Andersons, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Andersons, Inc. submitted its 2023 10-K filing on February 21, 2024.</b>

AI Summary

Andersons, Inc. (ANDE) filed a Annual Report (10-K) with the SEC on February 21, 2024. The Andersons, Inc. filed its annual report for the fiscal year ending December 31, 2023. The filing is a Form 10-K, a comprehensive report required by the SEC for public companies. The company's principal business is Wholesale-Farm Product Raw Materials. The filing was made on February 21, 2024. The company is incorporated in Ohio (OH).

Why It Matters

For investors and stakeholders tracking Andersons, Inc., this filing contains several important signals. This 10-K filing provides a detailed overview of Andersons, Inc.'s financial performance, operations, and risk factors for the fiscal year 2023. Investors and analysts can use this report to assess the company's financial health, strategic direction, and potential risks.

Risk Assessment

Risk Level: medium — Andersons, Inc. shows moderate risk based on this filing. The company operates in the farm product raw materials wholesale sector, which can be subject to significant market volatility and regulatory changes impacting agricultural commodities.

Analyst Insight

Review the detailed financial statements and risk factors in the 10-K to understand Andersons' performance and outlook for the upcoming fiscal year.

Key Numbers

• 20231231 — Fiscal Year End (Conformed Period of Report)
• 20240221 — Filing Date (Filed as of Date)
• 129 — Document Count (Public Document Count)
• 000-20557 — SEC File Number (SEC File Number)

Key Players & Entities

• Andersons, Inc. (company) — Filer name
• 0000821026 (company) — Central Index Key
• 5150 (industry) — Standard Industrial Classification
• OH (location) — State of Incorporation
• Maumee (location) — Business Address City
• 43537 (location) — Business Address Zip
• 341562374 (tax_id) — IRS Number
• 19960117 (date) — Date of name change from ANDERSONS INC

FAQ

Industry Context

Andersons, Inc. operates within the wholesale sector, specifically focusing on farm product raw materials. This industry is closely tied to agricultural cycles and commodity prices.

Regulatory Implications

As a publicly traded company, Andersons, Inc. is subject to the reporting requirements of the Securities and Exchange Commission (SEC), including the annual filing of Form 10-K.

What Investors Should Do

1. Analyze the company's revenue streams and profitability by segment.
2. Assess the company's debt levels and liquidity position.
3. Evaluate the identified risk factors and their potential impact on future operations.

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K.
• 2024-02-21: Filing Date — Date the 10-K was officially submitted to the SEC.

Year-Over-Year Comparison

This is the initial filing data extracted; comparison to previous filings requires access to historical data.

Key Financial Figures

• $0.00 — nge on which registered: Common stock, $0.00 par value, $0.01 stated value ANDE The
• $0.01 — stered: Common stock, $0.00 par value, $0.01 stated value ANDE The NASDAQ Stock Mark

Filing Documents

• ande-20231231.htm (10-K) — 2454KB
• exhibit1034fourthamendment.htm (EX-10.34) — 68KB
• exhibit211-subsidiarieslis.htm (EX-21.1) — 21KB
• exhibit231-consent2023xdel.htm (EX-23.1) — 5KB
• exhibit311-ceosignatureq42.htm (EX-31.1) — 16KB
• exhibit312-cfosignatureq42.htm (EX-31.2) — 16KB
• exhibit321-ceoandcfosignat.htm (EX-32.1) — 6KB
• exhibit971recoupmentpolicy.htm (EX-97.1) — 15KB
• ande-20231231_g1.jpg (GRAPHIC) — 118KB
• ande-20231231_g2.jpg (GRAPHIC) — 107KB
• 0000821026-24-000071.txt (&nbsp;) — 15771KB
• ande-20231231.xsd (EX-101.SCH) — 85KB
• ande-20231231_cal.xml (EX-101.CAL) — 154KB
• ande-20231231_def.xml (EX-101.DEF) — 522KB
• ande-20231231_lab.xml (EX-101.LAB) — 1215KB
• ande-20231231_pre.xml (EX-101.PRE) — 852KB
• ande-20231231_htm.xml (XML) — 2950KB

Risk Factors

Item 1A. Risk Factors 4

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 12

Cybersecurity

Item 1C. Cybersecurity 12

Properties

Item 2. Properties 14

Legal Proceedings

Item 3. Legal Proceedings 14

Mine Safety

Item 4. Mine Safety 14 PART II.

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 15

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 17

Quantitative and Qualitative Disclosures about Market Risk

Item 7A. Quantitative and Qualitative Disclosures about Market Risk 26

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 28

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 71

Controls and Procedures

Item 9A. Controls and Procedures 71

Other Information

Item 9B. Other Information 73

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 73 PART III.

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance 74

Executive Compensation

Item 11. Executive Compensation 74

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 74

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence 74

Principal Accountant Fees and Services

Item 14. Principal Accountant Fees and Services 74 PART IV.

Exhibits and Financial Statement Schedules

Item 15. Exhibits and Financial Statement Schedules 75

Form 10-K Summary

Item 16. Form 10-K Summary 78

Signatures

Signatures 80 Table of Contents Part I.

Business

Item 1. Business Company Overview The Andersons, Inc. (the "Company") is a diversified company rooted in agriculture. Founded in Maumee, Ohio in 1947, the Company is a significant player in the North American agricultural supply chain and conducts its business in the trade, renewables, and nutrient & industrial sectors. Segment Descriptions The Company's operations are classified into three reportable business segments: Trade, Renewables, and Nutrient & Industrial. Each of these segments is organized based upon the nature of products and services offered and aligns with the management structure. See Note 12 to the Consolidated Financial Statements in Item 8 for information regarding business segments. Trade The Trade segment is a diversified business focusing on capturing profits through merchandising and managing logistics across a wide range of commodities. The segment specializes in the movement of physical commodities such as: whole grains, grain products, feed ingredients and domestic fuel products among other agricultural commodities. The Company has a broad geographic footprint with a diversified portfolio of physical commodities, although the principal commodities sold by the Company are corn, wheat and soybeans. Exported commodity sales are made both through intermediaries and direct shipments to foreign countries. Trade also operates grain elevators across the United States and Canada where income is earned on commodities bought and sold through the elevator, commodities that are purchased and conditioned for resale, and commodities that are held in inventory until a future period, earning an elevation margin. Elevation margins consist of appreciation in the basis value of commodities held, which represents the difference between the cash price of a commodity in one of the Company's facilities and an exchange traded futures price ("basis"); appreciation or depreciation between different futures exchange contract months ("spread"); and commodi

Risk Factors

Item 1A. Risk Factors The Company's operations are subject to risks and uncertainties that could cause actual results to differ materially from those discussed in this Form 10-K and could have a material adverse impact on the financial results of the Company. The risks described below are not the only risks facing the Company. Additional risks and uncertainties not currently known or currently viewed to be immaterial may also materially and adversely affect business, financial condition or results of operations. These risks can be impacted by factors beyond management's control. The following risk factors should be read carefully in connection with evaluating the Company and the forward-looking statements contained elsewhere in this Form 10-K. The Andersons, Inc. | 2023 Form 10-K | 4 Table of Contents Risks Related to our Business and Industry Our business is affected by the supply and demand of commodities and is sensitive to factors outside of our control. Adverse price movements could negatively affect our profitability and results of operations. Our Trade, Renewables and Nutrient & Industrial businesses buy, sell and hold inventories of agricultural input and output commodities, some of which are readily traded on commodity futures exchanges. Unfavorable weather conditions, both local and worldwide, as well as other factors beyond our control, can affect the supply and demand of these commodities and expose us to liquidity pressures to finance hedges in the commodity business in rapidly rising markets. In our Nutrient & Industrial business, changes in the supply and demand of these commodities can also affect the value of inventories that we hold, as well as the price of raw materials as we are unable to effectively hedge these commodities. Increased costs of inventory and prices of raw material would decrease our profit margins and adversely affect our results of operations. Corn - The principal raw material used to produce ethanol and co-products

View Full Filing

View this 10-K filing on SEC EDGAR