Investment in unconsolidated 50% or less owned joint ventures Investment in unconsolidated 50% or less owned joint ventures (Notes)

12 Months Ended

Dec. 31, 2013

Investment in unconsolidated 50% or less owned joint ventures [Abstract]

Investment in unconsolidated 50% or less owned joint ventures

We own a 40% stake in BHH, a joint venture carbon anode and cathode facility. We also have a 50% interest in two joint ventures, Mincenco Limited ("Mincenco") and Klafi ehf (“Klafi”). Mincenco is a joint venture to explore the potential of developing a bauxite mine and alumina refining facility in Jamaica. Klafi is a joint venture which provides logistic support services in Grundartangi, Iceland. We account for our investments in BHH, Mincenco and Klafi 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.

While none of our joint ventures meet the definition of a significant subsidiary on an individual basis, based on the tests performed under Regulation S-X 4-08(g), the group of investments is considered significant to Century and summarized financial information is provided on a group basis. The summarized financial information presented below represents financial data for our unconsolidated joint ventures after elimination of intercompany balances and profits. Amounts presented below include financial information for BHH as of and through September 30th and our other joint ventures as of and through December 31st for each period presented. The aggregate summarized financial data for these investments is as follows:



	December 31,
	2013		2012
Current assets	$	53,299	$	52,098
Non-current assets	45,996		46,928
Current liabilities	27,530		28,437
Non-current liabilities	1,551		977



	Twelve months ended December 31,
	2013		2012		2011
Net sales	$	96,498	$	88,312	$	105,845
Gross profit	17,670		13,439		16,577
Income from continuing operations	6,433		7,101		8,859

- 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+ Details