7. Segment Information

The Company's operations include six 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 investment in Lansing Trade Group, LLC ("LTG"). The Ethanol business purchases and sells ethanol and also manages the ethanol production facilities organized as limited liability companies ("ethanol LLCs") in which the Company has investments and various service contracts for these investments. Rail operations include the leasing, marketing and fleet management of railcars and locomotives, railcar repair and metal fabrication. The Plant Nutrient business manufactures and distributes agricultural inputs, primarily fertilizer, to dealers and farmers. Turf & Specialty operations include the production and distribution of turf care and corncob-based products. The Retail business operates large retail stores, a specialty food market, a distribution center and a lawn and garden equipment sales and service shop. Included in "Other" are the corporate level amounts not attributable to an operating segment.


	Three months ended March 31,
	2012		2011
(in thousands)
Revenues from external customers
Grain	$	699,861	$	637,967
Ethanol		150,670		132,748
Plant Nutrient		175,360		123,649
Rail		35,859		28,910
Turf & Specialty		45,127		47,270
Retail		30,256		31,130
Other		—		—

Total	$	1,137,133	$	1,001,674

		$699,861		$699,861
	Three months ended March 31,
(in thousands)	2012		2011
Inter-segment sales
Grain	$	1	$	1
Ethanol		—		—
Plant Nutrient		3,083		5,385
Rail		203		189
Turf & Specialty		976		705
Retail		—		—
Other		—		—

Total	$	4,263	$	6,280

		$699,861			$699,861
	Three months ended March 31,
(in thousands)	2012			2011
Interest expense (income)
Grain	$	3,252		$	4,840
Ethanol		24			412
Plant Nutrient		710			843
Rail		1,178			1,447
Turf & Specialty		356			449
Retail		196			260
Other		(386	)		(915	)

Total	$	5,330		$	7,336

		$27,969			$27,969
	Three months ended March 31,
(in thousands)	2012			2011
Equity in earnings (loss) of affiliates
Grain	$	5,952		$	6,230
Ethanol		(1,671	)		1,014
Plant Nutrient		2			2
Rail		—			—
Turf & Specialty		—			—
Retail		—			—
Other		—			—

Total	$	4,283		$	7,246

		$27,969		$27,969
	Three months ended March 31,
(in thousands)	2012		2011
Other income, net
Grain	$	827	$	580
Ethanol		16		58
Plant Nutrient		118		125
Rail		776		753
Turf & Specialty		201		290
Retail		124		156
Other		1,184		344

Total	$	3,246	$	2,306


	Three months ended March 31,
(in thousands)	2012			2011
Income (loss) before income taxes
Grain	$	19,435		$	15,101
Ethanol		121			3,571
Plant Nutrient		5,828			5,114
Rail		8,018			3,546
Turf & Specialty		2,202			3,278
Retail		(2,749	)		(2,664	)
Other		(4,207	)		(874	)
Noncontrolling interest		(679	)		122

Total	$	27,969		$	27,194