Investments in Unconsolidated Affiliates |
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| Equity Method Investments and Joint Ventures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investments In Unconsolidated Affiliates | NOTE 11. INVESTMENTS IN UNCONSOLIDATED AFFILIATES The following table presents equity (earnings) loss from our unconsolidated affiliates:
As of December 31, 2024 and 2023, our investment in our WAVE joint venture was $22.6 million and $17.4 million, respectively. As of December 31, 2024 our investment in Overcast was $4.6 million. The following table presents combined condensed financial data for our unconsolidated affiliates:
Information reflected in the preceding table reflects combined financial data for WAVE and Overcast as of and for the year ended December 31, 2024 and financial data for WAVE as of December 31, 2023 and for the years ended 2023 and 2022. Distributions from WAVE in 2024, 2023 and 2022, were $97.8 million, $96.9 million, and $104.5 million, respectively. We did not receive any distributions from Overcast in 2024. In certain markets, we sell WAVE products directly to customers pursuant to specific terms of sale. In those circumstances, we record the sales and associated costs within our consolidated financial statements. The total sales associated with these transactions were $49.1 million, $47.2 million and $47.3 million for the years ended 2024, 2023 and 2022, respectively. Our recorded investment in WAVE was higher than our 50% share of the carrying values reported in WAVE’s consolidated financial statements by $123.6 million as of December 31, 2024 and $127.9 million as of December 31, 2023. These differences are due to our adoption of fresh-start reporting upon emergence from Chapter 11 in October 2006, while WAVE’s consolidated financial statements do not reflect fresh-start reporting. The differences are composed of the following fair value adjustments to assets:
Other intangibles include customer relationships and trademarks. Customer relationships are amortized over 20 years and trademarks have an indefinite life.
See Note 26 to the Consolidated Financial Statements for additional information. |
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