Segment Information

12 Months Ended

Dec. 31, 2012

Segment Reporting [Abstract]

Segment Information

Segment Information

The Company’s operations include six reportable business segments that are distinguished primarily on the basis of products and services offered. The Grain business includes grain merchandising, the operation of terminal grain elevator facilities and the investment in Lansing Trade Group, LLC (“LTG”). The Ethanol business purchases and sells ethanol and also manages the ethanol production facilities organized as limited liability companies, one of which is consolidated and three of which are investments accounted for under the equity method, and also has various service contracts for these investments. Rail operations include the leasing, marketing and fleet management of railcars and locomotives, railcar repair and metal fabrication. The Plant Nutrient business manufactures and distributes agricultural inputs, primarily fertilizer, to dealers and farmers. Turf & Specialty operations include the production and distribution of turf care and corncob-based products. The Retail business operates large retail stores, a specialty food market, a distribution center and a lawn and garden equipment sales and service facility. Included in “Other” are the corporate level amounts not attributable to an operating segment.

The segment information below includes the allocation of expenses shared by one or more operating segments. Although management believes such allocations are reasonable, the operating information does not necessarily reflect how such data might appear if the segments were operated as separate businesses. Inter-segment sales are made at prices comparable to normal, unaffiliated customer sales. Capital expenditures include additions to property, plant and equipment, software and intangible assets.

	Year ended December 31,
(in thousands)	2012		2011		2010
Revenues from external customers
Grain	$	3,293,632	$	2,849,358	$	1,936,813
Ethanol	742,929		641,546		468,639
Plant Nutrient	797,033		690,631		619,330
Rail	156,426		107,459		94,816
Turf & Specialty	131,026		129,716		123,549
Retail	150,964		157,621		150,644
Other	—		—		—
Total	$	5,272,010	$	4,576,331	$	3,393,791

	Year ended December 31,
(in thousands)	2012		2011		2010
Inter-segment sales
Grain	$	409	$	2	$	3
Ethanol	—		—		—
Plant Nutrient	16,135		16,527		13,517
Rail	622		593		637
Turf & Specialty	2,350		2,062		1,636
Retail	—		—		—
Other	—		—		—
Total	$	19,516	$	19,184	$	15,793

	Year ended December 31,
(in thousands)	2012			2011			2010
Interest expense (income)
Grain	$	12,174		$	13,277		$	6,686
Ethanol	759			1,048			1,629
Plant Nutrient	2,832			3,517			3,901
Rail	4,807			5,677			4,928
Turf & Specialty	1,233			1,381			1,604
Retail	776			899			1,039
Other	(426		)	(543		)	78
Total	$	22,155		$	25,256		$	19,865

	Year ended December 31,
(in thousands)	2012			2011			2010
Equity in earnings (loss) of affiliates
Grain	$	29,080		$	23,748		$	15,648
Ethanol	(12,598		)	17,715			10,351
Plant Nutrient	5			(13		)	8
Rail	—			—			—
Turf & Specialty	—			—			—
Retail	—			—			—
Other	—			—			—
Total	$	16,487		$	41,450		$	26,007

	Year ended December 31,
(in thousands)	2012		2011		2010
Other income, net
Grain	$	2,548	$	2,462	$	2,557
Ethanol	53		159		176
Plant Nutrient	1,917		704		1,298
Rail	7,136		2,866		4,502
Turf & Specialty	784		880		1,335
Retail	554		638		608
Other	1,733		213		1,176
Total	$	14,725	$	7,922	$	11,652

	Year ended December 31,
(in thousands)	2012			2011			2010
Income (loss) before income taxes
Grain	$	63,597		$	87,288		$	64,374
Ethanol	(3,720		)	23,344			17,013
Plant Nutrient	39,254			38,267			30,062
Rail	42,841			9,778			107
Turf & Specialty	2,216			2,000			3,443
Retail	(3,951		)	(1,520		)	(2,534		)
Other	(16,189		)	(12,998		)	(8,541		)
Noncontrolling interests	(3,915		)	1,719			219
Total	$	120,133		$	147,878		$	104,143

	Year ended December 31,
(in thousands)	2012		2011		2010
Identifiable assets
Grain (a)	$	1,104,937	$	883,395	$	978,273
Ethanol (a)	206,975		148,975		121,207
Plant Nutrient (a)	230,029		240,543		208,548
Rail	289,467		246,188		196,149
Turf & Specialty (a)	82,683		69,487		62,643
Retail	51,772		52,018		52,430
Other (b)	216,441		93,517		80,140
Total	$	2,182,304	$	1,734,123	$	1,699,390

(a) See Note 12. Business Acquisitions

(b) Change driven by increase in cash and cash equivalents and capitalized software

	Year ended December 31,
(in thousands)	2012		2011		2010
Capital expenditures
Grain	$	30,178	$	24,284	$	10,343
Ethanol	1,966		—		—
Plant Nutrient	18,038		13,296		7,631
Rail	3,896		1,478		927
Turf & Specialty	5,043		2,089		2,237
Retail	2,794		1,230		8,827
Other	7,102		1,785		932
Total	$	69,017	$	44,162	$	30,897

	Year ended December 31,
(in thousands)	2012		2011		2010
Cash invested in affiliates
Ethanol	$	—	$	—	$	395
Plant Nutrient	—		21		—
Other	—		100		—
Total	$	—	$	121	$	395

	Year ended December 31,
(in thousands)	2012		2011		2010
Acquisition of businesses, net of cash acquired
Grain	$	116,888	$	—	$	39,293
Ethanol	77,400		—		—
Plant Nutrient	15,286		2,365		—
Turf & Specialty	10,683		$	—	$	—
Total	$	220,257	$	2,365	$	39,293

	Year ended December 31,
(in thousands)	2012		2011		2010
Depreciation and amortization
Grain	$	9,554	$	9,625	$	7,580
Ethanol (c)	5,003		382		371
Plant Nutrient	12,014		9,913		10,225
Rail	15,929		14,780		15,107
Turf & Specialty	2,117		1,801		2,032
Retail	3,002		2,770		2,400
Other	1,358		1,566		1,198
Total	$	48,977	$	40,837	$	38,913

(c) Increase driven by acquisition of TADE in May 2012

Grain sales for export to foreign markets amounted to $261.8 million, $164.8 million and $267.3 million in 2012, 2011 and 2010, respectively - the majority of which were sales to Canadian customers. Revenues from leased railcars in Canada totaled $10.6 million, $13.3 million and $9.1 million in 2012, 2011 and 2010, respectively. The net book value of the leased railcars in Canada for the years ended December 31, 2012 and 2011 was $38.5 million and $29.0 million, respectively. Lease revenue on railcars in Mexico totaled $0.4 million in 2012, $0.4 million in 2011 and $0.3 million in 2010.