Annual report pursuant to Section 13 and 15(d)

INVESTMENT IN UNCONSOLIDATED AFFILIATES (Tables)

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INVESTMENT IN UNCONSOLIDATED AFFILIATES (Tables)
12 Months Ended
Dec. 31, 2019
INVESTMENT IN UNCONSOLIDATED AFFILIATES  
Schedule of ownership percentage and 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 our 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.