Segment Information

The Company’s operations include four 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 provides risk management, origination and management services to ethanol production facilities. These facilities are organized as limited liability companies, two are consolidated and three are investments accounted for under the equity method. The Company performs a combination of these services under various contracts for these investments. The Plant Nutrient business manufactures and distributes agricultural inputs, primarily fertilizer, to dealers and farmers, along with turf care and corncob-based products. Rail operations include the leasing, marketing and fleet management of railcars and other assets, railcar repair and metal fabrication. Prior to 2018, the Company reported the Retail operations as a fifth reportable business segment even though it did not meet the quantitative thresholds for segment disclosures. As previously disclosed, the Company closed the Retail business during 2017, and accordingly has recast the prior results for this segment within the Other category, which also includes other corporate level costs 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. The Company does not have any customers who represent 10 percent or more of total revenues.



	Three months ended June 30,				Six months ended June 30,
(in thousands)	2018		2017		2018		2017
Revenues from external customers
Grain	$	365,920	$	488,447	$	642,772	$	966,975
Ethanol	200,938		187,831		373,776		341,984
Plant Nutrient	303,106		264,736		438,723		411,323
Rail	41,438		38,149		91,870		78,539
Other	—		14,499		—		46,857
Total	$	911,402	$	993,662	$	1,547,141	$	1,845,678



	Three months ended June 30,				Six months ended June 30,
(in thousands)	2018		2017		2018		2017
Inter-segment sales
Grain	$	462	$	141	$	993	$	207
Plant Nutrient	—		70		—		241
Rail	338		275		671		566
Total	$	800	$	486	$	1,664	$	1,014



	Three months ended June 30,						Six months ended June 30,
(in thousands)	2018			2017			2018			2017
Income (loss) before income taxes
Grain	$	9,877		$	6,929		$	9,847		$	1,856
Ethanol	6,125			4,660			7,964			6,376
Plant Nutrient	15,124			(25,825		)	16,215			(19,154		)
Rail	944			5,860			4,913			11,938
Other	(2,799		)	(10,625		)	(11,678		)	(25,641		)
Noncontrolling interests	(116		)	(64		)	(398		)	(10		)
Total	$	29,155		$	(19,065	)	$	26,863		$	(24,635	)



(in thousands)	June 30, 2018		December 31, 2017		June 30, 2017
Identifiable assets
Grain	$	820,016	$	948,871	$	783,316
Ethanol	248,560		180,173		170,730
Plant Nutrient	356,166		379,309		351,871
Rail	535,087		490,448		448,417
Other	157,959		163,553		157,091
Total	$	2,117,788	$	2,162,354	$	1,911,425