Segment Information

3 Months Ended

Mar. 31, 2019

The Company’s operations include four reportable business segments that are distinguished primarily on the basis of products and services offered. The Trade business includes grain merchandising, the operation of terminal grain elevator facilities and, historically, the investments in LTG and Thompsons Limited. In January 2019, the Company acquired the remaining 67.5% of LTG equity that it did not already own. The transaction also resulted in the consolidation of Thompsons Limited of Ontario, Canada and related entities, which LTG and the Company jointly owned. The Company is continuing to evaluate its segment reporting structure as a result of the acquisition. The presentation includes a majority of the acquired business within the legacy Grain Group which has been renamed, Trade Group. The acquired ethanol trading business of LTG is included within the Ethanol Group. This presentation is still preliminary as the reporting structure may further evolve this year. The Company also moved certain commission income and an elevator lease from the legacy Grain Group to the Ethanol Group to better align business segments. Prior year results have been recast to reflect this change. 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. The Other category 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 March 31,
(in thousands)	2019		2018
Revenues from external customers
Trade	$	1,598,021	$	276,852
Ethanol	208,831		172,838
Plant Nutrient	128,525		135,617
Rail	41,415		50,432
Total	$	1,976,792	$	635,739



	Three months ended March 31,
(in thousands)	2019		2018
Inter-segment sales
Trade	$	181	$	531
Plant Nutrient	20		—
Rail	1,275		333
Total	$	1,476	$	864



	Three months ended March 31,
(in thousands)	2019			2018
Income (loss) before income taxes
Trade	$	(17,464	)	$	(1,244	)
Ethanol	2,572			3,053
Plant Nutrient	(3,929		)	1,091
Rail	4,312			3,969
Other	(4,926		)	(8,879		)
Noncontrolling interests	(155		)	(282		)
Total	$	(19,590	)	$	(2,292	)



(in thousands)	March 31, 2019		December 31, 2018		March 31, 2018
Identifiable assets
Trade	$	2,116,254	$	978,974	$	1,031,150
Ethanol	333,060		295,971		210,169
Plant Nutrient	455,529		403,780		455,148
Rail	642,596		590,407		530,994
Other	112,813		122,871		136,067
Total	$	3,660,252	$	2,392,003	$	2,363,528