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

Annual report pursuant to Section 13 and 15(d)

Note 7 - Investment in Unconsolidated Affiliates

Note 7 - Investment in Unconsolidated Affiliates

12 Months Ended

Dec. 31, 2022

Notes to Financial Statements

Investment in Unconsolidated Affiliates Disclosure [Text Block]

7. INVESTMENT IN UNCONSOLIDATED AFFILIATES

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

	*December 31,*
	*2022*		*2021*
Equity Method:
BASF Huntsman Shanghai Isocyanate Investment BV (50%)(1)	$	103	$	115
Nanjing Jinling Huntsman New Material Co., Ltd. (49%)		282		318
Jurong Ningwu New Material Development Co., Ltd. (30%)		37		34
KPX Huntsman Polyurethanes Automotive Co., Ltd. (50%)(2)		3		3
Total investments	$	425	$	470

	(1)	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.
	(2)	KPX Huntsman Polyurethanes Automotive Co., Ltd. was formed in September 2021.

All of our equity method investments are held by our Polyurethanes segment.

Summarized Financial Information of Unconsolidated Affiliates

Summarized financial information of our unconsolidated affiliates as of December 31, 2022 and 2021 and for the years ended December 31, 2022, 2021 and 2020 is as follows (dollars in millions):

	*December 31,*
	*2022*		*2021*
Current assets	$	454	$	605
Non-current assets		870		1,001
Current liabilities		237		271
Non-current liabilities		126		277

	*Year ended December 31,*
	*2022*		*2021*		*2020(1)*
Revenues	$	2,410	$	2,588	$	3,544
Gross profit		243		470		338
Income (loss) from continuing operations		148		305		(2	)
Net income (loss)		148		305		(2	)

(1)

We began accounting for our investment in Venator as an equity method investment in December of 2018 and then as an investment in equity securities in December of 2020 and thereafter. Therefore, the summarized financial data only includes information for Venator for the year ended December 31, 2020.