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Investment in associate | 12 Months Ended
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Dec. 31, 2017
Interests In Other Entities [Abstract] |
Investment in associate | Investment in associate: a) The Company has a 63.1% equity interest in Atlas Methanol Company Unlimited ("Atlas"). Atlas owns a 1.8 million tonne per year methanol production facility in Trinidad. The Company accounts for its interest in Atlas using the equity method. Summarized financial information of Atlas (100% basis) is as follows:
Consolidated statements of financial position as at | Dec 31 2017 |  | Dec 31 2016 |
Cash and cash equivalents | $ | 8,361 |  | $ | 15,530 |
Other current assets 1 | 79,738 |  | 45,219 |
Non-current assets | 289,671 |  | 324,297 |
Current liabilities 1 | (41,388 | ) | (24,783 | )
Other long-term liabilities, including current maturities | (157,935 | ) | (168,253 | )
Net assets at 100% | 178,447 |  | 192,010 |
Net assets at 63.1% | 112,600 |  | 121,158 |
Long-term receivable from Atlas 1 | 76,322 |  | 76,244 |
Investment in associate | $ | 188,922 |  | $ | 197,402 |
Consolidated statements of income for the years ended December 31 | 2017 |  | 2016 |
Revenue 1 | $ | 459,367 |  | $ | 213,533 |
Cost of sales and depreciation and amortization | (261,121 | ) | (145,126 | )
Operating income | 198,246 |  | 68,407 |
Finance costs, finance income and other expenses | (11,170 | ) | (12,771 | )
Income tax expense | (66,640 | ) | (24,052 | )
Net earnings at 100% | 120,436 |  | 31,584 |
Earnings of associate at 63.1% | 75,995 |  | 19,930 |
Dividends received from associate | $ | 84,553 |  | $ | 47,325 |
1 | Includes related party transactions between Atlas and the Company (see note 22).
b) Contingent liability: The Board of Inland Revenue of Trinidad and Tobago has issued assessments against Atlas in respect of the 2005 to 2011 financial years. All subsequent tax years remain open to assessment. The assessments relate to the pricing arrangements of certain long-term fixed price sales contracts from 2005 to 2019 related to methanol produced by Atlas. Atlas had partial relief from corporation income tax until late July 2014. The Company has lodged objections to the assessments. Based on the merits of the cases and legal interpretation, management believes its position should be sustained.

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