Investments (Tables)

12 Months Ended

Dec. 31, 2023

The following table details the Company’s investment balances at December 31, 2023 and 2022 (in thousands):


	December 31,
	2023		2022
Joint ventures	$	855,131	$	832,119
Available for sale debt securities	289,307		260,139
Nonmarketable securities	18,389		18,760
Marketable equity securities	207,028		39,535
Total	$	1,369,855	$	1,150,553

Ownership Positions in Significant Unconsolidated Investments

The Company’s ownership positions in significant unconsolidated investments are shown below:


		December 31,
		2023		2022		2021
*	Windfield Holdings Pty. Ltd. (“Windfield”) - a joint venture with Sichuan Tianqi Lithium Industries, Inc., that mines lithium ore and produces lithium concentrate	49	%	49	%	49	%
*	Nippon Aluminum Alkyls - a joint venture with Mitsui Chemicals, Inc. that produces aluminum alkyls	50	%	50	%	50	%

*	Nippon Ketjen Company Limited - a joint venture with Sumitomo Metal Mining Company Limited that produces refinery catalysts	50	%	50	%	50	%
*	Eurecat S.A. - a joint venture with Axens Group for refinery catalysts regeneration services	50	%	50	%	50	%
*	Fábrica Carioca de Catalisadores S.A. - a joint venture with Petrobras Quimica S.A. - PETROQUISA that produces catalysts and includes catalysts research and product development activities	50	%	50	%	50	%

Income of Unconsolidated Investments

The following table details the Company’s equity in net income of unconsolidated investments (net of tax) for the years ended December 31, 2023, 2022 and 2021 (in thousands):


	Year Ended December 31,
	2023		2022		2021
Windfield	$	1,833,589	$	750,378	$	75,206
Other joint ventures	20,493		21,897		20,564
Total	$	1,854,082	$	772,275	$	95,770

Summary of Assets, Liabilities and Results of Operations for Significant Unconsolidated Joint Ventures

The following summary lists the assets, liabilities and results of operations for the Company’s significant unconsolidated joint ventures presented herein (in thousands):


	December 31,
	2023		2022
Summary of Balance Sheet Information:
Current assets	$	1,424,059	$	1,927,791
Noncurrent assets	2,321,261		1,659,692
Total assets	$	3,745,320	$	3,587,483
Current liabilities	$	773,931	$	770,211
Noncurrent liabilities	1,267,271		1,175,773
Total liabilities	$	2,041,202	$	1,945,984


	Year Ended December 31,
	2023		2022		2021
Summary of Statements of Income Information:
Net sales	$	7,019,117	$	4,290,223	$	827,848
Gross profit	$	6,373,472	$	3,765,304	$	443,129
Income before income taxes	$	5,988,737	$	3,301,875	$	269,788
Net income	$	4,224,961	$	2,314,094	$	187,084