousands)	September 30, 2024		December 31, 2023		September 30, 2023
Cash collateral paid	$	49,341	$	24,439	$	16,121
Fair value of derivatives	(10,199)		24,237		38,203
Net derivative asset position	$	39,142	$	48,676	$	54,324

The following table presents, on a gross basis, current and non-current commodity derivative assets and liabilities:


	September 30, 2024
(in thousands)	Commodity Derivative Assets - Current		Commodity Derivative Assets - Noncurrent		Commodity Derivative Liabilities - Current		Commodity Derivative Liabilities - Noncurrent		Total
Commodity derivative assets	$	154,042	$	3,656	$	11,207	$	219	$	169,124
Commodity derivative liabilities	(81,057)		(96)		(96,847)		(1,916)		(179,916)
Cash collateral paid	49,341		—		—		—		49,341
Balance sheet line item totals	$	122,326	$	3,560	$	(85,640)	$	(1,697)	$	38,549


	December 31, 2023
(in thousands)	Commodity Derivative Assets - Current		Commodity Derivative Assets - Noncurrent		Commodity Derivative Liabilities - Current		Commodity Derivative Liabilities - Noncurrent		Total
Commodity derivative assets	$	201,542	$	1,496	$	7,868	$	13	$	210,919
Commodity derivative liabilities	(47,898)		(64)		(98,717)		(431)		(147,110)
Cash collateral paid	24,439		—		—		—		24,439
Balance sheet line item totals	$	178,083	$	1,432	$	(90,849)	$	(418)	$	88,248


	September 30, 2023
(in thousands)	Commodity Derivative Assets - Current		Commodity Derivative Assets - Noncurrent		Commodity Derivative Liabilities - Current		Commodity Derivative Liabilities - Noncurrent		Total
Commodity derivative assets	$	301,990	$	4,730	$	12,733	$	101	$	319,554
Commodity derivative liabilities	(78,516)		(396)		(155,244)		(1,669)		(235,825)
Cash collateral paid	16,121		—		—		—		16,121
Balance sheet line item totals	$	239,595	$	4,334	$	(142,511)	$	(1,568)	$	99,850


	Three months ended September 30,				Nine months ended September 30,
(in thousands)	2024		2023		2024		2023
Losses on commodity derivatives included in Cost of sales and merchandising revenues	$	(87,774)	$	(26,918)	$	(74,600)	$	(49,659)

The Company's volumes of commodity derivative contracts outstanding (on a gross basis) are as follows:


	September 30, 2024
(in thousands)	Number of Bushels	Number of Gallons	Number of Tons
Non-exchange traded:
Corn	562,754	—	—
Soybeans	56,718	—	—
Wheat	79,817	—	—
Oats	27,851	—	—
Ethanol	—	305,865	—
Dried distillers grain	—	—	931
Soybean meal	—	—	607
Other	4,073	83,847	2,056
Subtotal	731,213	389,712	3,594
Exchange traded:
Corn	185,750	—	—
Soybeans	41,835	—	—
Wheat	97,018	—	—
Oats	1,165	—	—
Ethanol	—	71,736	—
Propane	—	84,798	—
Other	—	2,016	1,432
Subtotal	325,768	158,550	1,432
Total	1,056,981	548,262	5,026


	December 31, 2023
(in thousands)	Number of Bushels	Number of Gallons	Number of Tons
Non-exchange traded:
Corn	519,825	—	—
Soybeans	41,848	—	—
Wheat	66,953	—	—
Oats	15,355	—	—
Ethanol	—	206,986	—
Dried distillers grain	—	—	740
Soybean meal	—	—	546
Other	6,847	37,153	1,882
Subtotal	650,828	244,139	3,168
Exchange traded:
Corn	160,795	—	—
Soybeans	34,250	—	—
Wheat	64,778	—	—
Oats	375	—	—
Ethanol	—	97,272	—
Propane	—	74,550	—
Other	—	420	825
Subtotal	260,198	172,242	825
Total	911,026	416,381	3,993


	September 30, 2023
(in thousands)	Number of Bushels	Number of Gallons	Number of Tons
Non-exchange traded:
Corn	546,004	—	—
Soybeans	66,884	—	—
Wheat	114,195	—	—
Oats	24,712	—	—
Ethanol	—	217,092	—
Dried distillers grain	—	—	669
Soybean meal	—	—	686
Other	9,734	26,632	2,295
Subtotal	761,529	243,724	3,650
Exchange traded:
Corn	158,900	—	—
Soybeans	36,135	—	—
Wheat	106,068	—	—
Oats	1,865	—	—
Ethanol	—	121,002	—

Propane	—	108,990	—
Other	—	672	779
Subtotal	302,968	230,664	779
Total	1,064,497	474,388	4,429

Interest Rate Derivatives

The Company had recorded the following amounts for the fair value of the interest rate derivatives:


(in thousands)	September 30, 2024		December 31, 2023		September 30, 2023




Derivatives designated as hedging instruments
Interest rate contracts included in Other current assets	$	6,000	$	9,968	$	12,026
Interest rate contracts included in Other assets	14,281		18,041		29,952

The recording of gains and losses on the interest rate derivatives and the financial statement line in which they are located are as follows:


	Three months ended September 30,				Nine months ended September 30,
(in thousands)	2024		2023		2024		2023



Derivatives designated as hedging instruments
Interest rate derivative gains (losses) included in Other comprehensive income	$	(12,477)	$	7,981	$	(7,754)	$	10,571
Interest rate derivative gains (losses) included in Interest expense, net	3,194		2,734		9,782		7,354
Interest rate derivative gains included in Other income, net	—		—		568		—

Outstanding interest rate derivatives, as of September 30, 2024, are as follows:


Interest Rate Hedging Instrument	Year Entered	Year of Maturity	Notional Amount (in millions)		Description	Interest Rate
Swap	2019	2025	$	44.5	Interest rate component of debt - accounted for as a hedge	2.4%
Swap	2019	2025	$	89.1	Interest rate component of debt - accounted for as a hedge	2.3%
Swap	2019	2025	$	44.5	Interest rate component of debt - accounted for as a hedge	2.4%
Swap	2020	2030	$	50.0	Interest rate component of debt - accounted for as a hedge	0.0% to 0.8%
Swap	2020	2030	$	50.0	Interest rate component of debt - accounted for as a hedge	0.0% to 0.8%
Swap	2022	2025	$	20.0	Interest rate component of debt - accounted for as a hedge	2.6%
Swap	2022	2029	$	100.0	Interest rate component of debt - accounted for as a hedge	2.0%
Swap	2022	2029	$	50.0	Interest rate component of debt - accounted for as a hedge	2.4%
Swap	2023	2025	$	50.0	Interest rate component of debt - accounted for as a hedge	3.7%
Swap	2023	2031	$	50.0	Interest rate component of debt - accounted for as a hedge	2.9%

Revenue

9 Months Ended

Sep. 30, 2024

Revenue from Contract with Customer [Abstract]

Revenue


	Three months ended September 30,				Nine months ended September 30,
(in thousands)	2024		2023		2024		2023
Ag Supply Chain	$	68,614	$	79,058	$	374,727	$	466,126
Specialty Liquids	24,114		23,282		132,422		149,886
Engineered Granules	35,339		26,193		139,574		122,055
Total	$	128,067	$	128,533	$	646,723	$	738,067

Substantially all of the Nutrient & Industrial segment revenues presented in the preceding table occurred within the United States and are recorded at a point in time instead of over time.

Contract balances

Income Taxes

9 Months Ended

Sep. 30, 2024

Income Tax Disclosure [Abstract]

Income Taxes


	Three months ended September 30,						Nine months ended September 30,
(in thousands)	2024			2023			2024			2023
Income before income taxes	$	62,192		$	38,385		$	133,507		$	77,802
Income tax provision	10,731			7,862			16,911			23,710
Effective tax rate	17.3		%	20.5		%	12.7		%	30.5		%

Accumulated Other Comprehensive Income

9 Months Ended

Sep. 30, 2024

Equity [Abstract]

Accumulated Other Comprehensive Income

The following table summarizes the changes in accumulated other comprehensive income ("AOCI") attributable to the Company:


	Three months ended September 30,				Nine months ended September 30,
(in thousands)	2024		2023		2024		2023
Currency Translation Adjustment
Beginning balance	$	(7,464)	$	(4,767)	$	(2,581)	$	(8,203)
Other comprehensive income (loss) before reclassifications	3,792		(2,600)		(1,091)		836

Tax effect	—		—		—		—
Other comprehensive income (loss), net of tax	3,792		(2,600)		(1,091)		836
Ending balance	$	(3,672)	$	(7,367)	$	(3,672)	$	(7,367)
Hedging Adjustment
Beginning balance	$	24,534	$	25,485	$	20,985	$	23,546
Other comprehensive income (loss) before reclassifications	(9,283)		10,715		2,596		17,924
Amounts reclassified from AOCI (a)	(3,194)		(2,735)		(10,350)		(7,354)
Tax effect (c)	3,102		(2,007)		1,928		(2,658)
Other comprehensive income (loss), net of tax	(9,375)		5,973		(5,826)		7,912
Ending balance	$	15,159	$	31,458	$	15,159	$	31,458
Pension and Other Postretirement Adjustment
Beginning balance	$	3,853	$	4,506	$	4,203	$	4,883
Other comprehensive income (loss) before reclassifications	(59)		(129)		(49)		(158)
Amounts reclassified from AOCI (b)	(228)		(228)		(684)		(684)
Tax effect (c)	65		81		161		189
Other comprehensive income (loss), net of tax	(222)		(276)		(572)		(653)
Ending balance	$	3,631	$	4,230	$	3,631	$	4,230
Investments in Convertible Preferred Securities Adjustment





Ending balance	$	258	$	258	$	258	$	258

Total AOCI Ending Balance	$	15,376	$	28,579	$	15,376	$	28,579

(b)This accumulated other comprehensive loss component is included in the computation of net periodic benefit cost recorded in Operating, administrative and general expenses.

(c)The Company utilizes the aggregate approach for releasing disproportionate income tax effects in AOCI.

Fair Value Measurements

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurements

The following table presents the Company’s assets and liabilities measured at fair value on a recurring basis:


(in thousands)	September 30, 2024
Assets (liabilities)	Level 1		Level 2		Level 3		Total
Commodity derivatives, net (a)	$	39,142	$	(593)	$	—	$	38,549
Provisionally priced contracts (b)	(24,870)		(29,944)		—		(54,814)
Convertible preferred securities (c)	—		—		15,725		15,725
Other assets and liabilities (d)	6,226		20,281		—		26,507
Total	$	20,498	$	(10,256)	$	15,725	$	25,967


(in thousands)	December 31, 2023
Assets (liabilities)	Level 1		Level 2		Level 3		Total

Commodity derivatives, net (a)	$	48,676	$	39,572	$	—	$	88,248
Provisionally priced contracts (b)	(108,736)		(65,343)		—		(174,079)
Convertible preferred securities (c)	—		—		15,625		15,625
Other assets and liabilities (d)	5,477		28,009		—		33,486
Total	$	(54,583)	$	2,238	$	15,625	$	(36,720)


(in thousands)	September 30, 2023
Assets (liabilities)	Level 1		Level 2		Level 3		Total


Commodity derivatives, net (a)	$	54,324	$	45,526	$	—	$	99,850
Provisionally priced contracts (b)	(80,657)		(24,460)		—		(105,117)
Convertible preferred securities (c)	—		—		20,628		20,628
Other assets and liabilities (d)	2,331		41,978		—		44,309
Total	$	(24,002)	$	63,044	$	20,628	$	59,670

(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 assets, net” on the Company’s Condensed Consolidated Balance Sheets related to certain available for sale securities.

The convertible preferred securities are interests in several early-stage enterprises that may be in various forms, such as convertible debt or preferred equity securities.

A reconciliation of beginning and ending balances for the Company’s fair value measurements using Level 3 inputs is as follows:


	Convertible Preferred Securities
(in thousands)	2024		2023
Assets at January 1,	$	15,625	$	16,278

Gains included in Other income, net	—		802
Proceeds from investments	—		(1,670)
Assets at March 31,	15,625		15,410
Additional investments	—		235
Losses included in Other income, net	—		(221)

Assets at June 30,	15,625		15,424
Additional investments	100		1,107
Gains included in Other income, net	—		4,919
Reclassification to a receivable in Other assets, net	—		(822)
Assets at September 30,	$	15,725	$	20,628

The following summarize quantitative information about the Company's Level 3 fair value measurements:

Quantitative Information about Recurring Level 3 Fair Value Measurements

Fair Value as of

(in thousands)

September 30, 2024

December 31, 2023

September 30, 2023

Valuation Method

Unobservable Input

Weighted Average

Convertible preferred securities (a)

15,725

15,625

20,628

Implied based on market prices

N/A

There were no nonrecurring level 3 fair value measurements as of September 30, 2024, December 31, 2023, or September 30, 2023.

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 Parties

9 Months Ended

Sep. 30, 2024

Related Parties

The following table sets forth the related party transactions entered into for the time periods presented:


	Three months ended September 30,				Nine months ended September 30,
(in thousands)	2024		2023		2024		2023
Sales of products	$	103,736	$	98,062	$	236,038	$	270,112
Purchases of products	14,986		9,061		31,242		39,286


(in thousands)	September 30, 2024		December 31, 2023		September 30, 2023
Accounts receivable	$	10,327	$	6,732	$	13,706
Accounts payable	4,633		3,901		4,697

Segment Information

9 Months Ended

Sep. 30, 2024

Segment Reporting [Abstract]

Segment Information


	Three months ended September 30,				Nine months ended September 30,
(in thousands)	2024		2023		2024		2023
Revenues from external customers
Trade	$	1,747,715	$	2,639,059	$	5,399,315	$	8,213,649
Renewables	745,206		868,099		2,088,372		2,585,396
Nutrient & Industrial	128,067		128,533		646,723		738,067
Total	$	2,620,988	$	3,635,691	$	8,134,410	$	11,537,112


	Three months ended September 30,				Nine months ended September 30,
(in thousands)	2024		2023		2024		2023
Income (loss) before income taxes
Trade	$	26,266	$	8,073	$	37,615	$	52,427
Renewables (a)	52,583		47,096		114,574		31,187
Nutrient & Industrial	(6,132)		(8,452)		15,437		23,675
Other	(10,525)		(8,332)		(34,119)		(29,487)
Total	$	62,192	$	38,385	$	133,507	$	77,802

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 30, 2024
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. The estimated losses for outstanding claims that are considered reasonably possible are not material.

Other Income, Net

9 Months Ended

Sep. 30, 2024

Other Income and Expenses [Abstract]

Other Income, Net

Other Income, net

The following table sets forth the items in Other income, net within the Condensed Consolidated Statements of Operations:


	Three months ended September 30,				Nine months ended September 30,
(in thousands)	2024		2023		2024		2023
Interest income	$	8,141	$	3,296	$	16,535	$	6,471
Property insurance recoveries	5,204		—		5,204		3,183
Patronage income	—		951		3,406		3,046
Gain on deconsolidation of joint venture	—		—		3,117		6,544
Gain on sale of assets and businesses	—		6,515		—		5,836


Gain on investments	—		4,798		—		5,144
Other	577		(382)		2,389		5,399
Total	$	13,922	$	15,178	$	30,651	$	35,623

Individually significant items included in the table above are:

Interest income - The vast majority of interest income recorded by the Company was due to the amount of cash and cash equivalents on hand in all periods presented.

Subsequent Events	9 Months Ended
Subsequent Events	Sep. 30, 2024
Subsequent Events [Abstract]
Subsequent Events	Subsequent EventsOn November 1, 2024, the Company purchased an ownership interest in Skyland Grain, LLC ("Skyland"), which operates grain receiving and agronomy facilities in Kansas, Oklahoma, Colorado, and Texas. The transaction enables the Company to expand its core grain and fertilizer businesses across strategic markets. The Company will own 65% of Skyland's equity and will result in the consolidation of Skyland’s results in the Company's Consolidated Financial Statements within the Trade and Nutrient & Industrial segments. The Company purchased its ownership interest in Skyland for $85.0 million in cash, subject to customary working capital adjustments, and was financed by cash on hand.

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss) Attributable to Parent	$ 27,365	$ 9,708	$ 68,922	$ 50,004

Insider Trading Arrangements - Patrick E. Bowe [Member]	3 Months Ended	9 Months Ended
Insider Trading Arrangements - Patrick E. Bowe [Member]	Sep. 30, 2024 shares	Sep. 30, 2024 shares
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		On August 30, 2024, Patrick E. Bowe, Executive Chairman, entered into a Rule 10b5-1 plan to sell up to 99,215 shares of the Company's common stock, based on certain price parameters, from November 29, 2024 to November 28, 2025.
Name	Patrick E. Bowe
Title	Executive Chairman
Rule 10b5-1 Arrangement Adopted	true
Non-Rule 10b5-1 Arrangement Adopted	false
Adoption Date	August 30, 2024
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Arrangement Duration	364 days
Aggregate Available	99,215	99,215

Basis of Presentation and Recently Issued Accounting Standards (Policies)	9 Months Ended
	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accounting Pronouncements Not Yet Adopted	Accounting Pronouncements Not Yet Adopted In November 2023, the Financial Accounting Standards Board ("FASB") issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (ASU 2023-07), which requires an enhanced disclosure of significant segment expenses on an annual and interim basis. This guidance will be effective for the annual periods beginning with the year ended December 31, 2024, and for interim periods beginning January 1, 2025. Early adoption is permitted. Upon adoption, the guidance should be applied retrospectively to all prior periods presented in the financial statements. We do not expect the adoption of this guidance to have a material impact on the Consolidated Financial Statements. In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (ASU 2023-09), which improves the transparency of income tax disclosures by requiring consistent categories and greater disaggregation of information in the effective tax rate reconciliation and income taxes paid disaggregated by jurisdiction. It also includes certain other amendments to improve the effectiveness of income tax disclosures. This guidance will be effective for the annual periods beginning with the year ended December 31, 2025. Early adoption is permitted. Upon adoption, the guidance can be applied prospectively or retrospectively. We do not expect the adoption of this guidance to have a material impact on the Consolidated Financial Statements.

Basis of Presentation and Recently Issued Accounting Standards (Tables)

9 Months Ended

Sep. 30, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Variable Interest Entities

The following table summarizes the carrying amounts of the assets and liabilities of TAMH, the Company's only consolidated VIE for the periods presented in the Company’s Condensed Consolidated Balance Sheets:


(In thousands)	September 30, 2024		December 31, 2023		September 30, 2023
Assets
Current assets:
Cash and cash equivalents	$	99,414	$	153,258	$	106,279
Accounts receivable, net	4,857		9,324		8,446
Inventories	36,605		61,270		36,912
Other current assets	5,018		6,844		7,169
Total current assets	145,894		230,696		158,806
Property, plant and equipment, net	273,799		270,379		269,433
Other assets, net	24,483		25,434		26,167
Total assets	$	444,176	$	526,509	$	454,406
Liabilities
Current liabilities	$	44,310	$	51,020	$	40,990
Long-term liabilities	11,051		12,010		13,438
Total liabilities	$	55,361	$	63,030	$	54,428

Inventories (Tables)

9 Months Ended

Sep. 30, 2024

Inventory, Net [Abstract]

Classes of inventories


(in thousands)	September 30, 2024		December 31, 2023		September 30, 2023
Grain and other agricultural products (a)	$	648,808	$	886,725	$	718,290
Energy inventories (a)	13,688		21,705		18,939
Ethanol and co-products (a)	80,577		104,349		94,375
Plant nutrients and cob products	141,266		153,921		153,688
Total inventories	$	884,339	$	1,166,700	$	985,292

(a) Includes RMI of $639.7 million, $862.5 million, and $708.2 million at September 30, 2024, December 31, 2023, and September 30, 2023, respectively.

Property, Plant and Equipment (Tables)

9 Months Ended

Sep. 30, 2024

Property, Plant and Equipment [Abstract]

Components of property, plant and equipment

The components of Property, plant and equipment, net are as follows:


(in thousands)	September 30, 2024		December 31, 2023		September 30, 2023
Land	$	30,984	$	30,912	$	30,872
Land improvements and leasehold improvements	86,206		82,438		79,829
Buildings and storage facilities	379,681		365,744		360,234
Machinery and equipment	1,004,315		951,544		916,552
Construction in progress	47,656		36,541		44,420
	1,548,842		1,467,179		1,431,907
Less: accumulated depreciation	838,891		773,814		751,719
Property, plant and equipment, net	$	709,951	$	693,365	$	680,188

Derivatives (Tables)

9 Months Ended

Sep. 30, 2024

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 Condensed Consolidated Balance Sheets in Commodity derivative assets (liabilities) - current or if long-term in nature, Other assets, net or Other long-term liabilities:


(in thousands)	September 30, 2024		December 31, 2023		September 30, 2023
Cash collateral paid	$	49,341	$	24,439	$	16,121
Fair value of derivatives	(10,199)		24,237		38,203
Net derivative asset position	$	39,142	$	48,676	$	54,324

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value

The following table presents, on a gross basis, current and non-current commodity derivative assets and liabilities:


	September 30, 2024
(in thousands)	Commodity Derivative Assets - Current		Commodity Derivative Assets - Noncurrent		Commodity Derivative Liabilities - Current		Commodity Derivative Liabilities - Noncurrent		Total
Commodity derivative assets	$	154,042	$	3,656	$	11,207	$	219	$	169,124
Commodity derivative liabilities	(81,057)		(96)		(96,847)		(1,916)		(179,916)
Cash collateral paid	49,341		—		—		—		49,341
Balance sheet line item totals	$	122,326	$	3,560	$	(85,640)	$	(1,697)	$	38,549


	December 31, 2023
(in thousands)	Commodity Derivative Assets - Current		Commodity Derivative Assets - Noncurrent		Commodity Derivative Liabilities - Current		Commodity Derivative Liabilities - Noncurrent		Total
Commodity derivative assets	$	201,542	$	1,496	$	7,868	$	13	$	210,919
Commodity derivative liabilities	(47,898)		(64)		(98,717)		(431)		(147,110)
Cash collateral paid	24,439		—		—		—		24,439
Balance sheet line item totals	$	178,083	$	1,432	$	(90,849)	$	(418)	$	88,248


	September 30, 2023
(in thousands)	Commodity Derivative Assets - Current		Commodity Derivative Assets - Noncurrent		Commodity Derivative Liabilities - Current		Commodity Derivative Liabilities - Noncurrent		Total
Commodity derivative assets	$	301,990	$	4,730	$	12,733	$	101	$	319,554
Commodity derivative liabilities	(78,516)		(396)		(155,244)		(1,669)		(235,825)
Cash collateral paid	16,121		—		—		—		16,121
Balance sheet line item totals	$	239,595	$	4,334	$	(142,511)	$	(1,568)	$	99,850

Company's Condensed Consolidated Statement of Income gains and location of line items


	Three months ended September 30,				Nine months ended September 30,
(in thousands)	2024		2023		2024		2023
Losses on commodity derivatives included in Cost of sales and merchandising revenues	$	(87,774)	$	(26,918)	$	(74,600)	$	(49,659)

The recording of gains and losses on the interest rate derivatives and the financial statement line in which they are located are as follows:


	Three months ended September 30,				Nine months ended September 30,
(in thousands)	2024		2023		2024		2023



Derivatives designated as hedging instruments
Interest rate derivative gains (losses) included in Other comprehensive income	$	(12,477)	$	7,981	$	(7,754)	$	10,571
Interest rate derivative gains (losses) included in Interest expense, net	3,194		2,734		9,782		7,354
Interest rate derivative gains included in Other income, net	—		—		568		—

Amounts of quantities outstanding included in commodity derivative contracts

The Company's volumes of commodity derivative contracts outstanding (on a gross basis) are as follows:


	September 30, 2024
(in thousands)	Number of Bushels	Number of Gallons	Number of Tons
Non-exchange traded:
Corn	562,754	—	—
Soybeans	56,718	—	—
Wheat	79,817	—	—
Oats	27,851	—	—
Ethanol	—	305,865	—
Dried distillers grain	—	—	931
Soybean meal	—	—	607
Other	4,073	83,847	2,056
Subtotal	731,213	389,712	3,594
Exchange traded:
Corn	185,750	—	—
Soybeans	41,835	—	—
Wheat	97,018	—	—
Oats	1,165	—	—
Ethanol	—	71,736	—
Propane	—	84,798	—
Other	—	2,016	1,432
Subtotal	325,768	158,550	1,432
Total	1,056,981	548,262	5,026


	December 31, 2023
(in thousands)	Number of Bushels	Number of Gallons	Number of Tons
Non-exchange traded:
Corn	519,825	—	—
Soybeans	41,848	—	—
Wheat	66,953	—	—
Oats	15,355	—	—
Ethanol	—	206,986	—
Dried distillers grain	—	—	740
Soybean meal	—	—	546
Other	6,847	37,153	1,882
Subtotal	650,828	244,139	3,168
Exchange traded:
Corn	160,795	—	—
Soybeans	34,250	—	—
Wheat	64,778	—	—
Oats	375	—	—
Ethanol	—	97,272	—
Propane	—	74,550	—
Other	—	420	825
Subtotal	260,198	172,242	825
Total	911,026	416,381	3,993


	September 30, 2023
(in thousands)	Number of Bushels	Number of Gallons	Number of Tons
Non-exchange traded:
Corn	546,004	—	—
Soybeans	66,884	—	—
Wheat	114,195	—	—
Oats	24,712	—	—
Ethanol	—	217,092	—
Dried distillers grain	—	—	669
Soybean meal	—	—	686
Other	9,734	26,632	2,295
Subtotal	761,529	243,724	3,650
Exchange traded:
Corn	158,900	—	—
Soybeans	36,135	—	—
Wheat	106,068	—	—
Oats	1,865	—	—
Ethanol	—	121,002	—

Propane	—	108,990	—
Other	—	672	779
Subtotal	302,968	230,664	779
Total	1,064,497	474,388	4,429

Schedule of Fair Value of Interest Rate Derivative Liabilities

The Company had recorded the following amounts for the fair value of the interest rate derivatives:


(in thousands)	September 30, 2024		December 31, 2023		September 30, 2023




Derivatives designated as hedging instruments
Interest rate contracts included in Other current assets	$	6,000	$	9,968	$	12,026
Interest rate contracts included in Other assets	14,281		18,041		29,952

Schedule of Outstanding Interest Rate Derivatives

Outstanding interest rate derivatives, as of September 30, 2024, are as follows:


Interest Rate Hedging Instrument	Year Entered	Year of Maturity	Notional Amount (in millions)		Description	Interest Rate
Swap	2019	2025	$	44.5	Interest rate component of debt - accounted for as a hedge	2.4%
Swap	2019	2025	$	89.1	Interest rate component of debt - accounted for as a hedge	2.3%
Swap	2019	2025	$	44.5	Interest rate component of debt - accounted for as a hedge	2.4%
Swap	2020	2030	$	50.0	Interest rate component of debt - accounted for as a hedge	0.0% to 0.8%
Swap	2020	2030	$	50.0	Interest rate component of debt - accounted for as a hedge	0.0% to 0.8%
Swap	2022	2025	$	20.0	Interest rate component of debt - accounted for as a hedge	2.6%
Swap	2022	2029	$	100.0	Interest rate component of debt - accounted for as a hedge	2.0%
Swap	2022	2029	$	50.0	Interest rate component of debt - accounted for as a hedge	2.4%
Swap	2023	2025	$	50.0	Interest rate component of debt - accounted for as a hedge	3.7%
Swap	2023	2031	$	50.0	Interest rate component of debt - accounted for as a hedge	2.9%

Revenue (Tables)

9 Months Ended

Sep. 30, 2024

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Revenues

Therefore, a further disaggregation of revenues and detail of outstanding contract balances have been provided below:


	Three months ended September 30,				Nine months ended September 30,
(in thousands)	2024		2023		2024		2023
Ag Supply Chain	$	68,614	$	79,058	$	374,727	$	466,126
Specialty Liquids	24,114		23,282		132,422		149,886
Engineered Granules	35,339		26,193		139,574		122,055
Total	$	128,067	$	128,533	$	646,723	$	738,067

Accumulated Other Comprehensive Income (Tables)

9 Months Ended

Sep. 30, 2024

Equity [Abstract]

Schedule of Accumulated Other Comprehensive Income (Loss)

The following table summarizes the changes in accumulated other comprehensive income ("AOCI") attributable to the Company:


	Three months ended September 30,				Nine months ended September 30,
(in thousands)	2024		2023		2024		2023
Currency Translation Adjustment
Beginning balance	$	(7,464)	$	(4,767)	$	(2,581)	$	(8,203)
Other comprehensive income (loss) before reclassifications	3,792		(2,600)		(1,091)		836

Tax effect	—		—		—		—
Other comprehensive income (loss), net of tax	3,792		(2,600)		(1,091)		836
Ending balance	$	(3,672)	$	(7,367)	$	(3,672)	$	(7,367)
Hedging Adjustment
Beginning balance	$	24,534	$	25,485	$	20,985	$	23,546
Other comprehensive income (loss) before reclassifications	(9,283)		10,715		2,596		17,924
Amounts reclassified from AOCI (a)	(3,194)		(2,735)		(10,350)		(7,354)
Tax effect (c)	3,102		(2,007)		1,928		(2,658)
Other comprehensive income (loss), net of tax	(9,375)		5,973		(5,826)		7,912
Ending balance	$	15,159	$	31,458	$	15,159	$	31,458
Pension and Other Postretirement Adjustment
Beginning balance	$	3,853	$	4,506	$	4,203	$	4,883
Other comprehensive income (loss) before reclassifications	(59)		(129)		(49)		(158)
Amounts reclassified from AOCI (b)	(228)		(228)		(684)		(684)
Tax effect (c)	65		81		161		189
Other comprehensive income (loss), net of tax	(222)		(276)		(572)		(653)
Ending balance	$	3,631	$	4,230	$	3,631	$	4,230
Investments in Convertible Preferred Securities Adjustment





Ending balance	$	258	$	258	$	258	$	258

Total AOCI Ending Balance	$	15,376	$	28,579	$	15,376	$	28,579

(b)This accumulated other comprehensive loss component is included in the computation of net periodic benefit cost recorded in Operating, administrative and general expenses.

(c)The Company utilizes the aggregate approach for releasing disproportionate income tax effects in AOCI.

Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2024

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:


(in thousands)	September 30, 2024
Assets (liabilities)	Level 1		Level 2		Level 3		Total
Commodity derivatives, net (a)	$	39,142	$	(593)	$	—	$	38,549
Provisionally priced contracts (b)	(24,870)		(29,944)		—		(54,814)
Convertible preferred securities (c)	—		—		15,725		15,725
Other assets and liabilities (d)	6,226		20,281		—		26,507
Total	$	20,498	$	(10,256)	$	15,725	$	25,967


(in thousands)	December 31, 2023
Assets (liabilities)	Level 1		Level 2		Level 3		Total

Commodity derivatives, net (a)	$	48,676	$	39,572	$	—	$	88,248
Provisionally priced contracts (b)	(108,736)		(65,343)		—		(174,079)
Convertible preferred securities (c)	—		—		15,625		15,625
Other assets and liabilities (d)	5,477		28,009		—		33,486
Total	$	(54,583)	$	2,238	$	15,625	$	(36,720)


(in thousands)	September 30, 2023
Assets (liabilities)	Level 1		Level 2		Level 3		Total


Commodity derivatives, net (a)	$	54,324	$	45,526	$	—	$	99,850
Provisionally priced contracts (b)	(80,657)		(24,460)		—		(105,117)
Convertible preferred securities (c)	—		—		20,628		20,628
Other assets and liabilities (d)	2,331		41,978		—		44,309
Total	$	(24,002)	$	63,044	$	20,628	$	59,670

(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 assets, net” on the Company’s Condensed Consolidated Balance Sheets related to certain available for sale securities.

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:


	Convertible Preferred Securities
(in thousands)	2024		2023
Assets at January 1,	$	15,625	$	16,278

Gains included in Other income, net	—		802
Proceeds from investments	—		(1,670)
Assets at March 31,	15,625		15,410
Additional investments	—		235
Losses included in Other income, net	—		(221)

Assets at June 30,	15,625		15,424
Additional investments	100		1,107
Gains included in Other income, net	—		4,919
Reclassification to a receivable in Other assets, net	—		(822)
Assets at September 30,	$	15,725	$	20,628

Fair Value Inputs, Assets, Quantitative Information

The following summarize quantitative information about the Company's Level 3 fair value measurements:

Quantitative Information about Recurring Level 3 Fair Value Measurements

Fair Value as of

(in thousands)

September 30, 2024

December 31, 2023

September 30, 2023

Valuation Method

Unobservable Input

Weighted Average

Convertible preferred securities (a)

15,725

15,625

20,628

Implied based on market prices

N/A

Related Parties (Tables)

9 Months Ended

Sep. 30, 2024

Schedule of related party transactions

The following table sets forth the related party transactions entered into for the time periods presented:


	Three months ended September 30,				Nine months ended September 30,
(in thousands)	2024		2023		2024		2023
Sales of products	$	103,736	$	98,062	$	236,038	$	270,112
Purchases of products	14,986		9,061		31,242		39,286


(in thousands)	September 30, 2024		December 31, 2023		September 30, 2023
Accounts receivable	$	10,327	$	6,732	$	13,706
Accounts payable	4,633		3,901		4,697

Segment Information (Tables)

9 Months Ended

Sep. 30, 2024

Segment Reporting [Abstract]

Segment Information


	Three months ended September 30,				Nine months ended September 30,
(in thousands)	2024		2023		2024		2023
Revenues from external customers
Trade	$	1,747,715	$	2,639,059	$	5,399,315	$	8,213,649
Renewables	745,206		868,099		2,088,372		2,585,396
Nutrient & Industrial	128,067		128,533		646,723		738,067
Total	$	2,620,988	$	3,635,691	$	8,134,410	$	11,537,112


	Three months ended September 30,				Nine months ended September 30,
(in thousands)	2024		2023		2024		2023
Income (loss) before income taxes
Trade	$	26,266	$	8,073	$	37,615	$	52,427
Renewables (a)	52,583		47,096		114,574		31,187
Nutrient & Industrial	(6,132)		(8,452)		15,437		23,675
Other	(10,525)		(8,332)		(34,119)		(29,487)
Total	$	62,192	$	38,385	$	133,507	$	77,802

Other Income, Net (Tables)

9 Months Ended

Sep. 30, 2024

Other Income and Expenses [Abstract]

Schedule of Other Nonoperating Income

The following table sets forth the items in Other income, net within the Condensed Consolidated Statements of Operations:


	Three months ended September 30,				Nine months ended September 30,
(in thousands)	2024		2023		2024		2023
Interest income	$	8,141	$	3,296	$	16,535	$	6,471
Property insurance recoveries	5,204		—		5,204		3,183
Patronage income	—		951		3,406		3,046
Gain on deconsolidation of joint venture	—		—		3,117		6,544
Gain on sale of assets and businesses	—		6,515		—		5,836


Gain on investments	—		4,798		—		5,144
Other	577		(382)		2,389		5,399
Total	$	13,922	$	15,178	$	30,651	$	35,623

Basis of Presentation and Recently Issued Accounting Standards - VIE Disclosure (Details) $ in Thousands, gal in Millions	Oct. 01, 2019 gal	Sep. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)	Sep. 30, 2023 USD ($)
Current assets:
Accounts receivable, net		$ 756,618	$ 762,549	$ 816,686
Inventories		884,339	1,166,700	985,292
Other current assets		113,726	55,777	67,471
Total current assets		2,331,074	2,806,963	2,527,099
Assets, Noncurrent [Abstract]
Property, plant and equipment, net		709,951	693,365	680,188
Other assets, net		347,274	354,679	380,815
Total assets		3,388,299	3,855,007	3,588,102
Liabilities and Equity [Abstract]
Current liabilities		1,177,872	1,636,331	1,407,634
Total liabilities		1,865,291	2,338,620	2,139,016
Number of gallons \| gal	405
TAMH
Liabilities and Equity [Abstract]
Ownership of TAMH (in percent)	50.10%
Element LLC
Liabilities and Equity [Abstract]
Ownership of TAMH (in percent)	51.00%
Variable Interest Entity, Primary Beneficiary
Current assets:
Cash and cash equivalents		99,414	153,258	106,279
Accounts receivable, net		4,857	9,324	8,446
Inventories		36,605	61,270	36,912
Other current assets		5,018	6,844	7,169
Total current assets		145,894	230,696	158,806
Assets, Noncurrent [Abstract]
Property, plant and equipment, net		273,799	270,379	269,433
Other assets, net		24,483	25,434	26,167
Total assets		444,176	526,509	454,406
Liabilities and Equity [Abstract]
Current liabilities		44,310	51,020	40,990
Long-term liabilities		11,051	12,010	13,438
Total liabilities		$ 55,361	$ 63,030	$ 54,428

Inventories (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023
Inventory, Net [Abstract]
Grain and other agricultural products	$ 648,808	$ 886,725	$ 718,290
Frac sand and propane	13,688	21,705	18,939
Ethanol and co-products	80,577	104,349	94,375
Plant nutrients and cob products	141,266	153,921	153,688
Total inventories	884,339	1,166,700	985,292
Readily marketable inventory	$ 639,700	$ 862,500	$ 708,200

Property, Plant and Equipment (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023
Components of property, plant and equipment
Land	$ 30,984	$ 30,912	$ 30,872
Land improvements and leasehold improvements	86,206	82,438	79,829
Buildings and storage facilities	379,681	365,744	360,234
Machinery and equipment	1,004,315	951,544	916,552
Construction in progress	47,656	36,541	44,420
Property, plant and equipment, gross	1,548,842	1,467,179	1,431,907
Less: accumulated depreciation	838,891	773,814	751,719
Property, plant and equipment, net	$ 709,951	$ 693,365	$ 680,188

Property, Plant and Equipment (Textual) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Property, Plant and Equipment [Line Items]
Depreciation expense	$ 25,000	$ 24,900	$ 74,300	$ 75,500
Asset impairment	$ 0	$ 0	$ 0	$ 87,156
Asset impairment, noncontrolling interest percent			49.00%
Ethanol
Property, Plant and Equipment [Line Items]
Asset impairment			$ 87,200
Element LLC
Property, Plant and Equipment [Line Items]
Ownership percentage by parent	51.00%		51.00%

Derivatives (Textual) (Details)	9 Months Ended
Derivatives (Textual) (Details)	Sep. 30, 2024
Derivative [Line Items]
Maximum period in which contracts for the sale of grain to processors or other consumers extend (years)	1 year

Derivatives (Net Asset or Liability Positions in Balance Sheet) (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023
Estimated fair value of Company's commodity derivative instruments for cash collateral and associated cash as collateral
Cash collateral paid	$ 49,341	$ 24,439	$ 16,121
Fair value of derivatives	(10,199)	24,237	38,203
Net derivative asset position, net	$ 39,142	$ 48,676	$ 54,324

Derivatives (Gross Current and Noncurrent Assets and Liabilities) (Details) - Commodity - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023
Derivatives, Fair Value [Line Items]
Commodity derivative assets	$ 169,124	$ 210,919	$ 319,554
Commodity derivative liabilities	(179,916)	(147,110)	(235,825)
Cash collateral paid	49,341
Cash collateral paid		24,439	16,121
Total	38,549	88,248	99,850
Commodity Derivative Assets - Current
Derivatives, Fair Value [Line Items]
Commodity derivative assets	154,042	201,542	301,990
Commodity derivative liabilities	(81,057)	(47,898)	(78,516)
Cash collateral paid	49,341
Cash collateral paid		24,439	16,121
Derivative assets	122,326	178,083	239,595
Commodity Derivative Assets - Noncurrent
Derivatives, Fair Value [Line Items]
Commodity derivative assets	3,656	1,496	4,730
Commodity derivative liabilities	(96)	(64)	(396)
Cash collateral paid	0
Cash collateral paid		0	0
Derivative assets	3,560	1,432	4,334
Commodity Derivative Liabilities - Current
Derivatives, Fair Value [Line Items]
Commodity derivative assets	11,207	7,868	12,733
Commodity derivative liabilities	(96,847)	(98,717)	(155,244)
Cash collateral paid	0
Cash collateral paid		0	0
Derivative Liability	(85,640)	(90,849)	(142,511)
Commodity Derivative Liabilities - Noncurrent
Derivatives, Fair Value [Line Items]
Commodity derivative assets	219	13	101
Commodity derivative liabilities	(1,916)	(431)	(1,669)
Cash collateral paid	0
Cash collateral paid		0	0
Derivative Liability	$ (1,697)	$ (418)	$ (1,568)

Derivatives (Pre-tax Gains and Losses) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Commodity
Derivative Instruments, Gain (Loss) [Line Items]
Losses on commodity derivatives included in Cost of sales and merchandising revenues	$ (87,774)	$ (26,918)	$ (74,600)	$ (49,659)
Designated as Hedging Instrument \| Interest rate contracts \| Other Comprehensive Income (Loss)
Derivative Instruments, Gain (Loss) [Line Items]
Interest rate derivative gains (losses)	(12,477)	7,981	(7,754)	10,571
Designated as Hedging Instrument \| Interest rate contracts \| Interest Expense
Derivative Instruments, Gain (Loss) [Line Items]
Interest rate derivative gains (losses)	3,194	2,734	9,782	7,354
Designated as Hedging Instrument \| Interest rate contracts \| Other income, net
Derivative Instruments, Gain (Loss) [Line Items]
Interest rate derivative gains (losses)	$ 0	$ 0	$ 568	$ 0

Derivatives (Volume of Contracts Outstanding) (Details) gal in Thousands, bu in Thousands, T in Thousands	Sep. 30, 2024 bu	Sep. 30, 2024 gal	Sep. 30, 2024 T	Dec. 31, 2023 bu	Dec. 31, 2023 gal	Dec. 31, 2023 T	Sep. 30, 2023 bu	Sep. 30, 2023 gal	Sep. 30, 2023 T
Amounts of quantities outstanding included in commodity derivative contracts
Nonmonetary notional amount	1,056,981	548,262	5,026	911,026	416,381	3,993	1,064,497	474,388	4,429
Non-exchange Traded
Amounts of quantities outstanding included in commodity derivative contracts
Nonmonetary notional amount	731,213	389,712	3,594	650,828	244,139	3,168	761,529	243,724	3,650
Non-exchange Traded \| Corn
Amounts of quantities outstanding included in commodity derivative contracts
Nonmonetary notional amount	562,754	0	0	519,825	0	0	546,004	0	0
Non-exchange Traded \| Soybeans
Amounts of quantities outstanding included in commodity derivative contracts
Nonmonetary notional amount	56,718	0	0	41,848	0	0	66,884	0	0
Non-exchange Traded \| Wheat
Amounts of quantities outstanding included in commodity derivative contracts
Nonmonetary notional amount	79,817	0	0	66,953	0	0	114,195	0	0
Non-exchange Traded \| Oats
Amounts of quantities outstanding included in commodity derivative contracts
Nonmonetary notional amount	27,851	0	0	15,355	0	0	24,712	0	0
Non-exchange Traded \| Ethanol
Amounts of quantities outstanding included in commodity derivative contracts
Nonmonetary notional amount	0	305,865	0	0	206,986	0	0	217,092	0
Non-exchange Traded \| Dried distillers grain
Amounts of quantities outstanding included in commodity derivative contracts
Nonmonetary notional amount	0	0	931	0	0	740	0	0	669
Non-exchange Traded \| Soybean meal
Amounts of quantities outstanding included in commodity derivative contracts
Nonmonetary notional amount	0	0	607	0	0	546	0	0	686
Non-exchange Traded \| Other
Amounts of quantities outstanding included in commodity derivative contracts
Nonmonetary notional amount	4,073	83,847	2,056	6,847	37,153	1,882	9,734	26,632	2,295
Exchange Traded
Amounts of quantities outstanding included in commodity derivative contracts
Nonmonetary notional amount	325,768	158,550	1,432	260,198	172,242	825	302,968	230,664	779
Exchange Traded \| Corn
Amounts of quantities outstanding included in commodity derivative contracts
Nonmonetary notional amount	185,750	0	0	160,795	0	0	158,900	0	0
Exchange Traded \| Soybeans
Amounts of quantities outstanding included in commodity derivative contracts
Nonmonetary notional amount	41,835	0	0	34,250	0	0	36,135	0	0
Exchange Traded \| Wheat
Amounts of quantities outstanding included in commodity derivative contracts
Nonmonetary notional amount	97,018	0	0	64,778	0	0	106,068	0	0
Exchange Traded \| Oats
Amounts of quantities outstanding included in commodity derivative contracts
Nonmonetary notional amount	1,165	0	0	375	0	0	1,865	0	0
Exchange Traded \| Ethanol
Amounts of quantities outstanding included in commodity derivative contracts
Nonmonetary notional amount	0	71,736	0	0	97,272	0	0	121,002	0
Exchange Traded \| Propane
Amounts of quantities outstanding included in commodity derivative contracts
Nonmonetary notional amount	0	84,798	0	0	74,550	0	0	108,990	0
Exchange Traded \| Other
Amounts of quantities outstanding included in commodity derivative contracts
Nonmonetary notional amount	0	2,016	1,432	0	420	825	0	672	779

Derivatives (Fair Value of the Company's Other Derivatives) (Details) - Designated as Hedging Instrument - Interest rate contracts - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023
Other current assets
Derivative [Line Items]
Derivative assets	$ 6,000,000	$ 9,968	$ 12,026
Other Noncurrent Assets
Derivative [Line Items]
Derivative assets	$ 14,281,000	$ 18,041	$ 29,952

Derivatives (Outstanding Interest Rate Derivatives) (Details) - Long-term $ in Millions	Sep. 30, 2024 USD ($)
Not Accounted for as Hedge \| Swap 0.0% to 0.8% \| Minimum
Derivative [Line Items]
Interest rate	0.00%
Not Accounted for as Hedge \| Swap 0.0% to 0.8% \| Maximum
Derivative [Line Items]
Interest rate	0.80%
Not Accounted for as Hedge \| Swap 0.0% to 0.8% \| Minimum
Derivative [Line Items]
Interest rate	0.00%
Not Accounted for as Hedge \| Swap 0.0% to 0.8% \| Maximum
Derivative [Line Items]
Interest rate	0.80%
Accounted for as Hedge \| Swap 2.3%
Derivative [Line Items]
Notional amount	$ 44.5
Interest rate	2.40%
Accounted for as Hedge \| Swap 2.4%
Derivative [Line Items]
Notional amount	$ 89.1
Interest rate	2.30%
Accounted for as Hedge \| Swap 2.4%
Derivative [Line Items]
Notional amount	$ 44.5
Interest rate	2.40%
Accounted for as Hedge \| Swap 0.0% to 0.8%
Derivative [Line Items]
Notional amount	$ 50.0
Accounted for as Hedge \| Swap 0.0% to 0.8%
Derivative [Line Items]
Notional amount	50.0
Accounted for as Hedge \| Swap, 2.6%
Derivative [Line Items]
Notional amount	$ 20.0
Interest rate	2.60%
Accounted for as Hedge \| Swap 2.0%
Derivative [Line Items]
Notional amount	$ 100.0
Interest rate	2.00%
Accounted for as Hedge \| Swap 2.4%
Derivative [Line Items]
Notional amount	$ 50.0
Interest rate	2.40%
Accounted for as Hedge \| Swap 3.7%
Derivative [Line Items]
Notional amount	$ 50.0
Interest rate	3.70%
Accounted for as Hedge \| Swap 2.9%
Derivative [Line Items]
Notional amount	$ 50.0
Interest rate	2.90%

Revenue - Disaggregation of Revenues (Details) - Nutrient & Industrial - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Disaggregation of Revenue [Line Items]
Total	$ 128,067	$ 128,533	$ 646,723	$ 738,067
Ag Supply Chain
Disaggregation of Revenue [Line Items]
Total	68,614	79,058	374,727	466,126
Specialty Liquids
Disaggregation of Revenue [Line Items]
Total	24,114	23,282	132,422	149,886
Engineered Granules
Disaggregation of Revenue [Line Items]
Total	$ 35,339	$ 26,193	$ 139,574	$ 122,055

Revenue (Textual) (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Contract Liabilities	$ 15.6	$ 30.7

Income Taxes - Table (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Income Taxes - Table (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Taxes [Line Items]
Income (loss) from continuing operations before income taxes	$ 62,192	$ 38,385	$ 133,507	$ 77,802
Income tax provision	$ 10,731	$ 7,862	$ 16,911	$ 23,710
Effective tax rate	(17.30%)	(20.50%)	(12.70%)	(30.50%)
Element LLC
Income Taxes [Line Items]
Income (loss) from continuing operations before income taxes				$ (88,800)
Income tax provision				$ (10,600)

Income Taxes - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Income Taxes - Narrative (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Taxes [Line Items]
Effective tax rate	(17.30%)	(20.50%)	(12.70%)	(30.50%)
Income tax expense (benefit)	$ 10,731	$ 7,862	$ 16,911	$ 23,710
Income (loss) from continuing operations before income taxes	$ 62,192	$ 38,385	$ 133,507	77,802
Element LLC
Income Taxes [Line Items]
Income tax expense (benefit)				(10,600)
Income (loss) from continuing operations before income taxes				$ (88,800)

Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning Balance	$ 1,520,262	$ 1,438,482	$ 1,516,387	$ 1,429,769
Other comprehensive income (loss)	(5,805)	3,097	(7,489)	8,095
Ending Balance	1,523,008	1,449,086	1,523,008	1,449,086
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning Balance	21,181	25,482	22,865	20,484
Ending Balance	15,376	28,579	15,376	28,579
Currency Translation Adjustment
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning Balance	(7,464)	(4,767)	(2,581)	(8,203)
Other comprehensive income (loss) before reclassifications	3,792	(2,600)	(1,091)	836
Other Comprehensive Income (Loss), Tax	0	0	0	0
Other comprehensive income (loss)	3,792	(2,600)	(1,091)	836
Ending Balance	(3,672)	(7,367)	(3,672)	(7,367)
Hedging Adjustment
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning Balance	24,534	25,485	20,985	23,546
Other comprehensive income (loss) before reclassifications	(9,283)	10,715	2,596	17,924
Amounts reclassified from accumulated other comprehensive income (loss)	(3,194)	(2,735)	(10,350)	(7,354)
Other Comprehensive Income (Loss), Tax	3,102	(2,007)	1,928	(2,658)
Other comprehensive income (loss)	(9,375)	5,973	(5,826)	7,912
Ending Balance	15,159	31,458	15,159	31,458
Pension and Other Postretirement Adjustment
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning Balance	3,853	4,506	4,203	4,883
Other comprehensive income (loss) before reclassifications	(59)	(129)	(49)	(158)
Amounts reclassified from accumulated other comprehensive income (loss)	(228)	(228)	(684)	(684)
Other Comprehensive Income (Loss), Tax	65	81	161	189
Other comprehensive income (loss)	(222)	(276)	(572)	(653)
Ending Balance	3,631	4,230	3,631	4,230
Investments in Convertible Preferred Securities Adjustment
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Ending Balance	$ 258	$ 258	$ 258	$ 258

Fair Value Measurements (Assets and Liabilities Measured on Recurring Basis) (Details) - Recurring - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023
Assets and liabilities measured at fair value on a recurring basis
Commodity derivatives, net	$ 38,549	$ 88,248	$ 99,850
Provisionally priced contracts	(54,814)	(174,079)	(105,117)
Convertible preferred securities	15,725	15,625	20,628
Other assets and liabilities	26,507	33,486	44,309
Total	25,967	(36,720)	59,670
Level 1
Assets and liabilities measured at fair value on a recurring basis
Commodity derivatives, net	39,142	48,676	54,324
Provisionally priced contracts	(24,870)	(108,736)	(80,657)
Convertible preferred securities	0	0	0
Other assets and liabilities	6,226	5,477	2,331
Total	20,498	(54,583)	(24,002)
Level 2
Assets and liabilities measured at fair value on a recurring basis
Commodity derivatives, net	(593)	39,572	45,526
Provisionally priced contracts	(29,944)	(65,343)	(24,460)
Convertible preferred securities	0	0	0
Other assets and liabilities	20,281	28,009	41,978
Total	(10,256)	2,238	63,044
Level 3
Assets and liabilities measured at fair value on a recurring basis
Commodity derivatives, net	0	0	0
Provisionally priced contracts	0	0	0
Convertible preferred securities	15,725	15,625	20,628
Other assets and liabilities	0	0	0
Total	$ 15,725	$ 15,625	$ 20,628

Fair Value Measurements (Reconciliation of Beginning and Ending Balances of Level 3 Measurements) (Details) - Level 3 - Convertible preferred securities - USD ($) $ in Thousands	3 Months Ended					9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Sep. 30, 2023
Reconciliation of Fair Value Measurements Using Level 3
Asset, beginning balance	$ 15,625	$ 15,625	$ 15,625	$ 15,424	$ 15,410	$ 16,278
Gains included in Other income, net	0		0	4,919	(221)	802
Reclassification to a receivable in Other assets, net	0			(822)
Proceeds from investments			0			(1,670)
Purchases of additional investments	100	0		1,107	235
Asset, ending balance	$ 15,725	$ 15,625	$ 15,625	$ 20,628	$ 15,424	$ 20,628

Fair Value Measurements (Quantitative Information Level 3 Measurements ) (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022
Estimate of Fair Value Measurement
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt, fair value	$ 567,500			$ 585,100	$ 585,200
Level 3 \| Convertible preferred securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Asset fair value	15,725	$ 15,625	$ 15,625	15,625	20,628	$ 15,424	$ 15,410	$ 16,278
Implied based on market prices \| Level 3 \| Convertible preferred securities \| Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Asset fair value	$ 15,725			$ 15,625	$ 20,628

Related Parties (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Related Parties (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Related Party Transaction [Line Items]
Total revenues	$ 2,620,988	$ 3,635,691	$ 8,134,410	$ 11,537,112
Purchases of product	14,986	9,061	31,242	39,286
Accounts receivable, net	756,618	816,686	756,618	816,686	$ 762,549
Related Party
Related Party Transaction [Line Items]
Total revenues	103,736	98,062	236,038	270,112
Accounts receivable, net	10,327	13,706	10,327	13,706	6,732
Accounts payable	$ 4,633	$ 4,697	$ 4,633	$ 4,697	$ 3,901

Segment Information (Narrative) (Details) $ in Thousands	3 Months Ended		9 Months Ended
Segment Information (Narrative) (Details) $ in Thousands	Sep. 30, 2024 USD ($) facility	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) facility segment	Sep. 30, 2023 USD ($)
Segment Reporting [Abstract]
Number of reportable segments (business segments) \| segment			3
Net income attributable to noncontrolling interests \| $	$ 24,096	$ 20,815	$ 47,674	$ 4,088
Number of facilities \| facility	4		4

Segment Information - Allocation of Expenses (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Segment Reporting Information [Line Items]
Total revenues	$ 2,620,988	$ 3,635,691	$ 8,134,410	$ 11,537,112
Total	62,192	38,385	133,507	77,802
Net income attributable to noncontrolling interests	24,096	20,815	47,674	4,088
Operating Segments \| Trade
Segment Reporting Information [Line Items]
Total revenues	1,747,715	2,639,059	5,399,315	8,213,649
Total	26,266	8,073	37,615	52,427
Operating Segments \| Renewables
Segment Reporting Information [Line Items]
Total revenues	745,206	868,099	2,088,372	2,585,396
Total	52,583	47,096	114,574	31,187
Net income attributable to noncontrolling interests	24,100	20,800	47,700	4,100
Operating Segments \| Nutrient & Industrial
Segment Reporting Information [Line Items]
Total revenues	128,067	128,533	646,723	738,067
Total	(6,132)	(8,452)	15,437	23,675
Other
Segment Reporting Information [Line Items]
Total	$ (10,525)	$ (8,332)	$ (34,119)	$ (29,487)

Other Income, Net - Schedule of Other Nonoperating Income (Details) - USD ($) $ in Thousands	3 Months Ended			9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Subsidiary or Equity Method Investee [Line Items]
Interest income	$ 8,141		$ 3,296	$ 16,535	$ 6,471
Property insurance recoveries	5,204		0	5,204	3,183
Patronage income	0		951	3,406	3,046
Gain on deconsolidation of joint venture	0	$ 3,100	0	3,117	6,544
Gain on investments	0		4,798	0	5,144
Other	577		(382)	2,389	5,399
Other income, net	13,922		15,178	30,651	35,623
Frac sand assets
Subsidiary or Equity Method Investee [Line Items]
Gain on sale of assets and businesses	$ 0		$ 6,515	$ 0	$ 5,836

Other Income, Net - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended			9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Property, Plant and Equipment [Line Items]
Property insurance recoveries	$ 5,204		$ 0	$ 5,204	$ 3,183
Gain on deconsolidation of joint venture	$ 0	$ 3,100	$ 0	3,117	$ 6,544
Reevaluation gain on investment				4,800
Grain Facility In Nebraska
Property, Plant and Equipment [Line Items]
Gain on sale of assets and businesses				5,600
Indiana Facility
Property, Plant and Equipment [Line Items]
Property insurance recoveries				$ 5,000

Subsequent Events (Details) - Subsequent Event - Skyland Grain, LLC $ in Millions	Nov. 01, 2024 USD ($)
Subsequent Event [Line Items]
Percentage owned	65.00%
Consideration for acquisition	$ 85.0

Andersons (NASDAQ:ANDE)
Gráfica de Acción Histórica
De Dic 2024 a Ene 2025

Haga Click aquí para más Gráficas Andersons.

Andersons (NASDAQ:ANDE)
Gráfica de Acción Histórica
De Ene 2024 a Ene 2025

Datos

Noticias

Herramientas

Mercados

Descubrir

Hot Features

Follow Feed

Flujo de Opciones

Monitor

ANDE Andersons Inc

Noticias sobre Andersons Inc ANDE

Su Consulta Reciente

Empresa

Negocios

Popular

Obtener la aplicación

Tendencias Ahora

Listas Principales

Datos

Noticias

Herramientas

Mercados

Descubrir

Hot Features

Follow Feed

Flujo de Opciones

Monitor

ANDE Andersons Inc

Noticias sobre Andersons Inc ANDE

Su Consulta Reciente

Empresa

Negocios

Popular

Obtener la aplicación