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RELATED PARTY TRANSACTIONS | 9 Months Ended
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Sep. 30, 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 $23.6 million and $15.7 million for the three-months ended September 30, 2021 and 2020, respectively, and are included as a reduction to net sales. TCCC commissions, based on sales to the TCCC Subsidiaries and the TCCC Related Parties, were $59.9 million and $37.7 million for the nine-months ended September 30, 2021 and 2020, respectively, and are included as a reduction to net sales. ​ TCCC commissions, based on sales to TCCC independent bottlers/distributors, were $9.1 million and $5.5 million for the three-months ended September 30, 2021 and 2020, respectively, and are included in operating expenses. TCCC commissions, based on sales to certain TCCC independent bottlers/distributors, were $22.6 million and $15.2 million for the nine-months ended September 30, 2021 and 2020, respectively, and are included in operating expenses. ​ Net sales to the TCCC Subsidiaries for the three-months ended September 30, 2021 and 2020 were $30.3 million and $21.5 million, respectively. Net sales to the TCCC Subsidiaries for the nine-months ended September 30, 2021 and 2020 were $84.4 million and $55.2 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 $7.1 million and $6.8 million for the three-months ended September 30, 2021 and 2020, respectively. Concentrate purchases from TCCC were $21.3 million and $17.6 million for the nine-months ended September 30, 2021 and 2020, respectively. ​ Certain TCCC Subsidiaries also contract manufacture certain of the Company’s energy drinks. Such contract manufacturing expenses were $6.8 million and $5.1 million for the three-months ended September 30, 2021 and 2020, respectively. Such contract manufacturing expenses were $20.8 million and $11.3 million for the nine-months ended September 30, 2021 and 2020, respectively. ​ Accounts receivable, accounts payable, accrued promotional allowances and accrued liabilities related to the TCCC Subsidiaries are as follows at: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | September 30, | ​ | December 31,
​ |  | 2021 |  | 2020
Accounts receivable, net | ​ | $ | 83,144 | ​ | $ | 44,925
Accounts payable | ​ | $ | (34,991) | ​ | $ | (30,792)
Accrued promotional allowances | ​ | $ | (5,677) | ​ | $ | (5,834)
Accrued liabilities | ​ | $ | (19,591) | ​ | $ | (15,446)
​ One director of the Company through certain trusts, and a family member of one director are the 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 September 30, 2021 and 2020 were $1.0 million and $0.4 million, respectively. Expenses incurred with such company in connection with promotional materials purchased during the nine-months ended September 30, 2021 and 2020 were $2.7 million and $1.9 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 September 30, 2021, the Company recorded an equity loss of $0.04 million. During the nine-months ended September 30, 2021, the Company recorded an equity loss of $0.16 million. As of September 30, 2021, the Company’s equity investment is $1.4 million and is included in other assets (non-current) in the accompanying condensed consolidated balance sheet.

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