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Note 5 - Variable Interest Entities | 9 Months Ended
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Sep. 30, 2023
Notes to Financial Statements |
Variable Interest Entity Disclosure [Text Block] | 5. VARIABLE INTEREST ENTITIES ​ 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: ​
| ● | Rubicon LLC is our 50%-owned joint venture with Lanxess that manufactures products for our Polyurethanes and Performance Products segments.
​
| ● | Arabian Amines Company (“AAC”) is our 50%-owned joint venture with Zamil group that manufactures products for our Performance Products segment.
​ During the nine months ended September 30, 2023, there were no changes in our variable interest entities. ​ Creditors of our variable interest entities have no recourse to our general credit. See “Note 7. Debt—Direct and Subsidiary Debt.” As the primary beneficiary of these variable interest entities at September 30, 2023, the joint ventures’ assets, liabilities and results of operations are included in our condensed consolidated financial statements. ​ The following table summarizes the carrying amounts of our variable interest entities’ assets and liabilities included in our condensed consolidated balance sheet as of September 30, 2023 and our consolidated balance sheet as of December 31, 2022 (dollars in millions): ​
|  | September 30, |  |  | December 31, |
|  | 2023 |  |  | 2022 |
Current assets |  | $ | 78 |  |  | $ | 73 |
Property, plant and equipment, net |  |  | 145 |  |  |  | 149 |
Operating lease right-of-use assets |  |  | 29 |  |  |  | 28 |
Other noncurrent assets |  |  | 133 |  |  |  | 140 |
Deferred income taxes |  |  | 13 |  |  |  | 13 |
Total assets |  | $ | 398 |  |  | $ | 403 |
Current liabilities |  | $ | 107 |  |  | $ | 144 |
Long-term debt |  |  | 19 |  |  |  | 26 |
Noncurrent operating lease liabilities |  |  | 20 |  |  |  | 19 |
Other noncurrent liabilities |  |  | 24 |  |  |  | 25 |
Total liabilities |  | $ | 170 |  |  | $ | 214 |
The revenues, income from continuing operations before income taxes and net cash provided by operating activities for our variable interest entities for the three and nine months ended September 30, 2023 and 2022 are as follows (dollars in millions):
|  | Three months |  |  | Nine months |
|  | ended |  |  | ended |
|  | September 30, |  |  | September 30, |
|  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
Revenues |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Income from continuing operations before income taxes |  |  | 18 |  |  |  | 11 |  |  |  | 48 |  |  |  | 24 |
Net cash provided by operating activities |  |  | 12 |  |  |  | 21 |  |  |  | 60 |  |  |  | 56 |
​

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- Definition The entire disclosure for a variable interest entity (VIE), including but not limited to, judgments and assumptions in determining whether to consolidate and in identifying the primary beneficiary, gain (loss) recognized on the initial consolidation of the VIE, terms of arrangements, amounts and classification of the VIE's assets and liabilities, and the entity's maximum exposure to loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 810 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//810/tableOfContent + Details
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