<SEC-DOCUMENT>0000821026-20-000003.txt : 20200311
<SEC-HEADER>0000821026-20-000003.hdr.sgml : 20200311
<ACCEPTANCE-DATETIME>20200128173004
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0000821026-20-000003
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20200128

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Andersons, Inc.
		CENTRAL INDEX KEY:			0000821026
		STANDARD INDUSTRIAL CLASSIFICATION:	WHOLESALE-FARM PRODUCT RAW MATERIALS [5150]
		IRS NUMBER:				341562374
		STATE OF INCORPORATION:			OH
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		1947 BRIARFIELD BOULEVARD
		CITY:			MAUMEE
		STATE:			OH
		ZIP:			43537
		BUSINESS PHONE:		(419)893-5050

	MAIL ADDRESS:	
		STREET 1:		1947 BRIARFIELD BOULEVARD
		CITY:			MAUMEE
		STATE:			OH
		ZIP:			43537

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ANDERSONS INC
		DATE OF NAME CHANGE:	19960117

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ANDERSONS MANAGEMENT CORP
		DATE OF NAME CHANGE:	19931119
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
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<div><a name="s82F1CBE84D435FABB03CA7DF2E8E623C"></a></div><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><div><br></div><div style="line-height:120%;text-align:left;"><img src="andeletterheadlogoa03.jpg" alt="andeletterheadlogoa03.jpg" style="height:66px;width:184px;"></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;padding-bottom:10px;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">January 28, 2020</font></div><div style="line-height:120%;padding-bottom:10px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;padding-bottom:10px;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;text-decoration:underline;">VIA EDGAR</font></div><div style="line-height:120%;padding-bottom:2px;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Aamira Chaudhry &amp; Robert Shapiro</font></div><div style="line-height:120%;padding-bottom:2px;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Division of Corporation Finance</font></div><div style="line-height:120%;padding-bottom:2px;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Office of Trade and Services</font></div><div style="line-height:120%;padding-bottom:2px;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Securities and Exchange Commission</font></div><div style="line-height:120%;padding-bottom:2px;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Washington, D.C. 20549</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Re:  Andersons, Inc.</font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Form 10-K for the Fiscal Year Ended December 31, 2018 </font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Filed February 27, 2019</font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">File No. 000-20557</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;padding-bottom:10px;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Dear Ms. Chaudhry and Mr. Shapiro:</font></div><div style="line-height:120%;padding-bottom:10px;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">This letter responds to the comments of the Staff of the Division of Corporation Finance (the &#8220;Staff&#8221;) of the U.S. Securities and Exchange Commission (the &#8220;Commission&#8221;) on The Andersons, Inc. (herein referred to as &#8220;we,&#8221; the &#8220;Company,&#8221; or &#8220;Andersons&#8221;) Form 10-K for the fiscal year ended December 31, 2018, communicated in your letter dated December 23, 2019. We have repeated your comments below followed by our response.</font></div><div style="line-height:120%;padding-top:14px;text-align:left;padding-left:10px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;text-decoration:underline;">Form 10-K for the Fiscal Year Ended December 31, 2018</font></div><div style="line-height:120%;padding-top:14px;text-align:left;padding-left:10px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;text-decoration:underline;">Item 8. Financial Statements and Supplementary Data Notes to Consolidated Financial Statements</font></div><div style="line-height:120%;padding-top:0px;text-align:left;padding-left:10px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;text-decoration:underline;">Note 1. Summary of Significant Accounting Policies Marketing Agreement, page 47</font></div><div style="line-height:120%;padding-top:0px;text-align:left;padding-left:10px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:54px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:6px;"><font style="font-family:inherit;font-size:10pt;">1.</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-style:italic;">Please tell us and disclose in further detail the nature of your role and responsibilities with regards to the lease and marketing agreement with Cargill, and the performance obligations to be satisfied in the income sharing arrangement disclosed on page 47. Please explain your accounting for this agreement and your consideration of whether this is collaborative arrangement.</font></div></td></tr></table><div style="line-height:120%;padding-bottom:10px;padding-top:13px;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Background</font></div><div style="line-height:120%;padding-bottom:10px;padding-top:13px;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">With respect to the lease and marketing agreements with Cargill, the amount of profit-sharing recognized as a reduction of revenues was $0.2 million, $3.7 million and $2.1 million for the years ended December 31, 2018, 2017 and 2016, respectively. There was no outstanding liability to Cargill as of December 31, 2018 and $3.3 million was accrued as of December 31, 2017.  While these amounts were not material to our previously filed financial statements, the following discussion provides further detail to the nature of our role and responsibilities under these agreements.</font></div><div><br></div><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><div><br></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-style:italic;">Lease Agreement</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">On June 1, 2008 we entered into an amended and restated agreement with Cargill to lease two Toledo, Ohio area grain handling facilities (the &#8220;Leased Facilities&#8221;) for a term of five years in exchange for a fixed annual rental fee.  This lease agreement was subsequently amended on June 1, 2013 and June 1, 2018 with each amendment extending the term of the lease for an additional five years. As such, the current lease agreement is effective until May 31, 2023.  </font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">In addition to the Lease Facilities, we also own two separate grain handling facilities in the Toledo, Ohio area (the &#8220;Owned Facilities&#8221;).  The Lease Facilities and the Owned Facilities are collectively referred to as the &#8220;Grain Facilities.&#8221;</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-style:italic;">Marketing Agreement</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">On June 1, 2008, the same day as the Lease Agreement, we entered into an amended and restated Marketing Agreement with Cargill, which provides the terms under which The Andersons operates the Grain Facilities.  The Marketing Agreement was also amended and restated on June 1, 2013 and June 1, 2018 in conjunction with the amendments to the Lease Agreement as described above.  The Marketing Agreement is co-terminus with the Lease Agreement.</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Pursuant to the Marketing Agreement, we use our best efforts to maximize the throughput of grain at the Grain Facilities by purchasing it from third-party producers and subsequently selling it to our customers. Cargill has the right of first refusal to purchase the grain being sold from the Grain Facilities at the then-current market price.  However, based on our past history, a portion of the grain is sold to independent third-party customers.  Further, the Marketing Agreement merely sets forth the terms and conditions that will govern future purchase orders between us and Cargill but does not, by itself, create enforceable rights and obligations (i.e., Cargill has no obligation to purchase grain from us and we have no obligation to supply grain to Cargill). The enforceable rights and obligations are only created once a purchase order is received specifying, among other things, the product type, quantity, and price.</font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">&#160;</font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">In addition, the Marketing Agreement contains a profit-sharing provision whereby cumulative earnings before taxes (&#8220;EBT&#8221;), as defined within the agreement, generated from the Grain Facilities will be shared based upon contractually-specified formulas. Specifically:</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:24px;"><font style="font-family:inherit;font-size:10pt;">1.</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">If actual cumulative EBT from the Grain Facilities at the end of the 5-year term exceeds $19.0 million, Cargill is entitled to receive 50% of the excess EBT. This would result in a payment from The Andersons to Cargill.</font></div></td></tr></table><div style="line-height:120%;text-align:left;padding-left:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:24px;"><font style="font-family:inherit;font-size:10pt;">2.</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">If actual cumulative EBT from the Grain Facilities at the end of the 5-year term is less than $19.0 million, but more than the threshold cumulative EBT of $12.0 million, no payments are exchanged between Cargill and The Andersons. </font></div></td></tr></table><div style="line-height:120%;text-align:left;padding-left:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:24px;"><font style="font-family:inherit;font-size:10pt;">3.</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">If actual cumulative EBT from the Grain Facilities at the end of the 5-year term is less than the $12.0 million threshold, The Andersons is entitled to receive 50% of the deficit between (1) the actual cumulative EBT and (2) $12.0 million, subject to a $2.0 million maximum exposure for Cargill.  This would result in a payment from Cargill to The Andersons, never to exceed $2.0 million.</font></div></td></tr></table><div style="line-height:120%;text-align:left;padding-left:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;padding-bottom:10px;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">While the ultimate resolution of the profit-sharing occurs at the end of the 5-year term, provisional distributions are made at the end of each contract year based on actual cumulative EBT through such date as compared to annualized target thresholds.  </font></div><div><br></div><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><div><br></div><div style="line-height:120%;padding-bottom:10px;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Accounting Policy</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">We have determined that both the Lease Agreement and the Marketing Agreement (together, the &#8220;Cargill Agreement&#8221;) should be combined into a single contract for accounting purposes given that both were entered into on the same date, they are co-terminus, and the contracts were negotiated together with a single commercial objective.  The Cargill Agreement includes a lease component, consisting of our right to use the Leased Facilities, and a revenue component, consisting of the payments made pursuant to the profit-sharing provision of the Marketing Agreement, as explained in further detail. </font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">We account for the lease component in accordance with ASC 840 (before the adoption of ASU 2016-02) and ASC 842 (after the adoption of ASU 2016-02, effective January 1, 2019).  As such, before the adoption of ASU 2016-02, annual lease payments made to Cargill were recognized as lease expense within Operating, administrative, and general expenses as the Company concluded that the Leased Facilities should be classified as operating leases.  Upon adoption of ASU 2016-02, the Company recognized a right of use asset and a corresponding lease liability equal to the present value of the remaining minimum lease payments owed to Cargill as of the effective date.</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">We account for the revenue component of the contract by recognizing the amount owed to Cargill as a reduction of revenue. Although the revenue transactions that are subject to the profit-sharing calculation under the Marketing Agreement are accounted for outside the scope of ASC 606 (as explained further below), we believe that the presentation of the profit-sharing payment as a reduction of revenue is appropriate based on the &#8220;payments to a customer&#8221; guidance in ASC 606 given the fact that Cargill is our customer. In addition, we have concluded that the lease component of the Cargill Agreement is at market and therefore the entire profit-sharing payment should be allocated to the &#8220;revenue component&#8221; of the Cargill Agreement.</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Importantly, because the Marketing Agreement does not create enforceable rights and obligations, we do not account for it as a revenue contract until a firm purchase order is received (either from Cargill or another customer).  Further, as noted in the 2018 Form 10-K, contracts for the sale of commodities, including those related to sales of grain from the Grain Facilities, are derivatives under ASC 815 and therefore, are accounted for outside the scope of ASC 606.  As such, we recognize revenue when the contracts are settled, which generally occurs upon shipment or delivery of the product. However, given that the ultimate pricing of the sales of grain from the Grain Facilities is influenced by the variability created by the Marketing Agreement, we account for the profit-share payments as a reduction of revenues over the term of the Cargill Agreement.  That is, upon settlement of a derivative contract, the amount of revenue that we recognize is equal to the contractually stated price less the amount that is owed to Cargill under the profit-sharing provision for that sale.  Simultaneously, we accrue a corresponding liability for the amount that is owed to Cargill.  </font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;padding-bottom:10px;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Collaborative Arrangements</font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">The Company has also considered whether the Cargill Agreement should be considered a collaborative arrangement under ASC 808-10. A collaborative arrangement is a contractual agreement between two or more parties that participate in joint operating activities. In addition, for a contractual agreement to meet the definition of a collaborative arrangement, all parties must:</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:72px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:10pt;">1.</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Actively participate in the joint operating activities, and </font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:72px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:10pt;">2.</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Be exposed to significant risks and rewards that depend on the commercial success of the endeavor.</font></div></td></tr></table><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Further, for a collaborative arrangement to exist, the parties must conduct their joint activities primarily outside of a legal entity.</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Pursuant to the Marketing Agreement, Cargill is able to participate in an advisory capacity in the joint operating activities of the Grain Facilities and does not actively participate in the joint operating activities.  Further, Cargill is not exposed to significant risks and rewards of the endeavor.  Specifically, the amount that Cargill may be required to pay us under the profit-sharing provision of the Marketing Agreement is capped at $0.4 million per year ($2.0 </font></div><div><br></div><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><div><br></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">million over the term of the agreement) whereas there is no cap on the amount of economic losses that we are exposed to from the operations of the Grain Facilities.  In addition, as described above, we have concluded that the Cargill Agreement contains two components, each of which is addressed by separate ASC topics.  That is, the minimum lease payments made to Cargill are within the scope of ASC 840/842 and the profit-sharing payments made to or received from Cargill are accounted for as payments to a customer under ASC 606.  Therefore, we do not believe that there are any additional components that would be within the scope of ASC 808.  </font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">&#160;</font></div><div style="line-height:120%;padding-bottom:10px;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Disclosure Consideration</font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Finally, we have reconsidered our current disclosures related to these agreements. As noted in the opening paragraph above, the amounts recognized related to profit-sharing are recorded within revenues and the outstanding liabilities were not material for any of the periods within this filing and, as such, no additional disclosure was deemed necessary. However, the Company proposes to supplement its disclosures in future filings to describe that the amounts recognized under the profit-sharing arrangement are presented as a reduction of revenue in our Consolidated Statements of Operations.</font></div><div style="line-height:120%;padding-bottom:10px;padding-top:13px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;padding-top:12px;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;text-decoration:underline;">Notes to Consolidated Financial Statements Note 13. Related Party Transactions</font></div><div style="line-height:120%;padding-top:0px;text-align:left;padding-left:9px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;text-decoration:underline;">Equity Method Investments, page 78</font></div><div style="line-height:120%;padding-top:0px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:53px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:5px;"><font style="font-family:inherit;font-size:10pt;">2.</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-style:italic;">We note that you have a management agreement with each of the TAAE, TACE and the TAME LLCs (LLCs). As part of these agreements, the Ethanol Group runs the day-to- day operations of the plants, provide all administrative functions and risk management services, and lease grain facilities to two of the entities. The agreements with each of the LLCs provide you the exclusive right to act as supplier for 100% of the corn used by the LLCs in the production of ethanol. You also have marketing agreements with each of the ethanol LLCs in which you purchase most, if not all, of the ethanol produced by the LLCs at the same price they will resell the ethanol to external customers and receive a fee per gallon sold. Lastly, under corn oil marketing agreements with the LLCs, you market the distiller dried grains (DDG) and corn oil for a fee on units sold. Please provide us your analysis of the consideration of the LLCs as variable interest entities (VIEs) and determination of the primary beneficiary for consolidation. Refer to the VIE guidance in ASC 810-10-25 in your response.</font></div></td></tr></table><div style="line-height:120%;padding-bottom:10px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;padding-bottom:10px;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Background</font></div><div style="line-height:120%;padding-bottom:10px;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">As of December 31, 2018, the Company held a&#160;55%&#160;interest in The Andersons Albion Ethanol LLC (&#8220;TAAE&#8221;), a&#160;39%&#160;interest in The Andersons Clymers Ethanol LLC (&#8220;TACE&#8221;) and a 33%&#160;interest in The Andersons Marathon Ethanol LLC (&#8220;TAME&#8221;). Each of these entities were formed and commenced operations between 2005 and 2008.  The previously identified operating ethanol LLC investments are accounted for using the equity method of accounting and are each separate individual legal limited liability companies (LLCs) that are co-owned with Marathon Renewable Fuels Corp (&#8220;Marathon&#8221;). Each of the LLCs is governed by an operating agreement entered into by all of its equity investors and each cannot be amended without a supermajority vote of roughly 66% of all membership units. </font></div><div style="line-height:120%;padding-bottom:10px;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Additionally, each LLC has separate origination and marketing agreements which are consistent between TAAE, TACE and TAME.</font></div><div><br></div><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><div><br></div><div style="line-height:120%;padding-bottom:10px;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;padding-bottom:10px;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Variable Interest Entity Considerations</font></div><div style="line-height:120%;padding-bottom:10px;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Each LLC is a separate legal entity that is not exempt from consideration under the voting interest or VIE model and in which the company has a significant variable interest. Therefore, we first analyzed whether each LLC represents a VIE in accordance with ASC 810-10-15-14 as follows:  </font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">In evaluating the criteria within ASC 810-10-15-14, we have determined the following (codification guidance in italics):</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:72px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:10pt;">a.</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-style:italic;">The total equity investment at risk is sufficient to permit the legal entity to finance its activities without additional subordinated financial support provided by any parties, including equity holders.</font></div></td></tr></table><div style="line-height:120%;text-align:justify;padding-left:72px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;padding-left:72px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;text-decoration:underline;">Company analysis:</font><font style="font-family:inherit;font-size:11pt;">&#32;The LLCs have sufficient equity to finance their activities and any debt is not guaranteed by any parties, including equity holders. </font></div><div style="line-height:120%;text-align:left;padding-left:120px;text-indent:-48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:72px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:10pt;">b.</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-style:italic;">As a group the holders of the equity investment at risk lack any one of the following three characteristics:</font></div></td></tr></table><div style="line-height:120%;text-align:left;padding-left:72px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:120px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:96px;"><font style="font-family:inherit;font-size:10pt;">1.</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-style:italic;">The power, through voting rights or similar rights, to direct the activities of a legal entity that most significantly impact the entity&#8217;s economic performance.  </font></div></td></tr></table><div style="line-height:120%;text-align:left;padding-left:168px;text-indent:-48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:168px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:156px;"><font style="font-family:inherit;font-size:10pt;">i.</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-style:italic;">For limited partnerships, partners lack that power if neither (01) nor (02) below exists. </font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:216px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:204px;"><font style="font-family:inherit;font-size:11pt;font-style:italic;">.</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-style:italic;">A simple majority or lower threshold of limited partners (including a single limited partner) with equity at risk is able to exercise substantive kick-out rights (according to their voting interest entity definition) through voting interests over the general partner(s). </font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:216px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:204px;"><font style="font-family:inherit;font-size:11pt;font-style:italic;">.</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-style:italic;">Limited partners with equity at risk are able to exercise substantive participating rights (according to their voting interest entity definition) over the general partner(s).</font></div></td></tr></table><div style="line-height:120%;text-align:left;padding-left:216px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-style:italic;">For purposes of (01) and (02) above, evaluation of the substantiveness of participating rights and kick-out rights shall be based on the guidance included in paragraphs 810-10-25-2 through 25-14C. </font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:120px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:96px;"><font style="font-family:inherit;font-size:10pt;">2.</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-style:italic;">The obligation to absorb the expected losses of the legal entity.    </font></div></td></tr></table><div style="line-height:120%;text-align:left;padding-left:120px;text-indent:-48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:120px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:96px;"><font style="font-family:inherit;font-size:10pt;">3.</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-style:italic;">The right to receive the expected residual returns of the legal entity. </font></div></td></tr></table><div style="line-height:120%;text-align:left;padding-left:120px;text-indent:-48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;padding-bottom:10px;text-align:left;padding-left:96px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-style:italic;">If interests other than the equity investment at risk provide the holders of that investment with these characteristics or if interests other than the equity investment at risk prevent the equity holders from having these characteristics, the entity is a VIE. </font></div><div style="line-height:120%;text-align:left;padding-left:53px;text-indent:-48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;padding-left:96px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;text-decoration:underline;">Company analysis</font><font style="font-family:inherit;font-size:11pt;">&#32;- As stated in the Background, the LLCs were formed as limited liability companies, which are specifically mentioned as a type of legal entity that may be similar to a limited partnership.  However, determining whether the LLCs have governance structures similar to a limited partnership requires judgment.  Therefore, we analyzed factors that would suggest whether the governance structures were more similar to limited partnerships or corporations:</font></div><div style="line-height:120%;text-align:justify;padding-left:96px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;padding-left:96px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;text-decoration:underline;">Factors That Would Indicate That the Company is Similar to a Limited Partnership</font><font style="font-family:inherit;font-size:11pt;">:</font></div><div style="line-height:120%;text-align:justify;padding-left:96px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:120px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:96px;"><font style="font-family:inherit;font-size:10pt;">&#9642;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Structured as a legal form LLC</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:120px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:96px;"><font style="font-family:inherit;font-size:10pt;">&#9642;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Existence of separate capital accounts</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:120px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:96px;"><font style="font-family:inherit;font-size:10pt;">&#9642;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">The Andersons, as the Manager, has substantial responsibility/authority in conducting the LLCs activities. The rights provided to The Andersons and Marathon, as the non-managing member, </font></div></td></tr></table><div><br></div><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><div><br></div><div style="line-height:120%;padding-left:120px;text-align:justify;"><font style="font-family:inherit;font-size:11pt;">are participative in nature, notably the supermajority requirement for numerous activities (as discussed more fully below).  </font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:120px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:96px;"><font style="font-family:inherit;font-size:10pt;">&#9642;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">The Andersons, in its role as Manager, is compensated for its services.</font></div></td></tr></table><div style="line-height:120%;text-align:justify;padding-left:96px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;padding-left:96px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;text-decoration:underline;">Factors That Would Indicate That the Company is Similar to a Corporation</font><font style="font-family:inherit;font-size:11pt;">:</font></div><div style="line-height:120%;text-align:justify;padding-left:96px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:120px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:96px;"><font style="font-family:inherit;font-size:10pt;">&#9642;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Substantive interests (33% to 55% equity interests) are not typically held by a general partner in a limited partnership.  As such, The Andersons&#8217; designation as a &#8220;Manager&#8221; could reasonably be viewed to reflect the extent of their ownership interest.  </font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:120px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:96px;"><font style="font-family:inherit;font-size:10pt;">&#9642;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">The Andersons could become the Manager without holding interest in the Company.</font></div></td></tr></table><div style="line-height:120%;padding-bottom:10px;text-align:left;padding-left:96px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;padding-bottom:10px;text-align:left;padding-left:96px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">We concluded that each LLC was akin to a partnership governance structure, and therefore, analyzed whether the non-managing member (Marathon) had substantive kick-out rights or participating rights.</font></div><div style="line-height:120%;text-align:justify;padding-left:96px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;text-decoration:underline;">Analysis of Substantive Kick-Out Rights pursuant to ASC 810-10-20</font><font style="font-family:inherit;font-size:11pt;">: </font></div><div style="line-height:120%;text-align:justify;padding-left:96px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;padding-left:96px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Marathon does not have substantive kick-out rights. </font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;padding-left:96px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;text-decoration:underline;">Analysis of Participating Rights</font><font style="font-family:inherit;font-size:11pt;">: </font></div><div style="line-height:120%;text-align:left;padding-left:96px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;padding-left:96px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">ASC 810-10-20 defines a &#8220;participating right&#8221; as:</font></div><div style="line-height:120%;text-align:left;padding-left:96px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;padding-left:144px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-style:italic;">Participating rights allow the limited partners or noncontrolling shareholders to block or participate in certain significant financial and operating decisions of the limited partnership or corporation that are made in the ordinary course of business. Participating rights do not require the holders of such rights to have the ability to initiate actions.</font></div><div style="line-height:120%;text-align:left;padding-left:96px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;padding-left:96px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">In evaluating whether The Andersons or Marathon has substantive participating rights that are not proportional to their ownership interests, we noted the following decisions that require supermajority vote pursuant to the operating agreements to determine whether any would be considered &#8220;significant financial and operating decisions&#8230;that are made in the ordinary course of business.&#8221;  The following actions are among the most significant financial and operating decisions, not an exhaustive list, which require a supermajority vote (&gt;66%):</font></div><div style="line-height:120%;text-align:left;padding-left:96px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:144px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:120px;"><font style="font-family:inherit;font-size:10pt;">a.</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Approve the annual budget which includes routine capital expenditures;</font></div></td></tr></table><div style="line-height:120%;text-align:left;padding-left:96px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:144px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:120px;"><font style="font-family:inherit;font-size:10pt;">b.</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Approve additional capital expenditures, other than capital expenditures, specifically provided for in the approved budgets noted in item (a) above;</font></div></td></tr></table><div style="line-height:120%;text-align:left;padding-left:144px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:144px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:120px;"><font style="font-family:inherit;font-size:10pt;">c.</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Renew, approve or execute amendments or restatements to the various service agreements entered into with The Andersons, or enter into any new agreements in replacement of such document with any party;</font></div></td></tr></table><div style="line-height:120%;text-align:left;padding-left:144px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:144px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:120px;"><font style="font-family:inherit;font-size:10pt;">d.</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Make (or enter into any agreement or commitment with respect to the making of) any equity or debt investments;</font></div></td></tr></table><div style="line-height:120%;text-align:left;padding-left:144px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:144px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:120px;"><font style="font-family:inherit;font-size:10pt;">e.</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Incur any debt financing not reflected in approved budgets or prepay refinance, amend, modify, or extend any mortgages or deeds of trust which may affect any asset of the Company;</font></div></td></tr></table><div style="line-height:120%;text-align:left;padding-left:144px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:144px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:120px;"><font style="font-family:inherit;font-size:10pt;">f.</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Appoint or remove key executives of the LLCs, and establish their compensation;</font></div></td></tr></table><div style="line-height:120%;text-align:left;padding-left:96px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:144px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:120px;"><font style="font-family:inherit;font-size:10pt;">g.</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Establish, amend or approve exceptions from, the LLCs&#8217; Risk Management Policy, </font></div></td></tr></table><div><br></div><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><div><br></div><div style="line-height:120%;padding-left:144px;text-align:left;"><font style="font-family:inherit;font-size:11pt;">including those to be carried out in the LLCs&#8217; behalf pursuant to the Grain Origination, Distillers' Grains Marketing and Consulting Services Agreement or the Ethanol Marketing Agreement; </font></div><div style="line-height:120%;text-align:left;padding-left:144px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;padding-bottom:10px;text-align:left;padding-left:96px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">As noted above, the provisions in the operating agreements provide substantial participating rights to each of the investors such that no one group directs the most significant activities of the legal entity and therefore we concluded that the each of the LLCs is not a VIE but rather a voting interest entity.</font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:72px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:10pt;">c.</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-style:italic;">The equity investors as a group also are considered to lack the characteristic in (b)(1) if both of the following conditions are present:</font></div></td></tr></table><div style="line-height:120%;text-align:left;padding-left:120px;text-indent:-48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:120px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:96px;"><font style="font-family:inherit;font-size:10pt;">1.</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-style:italic;">The voting rights of some investors are not proportional to their obligations to absorb the expected losses of the legal entity, their rights to receive the expected residual returns of the legal entity, or both.</font></div></td></tr></table><div style="line-height:120%;text-align:left;padding-left:120px;text-indent:-48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;padding-left:96px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;text-decoration:underline;">Company Analysis -</font><font style="font-family:inherit;font-size:11pt;">&#32;In evaluating the three LLC investments, we note that The Andersons owns 39% of TACE and 33% of TAME, which are disproportional to their voting rights and their obligations to absorb the expected losses of the LLCs and their rights to receive the expected residual returns of the LLCs, because The Andersons effectively has 50% of the power over all of the decisions of the entity as the Managing Member.  However, as discussed in (2) below, we note that in these instances, The Andersons has disproportionately more (not fewer) voting rights compared to its economics.</font></div><div style="line-height:120%;text-align:left;padding-left:96px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;padding-left:96px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">With respect to TAAE, we determined that while The Andersons owns 55% of the voting interests, the supermajority rights outlined in the operating agreements effectively limit our voting interest to 50% and thus we believe that this condition is present as our voting rights are not proportional to our economics.  Accordingly, we must analyze c.2. below for TAAE.</font></div><div style="line-height:120%;text-align:left;padding-left:120px;text-indent:-48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:120px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:96px;"><font style="font-family:inherit;font-size:10pt;">2.</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-style:italic;">Substantially all of the legal entity's activities (for example, providing financing or buying assets) either involve or are conducted on behalf of an investor that has disproportionately few voting rights.  This provision is necessary to prevent a primary beneficiary from avoiding consolidation of a VIE by organizing the legal entity with non-substantive voting interests. Activities that involve or are conducted on behalf of the related parties of an investor with disproportionately few voting rights shall be treated as if they involve or are conducted on behalf of that investor. The term related parties in this paragraph refers to all parties identified in paragraph 810-10-25-43, except for de facto agents under paragraph 810-10-25-43(d).  </font></div></td></tr></table><div style="line-height:120%;text-align:left;padding-left:120px;text-indent:-48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;padding-left:120px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-style:italic;">For purposes of applying this requirement, reporting entities shall consider each party&#8217;s obligations to absorb expected losses and rights to receive expected residual returns related to all of that party&#8217;s interests in the legal entity and not only to its equity investment at risk.</font></div><div style="line-height:120%;text-align:justify;padding-left:120px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;padding-bottom:10px;text-align:left;padding-left:96px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;text-decoration:underline;">Company analysis:</font><font style="font-family:inherit;font-size:11pt;">&#32;&#32;&#32;As discussed in (1) above, The Andersons effectively has disproportionately </font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">more</font><font style="font-family:inherit;font-size:11pt;">&#32;voting rights than its economics for TACE and TAME; therefore, condition (2) cannot be met for The Andersons or another party as substantially all of the activities are not conducted on behalf of a party with disproportionately few voting rights.</font></div><div style="line-height:120%;padding-bottom:10px;text-align:left;padding-left:96px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">With respect to TAAE, The Andersons does have disproportionately few voting rights with its 55% rights to economics and effective 50% vote.  Therefore, we considered whether substantially all of the activities of TAAE are conducted on behalf of The Andersons, the party with disproportionately few voting rights. </font></div><div style="line-height:120%;padding-bottom:10px;text-align:left;padding-left:96px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">TAAE was not designed such that all activities involve or are conducted on behalf of The Andersons, but rather for the benefit of the investors.  The Andersons has entered into certain agreements with respect to TAAE&#8217;s activities that involve The Andersons, however, ultimately the </font></div><div><br></div><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><div><br></div><div style="line-height:120%;padding-bottom:10px;text-align:left;padding-left:96px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">design is to sell the finished good to third parties on behalf of TAAE. While The Andersons has entered into corn origination agreements with TAAE, they are doing so as an agent for TAAE with the unrelated third-party sellers of the corn and accordingly has reflected these transactions net within The Andersons&#8217; Consolidated Statements of Operations.  Additionally, while corn is a key raw material in the production of ethanol, there are several other key inputs including chemicals, enzymes, yeast and denaturant which account for approximately 5% of the inputs that are not supplied by The Andersons.  </font></div><div style="line-height:120%;padding-bottom:10px;text-align:left;padding-left:96px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">With respect to the marketing agreement and the related sales of the various outputs of TAAE&#8217;s production, while The Andersons legally purchases 100% of the ethanol production, it then sells all of it to third parties on behalf of TAAE, including to Marathon. That is, the ethanol is not produced by TAAE to be used by The Andersons for its purpose, rather, the production is to fulfill the demand of third parties.  In addition to the ethanol production purchased by The Andersons, TAAE produces co-products, distiller dried grains (DDGs) and corn oil, which are sold directly to the third parties from TAAE. These co-products, among others, typically represent about 25% of total annual revenues for TAAE.       </font></div><div style="line-height:120%;padding-bottom:10px;text-align:left;padding-left:96px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">The Andersons&#8217; ethanol marketing arrangements with TAAE require that any difference between the price for which The Andersons purchases the ethanol from TAAE and the price for which The Andersons sells onto the ultimate third-party consumer of the ethanol is, depending on whether the sales price was higher than the purchase price (or not), either refunded by The Andersons to TAAE or paid by TAAE to The Andersons such that the economics of these arrangements are realized by, or borne by, TAAE&#8217;s owners in their respective ownership percentages. </font></div><div style="line-height:120%;padding-bottom:10px;text-align:left;padding-left:96px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">While The Andersons certainly performs significant services for TAAE and on its behalf, we do not believe that TAAE is designed such that substantially all of its activities that involve or are conducted on behalf of The Andersons, an investor that has disproportionately few voting rights.</font></div><div style="line-height:120%;padding-bottom:10px;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Controlling Financial Interest Considerations</font></div><div style="line-height:120%;padding-bottom:10px;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">After concluding that each of the LLCs are voting interest entities, we concluded that The Andersons, as the managing member, does not control the LLCs in accordance with ASC 810-10-15-8A.  That is, as discussed above, the other investors in the LLCs have substantive participating rights in all of the relevant decisions of the LLCs.</font></div><div style="line-height:120%;padding-bottom:10px;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Further, even if the LLCs were considered VIEs, we do not believe that The Andersons has control through the contracts (e.g., the marketing agreements), because all of the most significant activities of the LLCs (such as the annual operating and capital budgets) require supermajority approval as outlined above.  That is, the various contracts execute the plans and strategies implemented by the investors in the LLCs, but do not themselves direct the most significant activities of the LLCs.  </font></div><div style="line-height:120%;padding-bottom:10px;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Developments Subsequent to December 31, 2018</font></div><div style="line-height:120%;padding-bottom:10px;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">As disclosed in The Andersons&#8217; third quarter 10-Q filed on November 8, 2019, on October 1, 2019, The Andersons entered into an agreement with Marathon to merge TAAE, TACE, TAME and the Company's wholly-owned The Andersons Denison Ethanol LLC (&#8220;TADE&#8221;) into a new legal entity named The Andersons Marathon Holdings LLC ("TAMH"). As a result of the merger, The Andersons and Marathon now own&#160;50.1%&#160;and&#160;49.9%&#160;of the equity in TAMH, respectively. As part of the merger, the governance provisions were amended to, among other things, remove the non-managing member&#8217;s rights to substantively participate in the operating and capital decisions of TAMH.  That is, many of the provisions noted above that require supermajority vote were removed such that The Andersons acquired a controlling financial interest in the merged entities.  As the rights granted to Marathon were deemed to be protective rights, The Andersons determined that consolidation of TAMH was appropriate effective October 1, 2019.</font></div><div style="line-height:174%;padding-bottom:10px;text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">*     *     *     *     *</font></div><div style="line-height:120%;padding-bottom:10px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div><br></div><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><div><br></div><div style="line-height:120%;padding-bottom:10px;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">We welcome the opportunity to discuss any questions with respect to our responses to the Staff&#8217;s comments.  Please direct your questions to the undersigned at (419) 897-6764 or brian_valentine@andersonsinc.com; Naran Burchinow, Vice President, General Counsel and Corporate Secretary at (419) 891-6403 or naran_burchinow@andersonsinc.com; or Michael Hoelter, Corporate Controller and at (419) 897-6715 or mike_hoelter@andersonsinc.com.</font></div><div style="line-height:120%;padding-bottom:10px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;padding-bottom:10px;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Sincerely,</font></div><div style="line-height:120%;padding-bottom:10px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;padding-bottom:2px;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;text-decoration:underline;">/s/ Brian A. Valentine</font></div><div style="line-height:120%;padding-bottom:2px;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Brian A. Valentine</font></div><div style="line-height:120%;padding-bottom:2px;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Senior Vice President and Chief Financial Officer</font></div><div><br></div><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div>	</div></body>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
