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. There are various service 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 base nutrient and value added fertilizers, to dealers and farmers, along with turf care and corncob-based products. The Retail business operated large retail stores, a distribution center, and a lawn and garden equipment sales and service facility. In January 2017, the Company announced its decision to close all retail operations. As of December 31, 2017, the Retail Group has closed all stores, completed its liquidation efforts, and sold three of the four properties. 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.



	Year ended December 31,
(in thousands)	2017		2016		2015
Revenues from external customers
Grain	$	2,106,464	$	2,357,171	$	2,483,643
Ethanol	708,063		544,556		556,188
Plant Nutrient	651,824		725,176		848,338
Rail	172,123		163,658		170,848
Retail	47,871		134,229		139,478
Total	$	3,686,345	$	3,924,790	$	4,198,495



	Year ended December 31,
(in thousands)	2017		2016		2015
Inter-segment sales
Grain	$	761	$	1,638	$	3,573
Plant Nutrient	241		470		682
Rail	1,213		1,399		1,192
Total	$	2,215	$	3,507	$	5,447



	Year ended December 31,
(in thousands)	2017			2016			2015
Interest expense (income)
Grain	$	8,320		$	7,955		$	5,778
Ethanol	(67		)	35			70
Plant Nutrient	6,420			6,448			7,243
Rail	7,023			6,461			7,006
Retail	324			496			356
Other	(453		)	(276		)	(381		)
Total	$	21,567		$	21,119		$	20,072



	Year ended December 31,
(in thousands)	2017		2016			2015
Equity in earnings of affiliates
Grain	$	4,509	$	(8,746	)	$	14,703
Ethanol	12,214		18,467			17,221
Total	$	16,723	$	9,721		$	31,924



	Year ended December 31,
(in thousands)	2017		2016		2015
Other income, net
Grain	$	3,658	$	5,472	$	26,229
Ethanol	54		77		377
Plant Nutrient	5,092		3,716		3,046
Rail	2,632		2,218		15,935
Retail	10,684		507		557
Other	1,324		2,785		328
Total	$	23,444	$	14,775	$	46,472



	Year ended December 31,
(in thousands)	2017			2016			2015
Income (loss) before income taxes
Grain	$	12,844		$	(15,651	)	$	(9,446	)
Ethanol	18,878			24,723			28,503
Plant Nutrient	(45,121		)	14,176			121
Rail	24,798			32,428			50,681
Retail	(7,309		)	(8,848		)	(455		)
Other (a)	(24,713		)	(28,323		)	(82,713		)
Non-controlling interests	98			2,876			1,745
Total	$	(20,525	)	$	21,381		$	(11,564	)


(a)	Includes pension settlement charges in 2015



	Year ended December 31,
(in thousands)	2017		2016
Identifiable assets
Grain	$	948,871	$	961,114
Ethanol	180,173		171,115
Plant Nutrient	379,309		484,455
Rail	490,448		398,446
Retail	4,349		31,257
Other	159,204		186,462
Total	$	2,162,354	$	2,232,849



	Year ended December 31,
(in thousands)	2017		2016		2015
Capital expenditures
Grain	$	10,899	$	21,428	$	26,862
Ethanol	3,690		2,301		7,223
Plant Nutrient	10,735		15,153		14,384
Rail	3,478		4,345		2,990
Retail	—		436		1,005
Other	5,800		34,077		20,005
Total	$	34,602	$	77,740	$	72,469



	Year ended December 31,
(in thousands)	2017		2016		2015
Acquisition of businesses, net of cash acquired and other investments
Grain	$	5,436	$	—	$	—
Plant Nutrient	—		—		128,549
Other	3,750		2,500		750
Total	$	9,186	$	2,500	$	129,299



	Year ended December 31,
(in thousands)	2017		2016		2015
Depreciation and amortization
Grain	$	18,757	$	18,232	$	19,240
Ethanol	5,970		5,925		5,865
Plant Nutrient	26,628		28,663		25,179
Rail	23,081		20,082		18,450
Retail	70		2,452		2,510
Other	11,906		8,971		7,212
Total	$	86,412	$	84,325	$	78,456

Grain sales for export to foreign markets amounted to $166.2 million, $78.3 million and $195.6 million in 2017, 2016 and 2015, respectively - the majority of which were sales to Canadian customers. Revenues from leased railcars in Canada totaled $13.3 million, $13.2 million and $11.0 million in 2017, 2016 and 2015, respectively. The net book value of the leased railcars in Canada as of December 31, 2017 and 2016 was $21.2 million and $26.8 million, respectively.