Unconsolidated Affiliate

6 Months Ended

Jun. 30, 2014

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 $102.7 million and $96.2 million as of June 30, 2014, and December 31, 2013, respectively, and the amount included in "equity in earnings of unconsolidated affiliate" in the accompanying Consolidated Statements of Operations totaled $3.1 million and $6.8 million for the three and six months ended June 30, 2014, compared with $9.2 million and $14.3 million for the three and six months ended June 30, 2013, respectively.

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.



	Three Months Ended June 30,				Six Months Ended June 30,
(In millions)	2014		2013		2014		2013
Grace sales of catalysts to ART	$	64.5	$	52.1	$	130.0	$	105.0
Charges for fixed costs, research and development and selling, general and administrative services to ART	7.1		7.1		14.6		15.5

Grace and Chevron provide lines of credit in the amount of $15.0 million each at a commitment fee of 0.1% of the credit amount. These agreements expire on February 27, 2015. No amounts were outstanding at June 30, 2014, and December 31, 2013.

- 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.

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