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Segment Reporting
 9 Months Ended
May. 31, 2015
Segment Reporting [Abstract]  
Segment Reporting
        Segment Reporting

We have aligned our segments based on an assessment of how our businesses are operated and the products and services they sell.

Our Energy segment produces and provides primarily for the wholesale distribution of petroleum products and transportation of those products. Our Ag segment purchases and further processes or resells grains and oilseeds originated by our country operations business, by our member cooperatives and by third parties, and also serves as a wholesaler and retailer of crop inputs. Corporate and Other primarily represents our non-consolidated wheat milling and packaged food joint ventures, as well as our business solutions operations, which consist of commodities hedging, insurance and financial services related to crop production.

Corporate administrative expenses are allocated to each business segment, and Corporate and Other, based on direct usage for services that can be tracked, such as information technology and legal, and other factors or considerations relevant to the costs incurred.

Prior to fiscal 2015, our renewable fuels marketing business was included in our Energy segment and our renewable fuels production business was included in our Ag segment. Effective in the first quarter of fiscal 2015, we reorganized certain parts of our business to better align our ethanol supply chain. As a result, our renewable fuels marketing business is now managed together with our renewable fuels production business within our Ag segment. In accordance with ASC Topic 280, Segment Reporting, we have identified our operating segments to reflect the manner in which our chief operating decision maker evaluates performance and manages the business, and we have aggregated those operating segments into our reportable Energy and Ag segments. Prior period segment information below has been revised to reflect this change to ensure comparability.

Many of our business activities are highly seasonal and operating results will vary throughout the year. Historically, our income is generally lowest during the second fiscal quarter and highest during the third fiscal quarter. For example, in our Ag segment, agronomy and country operations businesses experience higher volumes and income during the spring planting season and in the fall, which corresponds to harvest. Also in our Ag segment, our grain marketing operations are subject to fluctuations in volumes and earnings based on producer harvests, world grain prices and demand. Our Energy segment generally experiences higher volumes and profitability in certain operating areas, such as refined products, in the summer and early fall when gasoline and diesel fuel usage is highest and is subject to global supply and demand forces. Other energy products, such as propane, may experience higher volumes and profitability during the winter heating and crop drying seasons.

Our revenues, assets and cash flows can be significantly affected by global market prices for commodities such as petroleum products, natural gas, grains, oilseeds, crop nutrients and flour. Changes in market prices for commodities that we purchase without a corresponding change in the selling prices of those products can affect revenues and operating earnings. Commodity prices are affected by a wide range of factors beyond our control, including the weather, crop damage due to disease or insects, the availability and adequacy of supply, government regulations and policies, world events, and general political and economic conditions.

While our revenues and operating results are derived from businesses and operations which are wholly-owned and majority-owned, a portion of our business operations are conducted through companies in which we hold ownership interests of 50% or less and do not control the operations. We account for these investments primarily using the equity method of accounting, wherein we record our proportionate share of income or loss reported by the entity as equity income from investments, without consolidating the revenues and expenses of the entity in our Consolidated Statements of Operations. In our Ag segment, this principally includes our 50% ownership in TEMCO. In Corporate and Other, these investments principally include our 50% ownership in Ventura Foods and our 12% ownership in Ardent Mills.

Reconciling Amounts represent the elimination of revenues between segments. Such transactions are executed at market prices to more accurately evaluate the profitability of the individual business segments.

Segment information for the three and nine months ended May 31, 2015 and 2014 is as follows:

Energy

Ag

Corporate
and Other

Reconciling
Amounts

Total
For the Three Months Ended May 31, 2015:
(Dollars in thousands)
Revenues
$
1,732,192


$
7,088,072


$
17,750


$
(97,109
)

$
8,740,905

Cost of goods sold
1,618,937


6,908,435


(14
)

(97,109
)

8,430,249

Gross profit
113,255


179,637


17,764


—


310,656

Marketing, general and administrative
37,956


111,438


15,947


—


165,341

Operating earnings (losses)
75,299


68,199


1,817


—


145,315

(Gain) loss on investments
—


—


—


—


—

Interest, net
(7,678
)

14,478


2,757


—


9,557

Equity (income) loss from investments
(364
)

(7,964
)

(26,422
)

—


(34,750
)
Income before income taxes
$
83,341


$
61,685


$
25,482


$
—


$
170,508

Intersegment revenues
$
(94,092
)

$
(3,017
)

$
—


$
97,109


$
—

 
 
 
 
 
 
 
 
 
 
 
Energy
 
Ag
 
Corporate
and Other
 
Reconciling
Amounts
 
Total
For the Three Months Ended May 31, 2014:
 
Revenues
$
2,862,239

 
$
9,236,768

 
$
18,195

 
$
(149,804
)
 
$
11,967,398

Cost of goods sold
2,603,480

 
9,007,141

 
(43
)
 
(149,804
)
 
11,460,774

Gross profit
258,759

 
229,627

 
18,238

 
—

 
506,624

Marketing, general and administrative
37,915

 
102,224

 
18,720

 
—

 
158,859

Operating earnings (losses)
220,844

 
127,403

 
(482
)
 
—

 
347,765

(Gain) loss on investments
—

 
—

 
(108,792
)
 
—

 
(108,792
)
Interest, net
23,952

 
15,449

 
3,088

 
—

 
42,489

Equity (income) loss from investments
(780
)
 
(5,216
)
 
(19,526
)
 
—

 
(25,522
)
Income before income taxes
$
197,672

 
$
117,170

 
$
124,748

 
$
—

 
$
439,590

Intersegment revenues
$
(141,501
)
 
$
(8,303
)
 
$
—

 
$
149,804

 
$
—

 
 
 
 
 
 
 
 
 
 
 
Energy
 
Ag
 
Corporate
and Other
 
Reconciling
Amounts
 
Total
For the Nine Months Ended May 31, 2015:
 

 
 

 
 

 
 

 
 

Revenues
$
6,697,942

 
$
20,231,391

 
$
53,546

 
$
(386,778
)
 
$
26,596,101

Cost of goods sold
6,217,789

 
19,619,374

 
(26
)
 
(386,778
)
 
25,450,359

Gross profit
480,153

 
612,017

 
53,572

 
—

 
1,145,742

Marketing, general and administrative
118,082

 
321,986

 
58,016

 
—

 
498,084

Operating earnings (losses)
362,071

 
290,031

 
(4,444
)
 
—

 
647,658

(Gain) loss on investments
—

 
(2,875
)
 
(2,199
)
 
—

 
(5,074
)
Interest, net
(11,121
)
 
43,284

 
7,485

 
—

 
39,648

Equity (income) loss from investments
(1,440
)
 
(12,427
)
 
(69,681
)
 
—

 
(83,548
)
Income before income taxes
$
374,632

 
$
262,049

 
$
59,951

 
$
—

 
$
696,632

Intersegment revenues
$
(374,612
)
 
$
(12,166
)
 
$
—

 
$
386,778

 
$
—

Capital expenditures
$
467,700

 
$
305,136

 
$
54,392

 
$
—

 
$
827,228

Depreciation and amortization
$
104,984

 
$
112,252

 
$
10,087

 
$
—

 
$
227,323

Total assets at May 31, 2015
$
4,600,786

 
$
8,033,290

 
$
3,085,183

 
$
—

 
$
15,719,259

 
 
 
 
 
 
 
 
 
 
 
Energy
 
Ag
 
Corporate
and Other
 
Reconciling
Amounts
 
Total
For the Nine Months Ended May 31, 2014:
 

 
 

 
 

 
 

 
 

Revenues
$
9,064,748

 
$
24,001,467

 
$
52,403

 
$
(444,825
)
 
$
32,673,793

Cost of goods sold
8,351,509

 
23,418,189

 
(54
)
 
(444,825
)
 
31,324,819

Gross profit
713,239

 
583,278

 
52,457

 
—

 
1,348,974

Marketing, general and administrative
108,012

 
288,992

 
50,767

 
—

 
447,771

Operating earnings (losses)
605,227

 
294,286

 
1,690

 
—

 
901,203

(Gain) loss on investments
—

 
116

 
(111,517
)
 
—

 
(111,401
)
Interest, net
54,974

 
39,736

 
7,553

 
—

 
102,263

Equity (income) loss from investments
(2,937
)
 
(19,906
)
 
(66,406
)
 
—

 
(89,249
)
Income before income taxes
$
553,190

 
$
274,340

 
$
172,060

 
$
—

 
$
999,590

Intersegment revenues
$
(436,522
)
 
$
(8,303
)
 
$
—

 
$
444,825

 
$
—

Capital expenditures
$
367,044

 
$
250,607

 
$
38,637

 
$
—

 
$
656,288

Depreciation and amortization
$
99,546

 
$
85,315

 
$
8,300

 
$
—

 
$
193,161

Total assets at May 31, 2014
$
4,203,832

 
$
7,370,032

 
$
3,371,083

 
$
—

 
$
14,944,947