乐天堂fun88(中国区)官方网站 Corporation Annual report pursuant to Section 13 and 15(d)

Annual report pursuant to Section 13 and 15(d)

Note 8 - Variable Interest Entities

Note 8 - Variable Interest Entities

12 Months Ended

Dec. 31, 2024

Notes to Financial Statements

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Variable Interest Entity Disclosure [Text Block]

8. VARIABLE INTEREST ENTITIES

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We evaluate our investments and transactions to identify variable interest entities for which we are the primary beneficiary. We hold a variable interest in the following joint ventures for which we are the primary beneficiary:

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鈼�

Rubicon is our 50%-owned joint venture with Lanxess that manufactures products for our Polyurethanes and Performance Products segments. The structure of the joint venture is such that the total equity investment at risk is not sufficient to permit the joint venture to finance its activities without additional financial support. By virtue of the operating agreement with this joint venture, we purchase a majority of the output, absorb a majority of the operating costs and provide a majority of the additional funding.

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AAC is our 50%-owned joint venture with the Zamil Group that manufactures products for our Performance Products segment. As required in the operating agreement governing this joint venture, we purchase all of AAC鈥檚 production and sell it to our customers. Substantially all of the joint venture鈥檚 activities are conducted on our behalf.

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During the year ended December 31, 2024, there were no changes in our variable interest entities.

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Creditors of our variable interest entities have no recourse to our general credit. See 鈥淣ote听14. Debt鈥擠irect and Subsidiary Debt.鈥� As the primary beneficiary of these variable interest entities at December听31, 2024, the joint ventures鈥� assets, liabilities and results of operations are included in our consolidated financial statements.

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The following table summarizes the carrying amount of our variable interest entities鈥� assets and liabilities included in our consolidated balance sheets as of December 31, 2024 and 2023 (dollars in millions):

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听	听	*December 31,*						听
听	听	*2024*		听	听	*2023*		听
Current assets	听	$	89	听	听	$	67	听
Property, plant and equipment, net	听	听	124	听	听	听	150	听
Operating lease right-of-use assets	听	听	21	听	听	听	29	听
Other noncurrent assets	听	听	133	听	听	听	125	听
Deferred income taxes	听	听	10	听	听	听	13	听
Total assets	听	$	377	听	听	$	384	听
Current liabilities	听	$	147	听	听	$	121	听
Long-term debt	听	听	7	听	听	听	17	听
Noncurrent operating lease liabilities	听	听	15	听	听	听	21	听
Other noncurrent liabilities	听	听	16	听	听	听	15	听
Deferred income taxes	听	听	2	听	听	听	1	听
Total liabilities	听	$	187	听	听	$	175	听

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Certain听operating activities for our variable interest entities were as follows (dollars in millions):

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Year ended December 31,

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2024

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2023

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2022

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Income from continuing operations before income taxes

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Net cash provided by operating activities

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