Segment Reporting

We are an integrated agricultural enterprise, providing grain, foods and energy resources to businesses and consumers on a global basis. We provide a wide variety of products and services, from initial agricultural inputs such as fuels, farm supplies, crop nutrient and crop protection products, to agricultural outputs that include grains and oilseeds, grain and oilseed processing and food products, and the production and marketing of ethanol. We define our operating segments in accordance with ASC Topic 280, Segment Reporting, to reflect the manner in which our chief operating decision maker, our Chief Executive Officer, evaluates performance and allocates resources in managing our businesses. We have aggregated those operating segments into three reportable segments: Energy, Ag and Nitrogen Production.

Our Energy segment produces and provides primarily for the wholesale distribution of petroleum products and transportation of those products. Our Ag segment purchases and further processes or resells grains and oilseeds originated by our country operations business, by our member cooperatives and by third parties; serves as a wholesaler and retailer of crop inputs; and produces and markets ethanol. Our Nitrogen Production segment consists solely of our equity method investment in CF Nitrogen, which entitles us, pursuant to a supply agreement that we entered into with CF Nitrogen, to purchase up to a specified quantity of granular urea and urea ammonium nitrate ("UAN") annually from CF Nitrogen. Corporate and Other represents our financing and hedging businesses, which primarily consist of commodities hedging and financial services related to crop production. Our non-consolidated investments in Ventura Foods and Ardent Mills are also included in Corporate and Other.

Corporate administrative expenses and interest are allocated to each business segment and Corporate and Other, based on direct usage for services that can be tracked, such as information technology and legal, and other factors or considerations relevant to the costs incurred.

Many of our business activities are highly seasonal and operating results vary throughout the year. For example, in our Ag segment, our country operations business generally experiences higher volumes and income during the spring planting season and during the fall harvest season, and our agronomy business generally experiences higher volumes and income during the spring planting season. Our global grain marketing operations are subject to fluctuations in volume and earnings based on producer harvests, world grain prices and demand. Our Energy segment generally experiences higher volumes and profitability in certain operating areas, such as refined products, in the summer and early fall when gasoline and diesel fuel usage is highest and is subject to global supply and demand forces. Other energy products, such as propane, may experience higher volumes and profitability during the winter heating and crop-drying seasons.

Our revenues, assets and cash flows can be significantly affected by global market prices for commodities such as petroleum products, natural gas, grains, oilseeds, crop nutrients and flour. Changes in market prices for commodities that we purchase without a corresponding change in the selling prices of those products can affect revenues and operating earnings. Commodity prices are affected by a wide range of factors beyond our control, including the weather, crop damage due to plant disease or insects, drought, availability and adequacy of supply, government regulations and policies, world events, and general political and economic conditions.

While our revenues and operating results are derived primarily from businesses and operations that are wholly-owned or subsidiaries and limited liability companies in which we have a controlling interest, a portion of our business operations are conducted through companies in which we hold ownership interests of 50% or less or do not control the operations. See Note 5, Investments, for more information on these entities.

Reconciling amounts primarily represent the elimination of revenues between segments. Such transactions are executed at market prices to more accurately evaluate the profitability of the individual business segments.

Segment information for the three months ended November 30, 2019 and 2018, is presented in the tables below. Fiscal 2020 results for our Ag segment include results associated with our acquisition of the remaining 75% ownership interest in West Central Distribution, LLC ("WCD") that we did not previously own on March 1, 2019, which are not included in our prior period results. Refer to further details related to our acquisition of the remaining 75% ownership interest in WCD that we did not previously own within Note 15, Acquisitions.



	Energy			Ag			Nitrogen Production			Corporate and Other			Reconciling Amounts			Total
Three Months Ended November 30, 2019:	(Dollars in thousands)
Revenues, including intersegment revenues	$	2,027,895		$	5,715,994		$	—		$	15,950		$	(138,354	)	$	7,621,485
Operating earnings (loss)	161,199			(417		)	(7,823		)	4,253			—			157,212
Interest expense	374			20,741			12,130			3,838			(2,112		)	34,971
Other income	(964		)	(11,453		)	(1,569		)	(1,624		)	2,112			(13,498		)
Equity (income) loss from investments	(364		)	4,157			(34,834		)	(18,621		)	—			(49,662		)
Income (loss) before income taxes	$	162,153		$	(13,862	)	$	16,450		$	20,660		$	—		$	185,401
Intersegment revenues	$	(132,472	)	$	(4,139	)	$	—		$	(1,743	)	$	138,354		$	—
Total assets as of November 30, 2019	$	4,449,652		$	7,108,507		$	2,761,709		$	2,894,423		$	—		$	17,214,291

	Energy			Ag			Nitrogen Production			Corporate and Other			Reconciling Amounts			Total
Three Months Ended November 30, 2018:	(Dollars in thousands)
Revenues, including intersegment revenues	$	2,310,080		$	6,308,714		$	—		$	19,067		$	(153,572	)	$	8,484,289
Operating earnings (loss)	235,639			80,127			(5,128		)	3,860			—			314,498
Interest expense	4,237			21,000			13,679			763			(771		)	38,908
Other income	(986		)	(22,400		)	(1,571		)	(948		)	771			(25,134		)
Equity (income) loss from investments	(73		)	1,209			(40,915		)	(26,729		)	—			(66,508		)
Income before income taxes	$	232,461		$	80,318		$	23,679		$	30,774		$	—		$	367,232
Intersegment revenues	$	(148,792	)	$	(3,317	)	$	—		$	(1,463	)	$	153,572		$	—