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Segment Information
6 Months Ended
Jun. 30, 2011
Segment Information [Abstract]  
Segment Information
7. Segment Information
During the first quarter of 2011, management re-evaluated the Company’s reportable segments. Based on that evaluation, the Company has begun to separate the segment previously reported as Grain & Ethanol into two separate reportable segments for external financial reporting. We have also evaluated the impact of this change on the recoverability of our goodwill and no impairment charge was necessary. Corresponding items of segment information for earlier periods have been reclassified to conform to current year presentation.
The Company’s operations include six 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 investment in Lansing Trade Group LLC (“LTG”). The Ethanol business purchases and sells ethanol and also manages the ethanol production facilities organized as limited liability companies (“ethanol LLCs”) in which the Company has investments and various service contracts for these investments. Rail operations include the leasing, marketing and fleet management of railcars and locomotives, railcar repair and metal fabrication. The Plant Nutrient business manufactures and distributes agricultural inputs, primarily fertilizer, to dealers and farmers. Turf & Specialty operations include the production and distribution of turf care and corncob-based products. The Retail business operates large retail stores, a specialty food market, a distribution center and a lawn and garden equipment sales and service shop. Included in Other are the corporate level amounts not attributable to an operating segment.
                                                                 
                Results of Operations — Segment Disclosures            
                            (in thousands)                          
 
Second quarter ended                           Plant     Turf &                    
June 30, 2011   Grain     Ethanol     Rail     Nutrient     Specialty     Retail     Other     Total  
     
Revenues from external customers
  $ 797,130     $ 164,704     $ 29,501     $ 259,823     $ 41,551     $ 45,458     $     $ 1,338,167  
Inter-segment sales
    1                   3,221       627                   3,849  
Equity in earnings of affiliates
    5,428       7,082             2                         12,512  
Other income, net
    522       37       841       134       259       144       81       2,018  
Interest expense
    3,859       274       1,511       973       372       207       366       7,562  
Operating income (loss) (a)
    36,541       8,830       2,763       24,077       1,778       1,877       (4,673 )     71,193  
Income attributable to noncontrolling interest
          (817 )                                   (817 )
Income (loss) before income taxes
    36,541       9,647       2,763       24,077       1,778       1,877       (4,673 )     72,010  
                                                                 
Second quarter ended                           Plant     Turf &                    
June 30, 2010   Grain     Ethanol     Rail     Nutrient     Specialty     Retail     Other     Total  
     
Revenues from external customers
  $ 360,635     $ 113,045     $ 23,635     $ 228,404     $ 41,182     $ 44,098     $     $ 810,999  
Inter-segment sales
    2             147       2,354       400                   2,903  
Equity in earnings of affiliates
    2,272       4,393             2                         6,667  
Other income (loss), net
    605       19       499       302       377       157       (78 )     1,881  
Interest expense
    840       238       1,317       1,133       503       269       363       4,663  
Operating income (loss) (a)
    13,373       6,249       114       19,017       2,486       2,078       (3,595 )     39,722  
Income attributable to noncontrolling interest
          (610 )                                   (610 )
Income (loss) before income taxes
    13,373       6,859       114       19,017       2,486       2,078       (3,595 )     40,332  
                                                                 
Six months ended                           Plant     Turf &                    
June 30, 2011   Grain     Ethanol     Rail     Nutrient     Specialty     Retail     Other     Total  
     
Revenues from external customers
  $ 1,435,097     $ 297,452     $ 58,411     $ 383,472     $ 88,821     $ 76,588     $     $ 2,339,841  
Inter-segment sales
    2             189       8,606       1,332                   10,129  
Equity in earnings of affiliates
    11,658       8,096             4                         19,758  
Other income, net
    1,102       95       1,594       259       549       300       425       4,324  
Interest expense (income)
    8,699       686       2,958       1,816       821       467       (549 )     14,898  
Operating income (loss) (a)
    51,642       12,401       6,309       29,191       5,056       (787 )     (5,547 )     98,265  
Income attributable to noncontrolling interest
          (939 )                                   (939 )
Income (loss) before income taxes
    51,642       13,340       6,309       29,191       5,056       (787 )     (5,547 )     99,204  
                                                                 
Six months ended                           Plant     Turf &                    
June 30, 2010   Grain     Ethanol     Rail     Nutrient     Specialty     Retail     Other     Total  
     
Revenues from external customers
  $ 763,003     $ 231,566     $ 50,325     $ 331,562     $ 82,815     $ 73,726     $     $ 1,532,997  
Inter-segment sales
    2             301       6,992       1,033                   8,328  
Equity in earnings of affiliates
    5,331       11,237             4                         16,572  
Other income, net
    1,255       42       2,308       633       794       276       227       5,535  
Interest expense
    2,231       452       2,644       2,266       1,042       556       107       9,298  
Operating income (loss) (a)
    25,571       14,767       1,140       19,736       5,150       (749 )     (4,213 )     61,402  
Income attributable to noncontrolling interest
          (1,001 )                                   (1,001 )
Income (loss) before income taxes
    25,571       15,768       1,140       19,736       5,150       (749 )     (4,213 )     62,403  
 
(a)   Operating income (loss), the operating segment measure of profitability, is defined as net sales and merchandising revenues plus identifiable other income less all identifiable operating expenses, including interest expense for carrying working capital and long-term assets and is reported inclusive of net income attributable to the noncontrolling interest.