| Segment Information |
Segment Information 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 that are investments accounted for under the equity method (“ethanol LLCs”) and various service contracts for these investments. The Ethanol Group also performs the same functions for The Andersons Denison Ethanol LLC, a consolidated subsidiary. 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. | | | | | | | | | | | | | | | | | Three months ended
June 30, | Six months ended
June 30, | | 2012 | | 2011 | 2012 | | 2011 | (in thousands) | | | | | | | Revenues from external customers | | | | | | | Grain | $ | 718,911 |
| | $ | 797,130 |
| $ | 1,418,772 |
| | $ | 1,435,097 |
| Ethanol | 167,758 |
| | 164,704 |
| 318,428 |
| | 297,452 |
| Plant Nutrient | 308,797 |
| | 259,823 |
| 484,157 |
| | 383,472 |
| Rail | 32,046 |
| | 29,501 |
| 67,905 |
| | 58,411 |
| Turf & Specialty | 43,845 |
| | 41,551 |
| 88,972 |
| | 88,821 |
| Retail | 44,477 |
| | 45,458 |
| 74,733 |
| | 76,588 |
| Other | — |
| | — |
| — |
| | — |
| Total | $ | 1,315,834 |
| | $ | 1,338,167 |
| $ | 2,452,967 |
| | $ | 2,339,841 |
|
| | | | | | | | | | | | | | | | | Three months ended
June 30, | Six months ended
June 30, | (in thousands) | 2012 | | 2011 | 2012 | | 2011 | Inter-segment sales | | | | | | | Grain | $ | — |
| | $ | 1 |
| $ | 1 |
| | $ | 2 |
| Ethanol | — |
| | — |
| — |
| | — |
| Plant Nutrient | 5,334 |
| | 3,221 |
| 8,417 |
| | 8,606 |
| Rail | 208 |
| | — |
| 411 |
| | 189 |
| Turf & Specialty | 497 |
| | 627 |
| 1,473 |
| | 1,332 |
| Retail | — |
| | — |
| — |
| | — |
| Other | — |
| | — |
| — |
| | — |
| Total | $ | 6,039 |
| | $ | 3,849 |
| $ | 10,302 |
| | $ | 10,129 |
|
| | | | | | | | | | | | | | | | | Three months ended
June 30, | Six months ended
June 30, | (in thousands) | 2012 | | 2011 | 2012 | | 2011 | Interest expense (income) | | | | | | | Grain | $ | 2,687 |
| | $ | 3,859 |
| $ | 5,939 |
| | $ | 8,699 |
| Ethanol | 185 |
| | 274 |
| 209 |
| | 686 |
| Plant Nutrient | 632 |
| | 973 |
| 1,342 |
| | 1,816 |
| Rail | 1,156 |
| | 1,511 |
| 2,334 |
| | 2,958 |
| Turf & Specialty | 312 |
| | 372 |
| 668 |
| | 821 |
| Retail | 157 |
| | 207 |
| 353 |
| | 467 |
| Other | 251 |
| | 366 |
| (135 | ) | | (549 | ) | Total | $ | 5,380 |
| | $ | 7,562 |
| $ | 10,710 |
| | $ | 14,898 |
|
| | | | | | | | | | | | | | | | | Three months ended
June 30, | Six months ended
June 30, | (in thousands) | 2012 | | 2011 | 2012 | | 2011 | Equity in earnings (loss) of affiliates | | | | | | | Grain | $ | 7,505 |
| | $ | 5,428 |
| $ | 13,457 |
| | $ | 11,658 |
| Ethanol | (2,410 | ) | | 7,082 |
| (4,081 | ) | | 8,096 |
| Plant Nutrient | 1 |
| | 2 |
| 3 |
| | 4 |
| Rail | — |
| | — |
| — |
| | — |
| Turf & Specialty | — |
| | — |
| — |
| | — |
| Retail | — |
| | — |
| — |
| | — |
| Other | — |
| | — |
| — |
| | — |
| Total | $ | 5,096 |
| | $ | 12,512 |
| $ | 9,379 |
| | $ | 19,758 |
|
| | | | | | | | | | | | | | | | | Three months ended
June 30, | Six months ended
June 30, | (in thousands) | 2012 | | 2011 | 2012 | | 2011 | Other income, net | | | | | | | Grain | $ | 489 |
| | $ | 522 |
| $ | 1,316 |
| | $ | 1,102 |
| Ethanol | 20 |
| | 37 |
| 36 |
| | 95 |
| Plant Nutrient | 1,010 |
| | 134 |
| 1,128 |
| | 259 |
| Rail | 824 |
| | 841 |
| 1,600 |
| | 1,594 |
| Turf & Specialty | 289 |
| | 259 |
| 490 |
| | 549 |
| Retail | 155 |
| | 144 |
| 279 |
| | 300 |
| Other | (116 | ) | | 81 |
| 1,068 |
| | 425 |
| Total | $ | 2,671 |
| | $ | 2,018 |
| $ | 5,917 |
| | $ | 4,324 |
|
| | | | | | | | | | | | | | | | | Three months ended
June 30, | Six months ended
June 30, | (in thousands) | 2012 | | 2011 | 2012 | | 2011 | Income (loss) before income taxes | | | | | | | Grain | $ | 15,277 |
| | $ | 36,541 |
| $ | 34,712 |
| | $ | 51,642 |
| Ethanol | (2,105 | ) | | 8,830 |
| (1,984 | ) | | 12,401 |
| Plant Nutrient | 27,953 |
| | 24,077 |
| 33,781 |
| | 29,191 |
| Rail | 7,199 |
| | 2,763 |
| 15,217 |
| | 6,309 |
| Turf & Specialty | 2,753 |
| | 1,778 |
| 4,955 |
| | 5,056 |
| Retail | 1,428 |
| | 1,877 |
| (1,321 | ) | | (787 | ) | Other | (5,950 | ) | | (4,673 | ) | (10,157 | ) | | (5,547 | ) | Noncontrolling interests | (728 | ) | | 817 |
| (1,407 | ) | | 939 |
| Total | $ | 45,827 |
| | $ | 72,010 |
| $ | 73,796 |
| | $ | 99,204 |
|
| | | | | | | | | | | | | (in thousands) | June 30, 2012 | | December 31, 2011 | | June 30, 2011 | Identifiable assets | | | | | | Grain | $ | 844,526 |
| | $ | 883,395 |
| | $ | 772,995 |
| Ethanol | 212,094 |
| | 148,975 |
| | 93,059 |
| Plant Nutrient | 214,617 |
| | 240,543 |
| | 281,691 |
| Rail | 310,651 |
| | 246,188 |
| | 214,971 |
| Turf & Specialty | 66,580 |
| | 69,487 |
| | 61,141 |
| Retail | 56,986 |
| | 52,018 |
| | 54,243 |
| Other | 89,320 |
| | 93,517 |
| | 65,749 |
| Total | $ | 1,794,774 |
| | $ | 1,734,123 |
| | $ | 1,543,849 |
|
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