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Investment in Unconsolidated 50% or Less Owned Joint Ventures | 12 Months Ended
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Dec. 31, 2011
Investment in Unconsolidated 50% or Less Owned Joint Ventures [Abstract] |
Investment in Unconsolidated 50% or Less Owned Joint Ventures |
22. | Investment in Unconsolidated 50% or Less Owned Joint Ventures
In April 2008, we entered into a joint venture agreement whereby we acquired a 40% stake in BHH, a carbon anode and cathode facility located in the Guangxi Zhuang Autonomous Region of south China. We also have a 50% interest in Mincenco, a joint venture with Minmetals Aluminum Company to explore the potential of developing a bauxite mine and associated 1.5 million metric ton alumina refining facility in Jamaica. We account for our investments in BHH and Mincenco using the equity method and the investments are included in other assets in the Consolidated Balance Sheets. For BHH, we report our investment in its results of operations on a one-quarter lag. For each year presented in our Consolidated Statement of Operations, our equity in earnings of joint venture includes BHH results of operations for a twelve month period ended on September 30 of that year. The summarized financial information presented below represents financial data for BHH after elimination of intercompany balances and profits. Amounts presented below include financial information for BHH as of and through September 30, 2011. The aggregate summarized financial data for these investments is as follows:
|  | September 30, |
|  | 2011 |  |  | 2010 |
Current assets |  | $ | 54,327 |  |  | $ | 48,970 |
Non-current assets |  |  | 49,040 |  |  |  | 51,571 |
Current liabilities |  |  | 36,318 |  |  |  | 45,108 |
Non-current liabilities |  |  | 4,696 |  |  |  | 4,420 |
|  | Twelve months ended September 30, |
|  | 2011 |  |  | 2010 |  |  | 2009 |
Net sales |  | $ | 105,845 |  |  | $ | 89,430 |  |  | $ | 63,321 |
Gross profit |  |  | 16,577 |  |  |  | 14,688 |  |  |  | 5,844 |
Income from continuing operations |  |  | 8,859 |  |  |  | 8,969 |  |  |  | (1,093 | )

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- Definition The entire disclosure for equity investment, or group of investments, for which combined disclosure is appropriate, including: (a) the name of each investee and percentage of ownership of common stock, (b) accounting policies for investments in common stock, (c) difference between the amount at which the investment is carried and the amount of underlying equity in net assets and the accounting treatment of the difference, (d) the total fair value of each identified investment for which a market value is available, (e) summarized information as to assets, liabilities, and results of operations of the investees (for investments in unconsolidated subsidiaries, common stock of joint ventures, or other investments using the equity method), and (f) material effects of possible conversions, exercises, or contingent issuances of the investee. Other disclosures include (a) the names of any investee in which the investor owns 20 percent or more of the voting stock and investment is not accounted for using the equity method, and the reasons why not, and (b) the names of any investee in which the investor owns less than 20 percent of the voting stock and the investment is accounted for using the equity method, and the reasons why it is. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6382943&loc=d3e33918-111571 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -SubTopic 10 -Section 35 -Paragraph 32 -URI http://asc.fasb.org/extlink&oid=6903645&loc=d3e32787-111569 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Principles Board Opinion (APB) -Number 18 -Paragraph 20 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.12) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -SubTopic 10 -Section 35 -Paragraph 35 -URI http://asc.fasb.org/extlink&oid=6903645&loc=d3e32847-111569 + Details
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