VARIABLE INTEREST ENTITIES

A complete description of the Company's variable interest entities ("VIEs") can be found in Note 20 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2016.

Consolidated VIEs

The Company's consolidated financial statements include the assets, liabilities and results of operations of VIEs, for which the Company is the primary beneficiary. The other equity holders’ interests are reflected in “Net income attributable to noncontrolling interests” in the consolidated statements of income and "Noncontrolling interests" in the consolidated balance sheets.

The following table summarizes the carrying amounts of the consolidated VIEs' assets and liabilities included in the Company’s consolidated balance sheets at March 31, 2017 and December 31, 2016.



Assets and Liabilities of Consolidated VIEs In millions	Mar 31, 2017		Dec 31, 2016
Cash and cash equivalents	$	99	$	75
Other current assets	108		95
Net property	960		961
Other noncurrent assets	55		55
Total assets (1)	$	1,222	$	1,186
Current liabilities	$	239	$	286
Long-term debt	364		330
Other noncurrent obligations	46		47
Total liabilities (2)	$	649	$	663

(1) All assets were restricted at March 31, 2017 and December 31, 2016.

(2) All liabilities were nonrecourse at March 31, 2017 and December 31, 2016.

In addition, the carrying amounts of assets and liabilities included in the Company’s consolidated balance sheets pertaining to an entity created to monetize accounts receivable of select European entities were current assets of $547 million (zero restricted) at March 31, 2017 ($477 million, zero restricted, at December 31, 2016) and current liabilities of $2 million (zero nonrecourse) at March 31, 2017 (less than $1 million, zero nonrecourse, at December 31, 2016).

Amounts presented in the consolidated balance sheets and the preceding table as restricted assets or nonrecourse obligations relating to consolidated VIEs at March 31, 2017 and December 31, 2016 are adjusted for intercompany eliminations.

Nonconsolidated VIEs

The Company had a negative investment basis of $839 million in Hemlock Semiconductor L.L.C. at March 31, 2017 (negative investment basis of $902 million at December 31, 2016), which is classified as "Other noncurrent obligations" in the consolidated balance sheets. The Company's maximum exposure to loss was zero at March 31, 2017 (zero at December 31, 2016).

The Company's investment in certain joint ventures that produce silicon inputs for the Company was $97 million at March 31, 2017 ($96 million at December 31, 2016) and is classified as "Investment in nonconsolidated affiliates" in the consolidated balance sheets, representing the Company's maximum exposure to loss.

The Company’s investment in its crude acrylic acid joint venture was $143 million at March 31, 2017 ($171 million at December 31, 2016) and is classified as “Investment in nonconsolidated affiliates” in the consolidated balance sheets, representing the Company’s maximum exposure to loss.

The Company's investment in AgroFresh Solutions, Inc. ("AFSI") was $44 million at March 31, 2017 ($46 million at December 31, 2016), and is classified as "Investment in nonconsolidated affiliates" in the consolidated balance sheets. In addition, the Company has a receivable with AFSI related to a tax receivable agreement of $12 million at March 31, 2017 ($12 million at December 31, 2016) and a receivable for six million warrants, valued at $2 million at March 31, 2017 ($1 million at December 31, 2016), which are classified as "Accounts and notes receivable - Other" in the consolidated balance sheets. The Company's maximum exposure to loss was $58 million at March 31, 2017 ($59 million at December 31, 2016).

Subsequent Event

On April 4, 2017, the Company and AFSI revised certain agreements related to the divestiture of the AgroFresh business, including termination of the agreement related to the Company's receivable for six million warrants. The Company also entered into an agreement to purchase up to 5,070,358 shares of AFSI's common stock, which represented approximately 10 percent of AFSI's common stock outstanding at signing of the agreement, subject to certain terms and conditions.