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INVESTMENTS-AFFILIATED COMPANIES

12 Months Ended

Dec. 31, 2011

Equity Method Investments and Joint Ventures [Abstract]

Prior to the acquisition of SunBelt, we held a 50% ownership interest, which was accounted for using the equity method of accounting.

On November 16, 2007, we purchased for cash an $11.6 million equity interest in a limited liability company that owns a bleach and related chemical manufacturing facility (bleach joint venture). As part of the investment we also entered into several commercial agreements, including agreements by which we will supply raw materials and services, and we will have marketing responsibility for bleach and caustic soda.

We hold a 9.1% limited partnership interest in Bay Gas Storage Company, Ltd. (Bay Gas), an Alabama limited partnership, in which EnergySouth, Inc. (EnergySouth), which was acquired in 2008 by Sempra Energy, is the general partner with interest of 90.9%. Bay Gas owns, leases, and operates underground gas storage and related pipeline facilities, which are used to provide storage in the McIntosh, AL area and delivery of natural gas to EnergySouth customers.

The following table summarizes our investments in our non-consolidated equity affiliates:

	December 31,
	2011		2010
	($ in millions)
SunBelt	$	-	$	0.1
Bay Gas		17.1		14.8
Bleach joint venture		10.5		11.0
Investments in equity affiliates	$	27.6	$	25.9

The following table summarizes our equity earnings of non-consolidated affiliates:

	Years Ended December 31,
	2011		2010		2009
	($ in millions)
SunBelt	$	6.3	$	26.6	$	33.2
Bay Gas		2.4		2.2		1.9
Bleach joint venture		0.9		1.1		2.6
Equity earnings of non-consolidated affiliates	$	9.6	$	29.9	$	37.7

We received net distributions from our non-consolidated affiliates of $1.9 million, $23.6 million and $37.1 million for 2011, 2010 and 2009, respectively.

- 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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