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.

Assets and Liabilities of 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 September 30, 2017 and December 31, 2016:



Assets and Liabilities of Consolidated VIEs	Sep 30, 2017		Dec 31, 2016
In millions	Sep 30, 2017		Dec 31, 2016
Cash and cash equivalents	$	115	$	75
Other current assets	100		95
Net property	925		961
Other noncurrent assets	51		55
Total assets ¹	$	1,191	$	1,186
Current liabilities	$	255	$	286
Long-term debt	310		330
Other noncurrent obligations	43		47
Total liabilities ²	$	608	$	663


1.	All assets were restricted at September 30, 2017 and December 31, 2016.


2.	All liabilities were nonrecourse at September 30, 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 $638 million (zero restricted) at September 30, 2017 ($477 million, zero restricted, at December 31, 2016) and current liabilities of $4 million (zero nonrecourse) at September 30, 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 September 30, 2017 and December 31, 2016 are adjusted for intercompany eliminations.

Nonconsolidated VIEs

The following table summarizes the carrying amounts of assets and liabilities included in the consolidated balance sheets at September 30, 2017 and December 31, 2016 related to variable interests in joint ventures or entities for which the Company is not the primary beneficiary. The Company's maximum exposure to loss is the same as the carrying amounts, unless otherwise noted below.



Carrying Amounts of Assets and Liabilities Related to Nonconsolidated VIEs		Sep 30, 2017			Dec 31, 2016
In millions	Description of asset or liability	Sep 30, 2017			Dec 31, 2016
Hemlock Semiconductor L.L.C.	Equity method investment ¹	$	(850	)	$	(902	)
Silicon joint ventures	Equity method investments ²	$	97		$	96
Crude acrylic acid joint venture	Equity method investment ²	$	160		$	171
AgroFresh Solutions, Inc ³	Equity method investment ²	$	44		$	46
	Other receivable ⁴	$	4		$	12
	Receivable for warrants ⁴	$	—		$	1


1.	Classified as "Other noncurrent obligations" in the consolidated balance sheets. The Company's maximum exposure to loss was zero at September 30, 2017 (zero at December 31, 2016).


2.	Classified as "Investment in nonconsolidated affiliates" in the consolidated balance sheets.

On April 4, 2017, the Company and AgroFresh Solutions, Inc ("AFSI") revised certain agreements related to the divestiture of the AgroFresh business, including termination of the agreement related to Dow'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.


4.	Classified as "Accounts and notes receivable - Other" in the consolidated balance sheets.