Dow Chemical 2011 Annual Report Download - page 189

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The Company’s investment in Americas Styrenics LLC was sold on June 17, 2010, as part of the divestiture of Styron. See
Note E for information regarding this divestiture and divestitures of the Company’s investments in two additional
nonconsolidated affiliates in 2009.
All of the nonconsolidated affiliates in which the Company has investments are privately held companies; therefore,
quoted market prices are not available.
Transactions with nonconsolidated affiliates and balances due to and due from these entities were not material to the
consolidated financial statements.
Principal Nonconsolidated Affiliates
Dow had an ownership interest in 69 nonconsolidated affiliates at December 31, 2011 (72 at December 31, 2010). The
Company's principal nonconsolidated affiliates and its ownership interest (direct and indirect) for each at December 31, 2011,
2010 and 2009 are as follows:
Principal Nonconsolidated Affiliates at December 31
Americas Styrenics LLC (1)
Compañía Mega S.A.
Dow Corning Corporation
EQUATE Petrochemical Company K.S.C.
Equipolymers (2)
The Kuwait Olefins Company K.S.C.
MEGlobal (2)
The SCG-Dow Group:
Siam Polyethylene Company Limited
Siam Polystyrene Company Limited
Siam Styrene Monomer Co., Ltd.
Siam Synthetic Latex Company Limited
Univation Technologies, LLC
Ownership Interest
2011
—
28%
50%
42.5%
—
42.5%
50%
49%
50%
50%
50%
50%
2010
—
28%
50%
42.5%
50%
42.5%
50%
49%
50%
50%
50%
50%
2009
50%
28%
50%
42.5%
50%
42.5%
50%
49%
50%
50%
50%
50%
(1) On June 17, 2010, the Company completed the sale of its ownership interest in Americas Styrenics LLC.
(2) On July 1, 2011, Equipolymers was merged into MEGlobal.
The Company’s investment in its principal nonconsolidated affiliates was $2,546 million at December 31, 2011 and
$2,635 million at December 31, 2010. Equity earnings from these companies were $1,132 million in 2011, $1,032 million in
2010 and $587 million in 2009. The summarized financial information presented below represents the combined accounts (at
100 percent) of the principal nonconsolidated affiliates.
Summarized Balance Sheet Information at December 31
In millions
Current assets
Noncurrent assets
Total assets
Current liabilities
Noncurrent liabilities
Total liabilities
Noncontrolling interests
2011
$ 8,823
14,966
$ 23,789
$ 4,376
12,045
$ 16,421
$ 789
2010
$ 8,357
14,717
$ 23,074
$ 4,338
11,345
$ 15,683
$ 647
Summarized Income Statement Information
In millions
Sales
Gross profit
Net income
2011
$ 16,396
$ 4,176
$ 2,470
2010 (1)
$ 14,702
$ 3,833
$ 2,189
2009 (2)
$ 12,590
$ 2,910
$ 1,281
(1) The summarized income statement information for 2010 includes the results for
Americas Styrenics LLC through June 17, 2010.
(2) The summarized income statement information for 2009 includes the results for
the OPTIMAL Group of Companies through September 30, 2009; see Note E.