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Investments in affiliates and joint ventures | 12 Months Ended
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Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Investments in affiliates and joint ventures | Investments in affiliates and joint ventures The Company accounts for these investments as follows:
Investee name: |  | Interest |  | Consolidation
Nuna East Ltd. |  | 37 | % |  | Equity method
Nuna Pang Contracting Ltd. |  | 37 | % |  | Equity method
Nuna West Mining Ltd. |  | 49 | % |  | Equity method
1229181 B.C Ltd. |  | 49 | % |  | Equity method
North American Nuna Joint Venture |  | 50 | % |  | Equity method
NAYL Realty Inc. |  | 49 | % |  | Equity method
BNA Remanufacturing Limited Partnership |  | 50 | % |  | Equity method
Dene North Site Services Partnership |  | 49 | % |  | Proportionate
Mikisew North American Limited Partnership |  | 49 | % |  | Proportionate
Upon initial acquisition of the interest in the Nuna Logistics Partnership ("NL Partnership"), the Company accounted for this investment using proportionate consolidation. On November 1, 2019, the Company entered into a transaction to reorganize its investment in the NL Partnership. Subsequent to the reorganization, the Company's investment in the NL Partnership is held through 1229181 B.C. Ltd. and the Company changed its presentation of NL Partnership and applied the equity method prospectively as of November 1, 2019. The assets and liabilities of the NL Partnership were reclassified from the respective accounts to the investment in affiliates and joint ventures. During the year ended December 31, 2020, North American Nuna Joint Venture was formed between the Company and NL Partnership for the purpose of bidding on certain projects. Equity earnings in affiliates and joint ventures includes both the Company's direct share of the earnings of this joint venture and the portion recognized via its investment in NL Partnership. The Company is not the primary beneficiary of this variable interest entity because it does not have the power to direct the activities that most significantly impact the entity’s economic performance. The following table summarizes the movement in the investments in affiliates and joint ventures balance during the year:
|  | December 31, 2020 |  | December 31, 2019
Balance, beginning of the year |  | $ | 42,908 |  |  | $ | 11,788 |
Additions due to change in presentation of NL Partnership |  | — |  |  | 37,025 |
Additions |  | 2,790 |  |  | — |
Share of net income |  | 5,942 |  |  | 2,780 |
Dividends, repayments of loans and other adjustments |  | (7,590) |  |  | (8,685) |
Balance, end of the year |  | $ | 44,050 |  |  | $ | 42,908 |
During the year ended December 31, 2020, the Company invested $1,810 in cash and $980 in property, plant and equipment for the investments in NAYL Realty Inc. and BNA Remanufacturing Limited Partnership. The financial information for the share of the Company's share of the investments in affiliates and joint ventures accounted for using the equity method is summarized as follows: Balance Sheets
|  | December 31, 2020 |  | December 31, 2019
Assets |  |  |  |
Current assets |  | $ | 51,727 |  |  | $ | 33,734 |
Non-current assets |  | 40,858 |  |  | 21,370 |
Total assets |  | $ | 92,585 |  |  | $ | 55,104 |
Liabilities |  |  |  |
Current liabilities |  | $ | 24,200 |  |  | $ | 10,590 |
Non-current liabilities |  | 24,335 |  |  | 2,614 |
Total liabilities |  | $ | 48,535 |  |  | $ | 13,204 |
Statements of Operations and Comprehensive Income
Year ended December 31, |  | 2020 |  | 2019
Revenues |  | $ | 59,944 |  |  | $ | 24,689 |
Gross profit |  | 9,833 |  |  | 5,148 |
Income before taxes |  | 7,717 |  |  | 3,782 |
Net income and comprehensive income |  | 5,942 |  |  | 2,780 |

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- References No definition available. + Details
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- Definition The entire disclosure for a variable interest entity (VIE), including but not limited to, judgments and assumptions in determining whether to consolidate and in identifying the primary beneficiary, gain (loss) recognized on the initial consolidation of the VIE, terms of arrangements, amounts and classification of the VIE's assets and liabilities, and the entity's maximum exposure to loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -URI http://asc.fasb.org/topic&trid=2197479 + Details
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