The Andersons Inc.

11/04/2026 | Press release | Distributed by Public on 11/04/2026 10:03

Quarterly Report for Quarter Ending 09/30/2026 (Form 10-Q)

Management's Discussion and Analysis of Financial Condition and Results of Operations
Forward Looking Statements
The following "Management's Discussion and Analysis of Financial Condition and Results of Operations" contains forward-looking statements which relate to future events or future financial performance and involve known and unknown risks, uncertainties and other factors that may cause actual results, levels of activity, performance or achievements to be materially different from those expressed or implied by these forward-looking statements. Such factors include, but are not limited to, the effects of economic, weather and agricultural conditions, regulatory conditions, competition globally and in the markets the Company serves, geopolitical risk, fluctuations in cost and availability of commodities, the effectiveness of the Company's internal control over financial reporting and the unpredictability of existing and possible future litigation. With respect to the pending acquisition of Harvestone Low Carbon Partners, such factors also include, but are not limited to, our ability to satisfy regulatory and other closing conditions, market conditions impacting our expected debt financing and other uncertainties about the timing and impacts of the acquisition. However, it is not possible to predict or identify all such factors. The reader is urged to carefully consider these risks and others, including those risk factors listed under Item 1A of the 2025 Form 10-K. In some cases, the reader can identify forward-looking statements by terminology such as may, anticipates, believes, estimates, predicts, or the negative of these terms or other comparable terminology. These statements are only predictions. Actual events or results may differ materially. These forward-looking statements relate only to events as of the date on which the statements are made and the Company undertakes no obligation, other than any imposed by law, to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Although management believes that the expectations reflected in the forward-looking statements are reasonable, management cannot guarantee future results, levels of activity, performance or achievements.
Critical Accounting Policies and Estimates
The critical accounting policies and critical accounting estimates, as described in the 2025 Form 10-K, have not materially changed through the third quarter of 2026.
Executive Overview
The agricultural commodity-based business is one in which changes in selling prices generally move in relationship to changes in purchase prices. Therefore, increases or decreases in prices of the agricultural commodities that the business deals in will have a relatively equal impact on sales and merchandising revenues and cost of sales and merchandising revenues and a much less significant impact on gross profit. As a result, changes in sales and merchandising revenues and cost of sales and merchandising revenues between periods may not necessarily be indicative of the overall performance of the business and greater emphasis should be placed on changes in gross profit.
Agribusiness
The Agribusiness segment's third quarter operating results showed improvement in a dynamic environment. The merchandising businesses showed the largest year-over-year improvement, driven by higher commodity prices and increased volatility. Grain asset performance was down compared to 2025 due to a later eastern harvest and a decline in storage income for wheat. The third quarter is a seasonally low quarter for agricultural fertilizer and results were comparable.
Weather delays have pushed harvest behind the five-year average, although activity typically accelerates quickly as conditions improve. As expected, yields varied significantly between eastern and western regions, with drought conditions in the west negatively affecting crop volumes and quality. While these conditions may have a negative impact on western assets, the resulting market dislocations and volatility should create additional merchandising opportunities. Large harvested corn acreage is expected to support demand for fall fertilizer applications, although elevated input costs may influence grower purchasing decisions. Fall wheat planting is nearing completion, with expectations for increased acreage next year. The diversified Agribusiness portfolio remains well positioned to capitalize on evolving market conditions.
Total Agribusiness grain storage capacity at company-owned or leased grain facilities, including temporary pile storage, was approximately 271 million and 275 million bushels at September 30, 2026 and 2025, respectively. The storage capacity at our nutrient facilities was evenly split between dry and liquid storage with a total capacity of approximately one million tons at September 30, 2026 and 2025.
The Andersons, Inc. | Q3 2026 Form 10-Q | 16
Renewables
The Renewables segment delivered strong third quarter result, driven by efficient plant operations, higher co-product values and lower corn basis at our eastern plants. Although board crush margins were lower quarter-over-quarter, overall plant profitability improved. Third quarter results include $27.3 million of clean fuel production credits. Merchandising results were lower compared to last year, primarily due to foreign feedstocks pressuring domestic values and reduced run rates at bio-based diesel plants.
Ethanol market fundamentals remain supportive on anticipated continued strong demand, particularly for low carbon intensity ethanol, driven by increasing global blend rates and favorable domestic blending economics. Renewable feedstocks are expected to benefit from healthy bio-based diesel demand and supportive renewable fuel markets.
Ethanol and related co-products volumes sold were as follows:
Three months ended September 30, Nine months ended September 30,
(in thousands) 2026 2025 2026 2025
Ethanol (gallons) 175,836 182,469 529,873 620,711
E-85 (gallons) 16,400 12,682 41,186 32,692
Renewable feedstocks (pounds)(a)
570,947 348,252 1,610,607 1,047,043
DDG (tons)(b)
439 490 1,371 1,628
(a) Includes corn oil, soybean oil, and other fats, oils, and greases.
(b) Dried distillers grains ("DDG") tons shipped converts wet tons to a dry ton equivalent amount.
Other
Our "Other" activities include corporate income and expense and cost for functions that provide support and services to the operating segments. The results include expenses and benefits not allocated to the operating segments and other elimination and consolidation adjustments.
Operating Results
The following discussion focuses on the operating results as shown in the Condensed Consolidated Statements of Operations and includes a separate discussion by segment. Additional segment information is included herein in Note 3, Segment Information.
Comparison of the three months ended September 30, 2026, with the three months ended September 30, 2025, including a reconciliation of GAAP to non-GAAP measures:
Three months ended September 30, 2026
(in thousands) Agribusiness Renewables Other Total
Sales and merchandising revenues $ 1,848,885 $ 984,830 $ - $ 2,833,715
Cost of sales and merchandising revenues 1,712,034 939,664 - 2,651,698
Gross profit 136,851 45,166 - 182,017
Operating, administrative and general expenses 123,481 8,099 17,655 149,235
Interest expense, net
11,105 2,270 21 13,396
Other income, net
2,984 28,211 73 31,268
Income (loss) before income taxes
$ 5,249 $ 63,008 $ (17,603) $ 50,654
Loss before income taxes attributable to the noncontrolling interests
(2,582) - - (2,582)
Non-GAAP Income (loss) before income taxes attributable to the Company
$ 7,831 $ 63,008 $ (17,603) $ 53,236
The Andersons, Inc. | Q3 2026 Form 10-Q | 17
Three months ended September 30, 2025
(in thousands) Agribusiness Renewables Other Total
Sales and merchandising revenues $ 1,988,907 $ 688,805 $ - $ 2,677,712
Cost of sales and merchandising revenues 1,861,997 644,843 - 2,506,840
Gross profit 126,910 43,962 - 170,872
Operating, administrative and general expenses 135,891 16,454 20,209 172,554
Interest expense (income), net
9,111 1,678 (311) 10,478
Other income, net
19,558 17,657 788 38,003
Income (loss) before income taxes
$ 1,466 $ 43,487 $ (19,110) $ 25,843
(Loss) income before income taxes attributable to the noncontrolling interests
(582) 6,515 - 5,933
Non-GAAP Income (loss) before income taxes attributable to the Company
$ 2,048 $ 36,972 $ (19,110) $ 19,910
The Company uses Income (loss) before income taxes attributable to the Company, a non-GAAP financial measure as defined by the Securities and Exchange Commission, to evaluate the Company's financial performance. This performance measure is not defined by accounting principles generally accepted in the United States and should be considered in addition to, and not in lieu of, GAAP financial measures. Management believes that Income (loss) before income taxes attributable to the Company is a useful measure of the Company's performance as it provides investors additional information about the Company's operations, allowing evaluation of underlying business performance and period-to-period comparability. This measure is not intended to replace or be an alternative to Income (loss) before income taxes, the most directly comparable measure reported under GAAP.
Agribusiness
Operating results for the Agribusiness segment increased by $5.8 million compared to the same quarter of the prior year. Sales and merchandising revenues decreased by $140.0 million and cost of sales and merchandising revenues decreased by $150.0 million resulting in increased gross profit of $9.9 million. The majority of the decreases in sales and merchandising revenues and the related cost of sales and merchandising revenues were attributable to the Company's ongoing portfolio optimization efforts, including actions taken to reduce its participation in underperforming merchandising businesses. Gross profit increased compared to the prior year period, primarily due to a $14.3 million improvement in the Company's merchandising businesses, driven by higher commodity prices and market volatility early in the quarter. Additionally, recent growth investments contributed positively to gross profit, while ongoing portfolio optimization efforts improved overall profitability. These benefits were partially offset by a slight reduction in the Company's asset businesses, reflecting a late start to the eastern harvest and lower wheat storage income.
Operating, administrative and general expenses decreased by $12.4 million, primarily driven by the Company's ongoing portfolio optimization efforts, as well as asset impairments recorded in the prior year.
Interest expense, net increased by $2.0 million from the prior year due to increased borrowings on the Company's revolving credit facility.
Other income, net decreased by $16.6 million, primarily reflecting $12.4 million less property insurance recoveries recognized compared to the prior period.
Renewables
Operating results for the Renewables segment increased by $26.0 million compared to the same quarter of the prior year. Sales and merchandising revenues increased by $296.0 million, while related cost of sales and merchandising revenues increased by $294.8 million, resulting in a $1.2 million increase in gross profit year-over-year. Substantially all of the increases in sales and merchandising revenues and the related cost of sales and merchandising revenues were attributable to higher volumes and commodity values within the renewable feedstocks business. The increase in gross profit was primarily attributable to a $14.7 million increase in earnings from the Company's ethanol plants, reflecting lower corn basis values at the eastern plants and improved co-product sales. This was partially offset by the merchandising businesses declining $13.3 million in gross profit compared to the prior year, largely attributed to the renewable feedstocks business.
The Andersons, Inc. | Q3 2026 Form 10-Q | 18
Operating, administrative and general expenses decreased by $8.4 million, as the prior year included $5.9 million in costs associated with the acquisition of the remaining equity interest in TAMH, and a $3.4 million impairment charge.
Other income, net increased by $10.6 million compared to the prior year, primarily due to a $7.1 million increase of clean fuel production credits recognized in the current year.
Other
Results improved by $1.5 million, primarily due to a nonrecurring $1.4 million pension plan settlement charge in the prior year.
Income Taxes
For the three months ended September 30, 2026, the Company recorded an income tax expense of $6.8 million. The Company's effective tax rate was 13.4% on income before taxes of $50.7 million. The difference between the 13.4% effective tax rate and the U.S. federal statutory tax rate of 21% is primarily attributable to nontaxable clean fuel production credits offset by the tax impact of noncontrolling interest, nondeductible compensation, and state and local income taxes.
For the three months ended September 30, 2025, the Company recorded an income tax benefit of $0.2 million. The Company's effective tax rate was (0.9)% on income before taxes of $25.8 million. The difference between the (0.9)% effective tax rate and the U.S. federal statutory tax rate of 21.0% was primarily attributable to nontaxable clean fuel production credits and the reversal of certain unrecognized tax benefits, offset by state and local taxes, nondeductible compensation, and valuation allowances on losses in foreign tax jurisdictions.
Comparison of the nine months ended September 30, 2026, with the nine months ended September 30, 2025, including a reconciliation of GAAP to non-GAAP measures:
Nine months ended September 30, 2026
(in thousands) Agribusiness Renewables Other Total
Sales and merchandising revenues $ 5,881,945 $ 2,676,696 $ - $ 8,558,641
Cost of sales and merchandising revenues 5,464,410 2,527,900 - 7,992,310
Gross profit 417,535 148,796 - 566,331
Operating, administrative and general expenses 366,999 52,498 48,176 467,673
Interest expense, net
38,123 7,670 83 45,876
Other income, net
20,111 78,952 38 99,101
Income (loss) before income taxes
$ 32,524 $ 167,580 $ (48,221) $ 151,883
Loss before income taxes attributable to the noncontrolling interests
(9,053) - - (9,053)
Non-GAAP Income (loss) before income taxes attributable to the Company
$ 41,577 $ 167,580 $ (48,221) $ 160,936
Nine months ended September 30, 2025
(in thousands) Agribusiness Renewables Other Total
Sales and merchandising revenues $ 6,397,021 $ 2,075,658 $ - $ 8,472,679
Cost of sales and merchandising revenues 6,019,451 1,971,068 - 7,990,519
Gross profit 377,570 104,590 - 482,160
Operating, administrative and general expenses 374,392 35,188 43,317 452,897
Interest expense (income), net
33,268 3,101 (1,300) 35,069
Other income (loss), net
40,779 19,491 (573) 59,697
Income (loss) before income taxes
$ 10,689 $ 85,792 $ (42,590) $ 53,891
(Loss) income before income taxes attributable to the noncontrolling interest
(3,933) 23,863 - 19,930
Non-GAAP Income (loss) before income taxes attributable to the Company
$ 14,622 $ 61,929 $ (42,590) $ 33,961
The Andersons, Inc. | Q3 2026 Form 10-Q | 19
Agribusiness
Operating results for the Agribusiness segment increased by $27.0 million from the prior year. Sales and merchandising revenues decreased by $515.1 million, and cost of sales and merchandising revenues decreased by $555.0 million for an increased gross profit impact of $40.0 million. The majority of the decrease in sales and merchandising revenues and the related cost of sales and merchandising revenues were attributable to the Company's ongoing portfolio optimization efforts, including actions taken to reduce its participation in underperforming merchandising businesses. The improvement in gross profit was primarily driven by a $27.4 million improvement in the Company's merchandising businesses, reflecting favorable market conditions, the benefits of recent capital investments, and the continued optimization of the Company's merchandising portfolio. Also contributing to the increase was a $7.1 million improvement in the Nutrient business, driven by stronger margins.
Operating, administrative, and general expenses decreased by $7.4 million, as the prior year included $6.8 million of asset impairments.
Interest expense increased by $4.9 million, due to increased borrowings on the Company's revolving credit facility.
Other income, net decreased by $20.7 million, primarily reflecting $16.9 million less in property insurance recoveries recognized compared to the prior year.
Renewables
The Renewables segment's operating results improved $105.7 million compared to the prior year. Sales and merchandising revenues increased by $601.0 million, while related cost of sales and merchandising revenues increased by $556.8 million, resulting in a $44.2 million increase in gross profit year-over year. Substantially all of the increases in sales and merchandising revenues and the related cost of sales and merchandising revenues were attributable to higher volumes and commodity values within the renewable feedstocks business. The increase in gross profit was primarily due to a $42.7 million improvement at the ethanol plants on higher board crush and co-product sales.
Operating, administrative and general expenses increased by $17.3 million, primarily due to a $10.6 million impairment charge related to capitalized engineering and design costs, and $11.0 million of additional litigation expenses associated with the receivership of a former consolidated subsidiary.
Interest expense, net increased by $4.6 million from the prior year due to increased borrowings on the Company's revolving credit facility.
Other income, net increased by $59.5 million compared to the prior year, primarily driven by an increase of $57.5 million of clean fuel production credits in the current year.
Other
Results declined by $5.6 million, primarily due to increased incentive costs driven by improved results in the current year.
Income Taxes
For the nine months ended September 30, 2026, the Company recorded an income tax expense of $24.7 million. The Company's effective tax rate was 16.3% on income before taxes of $151.9 million. The difference between the 16.3% effective tax rate and the U.S. federal statutory rate of 21.0% is primarily attributable to nontaxable clean fuel production credits offset by the tax impact of noncontrolling interest, nondeductible compensation, state and local income taxes, valuation allowances on losses in foreign tax jurisdictions, and other taxes.
For the nine months ended September 30, 2025, the Company recorded income tax expense of $5.7 million. The Company's effective tax rate was 10.5% on income before income taxes of $53.9 million. The difference between the 10.5% effective tax rate and the U.S. federal statutory tax rate is primarily attributable to the tax impact of noncontrolling interest, nontaxable clean fuel production credits and the reversal of certain unrecognized tax benefits, offset by state and local taxes, nondeductible compensation, and valuation allowances on losses in foreign tax jurisdictions.
The Andersons, Inc. | Q3 2026 Form 10-Q | 20
The Company and its subsidiary partnership returns are under U.S. federal and certain state tax examinations for tax years 2018 through 2024. The Company's subsidiary is under federal tax examination by the Mexican tax authorities for tax year 2015. The U.S. federal, state, and Mexican tax authorities' examinations could potentially be resolved within the next 12 months. The resolution of ongoing examinations and the expiration of applicable statutes of limitations could change our unrecognized tax benefits and favorably impact income tax expense by a range of zero to $9.5 million.
On December 20, 2021, the Organization for Economic Co-operation and Development ("OECD") issued Pillar Two model rules introducing a global minimum tax of 15% on large corporations. Although the U.S. has not adopted the Pillar Two model rules, several foreign countries have enacted legislation which closely follows OECD's Pillar Two guidance. Additional OECD guidance issued on January 5, 2026 introduced a "side-by-side" framework which provides relief from certain Pillar Two charging provisions for eligible U.S.-parented multinational groups while keeping foreign country minimum tax regimes in place. Future enactment of the OECD's "side-by-side" framework by our relevant jurisdictions is expected to reduce the Company's exposure to UTPR-related taxes. The impact of other Pillar Two related taxes is expected to be immaterial to the Company's effective tax rate.
On July 4, 2025, the U.S. passed the One Big Beautiful Bill Act ("OBBBA"), which modified the existing international tax framework and permanently extended select provisions of the Tax Cuts and Jobs Act. This legislation is not expected to materially affect the Company's effective tax rate for 2026, with the exception of clean fuel production credits. Changes in the calculation of the carbon intensity score may significantly affect credits, recorded as Other income, resulting in a favorable impact on the effective tax rate through 2029.
The Andersons, Inc. | Q3 2026 Form 10-Q | 21
Liquidity and Capital Resources
Working Capital
At September 30, 2026, the Company had working capital of $707.4 million, an increase of $76.7 million from the prior year. This increase was attributable to changes in the following components of current assets and current liabilities:
(in thousands) September 30, 2026 September 30, 2025 Variance
Current Assets:
Cash and cash equivalents $ 58,285 $ 81,630 $ (23,345)
Accounts receivable, net 664,015 715,761 (51,746)
Inventories 1,210,206 899,278 310,928
Commodity derivative assets - current 261,923 154,449 107,474
Other current assets 171,882 110,045 61,837
Total current assets 2,366,311 1,961,163 405,148
Current Liabilities:
Short-term debt 495,184 141,356 353,828
Trade and other payables 771,544 782,683 (11,139)
Customer prepayments and deferred revenue 46,748 71,989 (25,241)
Commodity derivative liabilities - current 74,067 68,618 5,449
Current maturities of long-term debt 22,627 63,888 (41,261)
Accrued expenses and other current liabilities 248,786 201,939 46,847
Total current liabilities 1,658,956 1,330,473 328,483
Working Capital $ 707,355 $ 630,690 $ 76,665
As of September 30, 2026, current assets increased by $405.1 million compared to the prior year, primarily driven by a $310.9 million increase in inventory as well as a $107.5 million increase in commodity derivative assets as a result of increased commodity prices compared to the prior year.
Current liabilities increased $328.5 million year over year, primarily driven by $353.8 million of additional borrowings under the Company's revolving credit facilities, reflecting higher commodity prices and increased market volatility in 2026.
Sources and Uses of Cash
Nine months ended September 30,
(in thousands) 2026 2025
Net cash (used in) provided by operating activities
$ (29,976) $ 183,183
Net cash used in investing activities
(170,955) (127,300)
Net cash provided by (used in) financing activities
161,490 (537,977)
Operating Activities
Operating activities used $30.0 million of cash during the first nine months of 2026, compared to $183.2 million of cash provided in the same period of 2025. The $213.2 million year-over-year decrease in cash provided was attributable to a $309.4 million unfavorable shift in operating assets and liabilities through normal business operations, a $78.9 million improvement to earnings in the current year, and the impact of $15.7 million of noncash impairment charges recognized in the current year. Cash generation excluding working capital changes has improved with strong performance in both segments.
Investing Activities
Investing activities used $171.0 million of cash during the first nine months of 2026, up from $127.3 million in the prior year. The $43.7 million increase was primarily attributable to $24.6 million in higher capital expenditures related to previously announced growth initiatives along with $18.4 million of additional property insurance proceeds received in the prior year. Management expects to invest approximately $225 million in property, plant, and equipment in 2026; roughly split 50% between growth and maintenance capital.
The Andersons, Inc. | Q3 2026 Form 10-Q | 22
Financing Activities
Financing activities provided $161.5 million of cash during the nine months ended September 30, 2026, compared to $538.0 million used for the same period in 2025. The $699.5 million year-over-year increase was primarily driven by the $425.0 million cash outlay to purchase the remaining noncontrolling interest in TAMH in the prior year, as well as $274.4 million of additional borrowings on the Company's short-term lines of credit in the current year.
The Company paid $20.4 million in dividends in the first nine months of 2026 compared to $19.9 million paid in the prior period. The Company paid dividends of $0.20 and $0.195 per common share in January, April and July of 2026 and 2025, respectively. On August 20, 2026, the Company declared a cash dividend of $0.20 per common share, payable on October 22, 2026, to shareholders of record on October 1, 2026.
The Company believes it has sufficient liquidity to meet its operating needs, capital expenditures, and debt service requirements. As of September 30, 2026, the Company had consolidated cash and cash equivalents of $58.3 million and total long-term debt of $590.5 million, with $22.6 million payable within the next twelve months.
The Company is also party to borrowing arrangements with a syndicate of banks that provide a total borrowing capacity of $1,798.7 million. As of September 30, 2026, the Company had $495.2 million of short-term debt on these borrowing arrangements and $1,300.6 million capacity available for borrowing. A significant portion of the Company's short-term borrowings support grain inventories and other working capital assets that are considered RMIs and are readily convertible to cash through normal merchandising and processing activities. Accordingly, management evaluates liquidity in conjunction with the value of these inventories, available borrowing capacity, and expected operating cash flows, rather than based solely on outstanding debt balances. As of September 30, 2026, the Company had $903.2 million of RMI which exceeded the Company's outstanding short-term debt balances.
The Company is typically in a net short-term borrowing position due to the nature of its agricultural merchandising and trading activities, and will fluctuate with seasonality and market conditions during the year. Short-term borrowings are primarily used to finance grain inventory purchases and other working capital assets that are expected to be converted to cash in the ordinary course of business. As commodity prices increase, the value of these inventories and related financing requirements generally increase, which may result in higher short-term borrowings and additional margin deposit requirements on exchange-traded futures contracts. Conversely, periods of declining commodity prices or inventory turnover generally release working capital and margin deposits, providing a source of liquidity that may be used to reduce outstanding borrowings. Because a substantial portion of these borrowings bear interest at variable rates, increases in interest rates could have a significant impact on the Company's profitability.
The Company's debt structure includes both recourse indebtedness at the parent and certain subsidiaries and non-recourse indebtedness at a consolidated subsidiary. Obligations under the non-recourse debt agreements are limited to the assets and operations of Skyland, a 68% owned and consolidated subsidiary, along with a separate facility under the Company's wholly owned Canadian subsidiary, and are not guaranteed by the parent company.
In connection with the pending acquisition of Harvestone Low Carbon Partners, the Company currently expects to finance the transaction with approximately $615 million of proceeds from a long-term debt issuance and approximately $300 million of borrowings under the Company's revolving credit facility.
Recourse Financing Arrangements
The Company's recourse debt is party to borrowing arrangements with a syndicate of banks that provide a total borrowing capacity of $1,315.0 million, reflecting the amendment that reduced the Company's revolving credit facility by $250.0 million, as discussed within Note 1 to the Condensed Financial Statements.
As of September 30, 2026, the Company had $962.3 million recourse capacity available for borrowing under its various credit facilities and was in compliance with all financial covenants. The Company does not expect any challenges in complying with the covenant requirements of its recourse debt agreements during the next twelve months. Certain recourse long-term borrowings are collateralized by mortgages on various facilities.
The Andersons, Inc. | Q3 2026 Form 10-Q | 23
Non-Recourse Financing Arrangements
Skyland maintains a non-recourse credit facility that is secured by substantially all of the assets of the subsidiary. As of September 30, 2026, Skyland had approximately $114.5 million of short-term borrowings and $88.9 million of term debt outstanding, including $8.6 million classified as current maturities of long-term debt.
During the second quarter of 2026, Skyland and its lenders executed an amendment to its credit facilities that modified certain financial covenant requirements and increased available liquidity through an additional $10.0 million term loan commitment. The additional term loan was funded on August 3, 2026. As of September 30, 2026, Skyland had approximately $200.5 million of remaining borrowing availability under its credit facilities and was in compliance with all financial covenants.
Skyland's credit facility is non-recourse to the Company, and therefore, obligations and covenant compliance under the amended credit agreement are generally limited to the assets and operations of Skyland and are not expected to materially impact the Company's broader liquidity position.
The Company's Canadian subsidiary also maintains a non-recourse revolving credit facility that is secured by substantially all of the assets of the subsidiary. As of September 30, 2026, this subsidiary had approximately $30.9 million of short-term borrowings outstanding and $137.8 million available for borrowing. The Company's Canadian subsidiary was in compliance with all its financial covenants as of September 30, 2026.
At September 30, 2026, the Company had standby letters of credit outstanding of $2.9 million.
The Andersons, Inc. | Q3 2026 Form 10-Q | 24
Item 3. Quantitative and Qualitative Disclosures about Market Risk
For further information, refer to the Company's Annual Report on Form 10-K for the year ended December 31, 2025. There were no material changes in market risk, specifically commodity and interest rate risk, during the nine months ended September 30, 2026.
The Andersons Inc. published this content on November 04, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on November 04, 2026 at 16:03 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]