Huntsman Corporation Annual report pursuant to Section 13 and 15(d)

Annual report pursuant to Section 13 and 15(d)

INVESTMENT IN UNCONSOLIDATED AFFILIATES

INVESTMENT IN UNCONSOLIDATED AFFILIATES

12 Months Ended

Dec. 31, 2019

INVESTMENT IN UNCONSOLIDATED AFFILIATES

INVESTMENT IN UNCONSOLIDATED AFFILIATES

7. INVESTMENT IN UNCONSOLIDATED AFFILIATES

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


	December 31,
	2019		2018
Equity Method:
Venator Materials PLC (49%)(1)	$	200	$	219
BASF Huntsman Shanghai Isocyanate Investment BV (50%)(2)		112		120
Nanjing Jinling Huntsman New Material Co., Ltd. (49%)		196		163
Jurong Ningwu New Material Development Co., Ltd. (30%)		27		24
Total investments	$	535	$	526

(1)

We account for our remaining investment in Venator as an equity method investment using the fair value option. For more information see “Note 4. Discontinued Operations and Business Dispositions—Separation and Deconsolidation of Venator.”

(2)

We own 50% of BASF Huntsman Shanghai Isocyanate Investment BV. BASF Huntsman Shanghai Isocyanate Investment BV owns a 70% interest in SLIC, thus giving us an indirect 35% interest in SLIC.

Summarized Financial Information of Unconsolidated Affiliates

Summarized financial information of our unconsolidated affiliates as of December 31, 2019 and 2018 and for the years ended December 31, 2019, 2018 and 2017 is as follows (dollars in millions):


	December 31,
	2019		2018
Current assets	$	1,439	$	1,548
Non-current assets		2,436		2,444
Current liabilities		688		781
Non-current liabilities		1,614		1,683
Noncontrolling interests		7		8


	Year ended December 31,
	2019(1)		2018(1)		2017
Revenues	$	4,025	$	2,181	$	1,109
Gross profit		454		221		112
Income from continuing operations		99		124		34
Net income		99		124		34

(1)

We began accounting for our investment in Venator as an equity method investment on December 3, 2018. Therefore, the summarized financial data only includes information for Venator for the year ended December 31, 2019 and the period from December 3, 2018 through December 31, 2018.