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, 2020

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,*
	*2020*		*2019*
Equity Method:
Venator Materials PLC(1)	$	—	$	200
BASF Huntsman Shanghai Isocyanate Investment BV (50%)(2)		111		112
Nanjing Jinling Huntsman New Material Co., Ltd. (49%)		229		196
Jurong Ningwu New Material Development Co., Ltd. (30%)		33		27
Total investments	$	373	$	535

(1)

On December 23, 2020, we completed the sale of approximately 42.4 million ordinary shares of Venator, and we no longer account for our current remaining ownership interest in Venator as an equity method investment, but rather as an investment in equity securities that are marked to fair value with changes in fair value reported in earnings. As of December 31, 2020, our investment in Venator was $32 million and was included in other noncurrent assets on our consolidated balance sheets.

(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, 2020 and 2019 and for the years ended December 31, 2020, 2019 and 2018 is as follows (dollars in millions):

	*December 31,*
	*2020*		*2019*
Current assets	$	1,544	$	1,439
Non-current assets		2,317		2,436
Current liabilities		574		688
Non-current liabilities		1,804		1,614
Noncontrolling interests		6		7

	*Year ended December 31,*
	*2020*			*2019*		*2018(1)*
Revenues	$	3,544		$	4,025	$	2,181
Gross profit		338			454		221
(Loss) income from continuing operations		(2	)		99		124
Net (loss) income		(2	)		99		124

(1)

We began accounting for our investment in Venator as an equity method investment on December 3, 2018 and then as an investment in equity securities on December 23, 2020 and thereafter. Therefore, the summarized financial data only includes information for Venator for the years ended December 31, 2020 and 2019 and the period from December 3, 2018 through December 31, 2018.