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Revenue (Tables) | 6 Months Ended
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Jun. 30, 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 June 30, 2018 |  | Six months ended June 30, 2018
Revenues under ASC 606 | $ | 356,883 |  |  | $ | 550,533 |
Revenues under ASC 840 | 26,228 |  |  | 52,257 |
Revenues under ASC 815 | 528,291 |  |  | 944,351 |
Total Revenues | $ | 911,402 |  |  | $ | 1,547,141 |
Schedule of Disaggregation of Revenues | The following tables disaggregate revenues under ASC 606 by major product/service line:
| Three months ended June 30, 2018
(in thousands) | Grain |  | Ethanol |  | Plant Nutrient |  | Rail |  | Total
Specialty nutrients | $ | — |  |  | $ | — |  |  | $ | 94,281 |  |  | $ | — |  |  | $ | 94,281 |
Primary nutrients | — |  |  | — |  |  | 200,288 |  |  | — |  |  | 200,288 |
Service | 3,381 |  |  | 2,760 |  |  | 2,412 |  |  | 9,308 |  |  | 17,861 |
Co-products | — |  |  | 32,462 |  |  | — |  |  | — |  |  | 32,462 |
Other | 292 |  |  | — |  |  | 6,124 |  |  | 5,575 |  |  | 11,991 |
Total | $ | 3,673 |  |  | $ | 35,222 |  |  | $ | 303,105 |  |  | $ | 14,883 |  |  | $ | 356,883 |
Approximately 5% of revenues accounted for under ASC 606 are recorded over time which primarily relates to service revenues noted above.
| Six months ended June 30, 2018
(in thousands) | Grain |  | Ethanol |  | Plant Nutrient |  | Rail |  | Total
Specialty nutrients | $ | — |  |  | $ | — |  |  | $ | 169,359 |  |  | $ | — |  |  | $ | 169,359 |
Primary nutrients | — |  |  | — |  |  | 253,507 |  |  | — |  |  | 253,507 |
Service | 7,799 |  |  | 5,305 |  |  | 2,621 |  |  | 17,425 |  |  | 33,150 |
Co-products | — |  |  | 59,108 |  |  | — |  |  | — |  |  | 59,108 |
Other | 502 |  |  | — |  |  | 13,235 |  |  | 21,672 |  |  | 35,409 |
Total | $ | 8,301 |  |  | $ | 64,413 |  |  | $ | 438,722 |  |  | $ | 39,097 |  |  | $ | 550,533 |
Approximately 6% of revenues accounted for under ASC 606 are recorded over time which primarily relates to service revenues noted above.
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 |
Balance at June 30, 2018 | 10,047 |
Schedule of Effects of New Accounting Pronouncements in Balance Sheet and Statement of Operations |
| Statement of Operations
| Three months ended June 30, 2018
(in thousands) | As Reported |  | ASC 606 Impact |  | Pro forma as if the previous accounting guidance was in effect
Sales and merchandising revenues | $ | 911,402 |  |  | $ | 185,276 |  |  | $ | 1,096,678 |
Cost of sales and merchandising revenues | 820,928 |  |  | 185,765 |  |  | 1,006,693 |
Gross profit | 90,474 |  |  | (489 | ) |  | 89,985 |
Operating, administrative and general expenses | 59,853 |  |  | — |  |  | 59,853 |
Asset impairment | 6,272 |  |  | — |  |  | 6,272 |
Interest expense | 7,825 |  |  | (395 | ) |  | 7,430 |
Other income: |  |  |  |  |
Equity in earnings of affiliates, net | 9,803 |  |  | — |  |  | 9,803 |
Other income, net | 2,828 |  |  | — |  |  | 2,828 |
Income (loss) before income taxes | 29,155 |  |  | (94 | ) |  | 29,061 |
Income tax provision | 7,742 |  |  | (16 | ) |  | 7,726 |
Net income (loss) | 21,413 |  |  | (78 | ) |  | 21,335 |
Net income attributable to the noncontrolling interests | (116 | ) |  | — |  |  | (116 | )
Net income (loss) attributable to The Andersons, Inc. | $ | 21,529 |  |  | $ | (78 | ) |  | $ | 21,451 |
| Statement of Operations
| Six months ended June 30, 2018
(in thousands) | As Reported |  | ASC 606 Impact |  | Pro forma as if the previous accounting guidance was in effect
Sales and merchandising revenues | $ | 1,547,141 |  |  | $ | 349,465 |  |  | $ | 1,896,606 |
Cost of sales and merchandising revenues | 1,392,962 |  |  | 350,415 |  |  | 1,743,377 |
Gross profit | 154,179 |  |  | (950 | ) |  | 153,229 |
Operating, administrative and general expenses | 124,110 |  |  | — |  |  | 124,110 |
Asset impairment | 6,272 |  |  | — |  |  | 6,272 |
Interest expense | 14,824 |  |  | (798 | ) |  | 14,026 |
Other income: |  |  |  |  |
Equity in earnings of affiliates, net | 13,376 |  |  | — |  |  | 13,376 |
Other income, net | 4,514 |  |  | — |  |  | 4,514 |
Income (loss) before income taxes | 26,863 |  |  | (152 | ) |  | 26,711 |
Income tax provision | 7,432 |  |  | (38 | ) |  | 7,394 |
Net income (loss) | 19,431 |  |  | (114 | ) |  | 19,317 |
Net income attributable to the noncontrolling interests | (398 | ) |  | — |  |  | (398 | )
Net income (loss) attributable to The Andersons, Inc. | $ | 19,829 |  |  | $ | (114 | ) |  | $ | 19,715 |
The following table compares the reported condensed consolidated balance sheet, as of June 30, 2018, to the pro forma amounts had the previous guidance been in effect:
| Balance Sheet
| June 30, 2018
(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 | $ | 58,611 |  |  | $ | — |  |  | $ | 58,611 |
Accounts receivable, net | 218,476 |  |  | — |  |  | 218,476 |
Inventories | 495,611 |  |  | 158 |  |  | 495,769 |
Commodity derivative assets - current | 54,259 |  |  | — |  |  | 54,259 |
Other current assets | 52,464 |  |  | (202 | ) |  | 52,262 |
Other noncurrent assets | 371,368 |  |  | — |  |  | 371,368 |
Rail Group assets leased to others, net | 458,424 |  |  | (24,131 | ) |  | 434,293 |
Property, plant and equipment, net | 408,575 |  |  | — |  |  | 408,575 |
Total assets | 2,117,788 |  |  | (24,175 | ) |  | 2,093,613 |
Short-term debt and current maturities of long-term debt | 198,700 |  |  | (2,922 | ) |  | 195,778 |
Trade and other payables and accrued expenses and other current liabilities | 356,733 |  |  | — |  |  | 356,733 |
Commodity derivative liabilities - current | 85,160 |  |  | — |  |  | 85,160 |
Customer prepayments and deferred revenue | 16,103 |  |  | — |  |  | 16,103 |
Commodity derivative liabilities - noncurrent and Other long-term liabilities | 33,527 |  |  | — |  |  | 33,527 |
Employee benefit plan obligations | 26,131 |  |  | — |  |  | 26,131 |
Long-term debt, less current maturities | 435,580 |  |  | (32,597 | ) |  | 402,983 |
Deferred income taxes | 118,864 |  |  | 2,869 |  |  | 121,733 |
Total liabilities | 1,270,798 |  |  | (32,650 | ) |  | 1,238,148 |
Retained earnings | 635,438 |  |  | 8,475 |  |  | 643,913 |
Common shares, additional paid-in-capital, treasury shares, accumulated other comprehensive loss and noncontrolling interests | 211,552 |  |  | — |  |  | 211,552 |
Total equity | 846,990 |  |  | 8,475 |  |  | 855,465 |
Total liabilities and equity | 2,117,788 |  |  | (24,175 | ) |  | 2,093,613 |

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