v2.4.0.8

Segment Information | 9 Months Ended
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Sep. 30, 2014
Segment Reporting [Abstract] |
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 investments in Lansing Trade Group, LLC (“LTG”) and the Thompsons Limited joint ventures. The Ethanol business purchases and sells ethanol and also manages the ethanol production facilities organized as limited liability companies, one is consolidated and three are investments accounted for under the equity method. There are various service contracts for these investments. Rail operations include the leasing, marketing and fleet management of railcars and other assets, 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 facility. Included in “Other” are the corporate level amounts 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.
| Three months ended September 30, |  | Nine months ended September 30,
(in thousands) | 2014 |  | 2013 |  | 2014 |  | 2013
Revenues from external customers |  |  |  |  |  |  |
Grain | $ | 575,354 |  |  | $ | 765,833 |  |  | $ | 1,814,517 |  |  | $ | 2,493,678 |
Ethanol | 179,405 |  |  | 213,384 |  |  | 594,613 |  |  | 634,933 |
Plant Nutrient | 110,809 |  |  | 95,681 |  |  | 530,334 |  |  | 537,922 |
Rail | 32,022 |  |  | 47,523 |  |  | 117,733 |  |  | 132,488 |
Turf & Specialty | 22,631 |  |  | 27,624 |  |  | 109,269 |  |  | 117,955 |
Retail | 32,706 |  |  | 31,329 |  |  | 101,837 |  |  | 103,332 |
Total | $ | 952,927 |  |  | $ | 1,181,374 |  |  | $ | 3,268,303 |  |  | $ | 4,020,308 |
| Three months ended September 30, |  | Nine months ended September 30,
(in thousands) | 2014 |  | 2013 |  | 2014 |  | 2013
Inter-segment sales |  |  |  |  |  |  |
Grain | $ | 894 |  |  | $ | — |  |  | $ | 4,256 |  |  | $ | 333 |
Plant Nutrient | 3,401 |  |  | 4,243 |  |  | 12,929 |  |  | 15,955 |
Rail | 109 |  |  | 109 |  |  | 327 |  |  | 318 |
Turf & Specialty | 392 |  |  | 516 |  |  | 2,033 |  |  | 1,869 |
Total | $ | 4,796 |  |  | $ | 4,868 |  |  | $ | 19,545 |  |  | $ | 18,475 |
| Three months ended September 30, |  | Nine months ended September 30,
(in thousands) | 2014 |  | 2013 |  | 2014 |  | 2013
Interest expense (income) |  |  |  |  |  |  |
Grain | $ | 1,723 |  |  | $ | 1,391 |  |  | $ | 7,203 |  |  | $ | 7,714 |
Ethanol | 77 |  |  | 289 |  |  | 253 |  |  | 895 |
Plant Nutrient | 1,017 |  |  | 746 |  |  | 2,748 |  |  | 2,461 |
Rail | 1,821 |  |  | 1,220 |  |  | 5,381 |  |  | 4,162 |
Turf & Specialty | 338 |  |  | 203 |  |  | 1,178 |  |  | 951 |
Retail | 182 |  |  | 152 |  |  | 516 |  |  | 519 |
Other | (905 | ) |  | 1,347 |  |  | (878 | ) |  | (95 | )
Total | $ | 4,253 |  |  | $ | 5,348 |  |  | $ | 16,401 |  |  | $ | 16,607 |
| Three months ended September 30, |  | Nine months ended September 30,
(in thousands) | 2014 |  | 2013 |  | 2014 |  | 2013
Equity in earnings of affiliates, net |  |  |  |  |  |  |
Grain | $ | 10,190 |  |  | $ | 12,003 |  |  | $ | 20,541 |  |  | $ | 24,940 |
Ethanol | 13,727 |  |  | 10,174 |  |  | 56,090 |  |  | 15,051 |
Total | $ | 23,917 |  |  | $ | 22,177 |  |  | $ | 76,631 |  |  | $ | 39,991 |
| Three months ended September 30, |  | Nine months ended September 30,
(in thousands) | 2014 |  | 2013 |  | 2014 |  | 2013
Other income (expense), net |  |  |  |  |  |  |
Grain (a) | $ | (2,354 | ) |  | $ | 1,216 |  |  | $ | 16,967 |  |  | $ | 1,438 |
Ethanol | 71 |  |  | 35 |  |  | 201 |  |  | 465 |
Plant Nutrient | 2,617 |  |  | 320 |  |  | 3,193 |  |  | 459 |
Rail | 792 |  |  | 5,031 |  |  | 2,289 |  |  | 6,679 |
Turf & Specialty | 244 |  |  | 135 |  |  | 1,018 |  |  | 585 |
Retail | 418 |  |  | 102 |  |  | 720 |  |  | 316 |
Other | (103 | ) |  | 766 |  |  | 706 |  |  | 1,681 |
Total | $ | 1,685 |  |  | $ | 7,605 |  |  | $ | 25,094 |  |  | $ | 11,623 |
(a) Increase in the nine months ended balances is related to gain on LTG partial share redemption. See Note 8. Related Party Transactions for details of the LTG gain in the first quarter of 2014.
| Three months ended September 30, |  | Nine months ended September 30,
(in thousands) | 2014 |  | 2013 |  | 2014 |  | 2013
Income (loss) before income taxes |  |  |  |  |  |  |
Grain | $ | 12,449 |  |  | $ | 14,323 |  |  | $ | 34,110 |  |  | $ | 24,675 |
Ethanol | 21,253 |  |  | 10,904 |  |  | 74,981 |  |  | 23,984 |
Plant Nutrient | (129 | ) |  | (1,643 | ) |  | 23,464 |  |  | 21,035 |
Rail | 4,160 |  |  | 12,360 |  |  | 25,889 |  |  | 36,614 |
Turf & Specialty | (2,885 | ) |  | (83 | ) |  | 488 |  |  | 6,113 |
Retail | (968 | ) |  | (2,043 | ) |  | (1,666 | ) |  | (3,673 | )
Other | (6,804 | ) |  | (6,309 | ) |  | (23,595 | ) |  | (12,563 | )
Noncontrolling interests | 2,454 |  |  | 878 |  |  | 10,844 |  |  | 1,805 |
Total | $ | 29,530 |  |  | $ | 28,387 |  |  | $ | 144,515 |  |  | $ | 97,990 |
(in thousands) | September 30, 2014 |  | December 31, 2013 |  | September 30, 2013
Identifiable assets |  |  |  |  |
Grain | $ | 713,352 |  |  | $ | 921,914 |  |  | $ | 784,869 |
Ethanol | 257,194 |  |  | 229,797 |  |  | 207,530 |
Plant Nutrient | 252,675 |  |  | 268,238 |  |  | 258,772 |
Rail | 316,851 |  |  | 312,654 |  |  | 294,528 |
Turf & Specialty | 84,212 |  |  | 89,939 |  |  | 71,600 |
Retail | 46,108 |  |  | 44,910 |  |  | 51,465 |
Other | 412,600 |  |  | 406,104 |  |  | 213,527 |
Total | $ | 2,082,992 |  |  | $ | 2,273,556 |  |  | $ | 1,882,291 |

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 29 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8864-108599 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8933-108599 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8844-108599 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8538-108599 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8380-108599 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8981-108599 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 35 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8984-108599 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8906-108599 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9054-108599 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8924-108599 Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9031-108599 Reference 13: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 33 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8971-108599 Reference 14: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8595-108599 + Details
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