Related Party Transactions (Tables)

6 Months Ended

Jun. 30, 2016

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)	June 30, 2016		December 31, 2015		June 30, 2015
The Andersons Albion Ethanol LLC	$	34,133	$	32,871	$	30,943
The Andersons Clymers Ethanol LLC	30,088		29,278		29,698
The Andersons Marathon Ethanol LLC	31,158		31,255		29,681
Lansing Trade Group, LLC	90,884		101,531		84,092
Thompsons Limited (a)	47,948		43,964		47,232
Other	4,267		3,208		2,734
Total	$	238,478	$	242,107	$	224,380

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

the second quarter of 2016, The Andersons Albion Ethanol LLC, The Andersons Clymers Ethanol LLC, The Andersons Marathon Ethanol LLC, Lansing Trade Group, and Thompsons Limited qualified as significant equity investees of the Company under the income test. The following table presents combined summarized unaudited financial information of these investments for the three and six months ended June 30, 2016 and 2015:



(in thousands)	Three months ended June 30,					Six months ended June 30,
(in thousands)	2016			2015		2016			2015
Revenues	$	1,340,809		$	1,357,038	$	3,029,680		$	2,880,689
Gross profit	52,204			77,891		77,782			137,686
Income (loss) from continuing operations	556			37,506		(17,568		)	47,719
Net income (loss)	(2,051		)	33,859		(20,164		)	42,386
Net income (loss) attributable to companies	(1,410		)	34,340		(19,122		)	41,856

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

The following table summarizes income 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, 2016	2016			2015		2016			2015
The Andersons Albion Ethanol LLC	55%	$	1,650		$	2,324	$	1,328		$	3,416
The Andersons Clymers Ethanol LLC	38%	1,889			3,180		810			3,468
The Andersons Marathon Ethanol LLC	50%	1,712			2,812		(97		)	3,144
Lansing Trade Group, LLC	33% (a)	(5,333		)	5,498		(8,101		)	7,908
Thompsons Limited (b)	50%	2,426			2,229		1,427			1,367
Other	5% - 34%	—			147		—			147
Total		$	2,344		$	16,190	$	(4,633	)	$	19,450

(a) This does not consider restricted management units which once vested will reduce the ownership percentage by approximately 0.8%

(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)	2016		2015		2016		2015
Sales revenues	$	176,865	$	197,253	$	371,702	$	346,724
Service fee revenues (a)	9,490		6,330		14,126		11,255
Purchases of product	116,556		113,314		218,509		216,108
Lease income (b)	1,994		1,582		3,861		3,245
Labor and benefits reimbursement (c)	6,841		2,779		10,738		5,811
Other expenses (d)	—		224		149		557


(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, 2016		December 31, 2015		June 30, 2015
Accounts receivable (e)	$	20,685	$	13,362	$	31,495
Accounts payable (f)	10,022		13,784		13,848


(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.