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Annual report pursuant to Section 13 and 15(d)

INVESTMENT IN UNCONSOLIDATED AFFILIATES (Tables)

v3.19.3.a.u2
INVESTMENT IN UNCONSOLIDATED AFFILIATES (Tables)
 12 Months Ended
Dec. 31, 2019
INVESTMENT IN UNCONSOLIDATED AFFILIATES Ìý
Schedule of ownership percentage and investment in unconsolidated affiliates

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

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DecemberÌý31,Ìý

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ÌýÌýÌýÌý

2019

ÌýÌýÌýÌý

2018

Equity Method:

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Venator Materials PLC (49%)(1)

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$

200

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$

219

BASF ÀÖÌìÌÃfun88(ÖйúÇø)¹Ù·½ÍøÕ¾ Shanghai Isocyanate InvestmentÌýBV (50%)(2)

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112

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120

Nanjing Jinling ÀÖÌìÌÃfun88(ÖйúÇø)¹Ù·½ÍøÕ¾ New MaterialÌýCo.,ÌýLtd. (49%)

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Ìý

196

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Ìý

163

Jurong Ningwu New Material DevelopmentÌýCo.,ÌýLtd. (30%)

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Ìý

27

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Ìý

24

Total investments

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$

535

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$

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.�

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(2) We own 50% of BASF ÀÖÌìÌÃfun88(ÖйúÇø)¹Ù·½ÍøÕ¾ Shanghai Isocyanate InvestmentÌýBV. BASF ÀÖÌìÌÃfun88(ÖйúÇø)¹Ù·½ÍøÕ¾ Shanghai Isocyanate InvestmentÌýBV owns a 70% interest in SLIC, thus giving us an indirect 35% interest in SLIC.

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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):

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DecemberÌý31,Ìý

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ÌýÌýÌýÌý

2019

ÌýÌýÌýÌý

2018

Current assets

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$

1,439

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$

1,548

Non-current assets

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2,436

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2,444

Current liabilities

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688

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781

Non-current liabilities

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Ìý

1,614

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Ìý

1,683

Noncontrolling interests

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Ìý

7

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Ìý

8

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Year ended December 31,

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2019(1)

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2018(1)

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2017

Revenues

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$

4,025

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$

2,181

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$

1,109

Gross profit

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Ìý

454

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221

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112

Income from continuing operations

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Ìý

99

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124

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34

Net income

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99

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124

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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.