Unconsolidated Affiliate

12 Months Ended

Dec. 31, 2013

Equity Method Investments and Joint Ventures [Abstract]

Grace accounts for its 50% ownership interest in ART using the equity method of accounting. Grace's investment in ART amounted to $96.2 million and $85.5 million as of December 31, 2013 and 2012, respectively, and the amount included in "equity in earnings of unconsolidated affiliate" in the Consolidated Statements of Operations totaled $22.9 million, $18.5 million and $15.2 million for the years ended December 31, 2013, 2012 and 2011, respectively. ART is a private company and accordingly does not have a quoted market price available. The following summary lists ART's assets, liabilities and results of operations.



	December 31,
(In millions)	2013		2012
Summary of Balance Sheet information:
Current assets	$	187.9	$	136.7
Noncurrent assets	62.5		65.9
Total assets	$	250.4	$	202.6

Current liabilities	$	62.6	$	37.8
Noncurrent liabilities	0.6		0.1
Total liabilities	$	63.2	$	37.9



	Year Ended December 31,
(In millions)	2013		2012		2011
Summary of Statement of Operations information:
Net sales	$	377.6	$	325.0	$	339.0
Costs and expenses applicable to net sales	318.4		276.0		296.3
Income before income taxes	46.6		38.9		32.8
Net income	45.6		37.8		31.2

Grace and ART transact business on a regular basis and maintain several agreements in order to support the joint venture. These agreements are treated as related party activities with an unconsolidated affiliate. The table below presents summary financial data related to transactions between Grace and ART.



	Year Ended December 31,
(In millions)	2013		2012		2011
Grace sales of catalysts to ART	$	232.0	$	206.9	$	171.4
Charges for fixed costs, research and development and selling, general and administrative services to ART	28.8		28.5		27.8

Grace and Chevron provide lines of credit in the amount of $15 million each at a commitment fee of 0.1% of the credit amount. These agreements expire on February 28, 2014. No amounts were outstanding at December 31, 2013 and 2012.

- Definition

The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group.

+ References+ Details