Related Parties

Related party balances included in the Company’s consolidated balance sheet at March 31 consisted of the following:



		March 31,			December 31,
(in thousands)	Financial statement line Item	2018			2017
Receivables due from affiliates	Prepaid expenses and other current assets	$	694		$	2,863
Amounts due to affiliates	Accrued liabilities	(560		)	(1,235		)
	Total related party liabilities, net	$	134		$	1,628

On November 29, 2017, in connection with the closing of the Business Combination, the Company, WSII, WS Holdings and Algeco Global entered into a transition services agreement (the “TSA”). The purpose of the TSA is to ensure an orderly transition of WSII’s business and effectuate the Business Combination. Pursuant to the TSA, each party will provide or cause to be provided to the other party or its affiliates certain services, use of facilities and other assistance on a transitional basis. The services period under the TSA ranges from six months to three years based on the services, but includes early termination clauses. The Company had $0.6 million and $2.9 million in receivables due from affiliates pertaining to the Transition Services Agreement at March 31, 2018 and December 31, 2017, respectively.

The $1.2 million in amounts due to affiliates included in accrued liabilities at December 31, 2017, pertain to rental equipment purchases from an entity within the Algeco Group.

Related party transactions included in the Company’s consolidated statement of operations for the three months ended March 31, 2018 and 2017, respectively, consisted of the following:



		Three Months Ended March 31,
(in thousands)	Financial statement line item	2018			2017
Leasing revenue from related parties	Modular leasing revenue	$	(292	)	$	—
Management fees and recharge income on transactions with affiliates	Selling, general & administrative expenses	—			(1,351		)
Interest income on notes due from affiliates	Interest income	—			(2,584		)
Interest expense on notes due to affiliates	Interest expense	—			14,737
	Total related party expenses, net	$	(292	)	$	10,802

The Company had capital expenditures of rental equipment purchased from related party affiliates of $1.3 million and $0.3 million for three months ended March 31, 2018 and 2017, respectively.

The Company paid $0.6 million and $0.6 million in professional fees to an entity, that two of the Company’s Directors also served in the same role for that entity, during the three months ended March 31, 2018 and 2017, respectively.