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Revenue (Tables) | 3 Months Ended
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Mar. 31, 2018
Revenue from Contract with Customer [Abstract] |
Schedule of Breakdown of Revenues between ASC 606 | The breakdown of revenues between ASC 606 and other standards is as follows:
(in thousands) | Three months ended March 31, 2018
Revenues under ASC 606 | $ | 193,650 |
Revenues under ASC 840 | 26,029 |
Revenues under ASC 815 | 416,060 |
Total Revenues | $ | 635,739 |
Schedule of Disaggregation of Revenues | The following table disaggregates revenues under ASC 606 by major product/service line:
| Three months ended March 31, 2018
(in thousands) | Grain |  | Ethanol |  | Plant Nutrient |  | Rail |  | Total
Specialty nutrients | $ | — |  |  | $ | — |  |  | $ | 75,078 |  |  | $ | — |  |  | $ | 75,078 |
Primary nutrients | — |  |  | — |  |  | 53,219 |  |  | — |  |  | 53,219 |
Service | 4,418 |  |  | 2,545 |  |  | 209 |  |  | 8,117 |  |  | 15,289 |
Co-products | — |  |  | 26,646 |  |  | — |  |  | — |  |  | 26,646 |
Other | 210 |  |  | — |  |  | 7,111 |  |  | 16,097 |  |  | 23,418 |
Total | $ | 4,628 |  |  | $ | 29,191 |  |  | $ | 135,617 |  |  | $ | 24,214 |  |  | $ | 193,650 |
Schedule of Opening and Closing Balances of Company's Contract Assets and Liabilities | The opening and closing balances of the Company’s contract liabilities are as follows:
in thousands | Contract liabilities
Balance at January 1, 2018 | $ | 25,520 |
Balance at March 31, 2018 | $ | 67,715 |
Schedule of Effects of New Accounting Pronouncements in Balance Sheet and Statement of Operations |
| Statement of Operations
in thousands | As Reported |  | ASC 606 Impact |  | Pro forma as if the previous accounting guidance was in effect
Sales and merchandising revenues | $ | 635,739 |  |  | $ | 164,189 |  |  | $ | 799,928 |
Cost of sales and merchandising revenues | 572,034 |  |  | 164,650 |  |  | 736,684 |
Gross profit | 63,705 |  |  | (461 | ) |  | 63,244 |
Operating, administrative and general expenses | 64,257 |  |  | — |  |  | 64,257 |
Goodwill impairment |  |  |  | — |  |  | — |
Interest expense | 6,999 |  |  | (403 | ) |  | 6,596 |
Other income: |  |  |  |  |
Equity in earnings of affiliates, net | 3,573 |  |  | — |  |  | 3,573 |
Other income, net | 1,686 |  |  | — |  |  | 1,686 |
Income (loss) before income taxes | (2,292 | ) |  | (58 | ) |  | (2,350 | )
Income tax provision | (310 | ) |  | (22 | ) |  | (332 | )
Net income (loss) | (1,982 | ) |  | (36 | ) |  | (2,018 | )
Net income attributable to the noncontrolling interests | (282 | ) |  | — |  |  | (282 | )
Net income (loss) attributable to The Andersons, Inc. | $ | (1,700 | ) |  | $ | (36 | ) |  | $ | (1,736 | )
The following table compares the reported condensed consolidated balance sheet and statement of operations, as of and for the three months ended March 31, 2018, to the pro forma amounts had the previous guidance been in effect:
| Balance Sheet
(in thousands) | As Reported |  | ASC 606 Impact |  | Pro forma as if the previous accounting guidance was in effect
Cash and cash equivalents and restricted cash | $ | 31,497 |  |  | $ | — |  |  | $ | 31,497 |
Accounts receivable, net | 216,021 |  |  | — |  |  | 216,021 |
Inventories | 731,629 |  |  | 145 |  |  | 731,774 |
Commodity derivative assets - current | 43,810 |  |  | — |  |  | 43,810 |
Other current assets | 114,922 |  |  | (170 | ) |  | 114,752 |
Other noncurrent assets | 369,633 |  |  | — |  |  | 369,633 |
Rail Group assets leased to others, net | 462,253 |  |  | (24,844 | ) |  | 437,409 |
Property, plant and equipment | 393,763 |  |  | — |  |  | 393,763 |
Total assets | 2,363,528 |  |  | (24,869 | ) |  | 2,338,659 |
Short-term debt and current maturities of long-term debt | 503,134 |  |  | (2,922 | ) |  | 500,212 |
Trade and other payables and accrued expenses and other current liabilities | 323,614 |  |  | — |  |  | 323,614 |
Commodity derivative liabilities - current | 15,424 |  |  | — |  |  | 15,424 |
Customer prepayments and deferred revenue | 81,778 |  |  | — |  |  | 81,778 |
Commodity derivative liabilities - noncurrent and Other long-term liabilities | 32,950 |  |  | — |  |  | 32,950 |
Employee benefit plan obligations | 26,310 |  |  | — |  |  | 26,310 |
Long-term debt, less current maturities | 438,628 |  |  | (33,318 | ) |  | 405,310 |
Deferred income taxes | 118,933 |  |  | 2,942 |  |  | 121,875 |
Total liabilities | 1,540,771 |  |  | (33,298 | ) |  | 1,507,473 |
Retained earnings | 618,572 |  |  | 8,429 |  |  | 627,001 |
Common shares, additional paid-in-capital, treasury shares, accumulated other comprehensive loss and noncontrolling interests | 204,185 |  |  | — |  |  | 204,185 |
Total equity | 822,757 |  |  | 8,429 |  |  | 831,186 |
Total liabilities and equity | 2,363,528 |  |  | (24,869 | ) |  | 2,338,659 |

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