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INVESTMENTS IN UNCONSOLIDATED AFFILIATES | 6 Months Ended
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Jun. 30, 2024
INVESTMENTS IN UNCONSOLIDATED AFFILIATES |
INVESTMENTS IN UNCONSOLIDATED AFFILIATES | NOTE 9—INVESTMENTS IN UNCONSOLIDATED AFFILIATES The Company maintains an investment in an unconsolidated affiliate, Americas Styrenics LLC (“Americas Styrenics,” a styrene and polystyrene joint venture with Chevron Phillips Chemical Company LP), which is accounted for using the equity method. The results of Americas Styrenics are included within its separate reporting segment. Americas Styrenics is a privately held company; therefore, a quoted market price for its equity interests is not available. The summarized financial information of the Company’s unconsolidated affiliate is shown below. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended | ​ | Six Months Ended | ​
​ | ​ | June 30, | ​ | June 30, | ​
​ |  | 2024 |  | 2023 |  | 2024 |  | 2023 |
Sales |  | $ | 492.7 |  | $ | 416.6 |  | $ | 878.7 |  | $ | 859.9 | ​
Gross profit | ​ | $ | 55.3 | ​ | $ | 39.1 | ​ | $ | 66.9 | ​ | $ | 92.0 | ​
Net income | ​ | $ | 36.2 | ​ | $ | 25.8 | ​ | $ | 32.5 | ​ | $ | 63.6 | ​
​ As of June 30, 2024 and December 31, 2023, the Company’s investment in Americas Styrenics was $269.0 million and $252.2 million, respectively, which was $10.0 million and $4.8 million greater than the Company’s 50% share of the underlying net assets of Americas Styrenics, respectively. This amount represents the difference between the book value of assets held by the joint venture and the Company’s 50% share of the total recorded value of the joint venture’s assets, inclusive of certain adjustments to conform with the Company’s accounting policies. This difference is being amortized over a weighted average remaining useful life of approximately 3.3 years as of June 30, 2024. The Company received dividends of $5.0 million from Americas Styrenics during the three and six months ended June 30, 2024 and $10.0 million and $30.0 million during the three and six months ended June 30, 2023, respectively.

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- Definition The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (a)(3) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481687/323-10-50-3 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481687/323-10-50-3 Reference 3: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Topic 323 -SubTopic 740 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481543/323-740-50-2 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 323 -Publisher FASB -URI https://asc.fasb.org//323/tableOfContent + Details
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