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Revenue (Tables) | 9 Months Ended
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Sep. 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 September 30, 2018 |  | Nine months ended September 30, 2018
Revenues under ASC 606 | $ | 156,394 |  |  | $ | 706,927 |
Revenues under ASC 840 | 25,853 |  |  | 78,110 |
Revenues under ASC 815 | 503,332 |  |  | 1,447,683 |
Total Revenues | $ | 685,579 |  |  | $ | 2,232,720 |
Schedule of Disaggregation of Revenues | The following tables disaggregate revenues under ASC 606 by major product/service line:
| Three months ended September 30, 2018
(in thousands) | Grain |  | Ethanol |  | Plant Nutrient |  | Rail |  | Total
Specialty nutrients | $ | — |  |  | $ | — |  |  | $ | 36,856 |  |  | $ | — |  |  | $ | 36,856 |
Primary nutrients | — |  |  | — |  |  | 60,460 |  |  | — |  |  | 60,460 |
Services | 3,052 |  |  | 2,713 |  |  | 877 |  |  | 8,925 |  |  | 15,567 |
Co-products | — |  |  | 29,282 |  |  | — |  |  | — |  |  | 29,282 |
Other | 245 |  |  | — |  |  | 5,996 |  |  | 7,988 |  |  | 14,229 |
Total | $ | 3,297 |  |  | $ | 31,995 |  |  | $ | 104,189 |  |  | $ | 16,913 |  |  | $ | 156,394 |
For the three months ended September 30, 2018, approximately 10% of revenues accounted for under ASC 606 are recorded over time which primarily relates to service revenues noted above.
| Nine months ended September 30, 2018
(in thousands) | Grain |  | Ethanol |  | Plant Nutrient |  | Rail |  | Total
Specialty nutrients | $ | — |  |  | $ | — |  |  | $ | 206,215 |  |  | $ | — |  |  | $ | 206,215 |
Primary nutrients | — |  |  | — |  |  | 313,967 |  |  | — |  |  | 313,967 |
Service | 10,851 |  |  | 8,018 |  |  | 3,498 |  |  | 26,350 |  |  | 48,717 |
Co-products | — |  |  | 88,390 |  |  | — |  |  | — |  |  | 88,390 |
Other | 747 |  |  | — |  |  | 19,231 |  |  | 29,660 |  |  | 49,638 |
Total | $ | 11,598 |  |  | $ | 96,408 |  |  | $ | 542,911 |  |  | $ | 56,010 |  |  | $ | 706,927 |
For the nine months ended September 30, 2018, approximately 7% 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 |
Balance at September 30, 2018 | 29,836 |
Schedule of Effects of New Accounting Pronouncements in Balance Sheet and Statement of Operations |
| Statement of Operations
| Three months ended September 30, 2018
(in thousands) | As Reported |  | ASC 606 Impact |  | Pro forma as if the previous accounting guidance was in effect
Sales and merchandising revenues | $ | 685,579 |  |  | $ | 173,183 |  |  | $ | 858,762 |
Cost of sales and merchandising revenues | 631,715 |  |  | 173,706 |  |  | 805,421 |
Gross profit | 53,864 |  |  | (523 | ) |  | 53,341 |
Operating, administrative and general expenses | 65,986 |  |  | — |  |  | 65,986 |
Asset impairment | — |  |  | — |  |  | — |
Interest expense | 5,176 |  |  | (387 | ) |  | 4,789 |
Other income: |  |  |  |  |
Equity in earnings of affiliates, net | 7,225 |  |  | — |  |  | 7,225 |
Other income, net | 6,434 |  |  | — |  |  | 6,434 |
Income (loss) before income taxes | (3,639 | ) |  | (136 | ) |  | (3,775 | )
Income tax provision | (1,764 | ) |  | (34 | ) |  | (1,798 | )
Net income (loss) | (1,875 | ) |  | (102 | ) |  | (1,977 | )
Net income attributable to the noncontrolling interests | 223 |  |  | — |  |  | 223 |
Net income (loss) attributable to The Andersons, Inc. | $ | (2,098 | ) |  | $ | (102 | ) |  | $ | (2,200 | )
| Statement of Operations
| Nine months ended September 30, 2018
(in thousands) | As Reported |  | ASC 606 Impact |  | Pro forma as if the previous accounting guidance was in effect
Sales and merchandising revenues | $ | 2,232,720 |  |  | $ | 522,648 |  |  | $ | 2,755,368 |
Cost of sales and merchandising revenues | 2,024,677 |  |  | 524,121 |  |  | 2,548,798 |
Gross profit | 208,043 |  |  | (1,473 | ) |  | 206,570 |
Operating, administrative and general expenses | 190,096 |  |  | — |  |  | 190,096 |
Asset impairment | 6,272 |  |  | — |  |  | 6,272 |
Interest expense | 20,000 |  |  | (1,185 | ) |  | 18,815 |
Other income: |  |  |  |  |
Equity in earnings of affiliates, net | 20,601 |  |  | — |  |  | 20,601 |
Other income, net | 10,949 |  |  | — |  |  | 10,949 |
Income (loss) before income taxes | 23,225 |  |  | (288 | ) |  | 22,937 |
Income tax provision | 5,668 |  |  | (72 | ) |  | 5,596 |
Net income (loss) | 17,557 |  |  | (216 | ) |  | 17,341 |
Net income attributable to the noncontrolling interests | (175 | ) |  | — |  |  | (175 | )
Net income (loss) attributable to The Andersons, Inc. | $ | 17,732 |  |  | $ | (216 | ) |  | $ | 17,516 |
The following table compares the reported condensed consolidated balance sheet, as of September 30, 2018, to the pro forma amounts had the previous guidance been in effect:
| Balance Sheet
| September 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 | $ | 16,820 |  |  | $ | — |  |  | $ | 16,820 |
Accounts receivable, net | 206,380 |  |  | — |  |  | 206,380 |
Inventories | 490,331 |  |  | 178 |  |  | 490,509 |
Commodity derivative assets - current | 76,861 |  |  | — |  |  | 76,861 |
Other current assets | 87,901 |  |  | (268 | ) |  | 87,633 |
Other noncurrent assets | 374,044 |  |  | — |  |  | 374,044 |
Rail Group assets leased to others, net | 464,776 |  |  | (23,337 | ) |  | 441,439 |
Property, plant and equipment, net | 434,505 |  |  | — |  |  | 434,505 |
Total assets | 2,151,618 |  |  | (23,427 | ) |  | 2,128,191 |
Short-term debt and current maturities of long-term debt | 147,677 |  |  | (3,772 | ) |  | 143,905 |
Trade and other payables and accrued expenses and other current liabilities | 413,331 |  |  | — |  |  | 413,331 |
Commodity derivative liabilities - current | 91,403 |  |  | — |  |  | 91,403 |
Customer prepayments and deferred revenue | 38,242 |  |  | — |  |  | 38,242 |
Commodity derivative liabilities - noncurrent and Other long-term liabilities | 33,163 |  |  | — |  |  | 33,163 |
Employee benefit plan obligations | 25,356 |  |  | — |  |  | 25,356 |
Long-term debt, less current maturities | 437,280 |  |  | (31,018 | ) |  | 406,262 |
Deferred income taxes | 122,523 |  |  | 2,869 |  |  | 125,392 |
Total liabilities | 1,308,975 |  |  | (31,921 | ) |  | 1,277,054 |
Retained earnings | 628,676 |  |  | 8,494 |  |  | 637,170 |
Common shares, additional paid-in-capital, treasury shares, accumulated other comprehensive loss and noncontrolling interests | 213,967 |  |  | — |  |  | 213,967 |
Total equity | 842,643 |  |  | 8,494 |  |  | 851,137 |
Total liabilities and equity | $ | 2,151,618 |  |  | $ | (23,427 | ) |  | $ | 2,128,191 |

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