|UNION CARBIDE CORP /NEW/ filed this Form 10-K on 02/15/2018|
The following table provides information regarding depreciation expense and capitalized interest:
NOTE 10 - NONCONSOLIDATED AFFILIATE
The Corporation's investment in Asian Acetyls Co., Ltd. ("ASACCO"), a nonconsolidated affiliate accounted for by the equity method, was zero at December 31, 2017 and $14 million at December 31, 2016. Dividends received from ASACCO were zero in 2017, $1 million in 2016 and $2 million in 2015. Undistributed earnings of ASACCO included in retained earnings were zero at December 31, 2017 and $9 million at December 31, 2016. The nonconsolidated affiliate was a privately held company; therefore, a quoted market price was not available.
On March 16, 2017, UCC entered into a share sale and purchase agreement to sell its ownership interest in the nonconsolidated affiliate. ASACCO agreed to purchase all of the shares of registered common stock owned by UCC. On April 24, 2017, the sale was completed for $22 million. In the second quarter of 2017, the Corporation recorded a pretax gain of $4 million on the sale, included in "Sundry income (expense) - net" in the consolidated statements of income.
NOTE 11 - INVESTMENTS IN RELATED COMPANIES
The Corporation's ownership interests in related companies at December 31, 2017 and 2016 were as follows:
1. Ownership interest changed as a result of stock transfers and redemptions in Dow International Holdings Company by the parent company, Dow.
2. UCC transferred its shares in Dow Quimica Argentina S.A. ("DQA") to PBB Polisur S.R.L. and Dow Investment Argentina S.A., subsidiaries of Dow, in exchange for $2 million in cash and was included in "Sundry income (expense) - net" in the consolidated statements of income. In 2013, UCC's investment in DQA was fully impaired.
NOTE 12 - INTANGIBLE ASSETS
The following table provides information regarding the Corporation's intangible assets:
The following table provides information regarding amortization expense:
1. Included in “Cost of sales” in the consolidated statements of income.