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7. INVESTMENT IN UNCONSOLIDATED AFFILIATES
Our ownership percentage and investment in unconsolidated affiliates were as follows (dollars in millions):
| |
|
December 31, |
|
| |
|
2021 |
|
|
2020 |
|
| Equity Method: |
|
|
|
|
|
|
|
|
| BASF Huntsman Shanghai Isocyanate Investment BV (50%)(1) |
|
$ |
115 |
|
|
$ |
111 |
|
| Nanjing Jinling Huntsman New Material Co., Ltd. (49%) |
|
|
318 |
|
|
|
229 |
|
| Jurong Ningwu New Material Development Co., Ltd. (30%) |
|
|
34 |
|
|
|
33 |
|
| KPX Huntsman Polyurethanes Automotive Co., Ltd. (50%)(2) |
|
|
3 |
|
|
|
— |
|
| Total investments |
|
$ |
470 |
|
|
$ |
373 |
|
| |
(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.
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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, 2021 and 2020 and for the years ended December 31, 2021, 2020 and 2019 is as follows (dollars in millions):
| |
|
December 31, |
|
| |
|
2021 |
|
|
2020 |
|
| Current assets |
|
$ |
605 |
|
|
$ |
1,544 |
|
| Non-current assets |
|
|
1,001 |
|
|
|
2,317 |
|
| Current liabilities |
|
|
271 |
|
|
|
574 |
|
| Non-current liabilities |
|
|
277 |
|
|
|
1,804 |
|
| Noncontrolling interests |
|
|
— |
|
|
|
6 |
|
| |
|
Year ended December 31, |
|
| |
|
2021 |
|
|
2020 |
|
|
2019(1) |
|
| Revenues |
|
$ |
2,588 |
|
|
$ |
3,544 |
|
|
$ |
4,025 |
|
| Gross profit |
|
|
470 |
|
|
|
338 |
|
|
|
454 |
|
| Income (loss) from continuing operations |
|
|
305 |
|
|
|
(2 |
) |
|
|
99 |
|
| Net income (loss) |
|
|
305 |
|
|
|
(2 |
) |
|
|
99 |
|
| |
(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. |
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