XML 108 R43.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
Related Party Transactions (Tables)
 12 Months Ended
Dec. 31, 2019
Related Party Transactions [Abstract]  
Schedule of Aggregate Summarized Financial Information of Subsidiaries

The following table presents 2019 information for aggregate summarized financial information of TAAE, TACE and TAME through September 30, 2019 along with the Company's equity method investments in Providence Grain Group Inc., Quadra Commodities S.A. and other various investments. In the prior years, the table represents the aggregated summarized financial information of LTG, TAAE, TACE, TAME, Thompsons Limited, and other various investments as they qualified as significant equity method investees in the aggregate. No individual equity investments qualified as significant for the years ended December 31, 2019, 2018 and 2017.
 
December 31,
(in thousands)
2019
 
2018
 
2017
Sales
$
1,930,289

 
$
6,111,036

 
$
6,080,795

Gross profit
39,253

 
257,594

 
217,629

Income from continuing operations
1,895

 
71,608

 
50,937

Net income
940

 
68,876

 
42,970

 
 
 
 
 
 
Current assets
255,052

 
1,111,826

 
1,045,124

Non-current assets
80,823

 
526,169

 
538,671

Current liabilities
196,163

 
792,184

 
802,161

Non-current liabilities
31,509

 
281,103

 
309,649
Schedule of Company's Investment Balance in Each Equity Method Investee
The following table presents the Company’s investment balance in each of its equity method investees by entity:
 
December 31,
(in thousands)
2019
 
2018
The Andersons Albion Ethanol LLC (a)
$
—

 
$
50,382

The Andersons Clymers Ethanol LLC (a)
—

 
24,242

The Andersons Marathon Ethanol LLC (a)
—

 
14,841

Lansing Trade Group, LLC (b)
—

 
101,715

Thompsons Limited (b)
—

 
48,987

Providence Grain Group Inc. (c)
12,424

 
—

Quadra Commodities S.A. (c)
5,574

 
—

Other
5,859

 
2,159

Total
$
23,857

 
$
242,326


(a) The Company previously owned approximately 55%, 39%, 33% in The Andersons Albion LLC, The Andersons Clymers Ethanol LLC and The Andersons Marathon Ethanol LLC, respectively. Effective October 1, 2019, the Company contributed its interests in these three entities into TAMH. The transaction resulted in the consolidation of these entities into the Company's Consolidated Financial Statements.
(b) The Company previously owned approximately 32.5% of LTG. Effective January 1, 2019, the Company purchased the remaining equity of LTG. The transaction resulted in the consolidation of Thompsons Limited of Ontario, Canada and related entities, which LTG and the Company had equally owned.
(c) The Company acquired the equity method investments in Providence Grain Group Inc. and Quadra Commodities S.A. through the consolidation of LTG.
Schedule of Income (Loss) Earned From the Company's Equity Method Investments
The following table summarizes income (losses) earned from the Company’s equity method investments by entity:
 
% ownership at
December 31, 2019
 
December 31,
(in thousands)
 
2019
 
2018
 
2017
The Andersons Albion Ethanol LLC (a)
N/A
 
$
(1,292
)
 
$
5,531

 
$
6,052

The Andersons Clymers Ethanol LLC (a)
N/A
 
(151
)
 
4,846

 
4,591

The Andersons Marathon Ethanol LLC (a)
N/A
 
920

 
3,832

 
1,571

Lansing Trade Group, LLC (b)
N/A
 
—

 
10,413

 
4,038

Thompsons Limited (b)
N/A
 
—

 
2,568

 
696

Providence Grain Group Inc. (c)(d)
37.8%
 
(7,411
)
 
—

 
—

Quadra Commodities S.A. (c)
17.7%
 
910

 
—

 
—

Other
5% - 52%
 
(335
)
 
(49
)
 
(225
)
Total
 
 
$
(7,359
)
 
$
27,141

 
$
16,723


(a) The Company previously owned approximately 55%, 39%, 33% in The Andersons Albion LLC, The Andersons Clymers Ethanol LLC and The Andersons Marathon Ethanol LLC, respectively. Effective October 1, 2019, the Company contributed its interests in these three entities into TAMH. The transaction resulted in the consolidation of these entities into the Company's Consolidated Financial Statements.
(b) The Company previously owned approximately 32.5% of LTG. Effective January 1, 2019, the Company purchased the remaining equity of LTG. The transaction resulted in the consolidation of Thompsons Limited of Ontario, Canada and related entities, which LTG and the Company had equally owned.
(c) The Company acquired the equity method investments in Providence Grain Group Inc. and Quadra Commodities S.A. through the consolidation of LTG.
(d) The Company recorded an other-than-temporary impairment charge of $5.0 million in the equity method investment in Providence Grain Group which is recorded in equity earnings (losses) in affiliates.
Schedule of Related Party Transactions
The following table sets forth the related party transactions entered into for the time periods presented: 
 
December 31,
(in thousands)
2019
 
2018
 
2017
Sales revenues
$
246,540

 
$
358,856

 
$
893,950

Service fee revenues (a)
12,181

 
20,843

 
24,357

Purchases of product
569,619

 
741,736

 
615,739

Lease income (b)
3,516

 
6,523

 
6,175

Labor and benefits reimbursement (c)
10,973

 
13,487

 
13,894

(a)
Service fee revenues included management fee, corn origination fee, ethanol and DDG marketing fees, and other commissions for the prior periods and through September 30, 2019.
(b)
Lease income included the lease of the Company’s Albion, Michigan and Clymers, Indiana grain facilities as well as certain railcars to the unconsolidated ethanol LLCs and IANR for the prior periods and through September 30, 2019.
(c)
The Company provided all operational labor to the unconsolidated ethanol LLCs and charged them an amount equal to the Company’s costs of the related services for the prior periods and through September 30, 2019.
 
December 31,
(in thousands)
2019
 
2018
Accounts receivable (d)
$
10,603

 
$
17,829

Accounts payable (e)
12,303

 
28,432


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