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Annual report pursuant to Section 13 and 15(d)

Note 7 - Investment in Unconsolidated Affiliates

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Note 7 - Investment in Unconsolidated Affiliates
12 Months Ended
Dec. 31, 2023
Notes to Financial Statements Ìý
Investment in Unconsolidated Affiliates Disclosure [Text Block]

7. INVESTMENT IN UNCONSOLIDATED AFFILIATES

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Our ownership percentage and investment in unconsolidated affiliates were as follows (dollars inÌýmillions):

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December 31,

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2023

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2022

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Equity Method:

Ìý Ìý Ìý Ìý Ìý Ìý Ìý Ìý

BASF ÀÖÌìÌÃfun88(ÖйúÇø)¹Ù·½ÍøÕ¾ Shanghai Isocyanate Investment BV (50%)

Ìý $ 98 Ìý Ìý $ 103 Ìý

Nanjing Jinling ÀÖÌìÌÃfun88(ÖйúÇø)¹Ù·½ÍøÕ¾ New Material Co., Ltd. (49%)

Ìý Ìý 304 Ìý Ìý Ìý 282 Ìý

Jurong Ningwu New Material Development Co., Ltd. (30%)

Ìý Ìý 33 Ìý Ìý Ìý 37 Ìý

KPX ÀÖÌìÌÃfun88(ÖйúÇø)¹Ù·½ÍøÕ¾ Polyurethanes Automotive Co., Ltd. (50%)

Ìý Ìý 3 Ìý Ìý Ìý 3 Ìý

Total investments

Ìý $ 438 Ìý Ìý $ 425 Ìý

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All of our equity method investments are held by our Polyurethanes segment.

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Summarized Financial Information of Unconsolidated Affiliates

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Summarized financial information of our unconsolidated affiliates as of December 31, 2023 and 2022 and for the years ended December 31, 2023, 2022 and 2021 is as follows (dollars in millions):

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December 31,

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2023

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2022

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Current assets

Ìý $ 419 Ìý Ìý $ 454 Ìý

Non-current assets

Ìý Ìý 804 Ìý Ìý Ìý 870 Ìý

Current liabilities

Ìý Ìý 188 Ìý Ìý Ìý 237 Ìý

Non-current liabilities

Ìý Ìý 48 Ìý Ìý Ìý 126 Ìý

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Year ended December 31,

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2023

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2022

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2021

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Revenues

Ìý $ 2,299 Ìý Ìý $ 2,410 Ìý Ìý $ 2,588 Ìý

Gross profit

Ìý Ìý 285 Ìý Ìý Ìý 243 Ìý Ìý Ìý 470 Ìý

Income from continuing operations

Ìý Ìý 180 Ìý Ìý Ìý 148 Ìý Ìý Ìý 305 Ìý

Net income

Ìý Ìý 180 Ìý Ìý Ìý 148 Ìý Ìý Ìý 305 Ìý

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