Financial Analysis

"Business Acquisition On November 1, 2024, the Company entered into a definitive purchase agreement for a 65% ownership interest in Skyland Grain LLC (""Skyland"") for $85.0 million, subject to customary working capital adjustments. Skyland operates grain storage and handling facilities in Kansas, Colorado, Oklahoma, and Texas. It also operates three cotton gins, a full-service agronomy sales and service division, and a retail and wholesale fuel sales and delivery division. The purchase was completed on November 1, 2024, and funded by cash on hand. The transaction enables the Company to expand its core grain and fertilizer businesses across strategic markets, including Kansas, Oklahoma, Colorado, and Texas. The Company's 65% ownership of Skyland's equity resulted in the consolidation of Skylands results in the Company's Consolidated Financial Statements in the Agribusiness segment. The purchase price allocation was finalized in the second quarter of 2025. Measurement period adjustments recorded in 2025 were not material. The summarized purchase price allocation is as follows: (in thousands) Cash consideration paid $ 85,000 Total purchase price consideration 85,000 Cash and cash equivalents 65,388 Accounts receivable 47,963 Notes receivable 2,868 Inventories 220,547 Other current assets 21,396 Right of use assets 19,250 Other assets, net 1,334 Investments 12,932 Property, plant and equipment, net 131,498 523,176 Trade and other payables 74,528 Short-term debt 218,989 Current m …

BusinessCombinationDisclosureTextBlock · excerpt; the full note is in the filing

Commitments and Contingencies Litigation activities The Company is party to litigation, or threats thereof, both as defendant and plaintiff with some regularity, although individual cases that are material in size occur infrequently. As a defendant, the Company establishes reserves for claimed amounts that are considered probable and capable of estimation. If those cases are resolved for lesser amounts, the excess reserves are taken into income and, conversely, if those cases are resolved for larger than the amount the Company has accrued, the Company records additional expense. The Company believes it is unlikely that the results of its current legal proceedings for which it is the defendant, even if unfavorable, will be material. As a plaintiff, amounts that are collected can also result in sudden, non-recurring income. Litigation results depend upon a variety of factors, including the availability of evidence, the credibility of witnesses, the performance of counsel, the state of the law, and the impressions of judges and jurors, any of which can be critical in importance, yet difficult, if not impossible, to predict. Consequently, cases currently pending, or future matters, may result in unexpected, and non-recurring losses, or income, from time to time. Finally, litigation results are often subject to judicial reconsideration, appeal and further negotiation by the parties, and as a result, the final impact of a particular judicial decision may be unknown for some time or …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

Debt The capacity of the Company's short-term lines of credit at December 31, 2025 was $2,054.8 million, of which the Company had a total of $1,802.6 million available for borrowing. The Company's borrowing capacity is reduced by a combination of outstanding borrowings and letters of credit. The weighted-average interest rate on short-term borrowings outstanding at December 31, 2025, and 2024, was 6.20% and 7.15%, respectively. Total interest paid was $46.0 million, $31.1 million, and $47.0 million for the years ended December 31, 2025, 2024, and 2023, respectively. As of December 31, 2025, the Company was in compliance with all financial covenants. Long-Term Debt December 31, (in thousands, except percentages) 2025 2024 Note payable, variable rate (5.36% at December 31, 2025), payable in increasing amounts plus interest, due 2029 $ 170,117 $ 180,586 Note payable, variable rate (5.24% at December 31, 2025), payable in increasing amounts plus interest, due 2027 114,258 121,289 Note payable, variable rate (5.36% at December 31, 2025), payable in increasing amounts plus interest, due 2031 87,500 92,500 Note payable, 4.50%, payable at maturity, due 2034 (a) 83,711 87,818 Note payable, variable rate (7.02% at December 31, 2025), payable in increasing amounts plus interest, due 2029 (b) 63,650 67,000 Note payable, 4.85%, payable at maturity, due 2026 25,000 25,000 Industrial revenue bond, variable rate (4.36% at December 31, 2025), payable at maturity, due 2036 21,000 21,000 Note p …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

Year Ended December 31, (in thousands) 2025 2024 2023 Specialty and primary nutrients $ 815,484 $ 699,048 $ 822,302 Premium ingredients 263,111 337,642 434,304 Propane and fuels 242,114 210,195 190,221 Other 210,366 156,497 185,379 Total $ 1,531,075 $ 1,403,382 $ 1,632,206

DisaggregationOfRevenueTableTextBlock

"Stock Compensation Plans The Company's 2019 Long-Term Incentive Compensation Plan, dated February 22, 2019, and subsequently approved by shareholders on May 10, 2019, and amended and restated on May 6, 2022, is authorized to issue up to 7.0 million shares of common stock as options, share appreciation rights, restricted shares and units, performance shares and units and other stock or cash-based awards. Approximately 2.4 million shares remain available for issuance at December 31, 2025. Stock compensation expense and related income tax impacts were as follows: Year Ended December 31, (in thousands) 2025 2024 2023 Stock compensation expense $ 16,984 $ 13,629 $ 12,857 Income tax (expense) benefit related to stock compensation (332) 1,510 1,207 Restricted Stock Units (""RSUs"") These awards are contingent to requisite service periods established within the grant documents and range from 1 to 3 years. RSUs graded vest in conjunction with the requisite service period. Total restricted stock expense is equal to the market value of the Company's common shares on the date of the award and is recognized over the requisite service period on a straight-line basis. A summary of the status of the Company's non-vested RSUs as of December 31, 2025, and changes during the period then ended, is presented below: Shares (in thousands) Weighted-Average Grant-Date Fair Value Non-vested at January 1, 2025 243 $ 50.16 Granted 230 39.31 Vested (144) 44.90 Forfeited (13) 44.92 Non-vested at December …

DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock · excerpt; the full note is in the filing

"Fair Value Measurements The following table presents the Company's assets and liabilities measured at fair value on a recurring basis: (in thousands) December 31, 2025 Assets (liabilities) Level 1 Level 2 Level 3 Total Commodity derivatives, net (a) $ 46,193 $ 38,684 $ $ 84,877 Provisionally priced contracts (b) (83,883) (42,089) (125,972) Convertible preferred securities (c) 18,190 18,190 Other assets and liabilities (d) 874 15,986 16,860 Total $ (36,816) $ 12,581 $ 18,190 $ (6,045) (in thousands) December 31, 2024 Assets (liabilities) Level 1 Level 2 Level 3 Total Commodity derivatives, net (a) $ 47,721 $ 42,330 $ $ 90,051 Provisionally priced contracts (b) (12,203) (45,017) (57,220) Convertible preferred securities (c) 14,190 14,190 Other assets and liabilities (d) 2,711 29,183 31,894 Total $ 38,229 $ 26,496 $ 14,190 $ 78,915 (a) Includes associated cash posted/received as collateral. (b) Included in ""Provisionally priced contracts"" are those instruments based only on underlying futures values (Level 1) and delayed price contracts (Level 2). (c) Recorded in Other assets on the Companys Consolidated Balance Sheets related to certain available for sale securities. (d) Included in ""Other assets and liabilities"" are assets held by the Company to fund deferred compensation plans and foreign exchange derivative contracts (Level 1), as well as interest rate derivatives (Level 2). Level 1 commodity derivatives reflect the fair value of the exchange-traded futures and options …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

"Goodwill and Other Intangible Assets The changes in the carrying amount of goodwill by reportable segment for the years ended December 31, 2025 and 2024, are as follows: (in thousands) Agribusiness (a) Renewables Total Balance at December 31, 2023 $ 119,067 $ 8,789 $ 127,856 Acquisitions Balance at December 31, 2024 $ 119,067 $ 8,789 $ 127,856 Acquisitions Balance at December 31, 2025 $ 119,067 $ 8,789 $ 127,856 (a) The Agribusiness segment is shown net of accumulated impairment losses of $116.0 million for all periods presented. Goodwill is tested for impairment annually as of October 1, or more frequently if impairment indicators arise. The Company uses a one-step quantitative approach that compares the fair value of each reporting unit with its carrying value. Fair value is computed based on both an income approach (discounted cash flows) and a market approach. The income approach uses a reporting unit's estimated future cash flows discounted at the weighted average cost of capital (""WACC""). The market approach estimates fair value by applying cash flow market multiples to the reporting unit's past operating performance and estimated future results. The multiples are derived from comparable publicly traded companies with similar operating and investment characteristics to the reporting unit. Any excess of the carrying value of the goodwill over the fair value will be recorded as an impairment loss. There can be no assurance that anticipated financial results will be ach …

GoodwillAndIntangibleAssetsDisclosureTextBlock · excerpt; the full note is in the filing

"Income Taxes The income tax provision consists of the following: Year Ended December 31, (in thousands) 2025 2024 2023 Current: Federal $ 18,072 $ 21,081 $ 30,274 State and local 8,521 7,568 5,852 Foreign 4,235 4,780 2,869 30,828 33,429 38,995 Deferred: Federal (3,180) (4,028) (1,012) State and local (5,084) (202) 1,252 Foreign (396) 858 (2,201) (8,660) (3,372) (1,961) Total: Federal 14,892 17,053 29,262 State and local 3,437 7,366 7,104 Foreign 3,839 5,638 668 $ 22,168 $ 30,057 $ 37,034 Income before income taxes consists of the following: Year Ended December 31, (in thousands) 2025 2024 2023 U.S. $ 138,469 $ 199,950 $ 161,377 Foreign 3,000 807 8,186 $ 141,469 $ 200,757 $ 169,563 A reconciliation from the statutory U.S. federal tax rate to the effective tax rate follows: Year Ended December 31, (in thousands) 2025 2024 2023 Statutory U.S. federal tax rate $ 29,706 21.0% $ 42,159 21.0% $ 35,608 21.0% State and local income taxes, net of related federal taxes (1) 1,728 1.2 6,231 3.1 2,149 1.3 Foreign tax effects: Switzerland Changes in valuation allowance 1,919 1.4 1,005 0.5 Other 253 0.2 480 0.2 (876) (0.5) Other foreign jurisdictions 2,548 1.8 4,186 2.1 136 0.1 Effect of cross-border tax laws 580 0.4 (501) (0.2) (784) (0.5) Income tax credits: Energy credits (10,906) (5.4) Research and development (1,758) (1.0) Foreign tax credits (299) (0.2) (763) (0.4) (1,525) (0.9) Other (2,091) (1.0) Changes in valuation allowance 213 0.2 1,197 0.6 579 0.3 Nontaxable or nondeductible it …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

Leases The components of lease cost recognized within the Company's Consolidated Statement of Operations were as follows: Year Ended December 31, (in thousands) Consolidated Statement of Operations Classification 2025 2024 2023 Lease cost: Operating lease cost Cost of sales and merchandising revenues $ 20,632 $ 17,760 $ 16,123 Operating lease cost Operating, administrative and general expenses 20,362 14,490 13,203 Finance lease cost Amortization of right-of-use assets Cost of sales and merchandising revenues 590 80 120 Amortization of right-of-use assets Operating, administrative and general expenses 1,526 1,133 1,045 Interest expense on lease liabilities Interest expense, net 366 346 332 Short-term lease cost Cost of sales and merchandising revenues 2,798 2,194 2,160 Short-term lease cost Operating, administrative and general expenses 330 46 144 Variable lease cost Cost of sales and merchandising revenues 500 Variable lease cost Operating, administrative and general expenses 734 468 225 Total lease cost $ 47,338 $ 36,517 $ 33,852 Supplemental cash flow information related to leases was as follows: Year Ended December 31, (in thousands) 2025 2024 2023 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 41,255 $ 33,094 $ 30,467 Financing cash flows from finance leases 1,953 1,185 1,270 Right-of-use assets obtained in exchange for lease obligations: Operating leases 31,159 72,196 48,569 The following table summari …

LesseeOperatingLeasesTextBlock · excerpt; the full note is in the filing

Recently issued accounting pronouncements not yet adopted In November 2024, the FASB issued ASU No. 2024-03, Disaggregation of Income Statement Expenses (Subtopic 220-40), which requires the disaggregated disclosure of specific expense categories, including purchases of inventory, employee compensation, depreciation, and amortization, within relevant income statement captions. This ASU also requires disclosure of the total amount of selling expenses along with the definition of selling expenses. The ASU is effective for annual periods beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. Adoption of this ASU can either be applied prospectively to consolidated financial statements issued for reporting periods after the effective date of this ASU or retrospectively to any or all prior periods presented in the consolidated financial statements. Early adoption is also permitted. This ASU will likely result in the required additional disclosures being included in the Company's financial statements, once adopted. We are currently evaluating the provisions of this ASU. In December 2025, the FASB issued ASU No. 2025-10, Government Grants (Topic 832): Accounting for Government Grants Received by Business Entities , which establishes authoritative GAAP guidance on the recognition, measurement, and presentation of government grants received by business entities. The ASU defines the scope of government grants, prescribes recognition …

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

Revenue A majority of the Company's Sales and merchandising revenues are generated from contracts that are outside the scope of ASC 606, Revenues from Contracts with Customers . Approximately 85% of the Company's sales contracts are derivatives within the scope of ASC 815, Derivatives and Hedging , with the remaining 15% accounted for under ASC 606. Substantially all sales and merchandising revenues subject to ASC 606 are recognized at a point in time, with the vast majority generated by the Agribusiness segment. Therefore, a further disaggregation of ASC 606 Sales and merchandising revenues and detail of outstanding contract balances within the Agribusiness segment have been provided below: Year Ended December 31, (in thousands) 2025 2024 2023 Specialty and primary nutrients $ 815,484 $ 699,048 $ 822,302 Premium ingredients 263,111 337,642 434,304 Propane and fuels 242,114 210,195 190,221 Other 210,366 156,497 185,379 Total $ 1,531,075 $ 1,403,382 $ 1,632,206 Specialty and primary nutrients The company sells several different types of specialty nutrient products, including: low-salt liquid starter fertilizers, micro-nutrients and other specialty lawn products. These products can be sold through the wholesale distribution channels as well as directly to end users at the farm center locations. Similarly, the Company sells several different types of primary nutrient products, including: nitrogen, phosphorus, and potassium. These products may be purchased and re-sold as is or so …

RevenueFromContractWithCustomerTextBlock · excerpt; the full note is in the filing

Segment Information Reportable segments are components of the Company for which discrete financial information is available and that are regularly evaluated by the Chief Operating Decision Maker (CODM). The Company has identified the Chief Executive Officer to be the Company's CODM as he has final authority over performance assessment and resource allocation decisions. The CODM regularly receives and uses discrete financial information for each reportable segment as well as select supplemental financial information for certain business units. The CODM uses this information to assess segment performance and allocate resources by comparing actual results to forecasted and historical information and discussing observations with the broader leadership team responsible for managing each segment. These reviews occur on a regular basis and include probing inquiries, analysis of both company-specific and market-based factors, and consideration of trends impacting each segment. The CODM evaluates performance and allocates resources to each reportable segment primarily based on the segment profit or loss, which represents each segments Income (loss) before income taxes. The Companys operations include two reportable business segments that are distinguished primarily on the basis of products and services. The Agribusiness segment includes commodity merchandising, the operation of terminal grain elevator facilities, and the manufacturing and distribution of plant nutrient products. The R …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

"Business Acquisition On November 1, 2024, the Company entered into a definitive purchase agreement for a 65% ownership interest in Skyland Grain LLC (""Skyland"") for $85.0 million, subject to customary working capital adjustments. Skyland operates grain storage and handling facilities in Kansas, Colorado, Oklahoma, and Texas. It also operates three cotton gins, a full-service agronomy sales and service division, and a retail and wholesale fuel sales and delivery division. The purchase was completed on November 1, 2024, and funded by cash on hand. The transaction enables the Company to expand its core grain and fertilizer businesses across strategic markets, including Kansas, Oklahoma, Colorado, and Texas. The Company's 65% ownership of Skyland's equity resulted in the consolidation of Skylands results in the Company's Consolidated Financial Statements in the Agribusiness segment. The purchase price allocation was finalized in the second quarter of 2025. The summarized purchase price allocation is as follows: (in thousands) Cash consideration paid $ 85,000 Total purchase price consideration 85,000 Cash and cash equivalents $ 65,388 Accounts receivable 47,963 Notes receivable 2,868 Inventories 220,547 Other current assets 21,396 Right of use assets 19,250 Other assets, net 1,334 Investments 12,932 Property, plant and equipment, net 131,498 523,176 Trade and other payables 74,528 Short-term debt 218,989 Current maturities of long-term debt 11,247 Accrued expense and other curr …

BusinessCombinationDisclosureTextBlock · excerpt; the full note is in the filing

Commitments and Contingencies The Company is party to litigation, or threats thereof, both as defendant and plaintiff with some regularity, although individual cases that are material in size occur infrequently. As a defendant, the Company establishes reserves for claimed amounts that are considered probable and capable of estimation. If those cases are resolved for lesser amounts, the excess reserves are taken into income and, conversely, if those cases are resolved for larger than the amount the Company has accrued, the Company records additional expense. The Company believes it is unlikely that the results of its current legal proceedings for which it is the defendant, even if unfavorable, will be material. As a plaintiff, amounts that are collected can also result in sudden, non-recurring income. Litigation results depend upon a variety of factors, including the availability of evidence, the credibility of witnesses, the performance of counsel, the state of the law, and the impressions of judges and jurors, any of which can be critical in importance, yet difficult, if not impossible, to predict. Consequently, cases currently pending, or future matters, may result in unexpected, and non-recurring losses, or income, from time to time. Finally, litigation results are often subject to judicial reconsideration, appeal and further negotiation by the parties, and as a result, the final impact of a particular judicial decision may be unknown for some time or may result in continu …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

Therefore, a further disaggregation of ASC 606 Sales and merchandising revenues and detail of outstanding contract balances within the Agribusiness segment have been provided below: Three months ended September 30, Nine months ended September 30, (in thousands) 2025 2024 2025 2024 Specialty and primary nutrients $ 137,129 $ 99,855 $ 678,385 $ 555,303 Premium ingredients 66,874 66,960 196,980 267,055 Propane and fuels 43,475 34,181 178,999 139,396 Other 48,280 30,921 147,190 104,100 Total $ 295,758 $ 231,917 $ 1,201,554 $ 1,065,854

DisaggregationOfRevenueTableTextBlock

"Fair Value Measurements The following table presents the Companys assets and liabilities measured at fair value on a recurring basis: (in thousands) September 30, 2025 Assets (liabilities) Level 1 Level 2 Level 3 Total Commodity derivatives, net (a) $ 49,305 $ 38,800 $ $ 88,105 Provisionally priced contracts (b) (38,570) (33,131) (71,701) Convertible preferred securities (c) 18,190 18,190 Other assets and liabilities (d) 8,566 16,517 25,083 Total $ 19,301 $ 22,186 $ 18,190 $ 59,677 (in thousands) December 31, 2024 Assets (liabilities) Level 1 Level 2 Level 3 Total Commodity derivatives, net (a) $ 47,721 $ 42,330 $ $ 90,051 Provisionally priced contracts (b) (12,203) (45,017) (57,220) Convertible preferred securities (c) 14,190 14,190 Other assets and liabilities (d) 2,711 29,183 31,894 Total $ 38,229 $ 26,496 $ 14,190 $ 78,915 (in thousands) September 30, 2024 Assets (liabilities) Level 1 Level 2 Level 3 Total Commodity derivatives, net (a) $ 39,142 $ (593) $ $ 38,549 Provisionally priced contracts (b) (24,870) (29,944) (54,814) Convertible preferred securities (c) 15,725 15,725 Other assets and liabilities (d) 6,226 20,281 26,507 Total $ 20,498 $ (10,256) $ 15,725 $ 25,967 (a) Includes associated cash posted/received as collateral. (b) Included in ""Provisionally priced contracts"" are those instruments based only on underlying futures values (Level 1) and delayed price contracts (Level 2). (c) Recorded in Other assets, net on the Companys Condensed Consolidated Balance She …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

Income Taxes Three months ended September 30, Nine months ended September 30, (in thousands) 2025 2024 2025 2024 Income before income taxes $ 25,843 $ 62,192 $ 53,891 $ 133,507 Income tax (benefit) provision (228) 10,731 5,682 16,911 Effective tax rate (0.9) % 17.3 % 10.5 % 12.7 % The difference between the (0.9)% effective tax rate and the U.S. federal statutory rate of 21.0% for the three months ended September 30, 2025, is primarily attributable to nontaxable clean fuel production credits and the reversal of certain unrecognized tax benefits offset by state and local taxes, nondeductible compensation, and valuation allowances on losses in foreign tax jurisdictions. The difference between the 17.3% effective tax rate and the U.S. federal statutory tax rate of 21.0% for the three months ended September 30, 2024, was primarily attributable to the tax impact of noncontrolling interest and federal tax credits offset by state and local income taxes, tax impacts of foreign operations, nondeductible compensation, and changes in other discrete tax adjustments. The difference between the 10.5% effective tax rate and the U.S. federal statutory tax rate of 21.0% for the nine months ended September 30, 2025 was primarily attributable to the tax impact of noncontrolling interest, nontaxable clean fuel production credits and the reversal of certain unrecognized tax benefits offset by state and local taxes, nondeductible compensation, and valuation allowances on losses in foreign tax juri …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

Accounting Pronouncements Not Yet Adopted In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (ASU 2023-09), which improves the transparency of income tax disclosures by requiring consistent categories and greater disaggregation of information in the effective tax rate reconciliation and income taxes paid disaggregated by jurisdiction. It also includes certain other amendments to improve the effectiveness of income tax disclosures. This guidance will be effective for the annual periods beginning with the year ended December 31, 2025. Early adoption is permitted. Upon adoption, the guidance can be applied prospectively or retrospectively. Management does not expect the adoption of this guidance to have a material impact on the Consolidated Financial Statements. In November 2024, the FASB issued ASU No. 2024-03, Disaggregation of Income Statement Expenses (Subtopic 220-40), which requires the disaggregated disclosure of specific expense categories, including purchases of inventory, employee compensation, depreciation, and amortization, within relevant income statement captions. This ASU also requires disclosure of the total amount of selling expenses along with the definition of selling expenses. The ASU is effective for annual periods beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. Adoption of this ASU can either be applied prospectively to consolidated …

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

Revenue A majority of the Companys Sales and merchandising revenues are generated from contracts that are outside the scope of ASC 606, Revenue from Contracts with Customers . Approximately 85% of the Company's sales contracts are derivatives within the scope of ASC 815, Derivatives and Hedging, with the remaining 15% accounted for under ASC 606. Of the Sales and merchandising revenues within the scope of ASC 606, substantially all of the activity occurs at a point in time with the vast majority residing in the Agribusiness segment. Therefore, a further disaggregation of ASC 606 Sales and merchandising revenues and detail of outstanding contract balances within the Agribusiness segment have been provided below: Three months ended September 30, Nine months ended September 30, (in thousands) 2025 2024 2025 2024 Specialty and primary nutrients $ 137,129 $ 99,855 $ 678,385 $ 555,303 Premium ingredients 66,874 66,960 196,980 267,055 Propane and fuels 43,475 34,181 178,999 139,396 Other 48,280 30,921 147,190 104,100 Total $ 295,758 $ 231,917 $ 1,201,554 $ 1,065,854 Specialty and Primary Nutrients The Company sells several different types of specialty nutrient products, including: low-salt liquid starter fertilizers, micro-nutrients and other specialty lawn products. These products can be sold through the wholesale distribution channels as well as directly to end users at the farm center locations. Similarly, the Company sells several different types of primary nutrient products, in …

RevenueFromContractWithCustomerTextBlock · excerpt; the full note is in the filing

"Segment Information Reportable segments are components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker (""CODM""), who is the Companys Chief Executive Officer, in deciding how to allocate resources and in assessing performance. The CODM allocates resources to and evaluates the financial performance of each operating segment primarily based on Income before income taxes. The operating and reportable segment structure provides alignment between business strategies and operating results. The Companys operations include two reportable business segments that are distinguished primarily on the basis of products and services offered as well as the management structure. Effective January 1, 2025, the Company realigned its organizational structure to better reflect updates in management reporting resulting in a change in reportable segments. As a result, the former Trade segment was combined with the former Nutrient & Industrial segment in the newly formed Agribusiness segment along with several smaller business lines being moved between the Agribusiness and Renewables segments. All prior period segment information has been recast to conform to the current year presentation. The Agribusiness segment includes commodity merchandising, the operation of terminal grain elevator facilities, and the manufacturing and distribution of plant nutrient products. The Renewables segment produces and sell …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing