Segment Information

The Company’s operations include four 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 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. 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. Prior to 2018, the Company reported the Retail operations as a fifth reportable business segment even though it did not meet the quantitative thresholds for segment disclosures. As previously disclosed, the Company closed the Retail business during 2017, and accordingly has recast the prior results for this segment within the Other category, which also 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 revenues.



	Three months ended March 31,
(in thousands)	2018		2017
Revenues from external customers
Grain	$	276,852	$	478,528
Ethanol	172,838		154,153
Plant Nutrient	135,617		146,587
Rail	50,432		40,390
Other	—		32,358
Total	$	635,739	$	852,016



	Three months ended March 31,
(in thousands)	2018		2017
Inter-segment sales
Grain	$	531	$	66
Plant Nutrient	—		171
Rail	333		292
Total	$	864	$	529



	Three months ended March 31,
(in thousands)	2018			2017
Income (loss) before income taxes
Grain	$	(30	)	$	(5,073	)
Ethanol	1,839			1,716
Plant Nutrient	1,091			6,672
Rail	3,969			6,078
Other	(8,879		)	(15,017		)
Noncontrolling interests	(282		)	54
Total	$	(2,292	)	$	(5,570	)



(in thousands)	March 31, 2018		December 31, 2017		March 31, 2017
Identifiable assets
Grain	$	1,031,150	$	948,871	$	884,870
Ethanol	210,169		180,173		170,020
Plant Nutrient	455,148		379,309		512,744
Rail	530,994		490,448		415,801
Other	136,067		163,553		178,318
Total	$	2,363,528	$	2,162,354	$	2,161,753