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Affiliated Companies | 12 Months Ended
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Dec. 31, 2021
Equity Method Investments and Joint Ventures [Abstract] |
Affiliated Companies | Affiliated Companies At December 31, 2021, the following affiliated companies were accounted for under the equity method:
| Location | Ownership interest
The West Company Mexico, S.A. de C.V. | Mexico | 49%
Aluplast S.A. de C.V. | Mexico | 49%
Pharma Tap S.A. de C.V. | Mexico | 49%
Pharma Rubber S.A. de C.V. | Mexico | 49%
Daikyo | Japan | 49%
On November 1, 2019, in connection with the amendment of certain commercial agreements with Daikyo, we increased our ownership interest from 25% to 49% in Daikyo in exchange for $85.1 million in cash and $4.9 million in shares of our treasury stock to certain stockholders of Daikyo. Unremitted income of affiliated companies included in consolidated retained earnings amounted to $115.6 million, $98.2 million and $82.4 million at December 31, 2021, 2020 and 2019, respectively. Dividends received from affiliated companies were $2.7 million in 2021, $1.6 million in 2020 and $2.2 million in 2019. Our equity in net unrealized gains of Daikyo’s investment securities and derivative instruments, as well as pension adjustments, included in accumulated other comprehensive loss was $1.5 million, $0.6 million and $0.4 million at December 31, 2021, 2020 and 2019, respectively. Our purchases from, and royalty payments made to, affiliates totaled $155.0 million, $143.3 million and $115.1 million, respectively, in 2021, 2020 and 2019, of which $25.5 million and $33.6 million was due and payable as of December 31, 2021 and 2020, respectively. The majority of these transactions related to a distributorship agreement with Daikyo that allows us to purchase and re-sell Daikyo products. Sales to affiliates were $12.0 million, $9.7 million and $9.2 million, respectively, in 2021, 2020 and 2019, of which $2.3 million and $1.4 million was receivable as of December 31, 2021 and 2020, respectively. At December 31, 2021 and 2020, the aggregate carrying amount of our investment in affiliated companies that are accounted for under the equity method was $201.2 million and $201.9 million, respectively, and the aggregate carrying amount of our investment in affiliated companies that are not accounted for under the equity method was $6.5 million and $12.8 million, respectively. We have elected to record these investments, for which fair value was not readily determinable, at cost, less impairment, adjusted for subsequent observable price changes. We test these investments for impairment whenever circumstances indicate that the carrying value of the investments may not be recoverable.

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- 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 Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -URI http://asc.fasb.org/topic&trid=2196965 + Details
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