Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2022 | Apr. 20, 2022 | |
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 | 2022 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2022 | |
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 $0.01 per share | |
Trading Symbol | HUN | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 209,798,078 | |
Huntsman International LLC [Member] | ||
Document Information [Line Items] | ||
Entity Central Index Key | 0001089748 | |
Entity Registrant Name | Huntsman International LLC | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | FY | |
Document Fiscal Year Focus | 2021 | |
Entity File Number | 333-85141 | |
Entity Address, Address Line One | 10003 Woodloch Forest Drive | |
Entity Address, City or Town | The Woodlands | |
Entity Address, State or Province | TX | |
Entity Address, Postal Zip Code | 77380 | |
City Area Code | 281 | |
Local Phone Number | 719-6000 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 87-0630358 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 | |
Current assets: | |||
Cash and cash equivalents | [1] | $ 807 | $ 1,041 |
Accounts and notes receivable | [1] | 1,285 | 1,159 |
Accounts receivable from affiliates | 25 | 27 | |
Inventories | [1] | 1,382 | 1,201 |
Receivable associated with the Albemarle Settlement | 333 | 333 | |
Other current assets | 156 | 167 | |
Total current assets | 3,988 | 3,928 | |
Property, plant and equipment, net | [1] | 2,551 | 2,576 |
Investment in unconsolidated affiliates | 485 | 470 | |
Intangible assets, net | 461 | 469 | |
Goodwill | 650 | 650 | |
Deferred income taxes | 204 | 206 | |
Operating lease right-of-use assets | 390 | 403 | |
Other noncurrent assets | [1] | 673 | 690 |
Total assets | 9,402 | 9,392 | |
Current liabilities: | |||
Accounts payable | [1] | 1,252 | 1,148 |
Accounts payable to affiliates | 63 | 60 | |
Accrued liabilities | [1] | 732 | 780 |
Current portion of debt | [1] | 21 | 12 |
Current operating lease liabilities | [1] | 50 | 51 |
Total current liabilities | 2,118 | 2,051 | |
Long-term debt | [1] | 1,529 | 1,538 |
Deferred income taxes | 178 | 161 | |
Noncurrent operating lease liabilities | [1] | 358 | 370 |
Other noncurrent liabilities | [1] | 679 | 713 |
Total liabilities | 4,862 | 4,833 | |
Commitments and contingencies (Notes 15 and 16) | |||
Common stock $0.01 par value, 1,200,000,000 shares authorized, 261,055,993 and 259,701,770 shares issued and 209,975,156 and 214,170,287 shares outstanding, respectively | 3 | 3 | |
Additional paid-in capital | 4,152 | 4,102 | |
Treasury stock, 51,080,837 and 45,531,489 shares, respectively | (1,144) | (934) | |
Unearned stock-based compensation | (49) | (25) | |
Retained earnings | 2,595 | 2,435 | |
Accumulated other comprehensive loss | (1,214) | (1,203) | |
Total Huntsman Corporation stockholders’ equity | 4,343 | 4,378 | |
Noncontrolling interests in subsidiaries | 197 | 181 | |
Total equity | 4,540 | 4,559 | |
Total liabilities and equity | 9,402 | 9,392 | |
Huntsman International LLC [Member] | |||
Current assets: | |||
Cash and cash equivalents | [1] | 806 | 1,039 |
Accounts and notes receivable | [1] | 1,285 | 1,159 |
Accounts receivable from affiliates | 479 | 269 | |
Inventories | [1] | 1,382 | 1,201 |
Receivable associated with the Albemarle Settlement | 333 | 333 | |
Other current assets | 155 | 165 | |
Total current assets | 4,440 | 4,166 | |
Property, plant and equipment, net | [1] | 2,551 | 2,576 |
Investment in unconsolidated affiliates | 485 | 470 | |
Intangible assets, net | 461 | 469 | |
Goodwill | 650 | 650 | |
Deferred income taxes | 204 | 206 | |
Operating lease right-of-use assets | 390 | 403 | |
Other noncurrent assets | [1] | 673 | 691 |
Total assets | 9,854 | 9,631 | |
Current liabilities: | |||
Accounts payable | [1] | 1,242 | 1,145 |
Accounts payable to affiliates | 65 | 62 | |
Accrued liabilities | [1] | 723 | 771 |
Current portion of debt | [1] | 21 | 12 |
Current operating lease liabilities | [1] | 50 | 51 |
Total current liabilities | 2,101 | 2,041 | |
Long-term debt | [1] | 1,529 | 1,538 |
Deferred income taxes | 181 | 163 | |
Noncurrent operating lease liabilities | [1] | 358 | 370 |
Other noncurrent liabilities | [1] | 671 | 700 |
Total liabilities | 4,840 | 4,812 | |
Retained earnings | 2,274 | 2,093 | |
Accumulated other comprehensive loss | (1,198) | (1,187) | |
Total equity | 5,014 | 4,819 | |
Total liabilities and equity | 9,854 | 9,631 | |
Members’ equity, 2,728 units issued and outstanding | 3,741 | 3,732 | |
Total Huntsman International LLC members’ equity | 4,817 | 4,638 | |
Noncontrolling interests in subsidiaries | $ 197 | $ 181 | |
[1] | At March 31, 2022 and December 31, 2021, respectively, $9 and $1 of cash and cash equivalents, $9 and $12 of accounts and notes receivable (net), $66 and $64 of inventories, $156 and $161 of property, plant and equipment (net), $25 and $23 of other noncurrent assets, $145 and $146 of accounts payable, $8 and $13 of accrued liabilities, $17 and $10 of current portion of debt, $6 each of current operating lease liabilities, $33 and $35 of long-term debt, $19 and $20 of noncurrent operating lease liabilities and $46 each of other noncurrent liabilities from consolidated variable interest entities are included in the respective balance sheet captions above. See “Note 6. Variable Interest Entities.” |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 | |
Cash and cash equivalents | [1] | $ 807 | $ 1,041 |
Accounts and notes receivable, allowance for doubtful accounts | 23 | 25 | |
Accounts and notes receivable | [1] | 1,285 | 1,159 |
Inventories | [1] | 1,382 | 1,201 |
Property, plant and equipment, net | [1] | 2,551 | 2,576 |
Other noncurrent assets | [1] | 673 | 690 |
Accounts payable | [1] | 1,252 | 1,148 |
Accrued liabilities | [1] | 732 | 780 |
Current portion of debt | [1] | 21 | 12 |
Current operating lease liabilities | [1] | 50 | 51 |
Long-term debt | [1] | 1,529 | 1,538 |
Noncurrent operating lease liabilities | [1] | 358 | 370 |
Other noncurrent liabilities | [1] | $ 679 | $ 713 |
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) | 261,055,993 | 259,701,770 | |
Common stock, shares outstanding (in shares) | 209,975,156 | 214,170,287 | |
Treasury stock, shares (in shares) | 51,080,837 | 45,531,489 | |
Asset Pledged as Collateral [Member] | |||
Accounts and notes receivable | $ 372 | $ 324 | |
Variable Interest Entity, Primary Beneficiary [Member] | |||
Cash and cash equivalents | 9 | 1 | |
Accounts and notes receivable | 9 | 12 | |
Inventories | 66 | 64 | |
Property, plant and equipment, net | 156 | 161 | |
Other noncurrent assets | 25 | 23 | |
Accounts payable | 145 | 146 | |
Accrued liabilities | 8 | 13 | |
Current portion of debt | 17 | 10 | |
Current operating lease liabilities | 6 | 6 | |
Long-term debt | 33 | 35 | |
Noncurrent operating lease liabilities | 19 | 20 | |
Other noncurrent liabilities | 46 | 46 | |
Huntsman International LLC [Member] | |||
Cash and cash equivalents | [1] | 806 | 1,039 |
Accounts and notes receivable, allowance for doubtful accounts | 23 | 25 | |
Accounts and notes receivable | [1] | 1,285 | 1,159 |
Inventories | [1] | 1,382 | 1,201 |
Property, plant and equipment, net | [1] | 2,551 | 2,576 |
Other noncurrent assets | [1] | 673 | 691 |
Accounts payable | [1] | 1,242 | 1,145 |
Accrued liabilities | [1] | 723 | 771 |
Current portion of debt | [1] | 21 | 12 |
Current operating lease liabilities | [1] | 50 | 51 |
Long-term debt | [1] | 1,529 | 1,538 |
Noncurrent operating lease liabilities | [1] | 358 | 370 |
Other noncurrent liabilities | [1] | $ 671 | $ 700 |
Members' equity, units issued (in shares) | 2,728 | 2,728 | |
Members' equity, units outstanding (in shares) | 2,728 | 2,728 | |
Huntsman International LLC [Member] | Asset Pledged as Collateral [Member] | |||
Accounts and notes receivable | $ 372 | $ 324 | |
Huntsman International LLC [Member] | Variable Interest Entity, Primary Beneficiary [Member] | |||
Cash and cash equivalents | 9 | 1 | |
Accounts and notes receivable | 9 | 12 | |
Inventories | 66 | 64 | |
Property, plant and equipment, net | 156 | 161 | |
Other noncurrent assets | 25 | 23 | |
Accounts payable | 145 | 146 | |
Accrued liabilities | 8 | 13 | |
Current portion of debt | 17 | 10 | |
Current operating lease liabilities | 6 | 6 | |
Long-term debt | 33 | 35 | |
Noncurrent operating lease liabilities | 19 | 20 | |
Other noncurrent liabilities | $ 46 | $ 46 | |
[1] | At March 31, 2022 and December 31, 2021, respectively, $9 and $1 of cash and cash equivalents, $9 and $12 of accounts and notes receivable (net), $66 and $64 of inventories, $156 and $161 of property, plant and equipment (net), $25 and $23 of other noncurrent assets, $145 and $146 of accounts payable, $8 and $13 of accrued liabilities, $17 and $10 of current portion of debt, $6 each of current operating lease liabilities, $33 and $35 of long-term debt, $19 and $20 of noncurrent operating lease liabilities and $46 each of other noncurrent liabilities from consolidated variable interest entities are included in the respective balance sheet captions above. See “Note 6. Variable Interest Entities.” |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | ||
Revenues: | |||
Total revenues | [1] | $ 2,389 | $ 1,837 |
Cost of goods sold | 1,824 | 1,445 | |
Gross profit | 565 | 392 | |
Operating expenses: | |||
Selling, general and administrative | 216 | 207 | |
Research and development | 38 | 38 | |
Restructuring, impairment and plant closing costs | 0 | 24 | |
Other operating expenses (income), net | 7 | (3) | |
Total operating expenses | 261 | 266 | |
Operating income | 304 | 126 | |
Interest expense, net | (14) | (19) | |
Equity in income of investment in unconsolidated affiliates | 15 | 38 | |
Fair value adjustments to Venator investment | (2) | (19) | |
Other income, net | 1 | 7 | |
Income from continuing operations before income taxes | 304 | 133 | |
Income tax expense | (65) | (34) | |
Income from continuing operations | 239 | 99 | |
Income from discontinued operations, net of tax | 1 | 1 | |
Net income | 240 | 100 | |
Net income attributable to noncontrolling interests | (17) | (17) | |
Net income attributable to Huntsman Corporation | $ 223 | $ 83 | |
Basic income per share: | |||
Income from continuing operations attributable to Huntsman Corporation common stockholders (in dollars per share) | $ 1.04 | $ 0.38 | |
Income from discontinued operations attributable to Huntsman Corporation common stockholders, net of tax (in dollars per share) | 0.01 | 0 | |
Net income attributable to Huntsman Corporation common stockholders (in dollars per share) | $ 1.05 | $ 0.38 | |
Weighted average shares (in shares) | 212.7 | 220.4 | |
Diluted income per share: | |||
Income from continuing operations attributable to Huntsman Corporation common stockholders (in dollars per share) | $ 1.03 | $ 0.37 | |
Income from discontinued operations attributable to Huntsman Corporation common stockholders, net of tax (in dollars per share) | 0.01 | 0 | |
Net income attributable to Huntsman Corporation common stockholders (in dollars per share) | $ 1.04 | $ 0.37 | |
Weighted average shares (in shares) | 215.4 | 222.6 | |
Amounts attributable to Huntsman Corporation: | |||
Income from continuing operations | $ 222 | $ 82 | |
Income from discontinued operations, net of tax | 1 | 1 | |
Net income attributable to Huntsman Corporation | 223 | 83 | |
Huntsman International LLC [Member] | |||
Revenues: | |||
Total revenues | 2,389 | 1,837 | |
Cost of goods sold | 1,824 | 1,445 | |
Gross profit | 565 | 392 | |
Operating expenses: | |||
Selling, general and administrative | 213 | 204 | |
Research and development | 38 | 38 | |
Restructuring, impairment and plant closing costs | 0 | 24 | |
Other operating expenses (income), net | 7 | (3) | |
Total operating expenses | 258 | 263 | |
Operating income | 307 | 129 | |
Interest expense, net | (14) | (19) | |
Equity in income of investment in unconsolidated affiliates | 15 | 38 | |
Fair value adjustments to Venator investment | (2) | (19) | |
Other income, net | 1 | 7 | |
Income from continuing operations before income taxes | 307 | 136 | |
Income tax expense | (65) | (35) | |
Income from continuing operations | 242 | 101 | |
Income from discontinued operations, net of tax | 1 | 1 | |
Net income | 243 | 102 | |
Net income attributable to noncontrolling interests | (17) | (17) | |
Net income attributable to Huntsman Corporation | 226 | 85 | |
Amounts attributable to Huntsman Corporation: | |||
Net income attributable to Huntsman Corporation | 226 | 85 | |
Third Party Customers [Member] | |||
Revenues: | |||
Total revenues | 2,329 | 1,802 | |
Third Party Customers [Member] | Huntsman International LLC [Member] | |||
Revenues: | |||
Total revenues | 2,329 | 1,802 | |
Related Party Customers [Member] | |||
Revenues: | |||
Total revenues | 60 | 35 | |
Related Party Customers [Member] | Huntsman International LLC [Member] | |||
Revenues: | |||
Total revenues | $ 60 | $ 35 | |
[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, 2022 | Mar. 31, 2021 | |
Net income | $ 240 | $ 100 |
Other comprehensive loss, net of tax: | ||
Foreign currency translations adjustments | (20) | (32) |
Pension and other postretirement benefits adjustments | 9 | 19 |
Other, net | (1) | 0 |
Other comprehensive loss, net of tax | (12) | (13) |
Comprehensive income | 228 | 87 |
Comprehensive income attributable to noncontrolling interests | (16) | (17) |
Comprehensive income attributable to Huntsman Corporation | 212 | 70 |
Net income | 240 | 100 |
Huntsman International LLC [Member] | ||
Net income | 243 | 102 |
Other comprehensive loss, net of tax: | ||
Foreign currency translations adjustments | (20) | (31) |
Pension and other postretirement benefits adjustments | 9 | 19 |
Other, net | (1) | 0 |
Other comprehensive loss, net of tax | (12) | (12) |
Comprehensive income | 231 | 90 |
Comprehensive income attributable to noncontrolling interests | (16) | (17) |
Comprehensive income attributable to Huntsman Corporation | 215 | 73 |
Net income | $ 243 | $ 102 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Equity (Unaudited) - USD ($) $ in Millions | Huntsman International LLC [Member]Member Units [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] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Noncontrolling Interest [Member] | Common Stock Outstanding [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Treasury Stock [Member] | Deferred Compensation, Share-Based Payments [Member] | Total |
Balance (in shares) at Dec. 31, 2020 | 2,728 | 220,046,262 | ||||||||||||
Balance at Dec. 31, 2020 | $ 3,701 | $ 1,203 | $ (1,333) | $ 154 | $ 3,725 | $ 1,564 | $ (1,346) | $ 154 | $ 3 | $ 4,048 | $ (731) | $ (19) | $ 3,673 | |
Net income | 0 | 85 | 0 | 17 | 102 | 83 | 0 | 17 | 0 | 0 | 0 | 0 | 100 | |
Other comprehensive loss | $ 0 | 0 | (12) | 0 | (12) | 0 | (13) | 0 | 0 | 0 | 0 | 0 | (13) | |
Issuance of nonvested stock awards | 0 | 0 | 0 | 0 | 25 | 0 | (25) | 0 | ||||||
Vesting of stock awards (in shares) | 664,818 | |||||||||||||
Vesting of stock awards | 0 | 0 | 0 | 0 | 5 | 0 | 0 | 5 | ||||||
Recognition of stock-based compensation | 0 | 0 | 0 | 0 | 2 | 0 | 6 | 8 | ||||||
Repurchase and cancellation of stock awards (in shares) | (202,961) | |||||||||||||
Repurchase and cancellation of stock awards | (6) | 0 | 0 | 0 | 0 | 0 | 0 | (6) | ||||||
Stock options exercised (in shares) | 204,005 | |||||||||||||
Stock options exercised | (2) | 0 | 0 | 0 | 5 | 0 | 0 | 3 | ||||||
Dividends declared on common stock | (36) | 0 | 0 | 0 | 0 | 0 | 0 | (36) | ||||||
Balance (in shares) at Mar. 31, 2021 | 2,728 | 220,712,124 | ||||||||||||
Balance at Mar. 31, 2021 | $ 3,709 | 1,252 | (1,345) | 171 | 3,787 | 1,603 | (1,359) | 171 | 3 | 4,085 | (731) | (38) | $ 3,734 | |
Dividends paid to parent | 0 | (36) | 0 | 0 | (36) | |||||||||
Contribution from parent | $ 8 | 0 | 0 | 0 | 8 | |||||||||
Balance (in shares) at Dec. 31, 2021 | 2,728 | 214,170,287 | 214,170,287 | |||||||||||
Balance at Dec. 31, 2021 | $ 3,732 | 2,093 | (1,187) | 181 | 4,819 | 2,435 | (1,203) | 181 | 3 | 4,102 | (934) | (25) | $ 4,559 | |
Net income | 0 | 226 | 0 | 17 | 243 | 223 | 0 | 17 | 0 | 0 | 0 | 0 | 240 | |
Other comprehensive loss | $ 0 | 0 | (11) | (1) | (12) | 0 | (11) | (1) | 0 | 0 | 0 | 0 | (12) | |
Issuance of nonvested stock awards | 0 | 0 | 0 | 0 | 32 | 0 | (32) | 0 | ||||||
Vesting of stock awards (in shares) | 1,327,568 | |||||||||||||
Vesting of stock awards | 0 | 0 | 0 | 0 | 7 | 0 | 0 | 7 | ||||||
Recognition of stock-based compensation | 0 | 0 | 0 | 0 | 1 | 0 | 8 | 9 | ||||||
Repurchase and cancellation of stock awards (in shares) | (361,250) | |||||||||||||
Repurchase and cancellation of stock awards | (13) | 0 | 0 | 0 | 0 | 0 | 0 | $ (13) | ||||||
Stock options exercised (in shares) | 387,899 | 515,000 | ||||||||||||
Stock options exercised | (5) | 0 | 0 | 0 | 10 | 0 | 0 | $ 5 | ||||||
Treasury stock repurchased (in shares) | (5,549,348) | (5,549,348) | ||||||||||||
Treasury stock repurchased | 0 | 0 | 0 | 0 | 0 | (210) | 0 | $ (210) | ||||||
Dividends declared on common stock | (45) | 0 | 0 | 0 | 0 | 0 | 0 | $ (45) | ||||||
Balance (in shares) at Mar. 31, 2022 | 2,728 | 209,975,156 | 209,975,156 | |||||||||||
Balance at Mar. 31, 2022 | $ 3,741 | 2,274 | (1,198) | 197 | 5,014 | $ 2,595 | $ (1,214) | $ 197 | $ 3 | $ 4,152 | $ (1,144) | $ (49) | $ 4,540 | |
Dividends paid to parent | 0 | (45) | 0 | 0 | (45) | |||||||||
Contribution from parent | $ 9 | $ 0 | $ 0 | $ 0 | $ 9 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Equity (Unaudited) (Parentheticals) - $ / shares | Feb. 14, 2022 | Mar. 31, 2022 | Mar. 31, 2021 |
Dividends declared on common stock, per share (in dollars per share) | $ 0.2125 | $ 0.2125 | $ 0.1625 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Operating Activities: | ||
Net income | $ 240 | $ 100 |
Less: Income from discontinued operations, net of tax | (1) | (1) |
Income from continuing operations | 239 | 99 |
Adjustments to reconcile income from continuing operations to net cash provided by (used in) operating activities from continuing operations: | ||
Equity in income of investment in unconsolidated affiliates | (15) | (38) |
Unrealized losses on fair value adjustments to Venator investment | 2 | 19 |
Depreciation and amortization | 71 | 74 |
Noncash lease expense | 16 | 17 |
Noncash restructuring and impairment charges | 0 | 8 |
Deferred income taxes | 13 | 0 |
Stock-based compensation | 11 | 9 |
Other, net | 1 | 2 |
Changes in operating assets and liabilities: | ||
Accounts and notes receivable | (134) | (117) |
Inventories | (187) | (156) |
Other current assets | 16 | (10) |
Other noncurrent assets | (1) | (30) |
Accounts payable | 120 | 94 |
Accrued liabilities | (41) | 20 |
Other noncurrent liabilities | (26) | (7) |
Net cash provided by (used in) operating activities from continuing operations | 85 | (16) |
Net cash used in operating activities from discontinued operations | 0 | (1) |
Net cash provided by (used in) operating activities | 85 | (17) |
Investing Activities: | ||
Capital expenditures | (69) | (98) |
Acquisition of business, net of cash acquired | 0 | (240) |
Cash received from sale of business | 0 | 15 |
Other, net | 4 | 0 |
Net cash used in investing activities | (65) | (323) |
Financing Activities: | ||
Net borrowings on revolving loan facilities | 8 | 9 |
Repayments of long-term debt | (3) | (548) |
Dividends paid to common stockholders | (46) | (37) |
Repurchase and cancellation of awards | (13) | (6) |
Repurchase of common stock | (203) | 0 |
Proceeds from issuance of common stock | 5 | 3 |
Net cash used in financing activities | (252) | (579) |
Effect of exchange rate changes on cash | (2) | (1) |
Decrease in cash and cash equivalents | (234) | (920) |
Cash and cash equivalents at beginning of period | 1,041 | 1,593 |
Cash and cash equivalents at end of period | 807 | 673 |
Supplemental cash flow information: | ||
Cash paid for interest | 9 | 16 |
Cash paid for income taxes | 32 | 8 |
Huntsman International LLC [Member] | ||
Operating Activities: | ||
Net income | 243 | 102 |
Less: Income from discontinued operations, net of tax | (1) | (1) |
Income from continuing operations | 242 | 101 |
Adjustments to reconcile income from continuing operations to net cash provided by (used in) operating activities from continuing operations: | ||
Equity in income of investment in unconsolidated affiliates | (15) | (38) |
Unrealized losses on fair value adjustments to Venator investment | 2 | 19 |
Depreciation and amortization | 71 | 73 |
Noncash lease expense | 16 | 17 |
Noncash restructuring and impairment charges | 0 | 8 |
Deferred income taxes | 13 | 0 |
Other, net | 3 | 1 |
Noncash compensation | 9 | 8 |
Changes in operating assets and liabilities: | ||
Accounts and notes receivable | (134) | (117) |
Inventories | (187) | (156) |
Other current assets | 15 | (3) |
Other noncurrent assets | (1) | (30) |
Accounts payable | 119 | 93 |
Accrued liabilities | (41) | 14 |
Other noncurrent liabilities | (26) | (7) |
Net cash provided by (used in) operating activities from continuing operations | 86 | (17) |
Net cash used in operating activities from discontinued operations | 0 | (1) |
Net cash provided by (used in) operating activities | 86 | (18) |
Investing Activities: | ||
Capital expenditures | (69) | (98) |
Acquisition of business, net of cash acquired | 0 | (240) |
Cash received from sale of business | 0 | 15 |
Other, net | 3 | 0 |
Net cash used in investing activities | (278) | (330) |
Increase in receivable from affiliate | (212) | (7) |
Financing Activities: | ||
Net borrowings on revolving loan facilities | 8 | 9 |
Repayments of long-term debt | (3) | (548) |
Net cash used in financing activities | (39) | (575) |
Effect of exchange rate changes on cash | (2) | (1) |
Decrease in cash and cash equivalents | (233) | (924) |
Dividends paid to parent | (45) | (36) |
Other, net | 1 | 0 |
Cash and cash equivalents at beginning of period | 1,039 | 1,591 |
Cash and cash equivalents at end of period | 806 | 667 |
Supplemental cash flow information: | ||
Cash paid for interest | 9 | 16 |
Cash paid for income taxes | $ 32 | $ 8 |
Condensed Consolidated Statem_6
Condensed Consolidated Statements of Cash Flows (Unaudited) (Parentheticals) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Capital Expenditures Incurred but Not yet Paid | $ 44 | $ 54 |
Huntsman International LLC [Member] | ||
Capital Expenditures Incurred but Not yet Paid | $ 44 | $ 54 |
Note 1 - General
Note 1 - General | 3 Months Ended |
Mar. 31, 2022 | |
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, 2021 D escription of usinesses We are a global manufacturer of differentiated organic chemical products. We operate in four segments: Polyurethanes, Performance Products, Advanced Materials and Textile Effects. Our products comprise a broad range of chemicals and formulations, which we market globally to a diversified group of consumer and industrial customers. Our products are used in a wide range of applications, including those in the adhesives, aerospace, automotive, construction products, durable and non-durable consumer products, electronics, insulation, medical, packaging, coatings and construction, power generation, refining, synthetic fiber, textile chemicals and dyes industries. We are a leading global producer in many of our key product lines, including MDI, amines, maleic anhydride, epoxy-based polymer formulations, textile chemicals and dyes. 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 ecent evelopments Share Repurchase Program On March 25, 2022, may may Dividend Increase On February 14, 2022, U se of E 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, 2022 | |
Notes to Financial Statements | |
Accounting Standards Update and Change in Accounting Principle [Text Block] | 2. There have been no three March 31, 2022 |
Note 3 - Business Combinations
Note 3 - Business Combinations | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | 3. A cquisition of g aBRIEL erformance roducts On January 15, 2021, three March 31, 2021 We 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 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 $ 251 Cash $ 9 Accounts receivable 13 Inventories 23 Property, plant and equipment 50 Intangible assets 96 Goodwill 87 Accounts payable (7 ) Accrued liabilities (3 ) Deferred income taxes (17 ) Total fair value of net assets acquired $ 251 The valuation was finalized during the first 2022. P RO ORMA NFORMATION FOR CQUISITION If the Gabriel Acquisition were to have occurred on January 1, 2021 Three months ended March 31, 2021 Revenues $ 1,841 Net income 88 Net income attributable to Huntsman Corporation 71 Three months ended March 31, 2021 Revenues $ 1,841 Net income 90 Net income attributable to Huntsman International 73 |
Note 4 - Business Dispositions
Note 4 - Business Dispositions | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | 4. S aLE o f enator nterEST On December 23, 2020, three March 31, 2022 2021 |
Note 5 - Inventories
Note 5 - Inventories | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | 5. We state our inventories at the lower of cost or market, with cost determined using last-in first first first March 31, December 31, 2022 2021 Raw materials and supplies $ 332 $ 282 Work in progress 66 52 Finished goods 1,029 909 Total 1,427 1,243 LIFO reserves (45 ) (42 ) Net inventories $ 1,382 $ 1,201 As of both March 31, 2022 December 31, 2021 |
Note 6 - Variable Interest Enti
Note 6 - Variable Interest Entities | 3 Months Ended |
Mar. 31, 2022 | |
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 (“AAC”) is our 50%-owned joint venture with Zamil group that manufactures products for our Performance Products segment. During the three March 31, 2022 no Creditors of these entities have no 8. March 31, 2022 The following table summarizes the carrying amounts of our variable interest entities’ assets and liabilities included in our condensed consolidated balance sheet as of March 31, 2022 December 31, 2021 March 31, December 31, 2022 2021 Current assets $ 92 $ 81 Property, plant and equipment, net 156 161 Operating lease right-of-use assets 25 26 Other noncurrent assets 147 148 Deferred income taxes 21 21 Total assets $ 441 $ 437 Current liabilities $ 177 $ 176 Long-term debt 33 35 Noncurrent operating lease liabilities 19 20 Other noncurrent liabilities 46 46 Total liabilities $ 275 $ 277 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, 2022 2021 Three months ended March 31, 2022 2021 Revenues $ — $ — Income from continuing operations before income taxes 5 — Net cash provided by operating activities 8 4 |
Note 7 - Restructuring, Impairm
Note 7 - Restructuring, Impairment and Plant Closing Costs | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Restructuring and Related Activities Disclosure [Text Block] | 7. As of March 31, 2022 December 31, 2021 Workforce reductions Non-cancelable lease and contract termination costs Other restructuring costs Total Accrued liabilities as of January 1, 2022 $ 28 $ 2 $ 1 $ 31 2022 charges for 2022 and prior initiatives — — — — 2022 payments for 2021 and prior initiatives (6 ) — (1 ) (7 ) Accrued liabilities as of March 31, 2022 $ 22 $ 2 $ — $ 24 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, 2022 $ 9 $ 1 $ 5 $ 5 $ 11 $ 31 2022 charges for 2022 and prior initiatives — — — — — — 2022 payments for 2021 and prior initiatives (3 ) — (1 ) (1 ) (2 ) (7 ) Accrued liabilities as of March 31, 2022 $ 6 $ 1 $ 4 $ 4 $ 9 $ 24 Current portion of restructuring reserves $ 6 $ 1 $ 1 $ 1 $ 3 $ 12 Long-term portion of restructuring reserves — — 3 3 6 12 Details with respect to cash and noncash restructuring charges from continuing operations for the three March 31, 2022 2021 Three months ended March 31, 2022 2021 Cash charges: 2022 charges for 2022 and prior initiatives $ — $ — 2021 charges for 2020 and prior initiatives — 14 2021 charges for 2021 initiatives — 2 Noncash charges: Other noncash charges — 8 Total restructuring, impairment and plant closing costs $ — $ 24 R estructuring ctivities Beginning in the first 2021, three March 31, 2021 three March 31, 2022. $2 2023. Beginning in the third 2020, three March 31, 2021. three March 31, 2022. $1 $2 first 2022. Beginning in the second 2020, three March 31, 2022 2021. $6 2023. |
Note 8 - Debt
Note 8 - Debt | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 8. Our outstanding debt, net of debt issuance costs, consisted of the following (dollars in millions): March 31, December 31, 2022 2021 Senior Credit Facilities: Revolving facility $ — $ — Amounts outstanding under A/R programs — — Senior notes 1,468 1,473 Variable interest entities 50 45 Other 32 32 Total debt $ 1,550 $ 1,550 Current portion of debt $ 21 $ 12 Long-term portion of debt 1,529 1,538 Total debt $ 1,550 $ 1,550 D irect and ubsidiary ebt Substantially all of our 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 sheets as a reduction to the face amount of that debt liability. As of March 31, 2022 December 31, 2021 Revolving Credit Facility As of March 31, 2022 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, 2022 ( 2 Interest rates on borrowings under the Revolving Credit Facility vary based on the type of loan and Huntsman International’s debt ratings. The representative interest rate as of March 31, 2022 A/R Programs Our U.S. accounts receivable securitization program (“U.S. A/R Programs”) 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. On July 1, 2021, April 2022 July 2024. Information regarding our A/R Programs as of March 31, 2022 Maximum funding Amount Facility Maturity availability(1) outstanding Interest rate (2) U.S. A/R Program July 2024 $ 150 $ — (3) Applicable rate plus 0.90% EU A/R Program July 2024 € 100 € — Applicable rate plus 1.30% (or approximately $111) ( 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 USD LIBOR, EURIBOR or SONIA (Sterling Overnight Interbank Average Rate). In anticipation of the transition away from USD LIBOR, the amendments we made in July 2021 ( 3 As of March 31, 2022 As of March 31, 2022 December 31, 2021 Senior Notes On January 15, 2021, €445 2021 “2021 not first 2021 Variable Interest Entity Debt As of March 31, 2022 March 31, 2022 not not 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, 2022 | |
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, 2022 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, 2022 €130 three March 31, 2022 March 31, 2021 |
Note 10 - Fair Value
Note 10 - Fair Value | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 10. The fair values of financial instruments were as follows (dollars in millions): March 31, 2022 December 31, 2021 Carrying Estimated Carrying Estimated value fair value value fair value Non-qualified employee benefit plan investments $ 20 $ 20 $ 25 $ 25 Investment in Venator 17 17 25 25 Option agreement for remaining Venator shares (2 ) (2 ) (7 ) (7 ) Long-term debt (including current portion) (1,550 ) (1,579 ) (1,550 ) (1,698 ) 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, 2022 December 31, 2021 not not March 31, 2022 may During the three March 31, 2022 3 3 |
Note 11 - Revenue Recognition
Note 11 - Revenue Recognition | 3 Months Ended |
Mar. 31, 2022 | |
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, 2022 2021 Performance Advanced Textile Corporate and 2022 Polyurethanes Products Materials Effects eliminations Total Primary geographic markets(1) U.S. and Canada $ 560 $ 205 $ 106 $ 15 $ (3 ) $ 883 Europe 355 120 128 32 (4 ) 631 Asia Pacific 360 124 71 119 (1 ) 673 Rest of world 111 31 30 31 (1 ) 202 $ 1,386 $ 480 $ 335 $ 197 $ (9 ) $ 2,389 Major product groupings MDI urethanes $ 1,386 $ 1,386 Differentiated $ 480 480 Specialty $ 306 306 Non-specialty 29 29 Textile chemicals and dyes $ 197 197 Eliminations $ (9 ) (9 ) $ 1,386 $ 480 $ 335 $ 197 $ (9 ) $ 2,389 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 ( 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, 2022 | |
Notes to Financial Statements | |
Retirement Benefits [Text Block] | 12. Components of the net periodic benefit costs from continuing operations for the three March 31, 2022 2021 Huntsman Corporation Other postretirement Defined benefit plans benefit plans Three months Three months ended ended March 31, March 31, 2022 2021 2022 2021 Service cost $ 12 $ 14 $ — $ — Interest cost 14 12 — — Expected return on assets (42 ) (42 ) — — Amortization of prior service benefit (1 ) (2 ) (1 ) (1 ) Amortization of actuarial loss 14 23 1 1 Settlement loss — 3 — — Net periodic benefit cost $ (3 ) $ 8 $ — $ — Huntsman International Other postretirement Defined benefit plans benefit plans Three months Three months ended ended March 31, March 31, 2022 2021 2022 2021 Service cost $ 12 $ 14 $ — $ — Interest cost 14 12 — — Expected return on assets (42 ) (42 ) — — Amortization of prior service benefit (1 ) (2 ) (1 ) (1 ) Amortization of actuarial loss 14 24 1 1 Settlement loss — 3 — — Net periodic benefit cost $ (3 ) $ 9 $ — $ — During the three March 31, 2022 2021 2022 |
Note 13 - Huntsman Corporation
Note 13 - Huntsman Corporation Stockholders' Equity | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 13. S hare epurchase rogram On October 26, 2021, March 25, 2022, first 2022, April 1, 2022 April 20, 2022, 906,000 $32 D ividends on ommon tock On February 14, 2022, March 31, 2022 March 31, 2021 |
Note 14 - Accumulated Other Com
Note 14 - Accumulated Other Comprehensive Loss | 3 Months Ended |
Mar. 31, 2022 | |
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 adjustments(a) adjustments(b) affiliates Other, net Total interests Corporation Beginning balance, January 1, 2022 $ (420 ) $ (810 ) $ 8 $ 6 $ (1,216 ) $ 13 $ (1,203 ) Other comprehensive loss before reclassifications, gross (20 ) — — (1 ) (21 ) 1 (20 ) Tax expense — — — — — — — Amounts reclassified from accumulated other comprehensive loss, gross(c) — 13 — — 13 — 13 Tax expense — (4 ) — — (4 ) — (4 ) Net current-period other comprehensive (loss) income (20 ) 9 — (1 ) (12 ) 1 (11 ) Ending balance, March 31, 2022 $ (440 ) $ (801 ) $ 8 $ 5 $ (1,228 ) $ 14 $ (1,214 ) (a) Amounts are net of tax of $56 million for both March 31, 2022 January 1, 2022 (b) Amounts are net of tax of $77 million and $81 million as of March 31, 2022 January 1, 2022 (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 adjustments(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 million for both March 31, 2021 January 1, 2021 (b) Amounts are net of tax of $148 million and $153 million as of March 31, 2021 January 1, 2021 (c) See table below for details about these reclassifications. Three Months Ended March 31, 2022 2021 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 $ (2 ) $ (3 ) (b) Other income, net Settlement loss — 3 (b) Other income, net Actuarial loss 15 24 (b)(c) Other income, net 13 24 Total before tax (4 ) (5 ) Income tax expense Total reclassifications for the period $ 9 $ 19 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) Amounts include approximately $1 million and $2 million of actuarial losses related to discontinued operations for the three March 31, 2022 2021 Huntsman International Pension Other Foreign and other comprehensive Amounts Amounts currency postretirement income of attributable to attributable to translation benefits unconsolidated noncontrolling Huntsman adjustments(a) adjustments(b) affiliates Other, net Total interests International Beginning balance, January 1, 2022 $ (424 ) $ (786 ) $ 8 $ 2 $ (1,200 ) $ 13 $ (1,187 ) Other comprehensive loss before reclassifications, gross (20 ) — — (1 ) (21 ) 1 (20 ) Tax expense — — — — — — — Amounts reclassified from accumulated other comprehensive loss, gross(c) — 13 — — 13 — 13 Tax expense — (4 ) — — (4 ) — (4 ) Net current-period other comprehensive (loss) income (20 ) 9 — (1 ) (12 ) 1 (11 ) Ending balance, March 31, 2022 $ (444 ) $ (777 ) $ 8 $ 1 $ (1,212 ) $ 14 $ (1,198 ) (a) Amounts are net of tax of $43 million for both March 31, 2022 January 1, 2022 (b) Amounts are net of tax of $101 million and $105 million as of March 31, 2022 January 1, 2022 (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 adjustments(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 million as of both March 31, 2021 January 1, 2021 (b) Amounts are net of tax of $172 million and $178 million as of March 31, 2021 January 1, 2021 (c) See table below for details about these reclassifications. Three Months Ended March 31, 2022 2021 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 $ (2 ) $ (3 ) (b) Other income, net Settlement loss — 3 (b) Other income, net Actuarial loss 15 25 (b)(c) Other income, net 13 25 Total before tax (4 ) (6 ) Income tax expense Total reclassifications for the period $ 9 $ 19 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) Amounts include approximately $1 million and $2 million, respectively, of actuarial losses related to discontinued operations for both the three March 31, 2022 2021 |
Note 15 - Commitments and Conti
Note 15 - Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2022 | |
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, 2022 | |
Notes to Financial Statements | |
Environmental Loss Contingency Disclosure [Text Block] | 16. EHS C apital xpenditures We may three March 31, 2022 2021 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, 2022 December 31, 2021 March 31, 2022 December 31, 2021 March 31, 2022 December 31, 2021 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 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, 2022 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | 17. As of March 31, 2022 three three two 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, 2022 2021 Huntsman Corporation compensation cost $ 11 $ 9 Huntsman International compensation cost 9 8 The total income tax benefit recognized in the condensed consolidated statements of operations for us and Huntsman International for stock-based compensation arrangements was $4 million and $1 million for the three March 31, 2022 2021 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, 2022(1) 2021 Dividend yield NA 2.3 % Expected volatility NA 53.3 % Risk-free interest rate NA 0.7 % Expected life of stock options granted during the period (in years) NA 5.9 ( 1 During the three March 31, 2022 A summary of stock option activity under the stock-based compensation plans as of March 31, 2022 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, 2022 4,054 $ 21.62 Granted — — Exercised (515 ) 19.46 Forfeited (19 ) 26.68 Outstanding at March 31, 2022 3,520 21.91 5.4 $ 55 Exercisable at March 31, 2022 3,092 21.56 4.9 49 As of March 31, 2022 The total intrinsic value of stock options exercised during the three March 31, 2022 2021 three March 31, 2022 2021 three March 31, 2022 2021 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 restricted stock and phantom stock award is estimated to be the closing stock price of Huntsman’s stock on the date of grant. We grant two one three three March 31, 2022 2021 three March 31, 2022 2021 three During the first 2022, second two three March 31, 2022, three March 31, 2022 2021 two A summary of the status of our nonvested shares as of March 31, 2022 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, 2022 2,178 $ 25.07 367 $ 24.91 Granted 712 48.12 102 41.04 Vested (1,044 ) (1)(2) 23.11 (187 ) 24.04 Forfeited (14 ) 26.13 (4 ) 25.85 Nonvested at March 31, 2022 1,832 35.13 278 31.38 ( 1 As of March 31, 2022 not three March 31, 2022 not not ( 2 A total of 193,623 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, 2021 three March 31, 2022 As of March 31, 2022 three March 31, 2022 2021 |
Note 18 - Income Taxes
Note 18 - Income Taxes | 3 Months Ended |
Mar. 31, 2022 | |
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, 2022 2021 December 31, 2021, no 2021 2022. Huntsman Corporation We recorded income tax expense from continuing operations of $65 million and $34 million for the three March 31, 2022 2021 Huntsman International Huntsman International recorded income tax expense from continuing operations of $65 million and $35 million for the three March 31, 2022 2021 |
Note 19 - Earnings Per Share
Note 19 - Earnings Per Share | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 19. Basic income per share excludes dilution and is computed by dividing net income attributable to Huntsman Corporation by the weighted average number of shares outstanding during the period. Diluted income per share reflects all potential dilutive common shares outstanding during the period and is computed by dividing net income attributable to Huntsman Corporation 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 income per share is determined using the following information (in millions): Three months ended March 31, 2022 2021 Numerator: Income from continuing operations attributable to Huntsman Corporation $ 222 $ 82 Net income attributable to Huntsman Corporation $ 223 $ 83 Denominator: Weighted average shares outstanding 212.7 220.4 Dilutive shares: Stock-based awards 2.7 2.2 Total weighted average shares outstanding, including dilutive shares 215.4 222.6 Additional stock-based awards of approximately 0.4 million and 1.1 million weighted average equivalent shares of stock were outstanding during the three March 31, 2022 2021 not |
Note 20 - Operating Segment Inf
Note 20 - Operating Segment Information | 3 Months Ended |
Mar. 31, 2022 | |
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 operating segments, which are also our reportable segments: Polyurethanes, Performance Products, Advanced Materials and Textile Effects. We have organized our business and derived our operating segments around differences in product lines. 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 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. We use adjusted EBITDA to measure the financial performance of our global business units and for reporting the results of our operating segments. This measure includes all operating items relating to the businesses. The adjusted EBITDA of operating segments excludes items that principally apply to our Company as a whole. The following schedule includes revenues and adjusted EBITDA for each of our reportable operating segments (dollars in millions). We have revised our prior years’ presentation below to reconcile total reportable segments’ adjusted EBITDA to income from continuing operations before income taxes, in addition to net income, and removed “corporate and other costs, net” from the total reportable segments’ adjusted EBITDA and included such amounts in the reconciliation to income from continuing operations before income taxes. Additionally, we have revised our prior years’ presentation of total reportable segments’ revenues, in which we removed intersegment eliminations from the total reportable segment’s revenues. Three months ended March 31, 2022 2021 Revenues: Polyurethanes $ 1,386 $ 1,068 Performance Products 480 305 Advanced Materials 335 278 Textile Effects 197 193 Total reportable segment’s revenue 2,398 1,844 Intersegment eliminations (9 ) (7 ) Total $ 2,389 $ 1,837 Huntsman Corporation: Segment adjusted EBITDA(1): Polyurethanes $ 224 $ 207 Performance Products 146 63 Advanced Materials 67 44 Textile Effects 28 25 Total reportable segments’ adjusted EBITDA 465 339 Reconciliation of total reportable segments’ adjusted EBITDA to income from continuing operations before income taxes: Interest expense, net—continuing operations (14 ) (19 ) Depreciation and amortization—continuing operations (71 ) (74 ) Corporate and other costs, net(2) (50 ) (50 ) Net income attributable to noncontrolling interests 17 17 Other adjustments: Business acquisition and integration expenses and purchase accounting inventory adjustments (6 ) (9 ) Fair value adjustments to Venator investment (2 ) (19 ) Certain legal and other settlements and related expenses (12 ) (2 ) Costs associated with the Albemarle Settlement, net (1 ) — Loss on sale of business/assets (4 ) — Income from transition services arrangements 1 1 Certain nonrecurring information technology project implementation costs (2 ) (1 ) Amortization of pension and postretirement actuarial losses (14 ) (22 ) Plant incident remediation costs — (4 ) Restructuring, impairment and plant closing and transition costs(3) (3 ) (24 ) Income from continuing operations before income taxes 304 133 Income tax expense—continuing operations (65 ) (34 ) Income from discontinued operations 1 1 Net income $ 240 $ 100 Three months ended March 31, 2022 2021 Huntsman International: Segment adjusted EBITDA(1): Polyurethanes $ 224 $ 207 Performance Products 146 63 Advanced Materials 67 44 Textile Effects 28 25 Total reportable segments’ adjusted EBITDA 465 339 Reconciliation of total reportable segments’ adjusted EBITDA to income from continuing operations before income taxes: Interest expense, net—continuing operations (14 ) (19 ) Depreciation and amortization—continuing operations (71 ) (73 ) Corporate and other costs, net(2) (47 ) (47 ) Net income attributable to noncontrolling interests 17 17 Other adjustments: Business acquisition and integration expenses and purchase accounting inventory adjustments (6 ) (9 ) Fair value adjustments to Venator investment (2 ) (19 ) Certain legal and other settlements and related expenses (12 ) (2 ) Costs associated with the Albemarle Settlement, net (1 ) — Loss on sale of business/assets (4 ) — Income from transition services arrangements 1 1 Certain nonrecurring information technology project implementation costs (2 ) (1 ) Amortization of pension and postretirement actuarial losses (14 ) (23 ) Plant incident remediation costs — (4 ) Restructuring, impairment and plant closing and transition costs(3) (3 ) (24 ) Income from continuing operations before income taxes 307 136 Income tax expense—continuing operations (65 ) (35 ) Income from discontinued operations 1 1 Net income $ 243 $ 102 ( 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) fair value adjustments to Venator investment; (c) certain legal and other settlements and related income (expenses); (d) costs associated with the Albemarle Settlement, net; (e) loss on sale of business/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 costs, (net) 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. ( 3 Includes costs associated with transition activities relating primarily to our Corporate program to optimize our global approach to leverage shared services capabilities. |
Note 3 - Business Combinations
Note 3 - Business Combinations (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
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 $ 251 Cash $ 9 Accounts receivable 13 Inventories 23 Property, plant and equipment 50 Intangible assets 96 Goodwill 87 Accounts payable (7 ) Accrued liabilities (3 ) Deferred income taxes (17 ) Total fair value of net assets acquired $ 251 |
Business Acquisition, Pro Forma Information [Table Text Block] | Three months ended March 31, 2021 Revenues $ 1,841 Net income 88 Net income attributable to Huntsman Corporation 71 Three months ended March 31, 2021 Revenues $ 1,841 Net income 90 Net income attributable to Huntsman International 73 |
Note 5 - Inventories (Tables)
Note 5 - Inventories (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | March 31, December 31, 2022 2021 Raw materials and supplies $ 332 $ 282 Work in progress 66 52 Finished goods 1,029 909 Total 1,427 1,243 LIFO reserves (45 ) (42 ) Net inventories $ 1,382 $ 1,201 |
Note 6 - Variable Interest En_2
Note 6 - Variable Interest Entities (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Schedule of Variable Interest Entities [Table Text Block] | March 31, December 31, 2022 2021 Current assets $ 92 $ 81 Property, plant and equipment, net 156 161 Operating lease right-of-use assets 25 26 Other noncurrent assets 147 148 Deferred income taxes 21 21 Total assets $ 441 $ 437 Current liabilities $ 177 $ 176 Long-term debt 33 35 Noncurrent operating lease liabilities 19 20 Other noncurrent liabilities 46 46 Total liabilities $ 275 $ 277 Three months ended March 31, 2022 2021 Revenues $ — $ — Income from continuing operations before income taxes 5 — Net cash provided by operating activities 8 4 |
Note 7 - Restructuring, Impai_2
Note 7 - Restructuring, Impairment and Plant Closing Costs (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Schedule of Restructuring Reserve by Type of Cost [Table Text Block] | Workforce reductions Non-cancelable lease and contract termination costs Other restructuring costs Total Accrued liabilities as of January 1, 2022 $ 28 $ 2 $ 1 $ 31 2022 charges for 2022 and prior initiatives — — — — 2022 payments for 2021 and prior initiatives (6 ) — (1 ) (7 ) Accrued liabilities as of March 31, 2022 $ 22 $ 2 $ — $ 24 |
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, 2022 $ 9 $ 1 $ 5 $ 5 $ 11 $ 31 2022 charges for 2022 and prior initiatives — — — — — — 2022 payments for 2021 and prior initiatives (3 ) — (1 ) (1 ) (2 ) (7 ) Accrued liabilities as of March 31, 2022 $ 6 $ 1 $ 4 $ 4 $ 9 $ 24 Current portion of restructuring reserves $ 6 $ 1 $ 1 $ 1 $ 3 $ 12 Long-term portion of restructuring reserves — — 3 3 6 12 |
Schedule of Cash and Noncash Restructuring Charges By Type of Initiative [Table Text Block] | Three months ended March 31, 2022 2021 Cash charges: 2022 charges for 2022 and prior initiatives $ — $ — 2021 charges for 2020 and prior initiatives — 14 2021 charges for 2021 initiatives — 2 Noncash charges: Other noncash charges — 8 Total restructuring, impairment and plant closing costs $ — $ 24 |
Note 8 - Debt (Tables)
Note 8 - Debt (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | March 31, December 31, 2022 2021 Senior Credit Facilities: Revolving facility $ — $ — Amounts outstanding under A/R programs — — Senior notes 1,468 1,473 Variable interest entities 50 45 Other 32 32 Total debt $ 1,550 $ 1,550 Current portion of debt $ 21 $ 12 Long-term portion of debt 1,529 1,538 Total debt $ 1,550 $ 1,550 |
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 July 2024 $ 150 $ — (3) Applicable rate plus 0.90% EU A/R Program July 2024 € 100 € — Applicable rate plus 1.30% (or approximately $111) |
Note 10 - Fair Value (Tables)
Note 10 - Fair Value (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Fair Value, by Balance Sheet Grouping [Table Text Block] | March 31, 2022 December 31, 2021 Carrying Estimated Carrying Estimated value fair value value fair value Non-qualified employee benefit plan investments $ 20 $ 20 $ 25 $ 25 Investment in Venator 17 17 25 25 Option agreement for remaining Venator shares (2 ) (2 ) (7 ) (7 ) Long-term debt (including current portion) (1,550 ) (1,579 ) (1,550 ) (1,698 ) |
Note 11 - Revenue Recognition (
Note 11 - Revenue Recognition (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Performance Advanced Textile Corporate and 2022 Polyurethanes Products Materials Effects eliminations Total Primary geographic markets(1) U.S. and Canada $ 560 $ 205 $ 106 $ 15 $ (3 ) $ 883 Europe 355 120 128 32 (4 ) 631 Asia Pacific 360 124 71 119 (1 ) 673 Rest of world 111 31 30 31 (1 ) 202 $ 1,386 $ 480 $ 335 $ 197 $ (9 ) $ 2,389 Major product groupings MDI urethanes $ 1,386 $ 1,386 Differentiated $ 480 480 Specialty $ 306 306 Non-specialty 29 29 Textile chemicals and dyes $ 197 197 Eliminations $ (9 ) (9 ) $ 1,386 $ 480 $ 335 $ 197 $ (9 ) $ 2,389 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 |
Note 12 - Employee Benefit Pl_2
Note 12 - Employee Benefit Plans (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
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, 2022 2021 2022 2021 Service cost $ 12 $ 14 $ — $ — Interest cost 14 12 — — Expected return on assets (42 ) (42 ) — — Amortization of prior service benefit (1 ) (2 ) (1 ) (1 ) Amortization of actuarial loss 14 23 1 1 Settlement loss — 3 — — Net periodic benefit cost $ (3 ) $ 8 $ — $ — Other postretirement Defined benefit plans benefit plans Three months Three months ended ended March 31, March 31, 2022 2021 2022 2021 Service cost $ 12 $ 14 $ — $ — Interest cost 14 12 — — Expected return on assets (42 ) (42 ) — — Amortization of prior service benefit (1 ) (2 ) (1 ) (1 ) Amortization of actuarial loss 14 24 1 1 Settlement loss — 3 — — Net periodic benefit cost $ (3 ) $ 9 $ — $ — |
Note 14 - Accumulated Other C_2
Note 14 - Accumulated Other Comprehensive Loss (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
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 adjustments(a) adjustments(b) affiliates Other, net Total interests Corporation Beginning balance, January 1, 2022 $ (420 ) $ (810 ) $ 8 $ 6 $ (1,216 ) $ 13 $ (1,203 ) Other comprehensive loss before reclassifications, gross (20 ) — — (1 ) (21 ) 1 (20 ) Tax expense — — — — — — — Amounts reclassified from accumulated other comprehensive loss, gross(c) — 13 — — 13 — 13 Tax expense — (4 ) — — (4 ) — (4 ) Net current-period other comprehensive (loss) income (20 ) 9 — (1 ) (12 ) 1 (11 ) Ending balance, March 31, 2022 $ (440 ) $ (801 ) $ 8 $ 5 $ (1,228 ) $ 14 $ (1,214 ) Pension Other Foreign and other comprehensive Amounts Amounts currency postretirement income of attributable to attributable to translation benefits unconsolidated noncontrolling Huntsman adjustments(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 adjustments(a) adjustments(b) affiliates Other, net Total interests International Beginning balance, January 1, 2022 $ (424 ) $ (786 ) $ 8 $ 2 $ (1,200 ) $ 13 $ (1,187 ) Other comprehensive loss before reclassifications, gross (20 ) — — (1 ) (21 ) 1 (20 ) Tax expense — — — — — — — Amounts reclassified from accumulated other comprehensive loss, gross(c) — 13 — — 13 — 13 Tax expense — (4 ) — — (4 ) — (4 ) Net current-period other comprehensive (loss) income (20 ) 9 — (1 ) (12 ) 1 (11 ) Ending balance, March 31, 2022 $ (444 ) $ (777 ) $ 8 $ 1 $ (1,212 ) $ 14 $ (1,198 ) Pension Other Foreign and other comprehensive Amounts Amounts currency postretirement income of attributable to attributable to translation benefits unconsolidated noncontrolling Huntsman adjustments(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 ) |
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | Three Months Ended March 31, 2022 2021 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 $ (2 ) $ (3 ) (b) Other income, net Settlement loss — 3 (b) Other income, net Actuarial loss 15 24 (b)(c) Other income, net 13 24 Total before tax (4 ) (5 ) Income tax expense Total reclassifications for the period $ 9 $ 19 Net of tax Three Months Ended March 31, 2022 2021 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 $ (2 ) $ (3 ) (b) Other income, net Settlement loss — 3 (b) Other income, net Actuarial loss 15 25 (b)(c) Other income, net 13 25 Total before tax (4 ) (6 ) Income tax expense Total reclassifications for the period $ 9 $ 19 Net of tax |
Note 17 - Stock-based Compens_2
Note 17 - Stock-based Compensation Plans (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Share-Based Payment Arrangement, Cost by Plan [Table Text Block] | Three months ended March 31, 2022 2021 Huntsman Corporation compensation cost $ 11 $ 9 Huntsman International compensation cost 9 8 |
Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Three months ended March 31, 2022(1) 2021 Dividend yield NA 2.3 % Expected volatility NA 53.3 % Risk-free interest rate NA 0.7 % Expected life of stock options granted during the period (in years) NA 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, 2022 4,054 $ 21.62 Granted — — Exercised (515 ) 19.46 Forfeited (19 ) 26.68 Outstanding at March 31, 2022 3,520 21.91 5.4 $ 55 Exercisable at March 31, 2022 3,092 21.56 4.9 49 |
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, 2022 2,178 $ 25.07 367 $ 24.91 Granted 712 48.12 102 41.04 Vested (1,044 ) (1)(2) 23.11 (187 ) 24.04 Forfeited (14 ) 26.13 (4 ) 25.85 Nonvested at March 31, 2022 1,832 35.13 278 31.38 |
Note 19 - Earnings Per Share (T
Note 19 - Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three months ended March 31, 2022 2021 Numerator: Income from continuing operations attributable to Huntsman Corporation $ 222 $ 82 Net income attributable to Huntsman Corporation $ 223 $ 83 Denominator: Weighted average shares outstanding 212.7 220.4 Dilutive shares: Stock-based awards 2.7 2.2 Total weighted average shares outstanding, including dilutive shares 215.4 222.6 |
Note 20 - Operating Segment I_2
Note 20 - Operating Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three months ended March 31, 2022 2021 Revenues: Polyurethanes $ 1,386 $ 1,068 Performance Products 480 305 Advanced Materials 335 278 Textile Effects 197 193 Total reportable segment’s revenue 2,398 1,844 Intersegment eliminations (9 ) (7 ) Total $ 2,389 $ 1,837 Huntsman Corporation: Segment adjusted EBITDA(1): Polyurethanes $ 224 $ 207 Performance Products 146 63 Advanced Materials 67 44 Textile Effects 28 25 Total reportable segments’ adjusted EBITDA 465 339 Reconciliation of total reportable segments’ adjusted EBITDA to income from continuing operations before income taxes: Interest expense, net—continuing operations (14 ) (19 ) Depreciation and amortization—continuing operations (71 ) (74 ) Corporate and other costs, net(2) (50 ) (50 ) Net income attributable to noncontrolling interests 17 17 Other adjustments: Business acquisition and integration expenses and purchase accounting inventory adjustments (6 ) (9 ) Fair value adjustments to Venator investment (2 ) (19 ) Certain legal and other settlements and related expenses (12 ) (2 ) Costs associated with the Albemarle Settlement, net (1 ) — Loss on sale of business/assets (4 ) — Income from transition services arrangements 1 1 Certain nonrecurring information technology project implementation costs (2 ) (1 ) Amortization of pension and postretirement actuarial losses (14 ) (22 ) Plant incident remediation costs — (4 ) Restructuring, impairment and plant closing and transition costs(3) (3 ) (24 ) Income from continuing operations before income taxes 304 133 Income tax expense—continuing operations (65 ) (34 ) Income from discontinued operations 1 1 Net income $ 240 $ 100 Three months ended March 31, 2022 2021 Huntsman International: Segment adjusted EBITDA(1): Polyurethanes $ 224 $ 207 Performance Products 146 63 Advanced Materials 67 44 Textile Effects 28 25 Total reportable segments’ adjusted EBITDA 465 339 Reconciliation of total reportable segments’ adjusted EBITDA to income from continuing operations before income taxes: Interest expense, net—continuing operations (14 ) (19 ) Depreciation and amortization—continuing operations (71 ) (73 ) Corporate and other costs, net(2) (47 ) (47 ) Net income attributable to noncontrolling interests 17 17 Other adjustments: Business acquisition and integration expenses and purchase accounting inventory adjustments (6 ) (9 ) Fair value adjustments to Venator investment (2 ) (19 ) Certain legal and other settlements and related expenses (12 ) (2 ) Costs associated with the Albemarle Settlement, net (1 ) — Loss on sale of business/assets (4 ) — Income from transition services arrangements 1 1 Certain nonrecurring information technology project implementation costs (2 ) (1 ) Amortization of pension and postretirement actuarial losses (14 ) (23 ) Plant incident remediation costs — (4 ) Restructuring, impairment and plant closing and transition costs(3) (3 ) (24 ) Income from continuing operations before income taxes 307 136 Income tax expense—continuing operations (65 ) (35 ) Income from discontinued operations 1 1 Net income $ 243 $ 102 |
Note 1 - General (Details Textu
Note 1 - General (Details Textual) $ / shares in Units, $ in Billions | Feb. 14, 2022$ / shares | Mar. 31, 2022$ / shares | Mar. 31, 2021$ / shares | Mar. 25, 2022USD ($) | Oct. 26, 2021USD ($) |
Number of Operating Segments | 4 | ||||
Common Stock, Dividends, Per Share, Declared (in dollars per share) | $ / shares | $ 0.2125 | $ 0.2125 | $ 0.1625 | ||
Common Stock Dividends, Increase, Percent | 13.00% | ||||
Share Repurchase Program 2021 [Member] | |||||
Stock Repurchase Program, Authorized Amount | $ | $ 2 | $ 1 |
Note 3 - Business Combination_2
Note 3 - Business Combinations (Details Textual) - Gabriel Acquisition [Member] - USD ($) $ in Millions | Jan. 15, 2021 | Mar. 31, 2022 |
Payments to Acquire Businesses, Gross | $ 251 | |
Business Combination, Acquisition Related Costs | $ 1 | |
Finite-Lived Intangible Asset, Useful Life (Year) | 15 years | |
Business Acquisition, Goodwill, Expected Tax Deductible Amount | $ 94 |
Note 3 - Business Combination_3
Note 3 - Business Combinations - Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Millions | Jan. 15, 2021 | Mar. 31, 2022 | Dec. 31, 2021 |
Goodwill | $ 650 | $ 650 | |
Gabriel Acquisition [Member] | |||
Cash paid for acquisition | $ 251 | ||
Cash | 9 | ||
Accounts receivable | 13 | ||
Inventories | 23 | ||
Property, plant and equipment | 50 | ||
Intangible assets | 96 | ||
Goodwill | 87 | ||
Accounts payable | (7) | ||
Accrued liabilities | (3) | ||
Deferred income taxes | (17) | ||
Total fair value of net assets acquired | $ 251 |
Note 3 - Business Combination_4
Note 3 - Business Combinations - Pro Forma Revenues and Net Income (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2021USD ($) | |
Revenues | $ 1,841 |
Net income | 88 |
Net income attributable to Huntsman Corporation | 71 |
Huntsman International LLC [Member] | |
Revenues | 1,841 |
Net income | 90 |
Net income attributable to Huntsman Corporation | $ 73 |
Note 4 - Business Dispositions
Note 4 - Business Dispositions (Details Textual) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2020 | Dec. 23, 2020 | |
Equity Securities, FV-NI, Unrealized Gain (Loss), Total | $ (2) | $ (19) | ||
Venator Materials PLC [Member] | ||||
Equity Securities, FV-NI, Unrealized Gain (Loss), Total | $ (2) | $ (19) | ||
Venator Materials PLC [Member] | SK Capital Partners, LP [Member] | ||||
Equity Method Investment Using Fair Value Option, Number of Shares Sold (in shares) | 42.4 | |||
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 5 - Inventories (Details T
Note 5 - Inventories (Details Textual) | Mar. 31, 2022 | Dec. 31, 2021 |
Percentage of LIFO Inventory | 7.00% | 7.00% |
Note 5 - Inventories - Inventor
Note 5 - Inventories - Inventories (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 | |
Raw materials and supplies | $ 332 | $ 282 | |
Work in progress | 66 | 52 | |
Finished goods | 1,029 | 909 | |
Total | 1,427 | 1,243 | |
LIFO reserves | (45) | (42) | |
Net inventories | [1] | $ 1,382 | $ 1,201 |
[1] | At March 31, 2022 and December 31, 2021, respectively, $9 and $1 of cash and cash equivalents, $9 and $12 of accounts and notes receivable (net), $66 and $64 of inventories, $156 and $161 of property, plant and equipment (net), $25 and $23 of other noncurrent assets, $145 and $146 of accounts payable, $8 and $13 of accrued liabilities, $17 and $10 of current portion of debt, $6 each of current operating lease liabilities, $33 and $35 of long-term debt, $19 and $20 of noncurrent operating lease liabilities and $46 each of other noncurrent liabilities from consolidated variable interest entities are included in the respective balance sheet captions above. See “Note 6. Variable Interest Entities.” |
Note 6 - Variable Interest En_3
Note 6 - Variable Interest Entities (Details Textual) | 3 Months Ended |
Mar. 31, 2022 | |
Rubicon LLC [Member] | |
Variable Interest Entity, Qualitative or Quantitative Information, Ownership Percentage | 50.00% |
Arabian Amines Company [Member] | |
Variable Interest Entity, Qualitative or Quantitative Information, Ownership Percentage | 50.00% |
Note 6 - Variable Interest En_4
Note 6 - Variable Interest Entities - Schedule of Financial Information of Variable Interest Entities (Details) - USD ($) $ in Millions | 3 Months Ended | |||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | ||
Current assets | $ 3,988 | $ 3,928 | ||
Property, plant and equipment, net | [1] | 2,551 | 2,576 | |
Operating lease right-of-use assets | 390 | 403 | ||
Deferred income taxes | 204 | 206 | ||
Total assets | 9,402 | 9,392 | ||
Current liabilities | 2,118 | 2,051 | ||
Long-term debt | [1] | 1,529 | 1,538 | |
Noncurrent operating lease liabilities | [1] | 358 | 370 | |
Other noncurrent liabilities | [1] | 679 | 713 | |
Total liabilities | 4,862 | 4,833 | ||
Revenues | [2] | 2,389 | $ 1,837 | |
Income from continuing operations before income taxes | 304 | 133 | ||
Net cash provided by operating activities | 85 | (17) | ||
Variable Interest Entity, Primary Beneficiary [Member] | ||||
Current assets | 92 | 81 | ||
Property, plant and equipment, net | 156 | 161 | ||
Operating lease right-of-use assets | 25 | 26 | ||
Other noncurrent assets | 147 | 148 | ||
Deferred income taxes | 21 | 21 | ||
Total assets | 441 | 437 | ||
Current liabilities | 177 | 176 | ||
Long-term debt | 33 | 35 | ||
Noncurrent operating lease liabilities | 19 | 20 | ||
Other noncurrent liabilities | 46 | 46 | ||
Total liabilities | 275 | $ 277 | ||
Revenues | 0 | 0 | ||
Income from continuing operations before income taxes | 5 | 0 | ||
Net cash provided by operating activities | $ 8 | $ 4 | ||
[1] | At March 31, 2022 and December 31, 2021, respectively, $9 and $1 of cash and cash equivalents, $9 and $12 of accounts and notes receivable (net), $66 and $64 of inventories, $156 and $161 of property, plant and equipment (net), $25 and $23 of other noncurrent assets, $145 and $146 of accounts payable, $8 and $13 of accrued liabilities, $17 and $10 of current portion of debt, $6 each of current operating lease liabilities, $33 and $35 of long-term debt, $19 and $20 of noncurrent operating lease liabilities and $46 each of other noncurrent liabilities from consolidated variable interest entities are included in the respective balance sheet captions above. See “Note 6. Variable Interest Entities.” | |||
[2] | Geographic information for revenues is based upon countries into which product is sold. |
Note 7 - Restructuring, Impai_3
Note 7 - Restructuring, Impairment and Plant Closing Costs (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Corporate and Other [Member] | Employee Severance [Member] | ||
Restructuring Charges, Total | $ 0 | $ 14,000 |
Restructuring and Related Cost, Expected Cost, Total | 2,000 | |
Polyurethanes [Member] | Program to Optimize Downstream Footprint [Member] | ||
Restructuring Charges, Total | 0 | 1,000 |
Polyurethanes [Member] | Program to Optimize Downstream Footprint [Member] | Minimum [Member] | ||
Restructuring and Related Cost, Expected Cost, Total | 1,000 | |
Polyurethanes [Member] | Program to Optimize Downstream Footprint [Member] | Maximum [Member] | ||
Restructuring and Related Cost, Expected Cost, Total | 2,000 | |
Advanced Materials [Member] | Employee Severance [Member] | ||
Restructuring Charges, Total | 0 | $ 0 |
Restructuring and Related Cost, Expected Cost, Total | $ 6,000 |
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, 2022 | Mar. 31, 2021 | |
Beginning Balance | $ 31 | |
Ending Balance | 24 | |
Initiatives for 2022 and Prior [Member] | ||
Restructuring Charges, Total | 0 | $ 0 |
Initiatives 2021 and Prior [Member] | ||
Restructuring Charges, Total | 0 | $ 14 |
Restructuring payments | (7) | |
Employee Severance [Member] | ||
Beginning Balance | 28 | |
Ending Balance | 22 | |
Employee Severance [Member] | Initiatives for 2022 and Prior [Member] | ||
Restructuring Charges, Total | 0 | |
Employee Severance [Member] | Initiatives 2021 and Prior [Member] | ||
Restructuring payments | (6) | |
Non-cancelable Lease Cost and Contract Termination Costs [Member] | ||
Beginning Balance | 2 | |
Ending Balance | 2 | |
Non-cancelable Lease Cost and Contract Termination Costs [Member] | Initiatives for 2022 and Prior [Member] | ||
Restructuring Charges, Total | 0 | |
Non-cancelable Lease Cost and Contract Termination Costs [Member] | Initiatives 2021 and Prior [Member] | ||
Restructuring payments | 0 | |
Other Restructuring [Member] | ||
Beginning Balance | 1 | |
Ending Balance | 0 | |
Other Restructuring [Member] | Initiatives for 2022 and Prior [Member] | ||
Restructuring Charges, Total | 0 | |
Other Restructuring [Member] | Initiatives 2021 and Prior [Member] | ||
Restructuring payments | $ (1) |
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, 2022 | Mar. 31, 2021 | |
Beginning Balance | $ 31 | |
Ending Balance | 24 | |
Current portion of restructuring reserves | 12 | |
Long-term portion of restructuring reserves | 12 | |
Initiatives for 2022 and Prior [Member] | ||
Restructuring Charges, Total | 0 | $ 0 |
Initiatives 2021 and Prior [Member] | ||
Restructuring Charges, Total | 0 | $ 14 |
Restructuring payments | (7) | |
Corporate and Reconciling Items [Member] | ||
Beginning Balance | 11 | |
Ending Balance | 9 | |
Current portion of restructuring reserves | 3 | |
Long-term portion of restructuring reserves | 6 | |
Corporate and Reconciling Items [Member] | Initiatives for 2022 and Prior [Member] | ||
Restructuring Charges, Total | 0 | |
Corporate and Reconciling Items [Member] | Initiatives 2021 and Prior [Member] | ||
Restructuring payments | (2) | |
Polyurethanes [Member] | Operating Segments [Member] | ||
Beginning Balance | 9 | |
Ending Balance | 6 | |
Current portion of restructuring reserves | 6 | |
Long-term portion of restructuring reserves | 0 | |
Polyurethanes [Member] | Operating Segments [Member] | Initiatives for 2022 and Prior [Member] | ||
Restructuring Charges, Total | 0 | |
Polyurethanes [Member] | Operating Segments [Member] | Initiatives 2021 and Prior [Member] | ||
Restructuring payments | (3) | |
Performance Products [Member] | Operating Segments [Member] | ||
Beginning Balance | 1 | |
Ending Balance | 1 | |
Current portion of restructuring reserves | 1 | |
Long-term portion of restructuring reserves | 0 | |
Performance Products [Member] | Operating Segments [Member] | Initiatives for 2022 and Prior [Member] | ||
Restructuring Charges, Total | 0 | |
Performance Products [Member] | Operating Segments [Member] | Initiatives 2021 and Prior [Member] | ||
Restructuring payments | 0 | |
Advanced Materials [Member] | Operating Segments [Member] | ||
Beginning Balance | 5 | |
Ending Balance | 4 | |
Current portion of restructuring reserves | 1 | |
Long-term portion of restructuring reserves | 3 | |
Advanced Materials [Member] | Operating Segments [Member] | Initiatives for 2022 and Prior [Member] | ||
Restructuring Charges, Total | 0 | |
Advanced Materials [Member] | Operating Segments [Member] | Initiatives 2021 and Prior [Member] | ||
Restructuring payments | (1) | |
Textile Effects [Member] | Operating Segments [Member] | ||
Beginning Balance | 5 | |
Ending Balance | 4 | |
Current portion of restructuring reserves | 1 | |
Long-term portion of restructuring reserves | 3 | |
Textile Effects [Member] | Operating Segments [Member] | Initiatives for 2022 and Prior [Member] | ||
Restructuring Charges, Total | 0 | |
Textile Effects [Member] | Operating Segments [Member] | Initiatives 2021 and Prior [Member] | ||
Restructuring payments | $ (1) |
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, 2022 | Mar. 31, 2021 | |
Other noncash charges | $ 0 | $ 8 |
Total restructuring, impairment and plant closing credits | 0 | 24 |
Initiatives for 2022 and Prior [Member] | ||
Restructuring Charges, Total | 0 | 0 |
Initiatives 2021 and Prior [Member] | ||
Restructuring Charges, Total | 0 | 14 |
Initiatives 2021 [Member] | ||
Restructuring Charges, Total | $ 0 | $ 2 |
Note 8 - Debt (Details Textual)
Note 8 - Debt (Details Textual) € in Millions, $ in Millions | Jan. 15, 2021USD ($) | Jan. 15, 2021EUR (€) | Mar. 31, 2022USD ($) | Mar. 31, 2021USD ($) | Dec. 31, 2021USD ($) | ||
Debt Issuance Costs, Net, Total | $ 9 | $ 10 | |||||
Long-term Debt, Current Maturities, Total | [1] | 21 | 12 | ||||
Long-term Debt, Excluding Current Maturities, Total | [1] | $ 1,529 | 1,538 | ||||
Arabian Amines Company [Member] | |||||||
Variable Interest Entity, Qualitative or Quantitative Information, Ownership Percentage | 50.00% | ||||||
Arabian Amines Company [Member] | Saudi British Bank [Member] | |||||||
Debt Instrument, Face Amount | $ 50 | ||||||
Long-term Debt, Current Maturities, Total | 17 | ||||||
Long-term Debt, Excluding Current Maturities, Total | 33 | ||||||
Huntsman International LLC [Member] | |||||||
Long-term Debt, Current Maturities, Total | [1] | 21 | 12 | ||||
Long-term Debt, Excluding Current Maturities, Total | [1] | 1,529 | 1,538 | ||||
The Revolving Credit Facility [Member] | Huntsman International LLC [Member] | |||||||
Line of Credit Facility, Maximum Borrowing Capacity | 1,200 | $ 1,200 | |||||
Letters of Credit Outstanding, Amount | $ 3 | ||||||
The Revolving Credit Facility [Member] | Huntsman International LLC [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||
Debt Instrument, Basis Spread on Variable Rate | 1.50% | 1.50% | [2] | ||||
US Accounts Receivable Program Maturing July 2024 [Member] | Huntsman International LLC [Member] | |||||||
Letters of Credit Outstanding, Amount | $ 8 | ||||||
Accounts Receivable Programs [Member] | Huntsman International LLC [Member] | Asset Pledged as Collateral [Member] | |||||||
Accounts Receivable, after Allowance for Credit Loss, Total | $ 372 | $ 324 | |||||
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 | 100.00% | 100.00% | |||||
Incremental Cash Tax Liability Incurred During Period in Connection with Debt Redemption | $ 15 | ||||||
[1] | At March 31, 2022 and December 31, 2021, respectively, $9 and $1 of cash and cash equivalents, $9 and $12 of accounts and notes receivable (net), $66 and $64 of inventories, $156 and $161 of property, plant and equipment (net), $25 and $23 of other noncurrent assets, $145 and $146 of accounts payable, $8 and $13 of accrued liabilities, $17 and $10 of current portion of debt, $6 each of current operating lease liabilities, $33 and $35 of long-term debt, $19 and $20 of noncurrent operating lease liabilities and $46 each of other noncurrent liabilities from consolidated variable interest entities are included in the respective balance sheet captions above. See “Note 6. Variable Interest Entities.” | ||||||
[2] | Interest rates on borrowings under the Revolving Credit Facility vary based on the type of loan and Huntsman International’s debt ratings. The representative interest rate as of March 31, 2022 was 1.50% above LIBOR. |
Note 8 - Debt - Outstanding Deb
Note 8 - Debt - Outstanding Debt (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 | |
Amount outstanding | $ 1,550 | $ 1,550 | |
Current portion of debt | [1] | 21 | 12 |
Long-term portion of debt | [1] | 1,529 | 1,538 |
The Revolving Credit Facility [Member] | |||
Amount outstanding | 0 | 0 | |
Accounts Receivable Programs [Member] | |||
Amount outstanding | 0 | 0 | |
The Senior Notes [Member] | |||
Amount outstanding | 1,468 | 1,473 | |
Variable Interest Entities Debt [Member] | |||
Amount outstanding | 50 | 45 | |
Other Debt Instruments [Member] | |||
Amount outstanding | $ 32 | $ 32 | |
[1] | At March 31, 2022 and December 31, 2021, respectively, $9 and $1 of cash and cash equivalents, $9 and $12 of accounts and notes receivable (net), $66 and $64 of inventories, $156 and $161 of property, plant and equipment (net), $25 and $23 of other noncurrent assets, $145 and $146 of accounts payable, $8 and $13 of accrued liabilities, $17 and $10 of current portion of debt, $6 each of current operating lease liabilities, $33 and $35 of long-term debt, $19 and $20 of noncurrent operating lease liabilities and $46 each of other noncurrent liabilities from consolidated variable interest entities are included in the respective balance sheet captions above. See “Note 6. Variable Interest Entities.” |
Note 8 - Debt - Revolving Credi
Note 8 - Debt - Revolving Credit Facility (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2022 | Dec. 31, 2021 | |||
Amount outstanding | $ 1,550 | $ 1,550 | ||
The Revolving Credit Facility [Member] | ||||
Amount outstanding | 0 | 0 | ||
The Revolving Credit Facility [Member] | Huntsman International LLC [Member] | ||||
Committed amount | $ 1,200 | 1,200 | ||
Principal outstanding | [1] | 0 | ||
Unamortized discounts and debt issuance costs | [1] | 0 | ||
Amount outstanding | [1] | $ 0 | ||
Maturity | May 21, 2023 | |||
The Revolving Credit Facility [Member] | Huntsman International LLC [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||
Interest rate | 1.50% | 1.50% | [2] | |
[1] | On March 31, 2022, we had an additional $3 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 representative interest rate as of March 31, 2022 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, 2022USD ($) | Mar. 31, 2022EUR (€) | Dec. 31, 2021USD ($) | ||
Amount outstanding | $ 1,550 | $ 1,550 | ||
US A/R Program [Member] | ||||
Maturity | Jul. 31, 2024 | |||
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 | Jul. 31, 2024 | |||
Maximum funding availability | [1] | $ 111 | € 100 | |
Amount outstanding | € | € 0 | |||
EU A/R Program [Member] | USD LIBOR, EURIBOR, or SONIA [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, 2022, we had approximately $8 million (U.S. dollar equivalents) of letters of credit issued and outstanding under our U.S. A/R Program. | |||
[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 USD LIBOR, EURIBOR or SONIA (Sterling Overnight Interbank Average Rate). In anticipation of the transition away from USD LIBOR, the amendments we made in July 2021 to our A/R Programs incorporated replacement rates for the USD LIBOR. |
Note 9 - Derivative Instrumen_2
Note 9 - Derivative Instruments and Hedging Activities (Details Textual) - Foreign Exchange Contract [Member] € in Millions, $ in Millions | 3 Months Ended | ||
Mar. 31, 2022USD ($) | Mar. 31, 2021USD ($) | Mar. 31, 2022EUR (€) | |
Derivative Instruments, Approximate Term of Foreign Currency Contracts (Month) | 1 month | ||
Derivative, Notional Amount | $ 157 | ||
Designated as Hedging Instrument [Member] | |||
Derivative, Notional Amount | 144 | € 130 | |
Gain (Loss) on Derivative Used in Net Investment Hedge, after Tax | $ 3 | $ 8 |
Note 10 - Fair Value (Details T
Note 10 - Fair Value (Details Textual) Pure in Thousands, $ in Thousands | 3 Months Ended |
Mar. 31, 2022USD ($) | |
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, 2022 | Dec. 31, 2021 |
Reported Value Measurement [Member] | ||
Non-qualified employee benefit plan investments | $ 20 | $ 25 |
Option agreement for remaining Venator shares | (2) | (7) |
Long-term debt (including current portion) | (1,550) | (1,550) |
Reported Value Measurement [Member] | Venator Materials PLC [Member] | ||
Investment in Venator | 17 | 25 |
Estimate of Fair Value Measurement [Member] | ||
Non-qualified employee benefit plan investments | 20 | 25 |
Option agreement for remaining Venator shares | (2) | (7) |
Long-term debt (including current portion) | (1,579) | (1,698) |
Estimate of Fair Value Measurement [Member] | Venator Materials PLC [Member] | ||
Investment in Venator | $ 17 | $ 25 |
Note 11 - Revenue Recognition -
Note 11 - Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | ||
Total revenues | [1] | $ 2,389 | $ 1,837 |
MDI Urethanes [Member] | |||
Total revenues | 1,386 | 1,068 | |
Differentiated [Member] | |||
Total revenues | 480 | 305 | |
Specialty [Member] | |||
Total revenues | 306 | 245 | |
Non-specialty [Member] | |||
Total revenues | 29 | 33 | |
Textile Chemicals and Dyes [Member] | |||
Total revenues | 197 | 193 | |
Operating Segments [Member] | |||
Total revenues | 2,398 | 1,844 | |
Operating Segments [Member] | Polyurethanes [Member] | |||
Total revenues | [1] | 1,386 | 1,068 |
Operating Segments [Member] | Polyurethanes [Member] | MDI Urethanes [Member] | |||
Total revenues | 1,386 | 1,068 | |
Operating Segments [Member] | Performance Products [Member] | |||
Total revenues | [1] | 480 | 305 |
Operating Segments [Member] | Performance Products [Member] | Differentiated [Member] | |||
Total revenues | 480 | 305 | |
Operating Segments [Member] | Advanced Materials [Member] | |||
Total revenues | [1] | 335 | 278 |
Operating Segments [Member] | Advanced Materials [Member] | Specialty [Member] | |||
Total revenues | 306 | 245 | |
Operating Segments [Member] | Advanced Materials [Member] | Non-specialty [Member] | |||
Total revenues | 29 | 33 | |
Operating Segments [Member] | Textile Effects [Member] | |||
Total revenues | [1] | 197 | 193 |
Operating Segments [Member] | Textile Effects [Member] | Textile Chemicals and Dyes [Member] | |||
Total revenues | 197 | 193 | |
Corporate and Reconciling Items [Member] | |||
Total revenues | [1] | (9) | (7) |
Intersegment Eliminations [Member] | |||
Total revenues | (9) | (7) | |
U.S. and Canada [Member] | |||
Total revenues | [1] | 883 | 584 |
U.S. and Canada [Member] | Operating Segments [Member] | Polyurethanes [Member] | |||
Total revenues | [1] | 560 | 371 |
U.S. and Canada [Member] | Operating Segments [Member] | Performance Products [Member] | |||
Total revenues | [1] | 205 | 120 |
U.S. and Canada [Member] | Operating Segments [Member] | Advanced Materials [Member] | |||
Total revenues | [1] | 106 | 83 |
U.S. and Canada [Member] | Operating Segments [Member] | Textile Effects [Member] | |||
Total revenues | [1] | 15 | 13 |
U.S. and Canada [Member] | Corporate and Reconciling Items [Member] | |||
Total revenues | [1] | (3) | (3) |
Europe [Member] | |||
Total revenues | [1] | 631 | 483 |
Europe [Member] | Operating Segments [Member] | Polyurethanes [Member] | |||
Total revenues | [1] | 355 | 279 |
Europe [Member] | Operating Segments [Member] | Performance Products [Member] | |||
Total revenues | [1] | 120 | 77 |
Europe [Member] | Operating Segments [Member] | Advanced Materials [Member] | |||
Total revenues | [1] | 128 | 99 |
Europe [Member] | Operating Segments [Member] | Textile Effects [Member] | |||
Total revenues | [1] | 32 | 31 |
Europe [Member] | Corporate and Reconciling Items [Member] | |||
Total revenues | [1] | (4) | (3) |
Asia Pacific [Member] | |||
Total revenues | [1] | 673 | 617 |
Asia Pacific [Member] | Operating Segments [Member] | Polyurethanes [Member] | |||
Total revenues | [1] | 360 | 336 |
Asia Pacific [Member] | Operating Segments [Member] | Performance Products [Member] | |||
Total revenues | [1] | 124 | 91 |
Asia Pacific [Member] | Operating Segments [Member] | Advanced Materials [Member] | |||
Total revenues | [1] | 71 | 71 |
Asia Pacific [Member] | Operating Segments [Member] | Textile Effects [Member] | |||
Total revenues | [1] | 119 | 119 |
Asia Pacific [Member] | Corporate and Reconciling Items [Member] | |||
Total revenues | [1] | (1) | 0 |
Rest of World [Member] | |||
Total revenues | [1] | 202 | 153 |
Rest of World [Member] | Operating Segments [Member] | Polyurethanes [Member] | |||
Total revenues | [1] | 111 | 82 |
Rest of World [Member] | Operating Segments [Member] | Performance Products [Member] | |||
Total revenues | [1] | 31 | 17 |
Rest of World [Member] | Operating Segments [Member] | Advanced Materials [Member] | |||
Total revenues | [1] | 30 | 25 |
Rest of World [Member] | Operating Segments [Member] | Textile Effects [Member] | |||
Total revenues | [1] | 31 | 30 |
Rest of World [Member] | Corporate and Reconciling Items [Member] | |||
Total revenues | [1] | $ (1) | $ (1) |
[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, 2022 | Mar. 31, 2021 | |
Payment for Pension and Other Postretirement Benefits, Total | $ 13 | $ 14 |
Defined Benefit Plan, Expected Future Employer Contributions, Remainder of Fiscal Year | $ 36 |
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, 2022 | Mar. 31, 2021 | |
Amortization of actuarial loss | $ 14 | $ 22 |
Huntsman International LLC [Member] | ||
Amortization of actuarial loss | 14 | 23 |
Defined Benefit Plans [Member] | ||
Service cost | 12 | 14 |
Interest cost | 14 | 12 |
Expected return on assets | (42) | (42) |
Amortization of prior service benefit | (1) | (2) |
Amortization of actuarial loss | 14 | 23 |
Settlement loss | 0 | 3 |
Net periodic benefit cost | (3) | 8 |
Defined Benefit Plans [Member] | Huntsman International LLC [Member] | ||
Service cost | 12 | 14 |
Interest cost | 14 | 12 |
Expected return on assets | (42) | (42) |
Amortization of prior service benefit | (1) | (2) |
Amortization of actuarial loss | 14 | 24 |
Settlement loss | 0 | 3 |
Net periodic benefit cost | (3) | 9 |
Other Postretirement Benefits Plan [Member] | ||
Service cost | 0 | 0 |
Interest cost | 0 | 0 |
Expected return on assets | 0 | 0 |
Amortization of prior service benefit | (1) | (1) |
Amortization of actuarial loss | 1 | 1 |
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 | 0 |
Expected return on assets | 0 | 0 |
Amortization of prior service benefit | (1) | (1) |
Amortization of actuarial loss | 1 | 1 |
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 | Feb. 14, 2022 | Apr. 20, 2022 | Mar. 31, 2022 | Mar. 31, 2021 | Mar. 25, 2022 | Oct. 26, 2021 |
Treasury Stock, Shares, Acquired (in shares) | 5,549,348 | |||||
Treasury Stock, Value, Acquired, Cost Method | $ 210 | |||||
Common Stock, Dividends, Per Share, Declared (in dollars per share) | $ 0.2125 | $ 0.2125 | $ 0.1625 | |||
Common Stock Dividend, Increase, Percent | 13.00% | |||||
Dividends, Common Stock, Total | $ 45 | $ 36 | ||||
Common Stock, Dividends, Per Share, Cash Paid (in dollars per share) | $ 0.2125 | $ 0.1625 | ||||
Subsequent Event [Member] | ||||||
Treasury Stock, Shares, Acquired (in shares) | 906,000 | |||||
Treasury Stock, Value, Acquired, Cost Method | $ 32 | |||||
Share Repurchase Program 2021 [Member] | ||||||
Stock Repurchase Program, Authorized Amount | $ 2,000 | $ 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, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | |
Accumulated Foreign Currency Adjustment Including Portion Attributable to Noncontrolling Interest [Member] | ||||
Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Tax, Total | $ 56 | $ 56 | $ 56 | $ 56 |
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 | 43 | 43 | 43 |
Accumulated Defined Benefit Plans Adjustment Including Portion Attributable to Noncontrolling Interest [Member] | ||||
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, Tax, Total | 77 | 148 | 81 | 153 |
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 | 101 | 172 | $ 105 | $ 178 |
Accumulated Defined Benefit Plans Adjustment, Actuarial 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 | 1 | 2 | ||
Accumulated Defined Benefit Plans Adjustment, Actuarial 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 | $ 1 | $ 2 |
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, 2022 | Mar. 31, 2021 | ||||
Balance | $ 4,559 | $ 3,673 | |||
Other comprehensive loss, net of tax | (12) | (13) | |||
Balance | 4,540 | 3,734 | |||
Huntsman International LLC [Member] | |||||
Balance | 4,819 | 3,725 | |||
Other comprehensive loss, net of tax | (12) | (12) | |||
Balance | 5,014 | 3,787 | |||
Accumulated Foreign Currency Adjustment Including Portion Attributable to Noncontrolling Interest [Member] | |||||
Balance | (420) | [1] | (328) | [2] | |
Other comprehensive loss before reclassifications, gross | (20) | [1] | (32) | [2] | |
Tax expense | 0 | [1] | 0 | [2] | |
Amounts reclassified from accumulated other comprehensive loss, gross | [3] | 0 | [1] | 0 | [2] |
Tax expense | 0 | [1] | 0 | [2] | |
Other comprehensive loss, net of tax | (20) | [1] | (32) | [2] | |
Balance | (440) | [1] | (360) | [2] | |
Accumulated Foreign Currency Adjustment Including Portion Attributable to Noncontrolling Interest [Member] | Huntsman International LLC [Member] | |||||
Balance | (424) | [4] | (333) | [5] | |
Other comprehensive loss before reclassifications, gross | (20) | [4] | (31) | [5] | |
Tax expense | 0 | [4] | 0 | [5] | |
Amounts reclassified from accumulated other comprehensive loss, gross | [3] | 0 | [4] | 0 | [5] |
Tax expense | 0 | [4] | 0 | [5] | |
Other comprehensive loss, net of tax | (20) | [4] | (31) | [5] | |
Balance | (444) | [4] | (364) | [5] | |
Accumulated Defined Benefit Plans Adjustment Including Portion Attributable to Noncontrolling Interest [Member] | |||||
Balance | (810) | [6] | (1,050) | [7] | |
Other comprehensive loss before reclassifications, gross | 0 | [6] | 0 | [7] | |
Tax expense | 0 | [6] | 0 | [7] | |
Amounts reclassified from accumulated other comprehensive loss, gross | [3] | 13 | [6] | 24 | [7] |
Tax expense | (4) | [6] | (5) | [7] | |
Other comprehensive loss, net of tax | 9 | [6] | 19 | [7] | |
Balance | (801) | [6] | (1,031) | [7] | |
Accumulated Defined Benefit Plans Adjustment Including Portion Attributable to Noncontrolling Interest [Member] | Huntsman International LLC [Member] | |||||
Balance | (786) | [8] | (1,028) | [9] | |
Other comprehensive loss before reclassifications, gross | 0 | [8] | 0 | [9] | |
Tax expense | 0 | [8] | 0 | [9] | |
Amounts reclassified from accumulated other comprehensive loss, gross | [3] | 13 | [8] | 25 | [9] |
Tax expense | (4) | [8] | (6) | [9] | |
Other comprehensive loss, net of tax | 9 | [8] | 19 | [9] | |
Balance | (777) | [8] | (1,009) | [9] | |
Accumulated Other Comprehensive Income (Loss), Unconsolidated Affiliates Including Portion Attributable to Noncontrolling Interest [Member] | |||||
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 | |||
Other comprehensive loss, net of tax | 0 | 0 | |||
Balance | 8 | 8 | |||
Accumulated Other Comprehensive Income (Loss), Unconsolidated Affiliates Including Portion Attributable to Noncontrolling Interest [Member] | Huntsman International LLC [Member] | |||||
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 | |||
Other comprehensive loss, net of tax | 0 | 0 | |||
Balance | 8 | 8 | |||
Accumulated Other Comprehensive Income, Other, Net, Including Portion Attributable to Noncontrolling Interest [Member] | |||||
Balance | 6 | 4 | |||
Other comprehensive loss before reclassifications, gross | (1) | 0 | |||
Tax expense | 0 | 0 | |||
Amounts reclassified from accumulated other comprehensive loss, gross | [3] | 0 | 0 | ||
Tax expense | 0 | 0 | |||
Other comprehensive loss, net of tax | (1) | 0 | |||
Balance | 5 | 4 | |||
Accumulated Other Comprehensive Income, Other, Net, Including Portion Attributable to Noncontrolling Interest [Member] | Huntsman International LLC [Member] | |||||
Balance | 2 | 0 | |||
Other comprehensive loss before reclassifications, gross | (1) | 0 | |||
Tax expense | 0 | 0 | |||
Amounts reclassified from accumulated other comprehensive loss, gross | [3] | 0 | 0 | ||
Tax expense | 0 | 0 | |||
Other comprehensive loss, net of tax | (1) | 0 | |||
Balance | 1 | 0 | |||
AOCI Including Portion Attributable to Noncontrolling Interest [Member] | |||||
Balance | (1,216) | (1,366) | |||
Other comprehensive loss before reclassifications, gross | (21) | (32) | |||
Tax expense | 0 | 0 | |||
Amounts reclassified from accumulated other comprehensive loss, gross | [3] | 13 | 24 | ||
Tax expense | (4) | (5) | |||
Other comprehensive loss, net of tax | (12) | (13) | |||
Balance | (1,228) | (1,379) | |||
AOCI Including Portion Attributable to Noncontrolling Interest [Member] | Huntsman International LLC [Member] | |||||
Balance | (1,200) | (1,353) | |||
Other comprehensive loss before reclassifications, gross | (21) | (31) | |||
Tax expense | 0 | 0 | |||
Amounts reclassified from accumulated other comprehensive loss, gross | [3] | 13 | 25 | ||
Tax expense | (4) | (6) | |||
Other comprehensive loss, net of tax | (12) | (12) | |||
Balance | (1,212) | (1,365) | |||
AOCI Attributable to Noncontrolling Interest [Member] | |||||
Balance | 13 | 20 | |||
Other comprehensive loss before reclassifications, gross | 1 | 0 | |||
Tax expense | 0 | 0 | |||
Amounts reclassified from accumulated other comprehensive loss, gross | [3] | 0 | 0 | ||
Tax expense | 0 | 0 | |||
Other comprehensive loss, net of tax | 1 | 0 | |||
Balance | 14 | 20 | |||
AOCI Attributable to Noncontrolling Interest [Member] | Huntsman International LLC [Member] | |||||
Balance | 13 | 20 | |||
Other comprehensive loss before reclassifications, gross | 1 | 0 | |||
Tax expense | 0 | 0 | |||
Amounts reclassified from accumulated other comprehensive loss, gross | [3] | 0 | 0 | ||
Tax expense | 0 | 0 | |||
Other comprehensive loss, net of tax | 1 | 0 | |||
Balance | 14 | 20 | |||
AOCI Attributable to Parent [Member] | |||||
Balance | (1,203) | (1,346) | |||
Other comprehensive loss before reclassifications, gross | (20) | (32) | |||
Tax expense | 0 | 0 | |||
Amounts reclassified from accumulated other comprehensive loss, gross | [3] | 13 | 24 | ||
Tax expense | (4) | (5) | |||
Other comprehensive loss, net of tax | (11) | (13) | |||
Balance | (1,214) | (1,359) | |||
AOCI Attributable to Parent [Member] | Huntsman International LLC [Member] | |||||
Balance | (1,187) | (1,333) | |||
Other comprehensive loss before reclassifications, gross | (20) | (31) | |||
Tax expense | 0 | 0 | |||
Amounts reclassified from accumulated other comprehensive loss, gross | [3] | 13 | 25 | ||
Tax expense | (4) | (6) | |||
Other comprehensive loss, net of tax | (11) | (12) | |||
Balance | $ (1,198) | $ (1,345) | |||
[1] | Amounts are net of tax of $56 million for both March 31, 2022 and January 1, 2022. | ||||
[2] | Amounts are net of tax of $56 million for both March 31, 2021 and January 1, 2021. | ||||
[3] | See table below for details about these reclassifications. | ||||
[4] | Amounts are net of tax of $43 million for both March 31, 2022 and January 1, 2022. | ||||
[5] | Amounts are net of tax of $43 million as of both March 31, 2021 and January 1, 2021. | ||||
[6] | Amounts are net of tax of $77 million and $81 million as of March 31, 2022 and January 1, 2022, respectively. | ||||
[7] | Amounts are net of tax of $148 million and $153 million as of March 31, 2021 and January 1, 2021, respectively. | ||||
[8] | Amounts are net of tax of $101 million and $105 million as of March 31, 2022 and January 1, 2022, respectively. | ||||
[9] | Amounts are net of tax of $172 million and $178 million as of March 31, 2021 and January 1, 2021, respectively. |
Note 14 - Accumulated Other C_5
Note 14 - Accumulated Other Comprehensive Loss - Reclassification Details (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | ||
Other income, net | $ 1 | $ 7 | |
Income tax expense—continuing operations | (65) | (34) | |
Net income | 240 | 100 | |
Huntsman International LLC [Member] | |||
Other income, net | 1 | 7 | |
Income tax expense—continuing operations | (65) | (35) | |
Net income | 243 | 102 | |
Accumulated Defined Benefit Plans Adjustment, Net Prior Service Including Portion Attributable to Noncontrolling Interest [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | |||
Other income, net | [1],[2] | (2) | (3) |
Accumulated Defined Benefit Plans Adjustment, Net Prior Service Including Portion Attributable to Noncontrolling Interest [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Huntsman International LLC [Member] | |||
Other income, net | [3],[4] | (2) | (3) |
Accumulated Defined Benefit Plans Adjustment, Settlement Gain (Loss) Including Portion Attributable to Noncontrolling Interest [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | |||
Other income, net | [1],[2] | 0 | 3 |
Accumulated Defined Benefit Plans Adjustment, Settlement Gain (Loss), Including Portion Attributable to Noncontrolling Interest 1 [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Huntsman International LLC [Member] | |||
Other income, net | [3],[5] | 0 | 3 |
Accumulated Defined Benefit Plans Adjustment, Actuarial Gain (Loss), Including Portion Attributable to Noncontrolling Interest [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | |||
Other income, net | [1],[2],[6] | 15 | 24 |
Accumulated Defined Benefit Plans Adjustment, Actuarial Gain (Loss), Including Portion Attributable to Noncontrolling Interest [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Huntsman International LLC [Member] | |||
Other income, net | [3],[5],[7] | 15 | 25 |
Accumulated Defined Benefit Plans Adjustment Including Portion Attributable to Noncontrolling Interest [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | |||
Total before tax | [1] | 13 | 24 |
Income tax expense—continuing operations | [1] | (4) | (5) |
Net income | [1] | 9 | 19 |
Accumulated Defined Benefit Plans Adjustment Including Portion Attributable to Noncontrolling Interest [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Huntsman International LLC [Member] | |||
Total before tax | [3] | 13 | 25 |
Income tax expense—continuing operations | [3] | (4) | (6) |
Net income | [3] | $ 9 | $ 19 |
[1] | Pension and other postretirement benefits amounts in parentheses indicate credits on our 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] | Pension and other postretirement benefits amounts in parentheses indicate credits on our consolidated statements of operations. | ||
[4] | These accumulated other comprehensive loss components are included in the computation of net periodic pension costs. See “Note 12. Employee Benefit Plans.” | ||
[5] | These accumulated other comprehensive loss components are included in the computation of net periodic pension costs. See “Note 18. Employee Benefit Plans.” | ||
[6] | Amounts include approximately $1 million and $2 million of actuarial losses related to discontinued operations for the three months ended March 31, 2022 and 2021, respectively. | ||
[7] | Amounts include approximately $1 million and $2 million, respectively, of actuarial losses related to discontinued operations for both the three months ended March 31, 2022 and 2021. |
Note 16 - Environmental, Heal_2
Note 16 - Environmental, Health and Safety Matters (Details Textual) $ in Millions | 3 Months Ended | ||
Mar. 31, 2022USD ($) | Mar. 31, 2021USD ($) | Dec. 31, 2021USD ($) | |
Environmental Costs Recognized, Capitalized in Period | $ 7 | $ 7 | |
Accrual for Environmental Loss Contingencies, Ending Balance | 5 | $ 5 | |
Accrued Environmental Loss Contingencies, Current | 1 | 1 | |
Accrued Environmental Loss Contingencies, Noncurrent | $ 4 | $ 4 | |
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 Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Share-based Payment Arrangement, Expense, Tax Benefit | $ 4 | $ 1 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares) | 0 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 11 | 3 |
Proceeds from Stock Options Exercised | 5 | 3 |
Share-based Payment Arrangement, Exercise of Option, Tax Benefit | 2 | 1 |
Huntsman International LLC [Member] | ||
Share-based Payment Arrangement, Expense, Tax Benefit | 4 | $ 1 |
Share-Based Payment Arrangement, Option [Member] | ||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 4 | |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 1 year 6 months | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 0.70% | |
Performance Share Unit, Type 2 [Member] | ||
Share Based Compensation Arrangement by Share Based Payment Award, Performance Period (Year) | 2 years | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Weighted Average Volatility Rate | 37.90% | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 1.43% | |
Performance Share Unit, Type 1 [Member] | ||
Share Based Compensation Arrangement by Share Based Payment Award, Performance Period (Year) | 3 years | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Weighted Average Volatility Rate | 43.50% | 44.80% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 1.67% | 0.20% |
Restricted Stock Units (RSUs) [Member] | ||
Share Based Compensation Arrangement by Share Based Payment Award, Equity Instruments Other Than Options, Vested Not Issued (in shares) | 106,285 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period (in shares) | 7,066 | |
Performance Shares [Member] | ||
Share Based Compensation Arrangement by Share Based Payment Award, Equity Instruments Other Than Options, Target Shares Awards for Grant Number (in shares) | 193,623 | |
Share Based Compensation Arrangement by Share Based Payment Award, Equity Instruments Other Than Options, Vested Above Target Number (in shares) | 96,814 | |
Share Based Compensation Arrangement by Share Based Payment Award, Equity Instruments Other Than Options, Vested Above Target, Grant Date Fair Value (in dollars per share) | $ 29.68 | |
Nonvested Shares [Member] | ||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 57 | |
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, Equity Instruments Other than Options, Vested in Period, Fair Value | $ 31 | $ 18 |
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 | |
The 2016 Stock Incentive Plan [Member] | Performance Share Unit, Type 2 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 2 years |
Note 17 - Stock-based Compens_4
Note 17 - Stock-based Compensation Plans - Compensation Cost (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Compensation cost | $ 11 | $ 9 |
Huntsman International LLC [Member] | ||
Compensation cost | $ 9 | $ 8 |
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 | |
Dividend yield | 2.30% |
Expected volatility | 53.30% |
Risk-free interest rate | 0.70% |
Expected life of stock options granted during the period (in years) (Year) | 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, 2022USD ($)$ / sharesshares | |
Outstanding, shares, January 1 (in shares) | shares | 4,054 |
Outstanding, weighted average exercise price, January 1 (in dollars per share) | $ / shares | $ 21.62 |
Granted, shares (in shares) | shares | 0 |
Granted, weighted average exercise price (in dollars per share) | $ / shares | $ 0 |
Exercised, shares (in shares) | shares | (515) |
Exercised, weighted average exercise price (in dollars per share) | $ / shares | $ 19.46 |
Forfeited, shares (in shares) | shares | (19) |
Forfeited, weighted average exercise price (in dollars per share) | $ / shares | $ 26.68 |
Outstanding, shares, at March 31 (in shares) | shares | 3,520 |
Outstanding, weighted average exercise price, at March 31 (in dollars per share) | $ / shares | $ 21.91 |
Outstanding, weighted average remaining contractual term (Year) | 5 years 4 months 24 days |
Outstanding, aggregate intrinsic value | $ | $ 55 |
Exercisable, shares (in shares) | shares | 3,092 |
Exercisable, weighted average exercise price (in dollars per share) | $ / shares | $ 21.56 |
Exercisable, weighted average remaining contractual term (Year) | 4 years 10 months 24 days |
Exercisable, aggregate intrinsic value | $ | $ 49 |
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, 2022$ / sharesshares | ||
Equity Awards [Member] | ||
Nonvested, shares, January 1 (in shares) | shares | 2,178 | |
Nonvested, weighted average grant-date fair value, January 1 (in dollars per share) | $ / shares | $ 25.07 | |
Granted, shares (in shares) | shares | 712 | |
Granted, weighted average grant-date fair value (in dollars per share) | $ / shares | $ 48.12 | |
Vested, shares (in shares) | shares | (1,044) | [1],[2] |
Vested, weighted average grant-date fair value (in dollars per share) | $ / shares | $ 23.11 | |
Forfeited, shares (in shares) | shares | (14) | |
Forfeited, weighted average grant-date fair value (in dollars per share) | $ / shares | $ 26.13 | |
Nonvested, shares, at March 31 (in shares) | shares | 1,832 | |
Nonvested, weighted average grant-date fair value, at March 31 (in dollars per share) | $ / shares | $ 35.13 | |
Liability Awards [Member] | ||
Nonvested, shares, January 1 (in shares) | shares | 367 | |
Nonvested, weighted average grant-date fair value, January 1 (in dollars per share) | $ / shares | $ 24.91 | |
Granted, shares (in shares) | shares | 102 | |
Granted, weighted average grant-date fair value (in dollars per share) | $ / shares | $ 41.04 | |
Vested, shares (in shares) | shares | (187) | |
Vested, weighted average grant-date fair value (in dollars per share) | $ / shares | $ 24.04 | |
Forfeited, shares (in shares) | shares | (4) | |
Forfeited, weighted average grant-date fair value (in dollars per share) | $ / shares | $ 25.85 | |
Nonvested, shares, at March 31 (in shares) | shares | 278 | |
Nonvested, weighted average grant-date fair value, at March 31 (in dollars per share) | $ / shares | $ 31.38 | |
[1] | A total of 193,623 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, 2021. During the three months ended March 31, 2022, an additional 96,814 performance share unit awards with a grant date fair value of $29.68 were issued related to this vest due to the target performance criteria being exceeded. | |
[2] | As of March 31, 2022, a total of 106,285 restricted stock units were vested but not yet issued, of which 7,066 vested during the three months ended March 31, 2022. These shares have not been reflected as vested shares in this table because, in accordance with the restricted stock unit agreements, shares of common stock are not issued for vested restricted stock units until termination of employment. |
Note 18 - Income Taxes (Details
Note 18 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Income Tax Expense (Benefit), Total | $ 65,000 | $ 34,000 |
Equity Securities, FV-NI, Gain (Loss), Total | (2,000) | (19,000) |
Huntsman International LLC [Member] | ||
Income Tax Expense (Benefit), Total | 65,000 | 35,000 |
Equity Securities, FV-NI, Gain (Loss), Total | (2,000) | (19,000) |
Venator Materials PLC [Member] | ||
Income Tax Expense (Benefit), Total | 0 | 0 |
Equity Securities, FV-NI, Gain (Loss), Total | $ (2,000) | $ (19,000) |
Note 19 - Earnings Per Share (D
Note 19 - Earnings Per Share (Details Textual) - shares shares in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Share-Based Payment Arrangement [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 0.4 | 1.1 |
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, 2022 | Mar. 31, 2021 | |
Income from continuing operations attributable to Huntsman Corporation | $ 222 | $ 82 |
Net income attributable to Huntsman Corporation | $ 223 | $ 83 |
Weighted average shares outstanding (in shares) | 212.7 | 220.4 |
Stock-based awards (in shares) | 2.7 | 2.2 |
Total weighted average shares outstanding, including dilutive shares (in shares) | 215.4 | 222.6 |
Note 20 - Operating Segment I_3
Note 20 - Operating Segment Information (Details Textual) | 3 Months Ended |
Mar. 31, 2022 | |
Number of Reportable 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, 2022 | Mar. 31, 2021 | ||
Total revenues | [1] | $ 2,389 | $ 1,837 |
Segment adjusted EBITDA | [2] | 465 | 339 |
Interest expense, net—continuing operations | (14) | (19) | |
Depreciation and amortization—continuing operations | (71) | (74) | |
Corporate and other costs, net(2) | [3] | (50) | (50) |
Net income attributable to noncontrolling interests | 17 | 17 | |
Business acquisition and integration expenses and purchase accounting inventory adjustments | (6) | (9) | |
Fair value adjustments to Venator investment | (2) | (19) | |
Certain legal and other settlements and related expenses | (12) | (2) | |
Costs associated with the Albemarle Settlement, net | (1) | 0 | |
Loss on sale of business/assets | (4) | 0 | |
Income from transition services arrangements | 1 | 1 | |
Certain nonrecurring information technology project implementation costs | (2) | (1) | |
Amortization of pension and postretirement actuarial losses | (14) | (22) | |
Plant incident remediation costs | 0 | (4) | |
Restructuring, impairment and plant closing and transition costs(3) | [4] | (3) | (24) |
Income from continuing operations before income taxes | 304 | 133 | |
Income tax expense—continuing operations | (65) | (34) | |
Income from discontinued operations, net of tax | 1 | 1 | |
Net income | 240 | 100 | |
Corporate and other costs, net(2) | [3] | 50 | 50 |
Fair value adjustments to Venator investment | (2) | (19) | |
Huntsman International LLC [Member] | |||
Total revenues | 2,389 | 1,837 | |
Interest expense, net—continuing operations | (14) | (19) | |
Depreciation and amortization—continuing operations | (71) | (73) | |
Corporate and other costs, net(2) | [3] | 47 | 47 |
Net income attributable to noncontrolling interests | 17 | 17 | |
Business acquisition and integration expenses and purchase accounting inventory adjustments | (6) | (9) | |
Fair value adjustments to Venator investment | (2) | (19) | |
Certain legal and other settlements and related expenses | (12) | (2) | |
Costs associated with the Albemarle Settlement, net | (1) | 0 | |
Loss on sale of business/assets | (4) | 0 | |
Income from transition services arrangements | 1 | 1 | |
Certain nonrecurring information technology project implementation costs | (2) | (1) | |
Amortization of pension and postretirement actuarial losses | (14) | (23) | |
Plant incident remediation costs | 0 | (4) | |
Restructuring, impairment and plant closing and transition costs(3) | [4] | (3) | (24) |
Income from continuing operations before income taxes | 307 | 136 | |
Income tax expense—continuing operations | (65) | (35) | |
Income from discontinued operations, net of tax | 1 | 1 | |
Net income | 243 | 102 | |
Corporate and other costs, net(2) | [3] | (47) | (47) |
Fair value adjustments to Venator investment | (2) | (19) | |
Operating Segments [Member] | |||
Total revenues | 2,398 | 1,844 | |
Operating Segments [Member] | Huntsman International LLC [Member] | |||
Segment adjusted EBITDA | [2] | 465 | 339 |
Consolidation, Eliminations [Member] | |||
Total revenues | (9) | (7) | |
Polyurethanes [Member] | Operating Segments [Member] | |||
Total revenues | [1] | 1,386 | 1,068 |
Segment adjusted EBITDA | [2] | 224 | 207 |
Polyurethanes [Member] | Operating Segments [Member] | Huntsman International LLC [Member] | |||
Segment adjusted EBITDA | [2] | 224 | 207 |
Performance Products [Member] | Operating Segments [Member] | |||
Total revenues | [1] | 480 | 305 |
Segment adjusted EBITDA | [2] | 146 | 63 |
Performance Products [Member] | Operating Segments [Member] | Huntsman International LLC [Member] | |||
Segment adjusted EBITDA | [2] | 146 | 63 |
Advanced Materials [Member] | Operating Segments [Member] | |||
Total revenues | [1] | 335 | 278 |
Segment adjusted EBITDA | [2] | 67 | 44 |
Advanced Materials [Member] | Operating Segments [Member] | Huntsman International LLC [Member] | |||
Segment adjusted EBITDA | [2] | 67 | 44 |
Textile Effects [Member] | Operating Segments [Member] | |||
Total revenues | [1] | 197 | 193 |
Segment adjusted EBITDA | [2] | 28 | 25 |
Textile Effects [Member] | Operating Segments [Member] | Huntsman International LLC [Member] | |||
Segment adjusted EBITDA | [2] | $ 28 | $ 25 |
[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) fair value adjustments to Venator investment and related loss on disposal; (c) certain legal and other settlements and related income (expenses); (d) costs associated with the Albemarle Settlement, net; (e) loss on sale of business/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 costs, (net) 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. | ||
[4] | Includes costs associated with transition activities relating primarily to our Corporate program to optimize our global approach to leverage shared services capabilities. |