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Segment Information | 6 Months Ended
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Jun. 30, 2025
Segment Reporting [Abstract] |
Segment Information | Segment Information Reportable segments are components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker ("CODM"), who is the Company’s Chief Executive Officer, in deciding how to allocate resources and in assessing performance. The CODM allocates resources to and evaluates the financial performance of each operating segment primarily based on Income before income taxes. The operating and reportable segment structure provides alignment between business strategies and operating results. The Company’s operations include two reportable business segments that are distinguished primarily on the basis of products and services offered as well as the management structure. Effective January 1, 2025, the Company realigned its organizational structure to better reflect updates in management reporting resulting in a change in reportable segments. As a result, the former Trade segment was combined with the former Nutrient & Industrial segment in the newly formed Agribusiness segment along with several smaller business lines being moved between the Agribusiness and Renewables segments. All prior period segment information has been recast to conform to the current year presentation. The Agribusiness segment includes commodity merchandising, the operation of terminal grain elevator facilities, and the manufacturing and distribution plant nutrient products. The Renewables segment produces, purchases and sells ethanol and co-products. The segment also operates a merchandising portfolio of ethanol, ethanol co-products and renewable feedstocks. Other includes corporate income and expense and cost for functions that provide support and services to the operating segments, as well as other elimination and consolidation adjustments. 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. The Company does not have any customers who represent 10 percent, or more, of total revenues.
| Three months ended June 30, 2025 |  | Six months ended June 30, 2025
(in thousands) | Agribusiness |  | Renewables |  | Total |  | Agribusiness |  | Renewables |  | Total
Sales and merchandising revenues | $ | 2,414,827 |  |  | $ | 721,042 |  |  | $ | 3,135,869 |  |  | $ | 4,408,114 |  |  | $ | 1,386,853 |  |  | $ | 5,794,967 |
Cost of sales and merchandising revenues | 2,282,765 |  |  | 694,688 |  |  | 2,977,453 |  |  | 4,157,454 |  |  | 1,326,225 |  |  | 5,483,679 |
Operating, administrative and general expenses | 114,012 |  |  | 8,951 |  |  | 122,963 |  |  | 238,501 |  |  | 18,734 |  |  | 257,235 |
Interest expense | 11,331 |  |  | 725 |  |  | 12,056 |  |  | 24,157 |  |  | 1,423 |  |  | 25,580 |
Other income, net (a) | 12,180 |  |  | 746 |  |  | 12,926 |  |  | 21,221 |  |  | 1,834 |  |  | 23,055 |
Segment income | $ | 18,899 |  |  | $ | 17,424 |  |  | $ | 36,323 |  |  | $ | 9,223 |  |  | $ | 42,305 |  |  | $ | 51,528 |
less: Corporate expenses |  |  |  |  | 11,488 |  |  |  |  |  |  | 23,480 |
Income before income taxes |  |  |  |  | $ | 24,835 |  |  |  |  |  |  | $ | 28,048 |
(a) Other income, net for both reportable segments include interest income, property insurance recoveries, patronage income, amongst other items.
| Three months ended June 30, 2024 |  | Six months ended June 30, 2024
(in thousands) | Agribusiness |  | Renewables |  | Total |  | Agribusiness |  | Renewables |  | Total
Sales and merchandising revenues | $ | 2,109,351 |  |  | $ | 685,854 |  |  | $ | 2,795,205 |  |  | $ | 4,170,790 |  |  | $ | 1,342,632 |  |  | $ | 5,513,422 |
Cost of sales and merchandising revenues | 1,981,308 |  |  | 638,526 |  |  | 2,619,834 |  |  | 3,943,228 |  |  | 1,266,503 |  |  | 5,209,731 |
Operating, administrative and general expenses | 97,906 |  |  | 8,046 |  |  | 105,952 |  |  | 194,827 |  |  | 16,823 |  |  | 211,650 |
Interest expense | 6,098 |  |  | 996 |  |  | 7,094 |  |  | 12,729 |  |  | 1,453 |  |  | 14,182 |
Other income, net (a) | 4,542 |  |  | 1,176 |  |  | 5,718 |  |  | 11,113 |  |  | 5,936 |  |  | 17,049 |
Segment income | $ | 28,581 |  |  | $ | 39,462 |  |  | $ | 68,043 |  |  | $ | 31,119 |  |  | $ | 63,789 |  |  | $ | 94,908 |
less: Corporate expenses |  |  |  |  | 10,697 |  |  |  |  |  |  | 23,594 |
Income before income taxes |  |  |  |  | $ | 57,346 |  |  |  |  |  |  | $ | 71,314 |
(a) Other income, net for each reportable segment includes: Agribusiness - interest income, patronage income, amongst other items. Renewables - interest income, a gain on the deconsolidation of the ELEMENT joint venture, patronage income, amongst other items.
| Three months ended June 30, 2025 |  | Six months ended June 30, 2025
(in thousands) | Agribusiness |  | Renewables |  | Other |  | Total |  | Agribusiness |  | Renewables |  | Other |  | Total
Depreciation and amortization (a) | $ | 20,399 |  |  | $ | 12,018 |  |  | $ | 654 |  |  | $ | 33,071 |  |  | $ | 42,084 |  |  | $ | 23,909 |  |  | $ | 1,418 |  |  | $ | 67,411 |
Purchases of property, plant and equipment and capitalized software | 38,886 |  |  | 9,940 |  |  | 2 |  |  | 48,828 |  |  | 74,153 |  |  | 20,736 |  |  | 487 |  |  | 95,376 |
Interest income (b) | 1,359 |  |  | 728 |  |  | 2 |  |  | 2,089 |  |  | 3,259 |  |  | 1,331 |  |  | 11 |  |  | 4,601 |
(a) Depreciation and amortization disclosed by reportable segment is included within both Cost of sales and merchandising revenues and Operating, administrative and general expenses within the Consolidated Statement of Operations. (b) Interest income is recorded in Other income, net within the Consolidated Statement of Operations.
| Three months ended June 30, 2024 |  | Six months ended June 30, 2024
(in thousands) | Agribusiness |  | Renewables |  | Other |  | Total |  | Agribusiness |  | Renewables |  | Other |  | Total
Depreciation and amortization (a) | $ | 17,279 |  |  | $ | 11,719 |  |  | $ | 1,271 |  |  | $ | 30,269 |  |  | $ | 34,327 |  |  | $ | 23,684 |  |  | $ | 3,207 |  |  | $ | 61,218 |
Purchases of property, plant and equipment and capitalized software | 16,921 |  |  | 10,988 |  |  | 705 |  |  | 28,614 |  |  | 30,674 |  |  | 22,496 |  |  | 2,219 |  |  | 55,389 |
Interest income (b) | 2,712 |  |  | 1,000 |  |  | — |  |  | 3,712 |  |  | 5,735 |  |  | 2,659 |  |  | — |  |  | 8,394 |
(a) Depreciation and amortization disclosed by reportable segment is included within both Cost of sales and merchandising revenues and Operating, administrative and general expenses within the Consolidated Statement of Operations. (b) Interest income is recorded in Other income, net within the Consolidated Statement of Operations.
(in thousands) | June 30, 2025 |  | December 31, 2024 |  | June 30, 2024
Identifiable assets |  |  |  |  |
Agribusiness | $ | 2,214,334 |  |  | $ | 2,778,025 |  |  | $ | 2,102,910 |
Renewables | 707,722 |  |  | 680,546 |  |  | 722,142 |
Other | 524,435 |  |  | 662,743 |  |  | 474,761 |
Total assets | $ | 3,446,491 |  |  | $ | 4,121,314 |  |  | $ | 3,299,813 |
| Three months ended June 30, |  | Six months ended June 30, |  |
(in thousands) | 2025 |  | 2024 |  | 2025 |  | 2024 |  |
Revenues from external customers by geographic region |  |  |  |  |  |  |  |  |
United States | $ | 2,426,004 |  |  | $ | 2,071,563 |  |  | $ | 4,558,292 |  |  | $ | 4,058,222 |  |  |
Canada | 133,191 |  |  | 127,281 |  |  | 269,416 |  |  | 258,719 |  |  |
Mexico | 89,452 |  |  | 86,466 |  |  | 158,472 |  |  | 157,333 |  |  |
Other | 487,222 |  |  | 509,895 |  |  | 808,787 |  |  | 1,039,148 |  |  |
Total | $ | 3,135,869 |  |  | $ | 2,795,205 |  |  | $ | 5,794,967 |  |  | $ | 5,513,422 |  |  |
Substantially all of the Company's long-lived assets are located within the United States. The Company had approximately $48.5 million, $45.8 million, and $34.0 million of long-lived assets in other countries at June 30, 2025, December 31, 2024, and June 30, 2024, respectively, with substantially all of the foreign long-lived assets located within Canada for all periods presented.

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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/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 48 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-48 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards 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