v3.26.1
Derivatives (Tables)
 6 Months Ended
Jun. 30, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Outstanding Volumes Of Commodity Derivative Contracts
The following table represents the Company’s gross outstanding volumes of commodity derivative contracts as of June 30, 2026:
(in thousands)Non-exchange TradedExchange TradedUnit of Measure
Agricultural Commodities18,720 9,849 Metric Tons
Ethanol577 138 Metric Tons
Propane— 173 Metric Tons
Other777 498 Metric Tons
Schedule of Offsetting Derivative Assets
The following table presents a reconciliation of the gross recognized derivative assets and liabilities to the net amounts reported on the Company’s Condensed Consolidated Balance Sheets, reflecting the impact of enforceable master netting arrangements and related cash collateral. The Company’s enforceable master netting arrangements and rights of setoff did not change during the period.
June 30, 2026
(in thousands)Gross Amounts RecognizedGross Amounts OffsetNet Amounts Presented
Amounts Not Offset (a)
Cash Collateral Pledged (Received)Net Amount
Derivative Assets
Commodity (b)
$249,044 $(55,439)$193,605 $— $(37,167)$156,438 
Interest rate (c)
20,402 — 20,402 (212)— 20,190 
Total derivative assets269,446 (55,439)214,007 (212)(37,167)176,628 
Derivative Liabilities
Commodity (b)
163,473 (55,439)108,034 — — 108,034 
Interest rate (c)
333 — 333 (212)— 121 
Total derivative liabilities$163,806 $(55,439)$108,367 $(212)$— $108,155 
December 31, 2025
(in thousands)Gross Amounts RecognizedGross Amounts OffsetNet Amounts Presented
Amounts Not Offset (a)
Cash Collateral Pledged (Received)Net Amount
Derivative Assets
Commodity (b)
$156,780 $(37,384)$119,396 $— $16,732 $136,128 
Interest rate (c)
17,402 — 17,402 (21)— 17,381 
Total derivative assets174,182 (37,384)136,798 (21)16,732 153,509 
Derivative Liabilities
Commodity (b)
88,635 (37,384)51,251 — — 51,251 
Interest rate (c)
1,097 — 1,097 (21)— 1,076 
Total derivative liabilities$89,732 $(37,384)$52,348 $(21)$— $52,327 
June 30, 2025
(in thousands)Gross Amounts RecognizedGross Amounts OffsetNet Amounts Presented
Amounts Not Offset (a)
Cash Collateral Pledged (Received)Net Amount
Derivative Assets
Commodity (b)
$196,177 $(47,227)$148,950 $— $5,506 $154,456 
Interest rate (c)
19,450 — 19,450 (177)— 19,273 
Total derivative assets215,627 (47,227)168,400 (177)5,506 173,729 
Derivative Liabilities
Commodity (b)
130,653 (47,227)83,426 — — 83,426 
Interest rate (c)
1,266 — 1,266 (177)— 1,089 
Total derivative liabilities$131,919 $(47,227)$84,692 $(177)$— $84,515 
(a) Amounts not offset represents the impact of those amounts recorded on a gross basis within the Condensed Consolidated Balance Sheets that net against the gross exposure subject to an enforceable master netting arrangement.
(b) The Company’s commodity derivative assets and liabilities are recorded in Commodity derivative assets - current and Commodity derivative liabilities - current for contracts maturing within twelve months, and in Other assets, net and Other long‑term liabilities for contracts with maturities greater than twelve months, within the Condensed Consolidated Balance Sheets.
(c) The Company’s interest rate derivative assets and liabilities are recorded in Other current assets and Accrued expenses and other current liabilities for contracts maturing within twelve months, and in Other assets, net and Other long‑term liabilities for contracts with maturities greater than twelve months, within the Condensed Consolidated Balance Sheets.
Schedule of Offsetting Derivative Liabilities
The following table presents a reconciliation of the gross recognized derivative assets and liabilities to the net amounts reported on the Company’s Condensed Consolidated Balance Sheets, reflecting the impact of enforceable master netting arrangements and related cash collateral. The Company’s enforceable master netting arrangements and rights of setoff did not change during the period.
June 30, 2026
(in thousands)Gross Amounts RecognizedGross Amounts OffsetNet Amounts Presented
Amounts Not Offset (a)
Cash Collateral Pledged (Received)Net Amount
Derivative Assets
Commodity (b)
$249,044 $(55,439)$193,605 $— $(37,167)$156,438 
Interest rate (c)
20,402 — 20,402 (212)— 20,190 
Total derivative assets269,446 (55,439)214,007 (212)(37,167)176,628 
Derivative Liabilities
Commodity (b)
163,473 (55,439)108,034 — — 108,034 
Interest rate (c)
333 — 333 (212)— 121 
Total derivative liabilities$163,806 $(55,439)$108,367 $(212)$— $108,155 
December 31, 2025
(in thousands)Gross Amounts RecognizedGross Amounts OffsetNet Amounts Presented
Amounts Not Offset (a)
Cash Collateral Pledged (Received)Net Amount
Derivative Assets
Commodity (b)
$156,780 $(37,384)$119,396 $— $16,732 $136,128 
Interest rate (c)
17,402 — 17,402 (21)— 17,381 
Total derivative assets174,182 (37,384)136,798 (21)16,732 153,509 
Derivative Liabilities
Commodity (b)
88,635 (37,384)51,251 — — 51,251 
Interest rate (c)
1,097 — 1,097 (21)— 1,076 
Total derivative liabilities$89,732 $(37,384)$52,348 $(21)$— $52,327 
June 30, 2025
(in thousands)Gross Amounts RecognizedGross Amounts OffsetNet Amounts Presented
Amounts Not Offset (a)
Cash Collateral Pledged (Received)Net Amount
Derivative Assets
Commodity (b)
$196,177 $(47,227)$148,950 $— $5,506 $154,456 
Interest rate (c)
19,450 — 19,450 (177)— 19,273 
Total derivative assets215,627 (47,227)168,400 (177)5,506 173,729 
Derivative Liabilities
Commodity (b)
130,653 (47,227)83,426 — — 83,426 
Interest rate (c)
1,266 — 1,266 (177)— 1,089 
Total derivative liabilities$131,919 $(47,227)$84,692 $(177)$— $84,515 
(a) Amounts not offset represents the impact of those amounts recorded on a gross basis within the Condensed Consolidated Balance Sheets that net against the gross exposure subject to an enforceable master netting arrangement.
(b) The Company’s commodity derivative assets and liabilities are recorded in Commodity derivative assets - current and Commodity derivative liabilities - current for contracts maturing within twelve months, and in Other assets, net and Other long‑term liabilities for contracts with maturities greater than twelve months, within the Condensed Consolidated Balance Sheets.
(c) The Company’s interest rate derivative assets and liabilities are recorded in Other current assets and Accrued expenses and other current liabilities for contracts maturing within twelve months, and in Other assets, net and Other long‑term liabilities for contracts with maturities greater than twelve months, within the Condensed Consolidated Balance Sheets.
Schedule of Gains (Losses) on Derivative Instruments Recognized in Comprehensive Income
The following table presents the gains (losses) on derivative instruments recognized in Comprehensive income attributable to The Andersons, Inc.:
Three months ended June 30,Six months ended June 30,
(in thousands)Classification2026202520262025
Designated as Hedging Instruments
Interest rate
Gain in Interest expense, net (a)
$1,384 $2,077 $2,745 $4,151 
Gain (loss) in Other comprehensive income
2,372 (4,150)3,950 (10,970)
Not Designated as Hedging Instruments
Commodity
Gain (loss) in Cost of sales and merchandising revenues
$92,224 $(35,502)$17,427 $14,498 
(a) The entire amount recognized within Interest expense, net was reclassified from Accumulated other comprehensive income.
The following table summarizes the changes in accumulated other comprehensive income ("AOCI") attributable to the Company:
Three months ended June 30,Six months ended June 30,
(in thousands)2026202520262025
Currency Translation Adjustment
Beginning balance$(6,767)$(11,691)$(4,334)$(13,469)
Other comprehensive (loss) income before reclassifications
(1,914)8,886 (4,347)10,664 
  Tax effect— — — — 
Other comprehensive (loss) income, net of tax
(1,914)8,886 (4,347)10,664 
Ending balance$(8,681)$(2,805)$(8,681)$(2,805)
Cash Flow Hedges
Beginning balance$12,831 $16,252 $11,469 $21,571 
Other comprehensive income (loss) before reclassifications
3,756 (2,073)6,695 (6,819)
Amounts reclassified from AOCI (a)
(1,384)(2,077)(2,745)(4,151)
  Tax effect (b)
(446)926 (662)2,427 
Other comprehensive income (loss), net of tax
1,926 (3,224)3,288 (8,543)
Ending balance$14,757 $13,028 $14,757 $13,028 
Pension and Other Postretirement Adjustment
Beginning balance$4,140 $4,038 $4,202 $4,225 
Other comprehensive loss before reclassifications
(81)(22)(161)(1,489)
Amounts reclassified from AOCI (c)
— (214)— (428)
  Tax effect (b)
18 51 36 1,545 
Other comprehensive loss, net of tax
(63)(185)(125)(372)
Ending balance$4,077 $3,853 $4,077 $3,853 
Investments in Convertible Preferred Securities Adjustment
Ending balance$— $258 $— $258 
Total AOCI Ending Balance$10,153 $14,334 $10,153 $14,334 
(a)Gains and losses on cash flow hedges are reclassified from AOCI to income when the hedged item affects earnings. Gains and losses from interest rate derivatives are recognized in Interest expense, net as interest payments are made on the Company's variable rate debt. When interest rate derivatives are settled prior to maturity the gain or loss is recognized in Other income, net. The Company expects to reclassify approximately $6.4 million into earnings over the next twelve months. See Note 7 for additional information.
(b)The Company utilizes the aggregate approach for releasing disproportionate income tax effects in AOCI.
(c)This accumulated other comprehensive income (loss) component is included in the computation of net periodic benefit cost recorded in Operating, administrative and general expenses.