Segment Information

9 Months Ended

Sep. 30, 2019

The Company’s operations include four reportable business segments that are distinguished primarily on the basis of products and services offered. The Trade business includes grain merchandising, the operation of terminal grain elevator facilities and, historically, the investments in LTG and Thompsons Limited. In January 2019, the Company acquired the remaining 67.5% of LTG equity that it did not already own. The transaction also resulted in the consolidation of Thompsons Limited of Ontario, Canada and related entities, which LTG and the Company jointly owned. The Company has evaluated its segment reporting structure as a result of the acquisition. The presentation includes a majority of the acquired business within the legacy Grain Group which has been renamed, Trade Group. The acquired ethanol trading business of LTG is included within the Ethanol Group. The Company also moved certain commission income and an elevator lease from the legacy Grain Group to the Ethanol Group to better align business segments. Prior year results have been recast to reflect this change. The Ethanol business purchases and sells ethanol, and provides risk management, origination and management services to ethanol production facilities. These facilities are organized as limited liability companies, two are consolidated and three are investments accounted for under the equity method. The Company performs a combination of these services under various contracts for these investments. The Plant Nutrient business manufactures and distributes agricultural inputs, primarily fertilizer, to dealers and farmers, along with turf care and corncob-based products. Rail operations include the leasing, marketing and fleet management of railcars and other assets, railcar repair and metal fabrication. The Other category includes other corporate level costs 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. The Company does not have any customers who represent 10 percent or more of total revenue.



	Three months ended September 30,				Nine months ended September 30,
(in thousands)	2019		2018		2019		2018
Revenues from external customers
Trade	$	1,580,157	$	342,610	$	4,944,483	$	983,737
Ethanol	254,055		195,669		708,029		571,090
Plant Nutrient	109,446		104,188		508,548		542,911
Rail	39,097		43,112		123,528		134,982
Total	$	1,982,755	$	685,579	$	6,284,588	$	2,232,720



	Three months ended September 30,				Nine months ended September 30,
(in thousands)	2019		2018		2019		2018
Inter-segment sales
Trade	$	242	$	442	$	1,054	$	1,435
Plant Nutrient	892		—		2,186		—
Rail	824		288		2,869		959
Total	$	1,958	$	730	$	6,109	$	2,394



	Three months ended September 30,						Nine months ended September 30,
(in thousands)	2019			2018			2019			2018
Income (loss) before income taxes, net of noncontrolling interest
Trade	$	(2,001	)	$	(9,914	)	$	4,268		$	(2,453	)
Ethanol	949			10,353			6,169			20,703
Plant Nutrient	(7,440		)	(7,976		)	4,534			8,239
Rail	3,137			5,732			10,629			10,645
Other	(6,094		)	(2,057		)	(15,599		)	(13,734		)
Income (loss) before income taxes, net of noncontrolling interest	(11,449		)	(3,862		)	10,001			23,400
Noncontrolling interests	(1,633		)	223			(2,265		)	(175		)
Income (loss) before income taxes	$	(13,082	)	$	(3,639	)	$	7,736		$	23,225



(in thousands)	September 30, 2019		December 31, 2018		September 30, 2018
Identifiable assets
Trade	$	1,712,350	$	964,079	$	773,923
Ethanol	372,663		310,866		278,796
Plant Nutrient	376,615		403,780		415,314
Rail	679,056		590,407		564,227
Other	143,768		122,871		119,358
Total	$	3,284,452	$	2,392,003	$	2,151,618