Related Party Transactions (Tables)

6 Months Ended

Jun. 30, 2017

Company's investment balance in each of its equity method investees by entity

The following table presents combined summarized unaudited financial information of these investments for the three and six months ended June 30, 2017 and 2016:



(in thousands)	Three months ended June 30,					Six months ended June 30,
(in thousands)	2017		2016			2017		2016
Revenues	$	1,380,361	$	1,340,809		$	3,002,406	$	3,029,680
Gross profit	58,812		52,204			97,728		77,782
Income from continuing operations	16,328		556			11,518		(17,568		)
Net income (loss)	13,421		(2,051		)	7,248		(20,164		)
Net income (loss) attributable to companies	13,714		(1,410		)	7,972		(19,122		)

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



(in thousands)	June 30, 2017		December 31, 2016		June 30, 2016
The Andersons Albion Ethanol LLC	$	40,829	$	38,972	$	34,133
The Andersons Clymers Ethanol LLC	19,903		19,739		30,088
The Andersons Marathon Ethanol LLC	14,045		22,069		31,158
Lansing Trade Group, LLC	89,235		89,050		90,884
Thompsons Limited (a)	49,252		46,184		47,948
Other	2,530		917		4,267
Total	$	215,794	$	216,931	$	238,478

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

Income (loss) earned from the Company's equity method investments by entity

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



		Three months ended June 30,						Six months ended June 30,
(in thousands)	% Ownership at June 30, 2017	2017			2016			2017			2016
The Andersons Albion Ethanol LLC	55%	$	2,135		$	1,650		$	1,858		$	1,328
The Andersons Clymers Ethanol LLC	39%	569			1,889			776			810
The Andersons Marathon Ethanol LLC	33%	779			1,712			316			(97		)
Lansing Trade Group, LLC	33% (a)	896			(5,333		)	185			(8,101		)
Thompsons Limited (b)	50%	2,081			2,426			1,486			1,427
Other	5% - 50%	(75		)	—			(114		)	—
Total		$	6,385		$	2,344		$	4,507		$	(4,633	)

(a) This does not consider restricted management units which once vested will reduce the ownership percentage by approximately 0.6%

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

Schedule of aggregate summarized financial information of subsidiaries

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



	Three months ended June 30,				Six months ended June 30,
(in thousands)	2017		2016		2017		2016
Sales revenues	$	241,896	$	176,865	$	439,964	$	371,702
Service fee revenues (a)	9,410		9,490		14,036		14,126
Purchases of product	167,904		116,556		302,411		218,509
Lease income (b)	1,422		1,994		2,709		3,861
Labor and benefits reimbursement (c)	6,863		6,841		10,553		10,738
Other expenses (d)	—		—		—		149


(a)	Service fee revenues include management fees, corn origination fees, ethanol and distillers dried grains (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.



(in thousands)	June 30, 2017		December 31, 2016		June 30, 2016
Accounts receivable (e)	$	25,673	$	26,254	$	20,685
Accounts payable (f)	25,590		23,961		10,022


(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.