ÀÖÌìÌÃfun88(ÖйúÇø)¹Ù·½ÍøÕ¾

Annual report pursuant to Section 13 and 15(d)

Note 7 - Investment in Unconsolidated Affiliates

v3.22.4
Note 7 - Investment in Unconsolidated Affiliates
12 Months Ended
Dec. 31, 2022
Notes to Financial Statements Ìý
Investment in Unconsolidated Affiliates Disclosure [Text Block]

7. INVESTMENT IN UNCONSOLIDATED AFFILIATES

Ìý

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

Ìý

Ìý Ìý

December 31,

Ìý
Ìý Ìý

2022

Ìý Ìý

2021

Ìý

Equity Method:

Ìý Ìý Ìý Ìý Ìý Ìý Ìý Ìý

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

Ìý $ 103 Ìý Ìý $ 115 Ìý

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

Ìý Ìý 282 Ìý Ìý Ìý 318 Ìý

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

Ìý Ìý 37 Ìý Ìý Ìý 34 Ìý

KPX ÀÖÌìÌÃfun88(ÖйúÇø)¹Ù·½ÍøÕ¾ Polyurethanes Automotive Co., Ltd. (50%)(2)

Ìý Ìý 3 Ìý Ìý Ìý 3 Ìý

Total investments

Ìý $ 425 Ìý Ìý $ 470 Ìý
Ìý
Ìý

(1)

We own 50% of BASF ÀÖÌìÌÃfun88(ÖйúÇø)¹Ù·½ÍøÕ¾ Shanghai Isocyanate InvestmentÌýBV. BASF ÀÖÌìÌÃfun88(ÖйúÇø)¹Ù·½ÍøÕ¾ Shanghai Isocyanate InvestmentÌýBV owns a 70% interest in SLIC, thus giving us an indirect 35% interest in SLIC.
Ìý (2) KPX ÀÖÌìÌÃfun88(ÖйúÇø)¹Ù·½ÍøÕ¾ Polyurethanes Automotive Co., Ltd. was formed in September 2021.

Ìý

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

Ìý

Summarized Financial Information of Unconsolidated Affiliates

Ìý

Summarized financial information of our unconsolidated affiliates as of December 31, 2022 and 2021 and for the years ended December 31, 2022, 2021 and 2020 is as follows (dollars in millions):

Ìý

Ìý Ìý

December 31,

Ìý
Ìý Ìý

2022

Ìý Ìý

2021

Ìý

Current assets

Ìý $ 454 Ìý Ìý $ 605 Ìý

Non-current assets

Ìý Ìý 870 Ìý Ìý Ìý 1,001 Ìý

Current liabilities

Ìý Ìý 237 Ìý Ìý Ìý 271 Ìý

Non-current liabilities

Ìý Ìý 126 Ìý Ìý Ìý 277 Ìý

Ìý

Ìý Ìý

Year ended December 31,

Ìý
Ìý Ìý

2022

Ìý Ìý

2021

Ìý Ìý

2020(1)

Ìý

Revenues

Ìý $ 2,410 Ìý Ìý $ 2,588 Ìý Ìý $ 3,544 Ìý

Gross profit

Ìý Ìý 243 Ìý Ìý Ìý 470 Ìý Ìý Ìý 338 Ìý

Income (loss) from continuing operations

Ìý Ìý 148 Ìý Ìý Ìý 305 Ìý Ìý Ìý (2 )

Net income (loss)

Ìý Ìý 148 Ìý Ìý Ìý 305 Ìý Ìý Ìý (2 )
Ìý
Ìý

(1)

We began accounting for our investment in Venator as an equity method investment in December ofÌý2018 and then as an investment in equity securities in December of 2020 and thereafter. Therefore, the summarized financial data only includes information for Venator for the yearÌýended December 31, 2020.

Ìý

Ìý

Ìý