Segment Information

12 Months Ended

Dec. 31, 2015

Segment Reporting [Abstract]

Segment Information

Segment Information

The Company’s operations include five 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 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 is consolidated and three are investments accounted for under the equity method. There are various service contracts for these investments. Rail operations include the sales, leasing, marketing and fleet management of railcars and other assets, railcar repair and metal fabrication. The Plant Nutrient business manufactures and distributes agricultural and turf care inputs, primarily fertilizer, to dealers and farmers, along with other 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 attributed to an operating segment.

In the first quarter of 2015, the Plant Nutrient Group merged with the Turf & Specialty Group, as announced in the fourth quarter of 2014. Management has adjusted its internal reporting structure to reflect this organizational change and the result of this merger is one reportable business segment, referred to as the Plant Nutrient Group. All prior periods have been recast to reflect this change.

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)	2015		2014		2013
Revenues from external customers
Grain	$	2,483,643	$	2,682,038	$	3,617,943
Ethanol	556,188		765,939		831,965
Plant Nutrient	848,338		802,333		849,166
Rail	170,848		148,954		164,794
Retail	139,478		140,807		140,706
Total	$	4,198,495	$	4,540,071	$	5,604,574

	Year ended December 31,
(in thousands)	2015		2014		2013
Inter-segment sales
Grain	$	3,573	$	5,066	$	1
Plant Nutrient	682		627		454
Rail	1,192		466		427
Total	$	5,447	$	6,159	$	882

	Year ended December 31,
(in thousands)	2015			2014			2013
Interest expense (income)
Grain	$	5,778		$	8,785		$	9,567
Ethanol	70			255			1,038
Plant Nutrient	7,243			5,278			4,549
Rail	7,006			7,247			5,544
Retail	356			666			689
Other	(381		)	(471		)	(527		)
Total	$	20,072		$	21,760		$	20,860

	Year ended December 31,
(in thousands)	2015		2014		2013
Equity in earnings of affiliates
Grain	$	14,703	$	27,643	$	33,122
Ethanol	17,221		68,880		35,583
Total	$	31,924	$	96,523	$	68,705

	Year ended December 31,
(in thousands)	2015		2014		2013
Other income, net
Grain	$	26,229	$	21,450	$	2,120
Ethanol	377		223		399
Plant Nutrient	3,046		4,372		1,783
Rail	15,935		3,094		7,666
Retail	557		955		501
Other	328		1,031		2,407
Total	$	46,472	$	31,125	$	14,876

	Year ended December 31,
(in thousands)	2015			2014			2013
Income (loss) before income taxes
Grain	$	(9,446	)	$	58,136		$	46,805
Ethanol	28,503			92,257			50,600
Plant Nutrient	121			24,514			32,019
Rail	50,681			31,445			42,785
Retail	(455		)	(620		)	(7,534		)
Other*	(82,713		)	(34,505		)	(20,925		)
Non-controlling interests	1,745			12,919			5,763
Total	$	(11,564	)	$	184,146		$	149,513

* includes pension settlement charges in 2015

	Year ended December 31,
(in thousands)	2015		2014
Identifiable assets
Grain	$	1,010,810	$	1,137,437
Ethanol	183,080		197,888
Plant Nutrient	531,753		433,013
Rail	405,702		365,531
Retail	44,135		44,536
Other	183,621		186,287
Total	$	2,359,101	$	2,364,692

	Year ended December 31,
(in thousands)	2015		2014		2013
Capital expenditures
Grain	$	26,862	$	20,958	$	8,535
Ethanol	7,223		2,256		4,052
Plant Nutrient	14,384		24,491		23,657
Rail	2,990		2,332		4,135
Retail	1,005		1,190		2,944
Other	20,005		8,448		3,463
Total	$	72,469	$	59,675	$	46,786

	Year ended December 31,
(in thousands)	2015		2014		2013
Acquisition of businesses, net of cash acquired and investments in affiliates
Grain	$	—	$	40,206	$	51,544
Ethanol	—		—		—
Plant Nutrient	128,549		15,489		4,103
Rail	—		—		7,804
Other	750		100		1,050
Total	$	129,299	$	55,795	$	64,501

	Year ended December 31,
(in thousands)	2015		2014		2013
Depreciation and amortization
Grain	$	19,240	$	16,547	$	15,620
Ethanol	5,865		5,700		5,909
Plant Nutrient	25,179		19,624		17,213
Rail	18,450		13,262		12,031
Retail	2,510		2,668		3,119
Other	7,212		4,204		1,415
Total	$	78,456	$	62,005	$	55,307

Grain sales for export to foreign markets amounted to $195.6 million, $251.4 million and $220.0 million in 2015, 2014 and 2013, respectively - the majority of which were sales to Canadian customers. Revenues from leased railcars in Canada totaled $11.0 million, $9.1 million and $8.7 million in 2015, 2014 and 2013, respectively. The net book value of the leased railcars in Canada as of December 31, 2015 and 2014 was $26.6 million and $38.5 million, respectively. Lease revenue on railcars in Mexico totaled $0.3 million in 2015 and $0.4 in each of 2014 and 2013.