|
Related Party Transactions (Tables)
|
9 Months Ended |
|
Sep. 30, 2014
|
| Related Party Transactions [Abstract] |
|
| 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) | September 30, 2014 | | December 31, 2013 | | September 30, 2013 | The Andersons Albion Ethanol LLC (a) | $ | 33,465 |
| | $ | 40,194 |
| | $ | 35,643 |
| The Andersons Clymers Ethanol LLC (a) | 51,692 |
| | 44,418 |
| | 37,695 |
| The Andersons Marathon Ethanol LLC (a) | 42,416 |
| | 46,811 |
| | 37,844 |
| Lansing Trade Group, LLC (b) | 72,560 |
| | 106,028 |
| | 100,071 |
| Thompsons Limited (c) | 53,125 |
| | 49,833 |
| | 47,477 |
| Other | 3,908 |
| | 3,825 |
| | 3,913 |
| Total | $ | 257,166 |
| | $ | 291,109 |
| | $ | 262,643 |
|
(a) LLCs investment balances are reduced by cash distributions made during 2014 (b) The decrease in LTG investment balance is driven by the sale of a portion of the Company's interest in LTG during the first quarter of 2014 (c) Thompsons Limited and related U.S. operating company held by joint ventures |
| 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: | | | | | | | | | | | | | | | | | | | | % ownership at
September 30, 2014 | | Three months ended
September 30, | | Nine months ended
September 30, | (in thousands) | | 2014 | | 2013 | | 2014 | | 2013 | The Andersons Albion Ethanol LLC | 53% | | $ | 4,566 |
| | $ | 3,711 |
| | $ | 16,165 |
| | $ | 5,627 |
| The Andersons Clymers Ethanol LLC | 38% | | 4,564 |
| | 3,437 |
| | 16,819 |
| | 4,576 |
| The Andersons Marathon Ethanol LLC | 50% | | 4,596 |
| | 3,026 |
| | 23,106 |
| | 4,848 |
| Lansing Trade Group, LLC | 40% (a) | | 10,016 |
| | 12,391 |
| | 17,130 |
| | 25,255 |
| Thompsons Limited (b) | 50% | | 68 |
| | (722 | ) | | 3,154 |
| | (722 | ) | Other | 5%-23% | | 107 |
| | 334 |
| | 257 |
| | 407 |
| Total | | | $ | 23,917 |
| | $ | 22,177 |
| | $ | 76,631 |
| | $ | 39,991 |
|
(a) This does not consider restricted management units which once vested will reduce the ownership percentage by approximately 1.5% (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
September 30, | | Nine months ended
September 30, | (in thousands) | 2014 | | 2013 | | 2014 | | 2013 | Sales revenues | $ | 247,451 |
| | $ | 316,154 |
| | $ | 766,553 |
| | $ | 985,618 |
| Service fee revenues (a) | 5,732 |
| | 5,746 |
| | 17,573 |
| | 17,360 |
| Purchases of product | 140,843 |
| | 190,009 |
| | 465,459 |
| | 535,068 |
| Lease income (b) | 1,426 |
| | 1,590 |
| | 4,686 |
| | 4,661 |
| Labor and benefits reimbursement (c) | 2,804 |
| | 2,682 |
| | 8,603 |
| | 7,948 |
| Other expenses (d) | 301 |
| | 325 |
| | 1,025 |
| | 1,078 |
| Accounts receivable at September 30 (e) | 21,407 |
| | 19,736 |
| | | | | Accounts payable at September 30 (f) | 21,911 |
| | 16,163 |
| | | | |
| | (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 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. |
| | (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. |
|