Andersons, Inc.

The Andersons, Inc. is a leading North American agriculture and renewable fuels company, founded in Maumee, Ohio in 1947. The company operates through two reportable business segments: Agribusiness and Renewables. The Agribusiness segment focuses on relationships with agricultural producers and end users, acting as both a supplier and customer. This segment merchandises and manages logistics for a wide range of commodities, and manufactures, distributes, and retails agricultural and related plant nutrients. It specializes in moving physical commodities such as whole grains, grain products, feed ingredients, and domestic fuel products. The principal commodities sold are corn, wheat, and soybeans. Exported commodity sales occur through intermediaries and direct shipments to foreign countries. The company also handles bulk agricultural fertilizers, produces specialized high-value nutrient products, and serves industrial and consumer markets with related products. To support commodity handling, Agribusiness operates grain elevators across the United States and Canada. Income from these elevators is earned on commodities bought and sold, commodities purchased and conditioned for resale, and commodities held in inventory, generating an elevation margin. This margin includes appreciation in the basis value of commodities held (the difference between cash price and futures price), appreciation or depreciation between different futures exchange contract months, and storage fees for commodities stored for others.