7. 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:
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Rubicon LLC 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 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’s production and sell it to our customers. Substantially all of the joint venture’s activities are conducted on our behalf.
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Sasol‑Huntsman is our 50%‑owned joint venture with Sasol that owns and operates a maleic anhydride facility in Moers, Germany. This joint venture manufactures products for our Performance Products segment. The joint venture uses our technology and expertise, and we bear a disproportionate amount of risk of loss due to a related‑party loan to Sasol‑Huntsman for which we bear the default risk.
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Creditors of these entities have no recourse to our general credit. See “Note 13. Debt—Direct and Subsidiary Debt.” As the primary beneficiary of these variable interest entities at December 31, 2017, the joint ventures’ assets, liabilities and results of operations are included in our consolidated financial statements.
The following table summarizes the carrying amount of our variable interest entities’ assets and liabilities included in our consolidated balance sheets as of December 31, 2017 and 2016 (dollars in millions):
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December 31,
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December 31,
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2017
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2016
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Current assets
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$
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114
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$
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103
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Property, plant and equipment, net
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283
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279
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Other noncurrent assets
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116
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99
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Deferred income taxes
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33
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43
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Intangible assets
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10
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10
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Goodwill
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14
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12
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Total assets
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$
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570
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$
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546
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Current liabilities
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$
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163
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$
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131
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Long-term debt
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86
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114
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Deferred income taxes
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12
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10
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Other noncurrent liabilities
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98
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76
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Total liabilities
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$
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359
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$
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331
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The revenues, income from continuing operations before income taxes and net cash provided by operating activities for our variable interest entities are as follows (dollars in millions):
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Year ended December 31,
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2017
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2016
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2015
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Revenues
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$
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132
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$
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97
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$
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130
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Income from continuing operations before income taxes
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25
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15
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36
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Net cash provided by operating activities
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51
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50
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66
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Prior to the Separation, we held variable interests in two additional joint ventures for which we were the primary beneficiary: Pacific Iron Products Sdn Bhd and Viance, LLC. In connection with the Separation, these variable interests are now held by Venator. As such, the assets and liabilities of these variable interest entities are now included as part of assets and liabilities held for sale. See “Note 3. Discontinued Operations and Business Dispositions—Separation of P&A Business.”