equity in earnings of affiliates

“equity in earnings of affiliates” – this should always represent the net income of the joint venture, right? I have a company (PSX), that for its Chemicals segment, is showing $975mm in “equity in earnings of affiliates”, $252mm in income taxes, and $716mm in “net income attributable”. 1) why is there such a big difference between “equity in earnings of affiliates” and “net income attributable”? 2) if the “equity in earnings of affiliates” actually represents pretax income, why don’t the numbers match up ($975 - 252 = 723, not 716).

because there is minority interest in your equity affiliate…

net income attributable is what you get…