Segment Information

9 Months Ended

Sep. 30, 2018

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 September 30,				Nine months ended September 30,
(in thousands)	2018		2017		2018		2017
Revenues from external customers
Grain	$	343,430	$	497,613	$	986,202	$	1,464,588
Ethanol	194,849		191,531		568,625		533,515
Plant Nutrient	104,188		103,620		542,911		514,943
Rail	43,112		43,093		134,982		121,632
Other	—		738		—		47,595
Total	$	685,579	$	836,595	$	2,232,720	$	2,682,273



	Three months ended September 30,				Nine months ended September 30,
(in thousands)	2018		2017		2018		2017
Inter-segment sales
Grain	$	442	$	72	$	1,435	$	279
Plant Nutrient	—		—		—		241
Rail	288		327		959		893
Total	$	730	$	399	$	2,394	$	1,413



	Three months ended September 30,						Nine months ended September 30,
(in thousands)	2018			2017			2018			2017
Income (loss) before income taxes
Grain	$	(8,619	)	$	2,641		$	1,228		$	4,497
Ethanol	9,058			6,098			17,022			12,474
Plant Nutrient	(7,976		)	(7,920		)	8,239			(27,074		)
Rail	5,732			6,127			10,645			18,065
Other	(2,057		)	(2,024		)	(13,734		)	(27,665		)
Noncontrolling interests	223			83			(175		)	73
Total	$	(3,639	)	$	5,005		$	23,225		$	(19,630	)



(in thousands)	September 30, 2018		December 31, 2017		September 30, 2017
Identifiable assets
Grain	$	788,770	$	948,871	$	799,655
Ethanol	263,949		180,173		173,545
Plant Nutrient	415,314		379,309		389,396
Rail	564,227		490,448		446,884
Other	119,358		163,553		154,680
Total	$	2,151,618	$	2,162,354	$	1,964,160