Equity Method Investments In Affiliates

12 Months Ended

Dec. 31, 2011

Equity Method Investments In Affiliates [Abstract]

12. Equity method investments in affiliates

We hold the following investments in unconsolidated affiliates:


		Carrying Value
	Type of affiliate	December 31, 2011		December 31, 2010
Whitehall Group	Equity-Accounted Affiliate	$	0	$	243,128

	Total Carrying value	$	0	$	243,128

As of December 31, 2010, the Company had an 80% economic interest and an effective voting interest of 49% in Whitehall and a voting interest of 25% in the Moet Hennessy Russia joint venture ("MH"), through Whitehall's 50% stake in MH. On February 7, 2011, the acquisition of the remaining portion of Whitehall not previously owned was completed. The Company changed the accounting treatment for its interest in Whitehall from the equity method of accounting to consolidation starting from February 7, 2011.

On March 30, 2011, the Company through its ownership of Whitehall sold its stake in MH to Moet Hennessey. As of the completion of this transaction, Whitehall no longer has any direct ownership stake in MH, however, it will continue cooperation with MH as a key distributor in the Russian market.

The Company received $10.9 million of dividends from Whitehall during the year ended December 31, 2010 and $7.6 million of dividends received from January 1, 2011 through February 7, 2011, when Whitehall was consolidated under the equity method.

The summarized financial information of investments are shown in the below table with the balance sheet financial information reflecting Whitehall and MH accounted under the equity method as of December 31, 2010. The results from operations 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.


	Total December 31, 2011		Total December 31, 2010
Current assets	$	0	$	142,256
Noncurrent assets		0		101,329
Current liabilities		0		101,966
Noncurrent liabilities		0		0


	Total Year ended December 31, 2011			Total Year ended December 31, 2010
Net sales	$	6,494		$	185,807
Gross margin		1,995			62,798
Operating profit		(9,975	)		15,598
Income from continuing operations		(11,018	)		17,818
Net income		(11,018	)		17,818
Net income/(loss) attributable to CEDC		(8,814	)		14,254

- 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.

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