Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2021 | Apr. 21, 2021 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0001307954 | |
Entity Registrant Name | Huntsman Corporation | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2021 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2021 | |
Document Transition Report | false | |
Entity File Number | 001-32427 | |
Entity Address, Address Line One | 10003 Woodloch Forest Drive | |
Entity Address, City or Town | The Woodlands | |
Entity Address, State or Province | TX | |
Entity Address, Postal Zip Code | 77380 | |
City Area Code | 281 | |
Local Phone Number | 719-6000 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 42-1648585 | |
Title of 12(b) Security | Common Stock, par value $0.01 per share | |
Trading Symbol | HUN | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 221,686,798 | |
Huntsman International LLC [Member] | ||
Document Information [Line Items] | ||
Entity Central Index Key | 0001089748 | |
Entity Registrant Name | Huntsman International LLC | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2021 | |
Entity File Number | 333-85141 | |
Entity Address, Address Line One | 10003 Woodloch Forest Drive | |
Entity Address, City or Town | The Woodlands | |
Entity Address, State or Province | TX | |
Entity Address, Postal Zip Code | 77380 | |
City Area Code | 281 | |
Local Phone Number | 719-6000 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 87-0630358 | |
Title of 12(b) Security | NONE | |
Trading Symbol | NONE | |
Security Exchange Name | NONE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 | |
Current assets: | |||
Cash and cash equivalents | [1] | $ 673 | $ 1,593 |
Accounts and notes receivable | [1] | 1,010 | 902 |
Accounts receivable from affiliates | 12 | 8 | |
Inventories | [1] | 1,006 | 848 |
Other current assets | 228 | 217 | |
Total current assets | 2,929 | 3,568 | |
Property, plant and equipment, net | [1] | 2,514 | 2,505 |
Investment in unconsolidated affiliates | 411 | 373 | |
Intangible assets, net | 422 | 453 | |
Goodwill | 739 | 533 | |
Deferred income taxes | 282 | 288 | |
Operating lease right-of-use assets | 432 | 445 | |
Other noncurrent assets | [1] | 571 | 548 |
Total assets | 8,300 | 8,713 | |
Current liabilities: | |||
Accounts payable | [1] | 909 | 842 |
Accounts payable to affiliates | 44 | 34 | |
Accrued liabilities | [1] | 505 | 458 |
Current portion of debt | [1] | 57 | 593 |
Current operating lease liabilities | [1] | 49 | 52 |
Total current liabilities | 1,564 | 1,979 | |
Long-term debt | [1] | 1,510 | 1,528 |
Deferred income taxes | 216 | 212 | |
Noncurrent operating lease liabilities | [1] | 401 | 411 |
Other noncurrent liabilities | [1] | 875 | 910 |
Total liabilities | 4,566 | 5,040 | |
Commitments and contingencies (Notes 15 and 16) | |||
Common stock $0.01 par value, 1,200,000,000 shares authorized, 259,184,140 and 258,520,411 shares issued and 220,712,124 and 220,046,262 shares outstanding, respectively | 3 | 3 | |
Additional paid-in capital | 4,085 | 4,048 | |
Treasury stock, 38,477,091 shares | (731) | (731) | |
Unearned stock-based compensation | (38) | (19) | |
Retained earnings | 1,603 | 1,564 | |
Accumulated other comprehensive loss | (1,359) | (1,346) | |
Total Huntsman Corporation stockholders’ equity | 3,563 | 3,519 | |
Noncontrolling interests in subsidiaries | 171 | 154 | |
Total equity | 3,734 | 3,673 | |
Total liabilities and equity | 8,300 | 8,713 | |
Huntsman International LLC [Member] | |||
Current assets: | |||
Cash and cash equivalents | [1] | 667 | 1,591 |
Accounts and notes receivable | [1] | 1,010 | 902 |
Accounts receivable from affiliates | 59 | 47 | |
Inventories | [1] | 1,006 | 848 |
Other current assets | 227 | 223 | |
Total current assets | 2,969 | 3,611 | |
Property, plant and equipment, net | [1] | 2,514 | 2,505 |
Investment in unconsolidated affiliates | 411 | 373 | |
Intangible assets, net | 422 | 453 | |
Goodwill | 739 | 533 | |
Deferred income taxes | 282 | 288 | |
Operating lease right-of-use assets | 432 | 445 | |
Other noncurrent assets | [1] | 569 | 548 |
Total assets | 8,338 | 8,756 | |
Current liabilities: | |||
Accounts payable | [1] | 908 | 842 |
Accounts payable to affiliates | 46 | 36 | |
Accrued liabilities | [1] | 496 | 455 |
Current portion of debt | [1] | 57 | 593 |
Current operating lease liabilities | [1] | 49 | 52 |
Total current liabilities | 1,556 | 1,978 | |
Long-term debt | [1] | 1,510 | 1,528 |
Deferred income taxes | 217 | 214 | |
Noncurrent operating lease liabilities | [1] | 401 | 411 |
Other noncurrent liabilities | [1] | 867 | 900 |
Total liabilities | 4,551 | 5,031 | |
Commitments and contingencies (Notes 15 and 16) | |||
Retained earnings | 1,252 | 1,203 | |
Accumulated other comprehensive loss | (1,345) | (1,333) | |
Total equity | 3,787 | 3,725 | |
Total liabilities and equity | 8,338 | 8,756 | |
Members’ equity, 2,728 units issued and outstanding | 3,709 | 3,701 | |
Total Huntsman International LLC members’ equity | 3,616 | 3,571 | |
Noncontrolling interests in subsidiaries | 171 | 154 | |
Total equity | $ 3,787 | $ 3,725 | |
[1] | At March 31, 2021 and December 31, 2020, respectively, $8 and $2 of cash and cash equivalents, $10 and $6 of accounts and notes receivable (net), $36 and $38 of inventories, $166 and $167 of property, plant and equipment (net), $22 and $23 of other noncurrent assets, $128 and $119 of accounts payable, $13 each of accrued liabilities, $55 and $47 of current portion of debt, $5 each of current operating lease liabilities, nil and $3 of long-term debt, $21 and $17 of noncurrent operating lease liabilities and $82 each of other noncurrent liabilities from consolidated variable interest entities are included in the respective balance sheet captions above. See "Note 6. Variable Interest Entities." |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | |
Cash and cash equivalents | [1] | $ 673,000 | $ 1,593,000 |
Accounts and notes receivable, allowance for doubtful accounts | 26,000 | 26,000 | |
Accounts and notes receivable, pledged as collateral | 245,000 | 198,000 | |
Accounts and notes receivable | [1] | 1,010,000 | 902,000 |
Inventories | [1] | 1,006,000 | 848,000 |
Property, plant and equipment, net | [1] | 2,514,000 | 2,505,000 |
Other noncurrent assets | [1] | 571,000 | 548,000 |
Accounts payable | [1] | 909,000 | 842,000 |
Accrued liabilities | [1] | 505,000 | 458,000 |
Current portion of debt | [1] | 57,000 | 593,000 |
Current operating lease liabilities | [1] | 49,000 | 52,000 |
Long-term debt | [1] | 1,510,000 | 1,528,000 |
Noncurrent operating lease liabilities | [1] | 401,000 | 411,000 |
Other noncurrent liabilities | [1] | $ 875,000 | $ 910,000 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | |
Common stock, shares authorized (in shares) | 1,200,000,000 | 1,200,000,000 | |
Common stock, shares issued (in shares) | 259,184,140 | 258,520,411 | |
Common stock, shares outstanding (in shares) | 220,712,124 | 220,046,262 | |
Treasury stock, shares (in shares) | 38,477,091 | 38,477,091 | |
Huntsman International LLC [Member] | |||
Cash and cash equivalents | [1] | $ 667,000 | $ 1,591,000 |
Accounts and notes receivable, allowance for doubtful accounts | 26,000 | 26,000 | |
Accounts and notes receivable, pledged as collateral | 245,000 | 198,000 | |
Accounts and notes receivable | [1] | 1,010,000 | 902,000 |
Inventories | [1] | 1,006,000 | 848,000 |
Property, plant and equipment, net | [1] | 2,514,000 | 2,505,000 |
Other noncurrent assets | [1] | 569,000 | 548,000 |
Accounts payable | [1] | 908,000 | 842,000 |
Accrued liabilities | [1] | 496,000 | 455,000 |
Current portion of debt | [1] | 57,000 | 593,000 |
Current operating lease liabilities | [1] | 49,000 | 52,000 |
Long-term debt | [1] | 1,510,000 | 1,528,000 |
Noncurrent operating lease liabilities | [1] | 401,000 | 411,000 |
Other noncurrent liabilities | [1] | $ 867,000 | $ 900,000 |
Members' equity, units issued (in shares) | 2,728 | 2,728 | |
Members' equity, units outstanding (in shares) | 2,728 | 2,728 | |
Variable Interest Entity, Primary Beneficiary [Member] | |||
Cash and cash equivalents | $ 8,000 | $ 2,000 | |
Accounts and notes receivable | 10,000 | 6,000 | |
Inventories | 36,000 | 38,000 | |
Property, plant and equipment, net | 166,000 | 167,000 | |
Other noncurrent assets | 22,000 | 23,000 | |
Accounts payable | 128,000 | 119,000 | |
Accrued liabilities | 13,000 | 13,000 | |
Current portion of debt | 55,000 | 47,000 | |
Current operating lease liabilities | 5,000 | 5,000 | |
Long-term debt | 0 | 3,000 | |
Noncurrent operating lease liabilities | 21,000 | 17,000 | |
Other noncurrent liabilities | 82,000 | 82,000 | |
Variable Interest Entity, Primary Beneficiary [Member] | Huntsman International LLC [Member] | |||
Cash and cash equivalents | 8,000 | 2,000 | |
Accounts and notes receivable | 10,000 | 6,000 | |
Inventories | 36,000 | 38,000 | |
Property, plant and equipment, net | 166,000 | 167,000 | |
Other noncurrent assets | 22,000 | 23,000 | |
Accounts payable | 128,000 | 119,000 | |
Accrued liabilities | 13,000 | 13,000 | |
Current portion of debt | 55,000 | 47,000 | |
Current operating lease liabilities | 5,000 | 5,000 | |
Long-term debt | 0 | 3,000 | |
Noncurrent operating lease liabilities | 21,000 | 17,000 | |
Other noncurrent liabilities | $ 82,000 | $ 82,000 | |
[1] | At March 31, 2021 and December 31, 2020, respectively, $8 and $2 of cash and cash equivalents, $10 and $6 of accounts and notes receivable (net), $36 and $38 of inventories, $166 and $167 of property, plant and equipment (net), $22 and $23 of other noncurrent assets, $128 and $119 of accounts payable, $13 each of accrued liabilities, $55 and $47 of current portion of debt, $5 each of current operating lease liabilities, nil and $3 of long-term debt, $21 and $17 of noncurrent operating lease liabilities and $82 each of other noncurrent liabilities from consolidated variable interest entities are included in the respective balance sheet captions above. See "Note 6. Variable Interest Entities." |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | ||
Total revenues | [1] | $ 1,837 | $ 1,593 |
Cost of goods sold | 1,445 | 1,296 | |
Gross profit | 392 | 297 | |
Operating expenses: | |||
Selling, general and administrative | 207 | 199 | |
Research and development | 38 | 36 | |
Restructuring, impairment and plant closing costs | 24 | 3 | |
Other operating (income) expense, net | (3) | 5 | |
Total operating expenses | 266 | 243 | |
Operating income | 126 | 54 | |
Interest expense, net | (19) | (18) | |
Equity in income of investment in unconsolidated affiliates | 38 | 2 | |
Equity Securities, FV-NI, Gain (Loss), Total | (19) | ||
Equity Investment, Unrealized Gain (Loss) | (110) | ||
Other income, net | 7 | 10 | |
Income (loss) from continuing operations before income taxes | 133 | (62) | |
Income tax expense | (34) | (7) | |
Income (loss) from continuing operations | 99 | (69) | |
Income from discontinued operations, net of tax | 1 | 777 | |
Net income | 100 | 708 | |
Net income attributable to noncontrolling interests | (17) | (3) | |
Net (loss) income | $ 83 | $ 705 | |
Basic income per share: | |||
Income (loss) from continuing operations attributable to Huntsman Corporation common stockholders (in dollars per share) | $ 0.38 | $ (0.32) | |
Income from discontinued operations attributable to Huntsman Corporation common stockholders, net of tax (in dollars per share) | 0 | 3.48 | |
Net income attributable to Huntsman Corporation common stockholders (in dollars per share) | $ 0.38 | $ 3.16 | |
Weighted average shares (in shares) | 220.4 | 223.2 | |
Diluted income per share: | |||
Income (loss) from continuing operations attributable to Huntsman Corporation common stockholders (in dollars per share) | $ 0.37 | $ (0.32) | |
Income from discontinued operations attributable to Huntsman Corporation common stockholders, net of tax (in dollars per share) | 0 | 3.48 | |
Net income attributable to Huntsman Corporation common stockholders (in dollars per share) | $ 0.37 | $ 3.16 | |
Weighted average shares (in shares) | 222.6 | 223.2 | |
Amounts attributable to Huntsman Corporation common stockholders: | |||
Income (loss) from continuing operations | $ 82 | $ (72) | |
Income from discontinued operations, net of tax | 1 | 777 | |
Net income | 83 | 705 | |
Total revenues | [1] | 1,837 | 1,593 |
Cost of goods sold | 1,445 | 1,296 | |
Gross profit | 392 | 297 | |
Huntsman International LLC [Member] | |||
Total revenues | 1,837 | 1,593 | |
Cost of goods sold | 1,445 | 1,296 | |
Gross profit | 392 | 297 | |
Operating expenses: | |||
Selling, general and administrative | 204 | 197 | |
Research and development | 38 | 36 | |
Restructuring, impairment and plant closing costs | 24 | 3 | |
Other operating (income) expense, net | (3) | 5 | |
Total operating expenses | 263 | 241 | |
Operating income | 129 | 56 | |
Interest expense, net | (19) | (20) | |
Equity in income of investment in unconsolidated affiliates | 38 | 2 | |
Equity Securities, FV-NI, Gain (Loss), Total | (19) | ||
Equity Investment, Unrealized Gain (Loss) | (110) | ||
Other income, net | 7 | 9 | |
Income (loss) from continuing operations before income taxes | 136 | (63) | |
Income tax expense | (35) | (7) | |
Income (loss) from continuing operations | 101 | (70) | |
Income from discontinued operations, net of tax | 1 | 777 | |
Net income | 102 | 707 | |
Net income attributable to noncontrolling interests | (17) | (3) | |
Net (loss) income | 85 | 704 | |
Amounts attributable to Huntsman Corporation common stockholders: | |||
Total revenues | 1,837 | 1,593 | |
Cost of goods sold | 1,445 | 1,296 | |
Gross profit | 392 | 297 | |
Third Party Customers [Member] | |||
Total revenues | 1,802 | 1,549 | |
Amounts attributable to Huntsman Corporation common stockholders: | |||
Total revenues | 1,802 | 1,549 | |
Third Party Customers [Member] | Huntsman International LLC [Member] | |||
Total revenues | 1,802 | 1,549 | |
Amounts attributable to Huntsman Corporation common stockholders: | |||
Total revenues | 1,802 | 1,549 | |
Related Party Customers [Member] | |||
Total revenues | 35 | 44 | |
Amounts attributable to Huntsman Corporation common stockholders: | |||
Total revenues | 35 | 44 | |
Related Party Customers [Member] | Huntsman International LLC [Member] | |||
Total revenues | 35 | 44 | |
Amounts attributable to Huntsman Corporation common stockholders: | |||
Total revenues | $ 35 | $ 44 | |
[1] | Geographic information for revenues is based upon countries into which product is sold. |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Net income | $ 100 | $ 708 |
Other comprehensive loss, net of tax: | ||
Foreign currency translations adjustments | (32) | (73) |
Pension and other postretirement benefits adjustments | 19 | 52 |
Other comprehensive loss, net of tax | (13) | (21) |
Comprehensive income | 87 | 687 |
Comprehensive income attributable to noncontrolling interests | (17) | (3) |
Comprehensive income | 70 | 684 |
Net income | 100 | 708 |
Huntsman International LLC [Member] | ||
Net income | 102 | 707 |
Other comprehensive loss, net of tax: | ||
Foreign currency translations adjustments | (31) | (73) |
Pension and other postretirement benefits adjustments | 19 | 53 |
Other comprehensive loss, net of tax | (12) | (20) |
Comprehensive income | 90 | 687 |
Comprehensive income attributable to noncontrolling interests | (17) | (3) |
Comprehensive income | 73 | 684 |
Net income | $ 102 | $ 707 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Equity (Unaudited) - USD ($) $ in Millions | Huntsman International LLC [Member]Common Stock Outstanding [Member] | Huntsman International LLC [Member]Common Stock [Member] | Huntsman International LLC [Member]Retained Earnings [Member] | Huntsman International LLC [Member]AOCI Attributable to Parent [Member] | Huntsman International LLC [Member]Noncontrolling Interest [Member] | Huntsman International LLC [Member] | Common Stock Outstanding [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Treasury Stock [Member] | Deferred Compensation, Share-based Payments [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Noncontrolling Interest [Member] | Total |
Beginning balance (in shares) at Dec. 31, 2019 | 2,728 | 224,295,868 | |||||||||||||
Beginning balance at Dec. 31, 2019 | $ 3,675 | $ 312 | $ (1,352) | $ 137 | $ 2,772 | $ 3 | $ 4,008 | $ (635) | $ (17) | $ 690 | $ (1,362) | $ 137 | $ 2,824 | ||
Net income | 0 | 704 | 0 | 3 | 707 | 0 | 0 | 0 | 0 | 705 | 0 | 3 | 708 | ||
Other comprehensive loss | 0 | 0 | (20) | 0 | (20) | 0 | 0 | 0 | 0 | 0 | (21) | 0 | (21) | ||
Issuance of nonvested stock awards | 0 | 18 | 0 | (18) | 0 | 0 | 0 | 0 | |||||||
Vesting of stock awards (in shares) | 943,026 | ||||||||||||||
Vesting of stock awards | 0 | 4 | 0 | 0 | 0 | 0 | 0 | 4 | |||||||
Recognition of stock-based compensation | 0 | 2 | 0 | 5 | 0 | 0 | 0 | 7 | |||||||
Repurchase and cancellation of stock awards (in shares) | (283,975) | ||||||||||||||
Repurchase and cancellation of stock awards | 0 | 0 | 0 | 0 | (6) | 0 | 0 | (6) | |||||||
Stock options exercised (in shares) | 57,209 | ||||||||||||||
Stock options exercised | 0 | 2 | 0 | 0 | (2) | 0 | 0 | 0 | |||||||
Dividends declared on common stock ($0.1625 per share) | 0 | 0 | 0 | 0 | (37) | 0 | 0 | $ (37) | |||||||
Treasury stock repurchased (in shares) | (5,364,519) | (5,364,519) | |||||||||||||
Treasury stock repurchased | 0 | 0 | (96) | 0 | 0 | 0 | 0 | $ (96) | |||||||
Dividends paid to parent | 0 | (37) | 0 | 0 | (37) | ||||||||||
Contribution from parent | 6 | 0 | 0 | 0 | 6 | ||||||||||
Ending balance (in shares) at Mar. 31, 2020 | 2,728 | 219,647,609 | |||||||||||||
Ending balance at Mar. 31, 2020 | 3,681 | 979 | (1,372) | 140 | 3,428 | 3 | 4,034 | (731) | (30) | 1,350 | (1,383) | 140 | $ 3,383 | ||
Beginning balance (in shares) at Dec. 31, 2020 | 2,728 | 220,046,262 | 220,046,262 | ||||||||||||
Beginning balance at Dec. 31, 2020 | 3,701 | 1,203 | (1,333) | 154 | 3,725 | 3 | 4,048 | (731) | (19) | 1,564 | (1,346) | 154 | $ 3,673 | ||
Net income | 0 | 85 | 0 | 17 | 102 | 0 | 0 | 0 | 0 | 83 | 0 | 17 | 100 | ||
Other comprehensive loss | 0 | 0 | (12) | 0 | (12) | 0 | 0 | 0 | 0 | 0 | (13) | 0 | (13) | ||
Issuance of nonvested stock awards | 0 | 25 | 0 | (25) | 0 | 0 | 0 | 0 | |||||||
Vesting of stock awards (in shares) | 664,818 | ||||||||||||||
Vesting of stock awards | 0 | 5 | 0 | 0 | 0 | 0 | 0 | 5 | |||||||
Recognition of stock-based compensation | 0 | 2 | 0 | 6 | 0 | 0 | 0 | 8 | |||||||
Repurchase and cancellation of stock awards (in shares) | (202,961) | ||||||||||||||
Repurchase and cancellation of stock awards | 0 | 0 | 0 | 0 | (6) | 0 | 0 | $ (6) | |||||||
Stock options exercised (in shares) | 204,005 | 275,000 | |||||||||||||
Stock options exercised | 0 | 5 | 0 | 0 | (2) | 0 | 0 | $ 3 | |||||||
Dividends declared on common stock ($0.1625 per share) | 0 | 0 | 0 | 0 | (36) | 0 | 0 | $ (36) | |||||||
Dividends paid to parent | 0 | (36) | 0 | 0 | (36) | ||||||||||
Contribution from parent | 8 | 0 | 0 | 0 | 8 | ||||||||||
Ending balance (in shares) at Mar. 31, 2021 | 2,728 | 220,712,124 | 220,712,124 | ||||||||||||
Ending balance at Mar. 31, 2021 | $ 3,709 | $ 1,252 | $ (1,345) | $ 171 | $ 3,787 | $ 3 | $ 4,085 | $ (731) | $ (38) | $ 1,603 | $ (1,359) | $ 171 | $ 3,734 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Equity (Unaudited) (Parentheticals) - $ / shares | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Dividends declared on common stock, per share (in dollars per share) | $ 0.1625 | $ 0.1625 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Operating Activities: | ||
Net income | $ 100 | $ 708 |
Less: Income from discontinued operations, net of tax | (1) | (777) |
Income (loss) from continuing operations | 99 | (69) |
Adjustments to reconcile income (loss) from continuing operations to net cash used in operating activities from continuing operations: | ||
Equity in income of investment in unconsolidated affiliates | (38) | (2) |
Unrealized losses on fair value adjustments to Venator investment | 19 | |
Unrealized losses on fair value adjustments to Venator investment | 110 | |
Depreciation and amortization | 74 | 67 |
Noncash lease expense | 17 | 15 |
Noncash restructuring and impairment charges | 8 | 0 |
Deferred income taxes | 0 | (2) |
Stock-based compensation | 9 | 7 |
Other, net | 2 | (1) |
Changes in operating assets and liabilities: | ||
Accounts and notes receivable | (117) | (34) |
Inventories | (156) | (92) |
Prepaid expenses | 6 | 6 |
Other current assets | (16) | 1 |
Other noncurrent assets | (30) | (7) |
Accounts payable | 94 | 61 |
Accrued liabilities | 20 | (44) |
Taxes paid on sale of Chemical Intermediates Businesses | 0 | (2) |
Other noncurrent liabilities | (7) | (54) |
Net cash used in operating activities from continuing operations | (16) | (40) |
Net cash used in operating activities from discontinued operations | (1) | (35) |
Net cash used in operating activities | (17) | (75) |
Investing Activities: | ||
Capital expenditures | (98) | (61) |
Cash received from sale of businesses | 15 | 1,915 |
Acquisition of businesses, net of cash acquired | (240) | (346) |
Other, net | 0 | 3 |
Net cash (used in) provided by investing activities | (323) | 1,511 |
Financing Activities: | ||
Net borrowings (repayments) on revolving loan facilities | 9 | (158) |
Repayments of long-term debt | (548) | 0 |
Repayments of notes payable | 0 | (32) |
Dividends paid to noncontrolling interests | 0 | (23) |
Dividends paid to common stockholders | (37) | (37) |
Repurchase and cancellation of stock awards | (6) | (6) |
Repurchase of common stock | 0 | (96) |
Other, net | 3 | (2) |
Net cash used in financing activities | (579) | (354) |
Effect of exchange rate changes on cash | (1) | (13) |
(Decrease) increase in cash, cash equivalents and restricted cash | (920) | 1,069 |
Cash, cash equivalents and restricted cash at beginning of period | 1,593 | 525 |
Cash, cash equivalents and restricted cash at end of period | 673 | 1,594 |
Supplemental cash flow information: | ||
Cash paid for interest | 16 | 5 |
Cash paid for income taxes | 8 | 36 |
Huntsman International LLC [Member] | ||
Operating Activities: | ||
Net income | 102 | 707 |
Less: Income from discontinued operations, net of tax | (1) | (777) |
Income (loss) from continuing operations | 101 | (70) |
Adjustments to reconcile income (loss) from continuing operations to net cash used in operating activities from continuing operations: | ||
Equity in income of investment in unconsolidated affiliates | (38) | (2) |
Unrealized losses on fair value adjustments to Venator investment | 19 | |
Unrealized losses on fair value adjustments to Venator investment | 110 | |
Depreciation and amortization | 73 | 67 |
Noncash lease expense | 17 | 15 |
Noncash restructuring and impairment charges | 8 | 0 |
Deferred income taxes | 0 | (1) |
Other, net | 1 | 1 |
Noncash compensation | 8 | 6 |
Changes in operating assets and liabilities: | ||
Accounts and notes receivable | (117) | (34) |
Inventories | (156) | (92) |
Prepaid expenses | 6 | 6 |
Other current assets | (9) | 0 |
Other noncurrent assets | (30) | (7) |
Accounts payable | 93 | 59 |
Accrued liabilities | 14 | (44) |
Taxes paid on sale of Chemical Intermediates Businesses | 0 | (2) |
Other noncurrent liabilities | (7) | (54) |
Net cash used in operating activities from continuing operations | (17) | (42) |
Net cash used in operating activities from discontinued operations | (1) | (35) |
Net cash used in operating activities | (18) | (77) |
Investing Activities: | ||
Capital expenditures | (98) | (61) |
Cash received from sale of businesses | 15 | 1,915 |
Acquisition of businesses, net of cash acquired | (240) | (346) |
Other, net | 0 | 3 |
Net cash (used in) provided by investing activities | (330) | 1,790 |
(Increase) decrease in receivable from affiliate | (7) | 279 |
Financing Activities: | ||
Net borrowings (repayments) on revolving loan facilities | 9 | (158) |
Repayments of long-term debt | (548) | 0 |
Repayments of notes payable | 0 | (32) |
Dividends paid to noncontrolling interests | 0 | (23) |
Other, net | 0 | (2) |
Net cash used in financing activities | (575) | (631) |
Effect of exchange rate changes on cash | (1) | (13) |
(Decrease) increase in cash, cash equivalents and restricted cash | (924) | 1,069 |
Cash, cash equivalents and restricted cash at beginning of period | 1,591 | 525 |
Cash, cash equivalents and restricted cash at end of period | 667 | 1,594 |
Repayments of notes payable to affiliate | 0 | (380) |
Dividends paid to parent | (36) | (36) |
Supplemental cash flow information: | ||
Cash paid for interest | 16 | 5 |
Cash paid for income taxes | $ 8 | $ 36 |
Condensed Consolidated Statem_6
Condensed Consolidated Statements of Cash Flows (Unaudited) (Parentheticals) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Capital Expenditures Incurred but Not yet Paid | $ 54 | $ 59 |
Huntsman International LLC [Member] | ||
Capital Expenditures Incurred but Not yet Paid | $ 54 | $ 59 |
Note 1 - General
Note 1 - General | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Nature of Operations [Text Block] | 1. C ertain efinitions For convenience in this report, the terms “Company,” “Huntsman,” “our,” “us” or “we” may In this report, we may may I nterim inancial tatements Our unaudited interim condensed consolidated financial statements and Huntsman International’s unaudited interim condensed consolidated financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP” or “U.S. GAAP”) and in management’s opinion reflect all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of results of operations, comprehensive income (loss), financial position and cash flows for the periods presented. Results for interim periods are not 10 December 31, 2020 D escription of usinesses We are a global manufacturer of differentiated organic chemical products. We operate in four We operate our businesses through Huntsman International, our wholly-owned subsidiary. Huntsman International is a Delaware limited liability company and was formed in 1999. H untsman orporation and untsman nternational inancial tatements Except where otherwise indicated, these notes relate to the condensed consolidated financial statements for both our Company and Huntsman International. The differences between our financial statements and Huntsman International’s financial statements relate primarily to the following: ● purchase accounting recorded at our Company for the 2003 2005; ● the different capital structures. P rinciples of onsolidation Our condensed consolidated financial statements include the accounts of our wholly-owned and majority-owned subsidiaries and any variable interest entities for which we are the primary beneficiary. Intercompany accounts and transactions have been eliminated. R ecl a ss ifications Certain amounts in the condensed consolidated financial statements for the prior period have been reclassified to conform with the current presentation. R ecent evelopments Dividend Increase On April 28, 2021, Acquisition of Gabriel Performance Products On January 15, 2021, 3. Redemption of the 2021 On January 15, 2021, € 445 2021 “2021 not first 2021 8. U se of stimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Note 2 - Recently Issued Accoun
Note 2 - Recently Issued Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Accounting Standards Update and Change in Accounting Principle [Text Block] | 2. A ccounting ronouncements Dopted uring 2021 We adopted the following accounting pronouncement during 2021, not ● Financial Accounting Standards Board Accounting Standards Update No. 2021 01, Reference Rate Reform (Topic 848 |
Note 3 - Business Combinations
Note 3 - Business Combinations and Acquisitions | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | 3. A cquisition of g aBRIEL erformance roducts As discussed in “Note 1. January 15, 2021, three March 31, 2021 We have accounted for the Gabriel Acquisition using the acquisition method. As such, we analyzed the fair value of tangible and intangible assets acquired and liabilities assumed. The preliminary allocation of acquisition cost to the assets acquired and liabilities assumed is summarized as follows (dollars in millions): Fair value of assets acquired and liabilities assumed: Cash paid for the Gabriel Acquisition $ 249 Cash $ 9 Accounts receivable 13 Inventories 26 Property, plant and equipment 23 Intangible assets 16 Goodwill 172 Accounts payable (7 ) Accrued liabilities (2 ) Deferred income taxes (1 ) Total fair value of net assets acquired $ 249 The acquisition cost allocation is preliminary pending final determination of the fair value of assets acquired and liabilities assumed, including final valuation of certain liabilities, property, plant and equipment, intangible assets, leases and deferred taxes. Intangible assets acquired included in this preliminary allocation consist primarily of trademarks, technology and trade secrets. The applicable amortization periods are still being assessed. For purposes of this preliminary allocation of fair value, we have assigned any excess of the acquisition cost over the estimated preliminary fair value to goodwill. The estimated goodwill recognized is attributable primarily to projected future profitable growth in our Advanced Materials specialty portfolio and synergies. We expect that a portion of the estimated goodwill arising from the acquisition will be deductible for income tax purposes, but the amount is still being assessed. It is possible that material changes to this preliminary allocation of acquisition cost could occur. The acquired business had revenues and net income of $23 million and $4 million, respectively, for the period from the date of acquisition to March 31, 2021. A cquisition of hermoset pecialties On May 18, 2020, We have accounted for the CVC Thermoset Specialties Acquisition using the acquisition method. As such, we analyzed the fair value of tangible and intangible assets acquired and liabilities assumed. The preliminary allocation of acquisition cost to the assets acquired and liabilities assumed is summarized as follows (dollars in millions): Fair value of assets acquired and liabilities assumed: Cash paid for the CVC Thermoset Specialties Acquisition $ 304 Accounts receivable $ 12 Inventories 37 Property, plant and equipment 67 Intangible assets 117 Goodwill 120 Accounts payable (7 ) Accrued liabilities (1 ) Deferred income taxes (41 ) Total fair value of net assets acquired $ 304 The acquisition cost allocation is preliminary pending final determination of the fair value of assets acquired and liabilities assumed, primarily relating to the final valuation of certain liabilities and deferred taxes. Intangible assets acquired included in this preliminary allocation consist primarily of trademarks, trade secrets and customer relationships, which are predominantly being amortized over a period of 20 years. For purposes of this preliminary allocation of fair value, we have assigned any excess of the acquisition cost over the estimated preliminary fair value to goodwill. The estimated goodwill recognized is attributable primarily to projected future profitable growth in our Advanced Materials specialty portfolio and synergies. We expect that none A cquisition of cynene apolla On February 20, 2020, We have accounted for the Icynene-Lapolla Acquisition using the acquisition method. As such, we analyzed the fair value of tangible and intangible assets acquired and liabilities assumed. The allocation of acquisition cost to the assets acquired and liabilities assumed is summarized as follows (dollars in millions): Fair value of assets acquired and liabilities assumed: Cash paid for the Icynene-Lapolla Acquisition in Q1 2020 $ 353 Cash $ 7 Accounts receivable 36 Inventories 32 Prepaid expenses and other current assets 2 Property, plant and equipment 9 Intangible assets 130 Goodwill 167 Other noncurrent assets 4 Accounts payable (14 ) Accrued liabilities (11 ) Deferred income taxes (9 ) Total fair value of net assets acquired $ 353 As a result of the finalization of the valuation of the assets and liabilities, reallocations were made during the first 2021 None P RO ORMA NFORMATION FOR CQUISITIONS If the Gabriel Acquisition, CVC Thermoset Specialties Acquisition and the Icynene-Lapolla Acquisition were to have occurred on January 1, 2020 Three months ended March 31, 2021(1) 2020 Revenues $ 1,841 $ 1,675 Net income 88 705 Net income attributable to Huntsman Corporation 71 702 Three months ended March 31, 2021(1) 2020 Revenues $ 1,841 $ 1,675 Net income 90 704 Net income attributable to Huntsman International 73 701 ( 1 Includes pro forma information for the Gabriel Acquisition only. |
Note 4 - Discontinued Operation
Note 4 - Discontinued Operations and Business Dispositions | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | 4. S aLE o f enator nterEST On December 23, 2020, no June 23, 2023 not For the three March 31, 2021 2020 Summarized financial information of Venator for the three March 31, 2020 Three months ended March 31, 2020 Revenues $ 532 Gross profit 61 Income from continuing operations 8 Net income 8 Net income attributable to Venator 7 S ale of hemical ntermediates usinesses On January 3, 2020, first 2020. The following table reconciles major line items constituting pretax income of discontinued operations to after-tax income of discontinued operations as presented in our condensed consolidated statements of operations (dollars in millions): Three months ended March 31, 2020 Major line items constituting pretax income of discontinued operations(1): Trade sales, services and fees, net(2) $ 6 Cost of goods sold(2) 9 Gain on sale of the Chemical Intermediates Businesses 990 Insurance proceeds 28 Income from discontinued operations before income taxes 1,015 Income tax expense (238 ) Net income attributable to discontinued operations $ 777 ( 1 Discontinued operations include our Chemical Intermediates Businesses, our Australian styrenics operations and our North American polymers and base chemicals operations for all periods presented. ( 2 Includes eliminations of trade sales, services and fees, net and cost of sales between continuing operations and discontinued operations. |
Note 5 - Inventories
Note 5 - Inventories | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | 5. Inventories are stated at the lower of cost or market, with cost determined using LIFO, first first March 31, December 31, 2021 2020 Raw materials and supplies $ 245 $ 180 Work in progress 47 44 Finished goods 745 651 Total 1,037 875 LIFO reserves (31 ) (27 ) Net inventories $ 1,006 $ 848 As of March 31, 2021 December 31, 2020 |
Note 6 - Variable Interest Enti
Note 6 - Variable Interest Entities | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Variable Interest Entity Disclosure [Text Block] | 6. 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 is our 50%-owned joint venture with Zamil group that manufactures products for our Performance Products segment. During the three 2021 no Creditors of these entities have no 8. March 31, 2021 The following table summarizes the carrying amount of our variable interest entities’ assets and liabilities included in our condensed consolidated balance sheet as of March 31, 2021 December 31, 2020 March 31, December 31, 2021 2020 Current assets $ 56 $ 49 Property, plant and equipment, net 166 167 Operating lease right-of-use assets 27 22 Other noncurrent assets 152 138 Deferred income taxes 30 30 Total assets $ 431 $ 406 Current liabilities $ 201 $ 183 Long-term debt — 3 Noncurrent operating lease liabilities 21 17 Other noncurrent liabilities 82 82 Deferred income taxes 1 1 Total liabilities $ 305 $ 286 The revenues, income from continuing operations before income taxes and net cash provided by operating activities for our variable interest entities for the three March 31, 2021 2020 Three months ended March 31, 2021 2020 Revenues $ — $ — Income from continuing operations before income taxes — 1 Net cash provided by operating activities 4 6 |
Note 7 - Restructuring, Impairm
Note 7 - Restructuring, Impairment and Plant Closing Costs | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Restructuring and Related Activities Disclosure [Text Block] | 7. As of March 31, 2021 December 31, 2020, Workforce reductions Demolition and decommissioning Non-cancelable lease and contract termination costs Other restructuring costs Total Accrued liabilities as of January 1, 2021 $ 29 $ — $ 2 $ — $ 31 2021 charges for 2020 and prior initiatives 12 — — 2 14 2021 charges for 2021 initiatives 2 — — — 2 2021 payments for 2020 and prior initiatives (5 ) — — (2 ) (7 ) Accrued liabilities as of March 31, 2021 $ 38 $ — $ 2 $ — $ 40 Details with respect to our reserves for restructuring, impairment and plant closing costs by segment and initiative are provided below (dollars in millions): Performance Advanced Textile Corporate Polyurethanes Products Materials Effects and Other Total Accrued liabilities as of January 1, 2021 $ 12 $ 2 $ 9 $ 8 $ — $ 31 2021 charges (credits) for 2020 and prior initiatives 1 — (1 ) — 14 14 2021 charges for 2021 initiatives — — 2 — — 2 2021 payments for 2020 and prior initiatives (2 ) (1 ) (2 ) (1 ) (1 ) (7 ) Accrued liabilities as of March 31, 2021 $ 11 $ 1 $ 8 $ 7 $ 13 $ 40 Current portion of restructuring reserves $ 11 $ 1 $ 5 $ 4 $ 5 $ 26 Long-term portion of restructuring reserves — — 3 3 8 14 Details with respect to cash and noncash restructuring charges from continuing operations for the three March 31, 2021 2020 Three months ended March 31, 2021 2020 Cash charges: 2021 charges for 2020 and prior initiatives $ 14 $ — 2021 charges for 2021 initiatives 2 — 2020 charges for 2019 and prior initiatives — 1 2020 charges for 2020 initiatives — 2 Noncash charges: Other noncash charges 8 — Total restructuring, impairment and plant closing costs $ 24 $ 3 2021 R estructuring ctivities Beginning in the first 2021, $14 first 2021 2023. Beginning in the third 2020, first 2021 2021. 2020 R estructuring ctivities During the first 2020, $2 three March 31, 2020, |
Note 8 - Debt
Note 8 - Debt | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 8. Outstanding debt, net of debt issuance costs, consisted of the following (dollars in millions): March 31, December 31, 2021 2020 Senior Credit Facilities: Revolving facility $ — $ — Amounts outstanding under A/R programs — — Senior notes 1,489 2,047 Variable interest entities 55 50 Other 23 24 Total debt $ 1,567 $ 2,121 Total current portion of debt $ 57 $ 593 Long-term portion of debt 1,510 1,528 Total debt $ 1,567 $ 2,121 D irect and ubsidiary ebt Huntsman Corporation’s direct debt and guarantee obligations consist of a guarantee of certain indebtedness incurred from time to time to finance certain insurance premiums. Substantially all of our other debt, including the facilities described below, has been incurred by our subsidiaries (primarily Huntsman International). Huntsman Corporation is not Certain of our subsidiaries have third third Debt Issuance Costs We record debt issuance costs related to a debt liability on the balance sheet as a reduction to the face amount of that debt liability. For March 31, 2021 December 31, 2020 Revolving Credit Facility As of March 31, 2021 Unamortized Discounts and Committed Principal Debt Issuance Carrying Facility Amount Outstanding Costs Value Interest Rate(2) Maturity Revolving Credit Facility $ 1,200 $ — (1) $ — (1) $ — (1) USD LIBOR plus 1.50% 2023 ( 1 On March 31, 2021 ( 2 Interest rates on borrowings under the Revolving Credit Facility vary based on the type of loan and Huntsman International’s debt ratings. The then applicable interest rate as of March 31, 2021 A/R Programs Our U.S. accounts receivable securitization program (“U.S. A/R Program”) and our European accounts receivable securitization program (“EU A/R Program” and collectively with the U.S. A/R Program, “A/R Programs”) are structured so that we transfer certain of our trade receivables to the U.S. special purpose entity (“U.S. SPE”) and the European special purpose entity (“EU SPE”) in transactions intended to be true sales or true contributions. The receivables collateralize debt incurred by the U.S. SPE and the EU SPE. Information regarding our A/R Programs as of March 31, 2021 Maximum Funding Amount Facility Maturity Availability (1) Outstanding Interest Rate (2) U.S. A/R Program April 2022 $ 150 $ — (3) Applicable rate plus 0.90% EU A/R Program April 2022 € 100 € — Applicable rate plus 1.30% (or approximately $118) ( 1 The amount of actual availability under our A/R Programs may ( 2 The applicable rate for our U.S. A/R Program is defined by the lender as USD LIBOR. The applicable rate for our EU A/R Program is either GBP LIBOR, USD LIBOR or EURIBOR. ( 3 As of March 31, 2021 As of March 31, 2021 December 31, 2020 Senior Notes On January 15, 2021, € 445 2021 not first 2021 Note Payable from Huntsman International to Huntsman Corporation During the first 2020, C ompliance ith ovenants We believe that we are in compliance with the covenants contained in the agreements governing our material debt instruments, including our Revolving Credit Facility, our A/R Programs and our senior notes. |
Note 9 - Derivative Instruments
Note 9 - Derivative Instruments and Hedging Activities | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | 9. We are exposed to market risks, such as changes in interest rates, foreign exchange rates and commodity prices. From time to time, we enter into transactions, including transactions involving derivative instruments, to manage certain of these exposures. We also hedge our net investment in certain European operations. Our revenues and expenses are denominated in various foreign currencies, and our cash flows and earnings are thus subject to fluctuations due to exchange rate variations. From time to time, we may may one not March 31, 2021 From time to time, we may We review our non-U.S. dollar denominated debt and derivative instruments to determine the appropriate amounts designated as hedges. As of March 31, 2021 € 155 three March 31, 2021 March 31, 2020 |
Note 10 - Fair Value
Note 10 - Fair Value | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 10. The fair values of financial instruments were as follows (dollars in millions): March 31, 2021 December 31, 2020 Carrying Estimated Carrying Estimated Value Fair Value Value Fair Value Non-qualified employee benefit plan investments $ 21 $ 21 $ 26 $ 26 Investment in Venator 45 45 32 32 Option agreement for remaining Venator shares (25 ) (25 ) 11 11 Long-term debt (including current portion) (1,567 ) (1,729 ) (2,121 ) (2,334 ) The carrying amounts reported in the balance sheets of cash and cash equivalents, accounts receivable and accounts payable approximate fair value because of the immediate or short-term maturity of these financial instruments. Our investment in Venator is marked to fair value, which is obtained through market observable pricing using prevailing market prices (Level 1 2 4. 1 1 March 31, 2021 December 31, 2020. not not March 31, 2021, may During the three March 31, 2021 no 3 no 3 |
Note 11 - Revenue Recognition
Note 11 - Revenue Recognition | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 11. The following tables disaggregate our revenue from continuing operations by major source for the three March 31, 2021 2020 Performance Advanced Textile Corporate and 2021 Polyurethanes Products Materials Effects Eliminations Total Primary Geographic Markets(1) U.S. and Canada $ 371 $ 120 $ 83 $ 13 $ (3 ) $ 584 Europe 279 77 99 31 (3 ) 483 Asia Pacific 336 91 71 119 — 617 Rest of world 82 17 25 30 (1 ) 153 $ 1,068 $ 305 $ 278 $ 193 $ (7 ) $ 1,837 Major Product Groupings MDI urethanes $ 1,068 $ 1,068 Differentiated $ 305 305 Specialty $ 245 245 Non-specialty 33 33 Textile chemicals and dyes $ 193 193 Eliminations $ (7 ) (7 ) $ 1,068 $ 305 $ 278 $ 193 $ (7 ) $ 1,837 Performance Advanced Textile Corporate and 2020 Polyurethanes Products Materials Effects Eliminations Total Primary Geographic Markets(1) U.S. and Canada $ 370 $ 129 $ 63 $ 17 $ (7 ) $ 572 Europe 245 74 101 32 (1 ) 451 Asia Pacific 199 70 56 103 — 428 Rest of world 74 19 21 28 — 142 $ 888 $ 292 $ 241 $ 180 $ (8 ) $ 1,593 Major Product Groupings MDI urethanes $ 888 $ 888 Differentiated $ 292 292 Specialty $ 211 211 Non-specialty 30 30 Textile chemicals and dyes $ 180 180 Eliminations $ (8 ) (8 ) $ 888 $ 292 $ 241 $ 180 $ (8 ) $ 1,593 ( 1 Geographic information for revenues is based upon countries into which product is sold. |
Note 12 - Employee Benefit Plan
Note 12 - Employee Benefit Plans | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Retirement Benefits [Text Block] | 12. Components of the net periodic benefit costs from continuing operations for the three March 31, 2021 2020 Huntsman Corporation Other Postretirement Defined Benefit Plans Benefit Plans Three months Three months ended ended March 31, March 31, 2021 2020 2021 2020 Service cost $ 14 $ 14 $ — $ — Interest cost 12 15 — 1 Expected return on assets (42 ) (43 ) — — Amortization of prior service benefit (2 ) (2 ) (1 ) (1 ) Amortization of actuarial loss 23 20 1 — Settlement loss 3 — — — Net periodic benefit cost $ 8 $ 4 $ — $ — Huntsman International Other Postretirement Defined Benefit Plans Benefit Plans Three months Three months ended ended March 31, March 31, 2021 2020 2021 2020 Service cost $ 14 $ 14 $ — $ — Interest cost 12 15 — 1 Expected return on assets (42 ) (43 ) — — Amortization of prior service benefit (2 ) (2 ) (1 ) (1 ) Amortization of actuarial loss 24 21 1 — Settlement loss 3 — — — Net periodic benefit cost $ 9 $ 5 $ — $ — During the three March 31, 2021 2020 2021 |
Note 13 - Huntsman Corporation
Note 13 - Huntsman Corporation Stockholders' Equity | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 13. S hare epurchase rogram On February 7, 2018 May 3, 2018, may may first 2020, first 2020, 19. D ividends on ommon tock During the quarters ended March 31, 2021 March 31, 2020 |
Note 14 - Accumulated Other Com
Note 14 - Accumulated Other Comprehensive Loss | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | 14. The components of other comprehensive (loss) income and changes in accumulated other comprehensive loss by component were as follows (dollars in millions): Huntsman Corporation Pension Other Foreign and other comprehensive Amounts Amounts currency postretirement income of attributable to attributable to translation benefits unconsolidated noncontrolling Huntsman adjustment(a) adjustments(b) affiliates Other, net Total interests Corporation Beginning balance, January 1, 2021 $ (328 ) $ (1,050 ) $ 8 $ 4 $ (1,366 ) $ 20 $ (1,346 ) Other comprehensive loss before reclassifications, gross (32 ) — — — (32 ) — (32 ) Tax expense — — — — — — — Amounts reclassified from accumulated other comprehensive loss, gross(c) — 24 — — 24 — 24 Tax expense — (5 ) — — (5 ) — (5 ) Net current-period other comprehensive (loss) income (32 ) 19 — — (13 ) — (13 ) Ending balance, March 31, 2021 $ (360 ) $ (1,031 ) $ 8 $ 4 $ (1,379 ) $ 20 $ (1,359 ) (a) Amounts are net of tax of $56 March 31, 2021 January 1, 2021 (b) Amounts are net of tax of $148 and $153 as of March 31, 2021 January 1, 2021 (c) See table below for details about these reclassifications. Pension Other Foreign and other comprehensive Amounts Amounts currency postretirement income of attributable to attributable to translation benefits unconsolidated noncontrolling Huntsman adjustment(a) adjustments(b) affiliates Other, net Total interests Corporation Beginning balance, January 1, 2020 $ (369 ) $ (1,031 ) $ 8 $ 4 $ (1,388 ) $ 26 $ (1,362 ) Other comprehensive (loss) income before reclassifications, gross (67 ) 8 — — (59 ) — (59 ) Tax expense (6 ) — — — (6 ) — (6 ) Amounts reclassified from accumulated other comprehensive loss, gross(c) — 58 — — 58 — 58 Tax expense — (14 ) — — (14 ) — (14 ) Net current-period other comprehensive (loss) income (73 ) 52 — — (21 ) — (21 ) Ending balance, March 31, 2020 $ (442 ) $ (979 ) $ 8 $ 4 $ (1,409 ) $ 26 $ (1,383 ) (a) Amounts are net of tax of $74 and $68 as of March 31, 2020 January 1, 2020 (b) Amounts are net of tax of $134 and $148 as of March 31, 2020 January 1, 2020 (c) See table below for details about these reclassifications. Three Months Ended March 31, 2021 2020 Amounts reclassified Amounts reclassified Affected line item in from accumulated from accumulated the statement Details about Accumulated Other other other where net income Comprehensive Loss Components(a): comprehensive loss comprehensive loss is presented Amortization of pension and other postretirement benefits: Prior service credit $ (3 ) $ (3 ) (b) Settlement loss 3 41 (c) Actuarial loss 24 20 (b)(d) 24 58 Total before tax (5 ) (14 ) Income tax expense Total reclassifications for the period $ 19 $ 44 Net of tax (a) Pension and other postretirement benefits amounts in parentheses indicate credits on our condensed consolidated statements of operations. (b) These accumulated other comprehensive loss components are included in the computation of net periodic pension costs. See “Note 12. (c) In connection with the sale of our Chemical Intermediates Businesses, we recognized $41 of pension and other post-employment benefit settlement losses during the three March 31, 2020. (d) Amounts contain approximately $2 and $1 of actuarial losses related to discontinued operations for the three March 31, 2021 2020 Huntsman International Pension Other Foreign and other comprehensive Amounts Amounts currency postretirement income of attributable to attributable to translation benefits unconsolidated noncontrolling Huntsman adjustment(a) adjustments(b) affiliates Other, net Total interests International Beginning balance, January 1, 2021 $ (333 ) $ (1,028 ) $ 8 $ — $ (1,353 ) $ 20 $ (1,333 ) Other comprehensive loss before reclassifications, gross (31 ) — — — (31 ) — (31 ) Tax expense — — — — — — — Amounts reclassified from accumulated other comprehensive loss, gross(c) — 25 — — 25 — 25 Tax expense — (6 ) — — (6 ) — (6 ) Net current-period other comprehensive (loss) income (31 ) 19 — — (12 ) — (12 ) Ending balance, March 31, 2021 $ (364 ) $ (1,009 ) $ 8 $ — $ (1,365 ) $ 20 $ (1,345 ) (a) Amounts are net of tax of $43 for both March 31, 2021 January 1, 2021 (b) Amounts are net of tax of $172 and $178 as of March 31, 2021 January 1, 2021 (c) See table below for details about these reclassifications. Pension Other Foreign and other comprehensive Amounts Amounts currency postretirement income of attributable to attributable to translation benefits unconsolidated noncontrolling Huntsman adjustment(a) adjustments(b) affiliates Other, net Total interests International Beginning balance, January 1, 2020 $ (374 ) $ (1,012 ) $ 8 $ — $ (1,378 ) $ 26 $ (1,352 ) Other comprehensive (loss) income before reclassifications, gross (67 ) 8 — — (59 ) — (59 ) Tax expense (6 ) — — — (6 ) — (6 ) Amounts reclassified from accumulated other comprehensive loss, gross(c) — 59 — — 59 — 59 Tax expense — (14 ) — — (14 ) — (14 ) Net current-period other comprehensive (loss) income (73 ) 53 — — (20 ) — (20 ) Ending balance, March 31, 2020 $ (447 ) $ (959 ) $ 8 $ — $ (1,398 ) $ 26 $ (1,372 ) (a) Amounts are net of tax of $61 and $55 as of March 31, 2020 January 1, 2020 (b) Amounts are net of tax of $160 and $174 as of March 31, 2020 January 1, 2020 (c) See table below for details about these reclassifications. Three Months Ended March 31, 2021 2020 Amounts reclassified Amounts reclassified Affected line item in from accumulated from accumulated the statement Details about Accumulated Other other other where net income Comprehensive Loss Components(a): comprehensive loss comprehensive loss is presented Amortization of pension and other postretirement benefits: Prior service credit $ (3 ) $ (3 ) (b) Settlement loss 3 41 (c) Actuarial loss 25 21 (b)(d) 25 59 Total before tax (6 ) (14 ) Income tax expense Total reclassifications for the period $ 19 $ 45 Net of tax (a) Pension and other postretirement benefits amounts in parentheses indicate credits on our condensed consolidated statements of operations. (b) These accumulated other comprehensive loss components are included in the computation of net periodic pension costs. See “Note 12. (c) In connection with the sale of our Chemical Intermediates Businesses, we recognized $41 of pension and other post-employment benefit settlement losses during the three March 31, 2020. (d) Amounts contain approximately $2 and $1 of actuarial losses related to discontinued operations for the three March 31, 2021 2020. |
Note 15 - Commitments and Conti
Note 15 - Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 15. L egal atters We are a party to various proceedings instituted by private plaintiffs, governmental authorities and others arising under provisions of applicable laws, including various environmental, products liability and other laws. Except as otherwise disclosed in this report, we do not |
Note 16 - Environmental, Health
Note 16 - Environmental, Health and Safety Matters | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Environmental Loss Contingency Disclosure [Text Block] | 16. EHS C apital xpenditures We may three March 31, 2021 2020 may E nvironmental eserves We have accrued liabilities relating to anticipated environmental cleanup obligations, site reclamation and closure costs and known penalties. Liabilities are recorded when potential liabilities are either known or considered probable and can be reasonably estimated. Our liability estimates are calculated using present value techniques as appropriate and are based upon requirements placed upon us by regulators, available facts, existing technology and past experience. The environmental liabilities do not March 31, 2021 December 31, 2020 March 31, 2021 December 31, 2020 March 31, 2021 December 31, 2020 may may not E nvironmental atters Under the Comprehensive Environmental Response, Compensation, and Liability Act (“CERCLA”) and similar state laws, a current or former owner or operator of real property in the U.S. may may nine third not not third Under the Resource Conservation and Recovery Act (“RCRA”) in the U.S. and similar state laws, we may may North Maybe Canyon Mine Remediation The North Maybe Canyon Mine site is a CERCLA site and involves a former phosphorous mine near Soda Springs, Idaho, which is believed to have been operated by several companies, including a predecessor company to us. In 2004, February 2010, |
Note 17 - Stock-based Compensat
Note 17 - Stock-based Compensation Plans | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | 17. As of March 31, 2021 three The compensation cost from continuing operations under the stock-based compensation plans for our Company and Huntsman International were as follows (dollars in millions): Three months ended March 31, 2021 2020 Huntsman Corporation compensation cost $ 9 $ 7 Huntsman International compensation cost 8 6 The total income tax benefit recognized in the condensed consolidated statements of operations for us and Huntsman International for stock-based compensation arrangements was $1 million for both of the three March 31, 2021 2020 S tock ptions The fair value of each stock option award is estimated on the date of grant using the Black-Scholes valuation model that uses the assumptions noted in the following table. Expected volatilities are based on the historical volatility of our common stock through the grant date. The expected term of options granted was estimated based on the contractual term of the instruments and employees’ expected exercise and post-vesting employment termination behavior. The risk-free rate for periods within the contractual life of the option was based on the U.S. Treasury yield curve in effect at the time of grant. The assumptions noted below represent the weighted average of the assumptions utilized for stock options granted during the periods. Three months ended March 31, 2021 2020 Dividend yield 2.3 % 3.0 % Expected volatility 53.3 % 53.1 % Risk-free interest rate 0.7 % 1.5 % Expected life of stock options granted during the period (in years) 5.9 5.9 A summary of stock option activity under the stock-based compensation plans as of March 31, 2021 three Weighted Weighted Average Average Remaining Aggregate Exercise Contractual Intrinsic Option Awards Shares Price Term Value (in thousands) (years) (in millions) Outstanding at January 1, 2021 4,815 $ 20.37 Granted 304 28.58 Exercised (275 ) 17.94 Forfeited (21 ) 28.12 Outstanding at March 31, 2021 4,823 20.99 6.2 $ 39 Exercisable at March 31, 2021 3,729 20.17 5.4 34 The weighted-average grant-date fair value of stock options granted during the three March 31, 2021 March 31, 2021 The total intrinsic value of stock options exercised during the three March 31, 2021 2020 three March 31, 2021 2020 nil, three March 31, 2021 2020 nil, N onvested hares Nonvested shares granted under the stock-based compensation plans consist of restricted stock and performance share unit awards, which are accounted for as equity awards, and phantom stock, which is accounted for as a liability award because it can be settled in either stock or cash. The fair value of each performance share unit award is estimated using a Monte Carlo simulation model that uses various assumptions, including an expected volatility rate and a risk-free interest rate. For the three March 31, 2021 2020 three March 31, 2021 2020 three three A summary of the status of our nonvested shares as of March 31, 2021 three Equity Awards Liability Awards Weighted Weighted Average Average Grant-Date Grant-Date Shares Fair Value Shares Fair Value (in thousands) (in thousands) Nonvested at January 1, 2021 1,867 $ 23.18 411 $ 23.08 Granted 831 31.17 184 28.58 Vested (512 ) (1)(2) 28.26 (188 ) 24.59 Forfeited (6 ) 21.89 (4 ) 22.88 Nonvested at March 31, 2021 2,180 25.04 403 24.89 ( 1 As of March 31, 2021 not three March 31, 2021 not not ( 2 A total of 110,542 performance share unit awards are reflected in the vested shares in this table, which represents the target number of performance share unit awards for this grant and were included in the balance at December 31, 2020 three March 31, 2021 not As of March 31, 2021 three March 31, 2021 2020 |
Note 18 - Income Taxes
Note 18 - Income Taxes | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 18. We use the asset and liability method of accounting for income taxes. Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial and tax reporting purposes. We evaluate deferred tax assets to determine whether it is more likely than not During the three March 31, 2021 2020 no December 31, 2019, no 2020 2021 Huntsman Corporation We recorded income tax expense from continuing operations of $34 million and $7 million for the three March 31, 2021 2020 Huntsman International Huntsman International recorded income tax expense from continuing operations of $35 million and $7 million for the three March 31, 2021 2020 |
Note 19 - Earnings Per Share
Note 19 - Earnings Per Share | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 19. Basic earnings per share excludes dilution and is computed by dividing net income attributable to Huntsman Corporation common stockholders by the weighted average number of shares outstanding during the period. Diluted earnings per share reflects all potential dilutive common shares outstanding during the period and is computed by dividing net income attributable to Huntsman Corporation common stockholders by the weighted average number of shares outstanding during the period increased by the number of additional shares that would have been outstanding as dilutive securities. Basic and diluted earnings per share is determined using the following information (in millions): Three months ended March 31, 2021 2020 Numerator: Basic and diluted income (loss) from continuing operations: Income (loss) from continuing operations attributable to Huntsman Corporation $ 82 $ (72 ) Basic and diluted net income: Net income attributable to Huntsman Corporation $ 83 $ 705 Denominator: Weighted average shares outstanding 220.4 223.2 Dilutive shares: Stock-based awards 2.2 — Total weighted average shares outstanding, including dilutive shares 222.6 223.2 Additional stock-based awards of 1.1 million and 5.6 million weighted average equivalent shares of stock were outstanding during the three March 31, 2021 2020 not three March 31, 2021 2020 |
Note 20 - Operating Segment Inf
Note 20 - Operating Segment Information | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 20. We derive our revenues, earnings and cash flows from the manufacture and sale of a wide variety of differentiated and commodity chemical products. We have four The major products of each reportable operating segment are as follows: Segment Products Polyurethanes MDI, polyols, TPU and other polyurethane-related products Performance Products Specialty amines, ethyleneamines, maleic anhydride and technology licenses Advanced Materials Basic liquid and solid epoxy resins; specialty resin compounds; cross-linking, matting, and curing and toughening agents; epoxy, acrylic and polyurethane-based formulations; specialty nitrile latex, alkyd resins and carbon nano materials Textile Effects Textile chemicals and dyes Sales between segments are generally recognized at external market prices and are eliminated in consolidation. Adjusted EBITDA is presented as a measure of the financial performance of our global business units and for reporting the results of our operating segments. The adjusted EBITDA of our reportable operating segments excludes items that principally apply to our Company as a whole. The revenues and adjusted EBITDA from continuing operations for each of our reportable operating segments are as follows (dollars in millions): Three months ended March 31, 2021 2020 Revenues: Polyurethanes $ 1,068 $ 888 Performance Products 305 292 Advanced Materials 278 241 Textile Effects 193 180 Corporate and eliminations (7 ) (8 ) Total $ 1,837 $ 1,593 Huntsman Corporation: Segment adjusted EBITDA(1): Polyurethanes $ 207 $ 84 Performance Products 63 58 Advanced Materials 44 48 Textile Effects 25 20 Corporate and other(2) (50 ) (45 ) Total 289 165 Reconciliation of adjusted EBITDA to net income: Interest expense, net—continuing operations (19 ) (18 ) Income tax expense—continuing operations (34 ) (7 ) Income tax expense—discontinued operations — (238 ) Depreciation and amortization—continuing operations (74 ) (67 ) Net income attributable to noncontrolling interests 17 3 Other adjustments: Business acquisition and integration expenses and purchase accounting inventory adjustments (9 ) (13 ) EBITDA from discontinued operations(3) 1 1,015 Fair value adjustments to Venator investment (19 ) (110 ) Certain legal and other settlements and related expenses (2 ) (2 ) Gain on sale of businesses/assets — 2 Income from transition services arrangements 1 — Certain nonrecurring information technology project implementation costs (1 ) (1 ) Amortization of pension and postretirement actuarial losses (22 ) (18 ) Plant incident remediation costs (4 ) — Restructuring, impairment and plant closing and transition costs (24 ) (3 ) Net income $ 100 $ 708 Three months ended March 31, 2021 2020 Huntsman International: Segment adjusted EBITDA(1): Polyurethanes $ 207 $ 84 Performance Products 63 58 Advanced Materials 44 48 Textile Effects 25 20 Corporate and other(2) (47 ) (44 ) Total 292 166 Reconciliation of adjusted EBITDA to net income: Interest expense, net—continuing operations (19 ) (20 ) Income tax expense—continuing operations (35 ) (7 ) Income tax expense—discontinued operations — (238 ) Depreciation and amortization—continuing operations (73 ) (67 ) Net income attributable to noncontrolling interests 17 3 Other adjustments: Business acquisition and integration expenses and purchase accounting inventory adjustments (9 ) (13 ) EBITDA from discontinued operations(3) 1 1,015 Fair value adjustments to Venator investment (19 ) (110 ) Certain legal and other settlements and related expenses (2 ) (2 ) Gain on sale of businesses/assets — 2 Income from transition services arrangements 1 — Certain nonrecurring information technology project implementation costs (1 ) (1 ) Amortization of pension and postretirement actuarial losses (23 ) (18 ) Plant incident remediation costs (4 ) — Restructuring, impairment and plant closing and transition costs (24 ) (3 ) Net income $ 102 $ 707 ( 1 We use segment adjusted EBITDA as the measure of each segment’s profit or loss. We believe that segment adjusted EBITDA more accurately reflects what the chief operating decision maker uses to make decisions about resources to be allocated to the segments and assess their financial performance. Segment adjusted EBITDA is defined as net income of Huntsman Corporation or Huntsman International, as appropriate, before interest, income tax, depreciation and amortization, net income attributable to noncontrolling interests and certain Corporate and other items, as well as eliminating the following adjustments: (a) business acquisition and integration expenses and purchase accounting inventory adjustments; (b) EBITDA from discontinued operations; (c) fair value adjustments to Venator investment; (d) certain legal and other settlements and related expenses; (e) gain on sale of businesses/assets; (f) income from transition services arrangements related to the sale of our Chemical Intermediates Businesses to Indorama; (g) certain nonrecurring information technology project implementation costs; (h) amortization of pension and postretirement actuarial losses; (i) plant incident remediation costs; and (j) restructuring, impairment, plant closing and transition costs. ( 2 Corporate and other includes unallocated corporate overhead, unallocated foreign exchange gains and losses, LIFO inventory valuation reserve adjustments, loss on early extinguishment of debt, unallocated restructuring, impairment and plant closing costs, nonoperating income and expense and gains and losses on the disposition of corporate assets. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | P rinciples of onsolidation Our condensed consolidated financial statements include the accounts of our wholly-owned and majority-owned subsidiaries and any variable interest entities for which we are the primary beneficiary. Intercompany accounts and transactions have been eliminated. |
Reclassification, Comparability Adjustment [Policy Text Block] | R ecl a ss ifications Certain amounts in the condensed consolidated financial statements for the prior period have been reclassified to conform with the current presentation. |
Use of Estimates, Policy [Policy Text Block] | U se of stimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Note 3 - Business Combination_2
Note 3 - Business Combinations and Acquisitions (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Fair value of assets acquired and liabilities assumed: Cash paid for the Gabriel Acquisition $ 249 Cash $ 9 Accounts receivable 13 Inventories 26 Property, plant and equipment 23 Intangible assets 16 Goodwill 172 Accounts payable (7 ) Accrued liabilities (2 ) Deferred income taxes (1 ) Total fair value of net assets acquired $ 249 Fair value of assets acquired and liabilities assumed: Cash paid for the CVC Thermoset Specialties Acquisition $ 304 Accounts receivable $ 12 Inventories 37 Property, plant and equipment 67 Intangible assets 117 Goodwill 120 Accounts payable (7 ) Accrued liabilities (1 ) Deferred income taxes (41 ) Total fair value of net assets acquired $ 304 Fair value of assets acquired and liabilities assumed: Cash paid for the Icynene-Lapolla Acquisition in Q1 2020 $ 353 Cash $ 7 Accounts receivable 36 Inventories 32 Prepaid expenses and other current assets 2 Property, plant and equipment 9 Intangible assets 130 Goodwill 167 Other noncurrent assets 4 Accounts payable (14 ) Accrued liabilities (11 ) Deferred income taxes (9 ) Total fair value of net assets acquired $ 353 |
Business Acquisition, Pro Forma Information [Table Text Block] | Three months ended March 31, 2021(1) 2020 Revenues $ 1,841 $ 1,675 Net income 88 705 Net income attributable to Huntsman Corporation 71 702 Three months ended March 31, 2021(1) 2020 Revenues $ 1,841 $ 1,675 Net income 90 704 Net income attributable to Huntsman International 73 701 |
Note 4 - Discontinued Operati_2
Note 4 - Discontinued Operations and Business Dispositions (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Equity Method Investments [Table Text Block] | Three months ended March 31, 2020 Revenues $ 532 Gross profit 61 Income from continuing operations 8 Net income 8 Net income attributable to Venator 7 |
Disposal Groups, Including Discontinued Operations [Table Text Block] | Three months ended March 31, 2020 Major line items constituting pretax income of discontinued operations(1): Trade sales, services and fees, net(2) $ 6 Cost of goods sold(2) 9 Gain on sale of the Chemical Intermediates Businesses 990 Insurance proceeds 28 Income from discontinued operations before income taxes 1,015 Income tax expense (238 ) Net income attributable to discontinued operations $ 777 |
Note 5 - Inventories (Tables)
Note 5 - Inventories (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | March 31, December 31, 2021 2020 Raw materials and supplies $ 245 $ 180 Work in progress 47 44 Finished goods 745 651 Total 1,037 875 LIFO reserves (31 ) (27 ) Net inventories $ 1,006 $ 848 |
Note 6 - Variable Interest En_2
Note 6 - Variable Interest Entities (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Schedule of Variable Interest Entities [Table Text Block] | March 31, December 31, 2021 2020 Current assets $ 56 $ 49 Property, plant and equipment, net 166 167 Operating lease right-of-use assets 27 22 Other noncurrent assets 152 138 Deferred income taxes 30 30 Total assets $ 431 $ 406 Current liabilities $ 201 $ 183 Long-term debt — 3 Noncurrent operating lease liabilities 21 17 Other noncurrent liabilities 82 82 Deferred income taxes 1 1 Total liabilities $ 305 $ 286 Three months ended March 31, 2021 2020 Revenues $ — $ — Income from continuing operations before income taxes — 1 Net cash provided by operating activities 4 6 |
Note 7 - Restructuring, Impai_2
Note 7 - Restructuring, Impairment and Plant Closing Costs (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Schedule of Restructuring Reserve by Type of Cost [Table Text Block] | Workforce reductions Demolition and decommissioning Non-cancelable lease and contract termination costs Other restructuring costs Total Accrued liabilities as of January 1, 2021 $ 29 $ — $ 2 $ — $ 31 2021 charges for 2020 and prior initiatives 12 — — 2 14 2021 charges for 2021 initiatives 2 — — — 2 2021 payments for 2020 and prior initiatives (5 ) — — (2 ) (7 ) Accrued liabilities as of March 31, 2021 $ 38 $ — $ 2 $ — $ 40 |
Schedule of Restructuring Reserve By Type of Cost and Segment [Table Text Block] | Performance Advanced Textile Corporate Polyurethanes Products Materials Effects and Other Total Accrued liabilities as of January 1, 2021 $ 12 $ 2 $ 9 $ 8 $ — $ 31 2021 charges (credits) for 2020 and prior initiatives 1 — (1 ) — 14 14 2021 charges for 2021 initiatives — — 2 — — 2 2021 payments for 2020 and prior initiatives (2 ) (1 ) (2 ) (1 ) (1 ) (7 ) Accrued liabilities as of March 31, 2021 $ 11 $ 1 $ 8 $ 7 $ 13 $ 40 Current portion of restructuring reserves $ 11 $ 1 $ 5 $ 4 $ 5 $ 26 Long-term portion of restructuring reserves — — 3 3 8 14 |
Schedule of Cash and Noncash Restructuring Charges By Type of Initiative [Table Text Block] | Three months ended March 31, 2021 2020 Cash charges: 2021 charges for 2020 and prior initiatives $ 14 $ — 2021 charges for 2021 initiatives 2 — 2020 charges for 2019 and prior initiatives — 1 2020 charges for 2020 initiatives — 2 Noncash charges: Other noncash charges 8 — Total restructuring, impairment and plant closing costs $ 24 $ 3 |
Note 8 - Debt (Tables)
Note 8 - Debt (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | March 31, December 31, 2021 2020 Senior Credit Facilities: Revolving facility $ — $ — Amounts outstanding under A/R programs — — Senior notes 1,489 2,047 Variable interest entities 55 50 Other 23 24 Total debt $ 1,567 $ 2,121 Total current portion of debt $ 57 $ 593 Long-term portion of debt 1,510 1,528 Total debt $ 1,567 $ 2,121 |
Schedule of Line of Credit Facilities [Table Text Block] | Unamortized Discounts and Committed Principal Debt Issuance Carrying Facility Amount Outstanding Costs Value Interest Rate(2) Maturity Revolving Credit Facility $ 1,200 $ — (1) $ — (1) $ — (1) USD LIBOR plus 1.50% 2023 |
Schedule of Accounts Receivable Programs [Table Text Block] | Maximum Funding Amount Facility Maturity Availability (1) Outstanding Interest Rate (2) U.S. A/R Program April 2022 $ 150 $ — (3) Applicable rate plus 0.90% EU A/R Program April 2022 € 100 € — Applicable rate plus 1.30% (or approximately $118) |
Note 10 - Fair Value (Tables)
Note 10 - Fair Value (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Fair Value, by Balance Sheet Grouping [Table Text Block] | March 31, 2021 December 31, 2020 Carrying Estimated Carrying Estimated Value Fair Value Value Fair Value Non-qualified employee benefit plan investments $ 21 $ 21 $ 26 $ 26 Investment in Venator 45 45 32 32 Option agreement for remaining Venator shares (25 ) (25 ) 11 11 Long-term debt (including current portion) (1,567 ) (1,729 ) (2,121 ) (2,334 ) |
Note 11 - Revenue Recognition (
Note 11 - Revenue Recognition (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Performance Advanced Textile Corporate and 2021 Polyurethanes Products Materials Effects Eliminations Total Primary Geographic Markets(1) U.S. and Canada $ 371 $ 120 $ 83 $ 13 $ (3 ) $ 584 Europe 279 77 99 31 (3 ) 483 Asia Pacific 336 91 71 119 — 617 Rest of world 82 17 25 30 (1 ) 153 $ 1,068 $ 305 $ 278 $ 193 $ (7 ) $ 1,837 Major Product Groupings MDI urethanes $ 1,068 $ 1,068 Differentiated $ 305 305 Specialty $ 245 245 Non-specialty 33 33 Textile chemicals and dyes $ 193 193 Eliminations $ (7 ) (7 ) $ 1,068 $ 305 $ 278 $ 193 $ (7 ) $ 1,837 Performance Advanced Textile Corporate and 2020 Polyurethanes Products Materials Effects Eliminations Total Primary Geographic Markets(1) U.S. and Canada $ 370 $ 129 $ 63 $ 17 $ (7 ) $ 572 Europe 245 74 101 32 (1 ) 451 Asia Pacific 199 70 56 103 — 428 Rest of world 74 19 21 28 — 142 $ 888 $ 292 $ 241 $ 180 $ (8 ) $ 1,593 Major Product Groupings MDI urethanes $ 888 $ 888 Differentiated $ 292 292 Specialty $ 211 211 Non-specialty 30 30 Textile chemicals and dyes $ 180 180 Eliminations $ (8 ) (8 ) $ 888 $ 292 $ 241 $ 180 $ (8 ) $ 1,593 |
Note 12 - Employee Benefit Pl_2
Note 12 - Employee Benefit Plans (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Schedule of Net Benefit Costs [Table Text Block] | Other Postretirement Defined Benefit Plans Benefit Plans Three months Three months ended ended March 31, March 31, 2021 2020 2021 2020 Service cost $ 14 $ 14 $ — $ — Interest cost 12 15 — 1 Expected return on assets (42 ) (43 ) — — Amortization of prior service benefit (2 ) (2 ) (1 ) (1 ) Amortization of actuarial loss 23 20 1 — Settlement loss 3 — — — Net periodic benefit cost $ 8 $ 4 $ — $ — Other Postretirement Defined Benefit Plans Benefit Plans Three months Three months ended ended March 31, March 31, 2021 2020 2021 2020 Service cost $ 14 $ 14 $ — $ — Interest cost 12 15 — 1 Expected return on assets (42 ) (43 ) — — Amortization of prior service benefit (2 ) (2 ) (1 ) (1 ) Amortization of actuarial loss 24 21 1 — Settlement loss 3 — — — Net periodic benefit cost $ 9 $ 5 $ — $ — |
Note 14 - Accumulated Other C_2
Note 14 - Accumulated Other Comprehensive Loss (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Pension Other Foreign and other comprehensive Amounts Amounts currency postretirement income of attributable to attributable to translation benefits unconsolidated noncontrolling Huntsman adjustment(a) adjustments(b) affiliates Other, net Total interests Corporation Beginning balance, January 1, 2021 $ (328 ) $ (1,050 ) $ 8 $ 4 $ (1,366 ) $ 20 $ (1,346 ) Other comprehensive loss before reclassifications, gross (32 ) — — — (32 ) — (32 ) Tax expense — — — — — — — Amounts reclassified from accumulated other comprehensive loss, gross(c) — 24 — — 24 — 24 Tax expense — (5 ) — — (5 ) — (5 ) Net current-period other comprehensive (loss) income (32 ) 19 — — (13 ) — (13 ) Ending balance, March 31, 2021 $ (360 ) $ (1,031 ) $ 8 $ 4 $ (1,379 ) $ 20 $ (1,359 ) Pension Other Foreign and other comprehensive Amounts Amounts currency postretirement income of attributable to attributable to translation benefits unconsolidated noncontrolling Huntsman adjustment(a) adjustments(b) affiliates Other, net Total interests Corporation Beginning balance, January 1, 2020 $ (369 ) $ (1,031 ) $ 8 $ 4 $ (1,388 ) $ 26 $ (1,362 ) Other comprehensive (loss) income before reclassifications, gross (67 ) 8 — — (59 ) — (59 ) Tax expense (6 ) — — — (6 ) — (6 ) Amounts reclassified from accumulated other comprehensive loss, gross(c) — 58 — — 58 — 58 Tax expense — (14 ) — — (14 ) — (14 ) Net current-period other comprehensive (loss) income (73 ) 52 — — (21 ) — (21 ) Ending balance, March 31, 2020 $ (442 ) $ (979 ) $ 8 $ 4 $ (1,409 ) $ 26 $ (1,383 ) Pension Other Foreign and other comprehensive Amounts Amounts currency postretirement income of attributable to attributable to translation benefits unconsolidated noncontrolling Huntsman adjustment(a) adjustments(b) affiliates Other, net Total interests International Beginning balance, January 1, 2021 $ (333 ) $ (1,028 ) $ 8 $ — $ (1,353 ) $ 20 $ (1,333 ) Other comprehensive loss before reclassifications, gross (31 ) — — — (31 ) — (31 ) Tax expense — — — — — — — Amounts reclassified from accumulated other comprehensive loss, gross(c) — 25 — — 25 — 25 Tax expense — (6 ) — — (6 ) — (6 ) Net current-period other comprehensive (loss) income (31 ) 19 — — (12 ) — (12 ) Ending balance, March 31, 2021 $ (364 ) $ (1,009 ) $ 8 $ — $ (1,365 ) $ 20 $ (1,345 ) Pension Other Foreign and other comprehensive Amounts Amounts currency postretirement income of attributable to attributable to translation benefits unconsolidated noncontrolling Huntsman adjustment(a) adjustments(b) affiliates Other, net Total interests International Beginning balance, January 1, 2020 $ (374 ) $ (1,012 ) $ 8 $ — $ (1,378 ) $ 26 $ (1,352 ) Other comprehensive (loss) income before reclassifications, gross (67 ) 8 — — (59 ) — (59 ) Tax expense (6 ) — — — (6 ) — (6 ) Amounts reclassified from accumulated other comprehensive loss, gross(c) — 59 — — 59 — 59 Tax expense — (14 ) — — (14 ) — (14 ) Net current-period other comprehensive (loss) income (73 ) 53 — — (20 ) — (20 ) Ending balance, March 31, 2020 $ (447 ) $ (959 ) $ 8 $ — $ (1,398 ) $ 26 $ (1,372 ) |
Huntsman International LLC [Member] | |
Notes Tables | |
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | Three Months Ended March 31, 2021 2020 Amounts reclassified Amounts reclassified Affected line item in from accumulated from accumulated the statement Details about Accumulated Other other other where net income Comprehensive Loss Components(a): comprehensive loss comprehensive loss is presented Amortization of pension and other postretirement benefits: Prior service credit $ (3 ) $ (3 ) (b) Settlement loss 3 41 (c) Actuarial loss 24 20 (b)(d) 24 58 Total before tax (5 ) (14 ) Income tax expense Total reclassifications for the period $ 19 $ 44 Net of tax Three Months Ended March 31, 2021 2020 Amounts reclassified Amounts reclassified Affected line item in from accumulated from accumulated the statement Details about Accumulated Other other other where net income Comprehensive Loss Components(a): comprehensive loss comprehensive loss is presented Amortization of pension and other postretirement benefits: Prior service credit $ (3 ) $ (3 ) (b) Settlement loss 3 41 (c) Actuarial loss 25 21 (b)(d) 25 59 Total before tax (6 ) (14 ) Income tax expense Total reclassifications for the period $ 19 $ 45 Net of tax |
Note 17 - Stock-based Compens_2
Note 17 - Stock-based Compensation Plans (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Share-based Payment Arrangement, Cost by Plan [Table Text Block] | Three months ended March 31, 2021 2020 Huntsman Corporation compensation cost $ 9 $ 7 Huntsman International compensation cost 8 6 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Three months ended March 31, 2021 2020 Dividend yield 2.3 % 3.0 % Expected volatility 53.3 % 53.1 % Risk-free interest rate 0.7 % 1.5 % Expected life of stock options granted during the period (in years) 5.9 5.9 |
Share-based Payment Arrangement, Option, Activity [Table Text Block] | Weighted Weighted Average Average Remaining Aggregate Exercise Contractual Intrinsic Option Awards Shares Price Term Value (in thousands) (years) (in millions) Outstanding at January 1, 2021 4,815 $ 20.37 Granted 304 28.58 Exercised (275 ) 17.94 Forfeited (21 ) 28.12 Outstanding at March 31, 2021 4,823 20.99 6.2 $ 39 Exercisable at March 31, 2021 3,729 20.17 5.4 34 |
Schedule of Nonvested Share Activity [Table Text Block] | Equity Awards Liability Awards Weighted Weighted Average Average Grant-Date Grant-Date Shares Fair Value Shares Fair Value (in thousands) (in thousands) Nonvested at January 1, 2021 1,867 $ 23.18 411 $ 23.08 Granted 831 31.17 184 28.58 Vested (512 ) (1)(2) 28.26 (188 ) 24.59 Forfeited (6 ) 21.89 (4 ) 22.88 Nonvested at March 31, 2021 2,180 25.04 403 24.89 |
Note 19 - Earnings Per Share (T
Note 19 - Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three months ended March 31, 2021 2020 Numerator: Basic and diluted income (loss) from continuing operations: Income (loss) from continuing operations attributable to Huntsman Corporation $ 82 $ (72 ) Basic and diluted net income: Net income attributable to Huntsman Corporation $ 83 $ 705 Denominator: Weighted average shares outstanding 220.4 223.2 Dilutive shares: Stock-based awards 2.2 — Total weighted average shares outstanding, including dilutive shares 222.6 223.2 |
Note 20 - Operating Segment I_2
Note 20 - Operating Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three months ended March 31, 2021 2020 Revenues: Polyurethanes $ 1,068 $ 888 Performance Products 305 292 Advanced Materials 278 241 Textile Effects 193 180 Corporate and eliminations (7 ) (8 ) Total $ 1,837 $ 1,593 Huntsman Corporation: Segment adjusted EBITDA(1): Polyurethanes $ 207 $ 84 Performance Products 63 58 Advanced Materials 44 48 Textile Effects 25 20 Corporate and other(2) (50 ) (45 ) Total 289 165 Reconciliation of adjusted EBITDA to net income: Interest expense, net—continuing operations (19 ) (18 ) Income tax expense—continuing operations (34 ) (7 ) Income tax expense—discontinued operations — (238 ) Depreciation and amortization—continuing operations (74 ) (67 ) Net income attributable to noncontrolling interests 17 3 Other adjustments: Business acquisition and integration expenses and purchase accounting inventory adjustments (9 ) (13 ) EBITDA from discontinued operations(3) 1 1,015 Fair value adjustments to Venator investment (19 ) (110 ) Certain legal and other settlements and related expenses (2 ) (2 ) Gain on sale of businesses/assets — 2 Income from transition services arrangements 1 — Certain nonrecurring information technology project implementation costs (1 ) (1 ) Amortization of pension and postretirement actuarial losses (22 ) (18 ) Plant incident remediation costs (4 ) — Restructuring, impairment and plant closing and transition costs (24 ) (3 ) Net income $ 100 $ 708 Three months ended March 31, 2021 2020 Huntsman International: Segment adjusted EBITDA(1): Polyurethanes $ 207 $ 84 Performance Products 63 58 Advanced Materials 44 48 Textile Effects 25 20 Corporate and other(2) (47 ) (44 ) Total 292 166 Reconciliation of adjusted EBITDA to net income: Interest expense, net—continuing operations (19 ) (20 ) Income tax expense—continuing operations (35 ) (7 ) Income tax expense—discontinued operations — (238 ) Depreciation and amortization—continuing operations (73 ) (67 ) Net income attributable to noncontrolling interests 17 3 Other adjustments: Business acquisition and integration expenses and purchase accounting inventory adjustments (9 ) (13 ) EBITDA from discontinued operations(3) 1 1,015 Fair value adjustments to Venator investment (19 ) (110 ) Certain legal and other settlements and related expenses (2 ) (2 ) Gain on sale of businesses/assets — 2 Income from transition services arrangements 1 — Certain nonrecurring information technology project implementation costs (1 ) (1 ) Amortization of pension and postretirement actuarial losses (23 ) (18 ) Plant incident remediation costs (4 ) — Restructuring, impairment and plant closing and transition costs (24 ) (3 ) Net income $ 102 $ 707 |
Note 1 - General (Details Textu
Note 1 - General (Details Textual) $ / shares in Units, € in Millions, $ in Millions | Apr. 28, 2021$ / shares | Jan. 15, 2021USD ($) | Jan. 15, 2021EUR (€) | Mar. 31, 2021USD ($)$ / shares | Mar. 31, 2020$ / shares |
Number of Operating Segments | 4 | ||||
Common Stock, Dividends, Per Share, Declared (in dollars per share) | $ / shares | $ 0.1625 | $ 0.1625 | |||
Senior Notes Maturing April 2021 [Member] | |||||
Debt Instrument, Amount Redeemed | $ 541 | € 445 | |||
Debt Instrument, Interest Rate, Stated Percentage | 5.125% | 5.125% | |||
Debt Instrument, Redemption Price, Percentage of Principal Amount Redeemed | 100.00% | 100.00% | |||
Incremental Cash Tax Liability Incurred During Period in Connection with Debt Redemption | $ | $ 15 | ||||
Gabriel Acquisition [Member] | |||||
Payments to Acquire Businesses, Gross | $ | $ 249 | ||||
Subsequent Event [Member] | |||||
Common Stock, Dividends, Per Share, Declared (in dollars per share) | $ / shares | $ 0.1875 | ||||
Common Stock Dividend, Increase, Percent | 15.00% |
Note 3 - Business Combination_3
Note 3 - Business Combinations and Acquisitions (Details Textual) - USD ($) $ in Thousands | Jan. 15, 2021 | May 18, 2020 | Feb. 20, 2020 | Mar. 31, 2021 | Mar. 31, 2021 |
Gabriel Acquisition [Member] | |||||
Payments to Acquire Businesses, Gross | $ 249,000 | ||||
Business Combination, Acquisition Related Costs | $ 1,000 | ||||
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual | $ 23,000 | ||||
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual | $ 4,000 | ||||
CVC Thermoset Specialties [Member] | |||||
Payments to Acquire Businesses, Gross | $ 304,000 | ||||
Finite-Lived Intangible Asset, Useful Life (Year) | 20 years | ||||
Business Acquisition, Goodwill, Expected Tax Deductible Amount | $ 0 | ||||
Icynene-Lapolla [Member] | |||||
Finite-Lived Intangible Asset, Useful Life (Year) | 10 years | ||||
Business Acquisition, Goodwill, Expected Tax Deductible Amount | $ 0 | ||||
Business Combination, Consideration Transferred, Total | $ 353,000 |
Note 3 - Business Combination_4
Note 3 - Business Combinations and Acquisitions - Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Millions | Jan. 15, 2021 | May 18, 2020 | Feb. 20, 2020 | Mar. 31, 2021 | Dec. 31, 2020 |
Goodwill | $ 739 | $ 533 | |||
Gabriel Acquisition [Member] | |||||
Payments to Acquire Businesses, Gross | $ 249 | ||||
Cash | 9 | ||||
Accounts receivable | 13 | ||||
Inventories | 26 | ||||
Property, plant and equipment | 23 | ||||
Intangible assets | 16 | ||||
Goodwill | 172 | ||||
Accounts payable | (7) | ||||
Accrued liabilities | (2) | ||||
Deferred income taxes | (1) | ||||
Total fair value of net assets acquired | 249 | ||||
Cash | $ 9 | ||||
CVC Thermoset Specialties [Member] | |||||
Payments to Acquire Businesses, Gross | $ 304 | ||||
Accounts receivable | 12 | ||||
Inventories | 37 | ||||
Property, plant and equipment | 67 | ||||
Intangible assets | 117 | ||||
Goodwill | 120 | ||||
Accounts payable | (7) | ||||
Accrued liabilities | (1) | ||||
Deferred income taxes | (41) | ||||
Total fair value of net assets acquired | $ 304 | ||||
Icynene-Lapolla [Member] | |||||
Cash | $ 7 | ||||
Accounts receivable | 36 | ||||
Inventories | 32 | ||||
Property, plant and equipment | 9 | ||||
Intangible assets | 130 | ||||
Goodwill | 167 | ||||
Accounts payable | (14) | ||||
Accrued liabilities | (11) | ||||
Deferred income taxes | (9) | ||||
Total fair value of net assets acquired | 353 | ||||
Business Combination, Consideration Transferred, Total | 353 | ||||
Cash | 7 | ||||
Prepaid expenses and other current assets | 2 | ||||
Other noncurrent assets | $ 4 |
Note 3 - Business Combination_5
Note 3 - Business Combinations and Acquisitions - Pro Forma Revenues and Net Income (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | ||
Gabriel Acquisition [Member] | |||
Revenues | [1] | $ 1,841 | |
Net income | [1] | 88 | |
Net (loss) income | [1] | 71 | |
Gabriel Acquisition [Member] | Huntsman International LLC [Member] | |||
Revenues | [1] | 1,841 | |
Net income | [1] | 90 | |
Net (loss) income | [1] | $ 73 | |
Gabriel, CVC Thermoset and Icynene-Lapolla Acquisitions [Member] | |||
Revenues | $ 1,675 | ||
Net income | 705 | ||
Net (loss) income | 702 | ||
Gabriel, CVC Thermoset and Icynene-Lapolla Acquisitions [Member] | Huntsman International LLC [Member] | |||
Revenues | 1,675 | ||
Net income | 704 | ||
Net (loss) income | $ 701 | ||
[1] | Includes pro forma information for the Gabriel Acquisition only. |
Note 4 - Discontinued Operati_3
Note 4 - Discontinued Operations and Business Dispositions (Details Textual) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | Dec. 23, 2020 | Jan. 03, 2020 | Mar. 31, 2021 | Mar. 31, 2020 |
Equity Securities, FV-NI, Unrealized Gain (Loss), Total | $ (19) | |||
Equity Investment, Unrealized Gain (Loss) | $ (110) | |||
Proceeds from Divestiture of Businesses | 15 | 1,915 | ||
Chemical Intermediates Businesses [Member] | Discontinued Operations, Disposed of by Sale [Member] | ||||
Disposal Group, Including Discontinued Operation, Consideration | $ 2,000 | |||
Proceeds from Divestiture of Businesses | 1,920 | |||
Disposal Group, Including Discontinued Operation, Pension and Other Post Employment Plan Benefit Obligation | $ 72 | |||
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax, Total | 758 | |||
Venator Materials PLC [Member] | ||||
Equity Securities, FV-NI, Unrealized Gain (Loss), Total | $ (19) | |||
Equity Investment, Unrealized Gain (Loss) | $ (110) | |||
Venator Materials PLC [Member] | SK Capital Partners, LP [Member] | ||||
Equity Method Investment Using Fair Value Option, Number of Shares Sold (in shares) | 42.4 | |||
Proceeds from Sale of Debt and Equity Securities, FV-NI, Held-for-investment | $ 99 | |||
Equity Securities Held for Which There Exists an Option for Another Party to Purchase (in shares) | 9.7 | |||
Equity Securities Held for Which There Exists an Option for Another Party to Purchase, Price Per Share (in dollars per share) | $ 2.15 |
Note 4 - Discontinued Operati_4
Note 4 - Discontinued Operations and Business Dispositions - Summarized Financial Information of Venator (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Gross profit | $ 392 | $ 297 |
Income from continuing operations | 99 | (69) |
Net income | $ 83 | 705 |
Venator Materials PLC [Member] | ||
Net income | 7 | |
Venator Materials PLC [Member] | ||
Revenues | 532 | |
Gross profit | 61 | |
Income from continuing operations | 8 | |
Net income | $ 8 |
Note 4 - Discontinued Operati_5
Note 4 - Discontinued Operations and Business Dispositions - Summary of Major Classes of Line Items of Discontinued Operations (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | ||
Income tax expense | $ 0 | $ (238) | |
Net income attributable to discontinued operations | $ 1 | 777 | |
Discontinued Operations, Held-for-sale or Disposed of by Sale [Member] | Chemical Intermediates Business, Australia Styrenics, North Ameircan Polymers, and Base Chemicals [Member] | |||
Trade sales, services and fees, net | [1],[2] | 6 | |
Cost of goods sold | [1],[2] | 9 | |
Gain on sale of the Chemical Intermediates Businesses | [1] | 990 | |
Insurance proceeds | [1] | 28 | |
Income from discontinued operations before income taxes | 1,015 | ||
Income tax expense | (238) | ||
Net income attributable to discontinued operations | $ 777 | ||
[1] | Discontinued operations include our Chemical Intermediates Businesses, our Australian styrenics operations and our North American polymers and base chemicals operations for all periods presented. | ||
[2] | Includes eliminations of trade sales, services and fees, net and cost of sales between continuing operations and discontinued operations. |
Note 5 - Inventories (Details T
Note 5 - Inventories (Details Textual) | Mar. 31, 2021 | Dec. 31, 2020 |
Percentage of LIFO Inventory | 6.00% | 7.00% |
Note 5 - Inventories - Inventor
Note 5 - Inventories - Inventories (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 | |
Raw materials and supplies | $ 245 | $ 180 | |
Work in progress | 47 | 44 | |
Finished goods | 745 | 651 | |
Total | 1,037 | 875 | |
LIFO reserves | (31) | (27) | |
Net inventories | [1] | $ 1,006 | $ 848 |
[1] | At March 31, 2021 and December 31, 2020, respectively, $8 and $2 of cash and cash equivalents, $10 and $6 of accounts and notes receivable (net), $36 and $38 of inventories, $166 and $167 of property, plant and equipment (net), $22 and $23 of other noncurrent assets, $128 and $119 of accounts payable, $13 each of accrued liabilities, $55 and $47 of current portion of debt, $5 each of current operating lease liabilities, nil and $3 of long-term debt, $21 and $17 of noncurrent operating lease liabilities and $82 each of other noncurrent liabilities from consolidated variable interest entities are included in the respective balance sheet captions above. See "Note 6. Variable Interest Entities." |
Note 6 - Variable Interest En_3
Note 6 - Variable Interest Entities (Details Textual) | 3 Months Ended |
Mar. 31, 2021 | |
Rubicon LLC [Member] | |
Variable Interest Entity, Qualitative or Quantitative Information, Ownership Percentage | 50.00% |
Arabian Amines Company [Member] | |
Variable Interest Entity, Qualitative or Quantitative Information, Ownership Percentage | 50.00% |
Note 6 - Variable Interest En_4
Note 6 - Variable Interest Entities - Schedule of Financial Information of Variable Interest Entities (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | ||
Current assets | $ 2,929,000 | $ 3,568,000 | ||
Property, plant and equipment, net | [1] | 2,514,000 | 2,505,000 | |
Operating lease right-of-use assets | 432,000 | 445,000 | ||
Deferred income taxes | 282,000 | 288,000 | ||
Total assets | 8,300,000 | 8,713,000 | ||
Current liabilities | 1,564,000 | 1,979,000 | ||
Long-term debt | [1] | 1,510,000 | 1,528,000 | |
Noncurrent operating lease liabilities | [1] | 401,000 | 411,000 | |
Other noncurrent liabilities | [1] | 875,000 | 910,000 | |
Deferred income taxes | 216,000 | 212,000 | ||
Total liabilities | 4,566,000 | 5,040,000 | ||
Revenues | [2] | 1,837,000 | $ 1,593,000 | |
Income from continuing operations before income taxes | 133,000 | (62,000) | ||
Net cash provided by operating activities | (17,000) | (75,000) | ||
Variable Interest Entity, Primary Beneficiary [Member] | ||||
Current assets | 56,000 | 49,000 | ||
Property, plant and equipment, net | 166,000 | 167,000 | ||
Operating lease right-of-use assets | 27,000 | 22,000 | ||
Other noncurrent assets | 152,000 | 138,000 | ||
Deferred income taxes | 30,000 | 30,000 | ||
Total assets | 431,000 | 406,000 | ||
Current liabilities | 201,000 | 183,000 | ||
Long-term debt | 0 | 3,000 | ||
Noncurrent operating lease liabilities | 21,000 | 17,000 | ||
Other noncurrent liabilities | 82,000 | 82,000 | ||
Deferred income taxes | 1,000 | 1,000 | ||
Total liabilities | 305,000 | $ 286,000 | ||
Revenues | 0 | 0 | ||
Income from continuing operations before income taxes | 0 | 1,000 | ||
Net cash provided by operating activities | $ 4,000 | $ 6,000 | ||
[1] | At March 31, 2021 and December 31, 2020, respectively, $8 and $2 of cash and cash equivalents, $10 and $6 of accounts and notes receivable (net), $36 and $38 of inventories, $166 and $167 of property, plant and equipment (net), $22 and $23 of other noncurrent assets, $128 and $119 of accounts payable, $13 each of accrued liabilities, $55 and $47 of current portion of debt, $5 each of current operating lease liabilities, nil and $3 of long-term debt, $21 and $17 of noncurrent operating lease liabilities and $82 each of other noncurrent liabilities from consolidated variable interest entities are included in the respective balance sheet captions above. See "Note 6. Variable Interest Entities." | |||
[2] | Geographic information for revenues is based upon countries into which product is sold. |
Note 7 - Restructuring, Impai_3
Note 7 - Restructuring, Impairment and Plant Closing Costs (Details Textual) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Employee Severance [Member] | Corporate Segment [Member] | ||
Restructuring Charges, Total | $ 14 | |
Restructuring and Related Cost, Expected Cost, Total | 2 | |
Employee Severance [Member] | Textile Effects [Member] | ||
Restructuring Charges, Total | $ 2 | |
Program to Optimize Downstream Footprint [Member] | Polyurethanes [Member] | ||
Restructuring Charges, Total | 1 | |
Program to Optimize Downstream Footprint [Member] | Polyurethanes [Member] | Minimum [Member] | ||
Restructuring and Related Cost, Expected Cost, Total | 10 | |
Program to Optimize Downstream Footprint [Member] | Polyurethanes [Member] | Maximum [Member] | ||
Restructuring and Related Cost, Expected Cost, Total | $ 12 |
Note 7 - Restructuring, Impai_4
Note 7 - Restructuring, Impairment and Plant Closing Costs - Accrued Restructuring Costs By Type of Cost and Initiative (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Accrued liabilities, beginning balance | $ 31 | |
Accrued liabilities, ending balance | 40 | |
Initiatives 2020 and Prior [Member] | ||
Restructuring Charges, Total | 14 | $ 0 |
Restructuring payments | (7) | |
Initiatives 2021 [Member] | ||
Restructuring Charges, Total | 2 | $ 0 |
Employee Severance [Member] | ||
Accrued liabilities, beginning balance | 29 | |
Accrued liabilities, ending balance | 38 | |
Employee Severance [Member] | Initiatives 2020 and Prior [Member] | ||
Restructuring Charges, Total | 12 | |
Restructuring payments | (5) | |
Employee Severance [Member] | Initiatives 2021 [Member] | ||
Restructuring Charges, Total | 2 | |
Demolition and Decommissioning [Member] | ||
Accrued liabilities, beginning balance | 0 | |
Accrued liabilities, ending balance | 0 | |
Demolition and Decommissioning [Member] | Initiatives 2020 and Prior [Member] | ||
Restructuring Charges, Total | 0 | |
Restructuring payments | 0 | |
Demolition and Decommissioning [Member] | Initiatives 2021 [Member] | ||
Restructuring Charges, Total | 0 | |
Non-cancelable Lease Cost and Contract Termination Costs [Member] | ||
Accrued liabilities, beginning balance | 2 | |
Accrued liabilities, ending balance | 2 | |
Non-cancelable Lease Cost and Contract Termination Costs [Member] | Initiatives 2020 and Prior [Member] | ||
Restructuring Charges, Total | 0 | |
Restructuring payments | 0 | |
Non-cancelable Lease Cost and Contract Termination Costs [Member] | Initiatives 2021 [Member] | ||
Restructuring Charges, Total | 0 | |
Other Restructuring [Member] | ||
Accrued liabilities, beginning balance | 0 | |
Accrued liabilities, ending balance | 0 | |
Other Restructuring [Member] | Initiatives 2020 and Prior [Member] | ||
Restructuring Charges, Total | 2 | |
Restructuring payments | (2) | |
Other Restructuring [Member] | Initiatives 2021 [Member] | ||
Restructuring Charges, Total | $ 0 |
Note 7 - Restructuring, Impai_5
Note 7 - Restructuring, Impairment and Plant Closing Costs - Reserves for Restructuring, Impairment and Plant Closing Costs By Segment and Initiative (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Accrued liabilities, beginning balance | $ 31 | |
Accrued liabilities, ending balance | 40 | |
Current portion of restructuring reserves | 26 | |
Long-term portion of restructuring reserves | 14 | |
Initiatives 2020 and Prior [Member] | ||
Restructuring Charges, Total | 14 | $ 0 |
Restructuring payments | (7) | |
Initiatives 2021 [Member] | ||
Restructuring Charges, Total | 2 | $ 0 |
Corporate and Reconciling Items [Member] | ||
Accrued liabilities, beginning balance | 0 | |
Accrued liabilities, ending balance | 13 | |
Current portion of restructuring reserves | 5 | |
Long-term portion of restructuring reserves | 8 | |
Corporate and Reconciling Items [Member] | Initiatives 2020 and Prior [Member] | ||
Restructuring Charges, Total | 14 | |
Restructuring payments | (1) | |
Corporate and Reconciling Items [Member] | Initiatives 2021 [Member] | ||
Restructuring Charges, Total | 0 | |
Polyurethanes [Member] | Operating Segments [Member] | ||
Accrued liabilities, beginning balance | 12 | |
Accrued liabilities, ending balance | 11 | |
Current portion of restructuring reserves | 11 | |
Long-term portion of restructuring reserves | 0 | |
Polyurethanes [Member] | Operating Segments [Member] | Initiatives 2020 and Prior [Member] | ||
Restructuring Charges, Total | 1 | |
Restructuring payments | (2) | |
Polyurethanes [Member] | Operating Segments [Member] | Initiatives 2021 [Member] | ||
Restructuring Charges, Total | 0 | |
Performance Products [Member] | Operating Segments [Member] | ||
Accrued liabilities, beginning balance | 2 | |
Accrued liabilities, ending balance | 1 | |
Current portion of restructuring reserves | 1 | |
Long-term portion of restructuring reserves | 0 | |
Performance Products [Member] | Operating Segments [Member] | Initiatives 2020 and Prior [Member] | ||
Restructuring Charges, Total | 0 | |
Restructuring payments | (1) | |
Performance Products [Member] | Operating Segments [Member] | Initiatives 2021 [Member] | ||
Restructuring Charges, Total | 0 | |
Advanced Materials [Member] | Operating Segments [Member] | ||
Accrued liabilities, beginning balance | 9 | |
Accrued liabilities, ending balance | 8 | |
Current portion of restructuring reserves | 5 | |
Long-term portion of restructuring reserves | 3 | |
Advanced Materials [Member] | Operating Segments [Member] | Initiatives 2020 and Prior [Member] | ||
Restructuring Charges, Total | (1) | |
Restructuring payments | (2) | |
Advanced Materials [Member] | Operating Segments [Member] | Initiatives 2021 [Member] | ||
Restructuring Charges, Total | 2 | |
Textile Effects [Member] | Operating Segments [Member] | ||
Accrued liabilities, beginning balance | 8 | |
Accrued liabilities, ending balance | 7 | |
Current portion of restructuring reserves | 4 | |
Long-term portion of restructuring reserves | 3 | |
Textile Effects [Member] | Operating Segments [Member] | Initiatives 2020 and Prior [Member] | ||
Restructuring Charges, Total | 0 | |
Restructuring payments | (1) | |
Textile Effects [Member] | Operating Segments [Member] | Initiatives 2021 [Member] | ||
Restructuring Charges, Total | $ 0 |
Note 7 - Restructuring, Impai_6
Note 7 - Restructuring, Impairment and Plant Closing Costs - Cash and Noncash Restructuring Charges (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Other noncash charges | $ 8 | $ 0 |
Total restructuring, impairment and plant closing credits | 24 | 3 |
Initiatives 2020 and Prior [Member] | ||
Restructuring Charges, Total | 14 | 0 |
Initiatives 2021 [Member] | ||
Restructuring Charges, Total | 2 | 0 |
Initiatives 2019 and Prior [Member] | ||
Restructuring Charges, Total | 0 | 1 |
Initiatives 2020 [Member] | ||
Restructuring Charges, Total | $ 0 | $ 2 |
Note 8 - Debt (Details Textual)
Note 8 - Debt (Details Textual) € in Millions, $ in Millions | Jan. 15, 2021USD ($) | Jan. 15, 2021EUR (€) | Mar. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Debt Issuance Costs, Net, Total | $ 8 | $ 9 | ||||
Notes Receivable, Related Parties | $ 380 | |||||
The 2018 Revolving Credit Facility [Member] | Huntsman International LLC [Member] | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | 1,200 | |||||
Letters of Credit Outstanding, Amount | $ 6 | |||||
The 2018 Revolving Credit Facility [Member] | Huntsman International LLC [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||
Debt Instrument, Basis Spread on Variable Rate | [1] | 1.50% | ||||
US Accounts Receivable Program Maturing April 2022 [Member] | Huntsman International LLC [Member] | ||||||
Letters of Credit Outstanding, Amount | $ 5 | |||||
Accounts Receivable Programs [Member] | Huntsman International LLC [Member] | ||||||
Pledged Financial Instruments, Not Separately Reported, Loans Receivable Pledged as Collateral, Total | 245 | $ 198 | ||||
Senior Notes Maturing April 2021 [Member] | ||||||
Debt Instrument, Amount Redeemed | $ 541 | € 445 | ||||
Debt Instrument, Redemption Price, Percentage | 100.00% | 100.00% | ||||
Incremental Cash Tax Liability Incurred During Period in Connection with Debt Redemption | $ 15 | |||||
[1] | Interest rates on borrowings under the Revolving Credit Facility vary based on the type of loan and Huntsman International's debt ratings. The then applicable interest rate as of March 31, 2021 was 1.50% above LIBOR. ? |
Note 8 - Debt - Outstanding Deb
Note 8 - Debt - Outstanding Debt (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 | |
Total debt, excluding debt to affiliates | $ 1,567 | $ 2,121 | |
Total current portion of debt | [1] | 57 | 593 |
Long-term portion of debt | [1] | 1,510 | 1,528 |
Total debt | 1,567 | 2,121 | |
The 2018 Revolving Credit Facility [Member] | |||
Total debt, excluding debt to affiliates | 0 | 0 | |
Accounts Receivable Programs [Member] | |||
Total debt, excluding debt to affiliates | 0 | 0 | |
The Senior Notes [Member] | |||
Total debt, excluding debt to affiliates | 1,489 | 2,047 | |
Variable Interest Entities Debt [Member] | |||
Total debt, excluding debt to affiliates | 55 | 50 | |
Other Debt Instruments [Member] | |||
Total debt, excluding debt to affiliates | $ 23 | $ 24 | |
[1] | At March 31, 2021 and December 31, 2020, respectively, $8 and $2 of cash and cash equivalents, $10 and $6 of accounts and notes receivable (net), $36 and $38 of inventories, $166 and $167 of property, plant and equipment (net), $22 and $23 of other noncurrent assets, $128 and $119 of accounts payable, $13 each of accrued liabilities, $55 and $47 of current portion of debt, $5 each of current operating lease liabilities, nil and $3 of long-term debt, $21 and $17 of noncurrent operating lease liabilities and $82 each of other noncurrent liabilities from consolidated variable interest entities are included in the respective balance sheet captions above. See "Note 6. Variable Interest Entities." |
Note 8 - Debt - Revolving Credi
Note 8 - Debt - Revolving Credit Facility (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2021 | Dec. 31, 2020 | ||
Amount outstanding | $ 1,567 | $ 2,121 | |
The 2018 Revolving Credit Facility [Member] | Huntsman International LLC [Member] | |||
Committed amount | 1,200 | ||
Principal outstanding | [1] | 0 | |
Unamortized discounts and debt issuance costs | [1] | 0 | |
Amount outstanding | [1] | $ 0 | |
Maturity | Dec. 31, 2023 | ||
The 2018 Revolving Credit Facility [Member] | Huntsman International LLC [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||
Interest rate | [2] | 1.50% | |
[1] | On March 31, 2021, we had an additional $6 million (U.S. dollar equivalents) of letters of credit and bank guarantees issued and outstanding under our Revolving Credit Facility. | ||
[2] | Interest rates on borrowings under the Revolving Credit Facility vary based on the type of loan and Huntsman International's debt ratings. The then applicable interest rate as of March 31, 2021 was 1.50% above LIBOR. ? |
Note 8 - Debt - Accounts Receiv
Note 8 - Debt - Accounts Receivable Programs (Details) € in Millions, $ in Millions | 3 Months Ended | |||
Mar. 31, 2021USD ($) | Mar. 31, 2021EUR (€) | Dec. 31, 2020USD ($) | ||
Amount outstanding | $ 1,567 | $ 2,121 | ||
Approximate maximum funding availability under all A/R programs | 118 | |||
Approximate amount outstanding under all A/R programs | ||||
US A/R Program [Member] | ||||
Maturity | Apr. 30, 2022 | |||
Maximum funding availability | [1] | $ 150 | ||
Amount outstanding | [2] | $ 0 | ||
US A/R Program [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||
Interest rate | [3] | 0.90% | ||
EU A/R Program [Member] | ||||
Maturity | Apr. 30, 2022 | |||
Maximum funding availability | € | [1] | € 100 | ||
Amount outstanding | € | € 0 | |||
EU A/R Program [Member] | GBP LIBOR, USD LIBOR or EURIBOR [Member] | ||||
Interest rate | [3] | 1.30% | ||
[1] | The amount of actual availability under our A/R Programs may be lower based on the level of eligible receivables sold, changes in the credit ratings of our customers, customer concentration levels and certain characteristics of the accounts receivable being transferred, as defined in the applicable agreements. | |||
[2] | As of March 31, 2021, we had approximately $5 million (U.S. dollar equivalents) of letters of credit issued and outstanding under our U.S. A/R Program. As of March 31, 2021 and December 31, 2020, $245 million and $198 million, respectively, of accounts receivable were pledged as collateral under our A/R Programs. | |||
[3] | The applicable rate for our U.S. A/R Program is defined by the lender as USD LIBOR. The applicable rate for our EU A/R Program is either GBP LIBOR, USD LIBOR or EURIBOR. |
Note 9 - Derivative Instrumen_2
Note 9 - Derivative Instruments and Hedging Activities (Details Textual) € in Millions, $ in Millions | 3 Months Ended | ||
Mar. 31, 2021USD ($) | Mar. 31, 2020USD ($) | Mar. 31, 2021EUR (€) | |
Gain (Loss) on Derivative Used in Net Investment Hedge, after Tax | $ 8 | $ 8 | |
Foreign Exchange Contract [Member] | |||
Derivative, Notional Amount | 162 | ||
Foreign Exchange Contract [Member] | Designated as Hedging Instrument [Member] | |||
Derivative, Notional Amount | $ 183 | € 155 |
Note 10 - Fair Value (Details T
Note 10 - Fair Value (Details Textual) Pure in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021USD ($) | Dec. 31, 2021 | |
Number of Instruments Categorized as Level Three | 0 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | $ 0 |
Note 10 - Fair Value - Fair Val
Note 10 - Fair Value - Fair Value of Financial Instruments (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Reported Value Measurement [Member] | ||
Non-qualified employee benefit plan investments | $ 21 | $ 26 |
Investment in Venator | 45 | 32 |
Option agreement for remaining Venator shares | (25) | 11 |
Long-term debt (including current portion) | (1,567) | (2,121) |
Estimate of Fair Value Measurement [Member] | ||
Non-qualified employee benefit plan investments | 21 | 26 |
Investment in Venator | 45 | 32 |
Option agreement for remaining Venator shares | (25) | 11 |
Long-term debt (including current portion) | $ (1,729) | $ (2,334) |
Note 11 - Revenue Recognition -
Note 11 - Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | ||
Total revenues | [1] | $ 1,837 | $ 1,593 |
MDI Urethanes [Member] | |||
Total revenues | 1,068 | 888 | |
Differentiated [Member] | |||
Total revenues | 305 | 292 | |
Specialty [Member] | |||
Total revenues | 245 | 211 | |
Non-specialty [Member] | |||
Total revenues | 33 | 30 | |
Textile Chemicals and Dyes [Member] | |||
Total revenues | 193 | 180 | |
Operating Segments [Member] | Polyurethanes [Member] | |||
Total revenues | [1] | 1,068 | 888 |
Operating Segments [Member] | Polyurethanes [Member] | MDI Urethanes [Member] | |||
Total revenues | 1,068 | 888 | |
Operating Segments [Member] | Performance Products [Member] | |||
Total revenues | [1] | 305 | 292 |
Operating Segments [Member] | Performance Products [Member] | Differentiated [Member] | |||
Total revenues | 305 | 292 | |
Operating Segments [Member] | Advanced Materials [Member] | |||
Total revenues | [1] | 278 | 241 |
Operating Segments [Member] | Advanced Materials [Member] | Specialty [Member] | |||
Total revenues | 245 | 211 | |
Operating Segments [Member] | Advanced Materials [Member] | Non-specialty [Member] | |||
Total revenues | 33 | 30 | |
Operating Segments [Member] | Textile Effects [Member] | |||
Total revenues | [1] | 193 | 180 |
Operating Segments [Member] | Textile Effects [Member] | Textile Chemicals and Dyes [Member] | |||
Total revenues | 193 | 180 | |
Segment Reconciling Items [Member] | |||
Total revenues | [1] | (7) | (8) |
Intersegment Eliminations [Member] | |||
Total revenues | (7) | (8) | |
U.S. and Canada [Member] | |||
Total revenues | [1] | 584 | 572 |
U.S. and Canada [Member] | Operating Segments [Member] | Polyurethanes [Member] | |||
Total revenues | [1] | 371 | 370 |
U.S. and Canada [Member] | Operating Segments [Member] | Performance Products [Member] | |||
Total revenues | [1] | 120 | 129 |
U.S. and Canada [Member] | Operating Segments [Member] | Advanced Materials [Member] | |||
Total revenues | [1] | 83 | 63 |
U.S. and Canada [Member] | Operating Segments [Member] | Textile Effects [Member] | |||
Total revenues | [1] | 13 | 17 |
U.S. and Canada [Member] | Segment Reconciling Items [Member] | |||
Total revenues | [1] | (3) | (7) |
Europe [Member] | |||
Total revenues | [1] | 483 | 451 |
Europe [Member] | Operating Segments [Member] | Polyurethanes [Member] | |||
Total revenues | [1] | 279 | 245 |
Europe [Member] | Operating Segments [Member] | Performance Products [Member] | |||
Total revenues | [1] | 77 | 74 |
Europe [Member] | Operating Segments [Member] | Advanced Materials [Member] | |||
Total revenues | [1] | 99 | 101 |
Europe [Member] | Operating Segments [Member] | Textile Effects [Member] | |||
Total revenues | [1] | 31 | 32 |
Europe [Member] | Segment Reconciling Items [Member] | |||
Total revenues | [1] | (3) | (1) |
Asia Pacific [Member] | |||
Total revenues | [1] | 617 | 428 |
Asia Pacific [Member] | Operating Segments [Member] | Polyurethanes [Member] | |||
Total revenues | [1] | 336 | 199 |
Asia Pacific [Member] | Operating Segments [Member] | Performance Products [Member] | |||
Total revenues | [1] | 91 | 70 |
Asia Pacific [Member] | Operating Segments [Member] | Advanced Materials [Member] | |||
Total revenues | [1] | 71 | 56 |
Asia Pacific [Member] | Operating Segments [Member] | Textile Effects [Member] | |||
Total revenues | [1] | 119 | 103 |
Asia Pacific [Member] | Segment Reconciling Items [Member] | |||
Total revenues | [1] | 0 | 0 |
Rest of World [Member] | |||
Total revenues | [1] | 153 | 142 |
Rest of World [Member] | Operating Segments [Member] | Polyurethanes [Member] | |||
Total revenues | [1] | 82 | 74 |
Rest of World [Member] | Operating Segments [Member] | Performance Products [Member] | |||
Total revenues | [1] | 17 | 19 |
Rest of World [Member] | Operating Segments [Member] | Advanced Materials [Member] | |||
Total revenues | [1] | 25 | 21 |
Rest of World [Member] | Operating Segments [Member] | Textile Effects [Member] | |||
Total revenues | [1] | 30 | 28 |
Rest of World [Member] | Segment Reconciling Items [Member] | |||
Total revenues | [1] | $ (1) | $ 0 |
[1] | Geographic information for revenues is based upon countries into which product is sold. |
Note 12 - Employee Benefit Pl_3
Note 12 - Employee Benefit Plans (Details Textual) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Payment for Pension and Other Postretirement Benefits, Total | $ 14 | $ 20 |
Defined Benefit Plan, Expected Future Employer Contributions, Remainder of Fiscal Year | $ 42 |
Note 12 - Employee Benefit Pl_4
Note 12 - Employee Benefit Plans - Components of Net Periodic Benefit Costs (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Amortization of actuarial loss | $ 22 | $ 18 |
Huntsman International LLC [Member] | ||
Amortization of actuarial loss | 23 | 18 |
Defined Benefit Plans [Member] | ||
Service cost | 14 | 14 |
Interest cost | 12 | 15 |
Expected return on assets | (42) | (43) |
Amortization of prior service benefit | (2) | (2) |
Amortization of actuarial loss | 23 | 20 |
Settlement loss | 3 | 0 |
Net periodic benefit cost | 8 | 4 |
Defined Benefit Plans [Member] | Huntsman International LLC [Member] | ||
Service cost | 14 | 14 |
Interest cost | 12 | 15 |
Expected return on assets | (42) | (43) |
Amortization of prior service benefit | (2) | (2) |
Amortization of actuarial loss | 24 | 21 |
Settlement loss | 3 | 0 |
Net periodic benefit cost | 9 | 5 |
Other Postretirement Benefits Plan [Member] | ||
Service cost | 0 | 0 |
Interest cost | 0 | 1 |
Expected return on assets | 0 | 0 |
Amortization of prior service benefit | (1) | (1) |
Amortization of actuarial loss | 1 | 0 |
Settlement loss | 0 | 0 |
Net periodic benefit cost | 0 | 0 |
Other Postretirement Benefits Plan [Member] | Huntsman International LLC [Member] | ||
Service cost | 0 | 0 |
Interest cost | 0 | 1 |
Expected return on assets | 0 | 0 |
Amortization of prior service benefit | (1) | (1) |
Amortization of actuarial loss | 1 | 0 |
Settlement loss | 0 | 0 |
Net periodic benefit cost | $ 0 | $ 0 |
Note 13 - Huntsman Corporatio_2
Note 13 - Huntsman Corporation Stockholders' Equity (Details Textual) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | |||
Mar. 31, 2021 | Mar. 31, 2020 | May 03, 2018 | Feb. 07, 2018 | |
Treasury Stock, Shares, Acquired (in shares) | 5,364,519 | |||
Treasury Stock, Value, Acquired, Cost Method | $ 96 | |||
Dividends, Common Stock, Total | $ 36 | $ 37 | ||
Common Stock, Dividends, Per Share, Cash Paid (in dollars per share) | $ 0.1625 | $ 0.1625 | ||
Share Repurchase Program 2018 [Member] | ||||
Stock Repurchase Program, Authorized Amount | $ 1,000 | $ 1,000 |
Note 14 - Accumulated Other C_3
Note 14 - Accumulated Other Comprehensive Loss (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | |
Accumulated Foreign Currency Adjustment Including Portion Attributable to Noncontrolling Interest [Member] | ||||
Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Tax, Total | $ 56 | $ 74 | $ 56 | $ 68 |
Accumulated Foreign Currency Adjustment Including Portion Attributable to Noncontrolling Interest [Member] | Huntsman International LLC [Member] | ||||
Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Tax, Total | 43 | 61 | 43 | 55 |
Accumulated Defined Benefit Plans Adjustment Including Portion Attributable to Noncontrolling Interest [Member] | ||||
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, Tax, Total | 148 | 134 | 153 | 148 |
Accumulated Defined Benefit Plans Adjustment Including Portion Attributable to Noncontrolling Interest [Member] | Huntsman International LLC [Member] | ||||
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, Tax, Total | 172 | 160 | $ 178 | $ 174 |
Accumulated Defined Benefit Plans Adjustment, Settlement Gain (Loss) Including Portion Attributable to Noncontrolling Interest [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||
Income (Loss), Including Portion Attributable to Noncontrolling Interest, before Tax, Total | 41 | |||
Accumulated Defined Benefit Plans Adjustment, Settlement Gain (Loss) Including Portion Attributable to Noncontrolling Interest [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Huntsman International LLC [Member] | ||||
Income (Loss), Including Portion Attributable to Noncontrolling Interest, before Tax, Total | 41 | |||
Accumulated Defined Benefit Plans Adjustment, Net Gain (Loss) Including Portion Attributable to Noncontrolling Interest [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Discontinued Operations, Held-for-sale or Disposed of by Sale [Member] | ||||
Discontinued Operation, Income (Loss) from Discontinued Operation, before Income Tax, Total | 2 | 1 | ||
Accumulated Defined Benefit Plans Adjustment, Net Gain (Loss) Including Portion Attributable to Noncontrolling Interest [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Discontinued Operations, Held-for-sale or Disposed of by Sale [Member] | Huntsman International LLC [Member] | ||||
Discontinued Operation, Income (Loss) from Discontinued Operation, before Income Tax, Total | $ 2 | $ 1 |
Note 14 - Accumulated Other C_4
Note 14 - Accumulated Other Comprehensive Loss - Components and Changes in Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions | 3 Months Ended | ||||
Mar. 31, 2021 | Mar. 31, 2020 | ||||
Beginning balance | $ 3,673 | $ 2,824 | |||
Ending balance | 3,734 | 3,383 | |||
Huntsman International LLC [Member] | |||||
Beginning balance | 3,725 | 2,772 | |||
Ending balance | 3,787 | 3,428 | |||
Accumulated Foreign Currency Adjustment Including Portion Attributable to Noncontrolling Interest [Member] | |||||
Beginning balance | (328) | [1] | (369) | [2] | |
Other comprehensive loss before reclassifications, gross | (32) | [1] | (67) | [2] | |
Tax expense | 0 | [1] | (6) | [2] | |
Amounts reclassified from accumulated other comprehensive loss, gross | [3] | 0 | [1] | 0 | [2] |
Tax expense | 0 | [1] | 0 | [2] | |
Net current-period other comprehensive (loss) income | (32) | [1] | (73) | [2] | |
Ending balance | (360) | [1] | (442) | [2] | |
Accumulated Foreign Currency Adjustment Including Portion Attributable to Noncontrolling Interest [Member] | Huntsman International LLC [Member] | |||||
Beginning balance | (333) | [4] | (374) | [5] | |
Other comprehensive loss before reclassifications, gross | (31) | [4] | (67) | [5] | |
Tax expense | 0 | [4] | (6) | [5] | |
Amounts reclassified from accumulated other comprehensive loss, gross | [3] | 0 | [4] | 0 | [5] |
Tax expense | 0 | [4] | 0 | [5] | |
Net current-period other comprehensive (loss) income | (31) | [4] | (73) | [5] | |
Ending balance | (364) | [4] | (447) | [5] | |
Accumulated Defined Benefit Plans Adjustment Including Portion Attributable to Noncontrolling Interest [Member] | |||||
Beginning balance | (1,050) | [6] | (1,031) | [7] | |
Other comprehensive loss before reclassifications, gross | 0 | [6] | 8 | [7] | |
Tax expense | 0 | [6] | 0 | [7] | |
Amounts reclassified from accumulated other comprehensive loss, gross | [3],[8] | 24 | [6] | 58 | [7] |
Tax expense | [8] | (5) | [6] | (14) | [7] |
Net current-period other comprehensive (loss) income | 19 | [6] | 52 | [7] | |
Ending balance | (1,031) | [6] | (979) | [7] | |
Accumulated Defined Benefit Plans Adjustment Including Portion Attributable to Noncontrolling Interest [Member] | Huntsman International LLC [Member] | |||||
Beginning balance | (1,028) | [9] | (1,012) | [10] | |
Other comprehensive loss before reclassifications, gross | 0 | [9] | 8 | [10] | |
Tax expense | 0 | [9] | 0 | [10] | |
Amounts reclassified from accumulated other comprehensive loss, gross | [3],[8] | 25 | [9] | 59 | [10] |
Tax expense | [8] | (6) | [9] | (14) | [10] |
Net current-period other comprehensive (loss) income | 19 | [9] | 53 | [10] | |
Ending balance | (1,009) | [9] | (959) | [10] | |
Accumulated Other Comprehensive Income (Loss), Unconsolidated Affiliates Including Portion Attributable to Noncontrolling Interest [Member] | |||||
Beginning balance | 8 | 8 | |||
Other comprehensive loss before reclassifications, gross | 0 | 0 | |||
Tax expense | 0 | 0 | |||
Amounts reclassified from accumulated other comprehensive loss, gross | [3] | 0 | 0 | ||
Tax expense | 0 | 0 | |||
Net current-period other comprehensive (loss) income | 0 | 0 | |||
Ending balance | 8 | 8 | |||
Accumulated Other Comprehensive Income (Loss), Unconsolidated Affiliates Including Portion Attributable to Noncontrolling Interest [Member] | Huntsman International LLC [Member] | |||||
Beginning balance | 8 | 8 | |||
Other comprehensive loss before reclassifications, gross | 0 | 0 | |||
Tax expense | 0 | 0 | |||
Amounts reclassified from accumulated other comprehensive loss, gross | [3] | 0 | 0 | ||
Tax expense | 0 | 0 | |||
Net current-period other comprehensive (loss) income | 0 | 0 | |||
Ending balance | 8 | 8 | |||
Accumulated Other Comprehensive Income, Other, Net, Including Portion Attributable to Noncontrolling Interest [Member] | |||||
Beginning balance | 4 | 4 | |||
Other comprehensive loss before reclassifications, gross | 0 | 0 | |||
Tax expense | 0 | 0 | |||
Amounts reclassified from accumulated other comprehensive loss, gross | [3] | 0 | 0 | ||
Tax expense | 0 | 0 | |||
Net current-period other comprehensive (loss) income | 0 | 0 | |||
Ending balance | 4 | 4 | |||
Accumulated Other Comprehensive Income, Other, Net, Including Portion Attributable to Noncontrolling Interest [Member] | Huntsman International LLC [Member] | |||||
Beginning balance | 0 | 0 | |||
Other comprehensive loss before reclassifications, gross | 0 | 0 | |||
Tax expense | 0 | 0 | |||
Amounts reclassified from accumulated other comprehensive loss, gross | [3] | 0 | 0 | ||
Tax expense | 0 | 0 | |||
Net current-period other comprehensive (loss) income | 0 | 0 | |||
Ending balance | 0 | 0 | |||
AOCI Including Portion Attributable to Noncontrolling Interest [Member] | |||||
Beginning balance | (1,366) | (1,388) | |||
Other comprehensive loss before reclassifications, gross | (32) | (59) | |||
Tax expense | 0 | (6) | |||
Amounts reclassified from accumulated other comprehensive loss, gross | [3] | 24 | 58 | ||
Tax expense | (5) | (14) | |||
Net current-period other comprehensive (loss) income | (13) | (21) | |||
Ending balance | (1,379) | (1,409) | |||
AOCI Including Portion Attributable to Noncontrolling Interest [Member] | Huntsman International LLC [Member] | |||||
Beginning balance | (1,353) | (1,378) | |||
Other comprehensive loss before reclassifications, gross | (31) | (59) | |||
Tax expense | 0 | (6) | |||
Amounts reclassified from accumulated other comprehensive loss, gross | [3] | 25 | 59 | ||
Tax expense | (6) | (14) | |||
Net current-period other comprehensive (loss) income | (12) | (20) | |||
Ending balance | (1,365) | (1,398) | |||
AOCI Attributable to Noncontrolling Interest [Member] | |||||
Beginning balance | 20 | 26 | |||
Other comprehensive loss before reclassifications, gross | 0 | 0 | |||
Tax expense | 0 | 0 | |||
Amounts reclassified from accumulated other comprehensive loss, gross | [3] | 0 | 0 | ||
Tax expense | 0 | 0 | |||
Net current-period other comprehensive (loss) income | 0 | 0 | |||
Ending balance | 20 | 26 | |||
AOCI Attributable to Noncontrolling Interest [Member] | Huntsman International LLC [Member] | |||||
Beginning balance | 20 | 26 | |||
Other comprehensive loss before reclassifications, gross | 0 | 0 | |||
Tax expense | 0 | 0 | |||
Amounts reclassified from accumulated other comprehensive loss, gross | [3] | 0 | 0 | ||
Tax expense | 0 | 0 | |||
Net current-period other comprehensive (loss) income | 0 | 0 | |||
Ending balance | 20 | 26 | |||
AOCI Attributable to Parent [Member] | |||||
Beginning balance | (1,346) | (1,362) | |||
Other comprehensive loss before reclassifications, gross | (32) | (59) | |||
Tax expense | 0 | (6) | |||
Amounts reclassified from accumulated other comprehensive loss, gross | [3] | 24 | 58 | ||
Tax expense | (5) | (14) | |||
Net current-period other comprehensive (loss) income | (13) | (21) | |||
Ending balance | (1,359) | (1,383) | |||
AOCI Attributable to Parent [Member] | Huntsman International LLC [Member] | |||||
Beginning balance | (1,333) | (1,352) | |||
Other comprehensive loss before reclassifications, gross | (31) | (59) | |||
Tax expense | 0 | (6) | |||
Amounts reclassified from accumulated other comprehensive loss, gross | [3] | 25 | 59 | ||
Tax expense | (6) | (14) | |||
Net current-period other comprehensive (loss) income | (12) | (20) | |||
Ending balance | $ (1,345) | $ (1,372) | |||
[1] | Amounts are net of tax of $56 for both March 31, 2021 and January 1, 2021. | ||||
[2] | Amounts are net of tax of $74 and $68 as of March 31, 2020 and January 1, 2020, respectively. | ||||
[3] | See table below for details about these reclassifications. | ||||
[4] | Amounts are net of tax of $43 for both March 31, 2021 and January 1, 2021. | ||||
[5] | Amounts are net of tax of $61 and $55 as of March 31, 2020 and January 1, 2020, respectively. | ||||
[6] | Amounts are net of tax of $148 and $153 as of March 31, 2021 and January 1, 2021, respectively. | ||||
[7] | Amounts are net of tax of $134 and $148 as of March 31, 2020 and January 1, 2020, respectively. | ||||
[8] | Pension and other postretirement benefits amounts in parentheses indicate credits on our condensed consolidated statements of operations. | ||||
[9] | Amounts are net of tax of $172 and $178 as of March 31, 2021 and January 1, 2021, respectively. | ||||
[10] | Amounts are net of tax of $160 and $174 as of March 31, 2020 and January 1, 2020, respectively. |
Note 14 - Accumulated Other C_5
Note 14 - Accumulated Other Comprehensive Loss - Reclassification Details (Details) - USD ($) $ in Millions | 3 Months Ended | ||||
Mar. 31, 2021 | Mar. 31, 2020 | ||||
Accumulated Defined Benefit Plans Adjustment, Net Prior Service Including Portion Attributable to Noncontrolling Interest [Member] | |||||
Amounts reclassified from accumulated other comprehensive loss, gross | [1],[2] | $ (3) | $ (3) | ||
Accumulated Defined Benefit Plans Adjustment, Net Prior Service Including Portion Attributable to Noncontrolling Interest [Member] | Huntsman International LLC [Member] | |||||
Amounts reclassified from accumulated other comprehensive loss, gross | [1],[2] | (3) | (3) | ||
Accumulated Defined Benefit Plans Adjustment, Settlement Gain (Loss) Attributable to Noncontrolling Interest [Member] | |||||
Amounts reclassified from accumulated other comprehensive loss, gross | [1],[3] | 3 | 41 | ||
Accumulated Defined Benefit Plans Adjustment, Settlement Gain (Loss) Attributable to Noncontrolling Interest [Member] | Huntsman International LLC [Member] | |||||
Amounts reclassified from accumulated other comprehensive loss, gross | [1],[3] | 3 | 41 | ||
Accumulated Defined Benefit Plans Adjustment, Actuarial Gain (Loss) Attributable to Noncontrolling Interest [Member] | |||||
Amounts reclassified from accumulated other comprehensive loss, gross | [1],[2],[4] | 24 | 20 | ||
Accumulated Defined Benefit Plans Adjustment, Actuarial Gain (Loss) Attributable to Noncontrolling Interest [Member] | Huntsman International LLC [Member] | |||||
Amounts reclassified from accumulated other comprehensive loss, gross | [1],[2],[4] | 25 | 21 | ||
Accumulated Defined Benefit Plans Adjustment Including Portion Attributable to Noncontrolling Interest [Member] | |||||
Amounts reclassified from accumulated other comprehensive loss, gross | [1],[6] | 24 | [5] | 58 | [7] |
Tax expense | [1] | (5) | [5] | (14) | [7] |
Total reclassifications for the period | [1] | 19 | 44 | ||
Accumulated Defined Benefit Plans Adjustment Including Portion Attributable to Noncontrolling Interest [Member] | Huntsman International LLC [Member] | |||||
Amounts reclassified from accumulated other comprehensive loss, gross | [1],[6] | 25 | [8] | 59 | [9] |
Tax expense | [1] | (6) | [8] | (14) | [9] |
Total reclassifications for the period | [1] | $ 19 | $ 45 | ||
[1] | Pension and other postretirement benefits amounts in parentheses indicate credits on our condensed consolidated statements of operations. | ||||
[2] | These accumulated other comprehensive loss components are included in the computation of net periodic pension costs. See "Note 12. Employee Benefit Plans." | ||||
[3] | In connection with the sale of our Chemical Intermediates Businesses, we recognized $41 of pension and other post-employment benefit settlement losses during the three months ended March 31, 2021. | ||||
[4] | Amounts contain approximately $2 and $1 of actuarial losses related to discontinued operations for the three months ended March 31, 2021 and 2020, respectively. | ||||
[5] | Amounts are net of tax of $148 and $153 as of March 31, 2021 and January 1, 2021, respectively. | ||||
[6] | See table below for details about these reclassifications. | ||||
[7] | Amounts are net of tax of $134 and $148 as of March 31, 2020 and January 1, 2020, respectively. | ||||
[8] | Amounts are net of tax of $172 and $178 as of March 31, 2021 and January 1, 2021, respectively. | ||||
[9] | Amounts are net of tax of $160 and $174 as of March 31, 2020 and January 1, 2020, respectively. |
Note 16 - Environmental, Heal_2
Note 16 - Environmental, Health and Safety Matters (Details Textual) $ in Millions | 3 Months Ended | ||
Mar. 31, 2021USD ($) | Mar. 31, 2020USD ($) | Dec. 31, 2020USD ($) | |
Environmental Costs Recognized, Capitalized in Period | $ 7 | $ 6 | |
Accrual for Environmental Loss Contingencies, Ending Balance | 4 | $ 4 | |
Accrued Environmental Loss Contingencies, Current | 1 | 1 | |
Accrued Environmental Loss Contingencies, Noncurrent | $ 3 | $ 3 | |
Maximum Period for Payment of Remediation Liabilities (Year) | 30 years | ||
Site Contingency, Number of Former Facility or Third Party Sites with Claims Against Entity for Cleanup Liabilities | 9 |
Note 17 - Stock-based Compens_3
Note 17 - Stock-based Compensation Plans (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Share-based Payment Arrangement, Expense, Tax Benefit | $ 1,000 | $ 1,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 11.48 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 3,000 | 1,000 |
Proceeds from Stock Options Exercised | 3,000 | 0 |
Share-based Payment Arrangement, Exercise of Option, Tax Benefit | 1,000 | $ 0 |
Share-based Payment Arrangement, Option [Member] | ||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 9,000 | |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 2 years 1 month 6 days | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 0.70% | 1.50% |
Performance Shares [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Weighted Average Volatility Rate | 44.80% | 34.00% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 0.20% | 1.40% |
Share Based Compensation Arrangement by Share Based Payment Award, Performance Period (Year) | 3 years | 3 years |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period (in shares) | 76,055 | |
Share Based Compensation Arrangement by Share Based Payment Award, Equity Instruments Other Than Options, Target Shares Awards for Grant Number (in shares) | 110,542 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 41.93 | |
Restricted Stock Units (RSUs) [Member] | ||
Share Based Compensation Arrangement by Share Based Payment Award, Equity Instruments Other Than Options, Vested Not Issued (in shares) | 457,294 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period (in shares) | 30,438 | |
Nonvested Shares [Member] | ||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 47,000 | |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 2 years 3 months 18 days | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ 18,000 | $ 23,000 |
The 2016 Stock Incentive Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares) | 6,000,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 3 years | |
The 2016 Stock Incentive Plan [Member] | Share-based Payment Arrangement, Option [Member] | Maximum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year) | 10 years |
Note 17 - Stock-based Compens_4
Note 17 - Stock-based Compensation Plans - Compensation Cost (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Compensation cost | $ 9 | $ 7 |
Huntsman International LLC [Member] | ||
Compensation cost | $ 8 | $ 6 |
Note 17 - Stock-based Compens_5
Note 17 - Stock-based Compensation Plans - Weighted Average of the Assumptions Utilized for Stock Options (Details) - Share-based Payment Arrangement, Option [Member] | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Dividend yield | 2.30% | 3.00% |
Expected volatility | 53.30% | 53.10% |
Risk-free interest rate | 0.70% | 1.50% |
Expected life of stock options granted during the period (in years) (Year) | 5 years 10 months 24 days | 5 years 10 months 24 days |
Note 17 - Stock-based Compens_6
Note 17 - Stock-based Compensation Plans - Summary of Stock Option Activity (Details) $ / shares in Units, shares in Thousands, $ in Millions | 3 Months Ended |
Mar. 31, 2021USD ($)$ / sharesshares | |
Outstanding, shares, January 1, 2021 (in shares) | shares | 4,815 |
Outstanding, weighted average exercise price, January 1, 2021 (in dollars per share) | $ / shares | $ 20.37 |
Granted, shares (in shares) | shares | 304 |
Granted, weighted average exercise price (in dollars per share) | $ / shares | $ 28.58 |
Exercised, shares (in shares) | shares | (275) |
Exercised, weighted average exercise price (in dollars per share) | $ / shares | $ 17.94 |
Forfeited, shares (in shares) | shares | (21) |
Forfeited, weighted average exercise price (in dollars per share) | $ / shares | $ 28.12 |
Outstanding, shares, March 31, 2021 (in shares) | shares | 4,823 |
Outstanding, weighted average exercise price, March 31, 2021 (in dollars per share) | $ / shares | $ 20.99 |
Outstanding, weighted average remaining contractual term (Year) | 6 years 2 months 12 days |
Outstanding, aggregate intrinsic value | $ | $ 39 |
Exercisable, shares (in shares) | shares | 3,729 |
Exercisable, weighted average exercise price (in dollars per share) | $ / shares | $ 20.17 |
Exercisable, weighted average remaining contractual term (Year) | 5 years 4 months 24 days |
Exercisable, aggregate intrinsic value | $ | $ 34 |
Note 17 - Stock-based Compens_7
Note 17 - Stock-based Compensation Plans - Summary of the Status of Nonvested Shares (Details) shares in Thousands | 3 Months Ended | |
Mar. 31, 2021$ / sharesshares | ||
Equity Awards [Member] | ||
Nonvested, shares, January 1, 2021 (in shares) | shares | 1,867 | |
Nonvested, weighted average grant-date fair value, January 1, 2021 (in dollars per share) | $ / shares | $ 23.18 | |
Granted, shares (in shares) | shares | 831 | |
Granted, weighted average grant-date fair value (in dollars per share) | $ / shares | $ 31.17 | |
Vested, shares (in shares) | shares | (512) | [1],[2] |
Vested, weighted average grant-date fair value (in dollars per share) | $ / shares | $ 28.26 | |
Forfeited, shares (in shares) | shares | (6) | |
Forfeited, weighted average grant-date fair value (in dollars per share) | $ / shares | $ 21.89 | |
Nonvested, shares, March 31, 2021 (in shares) | shares | 2,180 | |
Nonvested, weighted average grant-date fair value, March 31, 2021 (in dollars per share) | $ / shares | $ 25.04 | |
Liability Awards [Member] | ||
Nonvested, shares, January 1, 2021 (in shares) | shares | 411 | |
Nonvested, weighted average grant-date fair value, January 1, 2021 (in dollars per share) | $ / shares | $ 23.08 | |
Granted, shares (in shares) | shares | 184 | |
Granted, weighted average grant-date fair value (in dollars per share) | $ / shares | $ 28.58 | |
Vested, shares (in shares) | shares | (188) | |
Vested, weighted average grant-date fair value (in dollars per share) | $ / shares | $ 24.59 | |
Forfeited, shares (in shares) | shares | (4) | |
Forfeited, weighted average grant-date fair value (in dollars per share) | $ / shares | $ 22.88 | |
Nonvested, shares, March 31, 2021 (in shares) | shares | 403 | |
Nonvested, weighted average grant-date fair value, March 31, 2021 (in dollars per share) | $ / shares | $ 24.89 | |
[1] | A total of 110,542 performance share unit awards are reflected in the vested shares in this table, which represents the target number of performance share unit awards for this grant and were included in the balance at December 31, 2020. During the three months ended March 31, 2021, only 76,055 performance share unit awards with a grant date fair value of $41.93 were issued related to this vest due to the target performance criteria not being met. | |
[2] | As of March 31, 2021, a total of 457,294 restricted stock units were vested but not yet issued, of which 30,438 vested during the three months ended March 31, 2021. These shares have not been reflected as vested shares in this table because, in accordance with the restricted stock unit agreements, shares of common stock are not issued for vested restricted stock units until termination of employment. |
Note 18 - Income Taxes (Details
Note 18 - Income Taxes (Details Textual) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Equity Securities, FV-NI, Gain (Loss), Total | $ (19) | |
Equity Investment, Unrealized Gain (Loss) | $ (110) | |
Income Tax Expense (Benefit), Total | 34 | 7 |
Huntsman International LLC [Member] | ||
Equity Securities, FV-NI, Gain (Loss), Total | (19) | |
Equity Investment, Unrealized Gain (Loss) | (110) | |
Income Tax Expense (Benefit), Total | 35 | 7 |
Venator Materials PLC [Member] | ||
Equity Securities, FV-NI, Gain (Loss), Total | $ (19) | |
Equity Investment, Unrealized Gain (Loss) | $ (110) |
Note 19 - Earnings Per Share (D
Note 19 - Earnings Per Share (Details Textual) - shares shares in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Share-based Payment Arrangement [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 1.1 | 5.6 |
Note 19 - Earnings Per Share -
Note 19 - Earnings Per Share - Net Income Per Share (Details) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Income (loss) from continuing operations attributable to Huntsman Corporation | $ 82 | $ (72) |
Net income attributable to Huntsman Corporation | $ 83 | $ 705 |
Weighted average shares outstanding (in shares) | 220.4 | 223.2 |
Stock-based awards (in shares) | 2.2 | 0 |
Total weighted average shares outstanding, including dilutive shares (in shares) | 222.6 | 223.2 |
Note 20 - Operating Segment I_3
Note 20 - Operating Segment Information (Details Textual) | 3 Months Ended |
Mar. 31, 2021 | |
Number of Reportable Segments | 4 |
Number of Operating Segments | 4 |
Note 20 - Operating Segment I_4
Note 20 - Operating Segment Information - Financial Information By Segment (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | ||
Total revenues | [1] | $ 1,837 | $ 1,593 |
Segment adjusted EBITDA | [2] | 289 | 165 |
Interest expense, net—continuing operations | (19) | (18) | |
Income tax expense—continuing operations | (34) | (7) | |
Income tax expense | 0 | (238) | |
Depreciation and amortization—continuing operations | (74) | (67) | |
Net income attributable to noncontrolling interests | 17 | 3 | |
Business acquisition and integration expenses and purchase accounting inventory adjustments | (9) | (13) | |
EBITDA from discontinued operations | 1 | 1,015 | |
Equity Securities, FV-NI, Gain (Loss), Total | (19) | ||
Equity Investment, Unrealized Gain (Loss) | (110) | ||
Certain legal and other settlements and related expenses | (2) | (2) | |
Gain on sale of businesses/assets | 0 | 2 | |
Income from transition services arrangements | 1 | 0 | |
Certain nonrecurring information technology project implementation costs | (1) | (1) | |
Amortization of pension and postretirement actuarial losses | (22) | (18) | |
Plant incident remediation costs | (4) | 0 | |
Restructuring, impairment and plant closing and transition costs | (24) | (3) | |
Net income | 100 | 708 | |
Income tax expense—continuing operations | (34) | (7) | |
Huntsman International LLC [Member] | |||
Total revenues | 1,837 | 1,593 | |
Segment adjusted EBITDA | 292 | 166 | |
Interest expense, net—continuing operations | (19) | (20) | |
Income tax expense—continuing operations | (35) | (7) | |
Income tax expense | 0 | (238) | |
Depreciation and amortization—continuing operations | (73) | (67) | |
Net income attributable to noncontrolling interests | 17 | 3 | |
Business acquisition and integration expenses and purchase accounting inventory adjustments | (9) | (13) | |
EBITDA from discontinued operations | 1 | 1,015 | |
Equity Securities, FV-NI, Gain (Loss), Total | (19) | ||
Equity Investment, Unrealized Gain (Loss) | (110) | ||
Certain legal and other settlements and related expenses | (2) | (2) | |
Gain on sale of businesses/assets | 0 | 2 | |
Income from transition services arrangements | 1 | 0 | |
Certain nonrecurring information technology project implementation costs | (1) | (1) | |
Amortization of pension and postretirement actuarial losses | (23) | (18) | |
Plant incident remediation costs | (4) | 0 | |
Restructuring, impairment and plant closing and transition costs | (24) | (3) | |
Net income | 102 | 707 | |
Income tax expense—continuing operations | (35) | (7) | |
Restructuring, impairment and plant closing and transition costs | (24) | (3) | |
Consolidation, Eliminations [Member] | |||
Total revenues | (7) | (8) | |
Segment Reconciling Items [Member] | |||
Total revenues | [1] | (7) | (8) |
Segment adjusted EBITDA | [2],[3] | (50) | (45) |
Segment Reconciling Items [Member] | Huntsman International LLC [Member] | |||
Segment adjusted EBITDA | [2],[3] | (47) | (44) |
Polyurethanes [Member] | Operating Segments [Member] | |||
Total revenues | [1] | 1,068 | 888 |
Segment adjusted EBITDA | [2] | 207 | 84 |
Polyurethanes [Member] | Operating Segments [Member] | Huntsman International LLC [Member] | |||
Segment adjusted EBITDA | [2] | 207 | 84 |
Performance Products [Member] | Operating Segments [Member] | |||
Total revenues | [1] | 305 | 292 |
Segment adjusted EBITDA | [2] | 63 | 58 |
Performance Products [Member] | Operating Segments [Member] | Huntsman International LLC [Member] | |||
Segment adjusted EBITDA | [2] | 63 | 58 |
Advanced Materials [Member] | Operating Segments [Member] | |||
Total revenues | [1] | 278 | 241 |
Segment adjusted EBITDA | [2] | 44 | 48 |
Advanced Materials [Member] | Operating Segments [Member] | Huntsman International LLC [Member] | |||
Segment adjusted EBITDA | [2] | 44 | 48 |
Textile Effects [Member] | Operating Segments [Member] | |||
Total revenues | [1] | 193 | 180 |
Segment adjusted EBITDA | [2] | 25 | 20 |
Textile Effects [Member] | Operating Segments [Member] | Huntsman International LLC [Member] | |||
Segment adjusted EBITDA | [2] | $ 25 | $ 20 |
[1] | Geographic information for revenues is based upon countries into which product is sold. | ||
[2] | We use segment adjusted EBITDA as the measure of each segment's profit or loss. We believe that segment adjusted EBITDA more accurately reflects what the chief operating decision maker uses to make decisions about resources to be allocated to the segments and assess their financial performance. Segment adjusted EBITDA is defined as net income of Huntsman Corporation or Huntsman International, as appropriate, before interest, income tax, depreciation and amortization, net income attributable to noncontrolling interests and certain Corporate and other items, as well as eliminating the following adjustments: (a) business acquisition and integration expenses and purchase accounting inventory adjustments; (b) EBITDA from discontinued operations; (c) fair value adjustments to Venator investment; (d) certain legal and other settlements and related expenses; (e) gain on sale of businesses/assets; (f) income from transition services arrangements related to the sale of our Chemical Intermediates Businesses to Indorama; (g) certain nonrecurring information technology project implementation costs; (h) amortization of pension and postretirement actuarial losses; (i) plant incident remediation costs; and (j) restructuring, impairment, plant closing and transition costs. | ||
[3] | Corporate and other includes unallocated corporate overhead, unallocated foreign exchange gains and losses, LIFO inventory valuation reserve adjustments, loss on early extinguishment of debt, unallocated restructuring, impairment and plant closing costs, nonoperating income and expense and gains and losses on the disposition of corporate assets. |