Segment Information

The Company’s operations include five 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 LTG and Thompsons Limited. 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. The Company performs services under various 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, along with turf care and corncob-based products. The Retail business operates large retail stores, a distribution center, and a lawn and garden equipment sales and service facility. The Retail business closed during the second quarter of 2017, and liquidation efforts are substantially complete. Included in “Other” are the corporate level costs not attributed 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 revenues.



	Three months ended June 30,				Six months ended June 30,
(in thousands)	2017		2016		2017		2016
Revenues from external customers
Grain	$	488,447	$	522,989	$	966,975	$	1,061,803
Ethanol	187,831		142,520		341,984		257,213
Plant Nutrient	264,736		320,036		411,323		487,027
Rail	38,149		40,342		78,539		79,951
Retail	14,499		38,357		46,857		66,129
Total	$	993,662	$	1,064,244	$	1,845,678	$	1,952,123



	Three months ended June 30,				Six months ended June 30,
(in thousands)	2017		2016		2017		2016
Inter-segment sales
Grain	$	141	$	174	$	207	$	1,625
Plant Nutrient	70		114		241		361
Rail	275		355		566		734
Total	$	486	$	643	$	1,014	$	2,720



	Three months ended June 30,						Six months ended June 30,
(in thousands)	2017			2016			2017			2016
Income (loss) before income taxes
Grain	$	6,929		$	(13,037	)	$	1,856		$	(30,442	)
Ethanol	4,660			6,187			6,376			3,507
Plant Nutrient	(25,825		)	23,535			(19,154		)	25,239
Rail	5,860			6,569			11,938			15,944
Retail	(6,718		)	1,010			(13,564		)	(1,066		)
Other	(3,907		)	(2,173		)	(12,077		)	(13,073		)
Noncontrolling interests	(64		)	1,018			(10		)	92
Total	$	(19,065	)	$	23,109		$	(24,635	)	$	201



(in thousands)	June 30, 2017		December 31, 2016		June 30, 2016
Identifiable assets
Grain	$	783,316	$	961,114	$	879,055
Ethanol	170,730		171,115		192,470
Plant Nutrient	351,871		484,455		448,225
Rail	448,417		398,446		388,456
Retail	11,830		31,257		43,878
Other	145,261		186,462		155,331
Total	$	1,911,425	$	2,232,849	$	2,107,415