VARIABLE INTEREST ENTITIES (Notes)

6 Months Ended

Jun. 30, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

VARIABLE INTEREST ENTITIES

VARIABLE INTEREST ENTITIES

A summary of the Company's variable interest entities ("VIEs") not discussed below can be found in Note 23 to the Consolidated Financial Statements included in the 2024 10-K.

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 included in “Net income attributable to noncontrolling interests” in the consolidated statements of income and "Noncontrolling interests" in the consolidated balance sheets.

Infrastructure Entity

The Company has variable interests in Diamond Infrastructure Solutions, an entity that owns and operates infrastructure assets at certain Dow locations on the U.S Gulf Coast as discussed in Note 17. The Company's variable interests relate to its membership interest and the service contracts between Diamond Infrastructure Solutions and Dow, under which a majority of the infrastructure services are provided to Dow using pass-through and cost-plus pricing. Diamond Infrastructure Solutions became a variable interest entity effective with the noncontrolling interest transaction on May 1, 2025. Dow is deemed the primary beneficiary as a result of decision rights held as the majority member.

The following table summarizes the carrying amounts of Diamond Infrastructure Solutions' assets and liabilities included in the Company’s consolidated balance sheets at June 30, 2025. Amounts presented are adjusted for intercompany eliminations.

Assets and Liabilities of Diamond Infrastructure Solutions	Jun 30, 2025
In millions
Other current assets	$	163
Net property	2,259
Other noncurrent assets	196
Total assets 1	$	2,618
Current liabilities	$	338
Long-term debt	176
Other noncurrent obligations	316
Total liabilities 2	$	830

1.All assets were restricted at June 30, 2025.

2.All liabilities were nonrecourse at June 30, 2025.

In addition, the Company holds a variable interest and is the primary beneficiary of other joint ventures and entities. The following table summarizes the carrying amounts of other entities' assets and liabilities included in the Company’s consolidated balance sheets at June 30, 2025 and December 31, 2024:

Assets and Liabilities of Other Consolidated VIEs	Jun 30, 2025		Dec 31, 2024
In millions
Cash and cash equivalents	$	9	$	22
Other current assets	275		250
Net property	121		122
Other noncurrent assets	16		15
Total assets 1	$	421	$	409
Current liabilities	$	27	$	24
Other noncurrent obligations	13		13
Total liabilities 2	$	40	$	37

1.Restricted assets totaled $183 million and $192 million at June 30, 2025 and December 31, 2024, respectively.

2.All liabilities were nonrecourse at June 30, 2025 and December 31, 2024.

Amounts presented in the consolidated balance sheets and the table above as restricted assets or nonrecourse obligations relating to consolidated VIEs at June 30, 2025 and December 31, 2024 are adjusted for intercompany eliminations.