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RELATED PARTY TRANSACTIONS | 3 Months Ended
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Mar. 31, 2021
RELATED PARTY TRANSACTIONS |
RELATED PARTY TRANSACTIONS | 19. RELATED PARTY TRANSACTIONS ​ TCCC controls approximately 19.3% of the voting interests of the Company. The TCCC Subsidiaries, the TCCC Related Parties and certain TCCC independent bottlers/distributors, purchase and distribute the Company’s products in domestic and certain international markets. The Company also pays TCCC a commission based on certain sales within the TCCC distribution network. ​ TCCC commissions, based on sales to the TCCC Subsidiaries and the TCCC Related Parties, were $16.1 million and $10.9 million for the three-months ended March 31, 2021 and 2020, respectively, and are included as a reduction to net sales. ​ TCCC commissions, based on sales to certain TCCC independent bottlers/distributors, were $5.5 million and $4.4 million for the three-months ended March 31, 2021 and 2020, respectively, and are included in operating expenses. ​ Net sales to the TCCC Subsidiaries for the three-months ended March 31, 2021 and 2020 were $27.1 million and $19.5 million, respectively. ​ The Company also purchases concentrates from TCCC which are then sold to certain of the Company’s bottlers/distributors. Concentrate purchases from TCCC were $6.4 million and $4.2 million for the three-months ended March 31, 2021 and 2020, respectively. ​ Certain TCCC Subsidiaries also contract manufacture certain of the Company’s energy drinks. Such contract manufacturing expenses were $7.4 million and $4.0 million for the three-months ended March 31, 2021 and 2020, respectively. ​ Accounts receivable, accounts payable, accrued promotional allowances and accrued liabilities related to the TCCC Subsidiaries are as follows at: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | March 31, | ​ | December 31,
​ |  | 2021 |  | 2020
Accounts receivable, net | ​ | $ | 48,982 | ​ | $ | 44,925
Accounts payable | ​ | $ | (31,486) | ​ | $ | (30,792)
Accrued promotional allowances | ​ | $ | (9,104) | ​ | $ | (5,834)
Accrued liabilities | ​ | $ | (19,107) | ​ | $ | (15,446)
​ One director of the Company through certain trusts, and a family member of one director, are principal owners of a company that provides promotional materials to the Company. Expenses incurred with such company in connection with promotional materials purchased during the three-months ended March 31, 2021 and 2020 were $0.4 million and $0.7 million, respectively. ​ In December 2018, the Company and a director of the Company entered into a 50-50 partnership that purchased land, and real property thereon, in Kona, Hawaii for the purpose of producing coffee products. The Company’s initial 50% contribution of $1.9 million was accounted for as an equity investment. During the three-months ended March 31, 2021, the Company recorded an equity loss of $0.03 million. As of March 31, 2021, the Company’s equity investment is $1.5 million and is included in other assets (non-current) in the accompanying condensed consolidated balance sheet.

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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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