| 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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