EQUITY METHOD INVESTMENTS (Tables)

12 Months Ended

Dec. 31, 2018

Equity Method Investments and Joint Ventures [Abstract]

The undistributed earnings of our equity method investees were $7.9 million and $59.6 million at December 31, 2017 and 2016, respectively. Summarized below is consolidated balance sheet and statement of operations information for investments accounted for under the equity method:



	December 31,
(in thousands)	2017
Current assets	$	322,956
Noncurrent assets	137,081
Total assets	$	460,037
Current liabilities	$	342,178
Noncurrent liabilities	24,474
Owners' equity	93,385
Total liabilities and equity	$	460,037

Condensed Income Statement



	Year Ended December 31,
(in thousands)	2017			2016
Revenues	$	346,459		$	488,101
Gross profit	32,682			76,986

(Loss) income before provision for income taxes	(10,626		)	19,529
Provision for income taxes	1,907			3,715
Net (loss) income	$	(12,533	)	$	15,814

Equity Method Investment Reconciliation of Net Income to Equity in Income

Reconciliation of net income in the statement of operations of our investees to equity in income of investees in our Consolidated Statements of Operations is as follows:



	Year Ended December 31,
(in thousands)	2018			2017			2016
Equity income based on stated ownership percentages	$	250		$	7,530		$	7,898
TBWES other-than-temporary impairment	(18,362		)	(18,193		)	—
Gain on sale of our interest in BWBC	6,509			—			—
Gain on sale of our interest in HMA	—			—			8,324
All other adjustments due to amortization of basis differences, timing of GAAP adjustments and other adjustments	—			796			218
Equity in income (loss) of investees	$	(11,603	)	$	(9,867	)	$	16,440

Equity Method Investments

Our transactions with unconsolidated affiliates were as follows:



	Year Ended December 31,
(in thousands)	2018		2017		2016
Sales to	$	—	$	7,143	$	17,220
Purchases from	—		12,470		32,490
Dividends received ⁽¹⁾	890		50,134		12,160
Capital contributions ⁽²⁾	—		—		26,256

⁽¹⁾includes $48.1 million, $6.0 million in dividends received from BWBC in 2017 and 2016, respectively, before taxes.

⁽²⁾ includes a $26.3 million contribution we made in April 2016 to increase our ownership interest in TBWES for the purpose of extinguishing the joint venture's high-interest third-party debt and avoiding the associated future interest cost (our joint venture partner contributed the same amount to TBWES).