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Equity method investments in affiliates
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12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2012
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| Equity method investments in affiliates |
As of December 31, 2012, Company does not hold investments in unconsolidated affiliates. In February 2011 , the Company finalized acquisition of Whitehall. Before the transaction the Company’s interest was accounted for under equity method. As a result of this transaction, the Company acquired full voting and economic control over Whitehall Group and changed the accounting treatment for its interest in Whitehall from the equity method of accounting to consolidation beginning on February 7, 2011. On March 30, 2011, the Company through its ownership of Whitehall sold its stake in MH to Moet Hennessy. As of the completion of this transaction, Whitehall no longer has any direct ownership stake in MH. The Company received $7.6 million of dividends from Whitehall from January 1, 2011 through February 7, 2011, when Whitehall was consolidated under the equity method. The results from operations of the investments shown below for the year ended December 31, 2011 include the results of Whitehall from January 1, 2011 to February 7, 2011 and MH from January 1, 2011 to March 30, 2011.
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