6. INVESTMENT IN UNCONSOLIDATED AFFILIATES ÌýÌýÌýÌýÌýÌýÌýÌýOur ownership percentage and investment in unconsolidated affiliates were as follows (dollars in millions):
| | | | | | | |
Ìý | Ìý |
DecemberÌý31, | Ìý | Ìý | Ìý |
2011 | Ìý |
2010 | Ìý | Equity Method: | Ìý | Ìý | Ìý | Ìý | Ìý | Ìý | Ìý | Sasol-ÀÖÌìÌÃfun88(ÖйúÇø)¹Ù·½ÍøÕ¾ÌýGmbH andÌýCo. KG (50%)(1) | Ìý | $ | - | Ìý | $ | 44 | Ìý | Louisiana Pigment Company,ÌýL.P. (50%) | Ìý | Ìý | 90 | Ìý | Ìý | 98 | Ìý | BASF ÀÖÌìÌÃfun88(ÖйúÇø)¹Ù·½ÍøÕ¾ Shanghai Isocyanate InvestmentÌýBV (50%)(2) | Ìý | Ìý | 79 | Ìý | Ìý | 65 | Ìý | International Polyurethanes InvestmentsÌýB.V. (45%) | Ìý | Ìý | 17 | Ìý | Ìý | 16 | Ìý | Jurong Ningwu New Materials DevelopmentÌýCo.,ÌýLtd. (30%) | Ìý | Ìý | 10 | Ìý | Ìý | 5 | Ìý | Others | Ìý | Ìý | 1 | Ìý | Ìý | 1 | Ìý | Ìý | Ìý | Ìý | Ìý | Ìý | Ìý | Total equity method investments | Ìý | Ìý | 197 | Ìý | Ìý | 229 | Ìý | Cost Method: | Ìý | Ìý | Ìý | Ìý | Ìý | Ìý | Ìý | International Diol Company (4.35%) | Ìý | Ìý | 5 | Ìý | Ìý | 5 | Ìý | Ìý | Ìý | Ìý | Ìý | Ìý | Ìý | Total investments | Ìý | $ | 202 | Ìý | $ | 234 | Ìý | Ìý | Ìý | Ìý | Ìý | Ìý | Ìý | - (1)
- We began consolidating Sasol-ÀÖÌìÌÃfun88(ÖйúÇø)¹Ù·½ÍøÕ¾ as of AprilÌý1, 2011. See "NoteÌý7. Variable Interest Entities."
- (2)
- We own 50% of BASF ÀÖÌìÌÃfun88(ÖйúÇø)¹Ù·½ÍøÕ¾ Shanghai Isocyanate InvestmentÌýBV. BASF ÀÖÌìÌÃfun88(ÖйúÇø)¹Ù·½ÍøÕ¾ Shanghai Isocyanate InvestmentÌýBV owns a 70% interest in SLIC, thus giving us an indirect 35% interest in SLIC.
ÌýÌýÌýÌýÌýÌýÌýÌýSummarized applicable financial information of Sasol-ÀÖÌìÌÃfun88(ÖйúÇø)¹Ù·½ÍøÕ¾ as of DecemberÌý31, 2011 and 2010 and for the years ended DecemberÌý31, 2011, 2010 and 2009 is presented below (dollars in millions):
| | | | | | | | | | |
Ìý | Ìý |
2011 | Ìý |
2010 | Ìý |
2009 | Ìý | Current assets | Ìý | $ | - | Ìý | $ | 55 | Ìý | Ìý | Ìý | Ìý | Noncurrent assets | Ìý | Ìý | - | Ìý | Ìý | 123 | Ìý | Ìý | Ìý | Ìý | Current liabilities | Ìý | Ìý | - | Ìý | Ìý | 22 | Ìý | Ìý | Ìý | Ìý | Noncurrent liabilities | Ìý | Ìý | - | Ìý | Ìý | 83 | Ìý | Ìý | Ìý | Ìý | Revenues | Ìý | Ìý | 40 | (1) | Ìý | 108 | Ìý | $ | 68 | Ìý | Gross profit | Ìý | Ìý | 7 | (1) | Ìý | 14 | Ìý | Ìý | 9 | Ìý | Net income | Ìý | Ìý | (2) | (1) | Ìý | 10 | Ìý | Ìý | 3 | Ìý | - (1)
- Represents activity for the period from JanuaryÌý1, 2011 to the date of consolidation on AprilÌý1, 2011.
ÌýÌýÌýÌýÌýÌýÌýÌýSummarized applicable financial information of our other unconsolidated affiliates as of DecemberÌý31, 2011 and 2010 and for the years ended DecemberÌý31, 2011, 2010 and 2009 is presented below (dollars in millions):
| | | | | | | | | | |
Ìý | Ìý |
2011 | Ìý |
2010 | Ìý |
2009 | Ìý | Assets | Ìý | $ | 621 | Ìý | $ | 722 | Ìý | Ìý | Ìý | Ìý | Liabilities | Ìý | Ìý | 285 | Ìý | Ìý | 306 | Ìý | Ìý | Ìý | Ìý | Revenues | Ìý | Ìý | 954 | Ìý | Ìý | 936 | Ìý | $ | 593 | Ìý | Net income | Ìý | Ìý | 22 | Ìý | Ìý | 10 | Ìý | Ìý | 3 | Ìý |
ÌýÌýÌýÌýÌýÌýÌýÌýIn 2008, we and our joint venture partner, the Zamil Group, formed Arabian Amines Company, our ethyleneamines manufacturing joint venture in Jubail, Saudi Arabia. Arabian Amines Company's funding requirements have been satisfied through a combination of debt and equity, with the equity already provided on a 50/50 basis by us and the Zamil Group. Trial production commenced in the second quarter of 2010, and from July 2010, Arabian Amines Company generated significant revenues from the sale of product. The plant has an approximate annual capacity of 60Ìýmillion pounds. We purchase and sell all of the production from this joint venture. Arabian Amines Company was accounted for under the equity method during its development stage; we began consolidating this joint venture beginning JulyÌý1, 2010. For more information, see "NoteÌý7. Variable Interest Entities." ÌýÌýÌýÌýÌýÌýÌýÌýDuring 2010, we recorded an immaterial non-recurring $18Ìýmillion credit to equity income of investment in unconsolidated affiliates to appropriately reflect our investment in the Sasol-ÀÖÌìÌÃfun88(ÖйúÇø)¹Ù·½ÍøÕ¾ joint venture. This credit represented a cumulative correction of an error that was also individually immaterial in each year since our initial investment in the joint venture in 1997. In connection with the expansion of the maleic anhydride capacity at our Sasol-ÀÖÌìÌÃfun88(ÖйúÇø)¹Ù·½ÍøÕ¾ joint venture, a VIE reconsideration event occurred in the second quarter of 2011 when the plant expansion began production. As a result of our assessment, we concluded that the joint venture is a VIE and that we are the primary beneficiary. Accordingly, we began consolidating this joint venture during the second quarter of 2011. For more information see "NoteÌý7. Variable Interest Entities." |