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Segment Information (Tables)

12 Months Ended

Dec. 31, 2024

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.


	Year Ended December 31, 2024
(in thousands)	Trade		Renewables		Nutrient & Industrial		Total
Sales and merchandising revenues	$	7,622,077	$	2,802,330	$	833,141	$	11,257,548
Cost of sales and merchandising revenues	7,218,395		2,633,179		712,048		10,563,622
Operating, administrative and general expenses	316,390		35,493		103,238		455,121

Interest expense	24,587		2,841		6,311		33,739
Other income, net (a)	28,728		8,678		6,444		43,850
Segment income before income taxes from continuing operations	$	91,433	$	139,495	$	17,988	$	248,916
less: Corporate expenses							48,159
Income before income taxes from continuing operations							$	200,757

(a) Other income, net for each reportable segment includes:

Trade - interest income, property insurance recoveries, patronage income, amongst other items.

Renewables - interest income, a gain on the deconsolidation of the ELEMENT joint venture, patronage income, amongst other items.

Nutrient & Industrial - interest income, patronage income, amongst other items.


	Year Ended December 31, 2023
(in thousands)	Trade		Renewables		Nutrient & Industrial		Total
Sales and merchandising revenues	$	10,426,083	$	3,380,632	$	943,397	$	14,750,112
Cost of sales and merchandising revenues	10,016,133		3,178,235		810,381		14,004,749
Operating, administrative and general expenses	308,470		32,737		103,342		444,549
Asset impairment (a)	—		87,156		—		87,156
Interest expense	35,234		6,385		7,016		48,635
Other income, net (b)	29,988		15,056		2,391		47,435
Segment income before income taxes from continuing operations	$	96,234	$	91,175	$	25,049	$	212,458
less: Corporate expenses							42,895
Income before income taxes from continuing operations							$	169,563

(a) Asset impairment of $87.2 million as the Company recorded an impairment charge related to ELEMENT in the first quarter of 2023, as the plant faced operational and market-based challenges which were exacerbated by a shift in the California Low Carbon Fuel Standard credit markets and high western corn basis.

(b) Other income, net for each reportable segment includes:

Trade - interest income, property insurance recoveries, gains on sales of assets & businesses, patronage income, amongst other items.

Renewables - interest income, a gain on the deconsolidation of the ELEMENT joint venture, patronage income, Biofuel Producer Program funds, amongst other items.

Nutrient & Industrial - interest income, patronage income, amongst other items.


	Year Ended December 31, 2022
(in thousands)	Trade		Renewables		Nutrient & Industrial		Total
Sales and merchandising revenues	$	13,047,537	$	3,178,539	$	1,099,308	$	17,325,384
Cost of sales and merchandising revenues	12,639,830		3,051,544		949,846		16,641,220
Operating, administrative and general expenses	273,592		30,730		106,003		410,325
Asset impairment (a)	9,000		—		—		9,000
Interest expense	42,551		8,775		7,298		58,624
Other income, net (b)	12,661		20,731		3,001		36,393
Segment income before income taxes from continuing operations	$	95,225	$	108,221	$	39,162	$	242,608
less: Corporate expenses							48,026
Income before income taxes from continuing operations							$	194,582

(a) Asset impairment of $9.0 million as the Company recorded an impairment charge related to a Nebraska grain asset.

(b) Other income, net for each reportable segment includes:

Trade - interest income, property insurance recoveries, gains on sales of assets & businesses, patronage income, amongst other items.

Renewables - interest income, patronage income, Biofuel Producer Program funds, amongst other items.

Nutrient & Industrial - interest income, patronage income, amongst other items.



	Year Ended December 31, 2024
(in thousands)	Trade		Renewables		Nutrient & Industrial		Other		Total
Depreciation and amortization (a)	$	40,505	$	49,705	$	32,488	$	5,106	$	127,804
Purchases of property, plant and equipment and capitalized software	59,240		49,808		36,116		4,023		149,187
Interest income (b)	12,499		5,075		3,519		—		21,093

(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.


	Year Ended December 31, 2023
(in thousands)	Trade		Renewables		Nutrient & Industrial		Other		Total
Depreciation and amortization (a)	$	36,109	$	51,408	$	29,268	$	8,321	$	125,106
Purchases of property, plant and equipment and capitalized software	49,728		54,546		42,524		3,645		150,443
Interest income (b)	6,730		5,087		1,163		27		13,007

(b) Interest income is recorded in Other income, net within the Consolidated Statement of Operations.



	Year Ended December 31, 2022
(in thousands)	Trade		Renewables		Nutrient & Industrial		Other		Total
Depreciation and amortization (a)	$	35,953	$	63,458	$	26,634	$	8,697	$	134,742
Purchases of property, plant and equipment and capitalized software	29,433		42,734		34,678		1,439		108,284
Interest income (b)	2,297		589		4		110		3,000

(b) Interest income is recorded in Other income, net within the Consolidated Statement of Operations.

Revenue from External Customers by Geographic Areas


	Year Ended December 31,
(in thousands)	2024		2023		2022
Revenues from external customers by geographic region
United States	$	8,103,367	$	9,772,619	$	12,503,330
Canada	517,131		694,774		1,199,487
Mexico	392,142		533,012		493,111
Egypt	124,905		462,068		573,371
Switzerland	176,358		373,305		373,737





Other	1,943,645		2,914,334		2,182,348
Total	$	11,257,548	$	14,750,112	$	17,325,384

Long-Lived Assets by Segment


	December 31,
(in thousands)	2024		2023		2022
Identifiable assets
Trade	$	2,279,698	$	2,164,578	$	3,166,813
Renewables	679,430		763,203		835,860
Nutrient & Industrial	499,443		434,674		530,596
Other	662,743		492,552		74,727
Total assets	$	4,121,314	$	3,855,007	$	4,607,996