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 Thompsons Limited. 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. The Company performs services under various contracts for these investments. Rail operations include the leasing, marketing and fleet management of railcars and other assets, railcar repair and metal fabrication. The Plant Nutrient business manufactures and distributes agricultural inputs, primarily fertilizer, to dealers and farmers, along with turf care and corncob-based products. The Retail business operates large retail stores, a distribution center, and a lawn and garden equipment sales and service facility. The Retail business closed during the second quarter of 2017, and liquidation efforts are substantially complete. Included in “Other” are the corporate level costs not attributed 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. The Company does not have any customers who represent 10 percent or more of total revenues.



	Three months ended September 30,				Nine months ended September 30,
(in thousands)	2017		2016		2017		2016
Revenues from external customers
Grain	$	497,613	$	550,189	$	1,464,588	$	1,611,992
Ethanol	191,531		139,413		533,515		396,626
Plant Nutrient	103,620		101,770		514,943		588,797
Rail	43,093		38,201		121,632		118,152
Retail	738		30,039		47,595		96,168
Total	$	836,595	$	859,612	$	2,682,273	$	2,811,735



	Three months ended September 30,				Nine months ended September 30,
(in thousands)	2017		2016		2017		2016
Inter-segment sales
Grain	$	72	$	7	$	279	$	1,632
Plant Nutrient	—		61		241		422
Rail	327		328		893		1,062
Total	$	399	$	396	$	1,413	$	3,116



	Three months ended September 30,						Nine months ended September 30,
(in thousands)	2017			2016			2017			2016
Income (loss) before income taxes
Grain	$	2,641		$	1,879		$	4,497		$	(28,563	)
Ethanol	6,098			9,541			12,474			13,048
Plant Nutrient	(7,920		)	(7,231		)	(27,074		)	18,008
Rail	6,127			6,754			18,065			22,698
Retail	4,424			(1,578		)	(9,140		)	(2,644		)
Other	(6,448		)	(6,539		)	(18,525		)	(19,612		)
Noncontrolling interests	83			1,619			73			1,711
Total	$	5,005		$	4,445		$	(19,630	)	$	4,646



(in thousands)	September 30, 2017		December 31, 2016		September 30, 2016
Identifiable assets
Grain	$	799,655	$	961,114	$	721,412
Ethanol	173,545		171,115		174,822
Plant Nutrient	389,396		484,455		462,328
Rail	446,884		398,446		383,631
Retail	9,138		31,257		42,880
Other	145,542		186,462		199,338
Total	$	1,964,160	$	2,232,849	$	1,984,411