Basis of Presentation and Recently Issued Accounting Standards	6 Months Ended
Jun. 30, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation and Recently Issued Accounting Standards	Basis of Presentation and Recently Issued Accounting Standards The accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial statements and are in the form prescribed by the Securities and Exchange Commission (the “SEC”) in instructions to Form 10-Q and Rule 10-01 of Regulation S-X. The accompanying unaudited Condensed Consolidated Financial Statements include the accounts of The Andersons, Inc. and its wholly owned and controlled subsidiaries (the “Company”). In the opinion of management, the accompanying unaudited Condensed Consolidated Financial Statements reflect all adjustments, consisting of normal recurring adjustments, considered necessary for a fair statement of financial position, results of operations and cash flows for the periods indicated. All intercompany accounts and transactions have been eliminated in consolidation. The results in these Condensed Consolidated Financial Statements are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2026. An unaudited Condensed Consolidated Balance Sheet as of June 30, 2025, has been included as the Company operates in several seasonal industries. The Condensed Consolidated Balance Sheet data at December 31, 2025, was derived from the audited Consolidated Financial Statements but does not include all disclosures required by GAAP. The accompanying unaudited Condensed Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and notes thereto included in The Andersons, Inc. Annual Report on Form 10-K for the year ended December 31, 2025 (the “2025 Form 10-K”). The Andersons Marathon Holdings LLC ("TAMH") Equity Acquisition On July 31, 2025, the Company finalized a unit purchase agreement with MPC Investment LLC ("Marathon") to acquire the remaining 49.9% ownership interest in TAMH for cash consideration of $425.0 million. TAMH was comprised of four ethanol production facilities located in Iowa, Indiana, Michigan, and Ohio, with a combined annual production of approximately 500 million gallons. Prior to this transaction, the Company owned a 50.1% interest in TAMH and managed the facilities under a management agreement, providing services such as corn origination, ethanol marketing, and risk management. TAMH had previously been classified as the Company’s sole Variable Interest Entity ("VIE"), with the Company identified as the primary beneficiary. As a result, TAMH’s financial results were already consolidated in the Company’s financial statements. Since the entity was previously consolidated, no additional net assets were acquired in the transaction. Accordingly, the acquisition was treated as an equity transaction, impacting Additional paid-in capital, Noncontrolling interests, and Deferred income taxes on the Company’s Condensed Consolidated Balance Sheets. Following the closing of the transaction, the Company owns 100% of TAMH. The entity was renamed The Andersons Renewables, LLC and is no longer considered a VIE. Additionally, Marathon, which had been the primary counterparty in related party transactions, is no longer classified as a related party. Any remaining related party activity is considered de minimis. Inventories Substantially all of the Company’s inventories consist of commodities and are classified as finished goods. Inventory balances related to manufacturing operations that include work in process or raw materials that are not considered commodities are not significant. Readily marketable inventories (“RMI”) include agricultural commodity inventories that are carried at net realizable value, which approximates fair value, based on the commodity nature of the inventories, the availability of observable market prices, and established pricing mechanisms. Net realizable value for RMI is determined based on quoted spot prices on commodity exchanges, adjusted for costs of disposal and transportation applicable to the local market. All inventories other than RMI are stated at the lower of cost or net realizable value. The carrying amount of RMI was $646.1 million, $1,001.3 million, and $496.6 million at June 30, 2026, December 31, 2025, and June 30, 2025, respectively. Asset Impairment During the second quarter of 2026, the Company recorded a non-cash impairment charge of $10.6 million related to capitalized engineering and design costs associated with its low-carbon strategy as the Company continues to evaluate potential future ethanol plant expansions. Accordingly, management determined that the carrying value of these capitalized costs was not recoverable and estimated their fair value to be negligible. The impairment charge was recorded within Operating, administrative and general expenses in the Company's Renewables segment. Debt Amendments On March 20, 2026, the Company completed an amendment to its credit agreement reducing the capacity of the Company's revolving credit facility from $1,550.0 million to $1,300.0 million, repaid an $86.3 million term loan maturing in 2031 and borrowed an equivalent amount under its existing $170.1 million term loan, extending the maturity of that term note to March 20, 2034. Skyland Grain, LLC ("Skyland"), a 65% owned consolidated subsidiary of the Company, maintains a revolving credit facility and term loan agreement that are secured by substantially all of Skyland's assets and are non-recourse to the Company and its other subsidiaries. On June 29, 2026, Skyland entered into an amendment to its credit agreement that provided an additional $10.0 million term loan and modified certain financial covenant requirements. As of June 30, 2026, Skyland had approximately $149.3 million of short-term borrowings and $81.4 million of term debt outstanding, including $9.0 million classified as current maturities of long-term debt. Management determined that Skyland was not in compliance with the debt service coverage ratio covenant as of June 30, 2026. Subsequent to the measurement date, Skyland received a waiver from the lender related to this covenant violation. Other than the waiver of the noncompliance, no substantive changes were made to the credit agreement, and the lender did not exercise any rights to accelerate repayment of the outstanding debt obligations. Management evaluated Skyland's projected compliance with its financial covenants through June 30, 2027. Based on projected operating performance, anticipated cash flows, and available borrowing capacity, management believes compliance with the applicable covenant requirements is probable throughout the assessment period. Accordingly, the Company's debt obligations continue to be classified in accordance with the terms of the credit agreement and related waiver. Actual future results could differ from management's forecasts and assumptions and could impact compliance with covenant requirements in future periods. Accounting Pronouncements Not Yet Adopted In November 2024, the FASB issued ASU No. 2024-03, Disaggregation of Income Statement Expenses (Subtopic 220-40), which requires the disaggregated disclosure of specific expense categories, including purchases of inventory, employee compensation, depreciation, and amortization, within relevant income statement captions. This ASU also requires disclosure of the total amount of selling expenses along with the definition of selling expenses. The ASU is effective for annual periods beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. Adoption of this ASU can either be applied prospectively to consolidated financial statements issued for reporting periods after the effective date of this ASU or retrospectively to any or all prior periods presented in the consolidated financial statements. Early adoption is also permitted. This ASU will likely result in the required additional disclosures being included in the Company's financial statements, once adopted. We are currently evaluating the provisions of this ASU. In December 2025, the FASB issued ASU No. 2025‑10, Government Grants (Topic 832): Accounting for Government Grants Received by Business Entities, which establishes authoritative GAAP guidance on the recognition, measurement, and presentation of government grants received by business entities. The ASU defines the scope of government grants, prescribes recognition only when it is probable that the entity will comply with grant conditions and that the grant will be received, and outlines the appropriate timing of recognition for both asset‑related and income‑related grants. The ASU is effective for public business entities for annual periods beginning after December 15, 2028, including interim periods within those annual periods. Early adoption is also permitted. The Company is currently evaluating the provisions of this ASU, but does not believe the new standard will have a material impact on the Company’s financial statements.

The accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial statements and are in the form prescribed by the Securities and Exchange Commission (the “SEC”) in instructions to Form 10-Q and Rule 10-01 of Regulation S-X. The accompanying unaudited Condensed Consolidated Financial Statements include the accounts of The Andersons, Inc. and its wholly owned and controlled subsidiaries (the “Company”). In the opinion of management, the accompanying unaudited Condensed Consolidated Financial Statements reflect all adjustments, consisting of normal recurring adjustments, considered necessary for a fair statement of financial position, results of operations and cash flows for the periods indicated. All intercompany accounts and transactions have been eliminated in consolidation.

The results in these Condensed Consolidated Financial Statements are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2026. An unaudited Condensed Consolidated Balance Sheet as of June 30, 2025, has been included as the Company operates in several seasonal industries.

The Condensed Consolidated Balance Sheet data at December 31, 2025, was derived from the audited Consolidated Financial Statements but does not include all disclosures required by GAAP. The accompanying unaudited Condensed Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and notes thereto included in The Andersons, Inc. Annual Report on Form 10-K for the year ended December 31, 2025 (the “2025 Form 10-K”).

TAMH was comprised of four ethanol production facilities located in Iowa, Indiana, Michigan, and Ohio, with a combined annual production of approximately 500 million gallons. Prior to this transaction, the Company owned a 50.1% interest in TAMH and managed the facilities under a management agreement, providing services such as corn origination, ethanol marketing, and risk management.

TAMH had previously been classified as the Company’s sole Variable Interest Entity ("VIE"), with the Company identified as the primary beneficiary. As a result, TAMH’s financial results were already consolidated in the Company’s financial statements. Since the entity was previously consolidated, no additional net assets were acquired in the transaction. Accordingly, the acquisition was treated as an equity transaction, impacting Additional paid-in capital, Noncontrolling interests, and Deferred income taxes on the Company’s Condensed Consolidated Balance Sheets.

Following the closing of the transaction, the Company owns 100% of TAMH. The entity was renamed The Andersons Renewables, LLC and is no longer considered a VIE. Additionally, Marathon, which had been the primary counterparty in related party transactions, is no longer classified as a related party. Any remaining related party activity is considered de minimis.

Substantially all of the Company’s inventories consist of commodities and are classified as finished goods. Inventory balances related to manufacturing operations that include work in process or raw materials that are not considered commodities are not significant.

Readily marketable inventories (“RMI”) include agricultural commodity inventories that are carried at net realizable value, which approximates fair value, based on the commodity nature of the inventories, the availability of observable market prices, and established pricing mechanisms. Net realizable value for RMI is determined based on quoted spot prices on commodity exchanges, adjusted for costs of disposal and transportation applicable to the local market.

All inventories other than RMI are stated at the lower of cost or net realizable value. The carrying amount of RMI was $646.1 million, $1,001.3 million, and $496.6 million at June 30, 2026, December 31, 2025, and June 30, 2025, respectively.

During the second quarter of 2026, the Company recorded a non-cash impairment charge of $10.6 million related to capitalized engineering and design costs associated with its low-carbon strategy as the Company continues to evaluate potential future ethanol plant expansions. Accordingly, management determined that the carrying value of these capitalized costs was not recoverable and estimated their fair value to be negligible. The impairment charge was recorded within Operating, administrative and general expenses in the Company's Renewables segment.

On March 20, 2026, the Company completed an amendment to its credit agreement reducing the capacity of the Company's revolving credit facility from $1,550.0 million to $1,300.0 million, repaid an $86.3 million term loan maturing in 2031 and borrowed an equivalent amount under its existing $170.1 million term loan, extending the maturity of that term note to March 20, 2034.

Skyland Grain, LLC ("Skyland"), a 65% owned consolidated subsidiary of the Company, maintains a revolving credit facility and term loan agreement that are secured by substantially all of Skyland's assets and are non-recourse to the Company and its other subsidiaries.

On June 29, 2026, Skyland entered into an amendment to its credit agreement that provided an additional $10.0 million term loan and modified certain financial covenant requirements. As of June 30, 2026, Skyland had approximately $149.3 million of short-term borrowings and $81.4 million of term debt outstanding, including $9.0 million classified as current maturities of long-term debt.

Management determined that Skyland was not in compliance with the debt service coverage ratio covenant as of June 30, 2026. Subsequent to the measurement date, Skyland received a waiver from the lender related to this covenant violation. Other than the waiver of the noncompliance, no substantive changes were made to the credit agreement, and the lender did not exercise any rights to accelerate repayment of the outstanding debt obligations.

Management evaluated Skyland's projected compliance with its financial covenants through June 30, 2027. Based on projected operating performance, anticipated cash flows, and available borrowing capacity, management believes compliance with the applicable covenant requirements is probable throughout the assessment period. Accordingly, the Company's debt obligations continue to be classified in accordance with the terms of the credit agreement and related waiver. Actual future results could differ from management's forecasts and assumptions and could impact compliance with covenant requirements in future periods.

In November 2024, the FASB issued ASU No. 2024-03, Disaggregation of Income Statement Expenses (Subtopic 220-40), which requires the disaggregated disclosure of specific expense categories, including purchases of inventory, employee compensation, depreciation, and amortization, within relevant income statement captions. This ASU also requires disclosure of the total amount of selling expenses along with the definition of selling expenses. The ASU is effective for annual periods beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. Adoption of this ASU can either be applied prospectively to consolidated financial statements issued for reporting periods after the effective date of this ASU or retrospectively to any or all prior periods presented in the consolidated financial statements. Early adoption is also permitted. This ASU will likely result in the required additional disclosures being included in the Company's financial statements, once adopted. We are currently evaluating the provisions of this ASU.

In December 2025, the FASB issued ASU No. 2025‑10, Government Grants (Topic 832): Accounting for Government Grants Received by Business Entities, which establishes authoritative GAAP guidance on the recognition, measurement, and presentation of government grants received by business entities. The ASU defines the scope of government grants, prescribes recognition only when it is probable that the entity will comply with grant conditions and that the grant will be received, and outlines the appropriate timing of recognition for both asset‑related and income‑related grants. The ASU is effective for public business entities for annual periods beginning after December 15, 2028, including interim periods within those annual periods. Early adoption is also permitted. The Company is currently evaluating the provisions of this ASU, but does not believe the new standard will have a material impact on the Company’s financial statements.