The Company, directly or indirectly, holds investments in companies that are accounted for under the equity method. The Company’s equity in these entities is presented at cost plus its accumulated proportional share of income or loss, less any distributions it has received.



(in thousands)	September 30, 2019		December 31, 2018		September 30, 2018
The Andersons Albion Ethanol LLC	$	48,863	$	50,382	$	49,882
The Andersons Clymers Ethanol LLC	23,752		24,242		22,589
The Andersons Marathon Ethanol LLC	15,762		14,841		15,373
Lansing Trade Group, LLC (a)	—		101,715		99,904
Thompsons Limited (a)	—		48,987		50,280
Providence Grain Group Inc.	17,195		—		—
Other	11,776		2,159		2,322
Total	$	117,348	$	242,326	$	240,350

(a) 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.



		Three months ended September 30,						Nine months ended September 30,
(in thousands)	% Ownership at September 30, 2019	2019			2018			2019			2018
The Andersons Albion Ethanol LLC	55%	$	(1,671	)	$	2,408		$	(1,292	)	$	4,858
The Andersons Clymers Ethanol LLC	39%	(1,427		)	1,376			(152		)	3,121
The Andersons Marathon Ethanol LLC	33%	(532		)	1,029			920			2,713
Lansing Trade Group, LLC (a)	100% (a)	—			2,428			—			8,603
Thompsons Limited (a)	100% (a)	—			35			—			1,345
Providence Grain Group Inc.	39%	(454		)	—			(2,297		)	—
Other	5% - 51%	356			(51		)	454			(39		)
Total		$	(3,728	)	$	7,225		$	(2,367	)	$	20,601

(a) 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 and related entities, which LTG and the Company had equally owned.

The Company received $0.4 million from unconsolidated affiliates for the nine months ended September 30, 2019 and received $2.2 million for the nine months ended September 30, 2018.

In the third quarter of 2019, the Company did not have significant equity investees. In the third quarter of 2018, Lansing Trade Group qualified as significant equity investee of the Company under the income test. In January of 2019, the Company acquired the remaining equity of LTG and is now reflected in the consolidated results of the Company.

In the ordinary course of business and on an arms-length basis, the Company will enter into related party transactions with each of the investments described above, along with other related parties.

On March 2, 2018, the Company invested in ELEMENT, LLC. The Company owns 51% of ELEMENT, LLC and ICM, Inc. owns the remaining 49% interest. ELEMENT, LLC is constructing a 70 million-gallon-per-year bio-refinery. As part of the Company’s investment into ELEMENT, LLC, the Company and ICM, Inc. entered into several agreements with the entity. Most notably, ICM, Inc. will operate the facility under a management contract and manage the initial construction of the facility, while the Company will provide corn origination, ethanol marketing, and risk management services. The results of

operations for ELEMENT, LLC have been included in the Company's consolidated results of operations beginning on March 2, 2018 and are a component of the Ethanol segment. The construction of the plant was substantially completed, and operations commenced in August of 2019. As of September 30, 2019, approximately $5.2 million of remaining obligation is not yet incurred under a design build contract.



	Three months ended September 30,				Nine months ended September 30,
(in thousands)	2019		2018		2019		2018
Sales revenues	$	52,875	$	82,394	$	171,897	$	278,974
Service fee revenues (a)	2,852		5,231		11,015		15,539
Purchases of product and capital assets	174,420		177,583		520,091		556,551
Lease income (b)	1,887		1,623		5,195		4,829
Labor and benefits reimbursement (c)	3,513		3,436		10,973		10,603



(in thousands)	September 30, 2019		December 31, 2018		September 30, 2018
Accounts receivable (d)	$	23,394	$	17,829	$	32,584
Accounts payable (e)	21,201		28,432		32,347

For the three months ended September 30, 2019 and 2018, revenues recognized for the sale of ethanol and co-products that the Company purchased from the unconsolidated ethanol LLCs were $158.5 million and $161.9 million, respectively. For the nine months ended September 30, 2019 and 2018, revenues recognized for the sale of ethanol and co-products that the Company purchased from the unconsolidated ethanol LLCs were $456.7 million and $480.4 million, respectively.

The Company may enter into derivative contracts with certain of its related parties, including the unconsolidated ethanol LLCs, for the purchase and sale of grain or ethanol, for price risk mitigation purposes and on similar terms as the purchase and sale of derivative contracts it enters into with unrelated parties. The fair value of derivative contract assets with related parties as of September 30, 2019, December 31, 2018 and September 30, 2018 were $0.4 million, $1.9 million and $6.8 million, respectively. The fair value of derivative contract liabilities with related parties as of September 30, 2019, December 31, 2018 and September 30, 2018 were $2.6 million, $6.3 million and $7.2 million, respectively.