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Annual report pursuant to Section 13 and 15(d)

Note 7 - Investment in Unconsolidated Affiliates

v3.25.0.1
Note 7 - Investment in Unconsolidated Affiliates
12 Months Ended
Dec. 31, 2024
Notes to Financial Statements Ìý
Investment in Unconsolidated Affiliates Disclosure [Text Block]

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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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2024

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2023

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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 $ 31 Ìý Ìý $ 98 Ìý

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

Ìý Ìý 282 Ìý Ìý Ìý 304 Ìý

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

Ìý Ìý 30 Ìý Ìý Ìý 33 Ìý

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

Ìý Ìý 3 Ìý Ìý Ìý 3 Ìý

Total investments

Ìý $ 346 Ìý Ìý $ 438 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, 2024 and 2023Ìýand for the years ended December 31, 2024, 2023 and 2022 were as follows (dollars in millions):

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December 31,

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2024

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2023

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Current assets

Ìý $ 368 Ìý Ìý $ 419 Ìý

Non-current assets

Ìý Ìý 512 Ìý Ìý Ìý 804 Ìý

Current liabilities

Ìý Ìý 74 Ìý Ìý Ìý 188 Ìý

Non-current liabilities

Ìý Ìý 12 Ìý Ìý Ìý 48 Ìý

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Year ended December 31,

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2024

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2023

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2022

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Revenues

Ìý $ 1,324 Ìý Ìý $ 2,299 Ìý Ìý $ 2,410 Ìý

Gross profit

Ìý Ìý 142 Ìý Ìý Ìý 285 Ìý Ìý Ìý 243 Ìý

Income from continuing operations

Ìý Ìý 147 Ìý Ìý Ìý 180 Ìý Ìý Ìý 148 Ìý

Net income

Ìý Ìý 147 Ìý Ìý Ìý 180 Ìý Ìý Ìý 148 Ìý

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