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Related Party Transactions (Tables)
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6 Months Ended |
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Jun. 30, 2012
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| Related Party Transactions [Abstract] |
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| 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, 2012 | | December 31, 2011 | | June 30, 2011 | The Andersons Albion Ethanol LLC | $ | 31,248 |
| | $ | 32,829 |
| | $ | 31,075 |
| The Andersons Clymers Ethanol LLC | 38,225 |
| | 40,001 |
| | 40,106 |
| The Andersons Marathon Ethanol LLC | 37,782 |
| | 43,019 |
| | 37,577 |
| Lansing Trade Group, LLC | 80,052 |
| | 81,209 |
| | 69,175 |
| Other | 2,303 |
| | 2,003 |
| | 1,955 |
| Total | $ | 189,610 |
| | $ | 199,061 |
| | $ | 179,888 |
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| Income (loss) earned from the Company's equity method investments by entity |
The following table summarizes income (losses) earned from the Company’s equity method investments by entity: | | | | | | | | | | | | | | | | | | | (in thousands) | % ownership at
June 30, 2012
(direct and indirect) | | Three months ended
June 30, | Six months ended
June 30, | | | | 2012 | | 2011 | | 2012 | | 2011 | The Andersons Albion Ethanol LLC | 50% | | $ | (215 | ) | | $ | 2,146 |
| | $ | 418 |
| | $ | 2,530 |
| The Andersons Clymers Ethanol LLC | 38% | | (655 | ) | | 2,783 |
| | (1,012 | ) | | 2,919 |
| The Andersons Marathon Ethanol LLC | 50% | | (1,540 | ) | | 2,153 |
| | (3,487 | ) | | 2,648 |
| Lansing Trade Group, LLC | 51% * | | 7,244 |
| | 5,346 |
| | 13,160 |
| | 11,512 |
| Other | 7%-33% | | 262 |
| | 84 |
| | 300 |
| | 149 |
| Total | | | $ | 5,096 |
| | $ | 12,512 |
| | $ | 9,379 |
| | $ | 19,758 |
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* This does not consider restricted management units which once vested will reduce the ownership percentage by approximately 2%.
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| Schedule of aggregate summarized financial information of subsidiaries |
The following table sets forth the related party transactions entered into for the time periods presented: | | | | | | | | | | | | | | | | | (in thousands) | Three months ended
June 30, | | Six months ended
June 30, | | 2012 | | 2011 | | 2012 | | 2011 | Sales revenues | $ | 226,989 |
| | $ | 233,966 |
| | $ | 420,050 |
| | $ | 416,836 |
| Service fee revenues (a) | 5,393 |
| | 5,852 |
| | 10,872 |
| | 11,019 |
| Purchases of product | 145,513 |
| | 159,781 |
| | 294,322 |
| | 288,779 |
| Lease income (b) | 1,855 |
| | 1,415 |
| | 3,733 |
| | 2,667 |
| Labor and benefits reimbursement (c) | 3,010 |
| | 2,611 |
| | 5,751 |
| | 5,384 |
| Other expenses (d) | 197 |
| | 45 |
| | 336 |
| | 45 |
| Accounts receivable at June 30 (e) | 16,575 |
| | 23,558 |
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| Accounts payable at June 30 (f) | 20,478 |
| | 21,409 |
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| | (a) | Service fee revenues include management fee, corn origination fee, ethanol and 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 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 shop rent and use of their railroad reporting mark, as well as payment to LTG for the lease of railcars. |
| | (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. |
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