Segment Information

3 Months Ended

Mar. 31, 2014

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 investments in Lansing Trade Group, LLC (“LTG”) and the Thompsons Limited joint ventures. 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.

	Three months ended March 31,
	2014		2013
(in thousands)
Revenues from external customers
Grain	$	583,159	$	836,495
Ethanol	188,820		199,309
Plant Nutrient	107,630		111,902
Rail	52,302		46,364
Turf & Specialty	43,725		47,187
Retail	27,658		30,713
Total	$	1,003,294	$	1,271,970

	Three months ended March 31,
(in thousands)	2014		2013
Inter-segment sales
Grain	$	—	$	332
Plant Nutrient	7,367		7,697
Rail	109		104
Turf & Specialty	806		999
Total	$	8,282	$	9,132

	Three months ended March 31,
(in thousands)	2014		2013
Interest expense (income)
Grain	$	2,775	$	3,849
Ethanol	100		326
Plant Nutrient	771		918
Rail	1,656		1,513
Turf & Specialty	418		402
Retail	170		215
Other	112		(819		)
Total	$	6,002	$	6,404

	Three months ended March 31,
(in thousands)	2014		2013
Equity in earnings (loss) of affiliates, net
Grain	$	1,884	$	7,910
Ethanol	18,617		(106		)
Total	$	20,501	$	7,804

	Three months ended March 31,
(in thousands)	2014			2013
Other income (expense), net
Grain (a)	$	18,346		$	571
Ethanol	(226		)	231
Plant Nutrient	185			(25		)
Rail	710			946
Turf & Specialty	307			275
Retail	112			114
Other	178			614
Total	$	19,612		$	2,726

 (a) Increase is related to gain on LTG partial share redemption. See Note 8. Related Party Transactions for details of the LTG gain in 2014.

	Three months ended March 31,
(in thousands)	2014			2013
Income (loss) before income taxes
Grain	$	11,306		$	8,299
Ethanol	19,824			2,479
Plant Nutrient	(1,411		)	(562		)
Rail	15,045			14,574
Turf & Specialty	1,375			4,001
Retail	(2,335		)	(3,169		)
Other	(7,224		)	(3,965		)
Noncontrolling interests	3,321			(266		)
Total	$	39,901		$	21,391

(in thousands)	March 31, 2014		December 31, 2013		March 31, 2013
Identifiable assets
Grain	$	979,608	$	921,914	$	1,025,350
Ethanol	224,931		229,797		209,666
Plant Nutrient	311,219		268,238		323,653
Rail	303,532		312,654		302,717
Turf & Specialty	110,538		89,939		97,842
Retail	47,710		44,910		53,668
Other	148,045		406,104		138,892
Total	$	2,125,583	$	2,273,556	$	2,151,788