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Related Party Transactions | 12 Months Ended
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Dec. 31, 2020
Related Party Transactions [Abstract] |
Related Party Transactions | Related Party Transactions Equity Method Investments 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 generally presented at cost plus its accumulated proportional share of income or loss, less any distributions it has received, or other-than-temporary impairments recognized. The amount of equity method investments has decreased substantially from the prior year as two acquisitions in 2019 resulted in the consolidation of the former equity method investments. In January 2019, the Company purchased the remaining equity of LTG and Thompsons Limited and in October 2019, the Company merged its existing equity method ethanol investments to create the consolidated entity of TAMH. The following table presents aggregate summarized financial information of the Company's equity method investments as they qualified as significant equity method investees in the aggregate for the years ended December 31, 2019 and 2018. No individual equity investments qualified as significant for the years ended December 31, 2020, 2019 and 2018.
| December 31,
(in thousands) | 2020 |  | 2019 |  | 2018
Sales | $ | 1,625,686 |  |  | $ | 1,930,289 |  |  | $ | 6,111,036 |
Gross profit | 32,467 |  |  | 39,253 |  |  | 257,594 |
Income from continuing operations | 3,315 |  |  | 1,895 |  |  | 71,608 |
Net income | 2,777 |  |  | 940 |  |  | 68,876 |
Current assets | 370,190 |  |  | 255,052 |  |  | 1,111,826 |
Non-current assets | 89,456 |  |  | 80,823 |  |  | 526,169 |
Current liabilities | 296,074 |  |  | 196,163 |  |  | 792,184 |
Non-current liabilities | 40,077 |  |  | 31,509 |  |  | 281,103 |
The following table presents the Company’s investment balance in each of its equity method investees by entity:
| December 31,
(in thousands) | 2020 |  | 2019
Providence Grain Group Inc. | $ | 12,467 |  |  | $ | 12,424 |
Quadra Commodities S.A. | 7,013 |  |  | 5,574 |
Other | 6,981 |  |  | 5,859 |
Total | $ | 26,461 |  |  | $ | 23,857 |
The following table summarizes income (losses) earned from the Company’s equity method investments by entity:
| % ownership at December 31, 2020 |  | December 31,
(in thousands) |  | 2020 |  | 2019 |  | 2018
The Andersons Albion Ethanol LLC (a) | N/A |  | $ | — |  |  | $ | (1,292) |  |  | $ | 5,531 |
The Andersons Clymers Ethanol LLC (a) | N/A |  | — |  |  | (151) |  |  | 4,846 |
The Andersons Marathon Ethanol LLC (a) | N/A |  | — |  |  | 920 |  |  | 3,832 |
Lansing Trade Group, LLC (b) | N/A |  | — |  |  | — |  |  | 10,413 |
Thompsons Limited (b) | N/A |  | — |  |  | — |  |  | 2,568 |
Providence Grain Group Inc. (c) | 37.8% |  | (233) |  |  | (7,411) |  |  | — |
Quadra Commodities S.A. (c) | 17.7% |  | 1,439 |  |  | 910 |  |  | — |
Other | 5% - 52% |  | (568) |  |  | (335) |  |  | (49) |
Total |  |  | $ | 638 |  |  | $ | (7,359) |  |  | $ | 27,141 |
(a) The Company previously owned approximately 55%, 39%, 33% in The Andersons Albion LLC, The Andersons Clymers Ethanol LLC and The Andersons Marathon Ethanol LLC, respectively. Effective October 1, 2019, the Company contributed its interests in these three entities into TAMH. The transaction resulted in the consolidation of these entities into the Company's Consolidated Financial Statements. (b) 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. (c) The Company acquired the equity method investments in Providence Grain Group Inc. and Quadra Commodities S.A. through the consolidation of LTG in 2019. Total distributions received from unconsolidated affiliates were de minimus for the year ended December 31, 2020. Related Party Transactions In the ordinary course of business and on an arms-length basis, the Company will enter into related party transactions with certain of the investments described above, along with other related parties. The following table sets forth the related party transactions entered into for the time periods presented:
| December 31,
(in thousands) | 2020 |  | 2019 |  | 2018
Sales revenues | $ | 176,768 |  |  | $ | 246,540 |  |  | $ | 358,856 |
Service fee revenues (a) | — |  |  | 12,181 |  |  | 20,843 |
Purchases of product (b) | 52,665 |  |  | 569,619 |  |  | 741,736 |
Lease income (c) | 583 |  |  | 3,516 |  |  | 6,523 |
Labor and benefits reimbursement (d) | — |  |  | 10,973 |  |  | 13,487 |
(a)Prior period service fee revenues include management fees, corn origination fees, ethanol and distillers dried grains ("DDG") marketing fees, and other commissions. In the current period and in the fourth quarter of 2019 these revenues are now eliminated in consolidation as a result of the TAMH merger. (b)Prior period purchases of product include ethanol and co-products purchased from the unconsolidated ethanol LLCs. In the current period and in the fourth quarter of 2019 these purchases are now eliminated in consolidation as a result of the TAMH merger. (c)Prior period lease income includes certain railcars leased to related parties and the lease of the Company’s Albion, Michigan and Clymers, Indiana grain facilities. In the current period and in the fourth quarter of 2019 this income is now eliminated in consolidation as a result of the TAMH merger. (d)Prior period labor and benefits reimbursement includes all operations labor to the unconsolidated ethanol LLCs. In the current period and in the fourth quarter of 2019 this reimbursement is now eliminated in consolidation as a result of the TAMH merger.
| December 31,
(in thousands) | 2020 |  | 2019
Accounts receivable (e) | $ | 5,623 |  |  | $ | 10,603 |
Accounts payable (f) | 5,251 |  |  | 12,303 |
(e)Accounts receivable represents amounts due from related parties for sales of ethanol and other various items. (f)Accounts payable represents amounts due to related parties for purchases of equipment and other various items.

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- Definition The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 850 -URI http://asc.fasb.org/topic&trid=2122745 + Details
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