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. GPCC continues to have the capacity to support 355,000 head of cattle and has approximately 24.1 million bushels of grain storage capacity.

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.

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


	Ownership as of	Year Ended December 31,
	December 31, 2020	2020		2019
Green Plains Cattle Company LLC ⁽¹⁾	0%	$	-	$	64,161
Other	Various		3,994		4,837
Total		$	3,994	$	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. Pretax accumulated other comprehensive loss for GPCC was $16.2 million as of December 31, 2019.

Earnings from equity method investments, net of income taxes, were as follows (in thousands):


	Year Ended December 31,
	2020		2019		2018
Green Plains Cattle Company LLC ⁽¹⁾	$	20,531	$	2,839	$	-
All others		562		(42)		(596)
Total income (loss) from equity method investments, net of income taxes	$	21,093	$	2,797	$	(596)

Distributions from equity method investments	$	27,910	$	320	$	-

Earnings from equity method investments, net of distributions	$	(6,817)	$	2,477	$	(596)

(1)Pretax equity method earnings of GPCC were $27.0 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.


	December 31, 2020⁽¹⁾		December 31, 2019⁽¹⁾
Total revenues	$	747,824	$	370,383
Total operating expenses		693,753		362,878
Net 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.


	December 31, 2019
Balance sheet:
Current assets	$	516,324
Noncurrent assets		73,922
Current liabilities		461,534
Noncurrent liabilities		390
Net assets	$	128,322