4. BUSINESS DISPOSITIONS ​

SaLE of Venator InterEST

On December 23, 2020, we completed the sale of approximately 42.4 million ordinary shares of Venator Materials PLC (“Venator”). Concurrently with the sale of ordinary shares, we entered into an option agreement, pursuant to which we granted an option to funds advised by SK Capital Partners, LP to purchase the remaining approximate 9.7 million ordinary shares we hold in Venator at $2.15 per share. We record this option at fair value with changes in fair value reported in earnings. We account for our remaining ownership interest in Venator as an investment in equity securities that are marked to fair value with changes in fair value reported in earnings. For the three months ended March 31, 2022 and 2021, we recorded net losses of $2 million and $19 million, respectively, to record our investment in Venator at fair value. These net losses were recorded in “Fair value adjustments to Venator investment” in our condensed consolidated statements of operations.