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Equity Method Investments
12 Months Ended
Dec. 31, 2021
Equity Method Investments [Abstract]  
Equity Method Investments 20. EQUITY METHOD INVESTMENTS Green Plains Cattle Company LLC On September 1, 2019, the company formed a joint venture with TGAM and StepStone. Such parties entered into the Second Amended and Restated Limited Liability Company Agreement of GPCC effective as of September 1, 2019. GPCC was previously a wholly owned subsidiary of Green Plains. Green Plains also entered into a Securities Purchase Agreement with TGAM and StepStone, whereby TGAM and StepStone purchased an aggregate of 50% of the membership interests of GPCC from Green Plains. After closing, GPCC was no longer consolidated in the company’s consolidated financial statements and the GPCC investment was accounted for using the equity method of accounting. GPCC results prior to its disposition are classified as discontinued operations in our current and prior period financials. GPCC conducts the business of the joint venture, including (i) owning and operating the cattle feeding operations (as defined below), and (ii) any other activities approved by GPCC’s board of managers. The company did not consolidate any part of the assets or liabilities or operating results of its equity method investee. The company’s share of net income or loss in the investee increased or decreased, as applicable, the carrying value of the investment. With respect to GPCC, the company determined that this entity did not represent a variable interest entity and consolidation was not required. In addition, although the company had the ability to exercise significant influence over the joint venture through board representation and voting rights, all significant decisions required the consent of the other investors without regard to economic interest. On October 1, 2020, the company sold its remaining 50% joint venture interest in GPCC to AGR, TGAM Agribusiness Fund LP and StepStone for $80.5 million in cash, plus closing adjustments. The transaction resulted in a reduction in other assets of $69.7 million as a result of removal of the equity method investment in GPCC, and a reduction in accumulated other comprehensive income (loss) of $10.7 million as a result of the removal of the company’s share of equity method investees accumulated other comprehensive loss. Summarized Financial Information Our equity method investments totaled $7.2 million and $4.0 million at December 31, 2021 and 2020, respectively and are reflected in other assets on the consolidated balance sheets. Earnings from equity method investments, net of income taxes, were as follows (in thousands): Year Ended December 31, 2021 2020 2019Green Plains Cattle Company LLC (1) $ - $ 20,531 $ 2,839All others 700 562 (42)Total income from equity method investments, net of income taxes $ 700 $ 21,093 $ 2,797 Distributions from equity method investments $ 1,500 $ 27,910 $ 320 Earnings (loss) from equity method investments, net of distributions $ (800) $ (6,817) $ 2,477 (1)Pretax equity method earnings of GPCC were $27.0 million and $3.8 million for the years ended December 31, 2020 and 2019. The company reports its proportional share of equity method investment income (loss) in the consolidated statements of operations. The company’s share of equity method investees other comprehensive income arising during the period is included in accumulated other comprehensive loss in the consolidated balance sheet. The following table present summarized information of GPCC. December 31, 2020 (1) December 31, 2019 (1)Total revenues $ 747,824 $ 370,383Total operating expenses 693,753 362,878Net income $ 54,071 $ 7,505 (1)GPCC equity method treatment began on September 1, 2019 and ended on October 1, 2020. As such, fiscal year 2020 includes nine months of GPCC operations while fiscal year 2019 includes four months of GPCC operations.