Andersons, Inc.
For the period ended Sep 30, 2025. Filed Nov 5, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Nov 5, 2025
ANDE$55.12-0.1%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-06-30; filed 2025-08-05.
0000821026-25-000150
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-11-05.
0000821026-25-000204
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 64 previous paragraphs and 70 current paragraphs.
30 unchanged; 16 reworded; 24 added; 18 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 7 previous and 7 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (24)
Current report
The Agribusiness segment’s third quarter operating results fell behind the prior year. Trade policy uncertainty, along with ongoing low prices and volatility, led to reduced gross profit in our grain assets and merchandising businesses (excluding Skyland). Lower margins across our assets and merchandising footprint and lower put through volumes at our assets contributed to this decline compared to the third quarter of 2024. Wheat harvest was completed during the quarter with higher-than-expected volumes, allowing our elevators in both the eastern and western grain belts to accumulate bushels at favorable basis values.
Current report
Fall harvest kicked off in the third quarter and is continuing to progress with yields varying across the country. With a large harvest and low market prices, feed and end-use customers continue to limit their purchasing to immediate needs. We expect elevation margins and merchandising opportunities to increase in the fourth quarter. Our balanced asset and merchandising portfolio enable opportunities in various market conditions, including this current period of higher supply with limited volatility.
Current report
The third quarter nutrient business saw increased margins and higher year-over-year volumes in this seasonally slow quarter. Fourth quarter farmer fertilizer sales and applications, weather permitting, should realize higher margins but may see reduced demand due to low grain prices.
Current report
The Renewables segment's third quarter operating results improved from the prior year as results include two months of full ownership of the ethanol plants and the recording of year-to-date 2025 45Z tax credits of $20.2 million. The ethanol plants continue to run efficiently, resulting in slightly higher year-over-year yields and gallons produced. Lower board crush, higher corn basis, and increased natural gas costs contributed to lower overall margins. Plant co-product contribution improved with higher distillers corn oil prices, partially offset by declines in values of dried distillers grain. The impact of full ownership of the plants added pretax earnings of approximately $12 million, or $0.28 per share, to the quarter's results.
Current report
Strong ethanol demand, including exports, and an expected reduction in corn costs post-harvest should provide support for ethanol values. Under current law, 45Z tax credits remain in effect through 2029, providing continued policy support for renewable fuels and future growth opportunities at our plants. One such opportunity is at our Clymers, Indiana, facility, where a Class VI well permit for our completed test well is currently progressing through the EPA’s approval process. Once approved, this facility will be eligible to sequester carbon on-site, decreasing our carbon intensity score even further.
Current report
Operating, administrative and general expenses increased by $35.5 million, primarily driven by $30.8 million of costs associated with the newly acquired Skyland business.
Current report
Operating results for the Renewables segment increased by $11.1 million compared to the same period last year after purchasing the remaining noncontrolling interest in TAMH. Sales and merchandising revenues declined by $56.1 million, while related cost of sales and merchandising revenues decreased by $42.3 million, resulting in a $13.8 million reduction in gross profit year-over-year. The decreases in both sales and merchandising revenues and cost of sales and merchandising revenues were primarily driven by lower volumes of third-party ethanol gallons and renewable feedstocks, while prices remained consistent with the prior year. The $13.8 million decline to gross profit in the current period was largely attributable to a $21.4 million decrease at the ethanol plants which was partially offset by increased third party trading results of $7.4 million. Despite operating efficiently with improved yields and higher production, the plants were unable to offset market pressures stemming from elevated input costs and depressed feed product values in the current year.
Current report
Operating, administrative and general expenses increased by $7.6 million, primarily due to $5.9 million in costs associated with the acquisition of the remaining equity interests in TAMH.
Current report
Other income, net increased by $15.9 million compared to the prior year, primarily due to $20.2 million of clean fuel production credits recognized in 2025.
Current report
Other
Current report
Results declined by $8.6 million, primarily due to a $6.8 million increase in incentive costs driven by improved Renewables performance, along with a $1.4 million pension plan settlement charge.
Current report
For the three months ended September 30, 2024, the Company recorded income tax expense of $10.7 million. The Company's effective tax rate was 17.3% on income of $62.2 million. The difference between the 17.3% effective tax rate and the U.S. federal statutory tax rate of 21.0% was primarily attributable to the tax impact of noncontrolling interest and federal tax credits, offset by state and local income taxes, tax impacts of foreign operations, nondeductible compensation, and changes in other discrete tax adjustments.
Current report
Other income, net increased by $17.6 million, primarily driven by $19.3 million of additional property insurance recoveries.
Current report
Operating results for Renewables decreased by $4.1 million from the same period of the prior year. Sales and merchandising revenues and cost of sales and merchandising revenues were in line with the prior year. Gross profit decreased by $29.3 million, primarily due to a $33.1 million decline at the ethanol plants. Although the plants operated efficiently with improved yields and higher production, they were unable to overcome market pressures stemming from elevated input costs in the current year.
Current report
Operating, administrative and general expenses increased by $9.5 million, primarily due to $5.9 million in costs associated with the acquisition of the remaining equity interests in TAMH, as well as a $3.3 million impairment charge related to equipment used in corn oil refinement.
Current report
Other income, net increased by $11.8 million compared to the prior year, primarily driven by the recognition of $20.2 million of clean fuel production credits in the current year. This increase was partially offset by a $2.5 million decline in interest income and the absence of a $3.1 million gain recorded in the prior year related to the deconsolidation of the ELEMENT ethanol plant.
Current report
Other
Current report
Results declined by $8.5 million, primarily due to a $6.8 million increase in incentive costs driven by improved Renewables performance, along with a $1.4 million pension plan settlement charge.
Current report
On July 4, 2025, the United States passed the 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 2025 or 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.
Current report
As of September 30, 2025, current assets decreased by $369.9 million compared to the prior year. The primary driver behind the decline was the cash used to acquire the remaining interest in TAMH. Although this transaction significantly reduced cash balances, the Skyland acquisition in the fourth quarter of prior year contributed $192.4 million in current assets, which was largely offset by the impact of lower commodity prices.
Current report
Current liabilities increased year-over-year, primarily due to the Skyland acquisition, which added $139.7 million. Additional borrowings on the Company's revolving credit facility and the reclassification of certain long-term debt to current maturities also contributed to the increase. Similar to current assets, the effect of lower average commodity prices partially offset these increases.
Current report
Operating activities generated $183.2 million of cash during the first nine months of 2025, compared to $62.7 million in the same period of 2024. The $120.5 million year-over-year increase was primarily attributable to a $175.5 million favorable shift in operating assets and liabilities through normal business operations, partially offset by a $68.4 million decline in earnings as the Company continues to face challenging market conditions.
Current report
Investing activities used $127.3 million of cash during the first nine months of 2025, up from $90.6 million in the prior year. The $36.7 million increase was primarily driven by $69.0 million in higher capital expenditures to support previously announced growth initiatives. This was partially offset by an additional $17.0 million of insurance proceeds received in the current year and the impact of a business acquisition that occurred in the prior year. Management anticipates total investments in property, plant, and equipment for 2025 to be approximately $200 million.
Current report
Cash used in financing activities totaled $538.0 million for the nine months ended September 30, 2025, compared to $162.6 million for the same period in 2024. The $375.4 million year-over-year increase was primarily driven by the $425.0 million cash outlay to purchase the remaining noncontrolling interest in TAMH. This was partially offset by a $53.7 million reduction in distributions to a noncontrolling interest during the current year.
Removed paragraphs (18)
Previous report
The Agribusiness segment’s second quarter operating results fell behind the prior year as a surplus of grain and weak customer demand continue to exist in western markets. This has resulted in low grain prices and limited forward contracting. Both physical assets and merchandising have been impacted by these stagnant markets. Nutrient results improved year-over-year with increased sales volumes on customer demand for nitrogen due to the increase in planted corn acres, partially offsetting the difficult conditions in grain markets.
Previous report
An anticipated large harvest and on-farm storage limitations are expected to make large quantities of grain available at favorable values in the last half of 2025. This should provide sales and merchandising opportunities in the latter part of 2025 and into 2026. The balanced asset and merchandising portfolio enables opportunities in various market conditions, including this period of higher supply.
Previous report
The Renewables segment's second quarter operating results were lower than the prior year. The ethanol plants continue to run efficiently, resulting in higher year-over-year yields and production. Lower board crush, higher eastern corn basis, and increased natural gas costs led to lower overall margins. Plant co-product values also declined, with corn-based feed ingredients continuing to compete against an oversupply of soybean meal.
Previous report
Although later than expected, an uptick in the ethanol board crush occurred in July and is expected to remain through the summer driving season. This expectation is bolstered by strong demand, including exports, and an expected reduction in corn costs post-harvest.
Previous report
In future quarters, as a result of our acquisition of the remaining 49.9% interest in TAMH on July 31, 2025, results will include all the ethanol plants’ earnings, including the share previously attributable to the noncontrolling interest. As the company previously consolidated the entity and managed the plants, there should be limited costs to achieve these accretive results. The regulatory environment may support new opportunities, including at our Clymers, Indiana facility, where a Class VI well permit has been filed with the EPA for potential carbon sequestration.
Previous report
Operating, administrative and general expenses increased by $16.1 million, with $21.2 million of the increase attributable to the newly acquired Skyland business, which was partially offset by lower incentive compensation expense.
Previous report
Operating results for the Renewables segment declined by $13.3 million from the same period last year. Sales and merchandising revenues increased by $35.2 million and cost of sales and merchandising revenues increased by $56.2 million compared to prior year results. As a result, gross profit decreased by $21.0 million compared to 2024 results. Both sales and merchandising revenues and cost of sales and merchandising revenues were increased modestly when compared to the prior year. Increased ethanol sales volumes were almost fully offset by reduced volumes in our renewable feedstocks business as prices remained consistent with the prior year. The $21.0 million decrease to gross profit in the current period were mainly driven by a $16.8 million decrease at the ethanol plants. The plants continued to run efficiently with higher year-over-year yields and production, but could not overcome market headwinds stemming from lower ethanol crush margins and higher input costs in the current year.
Previous report
Interest expense increased by $11.4 million due to increased borrowings in the acquired Skyland business, which was partially offset by lower incentive compensation.
Previous report
Other income, net increased by $10.1 million as a result of $14.2 million of property insurance recoveries and patronage income in the newly acquired Skyland business, which was partially offset by a $4.4 million impairment of an equity method investment.
Previous report
Operating results for Renewables decreased by $15.3 million from the same period of the prior year. Sales and merchandising revenues increased by $44.2 million, and cost of sales and merchandising revenues increased by $59.7 million compared to prior year. As a result, gross profit decreased by $15.5 million. Both sales and merchandising revenues and cost of sales and merchandising revenues were increased modestly when compared to the prior year. Increased ethanol sales volumes were almost fully offset by reduced volumes in our renewable feedstocks business as prices remained consistent with the prior year. The $15.5 million decrease to gross profit in the current period results was mainly driven by an $11.7 million decrease at the ethanol plants. The plants continued to run efficiently with strong yields and production, but could not overcome market headwinds stemming from lower ethanol crush margins and higher input costs in the current year.
Previous report
Other income, net decreased from the prior year by $4.1 million as the Company recorded an additional $3.1 million gain as a result of the deconsolidation of the ELEMENT ethanol plant in the prior year.
Previous report
For the six months ended June 30, 2024, the Company recorded income tax expense of $6.2 million. The Company’s effective tax rate was 8.7% on income before income taxes of $71.3 million. The difference between the 8.7% effective tax rate and the U.S. federal statutory rate of 21.0% is primarily attributable to the tax impact of noncontrolling interest, stock-based compensation, and federal tax credits partially offset by state and local income taxes, nondeductible compensation, and other discrete tax items.
Previous report
On July 4, 2025, the U.S. enacted the One Big Beautiful Bill Act which provides for modification of the existing U.S. international tax framework plus permanent extension of certain Tax Cuts and Jobs Act provisions. The Company is currently assessing the impact of this legislation on our consolidated financial statements.
Previous report
Current assets as of June 30, 2025, decreased $73.9 million in comparison to those as of June 30, 2024. Lower average commodity prices in the current year were the main contributor to the decrease. Partially offsetting the decrease was the acquisition of Skyland which resulted in a $211.0 million increase of current assets from the prior year.
Previous report
Current liabilities slightly declined from the same period of the prior year. The acquisition of Skyland resulted in a $158.9 million increase of current liabilities from the prior year. However, similar to the move in current assets, lower average commodity prices in the current year were the main contributor to the decrease, excluding the impact of the Skyland acquisition.
Previous report
Operating activities used cash of $50.7 million and provided cash of $64.8 million in the first six months of 2025 and 2024, respectively. The $115.5 million change in the amount of cash used in operating activities is mainly due to an unfavorable change of $78.2 million in operating assets and liabilities through the normal course of business combined with a $43.0 million decrease in earnings as the Company continues to navigate challenging markets in the current year.
Previous report
Investing activities used cash of $75.7 million through the first six months of 2025 compared to $58.1 million in the prior period. Cash used in investing activities increased $17.6 million from the prior year due to $40.0 million of increased capital spending in the current year to fund previously announced growth projects, which was partially offset by $14.0 million of insurance proceeds in the current year and the acquisition of a business in the prior year. Management expects to invest approximately $175 million to $200 million in property, plant and equipment in 2025.
Previous report
Financing activities used cash of $87.0 million and $119.9 million for the six months ended June 30, 2025, and 2024, respectively. This $32.9 million reduction from the prior year was due to $45.9 million less distributions to the noncontrolling interest and partially offset by additional net borrowings on the Company's short-term credit facilities in the current year.
Reworded paragraphs (16)
Previous wording
The critical accounting policies and critical accounting estimates, as described in the 2024 Form 10-K, have not materially changed through the second quarter of 2025.
Current wording
The critical accounting policies and critical accounting estimates, as described in the 2024 Form 10-K, have not materially changed through the third quarter of 2025.
Previous wording
Total Agribusiness storage space capacity at company-owned or leased grain facilities, including temporary pile storage, was approximately 278 million and 168 million bushels at June 30, 2025 and 2024, respectively. The increase in grain storage capacity from the same period of the prior year was due to the Skyland acquisition in the fourth quarter of 2024. The storage capacity at our nutrient facilities was evenly split between dry and liquid storage at approximately 1.0 million tons at June 30, 2025 and 2024.
Current wording
Total Agribusiness grain storage capacity at company-owned or leased grain facilities, including temporary pile storage, was approximately 275 million and 170 million bushels at September 30, 2025 and 2024, respectively. The increase in grain storage capacity from the same period of the prior year was due to the Skyland acquisition in the fourth quarter of 2024. 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, 2025 and 2024.
Previous wording
Operating results for the Agribusiness segment declined from the same period of the prior year. Sales and merchandising revenues increased by $305.5 million and cost of sales and merchandising revenues increased by $301.5 million resulting in increased gross profit of $4.0 million. The majority of the increase in sales and merchandising revenues and cost of sales and merchandising revenues can be attributed to the acquisition of Skyland which added $212.1 million of sales and merchandising revenues and $194.2 million of cost of sales and merchandising revenues. The $4.0 million increase in gross profit can be attributed to $17.9 million of additional gross profit from the Skyland acquisition, which was partially offset by reduced results from our legacy asset and merchandising businesses from limited trade flows due to a surplus of grain supplies and weak customer demand.
Current wording
Operating results for the Agribusiness segment declined from the same period of the prior year. Sales and merchandising revenues increased by $112.9 million and cost of sales and merchandising revenues increased by $105.3 million resulting in increased gross profit of $7.6 million. The majority of the increase in sales and merchandising revenues and cost of sales and merchandising revenues can be attributed to the acquisition of Skyland which added $101.9 million of sales and merchandising revenues and $82.6 million of cost of sales and merchandising revenues. The $7.6 million increase in gross profit can be attributed to $19.3 million of additional gross profit from the Skyland acquisition, which was partially offset by reduced results from our legacy asset and merchandising businesses from limited trade flows due to a surplus of grain supplies and weak customer demand.
Previous wording
Other income, net increased by $7.6 million as a result of $10.5 million of property insurance recoveries in the newly acquired Skyland business, which was partially offset by a $4.4 million impairment of an equity method investment.
Current wording
Other income, net increased by $7.5 million as a result of an additional $7.2 million of property insurance recoveries in the current year.
Previous wording
For the six months ended June 30, 2025, the Company recorded income tax expense of $5.9 million. The Company's effective tax rate was 21.1% on income before taxes of $28.0 million. The 21.1% effective tax rate was consistent with the U.S. federal statutory tax rate of 21.0% as state and local income taxes and valuation allowances on losses in foreign tax jurisdictions offset the tax impact of noncontrolling interest.
Current wording
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% is 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.
Previous wording
Comparison of the six months ended June 30, 2025, with the six months ended June 30, 2024, including a reconciliation of GAAP to non-GAAP measures:
Current wording
Comparison of the nine months ended September 30, 2025, with the nine months ended September 30, 2024, including a reconciliation of GAAP to non-GAAP measures:
Previous wording
Operating results for the Agribusiness segment decreased by $18.5 million from the prior year. Sales and merchandising revenues increased by $237.3 million, and cost of sales and merchandising revenues increased by $214.2 million for an increased gross profit impact of $23.1 million. The increase in sales and merchandising revenues and cost of sales and merchandising revenues can be attributed to the acquisition of Skyland which added $376.6 million of sales and merchandising revenues and $341.5 million of cost of sales and merchandising revenues. The increase in sales and merchandising revenues and cost of sales and merchandising revenues was partially offset by reduced commodity prices. Gross profit increased by $23.1 million from the prior year with $35.1 million of the increase as a result of the Skyland acquisition, which was partially offset by reduced results from our legacy asset and merchandising businesses from limited trade flows due to a surplus of grain supplies and weak customer demand.
Current wording
Operating results for the Agribusiness segment decreased by $39.3 million from the prior year. Sales and merchandising revenues increased by $350.2 million, and cost of sales and merchandising revenues increased by $319.5 million for an increased gross profit impact of $30.7 million. The increase in sales and merchandising revenues and cost of sales and merchandising revenues can be attributed to the acquisition of Skyland which added $478.6 million of sales and merchandising revenues and $424.1 million of cost of sales and merchandising revenues. The increase in sales and merchandising revenues and cost of sales and merchandising revenues from the Skyland acquisition was partially offset by reduced commodity prices. Gross profit increased by $30.7 million from the prior year with $54.4 million of the increase as a result of the Skyland acquisition, which was partially offset by reduced results from our legacy asset and merchandising businesses from limited trade flows due to a surplus of grain supplies and weak customer demand.
Previous wording
Operating, administrative, and general expenses increased by $43.7 million from the prior year. Substantially all of the increase was attributable to the newly acquired Skyland business.
Current wording
Operating, administrative, and general expenses increased by $79.2 million compared to the prior year, with substantially all of the increase related to the acquired Skyland business.
Previous wording
Interest expense increased by $5.2 million due to increased borrowings in the acquired Skyland business.
Current wording
Interest expense increased by $12.3 million, substantially all of the increase was due to increased borrowings related to the acquired Skyland business.
Previous wording
For the three months ended June 30, 2025, the Company recorded income tax expense of $8.0 million. The Company's effective tax rate was 32.3% on income before taxes of $24.8 million. The difference between the 32.3% effective tax rate and the U.S. federal statutory tax rate of 21% is primarily attributable to interest accrued on unrecognized tax benefits and valuation allowances on losses in foreign tax jurisdictions offset by the tax impact of noncontrolling interest.
Current wording
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 taxes of $53.9 million. The difference between the 10.5% effective tax rate and the U.S. federal statutory 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.
Previous wording
For the three months ended June 30, 2024, the Company recorded income tax expense of $4.9 million. The Company's effective tax rate was 8.5% on income of $57.3 million. The difference between the 8.5% effective tax rate and the U.S. federal statutory tax rate of 21.0% was primarily attributable to the tax impact of noncontrolling interest, federal tax credits, and the reversal of certain unrecognized tax benefits offset by state and local income taxes and nondeductible compensation.
Current wording
For the nine months ended September 30, 2024, the Company recorded income tax expense of $16.9 million. The Company’s effective tax rate was 12.7% on income before income taxes of $133.5 million. The difference between the 12.7% effective tax rate and the U.S. federal statutory rate of 21.0% was primarily attributable to the tax impact of noncontrolling interest, federal tax credits, stock-based compensation, and the reversal of certain unrecognized tax benefits, offset by state and local income taxes, tax impacts of foreign operations, and nondeductible compensation.
Previous wording
The Company’s subsidiary partnership returns are under U.S. federal and certain state tax examinations for tax years 2018 through 2022. 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 these examinations could change our unrecognized tax benefits and favorably impact income tax expense by a range of zero to $10.7 million.
Current wording
The Company’s subsidiary partnership returns are under U.S. federal and certain state tax examinations for tax years 2018 through 2022. 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 these examinations could change our unrecognized tax benefits and favorably impact income tax expense by a range of zero to $2.8 million.
Previous wording
At June 30, 2025, the Company had working capital of $1,094.8 million, a decrease of $69.7 million from the prior year. This decrease was attributable to changes in the following components of current assets and current liabilities:
Current wording
At September 30, 2025, the Company had working capital of $630.7 million, a decrease of $522.5 million from the prior year. This decrease was attributable to changes in the following components of current assets and current liabilities:
Previous wording
The Company paid $13.4 million in dividends in the first six months of 2025 compared to $13.0 million paid in the prior period. The Company paid dividends of $0.195 and $0.19 per common share in January and April of 2025 and 2024, respectively. On June 19, 2025, the Company declared a cash dividend of $0.195 per common share payable on July 22, 2025, to shareholders of record on July 1, 2025.
Current wording
The Company paid $19.9 million in dividends in the first nine months of 2025 compared to $19.5 million paid in the prior period. The Company paid dividends of $0.195 and $0.19 per common share in January, April, and July of 2025 and 2024, respectively. On August 21, 2025, the Company declared a cash dividend of $0.195 per common share payable on October 22, 2025, to shareholders of record on October 1, 2025.
Previous wording
The Company is party to borrowing arrangements with a syndicate of banks that provide a total of $2,161.6 million in borrowing capacity. As of June 30, 2025, the Company had $2,053.3 million available for borrowing.
Current wording
The Company is party to borrowing arrangements with a syndicate of banks that provide a total of $2,052.4 million in borrowing capacity. As of September 30, 2025, the Company had $1,908.5 million available for borrowing.
Previous wording
Management believes the Company's sources of liquidity will be adequate to fund operations, capital expenditures and service indebtedness. At June 30, 2025, the Company had standby letters of credit outstanding of $3.7 million.
Current wording
Management believes the Company's sources of liquidity will be adequate to fund operations, capital expenditures and service indebtedness. At September 30, 2025, the Company had standby letters of credit outstanding of $2.8 million.