NOTE 3. DISCONTINUED OPERATIONS

The Titanium Dioxide, Performance Additives and other businesses were included in Huntsman's financial results in different legal forms, including, but not limited to: (1) wholly-owned subsidiaries for which the Titanium Dioxide and Performance Additives businesses were the sole businesses; (2) legal entities that were comprised of other businesses and include the Titanium Dioxide and/or Performance Additives businesses; and (3) variable interest entities in which the Titanium Dioxide, Performance Additives and other businesses are the primary beneficiaries. Because the historical condensed consolidated and combined financial information for the periods indicated reflect the combination of these legal entities under common control, the historical condensed consolidated and combined financial information includes the results of operations of other Huntsman businesses that are not a part of our operations after the Separation. The legal entity structure of Huntsman was reorganized during the fourth quarter of 2016 and the second quarter of 2017 such that the other businesses would not be included in Venator’s legal entity structure and as such, the discontinued operations presented below reflect financial results of the other businesses through the date of such reorganization.

The following table summarizes the balance sheet data for discontinued operations:


	December 31,
(Dollars in millions)	2016
ASSETS
Current assets:
Cash and cash equivalents	$	1
Accounts receivable (net of allowance for doubtful accounts of $1)		10
Accounts receivable from affiliates		61
Inventories		9
Prepaid expenses		1
Other current assets		2
Total current assets of discontinued operations		84
Property, plant and equipment, net		19
Intangible assets, net		2
Deferred income taxes		21
Noncurrent assets of discontinued operations		42
Total assets of discontinued operations	$	126
LIABILITIES
Current liabilities:
Accounts payable	$	7
Accounts payable to affiliates		2
Accrued liabilities		18
Total current liabilities of discontinued operations		27
Deferred income taxes		1
Other noncurrent liabilities		77
Noncurrent liabilities of discontinued operations		78
Total liabilities of discontinued operations	$	105

The following table summarizes the operations data for discontinued operations:


	Three months ended				Nine months ended
	September 30,				September 30,
(Dollars in millions)	2017		2016		2017		2016
Revenues:
Trade sales, services and fees, net	$	—	$	28	$	15	$	83
Related party sales		—		15		17		51
Total revenues		—		43		32		134
Cost of goods sold		—		36		26		110
Operating expenses:
Selling, general and administrative (includes corporate allocations of nil, $2, $1 and $5, respectively)		—		6		(7)		16
Restructuring, impairment and plant closing costs		—		—		1		—
Other (income) expense, net		—		(1)		1		(2)
Total expenses (income)		—		5		(5)		14
Income from discontinued operations before tax		—		2		11		10
Income tax expense		—		—		(3)		(2)
Net income from discontinued operations	$	—	$	2	$	8	$	8