Huntsman Corporation Quarterly report [Sections 13 or 15(d)]

Quarterly report [Sections 13 or 15(d)]

Note 6 - Variable Interest Entities

Note 6 - Variable Interest Entities

3 Months Ended

Mar. 31, 2025

Variable Interest Entity Disclosure [Text Block]

6. 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 three months ended March 31, 2025, there were no changes in our variable interest entities.

Creditors of our variable interest entities have no recourse to our general credit. See “Note 9. Debt—Direct and Subsidiary Debt.” As the primary beneficiary of these variable interest entities at March 31, 2025, 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 March 31, 2025 and our consolidated balance sheet as of December 31, 2024 (dollars in millions):

	*March 31,*		*December 31,*
	*2025*		*2024*
Current assets	$	107	$	89
Property, plant and equipment, net		124		124
Operating lease right-of-use assets		22		21
Other noncurrent assets		135		133
Deferred income taxes		10		10
Total assets	$	398	$	377
Current liabilities	$	143	$	147
Long-term debt		5		7
Noncurrent operating lease liabilities		13		15
Other noncurrent liabilities		16		16
Deferred income taxes		2		2
Total liabilities	$	179	$	187

Certain operating activities for our variable interest entities for the three months ended March 31, 2025 and 2024 were as follows (dollars in millions):

	*Three months ended*
	*March 31,*
	*2025*		*2024*
Income from continuing operations before income taxes	$	16	$	18
Net cash provided by operating activities		16		19