On September 1, 2019, Green Plains, TGAM and StepStone entered into the Second Amended and Restated Limited Liability Company Agreement of GPCC. 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 is no longer consolidated in the company’s consolidated financial statements and the GPCC investment is 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.

The GPCC investment is accounted for using the equity method of accounting. 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. GPCC continues to have the capacity to support 355,000 head of cattle and has approximately 11.7 million bushels of grain storage capacity. Historical GPCC operational results prior to its disposition are recorded as discontinued operations in the consolidated statement of operations.

The company does 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 increases or decreases, as applicable, the carrying value of the investment. With respect to GPCC, the company determined that this entity does not represent a variable interest entity and consolidation is not required. In addition, although the company has the ability to exercise significant influence over the joint venture through board representation and voting rights, all significant decisions require the consent of the other investors without regard to economic interest.

Subsequent to September 30, 2020, the company sold its remaining interest in GPCC. Refer to Note 17 – Subsequent Events for further discussion.

Our equity method investments are summarized in the following tables (in thousands):


	Ownership as of September 30, 2020	September 30, 2020		December 31, 2019
Green Plains Cattle Company LLC ⁽¹⁾	50%	$	69,745	$	64,161
Other	Various		3,818		4,837
Total		$	73,563	$	68,998

(1)The equity method investment in GPCC is impacted by the effect of deferred gains or losses on cattle sale contracts designated in a cash flow hedge relationship. Pre-tax accumulated other comprehensive loss for GPCC was $10.7 million as of September 30, 2020 compared to pre-tax accumulated other comprehensive loss of $16.2 million as of December 31, 2019.


	Three Months Ended ‎September 30,				Nine Months Ended ‎September 30,
	2020		2019		2020		2019
Green Plains Cattle Company LLC ⁽¹⁾	$	775	$	504	$	20,531	$	504
All others		131		140		386		30
Total income from equity method investments, net of income taxes	$	906	$	644	$	20,917	$	534

Distributions from equity method investments	$	13,584	$	-	$	27,910	$	-

Income (loss) from equity method investments, net of distributions	$	(12,678)	$	644	$	(6,993)	$	534

(1)Pre-tax equity method earnings of GPCC were $1.0 million and $27.0 million for the three and nine months ended September 30, 2020, respectively and $0.5 million for both the three and nine months September 30, 2019. GPCC equity method treatment began on September 1, 2019, and as such, the prior year balances above represent balances for the one-month period ending September 30, 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 accompanying balance sheet.


	Three Months Ended ‎September 30,				Nine Months Ended ‎September 30,
	2020		2019⁽¹⁾		2020		2019⁽¹⁾
Total revenues	$	257,292	$	86,932	$	747,824	$	86,932
Total operating expenses		255,315		85,925		693,753		85,925
Net income	$	1,977	$	1,007	$	54,071	$	1,007

(1)GPCC equity method treatment began on September 1, 2019, as such balances for the three and nine month periods above represent summarized financials for the one-month period ending September 30, 2019.


	September 30, 2020		December 31, 2019
Balance sheet:
Current assets	$	498,868	$	516,324
Noncurrent assets		70,893		73,922
Current liabilities		429,922		461,534
Noncurrent liabilities		349		390
Net assets	$	139,490	$	128,322