Segment Information

9 Months Ended

Sep. 30, 2023

Segment Reporting [Abstract]

Segment Information

Segment Information

The Company’s operations include three reportable business segments that are distinguished primarily on the basis of products and services offered as well as the structure of management. The Trade business includes commodity merchandising and the operation of terminal grain elevator facilities. The Renewables business produces ethanol and co-products through its four co-owned and fully consolidated ethanol production facilities as well as purchases and sells ethanol and ethanol co-products. The Nutrient & Industrial (formerly Plant Nutrient) business manufactures and distributes plant nutrient products such as agricultural inputs, primarily fertilizers and turf care products along with industrial products such as deicers, dust abatement solutions and corncob-based products. The segment was rebranded in 2023 to reflect the portfolio of market offerings in the segment. The Other category includes other corporate level costs not attributable to an operating segment and intercompany eliminations between the segments.

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 September 30,				Nine months ended September 30,
(in thousands)	2023		2022		2023		2022
Revenues from external customers
Trade	$	2,639,059	$	3,240,526	$	8,213,649	$	9,422,974
Renewables	868,099		814,923		2,585,396		2,380,721
Nutrient & Industrial	128,533		163,876		738,067		844,201
Total	$	3,635,691	$	4,219,325	$	11,537,112	$	12,647,896

	Three months ended September 30,				Nine months ended September 30,
(in thousands)	2023		2022		2023		2022
Income (loss) before income taxes from continuing operations
Trade	$	8,073	$	40,658	$	52,427	$	67,993
Renewables (a)	47,096		15,901		31,187		89,639
Nutrient & Industrial	(8,452)		(11,609)		23,675		37,445
Other	(8,332)		(10,231)		(29,487)		(31,598)
Total	$	38,385	$	34,719	$	77,802	$	163,479

(a) Includes income attributable to noncontrolling interests of $20.8 million and $7.5 million for the three months ended September 30, 2023 and 2022, respectively, and $4.1 million and $29.8 million for the nine months ended September 30, 2023 and 2022, respectively.