Related Party Transactions (Tables)

9 Months Ended

Sep. 30, 2014

The following table presents the Company’s investment balance in each of its equity method investees by entity:



(in thousands)	September 30, 2014		December 31, 2013		September 30, 2013
The Andersons Albion Ethanol LLC (a)	$	33,465	$	40,194	$	35,643
The Andersons Clymers Ethanol LLC (a)	51,692		44,418		37,695
The Andersons Marathon Ethanol LLC (a)	42,416		46,811		37,844
Lansing Trade Group, LLC (b)	72,560		106,028		100,071
Thompsons Limited (c)	53,125		49,833		47,477
Other	3,908		3,825		3,913
Total	$	257,166	$	291,109	$	262,643

(a) LLCs investment balances are reduced by cash distributions made during 2014

(b) The decrease in LTG investment balance is driven by the sale of a portion of the Company's interest in LTG during the first quarter of 2014

The following table summarizes income earned from the Company’s equity method investments by entity:



	% ownership at September 30, 2014	Three months ended September 30,					Nine months ended September 30,
(in thousands)	% ownership at September 30, 2014	2014		2013			2014		2013
The Andersons Albion Ethanol LLC	53%	$	4,566	$	3,711		$	16,165	$	5,627
The Andersons Clymers Ethanol LLC	38%	4,564		3,437			16,819		4,576
The Andersons Marathon Ethanol LLC	50%	4,596		3,026			23,106		4,848
Lansing Trade Group, LLC	40% (a)	10,016		12,391			17,130		25,255
Thompsons Limited (b)	50%	68		(722		)	3,154		(722		)
Other	5%-23%	107		334			257		407
Total		$	23,917	$	22,177		$	76,631	$	39,991

(a) This does not consider restricted management units which once vested will reduce the ownership percentage by approximately 1.5%

(b) Thompsons Limited and related U.S. operating company held by joint ventures

The following table sets forth the related party transactions entered into for the time periods presented:



	Three months ended September 30,				Nine months ended September 30,
(in thousands)	2014		2013		2014		2013
Sales revenues	$	247,451	$	316,154	$	766,553	$	985,618
Service fee revenues (a)	5,732		5,746		17,573		17,360
Purchases of product	140,843		190,009		465,459		535,068
Lease income (b)	1,426		1,590		4,686		4,661
Labor and benefits reimbursement (c)	2,804		2,682		8,603		7,948
Other expenses (d)	301		325		1,025		1,078
Accounts receivable at September 30 (e)	21,407		19,736
Accounts payable at September 30 (f)	21,911		16,163


(a)	Service fee revenues include management fee, corn origination fee, ethanol and DDG marketing fees, and other commissions.


(b)	Lease income includes the lease of the Company’s Albion, Michigan and Clymers, Indiana grain facilities as well as certain railcars to the various ethanol LLCs and IANR.


(c)	The Company provides all operational labor to the unconsolidated ethanol LLCs and charges them an amount equal to the Company’s costs of the related services.


(d)	Other expenses include payments to IANR for repair facility rent and use of their railroad reporting mark, payment to LTG for the lease of railcars and other various expenses.


(e)	Accounts receivable represents amounts due from related parties for sales of corn, leasing revenue and service fees.


(f)	Accounts payable represents amounts due to related parties for purchases of ethanol and other various items.