15. INVESTMENTS AND RELATED PARTY TRANSACTIONS

Chlorovinyls

We have joint ventures that are accounted for using the equity method. In 2014, our investment in joint ventures included: (i) $5.8 million, relating to our 50 percent interest in Shriram Vinyl Polytech Private Limited, a joint venture formed in April 2014 to facilitate the manufacture and sale of certain compound products in India; and (ii) $4.6 million relating to our 50 percent interest in RS Cogen LLC, ("RS Cogen"), which we acquired in the Merger. RS Cogen produces electricity and steam that are primarily sold to Axiall and its joint venture partner under take-or-pay contracts that extend to 2022; and (iii) $0.6 million relating to our 50 percent interest in Vinyl Solutions, LLC a compounding manufacturer of specialty compounds. In 2013, our investments in joint ventures primarily included: (i) $10.9 million relating to RS Cogen; and (ii) $0.7 million relating to Vinyl Solutions.

As of December 31, 2014 and 2013, and for each of the three years ended December 31, 2014, 2013 and 2012 our related party balances for the joint ventures in our chlorovinyls segment consisted of the following:

(In millions)	2014		2013		2012		Financial Statement Classification
Investment in joint venture	$	11.0	$	11.7		NA	Other long term assets
Receivables due from affiliates		5.5		5.0		NA	Accounts receivables
Amounts due to affiliates		0.4		1.9		NA	Accounts payable
Equity in earnings from joint ventures		0.6		0.8	$	0.7	Cost of sales

Axiall's future commitment to purchase electricity and steam from the RS Cogen joint venture per the take-or-pay contracts approximates $23.5 million per year subject to contractually defined inflation adjustments. As of December 31, 2014, our future commitment under the take-or-pay arrangement approximates $186.5 million in the aggregate, with purchases during the years ended December 31, 2014 and 2013 totaling $25.0 million and $22.9 million, respectively.

RS Cogen is a variable interest entity. The daily operations of the cogeneration facility are the activities of RS Cogen that most significantly impact its economic performance. These activities are directed by a management team with oversight by a management committee that has equal representation from Axiall and Entergy Corporation. By the terms of the joint venture agreement, all decisions of the management committee require approval by a majority of its members. Accordingly, the power to direct the activities of RS Cogen is equally shared between RS Cogen's two owners and, thus, Axiall does not consider itself to be the joint venture's primary beneficiary. Accordingly, Axiall accounts for its investment in RS Cogen under the equity method of accounting. We have recorded our investment in RS Cogen in other assets in the accompanying consolidated balance sheets and our share of investee earnings in cost of goods sold in the consolidated statements of operations.

The following table summarizes our maximum exposure to loss associated with RS Cogen as of December 31, 2014 and 2013.

(In millions)	2014		2013
Investment in and net advances to RS Cogen	$	4.6	$	10.9
Supply contracts		38.5		40.6

Maximum exposure to loss	$	43.1	$	51.5

Through the Merger, we acquired, as part of the Merged Business, the remaining 50 percent interest that we did not previously own of PHH Monomers LLC ("PHH"), a joint venture between us and PPG. PHH is a manufacturing joint venture that consists primarily of plant and equipment and the fair value was estimated based on the replacement cost of assets in similar condition. Prior to the Merger, we owned 50 percent of PHH and accounted for our ownership interest as an equity method investment. During the year ended December 31, 2013, we recognized a gain of $25.9 million as a result of remeasuring the equity interest that we held in PHH before the Merger.

We produce chlorine, caustic soda, hydrogen, hydrochloric acid ("HCL") and sodium hypochlorite (bleach) at our Kaohsiung, Taiwan facility. The Kaohsiung, Taiwan facility is operated by Taiwan Chlorine Industries, Ltd. ("TCI"), a joint venture in which we own a 60 percent interest and consolidate in our consolidated financial statements. A reconciliation of our minority partner's ownership as of December 31, 2014 and 2013, reported as noncontrolling interest is set forth in the table below:

(In millions)	2014			2013
Noncontrolling interest at January 1, 2014	$	119.4		$	-
Net income attributable to noncontrolling interest		3.9			2.7
Other comprehensive loss attributable to noncontrolling interest (1)		(7.7	)		-
Noncontrolling interest recognized in connection with the merger		-			130.0
Distribution to noncontrolling interest		(7.7	)		(13.3	)

Noncontrolling interest at December 31, 2014	$	107.9		$	119.4

(1)	Other comprehensive loss attributable to noncontrolling interest primarily relates to change in foreign currency translation adjustment.

Building Products

We own a 50 percent interest in several manufacturing joint ventures in the building products segment and we sell raw materials to our joint ventures at market prices. As of December 31, 2014 and 2013 and for the three years ended December 31, 2014, our related party transactions in our building products segment consisted of the following:

(In millions)	2014		2013		2012		Financial Statement Classification
Investment in joint venture	$	2.5	$	2.5		NA	Other long term assets
Receivables due from affiliates		1.2		1.0		NA	Accounts receivables
Sales to affiliates		8.8		11.6	$	14.9	Sales
Equity in earnings from joint ventures		0.3		-		2.2	Cost of sales