Related Party Transactions (Tables)

3 Months Ended

Mar. 31, 2018

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

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



(in thousands)	March 31, 2018		December 31, 2017		March 31, 2017
The Andersons Albion Ethanol LLC	$	46,145	$	45,024	$	38,694
The Andersons Clymers Ethanol LLC	20,339		19,830		19,946
The Andersons Marathon Ethanol LLC	12,615		12,660		13,266
Lansing Trade Group, LLC	94,483		93,088		88,339
Thompsons Limited (a)	48,362		50,198		46,054
Other	2,505		2,439		2,694
Total	$	224,449	$	223,239	$	208,993

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

The following table presents combined summarized unaudited financial information of these investments for the three months ended March 31, 2018 and 2017:



(in thousands)	Three months ended March 31,
(in thousands)	2018		2017
Revenues	$	1,459,331	$	1,459,557
Gross profit	56,096		38,391
Income (loss) from continuing operations	8,908		(3,765		)
Net income (loss)	9,462		(4,298		)
Net income (loss) attributable to companies	9,462		(3,867		)

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 March 31,
(in thousands)	% Ownership at March 31, 2018	2018			2017
The Andersons Albion Ethanol LLC	55%	$	1,121		$	(277	)
The Andersons Clymers Ethanol LLC	39%	509			207
The Andersons Marathon Ethanol LLC	33%	(44		)	(463		)
Lansing Trade Group, LLC	33% (a)	2,584			(711		)
Thompsons Limited (b)	50%	(669		)	(595		)
Other	5% - 50%	72			(39		)
Total		$	3,573		$	(1,878	)

(a) This does not consider restricted management units which once vested will reduce the ownership percentage by approximately 1%

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

Schedule of aggregate summarized financial information of subsidiaries

The following table presents combined summarized unaudited financial information of these investments for the three months ended March 31, 2018 and 2017:



(in thousands)	Three months ended March 31,
(in thousands)	2018		2017
Revenues	$	1,459,331	$	1,459,557
Gross profit	56,096		38,391
Income (loss) from continuing operations	8,908		(3,765		)
Net income (loss)	9,462		(4,298		)
Net income (loss) attributable to companies	9,462		(3,867		)

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



	Three months ended March 31,
(in thousands)	2018		2017
Sales revenues	$	88,815	$	198,068
Service fee revenues (a)	5,117		4,627
Purchases of product and capital assets	181,524		134,508
Lease income (b)	1,582		1,287
Labor and benefits reimbursement (c)	3,567		3,690


(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.


(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.



(in thousands)	March 31, 2018		December 31, 2017		March 31, 2017
Accounts receivable (d)	$	27,438	$	30,252	$	19,999
Accounts payable (e)	33,184		27,866		19,888


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


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