Unconsolidated Affiliate

9 Months Ended

Sep. 30, 2016

Equity Method Investments and Joint Ventures [Abstract]

Grace accounts for its 50% ownership interest in ART, its joint venture with Chevron, using the equity method of accounting. Grace's investment in ART amounted to $107.5 million and $103.2 million as of September 30, 2016, and December 31, 2015, respectively, and the amount included in "equity in earnings of unconsolidated affiliate" in the accompanying Consolidated Statements of Operations totaled $8.5 million and $18.0 million for the three and nine months ended September 30, 2016, compared with $3.6 million and $12.1 million for the corresponding prior-year periods. ART is a private company and accordingly does not have a quoted market price available.

Grace and ART transact business on a regular basis and maintain several agreements in order to operate 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 September 30,				Nine Months Ended September 30,
(In millions)	2016		2015		2016		2015
Grace sales of catalysts to ART	$	56.1	$	76.7	$	156.4	$	194.2
Charges for fixed costs, research and development and selling, general and administrative services to ART	6.2		6.0		18.5		17.8

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 24, 2017. No amounts were outstanding at September 30, 2016, and December 31, 2015.