Dow Chemical 2013 Annual Report Download - page 108

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Sales to and purchases from nonconsolidated affiliates were not material to the consolidated financial statements. Balances due
to or due from nonconsolidated affiliates at December 31, 2013 and 2012 are as follows:
Balances Due To or Due From Nonconsolidated Affiliates at December 31
In millions 2013 2012
Accounts and notes receivable - other $ 512 $ 632
Noncurrent receivables 5 8
Total assets $ 517 $ 640
Notes payable $ 137 $ 66
Accounts payable - other 221 331
Total current liabilities $ 358 $ 397
Principal Nonconsolidated Affiliates
Dow had an ownership interest in 63 nonconsolidated affiliates at December 31, 2013 (67 at December 31, 2012). The
Company's principal nonconsolidated affiliates and its ownership interest (direct and indirect) for each at December 31, 2013,
2012 and 2011 are as follows:
Principal Nonconsolidated Affiliates at December 31 Ownership Interest
2013 2012 2011
Compañía Mega S.A. (1) N/A N/A 28%
Dow Corning Corporation 50% 50% 50%
EQUATE Petrochemical Company K.S.C. 42.5% 42.5% 42.5%
The Kuwait Olefins Company K.S.C. 42.5% 42.5% 42.5%
Map Ta Phut Olefins Company Limited (2) 32.77% 32.77% N/A
MEGlobal 50% 50% 50%
Sadara Chemical Company (3) 35% 35% N/A
The SCG-Dow Group:
Siam Polyethylene Company Limited 50% 50% 50%
Siam Polystyrene Company Limited 50% 50% 50%
Siam Styrene Monomer Co., Ltd. 50% 50% 50%
Siam Synthetic Latex Company Limited 50% 50% 50%
Univation Technologies, LLC 50% 50% 50%
(1) Compañia Mega S.A. is no longer considered a principal nonconsolidated affiliate as of the fourth quarter
of 2012. The Company continues to maintain a 28 percent equity interest in this nonconsolidated affiliate.
(2) Map Ta Phut Olefins Company Limited was added as a principal nonconsolidated affiliate in the fourth
quarter of 2012. The Company's effective ownership of Map Ta Phut Olefins Company Limited is 32.77
percent, of which the Company directly owns 20.27 percent and indirectly owns 12.5 percent through its
equity interest in Siam Polyethylene Company Limited and Siam Synthetic Latex Company Limited.
(3) Sadara Chemical Company became a principal nonconsolidated affiliate in the fourth quarter of 2012.
The Company’s investment in its principal nonconsolidated affiliates was $3,625 million at December 31, 2013 and
$3,243 million at December 31, 2012. Equity earnings from these companies were $951 million in 2013, $479 million in 2012
and $1,132 million in 2011. Equity earnings from principal nonconsolidated affiliates increased in 2013 compared with 2012
primarily due to increased equity earnings at Dow Corning, EQUATE Petrochemical Company K.S.C. and MEGlobal as well
as lower equity losses from The SCG-Dow Group, Sadara and Map Ta Phut Olefins Company Limited. Equity earnings from
Dow Corning were negatively impacted in 2012 by asset impairment and restructuring charges.