Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2023 | Oct. 18, 2023 | |
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 | Q3 | |
Document Fiscal Year Focus | 2023 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2023 | |
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 $0.01 per share | |
Trading Symbol | HUN | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 174,287,403 | |
Huntsman International LLC [Member] | ||
Document Information [Line Items] | ||
Entity Central Index Key | 0001089748 | |
Entity Registrant Name | Huntsman International LLC | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2023 | |
Entity File Number | 333-85141 | |
Entity Address, Address Line One | 10003 Woodloch Forest Drive | |
Entity Address, City or Town | The Woodlands | |
Entity Address, State or Province | TX | |
Entity Address, Postal Zip Code | 77380 | |
City Area Code | 281 | |
Local Phone Number | 719-6000 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 87-0630358 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 | |
Current assets: | |||
Cash and cash equivalents | [1] | $ 496 | $ 654 |
Accounts and notes receivable | [1] | 822 | 813 |
Inventories | [1] | 941 | 995 |
Other current assets | 130 | 190 | |
Current assets held for sale | 0 | 472 | |
Total current assets | 2,394 | 3,145 | |
Property, plant and equipment, net | [1] | 2,313 | 2,377 |
Investment in unconsolidated affiliates | 450 | 425 | |
Intangible assets, net | 395 | 425 | |
Goodwill | 639 | 641 | |
Deferred income taxes | 126 | 147 | |
Operating lease right-of-use assets | 359 | 374 | |
Other noncurrent assets | [1] | 693 | 686 |
Total assets | 7,369 | 8,220 | |
Current liabilities: | |||
Accrued liabilities | [1] | 386 | 429 |
Current portion of debt | [1] | 113 | 66 |
Current operating lease liabilities | [1] | 46 | 51 |
Current liabilities held for sale | 0 | 194 | |
Total current liabilities | 1,271 | 1,701 | |
Long-term debt | [1] | 1,493 | 1,671 |
Deferred income taxes | 255 | 250 | |
Noncurrent operating lease liabilities | [1] | 329 | 336 |
Other noncurrent liabilities | [1] | 367 | 422 |
Total liabilities | 3,715 | 4,380 | |
Commitments and contingencies (Notes 14 and 15) | |||
Common stock $0.01 par value, 1,200,000,000 shares authorized, 262,141,647 and 261,148,217 shares issued and 173,608,016 and 183,634,464 shares outstanding, respectively | 3 | 3 | |
Additional paid-in capital | 4,201 | 4,156 | |
Treasury stock, 88,533,631 and 77,513,753 shares, respectively | (2,239) | (1,937) | |
Unearned stock-based compensation | (47) | (35) | |
Retained earnings | 2,736 | 2,705 | |
Accumulated other comprehensive loss | (1,225) | (1,268) | |
Total Huntsman Corporation stockholders’ equity | 3,429 | 3,624 | |
Noncontrolling interests in subsidiaries | 225 | 216 | |
Total equity | 3,654 | 3,840 | |
Total liabilities and equity | 7,369 | 8,220 | |
Nonrelated Party [Member] | |||
Current assets: | |||
Accounts receivable from affiliates | 5 | 21 | |
Current liabilities: | |||
Accounts payable | [1] | 684 | 907 |
Related Party [Member] | |||
Current liabilities: | |||
Accounts payable | 42 | 54 | |
Huntsman International LLC [Member] | |||
Current assets: | |||
Cash and cash equivalents | [1] | 496 | 654 |
Accounts and notes receivable | [1] | 822 | 813 |
Inventories | [1] | 941 | 995 |
Other current assets | 129 | 196 | |
Current assets held for sale | 0 | 472 | |
Total current assets | 2,393 | 3,151 | |
Property, plant and equipment, net | [1] | 2,313 | 2,377 |
Investment in unconsolidated affiliates | 450 | 425 | |
Intangible assets, net | 395 | 425 | |
Goodwill | 639 | 641 | |
Deferred income taxes | 126 | 147 | |
Operating lease right-of-use assets | 359 | 374 | |
Other noncurrent assets | [1] | 693 | 686 |
Total assets | 7,368 | 8,226 | |
Current liabilities: | |||
Accrued liabilities | [1] | 376 | 427 |
Current portion of debt | [1] | 113 | 66 |
Current operating lease liabilities | [1] | 46 | 51 |
Current liabilities held for sale | 0 | 194 | |
Total current liabilities | 1,258 | 1,699 | |
Long-term debt | [1] | 1,493 | 1,671 |
Deferred income taxes | 259 | 254 | |
Noncurrent operating lease liabilities | [1] | 328 | 336 |
Other noncurrent liabilities | [1] | 363 | 414 |
Total liabilities | 3,701 | 4,374 | |
Retained earnings | 873 | 1,130 | |
Accumulated other comprehensive loss | (1,210) | (1,253) | |
Total equity | 3,667 | 3,852 | |
Total liabilities and equity | 7,368 | 8,226 | |
Members’ equity, 2,728 units issued and outstanding | 3,779 | 3,759 | |
Total Huntsman International LLC members’ equity | 3,442 | 3,636 | |
Noncontrolling interests in subsidiaries | 225 | 216 | |
Huntsman International LLC [Member] | Nonrelated Party [Member] | |||
Current liabilities: | |||
Accounts payable | [1] | 681 | 907 |
Huntsman International LLC [Member] | Related Party [Member] | |||
Current assets: | |||
Accounts receivable from affiliates | 5 | 21 | |
Current liabilities: | |||
Accounts payable | $ 42 | $ 54 | |
[1]At September 30, 2023 and December 31, 2022, respectively, $12 and $5 of cash and cash equivalents, $12 and $4 of accounts and notes receivable (net), $50 and $59 of inventories, $145 and $149 of property, plant and equipment (net), $31 and $29 of other noncurrent assets, $76 and $114 of accounts payable, $13 and $12 of accrued liabilities, $9 each of current portion of debt, $9 each of current operating lease liabilities, $19 and $26 of long-term debt, $20 and $19 of noncurrent operating lease liabilities and $24 and $25 of other noncurrent liabilities from consolidated variable interest entities are included in the respective balance sheet captions above. See “Note 5. Variable Interest Entities.” These assets can only be used to settle obligations of the variable interest entities, and creditors of these liabilities do not have recourse to our general credit. |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 | |
Cash and cash equivalents | [1] | $ 496 | $ 654 |
Accounts and notes receivable, allowance for doubtful accounts | 11 | 14 | |
Accounts and notes receivable | [1] | 822 | 813 |
Inventories | [1] | 941 | 995 |
Property, plant and equipment, net | [1] | 2,313 | 2,377 |
Other noncurrent assets | [1] | 693 | 686 |
Accrued liabilities | [1] | 386 | 429 |
Current portion of debt | [1] | 113 | 66 |
Current operating lease liabilities | [1] | 46 | 51 |
Long-term debt | [1] | 1,493 | 1,671 |
Noncurrent operating lease liabilities | [1] | 329 | 336 |
Other noncurrent liabilities | [1] | $ 367 | $ 422 |
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) | 262,141,647 | 261,148,217 | |
Common stock, shares outstanding (in shares) | 173,608,016 | 183,634,464 | |
Treasury stock, shares (in shares) | 88,533,631 | 77,513,753 | |
Accounts and notes receivable | [1] | $ 822 | $ 813 |
Asset Pledged as Collateral [Member] | |||
Accounts and notes receivable | 282 | 272 | |
Accounts and notes receivable | 282 | 272 | |
Huntsman International LLC [Member] | |||
Cash and cash equivalents | [1] | 496 | 654 |
Accounts and notes receivable, allowance for doubtful accounts | 11 | 14 | |
Accounts and notes receivable | [1] | 822 | 813 |
Inventories | [1] | 941 | 995 |
Property, plant and equipment, net | [1] | 2,313 | 2,377 |
Other noncurrent assets | [1] | 693 | 686 |
Accrued liabilities | [1] | 376 | 427 |
Current portion of debt | [1] | 113 | 66 |
Current operating lease liabilities | [1] | 46 | 51 |
Long-term debt | [1] | 1,493 | 1,671 |
Noncurrent operating lease liabilities | [1] | 328 | 336 |
Other noncurrent liabilities | [1] | 363 | 414 |
Accounts and notes receivable | [1] | $ 822 | $ 813 |
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 | $ 282 | $ 272 | |
Accounts and notes receivable | 282 | 272 | |
Variable Interest Entity, Primary Beneficiary [Member] | |||
Cash and cash equivalents | 12 | 5 | |
Accounts and notes receivable | 12 | 4 | |
Inventories | 50 | 59 | |
Property, plant and equipment, net | 145 | 149 | |
Other noncurrent assets | 31 | 29 | |
Accrued liabilities | 13 | 12 | |
Current portion of debt | 9 | 9 | |
Current operating lease liabilities | 9 | 9 | |
Long-term debt | 19 | 26 | |
Noncurrent operating lease liabilities | 20 | 19 | |
Other noncurrent liabilities | 24 | 25 | |
Accounts and notes receivable | 12 | 4 | |
Variable Interest Entity, Primary Beneficiary [Member] | Huntsman International LLC [Member] | |||
Cash and cash equivalents | 12 | 5 | |
Accounts and notes receivable | 12 | 4 | |
Inventories | 50 | 59 | |
Property, plant and equipment, net | 145 | 149 | |
Other noncurrent assets | 31 | 29 | |
Accrued liabilities | 13 | 12 | |
Current portion of debt | 9 | 9 | |
Current operating lease liabilities | 9 | 9 | |
Long-term debt | 19 | 26 | |
Noncurrent operating lease liabilities | 20 | 19 | |
Other noncurrent liabilities | 24 | 25 | |
Accounts and notes receivable | $ 12 | $ 4 | |
[1]At September 30, 2023 and December 31, 2022, respectively, $12 and $5 of cash and cash equivalents, $12 and $4 of accounts and notes receivable (net), $50 and $59 of inventories, $145 and $149 of property, plant and equipment (net), $31 and $29 of other noncurrent assets, $76 and $114 of accounts payable, $13 and $12 of accrued liabilities, $9 each of current portion of debt, $9 each of current operating lease liabilities, $19 and $26 of long-term debt, $20 and $19 of noncurrent operating lease liabilities and $24 and $25 of other noncurrent liabilities from consolidated variable interest entities are included in the respective balance sheet captions above. See “Note 5. Variable Interest Entities.” These assets can only be used to settle obligations of the variable interest entities, and creditors of these liabilities do not have recourse to our general credit. |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | ||
Revenues: | |||||
Total revenues | [1] | $ 1,506 | $ 2,011 | $ 4,708 | $ 6,373 |
Cost of goods sold | 1,275 | 1,662 | 3,954 | 5,017 | |
Gross profit | 231 | 349 | 754 | 1,356 | |
Operating expenses: | |||||
Selling, general and administrative | 165 | 165 | 520 | 532 | |
Research and development | 28 | 31 | 87 | 97 | |
Restructuring, impairment and plant closing costs | 6 | 12 | 7 | 36 | |
Other operating loss (income), net | 5 | 3 | 2 | (8) | |
Total operating expenses | 204 | 211 | 616 | 657 | |
Operating income | 27 | 138 | 138 | 699 | |
Interest expense, net | (15) | (16) | (48) | (46) | |
Equity in income of investment in unconsolidated affiliates | 30 | 21 | 70 | 55 | |
Other income (expense), net | 0 | 3 | (2) | 14 | |
Income from continuing operations before income taxes | 42 | 146 | 158 | 722 | |
Income tax expense | (27) | (30) | (66) | (155) | |
Income from continuing operations | 15 | 116 | 92 | 567 | |
(Loss) income from discontinued operations, net of tax | 0 | (1) | 120 | 30 | |
Net income | 15 | 115 | 212 | 597 | |
Net income attributable to noncontrolling interests | (15) | (15) | (40) | (46) | |
Net income attributable to Huntsman Corporation | $ 0 | $ 100 | $ 172 | $ 551 | |
Basic income per share: | |||||
Income from continuing operations attributable to Huntsman Corporation common stockholders (in dollars per share) | $ 0 | $ 0.52 | $ 0.29 | $ 2.54 | |
(Loss) income from discontinued operations attributable to Huntsman Corporation common stockholders, net of tax (in dollars per share) | 0 | (0.01) | 0.67 | 0.15 | |
Net income attributable to Huntsman Corporation common stockholders (in dollars per share) | $ 0 | $ 0.51 | $ 0.96 | $ 2.69 | |
Weighted average shares (in shares) | 175.7 | 197.7 | 179.1 | 205.2 | |
Diluted income per share: | |||||
Income from continuing operations attributable to Huntsman Corporation common stockholders (in dollars per share) | $ 0 | $ 0.51 | $ 0.29 | $ 2.52 | |
(Loss) income from discontinued operations attributable to Huntsman Corporation common stockholders, net of tax (in dollars per share) | 0 | (0.01) | 0.66 | 0.14 | |
Net income attributable to Huntsman Corporation common stockholders (in dollars per share) | $ 0 | $ 0.50 | $ 0.95 | $ 2.66 | |
Weighted average shares (in shares) | 177 | 199.2 | 180.5 | 207.2 | |
Amounts attributable to Huntsman Corporation: | |||||
Income from continuing operations | $ 0 | $ 101 | $ 52 | $ 521 | |
(Loss) income from discontinued operations, net of tax | 0 | (1) | 120 | 30 | |
Net income | 0 | 100 | 172 | 551 | |
Total revenues | [1] | 1,506 | 2,011 | 4,708 | 6,373 |
Cost of goods sold | 1,275 | 1,662 | 3,954 | 5,017 | |
Gross profit | 231 | 349 | 754 | 1,356 | |
Huntsman International LLC [Member] | |||||
Revenues: | |||||
Total revenues | 1,506 | 2,011 | 4,708 | 6,373 | |
Cost of goods sold | 1,275 | 1,662 | 3,954 | 5,017 | |
Gross profit | 231 | 349 | 754 | 1,356 | |
Operating expenses: | |||||
Selling, general and administrative | 164 | 166 | 517 | 528 | |
Research and development | 28 | 31 | 87 | 97 | |
Restructuring, impairment and plant closing costs | 6 | 12 | 7 | 36 | |
Other operating loss (income), net | 5 | 3 | 2 | (8) | |
Total operating expenses | 203 | 212 | 613 | 653 | |
Operating income | 28 | 137 | 141 | 703 | |
Interest expense, net | (15) | (16) | (48) | (46) | |
Equity in income of investment in unconsolidated affiliates | 30 | 21 | 70 | 55 | |
Other income (expense), net | 0 | 3 | (2) | 14 | |
Income from continuing operations before income taxes | 43 | 145 | 161 | 726 | |
Income tax expense | (27) | (30) | (66) | (156) | |
Income from continuing operations | 16 | 115 | 95 | 570 | |
(Loss) income from discontinued operations, net of tax | 0 | (1) | 120 | 30 | |
Net income | 16 | 114 | 215 | 600 | |
Net income attributable to noncontrolling interests | (15) | (15) | (40) | (46) | |
Net income attributable to Huntsman Corporation | 1 | 99 | 175 | 554 | |
Amounts attributable to Huntsman Corporation: | |||||
Total revenues | 1,506 | 2,011 | 4,708 | 6,373 | |
Cost of goods sold | 1,275 | 1,662 | 3,954 | 5,017 | |
Gross profit | 231 | 349 | 754 | 1,356 | |
Third Party Customers [Member] | |||||
Revenues: | |||||
Total revenues | 1,477 | 1,946 | 4,611 | 6,189 | |
Amounts attributable to Huntsman Corporation: | |||||
Total revenues | 1,477 | 1,946 | 4,611 | 6,189 | |
Third Party Customers [Member] | Huntsman International LLC [Member] | |||||
Revenues: | |||||
Total revenues | 1,477 | 1,946 | 4,611 | 6,189 | |
Amounts attributable to Huntsman Corporation: | |||||
Total revenues | 1,477 | 1,946 | 4,611 | 6,189 | |
Related Party Customers [Member] | |||||
Revenues: | |||||
Total revenues | 29 | 65 | 97 | 184 | |
Amounts attributable to Huntsman Corporation: | |||||
Total revenues | 29 | 65 | 97 | 184 | |
Related Party Customers [Member] | Huntsman International LLC [Member] | |||||
Revenues: | |||||
Total revenues | 29 | 65 | 97 | 184 | |
Amounts attributable to Huntsman Corporation: | |||||
Total revenues | $ 29 | $ 65 | $ 97 | $ 184 | |
[1]Geographic information for revenues is based upon countries into which product is sold. |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive (Loss) Income (Unaudited) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Net income | $ 15 | $ 115 | $ 212 | $ 597 |
Other comprehensive (loss) income, net of tax: | ||||
Foreign currency translations adjustments | (46) | (204) | (39) | (338) |
Pension and other postretirement benefits adjustments | 6 | 10 | 86 | 28 |
Other, net | (9) | 0 | (9) | (1) |
Other comprehensive (loss) income, net of tax | (49) | (194) | 38 | (311) |
Comprehensive (loss) income | (34) | (79) | 250 | 286 |
Comprehensive income attributable to noncontrolling interests | (16) | (6) | (35) | (29) |
Comprehensive (loss) income attributable to Huntsman | (50) | (85) | 215 | 257 |
Net income | 15 | 115 | 212 | 597 |
Huntsman International LLC [Member] | ||||
Net income | 16 | 114 | 215 | 600 |
Other comprehensive (loss) income, net of tax: | ||||
Foreign currency translations adjustments | (46) | (204) | (39) | (339) |
Pension and other postretirement benefits adjustments | 6 | 10 | 86 | 28 |
Other, net | (9) | 0 | (9) | (1) |
Other comprehensive (loss) income, net of tax | (49) | (194) | 38 | (312) |
Comprehensive (loss) income | (33) | (80) | 253 | 288 |
Comprehensive income attributable to noncontrolling interests | (16) | (6) | (35) | (29) |
Comprehensive (loss) income attributable to Huntsman | (49) | (86) | 218 | 259 |
Net income | $ 16 | $ 114 | $ 215 | $ 600 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Equity (Unaudited) - USD ($) $ in Millions | Huntsman International LLC [Member] Common Stock Outstanding [Member] | Huntsman International LLC [Member] Retained Earnings [Member] | Huntsman International LLC [Member] AOCI Attributable to Parent [Member] | Huntsman International LLC [Member] Noncontrolling Interest [Member] | Huntsman International LLC [Member] | Common Stock Outstanding [Member] | Additional Paid-in Capital [Member] | Treasury Stock, Common [Member] | Deferred Compensation, Share-Based Payments [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Noncontrolling Interest [Member] | Total |
Balance (in shares) at Dec. 31, 2021 | 2,728 | 214,170,287 | |||||||||||
Balance at Dec. 31, 2021 | $ 3,732 | $ 2,093 | $ (1,187) | $ 181 | $ 4,819 | $ 3 | $ 4,102 | $ (934) | $ (25) | $ 2,435 | $ (1,203) | $ 181 | $ 4,559 |
Net income | 0 | 226 | 0 | 17 | 243 | 0 | 0 | 0 | 0 | 223 | 0 | 17 | 240 |
Other comprehensive (loss) income | $ 0 | 0 | (11) | (1) | (12) | 0 | 0 | 0 | 0 | 0 | (11) | (1) | (12) |
Issuance of nonvested stock awards | $ 0 | 32 | 0 | (32) | 0 | 0 | 0 | 0 | |||||
Vesting of stock awards (in shares) | 1,327,568 | ||||||||||||
Vesting of stock awards | $ 0 | 7 | 0 | 0 | 0 | 0 | 0 | 7 | |||||
Recognition of stock-based compensation | $ 0 | 1 | 0 | 8 | 0 | 0 | 0 | 9 | |||||
Repurchase and cancellation of stock awards (in shares) | (361,250) | ||||||||||||
Repurchase and cancellation of stock awards | $ 0 | 0 | 0 | 0 | (13) | 0 | 0 | (13) | |||||
Stock options exercised (in shares) | 387,899 | ||||||||||||
Stock options exercised | $ 0 | 10 | 0 | 0 | (5) | 0 | 0 | 5 | |||||
Treasury stock repurchased (in shares) | (5,549,348) | ||||||||||||
Treasury stock repurchased | $ 0 | 0 | (210) | 0 | 0 | 0 | 0 | (210) | |||||
Dividends declared on common stock | $ 0 | 0 | 0 | 0 | (45) | 0 | 0 | (45) | |||||
Balance (in shares) at Mar. 31, 2022 | 2,728 | 209,975,156 | |||||||||||
Balance at Mar. 31, 2022 | $ 3,741 | 2,274 | (1,198) | 197 | 5,014 | $ 3 | 4,152 | (1,144) | (49) | 2,595 | (1,214) | 197 | 4,540 |
Dividends paid to parent | 0 | (45) | 0 | 0 | (45) | ||||||||
Contribution from parent | $ 9 | 0 | 0 | 0 | 9 | ||||||||
Balance (in shares) at Dec. 31, 2021 | 2,728 | 214,170,287 | |||||||||||
Balance at Dec. 31, 2021 | $ 3,732 | 2,093 | (1,187) | 181 | 4,819 | $ 3 | 4,102 | (934) | (25) | 2,435 | (1,203) | 181 | 4,559 |
Net income | 600 | 597 | |||||||||||
Other comprehensive (loss) income | (295) | (312) | (294) | (311) | |||||||||
Balance (in shares) at Sep. 30, 2022 | 2,728 | 192,757,360 | |||||||||||
Balance at Sep. 30, 2022 | $ 3,756 | 2,518 | (1,482) | 210 | 5,002 | $ 3 | 4,155 | (1,686) | (37) | 2,836 | (1,497) | 210 | 3,984 |
Balance (in shares) at Mar. 31, 2022 | 2,728 | 209,975,156 | |||||||||||
Balance at Mar. 31, 2022 | $ 3,741 | 2,274 | (1,198) | 197 | 5,014 | $ 3 | 4,152 | (1,144) | (49) | 2,595 | (1,214) | 197 | 4,540 |
Net income | 0 | 229 | 0 | 14 | 243 | 0 | 0 | 0 | 0 | 228 | 0 | 14 | 242 |
Other comprehensive (loss) income | $ 0 | 0 | (99) | (7) | (106) | $ 0 | 0 | 0 | 0 | 0 | (98) | (7) | (105) |
Vesting of stock awards (in shares) | 4,045 | ||||||||||||
Vesting of stock awards | $ 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
Recognition of stock-based compensation | $ 0 | 1 | 0 | 8 | 0 | 0 | 0 | 9 | |||||
Repurchase and cancellation of stock awards (in shares) | (2,416) | ||||||||||||
Repurchase and cancellation of stock awards | $ 0 | 0 | 0 | 0 | (1) | 0 | 0 | (1) | |||||
Stock options exercised (in shares) | 66,840 | ||||||||||||
Stock options exercised | $ 0 | 1 | 0 | 0 | 0 | 0 | 0 | 1 | |||||
Treasury stock repurchased (in shares) | (8,371,423) | ||||||||||||
Treasury stock repurchased | $ 0 | 0 | (291) | 0 | 0 | 0 | 0 | (291) | |||||
Dividends declared on common stock | $ 0 | 0 | 0 | 0 | (44) | 0 | 0 | (44) | |||||
Balance (in shares) at Jun. 30, 2022 | 2,728 | 201,672,202 | |||||||||||
Balance at Jun. 30, 2022 | $ 3,751 | 2,461 | (1,297) | 204 | 5,119 | $ 3 | 4,154 | (1,435) | (41) | 2,778 | (1,312) | 204 | 4,351 |
Dividends paid to parent | 0 | (42) | 0 | 0 | (42) | ||||||||
Contribution from parent | 10 | 0 | 0 | 0 | 10 | ||||||||
Net income | 0 | 99 | 0 | 15 | 114 | 0 | 0 | 0 | 0 | 100 | 0 | 15 | 115 |
Other comprehensive (loss) income | $ 0 | 0 | (185) | (9) | (194) | $ 0 | 0 | 0 | 0 | 0 | (185) | (9) | (194) |
Vesting of stock awards (in shares) | 10,174 | ||||||||||||
Vesting of stock awards | $ 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
Recognition of stock-based compensation | $ 0 | 1 | 0 | 4 | 0 | 0 | 0 | 5 | |||||
Repurchase and cancellation of stock awards (in shares) | (2,533) | ||||||||||||
Repurchase and cancellation of stock awards | $ 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
Stock options exercised (in shares) | 10,432 | ||||||||||||
Stock options exercised | $ 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
Treasury stock repurchased (in shares) | (8,932,915) | ||||||||||||
Treasury stock repurchased | $ 0 | 0 | (251) | 0 | 0 | 0 | 0 | (251) | |||||
Dividends declared on common stock | $ 0 | 0 | 0 | 0 | (42) | 0 | 0 | (42) | |||||
Balance (in shares) at Sep. 30, 2022 | 2,728 | 192,757,360 | |||||||||||
Balance at Sep. 30, 2022 | $ 3,756 | 2,518 | (1,482) | 210 | 5,002 | $ 3 | 4,155 | (1,686) | (37) | 2,836 | (1,497) | 210 | $ 3,984 |
Dividends paid to parent | 0 | (42) | 0 | 0 | (42) | ||||||||
Contribution from parent | $ 5 | 0 | 0 | 0 | 5 | ||||||||
Balance (in shares) at Dec. 31, 2022 | 2,728 | 183,634,464 | 183,634,464 | ||||||||||
Balance at Dec. 31, 2022 | $ 3,759 | 1,130 | (1,253) | 216 | 3,852 | $ 3 | 4,156 | (1,937) | (35) | 2,705 | (1,268) | 216 | $ 3,840 |
Net income | 0 | 155 | 0 | 13 | 168 | 0 | 0 | 0 | 0 | 153 | 0 | 13 | 166 |
Other comprehensive (loss) income | 0 | 0 | 126 | 2 | 128 | 0 | 0 | 0 | 0 | 0 | 125 | 2 | 127 |
Issuance of nonvested stock awards | $ 0 | 32 | 0 | (32) | 0 | 0 | 0 | 0 | |||||
Vesting of stock awards (in shares) | 1,016,782 | ||||||||||||
Vesting of stock awards | $ 0 | 5 | 0 | 0 | 0 | 0 | 0 | 5 | |||||
Recognition of stock-based compensation | $ 0 | 1 | 0 | 9 | 0 | 0 | 0 | 10 | |||||
Repurchase and cancellation of stock awards (in shares) | (301,231) | ||||||||||||
Repurchase and cancellation of stock awards | $ 0 | 0 | 0 | 0 | (9) | 0 | 0 | (9) | |||||
Stock options exercised (in shares) | 16,245 | ||||||||||||
Stock options exercised | $ 0 | 1 | 0 | 0 | (1) | 0 | 0 | 0 | |||||
Treasury stock repurchased (in shares) | (3,472,020) | ||||||||||||
Treasury stock repurchased | $ 0 | 0 | (101) | 0 | 0 | 0 | 0 | (101) | |||||
Distributions to noncontrolling interests | $ 0 | 0 | 0 | (4) | (4) | 0 | 0 | 0 | 0 | 0 | 0 | (4) | (4) |
Dividends declared on common stock | $ 0 | 0 | 0 | 0 | (44) | 0 | 0 | (44) | |||||
Balance (in shares) at Mar. 31, 2023 | 2,728 | 180,894,240 | |||||||||||
Balance at Mar. 31, 2023 | $ 3,769 | 1,133 | (1,127) | 227 | 4,002 | $ 3 | 4,195 | (2,038) | (58) | 2,804 | (1,143) | 227 | $ 3,990 |
Dividends paid to parent | 0 | (43) | 0 | 0 | (43) | ||||||||
Contribution from parent | 10 | 0 | 0 | 0 | 10 | ||||||||
Distribution to parent | $ 0 | (109) | 0 | 0 | (109) | ||||||||
Balance (in shares) at Dec. 31, 2022 | 2,728 | 183,634,464 | 183,634,464 | ||||||||||
Balance at Dec. 31, 2022 | $ 3,759 | 1,130 | (1,253) | 216 | 3,852 | $ 3 | 4,156 | (1,937) | (35) | 2,705 | (1,268) | 216 | $ 3,840 |
Net income | 215 | 212 | |||||||||||
Other comprehensive (loss) income | 43 | 38 | 43 | $ 38 | |||||||||
Stock options exercised (in shares) | 383,000 | ||||||||||||
Treasury stock repurchased (in shares) | (11,019,878) | ||||||||||||
Treasury stock repurchased | $ (300) | ||||||||||||
Balance (in shares) at Sep. 30, 2023 | 2,728 | 173,608,016 | 173,608,016 | ||||||||||
Balance at Sep. 30, 2023 | $ 3,779 | 873 | (1,210) | 225 | 3,667 | $ 3 | 4,201 | (2,239) | (47) | 2,736 | (1,225) | 225 | $ 3,654 |
Balance (in shares) at Mar. 31, 2023 | 2,728 | 180,894,240 | |||||||||||
Balance at Mar. 31, 2023 | $ 3,769 | 1,133 | (1,127) | 227 | 4,002 | $ 3 | 4,195 | (2,038) | (58) | 2,804 | (1,143) | 227 | 3,990 |
Net income | 0 | 19 | 0 | 12 | 31 | 0 | 0 | 0 | 0 | 19 | 0 | 12 | 31 |
Other comprehensive (loss) income | $ 0 | 0 | (33) | (8) | (41) | $ 0 | 0 | 0 | 0 | 0 | (32) | (8) | (40) |
Vesting of stock awards (in shares) | 6,616 | ||||||||||||
Vesting of stock awards | $ 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
Recognition of stock-based compensation | $ 0 | 0 | 0 | 5 | 0 | 0 | 0 | 5 | |||||
Repurchase and cancellation of stock awards (in shares) | (1,957) | ||||||||||||
Repurchase and cancellation of stock awards | $ 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
Stock options exercised (in shares) | 1,444 | ||||||||||||
Stock options exercised | $ 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
Treasury stock repurchased (in shares) | (3,790,069) | ||||||||||||
Treasury stock repurchased | $ 0 | 0 | (98) | 0 | 0 | 0 | 0 | (98) | |||||
Dividends declared on common stock | $ 0 | 0 | 0 | 0 | (42) | 0 | 0 | (42) | |||||
Balance (in shares) at Jun. 30, 2023 | 2,728 | 177,110,274 | |||||||||||
Balance at Jun. 30, 2023 | $ 3,773 | 1,012 | (1,160) | 231 | 3,856 | $ 3 | 4,195 | (2,136) | (53) | 2,781 | (1,175) | 231 | 3,846 |
Dividends paid to parent | 0 | (45) | 0 | 0 | (45) | ||||||||
Contribution from parent | 4 | 0 | 0 | 0 | 4 | ||||||||
Distribution to parent | 0 | (95) | 0 | 0 | (95) | ||||||||
Net income | 0 | 1 | 0 | 15 | 16 | 0 | 0 | 0 | 0 | 0 | 0 | 15 | 15 |
Other comprehensive (loss) income | 0 | 0 | (50) | 1 | (49) | $ 0 | 0 | 0 | 0 | 0 | (50) | 1 | (49) |
Vesting of stock awards (in shares) | 4,977 | ||||||||||||
Vesting of stock awards | $ 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
Recognition of stock-based compensation | $ 0 | 0 | 0 | 6 | 0 | 0 | 0 | 6 | |||||
Repurchase and cancellation of stock awards (in shares) | (1,499) | ||||||||||||
Repurchase and cancellation of stock awards | $ 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
Stock options exercised (in shares) | 252,053 | ||||||||||||
Stock options exercised | $ 0 | 7 | 0 | 0 | (3) | 0 | 0 | 4 | |||||
Treasury stock repurchased (in shares) | (3,757,789) | ||||||||||||
Treasury stock repurchased | $ 0 | 0 | (103) | 0 | 0 | 0 | 0 | (103) | |||||
Distributions to noncontrolling interests | 0 | 0 | 0 | (20) | (20) | 0 | 0 | 0 | 0 | 0 | 0 | (20) | (20) |
Dividends declared on common stock | 0 | 0 | 0 | 0 | (42) | 0 | 0 | (42) | |||||
Acquisition of noncontrolling interests, net of tax | $ (1) | 0 | 0 | (2) | (3) | $ 0 | (1) | 0 | 0 | 0 | 0 | (2) | $ (3) |
Balance (in shares) at Sep. 30, 2023 | 2,728 | 173,608,016 | 173,608,016 | ||||||||||
Balance at Sep. 30, 2023 | $ 3,779 | 873 | (1,210) | 225 | 3,667 | $ 3 | $ 4,201 | $ (2,239) | $ (47) | $ 2,736 | $ (1,225) | $ 225 | $ 3,654 |
Dividends paid to parent | 0 | (43) | 0 | 0 | (43) | ||||||||
Contribution from parent | 7 | 0 | 0 | 0 | 7 | ||||||||
Distribution to parent | $ 0 | $ (97) | $ 0 | $ 0 | $ (97) |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Equity (Unaudited) (Parentheticals) - $ / shares | 3 Months Ended | |||||
Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | |
Dividends declared on common stock, per share (in dollars per share) | $ 0.2375 | $ 0.2375 | $ 0.2375 | $ 0.2125 | $ 0.2125 | $ 0.2125 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Operating Activities: | ||
Net income | $ 212 | $ 597 |
Less: Income from discontinued operations, net of tax | (120) | (30) |
Income from continuing operations | (92) | (567) |
Adjustments to reconcile income from continuing operations to net cash provided by operating activities from continuing operations: | ||
Equity in income of investment in unconsolidated affiliates | (70) | (55) |
Cash received from return on investment in unconsolidated subsidiary | 30 | 61 |
Depreciation and amortization | 208 | 207 |
Noncash lease expense | 51 | 47 |
Deferred income taxes | 8 | 81 |
Noncash stock-based compensation | 22 | 26 |
Other, net | 27 | (7) |
Changes in operating assets and liabilities: | ||
Accounts and notes receivable | 17 | (60) |
Inventories | 33 | (128) |
Other current assets | 46 | 357 |
Other noncurrent assets | (34) | (14) |
Accounts payable | (209) | (113) |
Accrued liabilities | (60) | (292) |
Other noncurrent liabilities | (76) | (82) |
Net cash provided by operating activities from continuing operations | 85 | 595 |
Net cash (used in) provided by operating activities from discontinued operations | (40) | 9 |
Net cash provided by operating activities | 45 | 604 |
Investing Activities: | ||
Capital expenditures | (147) | (186) |
Cash received from sale of businesses, net | 544 | 0 |
Insurance proceeds for recovery of property damage | 0 | 5 |
Other, net | (2) | 5 |
Net cash provided by (used in) investing activities from continuing operations | 395 | (176) |
Net cash used in investing activities from discontinued operations | (4) | (12) |
Net cash provided by (used in) investing activities | 391 | (188) |
Financing Activities: | ||
Net repayments on revolving loan facilities | (115) | 0 |
Repayments of long-term debt | (9) | (8) |
Dividends paid to common stockholders | (129) | (132) |
Distributions paid to noncontrolling interests | (24) | 0 |
Repurchase and cancellation of awards | (9) | (14) |
Repurchase of common stock | (296) | (755) |
Proceeds from issuance of common stock | 4 | 6 |
Other, net | (3) | (2) |
Net cash used in financing activities | (581) | (905) |
Effect of exchange rate changes on cash | (13) | (37) |
Decrease in cash and cash equivalents | (158) | (526) |
Cash and cash equivalents at beginning of period | 654 | 1,041 |
Cash and cash equivalents at end of period | 496 | 515 |
Supplemental cash flow information: | ||
Cash paid for interest | 43 | 41 |
Cash paid for income taxes | 82 | 171 |
Huntsman International LLC [Member] | ||
Operating Activities: | ||
Net income | 215 | 600 |
Less: Income from discontinued operations, net of tax | (120) | (30) |
Income from continuing operations | (95) | (570) |
Adjustments to reconcile income from continuing operations to net cash provided by operating activities from continuing operations: | ||
Equity in income of investment in unconsolidated affiliates | (70) | (55) |
Cash received from return on investment in unconsolidated subsidiary | 30 | 61 |
Depreciation and amortization | 208 | 207 |
Noncash lease expense | 51 | 47 |
Deferred income taxes | 8 | 81 |
Noncash stock-based compensation | 21 | 24 |
Other, net | 25 | (7) |
Changes in operating assets and liabilities: | ||
Accounts and notes receivable | 17 | (60) |
Inventories | 33 | (128) |
Other current assets | 52 | 356 |
Other noncurrent assets | (34) | (14) |
Accounts payable | (208) | (113) |
Accrued liabilities | (65) | (290) |
Other noncurrent liabilities | (76) | (82) |
Net cash provided by operating activities from continuing operations | 87 | 597 |
Net cash (used in) provided by operating activities from discontinued operations | (40) | 9 |
Net cash provided by operating activities | 47 | 606 |
Investing Activities: | ||
Capital expenditures | (147) | (186) |
Cash received from sale of businesses, net | 544 | 0 |
Insurance proceeds for recovery of property damage | 0 | 5 |
Other, net | (2) | 5 |
Net cash provided by (used in) investing activities from continuing operations | 94 | (942) |
Net cash used in investing activities from discontinued operations | (4) | (12) |
Net cash provided by (used in) investing activities | 90 | (954) |
Increase in receivable from affiliate | (301) | (766) |
Financing Activities: | ||
Net repayments on revolving loan facilities | (115) | 0 |
Repayments of long-term debt | (9) | (8) |
Distributions paid to noncontrolling interests | (24) | 0 |
Other, net | (3) | (2) |
Net cash used in financing activities | (282) | (139) |
Effect of exchange rate changes on cash | (13) | (37) |
Decrease in cash and cash equivalents | (158) | (524) |
Cash and cash equivalents at beginning of period | 654 | 1,039 |
Cash and cash equivalents at end of period | 496 | 515 |
Dividends paid to parent | (131) | (129) |
Supplemental cash flow information: | ||
Cash paid for interest | 43 | 41 |
Cash paid for income taxes | $ 82 | $ 171 |
Condensed Consolidated Statem_6
Condensed Consolidated Statements of Cash Flows (Unaudited) (Parentheticals) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Capital Expenditures Incurred but Not yet Paid | $ 23 | $ 27 |
Accrued Excise Taxes Related to Repurchase of Common Stock | 3 | |
Huntsman International LLC [Member] | ||
Capital Expenditures Incurred but Not yet Paid | $ 23 | $ 27 |
Note 1 - General
Note 1 - General | 9 Months Ended |
Sep. 30, 2023 | |
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 (loss) income, financial position and cash flows for the periods presented. Results for interim periods are not 10 December 31, 2022 D escription of usinesses We are a global manufacturer of diversified organic chemical products. We operate in three segments: Polyurethanes, Performance Products and Advanced Materials. Our products comprise many different chemicals and formulations, which we market globally to a wide range of consumers that consist primarily of industrial and building product manufacturers. Our products are used in a broad range of applications, including those in the adhesives, aerospace, automotive, coatings and construction, construction products, durable and non-durable consumer products, electronics, insulation, packaging, power generation and refining. Many of our products offer effects such as premium insulation in homes and buildings and the light weighting of airplanes and automobiles that help conserve energy. We are a leading global producer in many of our key product lines, including MDI, amines, maleic anhydride and epoxy-based polymer formulations. We operate all of 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 condensed consolidated financial statements and Huntsman International’s condensed consolidated financial statements relate primarily to different capital structures and purchase accounting recorded at our Company for the 2003 2005. 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. Huntsman International declared and paid to us distributions in the form of certain affiliate accounts receivable during 2023. 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. R e c e nt evelopments Potential Russian Business Sale On September 19, 2023, |
Note 2 - Recently Issued Accoun
Note 2 - Recently Issued Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Accounting Standards Update and Change in Accounting Principle [Text Block] | 2. There were no nine September 30, 2023 September 30, 2023 not not |
Note 3 - Discontinued Operation
Note 3 - Discontinued Operations | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | 3. S aLE o f EXTILE FFECTS USINESS On February 28, 2023, 2023. nine September 30, 2023 third 2023, The following table reconciles the carrying amounts of major classes of assets and liabilities of discontinued operations to total assets and liabilities of discontinued operations that are classified as held for sale in our condensed consolidated balance sheets (dollars in millions): December 31, 2022 Carrying amounts of major classes of assets held for sale: Accounts receivable $ 133 Inventories 151 Other current assets 11 Property, plant and equipment, net 134 Deferred income taxes 13 Operating lease right-of-use assets 15 Other noncurrent assets 15 Total current assets held for sale(1) $ 472 Carrying amounts of major classes of liabilities held for sale: Accounts payable $ 63 Accrued liabilities 47 Current operating lease liabilities 2 Noncurrent operating lease liabilities 17 Other noncurrent liabilities 65 Total current liabilities held for sale(1) $ 194 ( 1 Total assets and liabilities held for sale as of December 31, 2022 February 28, 2023. The following table reconciles major line items constituting pretax (loss) income of discontinued operations to after-tax (loss) income of discontinued operations, primarily related to our Textile Effects Business, as presented in our condensed consolidated statements of operations (dollars in millions): Three months Nine months ended ended September 30, September 30, 2023 2022 2023 2022 Major line items constituting pretax (loss) income of discontinued operations: Trade sales, services and fees, net $ — $ 158 $ 88 $ 547 Cost of goods sold — 127 69 420 Gain on sale of our Textile Effects Business 1 — 154 — Other expense items, net 3 25 39 83 (Loss) income from discontinued operations before income taxes (2 ) 6 134 44 Income tax benefit (expense) 2 (7 ) (14 ) (14 ) Net (loss) income attributable to discontinued operations $ — $ (1 ) $ 120 $ 30 |
Note 4 - Inventories
Note 4 - Inventories | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | 4. We state our inventories at the lower of cost or market, with cost determined using average cost, last-in first first first September 30, December 31, 2023 2022 Raw materials and supplies $ 221 $ 241 Work in progress 42 40 Finished goods 716 758 Total 979 1,039 LIFO reserves (38 ) (44 ) Net inventories $ 941 $ 995 For both September 30, 2023 December 31, 2022 |
Note 5 - Variable Interest Enti
Note 5 - Variable Interest Entities | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Variable Interest Entity Disclosure [Text Block] | 5. 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 nine September 30, 2023 no Creditors of our variable interest entities have no 7. September 30, 2023 The following table summarizes the carrying amounts of our variable interest entities’ assets and liabilities included in our condensed consolidated balance sheet as of September 30, 2023 December 31, 2022 September 30, December 31, 2023 2022 Current assets $ 78 $ 73 Property, plant and equipment, net 145 149 Operating lease right-of-use assets 29 28 Other noncurrent assets 133 140 Deferred income taxes 13 13 Total assets $ 398 $ 403 Current liabilities $ 107 $ 144 Long-term debt 19 26 Noncurrent operating lease liabilities 20 19 Other noncurrent liabilities 24 25 Total liabilities $ 170 $ 214 The revenues, income from continuing operations before income taxes and net cash provided by operating activities for our variable interest entities for the three nine September 30, 2023 2022 Three months Nine months ended ended September 30, September 30, 2023 2022 2023 2022 Revenues $ — $ — $ — $ — Income from continuing operations before income taxes 18 11 48 24 Net cash provided by operating activities 12 21 60 56 |
Note 6 - Restructuring, Impairm
Note 6 - Restructuring, Impairment and Plant Closing Costs | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Restructuring and Related Activities Disclosure [Text Block] | 6. As of September 30, 2023 December 31, 2022 Workforce reductions Other restructuring costs Total Accrued liabilities as of January 1, 2023 $ 76 $ — $ 76 (Credits) charges (8 ) 8 — Payments (40 ) (8 ) (48 ) Accrued liabilities as of September 30, 2023 $ 28 $ — $ 28 Details with respect to our reserves for restructuring, impairment and plant closing costs by segment are provided below (dollars in millions): Performance Advanced Corporate Polyurethanes Products Materials and other Total Accrued liabilities as of January 1, 2023 $ 24 $ 5 $ 10 $ 37 $ 76 (Credits) charges (1 ) 3 5 (7 ) — Payments (14 ) (3 ) (10 ) (21 ) (48 ) Accrued liabilities as of September 30, 2023 $ 9 $ 5 $ 5 $ 9 $ 28 Current portion of restructuring reserves $ 9 $ 5 $ 4 $ 9 $ 27 Long-term portion of restructuring reserves — — 1 — 1 Details with respect to cash and noncash restructuring charges from continuing operations for the three nine September 30, 2023 2022 Three months Nine months ended ended September 30, September 30, 2023 2022 2023 2022 Cash charges $ — $ 13 $ — $ 37 Noncash charges: Accelerated depreciation 5 — 6 — Gain on sale of assets — (2 ) (2 ) Other noncash charges 1 1 1 1 Total restructuring, impairment and plant closing costs $ 6 $ 12 $ 7 $ 36 R estructuring ctivities Beginning in the fourth 2022, nine September 30, 2023 no first 2025. Beginning in the first 2021, second 2022, nine September 30, 2023 nine September 30, 2023 no nine September 30, 2022 first 2024. Beginning in the third 2020, second 2022, nine September 30, 2023 2022 not Beginning in the second 2020, nine September 30, 2023 2022, first 2024. Beginning in the third 2022, three September 30, 2022, |
Note 7 - Debt
Note 7 - Debt | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 7. Our outstanding debt, net of debt issuance costs, consisted of the following (dollars in millions): September 30, December 31, 2023 2022 Senior Credit Facilities: Revolving facility $ — $ 55 Amounts outstanding under A/R programs 101 166 Senior notes 1,454 1,455 Variable interest entities 28 35 Other 23 26 Total debt $ 1,606 $ 1,737 Current portion of debt $ 113 $ 66 Long-term portion of debt 1,493 1,671 Total debt $ 1,606 $ 1,737 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 September 30, 2023 December 31, 2022 Revolving Credit Facility On May 20, 2022, “2022 2022 May 2027. may 2022 The following table presents certain amounts under our 2022 September 30, 2023 Unamortized discounts and Committed Principal debt issuance Carrying Facility amount outstanding costs value Interest rate(2) Maturity 2022 Revolving Credit Facility $ 1,200 $ — (1) $ — (1) $ — (1) Term Secured Overnight Financing Rate (“SOFR”) plus 1.525% May 2027 ( 1 On September 30, 2023 2022 ( 2 Interest rates on borrowings under the 2022 September 30, 2023 A/R Programs Our U.S. accounts receivable securitization program (“U.S. A/R Program”) and our European accounts receivable securitization program (“EU A/R Program” and collectively with the U.S. A/R Program, “A/R Programs”) are structured so that we transfer certain of our trade receivables to the U.S. special purpose entity (“U.S. SPE”) and the European special purpose entity (“EU SPE”) in transactions intended to be true sales or true contributions. The receivables collateralize debt incurred by the U.S. SPE and the EU SPE. Information regarding our A/R Programs as of September 30, 2023 Maximum funding Amount Facility Maturity availability(1) outstanding Interest rate(2) U.S. A/R Program July 2024 $ 150 $ 38 (3) Applicable rate plus 0.90% EU A/R Program July 2024 € 100 € 60 Applicable rate plus 1.30% (or approximately $105) (or approximately $63) ( 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 Term SOFR. The applicable rate for our EU A/R Program is either Term SOFR, EURIBOR or SONIA (Sterling Overnight Interbank Average Rate). ( 3 As of September 30, 2023 As of September 30, 2023 December 31, 2022 Senior Notes Our senior notes consisted of the following (monetary amounts in millions): Unamortized premiums, discounts and debt Notes Maturity Interest rate Amount outstanding issuance costs 2025 Senior Notes April 2025 4.25 % €300 (€ 300 316 $ — 2029 Senior Notes February 2029 4.50 % $750 ($ 741 9 2031 Senior Notes June 2031 2.95 % $400 ($ 397 3 Variable Interest Entity Debt As of September 30, 2023 September 30, 2023 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 2022 |
Note 8 - Derivative Instruments
Note 8 - Derivative Instruments and Hedging Activities | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | 8. 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 September 30, 2023 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 September 30, 2023 €150 nine September 30, 2023 2022, nil |
Note 9 - Fair Value
Note 9 - Fair Value | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 9. The fair values of financial instruments were as follows (dollars in millions): September 30, 2023 December 31, 2022 Carrying Estimated Carrying Estimated value fair value value fair value Non-qualified employee benefit plan investments $ 15 $ 15 $ 15 $ 15 Investment in Venator — — 5 5 Long-term debt (including current portion) (1,606 ) (1,455 ) (1,737 ) (1,578 ) 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. The fair values of non-qualified employee benefit plan investments are obtained through market observable pricing using prevailing market prices (Level 1 1 1 September 30, 2023 December 31, 2022 not not September 30, 2023 may During the nine September 30, 2023 3 3 |
Note 10 - Revenue Recognition
Note 10 - Revenue Recognition | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 10. The following tables disaggregate our revenue from continuing operations by major source for the three September 30, 2023 2022 Performance Advanced Corporate and 2023 Polyurethanes Products Materials eliminations Total Primary geographic markets(1) U.S. and Canada $ 364 $ 132 $ 82 $ (4 ) $ 574 Europe 255 57 96 (2 ) 406 Asia Pacific 276 65 68 — 409 Rest of world 72 23 22 — 117 $ 967 $ 277 $ 268 $ (6 ) $ 1,506 Major product groupings MDI urethanes $ 967 $ 967 Differentiated $ 277 277 Specialty $ 256 256 Other 12 12 Eliminations $ (6 ) (6 ) $ 967 $ 277 $ 268 $ (6 ) $ 1,506 Performance Advanced Corporate and 2022 Polyurethanes Products Materials eliminations Total Primary geographic markets(1) U.S. and Canada $ 547 $ 216 $ 104 $ (3 ) $ 864 Europe 280 90 114 (3 ) 481 Asia Pacific 335 97 82 (1 ) 513 Rest of world 95 31 28 (1 ) 153 $ 1,257 $ 434 $ 328 $ (8 ) $ 2,011 Major product groupings MDI urethanes $ 1,257 $ 1,257 Differentiated $ 434 434 Specialty $ 306 306 Other 22 22 Eliminations $ (8 ) (8 ) $ 1,257 $ 434 $ 328 $ (8 ) $ 2,011 ( 1 Geographic information for revenues is based upon countries into which product is sold. The following tables disaggregate our revenue from continuing operations by major source for the nine September 30, 2023 2022 Performance Advanced Corporate and 2023 Polyurethanes Products Materials eliminations Total Primary geographic markets(1) U.S. and Canada $ 1,138 $ 429 $ 254 $ (9 ) $ 1,812 Europe 805 199 322 (11 ) 1,315 Asia Pacific 794 218 199 (1 ) 1,210 Rest of world 233 72 66 — 371 $ 2,970 $ 918 $ 841 $ (21 ) $ 4,708 Major product groupings MDI urethanes $ 2,970 $ 2,970 Differentiated $ 918 918 Specialty $ 791 791 Other 50 50 Eliminations $ (21 ) (21 ) $ 2,970 $ 918 $ 841 $ (21 ) $ 4,708 Performance Advanced Corporate and 2022 Polyurethanes Products Materials eliminations Total Primary geographic markets(1) U.S. and Canada $ 1,678 $ 644 $ 320 $ (10 ) $ 2,632 Europe 983 327 365 (11 ) 1,664 Asia Pacific 1,027 341 227 (4 ) 1,591 Rest of world 308 94 87 (3 ) 486 $ 3,996 $ 1,406 $ 999 $ (28 ) $ 6,373 Major product groupings MDI urethanes $ 3,996 $ 3,996 Differentiated $ 1,406 1,406 Specialty $ 921 921 Other 78 78 Eliminations $ (28 ) (28 ) $ 3,996 $ 1,406 $ 999 $ (28 ) $ 6,373 ( 1 Geographic information for revenues is based upon countries into which product is sold. |
Note 11 - Employee Benefit Plan
Note 11 - Employee Benefit Plans | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Retirement Benefits [Text Block] | 11. Components of the net periodic benefit cost (credit) from continuing operations for the three nine September 30, 2023 2022 Huntsman Corporation Other postretirement Defined benefit plans benefit plans Three months Three months ended ended September 30, September 30, 2023 2022 2023 2022 Service cost $ 6 $ 11 $ 1 $ 1 Interest cost 24 13 — — Expected return on assets (32 ) (37 ) — — Amortization of prior service benefit (2 ) (2 ) (2 ) (1 ) Amortization of actuarial loss 9 12 — — Net periodic benefit cost (credit) $ 5 $ (3 ) $ (1 ) $ — Other postretirement Defined benefit plans benefit plans Nine months Nine months ended ended September 30, September 30, 2023 2022 2023 2022 Service cost $ 19 $ 34 $ 1 $ 1 Interest cost 70 41 2 1 Expected return on assets (95 ) (113 ) — — Amortization of prior service benefit (4 ) (4 ) (4 ) (3 ) Amortization of actuarial loss 25 36 — 1 Net periodic benefit cost (credit) $ 15 $ (6 ) $ (1 ) $ — Huntsman International Other postretirement Defined benefit plans benefit plans Three months Three months ended ended September 30, September 30, 2023 2022 2023 2022 Service cost $ 6 $ 11 $ 1 $ 1 Interest cost 24 13 — — Expected return on assets (32 ) (37 ) — — Amortization of prior service benefit (2 ) (2 ) (2 ) (1 ) Amortization of actuarial loss 9 12 — — Net periodic benefit cost (credit) $ 5 $ (3 ) $ (1 ) $ — Other postretirement Defined benefit plans benefit plans Nine months Nine months ended ended September 30, September 30, 2023 2022 2023 2022 Service cost $ 19 $ 34 $ 1 $ 1 Interest cost 70 41 2 1 Expected return on assets (95 ) (113 ) — — Amortization of prior service benefit (4 ) (4 ) (4 ) (3 ) Amortization of actuarial loss 25 36 — 1 Net periodic benefit cost (credit) $ 15 $ (6 ) $ (1 ) $ — During the nine September 30, 2023 2022 2023 |
Note 12 - Huntsman Corporation
Note 12 - Huntsman Corporation Stockholders' Equity | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Equity [Text Block] | 12. S hare epurchase rogram On October 26, 2021, March 25, 2022, may may nine September 30, 2023 October 1, 2023 October 18, 2023, D ividends on ommon tock During the three September 30, 2023 September 30, 2022 three June 30, 2023 June 30, 2022, three March 31, 2023 March 31, 2022, |
Note 13 - Accumulated Other Com
Note 13 - Accumulated Other Comprehensive Loss | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | 13. 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, 2023 $ (648 ) $ (652 ) $ 2 $ 5 $ (1,293 ) $ 25 $ (1,268 ) Other comprehensive loss before reclassifications, gross (65 ) (24 ) (7 ) (2 ) (98 ) 5 (93 ) Tax impact (1 ) 2 — — 1 — 1 Amounts reclassified from accumulated other comprehensive loss, gross(c) 28 83 — — 111 — 111 Tax impact (1 ) 25 — — 24 — 24 Net current-period other comprehensive (loss) income (39 ) 86 (7 ) (2 ) 38 5 43 Ending balance, September 30, 2023 $ (687 ) $ (566 ) $ (5 ) $ 3 $ (1,255 ) $ 30 $ (1,225 ) (a) Amounts are net of tax of $57 million and $55 million as of September 30, 2023 January 1, 2023 (b) Amounts are net of tax of $58 million and $31 million as of September 30, 2023 January 1, 2023 (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, 2022 $ (420 ) $ (810 ) $ 8 $ 6 $ (1,216 ) $ 13 $ (1,203 ) Other comprehensive loss before reclassifications, gross (338 ) — — (1 ) (339 ) 17 (322 ) Tax impact — — — — — — — Amounts reclassified from accumulated other comprehensive loss, gross(c) — 36 — — 36 — 36 Tax impact — (8 ) — — (8 ) — (8 ) Net current-period other comprehensive (loss) income (338 ) 28 — (1 ) (311 ) 17 (294 ) Ending balance, September 30, 2022 $ (758 ) $ (782 ) $ 8 $ 5 $ (1,527 ) $ 30 $ (1,497 ) (a) Amounts are net of tax of $56 million as of both September 30, 2022 January 1, 2022 (b) Amounts are net of tax of $73 million and $81 million as of September 30, 2022 January 1, 2022 (c) See table below for details about these reclassifications. Three Months Ended September 30, 2023 2022 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 $ (5 ) $ (3 ) (b)(c) Other income, net Actuarial loss 17 15 (b)(c) Other income, net 12 12 Total before tax — (2 ) Income tax expense Total reclassifications for the period $ 12 $ 10 Net of tax Nine Months Ended September 30, 2023 2022 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 $ (8 ) $ (8 ) (b)(c) Other income, net Actuarial loss 25 44 (b)(c) Other income, net Curtailment gains (1 ) — (d) Other income, net Settlement losses 67 — (d) Other income, net 83 36 Total before tax 25 (8 ) Income tax expense Total reclassifications for the period $ 108 $ 28 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 11. (c) Amounts include approximately nil three September 30, 2023 2022 nine September 30, 2023 2022 (d) In connection with the sale of our Textile Effects Business, we recognized $67 million of pension settlement losses and $1 million of pension curtailment gains for the nine September 30, 2023 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, 2023 $ (653 ) $ (628 ) $ 2 $ 1 $ (1,278 ) $ 25 $ (1,253 ) Other comprehensive loss before reclassifications, gross (65 ) (24 ) (7 ) (2 ) (98 ) 5 (93 ) Tax impact (1 ) 2 — — 1 — 1 Amounts reclassified from accumulated other comprehensive loss, gross(c) 28 83 — — 111 — 111 Tax impact (1 ) 25 — — 24 — 24 Net current-period other comprehensive (loss) income (39 ) 86 (7 ) (2 ) 38 5 43 Ending balance, September 30, 2023 $ (692 ) $ (542 ) $ (5 ) $ (1 ) $ (1,240 ) $ 30 $ (1,210 ) (a) Amounts are net of tax of $44 million and $42 million as of September 30, 2023 January 1, 2023 (b) Amounts are net of tax of $82 million and $55 million as of September 30, 2023 January 1, 2023 (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, 2022 $ (424 ) $ (786 ) $ 8 $ 2 $ (1,200 ) $ 13 $ (1,187 ) Other comprehensive loss before reclassifications, gross (339 ) — — (1 ) (340 ) 17 (323 ) Tax impact — — — — — — — Amounts reclassified from accumulated other comprehensive loss, gross(c) — 36 — — 36 — 36 Tax impact — (8 ) — — (8 ) — (8 ) Net current-period other comprehensive (loss) income (339 ) 28 — (1 ) (312 ) 17 (295 ) Ending balance, September 30, 2022 $ (763 ) $ (758 ) $ 8 $ 1 $ (1,512 ) $ 30 $ (1,482 ) (a) Amounts are net of tax of $43 million for both September 30, 2022 January 1, 2022 (b) Amounts are net of tax of $97 million and $105 million as of September 30, 2022 January 1, 2022 (c) See table below for details about these reclassifications. Three Months Ended September 30, 2023 2022 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 $ (5 ) $ (3 ) (b)(c) Other income, net Actuarial loss 17 15 (b)(c) Other income, net 12 12 Total before tax — (2 ) Income tax expense Total reclassifications for the period $ 12 $ 10 Net of tax Nine Months Ended September 30, 2023 2022 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 $ (8 ) $ (8 ) (b)(c) Other income, net Actuarial loss 25 44 (b)(c) Other income, net Curtailment gains (1 ) — (d) Other income, net Settlement losses 67 — (d) Other income, net 83 36 Total before tax 25 (8 ) Income tax expense Total reclassifications for the period $ 108 $ 28 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 11. (c) Amounts include approximately nil three September 30, 2023 2022 nine September 30, 2023 2022 (d) In connection with the sale of our Textile Effects Business, we recognized $67 million of pension settlement losses and $1 million of pension curtailment gains for the nine September 30, 2023 |
Note 14 - Commitments and Conti
Note 14 - Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 14. L egal atters On April 29, 2022, one 2013. not We are a party to various other proceedings instituted by private plaintiffs, governmental authorities and others arising under provisions of applicable laws, including various environmental, products liability and other laws. We do not |
Note 15 - Environmental, Health
Note 15 - Environmental, Health and Safety Matters | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Environmental Loss Contingency Disclosure [Text Block] | 15. E HS C apital xpenditures We may nine September 30, 2023 2022 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 September 30, 2023 December 31, 2022 September 30, 2023 December 31, 2022 September 30, 2023 December 31, 2022 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 six 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 16 - Stock-based Compensat
Note 16 - Stock-based Compensation Plans | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | 16. As of September 30, 2023 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 Nine months ended ended September 30, September 30, 2023 2022 2023 2022 Huntsman Corporation compensation cost $ 7 $ 6 $ 22 $ 26 Huntsman International compensation cost 7 6 21 24 The total income tax benefit recognized in the condensed consolidated statements of operations for us and Huntsman International for stock-based compensation arrangements was $2 million and $7 million for the nine September 30, 2023 2022 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. During each of the nine September 30, 2023 2022, A summary of stock option activity under the stock-based compensation plans as of September 30, 2023 nine Weighted Weighted average average remaining Aggregate exercise contractual intrinsic Option awards Shares price term value (in thousands) (years) (in millions) Outstanding at January 1, 2023 3,413 $ 21.93 Exercised (383 ) 19.76 Forfeited (51 ) 30.93 Outstanding at September 30, 2023 2,979 22.06 3.9 $ 11 Exercisable at September 30, 2023 2,906 21.89 3.8 11 As of September 30, 2023 The total intrinsic value of stock options exercised during the nine September 30, 2023 2022 nine September 30, 2023 2022 nine September 30, 2023 2022 nil N onvested hares Nonvested shares granted under the stock-based compensation plans consist of restricted stock and performance share unit awards, which are accounted for as equity awards, and phantom stock, which is accounted for as a liability award because it can be settled in either stock or cash. The fair value of each 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 nine September 30, 2023 2022 nine September 30, 2023 2022 three During the first 2022, second two nine September 30, 2022, nine September 30, 2022, two nine September 30, 2023 A summary of the status of our nonvested shares as of September 30, 2023 nine 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, 2023 1,802 $ 35.15 257 $ 31.61 Granted 945 36.54 114 30.83 Vested (723 ) (1)(2) 27.23 (165 ) 29.51 Forfeited (90 ) 36.87 (17 ) 33.76 Nonvested at September 30, 2023 1,934 38.71 189 32.77 ( 1 As of September 30, 2023 not nine September 30, 2023 not not ( 2 A total of 264,624 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, 2022 nine September 30, 2023 As of September 30, 2023 nine September 30, 2023 2022 |
Note 17 - Income Taxes
Note 17 - Income Taxes | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 17. 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 Huntsman Corporation We recorded income tax expense from continuing operations of $66 million and $155 million for the nine September 30, 2023 2022 Huntsman International Huntsman International recorded income tax expense from continuing operations of $66 million and $156 million for the nine September 30, 2023 2022 |
Note 18 - Earnings Per Share
Note 18 - Earnings Per Share | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 18. 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 potential dilutive securities. Diluted income per share is computed using the treasury stock method for all stock-based awards. Basic and diluted income per share is determined using the following information (in millions): Three months Nine months ended ended September 30, September 30, 2023 2022 2023 2022 Numerator: Income from continuing operations attributable to Huntsman Corporation $ — $ 101 $ 52 $ 521 Net income attributable to Huntsman Corporation $ — $ 100 $ 172 $ 551 Denominator: Weighted average shares outstanding 175.7 197.7 179.1 205.2 Dilutive shares: Stock-based awards 1.3 1.5 1.4 2.0 Total weighted average shares outstanding, including dilutive shares 177.0 199.2 180.5 207.2 Additional stock-based awards of approximately 1.4 million and 1.3 million weighted average equivalent shares of stock were outstanding during the three September 30, 2023 2022, nine September 30, 2023 2022 not |
Note 19 - Operating Segment Inf
Note 19 - Operating Segment Information | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 19. We derive our revenues, earnings and cash flows from the manufacture and sale of a wide variety of diversified organic chemical products. We have three 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 Technologically-advanced epoxy, phenoxy, acrylic, polyurethane and acrylonitrile-butadiene-based polymer formulations; high performance thermoset resins, curing agents, toughening agents, and carbon nanotubes additives 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). Three months Nine months ended ended September 30, September 30, 2023 2022 2023 2022 Revenues: Polyurethanes $ 967 $ 1,257 $ 2,970 $ 3,996 Performance Products 277 434 918 1,406 Advanced Materials 268 328 841 999 Total reportable segments’ revenues 1,512 2,019 4,729 6,401 Intersegment eliminations (6 ) (8 ) (21 ) (28 ) Total $ 1,506 $ 2,011 $ 4,708 $ 6,373 Huntsman Corporation: Segment adjusted EBITDA(1): Polyurethanes $ 81 $ 138 $ 235 $ 591 Performance Products 47 110 173 408 Advanced Materials 49 58 148 192 Total reportable segments’ adjusted EBITDA 177 306 556 1,191 Reconciliation of total reportable segments’ adjusted EBITDA to income from continuing operations before income taxes: Interest expense, net—continuing operations (15 ) (16 ) (48 ) (46 ) Depreciation and amortization—continuing operations (69 ) (72 ) (208 ) (207 ) Corporate and other costs, net(2) (41 ) (35 ) (128 ) (123 ) Net income attributable to noncontrolling interests 15 15 40 46 Other adjustments: Business acquisition and integration expenses and purchase accounting inventory adjustments — (1 ) (3 ) (11 ) Fair value adjustments to Venator investment, net — (7 ) (5 ) (9 ) Certain legal and other settlements and related expenses (2 ) (1 ) (4 ) (15 ) Costs associated with the Albemarle Settlement, net — (1 ) — (3 ) Gain (loss) on sale of business/assets — (16 ) 1 (27 ) Income from transition services arrangements — — — 2 Certain nonrecurring information technology project implementation costs (2 ) (1 ) (5 ) (4 ) Amortization of pension and postretirement actuarial losses (10 ) (10 ) (25 ) (32 ) Plant incident remediation (costs) credits — (1 ) — 4 Restructuring, impairment and plant closing and transition costs(3) (11 ) (14 ) (13 ) (44 ) Income from continuing operations before income taxes 42 146 158 722 Income tax expense—continuing operations (27 ) (30 ) (66 ) (155 ) (Loss) income from discontinued operations, net of tax — (1 ) 120 30 Net income $ 15 $ 115 $ 212 $ 597 Three months Nine months ended ended September 30, September 30, 2023 2022 2023 2022 Huntsman International: Segment adjusted EBITDA(1): Polyurethanes $ 81 $ 138 $ 235 $ 591 Performance Products 47 110 173 408 Advanced Materials 49 58 148 192 Total reportable segments’ adjusted EBITDA 177 306 556 1,191 Reconciliation of total reportable segments’ adjusted EBITDA to income from continuing operations before income taxes: Interest expense, net—continuing operations (15 ) (16 ) (48 ) (46 ) Depreciation and amortization—continuing operations (69 ) (72 ) (208 ) (207 ) Corporate and other costs, net(2) (40 ) (36 ) (125 ) (119 ) Net income attributable to noncontrolling interests 15 15 40 46 Other adjustments: Business acquisition and integration expenses and purchase accounting inventory adjustments — (1 ) (3 ) (11 ) Fair value adjustments to Venator investment, net — (7 ) (5 ) (9 ) Certain legal and other settlements and related expenses (2 ) (1 ) (4 ) (15 ) Costs associated with the Albemarle Settlement, net — (1 ) — (3 ) Gain (loss) on sale of business/assets — (16 ) 1 (27 ) Income from transition services arrangements — — — 2 Certain nonrecurring information technology project implementation costs (2 ) (1 ) (5 ) (4 ) Amortization of pension and postretirement actuarial losses (10 ) (10 ) (25 ) (32 ) Plant incident remediation (costs) credits — (1 ) — 4 Restructuring, impairment and plant closing and transition costs(3) (11 ) (14 ) (13 ) (44 ) Income from continuing operations before income taxes 43 145 161 726 Income tax expense—continuing operations (27 ) (30 ) (66 ) (156 ) (Loss) income from discontinued operations, net of tax — (1 ) 120 30 Net income $ 16 $ 114 $ 215 $ 600 ( 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, net; (c) certain legal and other settlements and related expenses; (d) costs associated with the Albemarle Settlement, net; (e) gain (loss) on sale of business/assets; (f) income from transition services arrangements; (g) certain nonrecurring information technology project implementation costs; (h) amortization of pension and postretirement actuarial losses; (i) plant incident remediation (costs) credits (j) restructuring, impairment, plant closing and transition costs; and (k) (loss) income from discontinued operations, net of tax. ( 2 Corporate and other costs, net includes unallocated corporate overhead, unallocated foreign currency exchange gains and losses, LIFO inventory valuation reserve adjustments, nonoperating income and expense and gains and losses on the disposition of corporate assets. ( 3 Includes costs associated with transition activities related primarily to our Corporate program to optimize our global approach to leverage shared services capabilities and managed services in various information technology functions. |
Note 3 - Discontinued Operati_2
Note 3 - Discontinued Operations (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Disposal Groups, Including Discontinued Operations [Table Text Block] | December 31, 2022 Carrying amounts of major classes of assets held for sale: Accounts receivable $ 133 Inventories 151 Other current assets 11 Property, plant and equipment, net 134 Deferred income taxes 13 Operating lease right-of-use assets 15 Other noncurrent assets 15 Total current assets held for sale(1) $ 472 Carrying amounts of major classes of liabilities held for sale: Accounts payable $ 63 Accrued liabilities 47 Current operating lease liabilities 2 Noncurrent operating lease liabilities 17 Other noncurrent liabilities 65 Total current liabilities held for sale(1) $ 194 Three months Nine months ended ended September 30, September 30, 2023 2022 2023 2022 Major line items constituting pretax (loss) income of discontinued operations: Trade sales, services and fees, net $ — $ 158 $ 88 $ 547 Cost of goods sold — 127 69 420 Gain on sale of our Textile Effects Business 1 — 154 — Other expense items, net 3 25 39 83 (Loss) income from discontinued operations before income taxes (2 ) 6 134 44 Income tax benefit (expense) 2 (7 ) (14 ) (14 ) Net (loss) income attributable to discontinued operations $ — $ (1 ) $ 120 $ 30 |
Note 4 - Inventories (Tables)
Note 4 - Inventories (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | September 30, December 31, 2023 2022 Raw materials and supplies $ 221 $ 241 Work in progress 42 40 Finished goods 716 758 Total 979 1,039 LIFO reserves (38 ) (44 ) Net inventories $ 941 $ 995 |
Note 5 - Variable Interest En_2
Note 5 - Variable Interest Entities (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Schedule of Variable Interest Entities [Table Text Block] | September 30, December 31, 2023 2022 Current assets $ 78 $ 73 Property, plant and equipment, net 145 149 Operating lease right-of-use assets 29 28 Other noncurrent assets 133 140 Deferred income taxes 13 13 Total assets $ 398 $ 403 Current liabilities $ 107 $ 144 Long-term debt 19 26 Noncurrent operating lease liabilities 20 19 Other noncurrent liabilities 24 25 Total liabilities $ 170 $ 214 Three months Nine months ended ended September 30, September 30, 2023 2022 2023 2022 Revenues $ — $ — $ — $ — Income from continuing operations before income taxes 18 11 48 24 Net cash provided by operating activities 12 21 60 56 |
Note 6 - Restructuring, Impai_2
Note 6 - Restructuring, Impairment and Plant Closing Costs (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Schedule of Restructuring Reserve by Type of Cost [Table Text Block] | Workforce reductions Other restructuring costs Total Accrued liabilities as of January 1, 2023 $ 76 $ — $ 76 (Credits) charges (8 ) 8 — Payments (40 ) (8 ) (48 ) Accrued liabilities as of September 30, 2023 $ 28 $ — $ 28 |
Schedule of Restructuring Reserve By Type of Cost and Segment [Table Text Block] | Performance Advanced Corporate Polyurethanes Products Materials and other Total Accrued liabilities as of January 1, 2023 $ 24 $ 5 $ 10 $ 37 $ 76 (Credits) charges (1 ) 3 5 (7 ) — Payments (14 ) (3 ) (10 ) (21 ) (48 ) Accrued liabilities as of September 30, 2023 $ 9 $ 5 $ 5 $ 9 $ 28 Current portion of restructuring reserves $ 9 $ 5 $ 4 $ 9 $ 27 Long-term portion of restructuring reserves — — 1 — 1 |
Schedule of Cash and Noncash Restructuring Charges By Type of Initiative [Table Text Block] | Three months Nine months ended ended September 30, September 30, 2023 2022 2023 2022 Cash charges $ — $ 13 $ — $ 37 Noncash charges: Accelerated depreciation 5 — 6 — Gain on sale of assets — (2 ) (2 ) Other noncash charges 1 1 1 1 Total restructuring, impairment and plant closing costs $ 6 $ 12 $ 7 $ 36 |
Note 7 - Debt (Tables)
Note 7 - Debt (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | September 30, December 31, 2023 2022 Senior Credit Facilities: Revolving facility $ — $ 55 Amounts outstanding under A/R programs 101 166 Senior notes 1,454 1,455 Variable interest entities 28 35 Other 23 26 Total debt $ 1,606 $ 1,737 Current portion of debt $ 113 $ 66 Long-term portion of debt 1,493 1,671 Total debt $ 1,606 $ 1,737 |
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 2022 Revolving Credit Facility $ 1,200 $ — (1) $ — (1) $ — (1) Term Secured Overnight Financing Rate (“SOFR”) plus 1.525% May 2027 |
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 $ 38 (3) Applicable rate plus 0.90% EU A/R Program July 2024 € 100 € 60 Applicable rate plus 1.30% (or approximately $105) (or approximately $63) |
Schedule of Notes Outstanding [Table Text Block] | Unamortized premiums, discounts and debt Notes Maturity Interest rate Amount outstanding issuance costs 2025 Senior Notes April 2025 4.25 % €300 (€ 300 316 $ — 2029 Senior Notes February 2029 4.50 % $750 ($ 741 9 2031 Senior Notes June 2031 2.95 % $400 ($ 397 3 |
Note 9 - Fair Value (Tables)
Note 9 - Fair Value (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Fair Value, by Balance Sheet Grouping [Table Text Block] | September 30, 2023 December 31, 2022 Carrying Estimated Carrying Estimated value fair value value fair value Non-qualified employee benefit plan investments $ 15 $ 15 $ 15 $ 15 Investment in Venator — — 5 5 Long-term debt (including current portion) (1,606 ) (1,455 ) (1,737 ) (1,578 ) |
Note 10 - Revenue Recognition (
Note 10 - Revenue Recognition (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Performance Advanced Corporate and 2023 Polyurethanes Products Materials eliminations Total Primary geographic markets(1) U.S. and Canada $ 364 $ 132 $ 82 $ (4 ) $ 574 Europe 255 57 96 (2 ) 406 Asia Pacific 276 65 68 — 409 Rest of world 72 23 22 — 117 $ 967 $ 277 $ 268 $ (6 ) $ 1,506 Major product groupings MDI urethanes $ 967 $ 967 Differentiated $ 277 277 Specialty $ 256 256 Other 12 12 Eliminations $ (6 ) (6 ) $ 967 $ 277 $ 268 $ (6 ) $ 1,506 Performance Advanced Corporate and 2022 Polyurethanes Products Materials eliminations Total Primary geographic markets(1) U.S. and Canada $ 547 $ 216 $ 104 $ (3 ) $ 864 Europe 280 90 114 (3 ) 481 Asia Pacific 335 97 82 (1 ) 513 Rest of world 95 31 28 (1 ) 153 $ 1,257 $ 434 $ 328 $ (8 ) $ 2,011 Major product groupings MDI urethanes $ 1,257 $ 1,257 Differentiated $ 434 434 Specialty $ 306 306 Other 22 22 Eliminations $ (8 ) (8 ) $ 1,257 $ 434 $ 328 $ (8 ) $ 2,011 Performance Advanced Corporate and 2023 Polyurethanes Products Materials eliminations Total Primary geographic markets(1) U.S. and Canada $ 1,138 $ 429 $ 254 $ (9 ) $ 1,812 Europe 805 199 322 (11 ) 1,315 Asia Pacific 794 218 199 (1 ) 1,210 Rest of world 233 72 66 — 371 $ 2,970 $ 918 $ 841 $ (21 ) $ 4,708 Major product groupings MDI urethanes $ 2,970 $ 2,970 Differentiated $ 918 918 Specialty $ 791 791 Other 50 50 Eliminations $ (21 ) (21 ) $ 2,970 $ 918 $ 841 $ (21 ) $ 4,708 Performance Advanced Corporate and 2022 Polyurethanes Products Materials eliminations Total Primary geographic markets(1) U.S. and Canada $ 1,678 $ 644 $ 320 $ (10 ) $ 2,632 Europe 983 327 365 (11 ) 1,664 Asia Pacific 1,027 341 227 (4 ) 1,591 Rest of world 308 94 87 (3 ) 486 $ 3,996 $ 1,406 $ 999 $ (28 ) $ 6,373 Major product groupings MDI urethanes $ 3,996 $ 3,996 Differentiated $ 1,406 1,406 Specialty $ 921 921 Other 78 78 Eliminations $ (28 ) (28 ) $ 3,996 $ 1,406 $ 999 $ (28 ) $ 6,373 |
Note 11 - Employee Benefit Pl_2
Note 11 - Employee Benefit Plans (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Schedule of Net Benefit Costs [Table Text Block] | Other postretirement Defined benefit plans benefit plans Three months Three months ended ended September 30, September 30, 2023 2022 2023 2022 Service cost $ 6 $ 11 $ 1 $ 1 Interest cost 24 13 — — Expected return on assets (32 ) (37 ) — — Amortization of prior service benefit (2 ) (2 ) (2 ) (1 ) Amortization of actuarial loss 9 12 — — Net periodic benefit cost (credit) $ 5 $ (3 ) $ (1 ) $ — Other postretirement Defined benefit plans benefit plans Nine months Nine months ended ended September 30, September 30, 2023 2022 2023 2022 Service cost $ 19 $ 34 $ 1 $ 1 Interest cost 70 41 2 1 Expected return on assets (95 ) (113 ) — — Amortization of prior service benefit (4 ) (4 ) (4 ) (3 ) Amortization of actuarial loss 25 36 — 1 Net periodic benefit cost (credit) $ 15 $ (6 ) $ (1 ) $ — Other postretirement Defined benefit plans benefit plans Three months Three months ended ended September 30, September 30, 2023 2022 2023 2022 Service cost $ 6 $ 11 $ 1 $ 1 Interest cost 24 13 — — Expected return on assets (32 ) (37 ) — — Amortization of prior service benefit (2 ) (2 ) (2 ) (1 ) Amortization of actuarial loss 9 12 — — Net periodic benefit cost (credit) $ 5 $ (3 ) $ (1 ) $ — Other postretirement Defined benefit plans benefit plans Nine months Nine months ended ended September 30, September 30, 2023 2022 2023 2022 Service cost $ 19 $ 34 $ 1 $ 1 Interest cost 70 41 2 1 Expected return on assets (95 ) (113 ) — — Amortization of prior service benefit (4 ) (4 ) (4 ) (3 ) Amortization of actuarial loss 25 36 — 1 Net periodic benefit cost (credit) $ 15 $ (6 ) $ (1 ) $ — |
Note 13 - Accumulated Other C_2
Note 13 - Accumulated Other Comprehensive Loss (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
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, 2023 $ (648 ) $ (652 ) $ 2 $ 5 $ (1,293 ) $ 25 $ (1,268 ) Other comprehensive loss before reclassifications, gross (65 ) (24 ) (7 ) (2 ) (98 ) 5 (93 ) Tax impact (1 ) 2 — — 1 — 1 Amounts reclassified from accumulated other comprehensive loss, gross(c) 28 83 — — 111 — 111 Tax impact (1 ) 25 — — 24 — 24 Net current-period other comprehensive (loss) income (39 ) 86 (7 ) (2 ) 38 5 43 Ending balance, September 30, 2023 $ (687 ) $ (566 ) $ (5 ) $ 3 $ (1,255 ) $ 30 $ (1,225 ) 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 (338 ) — — (1 ) (339 ) 17 (322 ) Tax impact — — — — — — — Amounts reclassified from accumulated other comprehensive loss, gross(c) — 36 — — 36 — 36 Tax impact — (8 ) — — (8 ) — (8 ) Net current-period other comprehensive (loss) income (338 ) 28 — (1 ) (311 ) 17 (294 ) Ending balance, September 30, 2022 $ (758 ) $ (782 ) $ 8 $ 5 $ (1,527 ) $ 30 $ (1,497 ) 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, 2023 $ (653 ) $ (628 ) $ 2 $ 1 $ (1,278 ) $ 25 $ (1,253 ) Other comprehensive loss before reclassifications, gross (65 ) (24 ) (7 ) (2 ) (98 ) 5 (93 ) Tax impact (1 ) 2 — — 1 — 1 Amounts reclassified from accumulated other comprehensive loss, gross(c) 28 83 — — 111 — 111 Tax impact (1 ) 25 — — 24 — 24 Net current-period other comprehensive (loss) income (39 ) 86 (7 ) (2 ) 38 5 43 Ending balance, September 30, 2023 $ (692 ) $ (542 ) $ (5 ) $ (1 ) $ (1,240 ) $ 30 $ (1,210 ) 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 (339 ) — — (1 ) (340 ) 17 (323 ) Tax impact — — — — — — — Amounts reclassified from accumulated other comprehensive loss, gross(c) — 36 — — 36 — 36 Tax impact — (8 ) — — (8 ) — (8 ) Net current-period other comprehensive (loss) income (339 ) 28 — (1 ) (312 ) 17 (295 ) Ending balance, September 30, 2022 $ (763 ) $ (758 ) $ 8 $ 1 $ (1,512 ) $ 30 $ (1,482 ) |
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | Three Months Ended September 30, 2023 2022 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 $ (5 ) $ (3 ) (b)(c) Other income, net Actuarial loss 17 15 (b)(c) Other income, net 12 12 Total before tax — (2 ) Income tax expense Total reclassifications for the period $ 12 $ 10 Net of tax Nine Months Ended September 30, 2023 2022 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 $ (8 ) $ (8 ) (b)(c) Other income, net Actuarial loss 25 44 (b)(c) Other income, net Curtailment gains (1 ) — (d) Other income, net Settlement losses 67 — (d) Other income, net 83 36 Total before tax 25 (8 ) Income tax expense Total reclassifications for the period $ 108 $ 28 Net of tax Three Months Ended September 30, 2023 2022 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 $ (5 ) $ (3 ) (b)(c) Other income, net Actuarial loss 17 15 (b)(c) Other income, net 12 12 Total before tax — (2 ) Income tax expense Total reclassifications for the period $ 12 $ 10 Net of tax Nine Months Ended September 30, 2023 2022 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 $ (8 ) $ (8 ) (b)(c) Other income, net Actuarial loss 25 44 (b)(c) Other income, net Curtailment gains (1 ) — (d) Other income, net Settlement losses 67 — (d) Other income, net 83 36 Total before tax 25 (8 ) Income tax expense Total reclassifications for the period $ 108 $ 28 Net of tax |
Note 16 - Stock-based Compens_2
Note 16 - Stock-based Compensation Plans (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Share-Based Payment Arrangement, Cost by Plan [Table Text Block] | Three months Nine months ended ended September 30, September 30, 2023 2022 2023 2022 Huntsman Corporation compensation cost $ 7 $ 6 $ 22 $ 26 Huntsman International compensation cost 7 6 21 24 |
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, 2023 3,413 $ 21.93 Exercised (383 ) 19.76 Forfeited (51 ) 30.93 Outstanding at September 30, 2023 2,979 22.06 3.9 $ 11 Exercisable at September 30, 2023 2,906 21.89 3.8 11 |
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, 2023 1,802 $ 35.15 257 $ 31.61 Granted 945 36.54 114 30.83 Vested (723 ) (1)(2) 27.23 (165 ) 29.51 Forfeited (90 ) 36.87 (17 ) 33.76 Nonvested at September 30, 2023 1,934 38.71 189 32.77 |
Note 18 - Earnings Per Share (T
Note 18 - Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three months Nine months ended ended September 30, September 30, 2023 2022 2023 2022 Numerator: Income from continuing operations attributable to Huntsman Corporation $ — $ 101 $ 52 $ 521 Net income attributable to Huntsman Corporation $ — $ 100 $ 172 $ 551 Denominator: Weighted average shares outstanding 175.7 197.7 179.1 205.2 Dilutive shares: Stock-based awards 1.3 1.5 1.4 2.0 Total weighted average shares outstanding, including dilutive shares 177.0 199.2 180.5 207.2 |
Note 19 - Operating Segment I_2
Note 19 - Operating Segment Information (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three months Nine months ended ended September 30, September 30, 2023 2022 2023 2022 Revenues: Polyurethanes $ 967 $ 1,257 $ 2,970 $ 3,996 Performance Products 277 434 918 1,406 Advanced Materials 268 328 841 999 Total reportable segments’ revenues 1,512 2,019 4,729 6,401 Intersegment eliminations (6 ) (8 ) (21 ) (28 ) Total $ 1,506 $ 2,011 $ 4,708 $ 6,373 Huntsman Corporation: Segment adjusted EBITDA(1): Polyurethanes $ 81 $ 138 $ 235 $ 591 Performance Products 47 110 173 408 Advanced Materials 49 58 148 192 Total reportable segments’ adjusted EBITDA 177 306 556 1,191 Reconciliation of total reportable segments’ adjusted EBITDA to income from continuing operations before income taxes: Interest expense, net—continuing operations (15 ) (16 ) (48 ) (46 ) Depreciation and amortization—continuing operations (69 ) (72 ) (208 ) (207 ) Corporate and other costs, net(2) (41 ) (35 ) (128 ) (123 ) Net income attributable to noncontrolling interests 15 15 40 46 Other adjustments: Business acquisition and integration expenses and purchase accounting inventory adjustments — (1 ) (3 ) (11 ) Fair value adjustments to Venator investment, net — (7 ) (5 ) (9 ) Certain legal and other settlements and related expenses (2 ) (1 ) (4 ) (15 ) Costs associated with the Albemarle Settlement, net — (1 ) — (3 ) Gain (loss) on sale of business/assets — (16 ) 1 (27 ) Income from transition services arrangements — — — 2 Certain nonrecurring information technology project implementation costs (2 ) (1 ) (5 ) (4 ) Amortization of pension and postretirement actuarial losses (10 ) (10 ) (25 ) (32 ) Plant incident remediation (costs) credits — (1 ) — 4 Restructuring, impairment and plant closing and transition costs(3) (11 ) (14 ) (13 ) (44 ) Income from continuing operations before income taxes 42 146 158 722 Income tax expense—continuing operations (27 ) (30 ) (66 ) (155 ) (Loss) income from discontinued operations, net of tax — (1 ) 120 30 Net income $ 15 $ 115 $ 212 $ 597 Three months Nine months ended ended September 30, September 30, 2023 2022 2023 2022 Huntsman International: Segment adjusted EBITDA(1): Polyurethanes $ 81 $ 138 $ 235 $ 591 Performance Products 47 110 173 408 Advanced Materials 49 58 148 192 Total reportable segments’ adjusted EBITDA 177 306 556 1,191 Reconciliation of total reportable segments’ adjusted EBITDA to income from continuing operations before income taxes: Interest expense, net—continuing operations (15 ) (16 ) (48 ) (46 ) Depreciation and amortization—continuing operations (69 ) (72 ) (208 ) (207 ) Corporate and other costs, net(2) (40 ) (36 ) (125 ) (119 ) Net income attributable to noncontrolling interests 15 15 40 46 Other adjustments: Business acquisition and integration expenses and purchase accounting inventory adjustments — (1 ) (3 ) (11 ) Fair value adjustments to Venator investment, net — (7 ) (5 ) (9 ) Certain legal and other settlements and related expenses (2 ) (1 ) (4 ) (15 ) Costs associated with the Albemarle Settlement, net — (1 ) — (3 ) Gain (loss) on sale of business/assets — (16 ) 1 (27 ) Income from transition services arrangements — — — 2 Certain nonrecurring information technology project implementation costs (2 ) (1 ) (5 ) (4 ) Amortization of pension and postretirement actuarial losses (10 ) (10 ) (25 ) (32 ) Plant incident remediation (costs) credits — (1 ) — 4 Restructuring, impairment and plant closing and transition costs(3) (11 ) (14 ) (13 ) (44 ) Income from continuing operations before income taxes 43 145 161 726 Income tax expense—continuing operations (27 ) (30 ) (66 ) (156 ) (Loss) income from discontinued operations, net of tax — (1 ) 120 30 Net income $ 16 $ 114 $ 215 $ 600 |
Note 1 - General (Details Textu
Note 1 - General (Details Textual) | 9 Months Ended |
Sep. 30, 2023 | |
Number of Operating Segments | 3 |
Note 3 - Discontinued Operati_3
Note 3 - Discontinued Operations (Details Textual) - USD ($) $ in Millions | 9 Months Ended | ||
Feb. 28, 2023 | Sep. 30, 2023 | Sep. 30, 2022 | |
Proceeds from Divestiture of Businesses | $ 544 | $ 0 | |
Textile Effects [Member] | Discontinued Operations, Held-for-Sale or Disposed of by Sale [Member] | |||
Disposal Group, Including Discontinued Operation, Consideration | $ 593 | ||
Proceeds from Divestiture of Businesses | 530 | ||
Disposal Group, Including Discontinued Operation, Other Expense | 5 | ||
Gain (Loss) on Disposition of Business | 154 | ||
Income Taxes Paid Related to the Sale of a Business | 24 | ||
Income Taxes, Additional Taxes Expected Related to the Sale of a Business | $ 17 | ||
Textile Effects [Member] | Discontinued Operations, Held-for-Sale or Disposed of by Sale [Member] | Scenario Plan, Estimated Reimbursement [Member] | |||
Disposal Group, Including Discontinued Operation, Net Working Capital Adjustments | 30 | ||
Disposal Group, Including Discontinued Operation, Cash | $ 28 |
Note 3 - Discontinued Operati_4
Note 3 - Discontinued Operations - Summary of Major Classes of Line Items of Discontinued Operations (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | ||
Net (loss) income attributable to discontinued operations | $ 0 | $ (1) | $ 120 | $ 30 | ||
Discontinued Operations, Held-for-Sale [Member] | Textile Effects [Member] | ||||||
Accounts receivable | $ 133 | |||||
Inventories | 151 | |||||
Other current assets | 11 | |||||
Property, plant and equipment, net | 134 | |||||
Deferred income taxes | 13 | |||||
Operating lease right-of-use assets | 15 | |||||
Other noncurrent assets | 15 | |||||
Total current assets held for sale(1) | [1] | 472 | ||||
Accounts payable | 63 | |||||
Accrued liabilities | 47 | |||||
Current operating lease liabilities | 2 | |||||
Noncurrent operating lease liabilities | 17 | |||||
Other noncurrent liabilities | 65 | |||||
Total current liabilities held for sale(1) | [1] | $ 194 | ||||
Discontinued Operations, Held-for-Sale or Disposed of by Sale [Member] | Textile Effects [Member] | ||||||
Trade sales, services and fees, net | 0 | 158 | 88 | 547 | ||
Cost of goods sold | 0 | 127 | 69 | 420 | ||
Gain on sale of our Textile Effects Business | 1 | 0 | 154 | 0 | ||
Other expense items, net | 3 | 25 | 39 | 83 | ||
(Loss) income from discontinued operations before income taxes | (2) | 6 | 134 | 44 | ||
Income tax benefit (expense) | 2 | (7) | (14) | (14) | ||
Net (loss) income attributable to discontinued operations | $ 0 | $ (1) | $ 120 | $ 30 | ||
[1]Total assets and liabilities held for sale as of December 31, 2022 are classified as current because we completed the sale of our Textile Effects Business on February 28, 2023. |
Note 4 - Inventories (Details T
Note 4 - Inventories (Details Textual) | Sep. 30, 2023 | Dec. 31, 2022 |
Percentage of LIFO Inventory | 8% | 8% |
Note 4 - Inventories - Inventor
Note 4 - Inventories - Inventories (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 | |
Raw materials and supplies | $ 221 | $ 241 | |
Work in progress | 42 | 40 | |
Finished goods | 716 | 758 | |
Total | 979 | 1,039 | |
LIFO reserves | (38) | (44) | |
Net inventories | [1] | $ 941 | $ 995 |
[1]At September 30, 2023 and December 31, 2022, respectively, $12 and $5 of cash and cash equivalents, $12 and $4 of accounts and notes receivable (net), $50 and $59 of inventories, $145 and $149 of property, plant and equipment (net), $31 and $29 of other noncurrent assets, $76 and $114 of accounts payable, $13 and $12 of accrued liabilities, $9 each of current portion of debt, $9 each of current operating lease liabilities, $19 and $26 of long-term debt, $20 and $19 of noncurrent operating lease liabilities and $24 and $25 of other noncurrent liabilities from consolidated variable interest entities are included in the respective balance sheet captions above. See “Note 5. Variable Interest Entities.” These assets can only be used to settle obligations of the variable interest entities, and creditors of these liabilities do not have recourse to our general credit. |
Note 5 - Variable Interest En_3
Note 5 - Variable Interest Entities (Details Textual) | 9 Months Ended |
Sep. 30, 2023 | |
Rubicon LLC [Member] | |
Variable Interest Entity, Qualitative or Quantitative Information, Ownership Percentage | 50% |
Arabian Amines Company [Member] | |
Variable Interest Entity, Qualitative or Quantitative Information, Ownership Percentage | 50% |
Note 5 - Variable Interest En_4
Note 5 - Variable Interest Entities - Schedule of Financial Information of Variable Interest Entities (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | ||
Current assets | $ 2,394 | $ 2,394 | $ 3,145 | |||
Property, plant and equipment, net | [1] | 2,313 | 2,313 | 2,377 | ||
Operating lease right-of-use assets | 359 | 359 | 374 | |||
Deferred income taxes | 126 | 126 | 147 | |||
Total assets | 7,369 | 7,369 | 8,220 | |||
Current liabilities | 1,271 | 1,271 | 1,701 | |||
Long-term debt | [1] | 1,493 | 1,493 | 1,671 | ||
Noncurrent operating lease liabilities | [1] | 329 | 329 | 336 | ||
Other noncurrent liabilities | [1] | 367 | 367 | 422 | ||
Total liabilities | 3,715 | 3,715 | 4,380 | |||
Revenues | [2] | 1,506 | $ 2,011 | 4,708 | $ 6,373 | |
Income from continuing operations before income taxes | 42 | 146 | 158 | 722 | ||
Net cash provided by operating activities | 45 | 604 | ||||
Variable Interest Entity, Primary Beneficiary [Member] | ||||||
Current assets | 78 | 78 | 73 | |||
Property, plant and equipment, net | 145 | 145 | 149 | |||
Operating lease right-of-use assets | 29 | 29 | 28 | |||
Other noncurrent assets | 133 | 133 | 140 | |||
Deferred income taxes | 13 | 13 | 13 | |||
Total assets | 398 | 398 | 403 | |||
Current liabilities | 107 | 107 | 144 | |||
Long-term debt | 19 | 19 | 26 | |||
Noncurrent operating lease liabilities | 20 | 20 | 19 | |||
Other noncurrent liabilities | 24 | 24 | 25 | |||
Total liabilities | 170 | 170 | $ 214 | |||
Revenues | 0 | 0 | 0 | 0 | ||
Income from continuing operations before income taxes | 18 | 11 | 48 | 24 | ||
Net cash provided by operating activities | $ 12 | $ 21 | $ 60 | $ 56 | ||
[1]At September 30, 2023 and December 31, 2022, respectively, $12 and $5 of cash and cash equivalents, $12 and $4 of accounts and notes receivable (net), $50 and $59 of inventories, $145 and $149 of property, plant and equipment (net), $31 and $29 of other noncurrent assets, $76 and $114 of accounts payable, $13 and $12 of accrued liabilities, $9 each of current portion of debt, $9 each of current operating lease liabilities, $19 and $26 of long-term debt, $20 and $19 of noncurrent operating lease liabilities and $24 and $25 of other noncurrent liabilities from consolidated variable interest entities are included in the respective balance sheet captions above. See “Note 5. Variable Interest Entities.” These assets can only be used to settle obligations of the variable interest entities, and creditors of these liabilities do not have recourse to our general credit.[2]Geographic information for revenues is based upon countries into which product is sold. |
Note 6 - Restructuring, Impai_3
Note 6 - Restructuring, Impairment and Plant Closing Costs (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Employee Severance [Member] | Polyurethanes [Member] | ||||
Restructuring Charges | $ 5,000 | $ 7,000 | ||
Restructuring and Related Cost, Expected Cost | $ 0 | 0 | ||
Site Closure [Member] | Advanced Materials [Member] | ||||
Restructuring Charges | 4,000 | 1,000 | ||
Restructuring and Related Cost, Expected Cost | 1,000 | 1,000 | ||
Restructuring Program to Realign Cost Structure [Member] | ||||
Restructuring Charges | 2,000 | |||
Restructuring and Related Cost, Expected Cost | 12,000 | 12,000 | ||
Program to Optimize Global Approach to Leveraging Shared Services Capabilities [Member] | Employee Severance [Member] | Corporate, Non-Segment [Member] | ||||
Restructuring Charges | 6,000 | $ 15,000 | ||
Restructuring and Related Cost, Expected Cost | $ 1,000 | $ 1,000 | ||
Program to Optimize Global Approaches to Leveraging Managed Services in Various Information Technology Functions [Member] | Employee Severance [Member] | ||||
Restructuring Charges | $ 12,000 |
Note 6 - Restructuring, Impai_4
Note 6 - Restructuring, Impairment and Plant Closing Costs - Accrued Restructuring Costs By Type of Cost and Initiative (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Balance | $ 76 | |||
(Credits) charges | $ 0 | $ 13 | 0 | $ 37 |
Payments | (48) | |||
Balance | 28 | 28 | ||
Employee Severance [Member] | ||||
Balance | 76 | |||
(Credits) charges | (8) | |||
Payments | (40) | |||
Balance | 28 | 28 | ||
Other Restructuring [Member] | ||||
Balance | 0 | |||
(Credits) charges | 8 | |||
Payments | (8) | |||
Balance | $ 0 | $ 0 |
Note 6 - Restructuring, Impai_5
Note 6 - 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 | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Balance | $ 76 | |||
(Credits) charges | $ 0 | $ 13 | 0 | $ 37 |
Payments | (48) | |||
Balance | 28 | 28 | ||
Current portion of restructuring reserves | 27 | 27 | ||
Long-term portion of restructuring reserves | 1 | 1 | ||
Corporate and Reconciling Items [Member] | ||||
Balance | 37 | |||
(Credits) charges | (7) | |||
Payments | (21) | |||
Balance | 9 | 9 | ||
Current portion of restructuring reserves | 9 | 9 | ||
Long-term portion of restructuring reserves | 0 | 0 | ||
Polyurethanes [Member] | Operating Segments [Member] | ||||
Balance | 24 | |||
(Credits) charges | (1) | |||
Payments | (14) | |||
Balance | 9 | 9 | ||
Current portion of restructuring reserves | 9 | 9 | ||
Long-term portion of restructuring reserves | 0 | 0 | ||
Performance Products [Member] | Operating Segments [Member] | ||||
Balance | 5 | |||
(Credits) charges | 3 | |||
Payments | (3) | |||
Balance | 5 | 5 | ||
Current portion of restructuring reserves | 5 | 5 | ||
Long-term portion of restructuring reserves | 0 | 0 | ||
Advanced Materials [Member] | Operating Segments [Member] | ||||
Balance | 10 | |||
(Credits) charges | 5 | |||
Payments | (10) | |||
Balance | 5 | 5 | ||
Current portion of restructuring reserves | 4 | 4 | ||
Long-term portion of restructuring reserves | $ 1 | $ 1 |
Note 6 - Restructuring, Impai_6
Note 6 - Restructuring, Impairment and Plant Closing Costs (Credits) - Cash and Noncash Restructuring Charges (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
(Credits) charges | $ 0 | $ 13 | $ 0 | $ 37 |
Accelerated depreciation | 5 | 0 | 6 | 0 |
Gain on sale of assets | 0 | (2) | (2) | |
Other noncash charges | 1 | 1 | 1 | 1 |
Total restructuring, impairment and plant closing costs | $ 6 | $ 12 | $ 7 | $ 36 |
Note 7 - Debt (Details Textual)
Note 7 - Debt (Details Textual) - USD ($) $ in Millions | 9 Months Ended | |||
May 20, 2022 | Sep. 30, 2023 | Dec. 31, 2022 | ||
Debt Issuance Costs, Net | $ 7 | $ 8 | ||
Long-Term Debt, Current Maturities | [1] | 113 | 66 | |
Long-Term Debt, Excluding Current Maturities | [1] | $ 1,493 | 1,671 | |
Arabian Amines Company [Member] | ||||
Variable Interest Entity, Qualitative or Quantitative Information, Ownership Percentage | 50% | |||
Total Debt, Excluding Debt to Affiliates | $ 28 | |||
Long-Term Debt, Current Maturities | 9 | |||
Long-Term Debt, Excluding Current Maturities | 19 | |||
Huntsman International LLC [Member] | ||||
Long-Term Debt, Current Maturities | [1] | 113 | 66 | |
Long-Term Debt, Excluding Current Maturities | [1] | 1,493 | 1,671 | |
Huntsman International LLC [Member] | The Revolving Credit Facility [Member] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,200 | 1,200 | ||
Line Of Credit Facility, Contingent Increase, Additional Borrowing Capacity | $ 500 | |||
Letters of Credit Outstanding, Amount | $ 12 | |||
Huntsman International LLC [Member] | The Revolving Credit Facility [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | 1.525% | |||
Huntsman International LLC [Member] | Accounts Receivable Programs [Member] | ||||
Letters of Credit Outstanding, Amount | $ 6 | |||
Huntsman International LLC [Member] | Accounts Receivable Programs [Member] | Asset Pledged as Collateral [Member] | ||||
Accounts Receivable, after Allowance for Credit Loss | $ 282 | $ 272 | ||
[1]At September 30, 2023 and December 31, 2022, respectively, $12 and $5 of cash and cash equivalents, $12 and $4 of accounts and notes receivable (net), $50 and $59 of inventories, $145 and $149 of property, plant and equipment (net), $31 and $29 of other noncurrent assets, $76 and $114 of accounts payable, $13 and $12 of accrued liabilities, $9 each of current portion of debt, $9 each of current operating lease liabilities, $19 and $26 of long-term debt, $20 and $19 of noncurrent operating lease liabilities and $24 and $25 of other noncurrent liabilities from consolidated variable interest entities are included in the respective balance sheet captions above. See “Note 5. Variable Interest Entities.” These assets can only be used to settle obligations of the variable interest entities, and creditors of these liabilities do not have recourse to our general credit. |
Note 7 - Debt - Outstanding Deb
Note 7 - Debt - Outstanding Debt (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 | |
Amount outstanding | $ 1,606 | $ 1,737 | |
Current portion of debt | [1] | 113 | 66 |
Long-term portion of debt | [1] | 1,493 | 1,671 |
The Revolving Credit Facility [Member] | |||
Amount outstanding | 0 | 55 | |
Accounts Receivable Programs [Member] | |||
Amount outstanding | 101 | 166 | |
The Senior Notes [Member] | |||
Amount outstanding | 1,454 | 1,455 | |
Variable Interest Entities Debt [Member] | |||
Amount outstanding | 28 | 35 | |
Other Debt Instruments [Member] | |||
Amount outstanding | $ 23 | $ 26 | |
[1]At September 30, 2023 and December 31, 2022, respectively, $12 and $5 of cash and cash equivalents, $12 and $4 of accounts and notes receivable (net), $50 and $59 of inventories, $145 and $149 of property, plant and equipment (net), $31 and $29 of other noncurrent assets, $76 and $114 of accounts payable, $13 and $12 of accrued liabilities, $9 each of current portion of debt, $9 each of current operating lease liabilities, $19 and $26 of long-term debt, $20 and $19 of noncurrent operating lease liabilities and $24 and $25 of other noncurrent liabilities from consolidated variable interest entities are included in the respective balance sheet captions above. See “Note 5. Variable Interest Entities.” These assets can only be used to settle obligations of the variable interest entities, and creditors of these liabilities do not have recourse to our general credit. |
Note 7 - Debt - Revolving Credi
Note 7 - Debt - Revolving Credit Facility (Details) - USD ($) $ in Millions | 9 Months Ended | |||
Sep. 30, 2023 | Dec. 31, 2022 | May 20, 2022 | ||
Amount outstanding | $ 1,606 | $ 1,737 | ||
The Revolving Credit Facility [Member] | ||||
Amount outstanding | 0 | $ 55 | ||
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 | ||
The Revolving Credit Facility [Member] | Huntsman International LLC [Member] | Secured Overnight Financing Rate (SOFR) [Member] | ||||
Interest rate | [2] | 1.525% | ||
[1]On September 30, 2023, we had an additional $12 million (U.S. dollar equivalents) of letters of credit and bank guarantees issued and outstanding under our 2022 Revolving Credit Facility.[2]Interest rates on borrowings under the 2022 Revolving Credit Facility vary based on the type of loan and Huntsman International’s debt ratings. The representative interest rate for U.S. dollar borrowings as of September 30, 2023 was 1.525% above Term SOFR. |
Note 7 - Debt - Accounts Receiv
Note 7 - Debt - Accounts Receivable Programs (Details) € in Millions, $ in Millions | 9 Months Ended | |||
Sep. 30, 2023 USD ($) | Sep. 30, 2023 EUR (€) | Dec. 31, 2022 USD ($) | ||
Amount outstanding | $ 1,606 | $ 1,737 | ||
US A/R Program [Member] | ||||
Maturity | Jul. 31, 2024 | |||
Maximum funding availability | [1] | $ 150 | ||
Amount outstanding | [2] | $ 38 | ||
US A/R Program [Member] | LIBOR - London Interbank Offered Rate [Member] | ||||
Interest rate | [3] | 0.90% | ||
EU A/R Program [Member] | ||||
Maturity | Jul. 31, 2024 | |||
Maximum funding availability | [1] | $ 105 | € 100 | |
Amount outstanding | $ 63 | € 60 | ||
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 June 30, 2023, we had approximately $6 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, which effective July 1, 2023 will be Term SOFR. |
Note 7 - Debt - Notes Outstandi
Note 7 - Debt - Notes Outstanding (Details) - Huntsman International LLC [Member] $ in Millions, € in Billions | Sep. 30, 2023 USD ($) | Sep. 30, 2023 EUR (€) |
Senior Notes Maturing April 2025 [Member] | ||
Debt Instrument, Interest Rate, Stated Percentage | 4.25% | 4.25% |
Principal outstanding | € | € 0.3 | |
Senior Notes Maturing February 2029 [Member] | ||
Debt Instrument, Interest Rate, Stated Percentage | 4.50% | 4.50% |
Principal outstanding | $ 750 | |
Unamortized premiums, discounts and debt issuance costs | $ 9 | |
Senior Notes Maturing June 2031 [Member] | ||
Debt Instrument, Interest Rate, Stated Percentage | 2.95% | 2.95% |
Principal outstanding | $ 400 | |
Unamortized premiums, discounts and debt issuance costs | $ 3 |
Note 7 - Debt - Notes Outstan_2
Note 7 - Debt - Notes Outstanding (Details) (Parentheticals) $ in Millions, € in Billions | Sep. 30, 2023 USD ($) | Sep. 30, 2023 EUR (€) | Dec. 31, 2022 USD ($) |
Carrying amount of debt | $ 1,606 | $ 1,737 | |
Huntsman International LLC [Member] | Senior Notes Maturing April 2025 [Member] | |||
Carrying amount of debt | 316 | € 0.3 | |
Huntsman International LLC [Member] | Senior Notes Maturing February 2029 [Member] | |||
Carrying amount of debt | 741 | ||
Huntsman International LLC [Member] | Senior Notes Maturing June 2031 [Member] | |||
Carrying amount of debt | $ 397 |
Note 8 - Derivative Instrumen_2
Note 8 - Derivative Instruments and Hedging Activities (Details Textual) - Foreign Exchange Contract [Member] $ in Thousands, € in Millions | 9 Months Ended | ||
Sep. 30, 2023 USD ($) | Sep. 30, 2022 USD ($) | Sep. 30, 2023 EUR (€) | |
Derivative Instruments, Approximate Term of Foreign Currency Contracts (Month) | 1 month | ||
Derivative, Notional Amount | $ 333,000 | ||
Not Designated as Hedging Instrument [Member] | |||
Derivative, Notional Amount | 158,000 | € 150 | |
Gain (Loss) on Derivative Used in Net Investment Hedge, after Tax | $ 0 | $ 29,000 |
Note 9 - Fair Value (Details Te
Note 9 - Fair Value (Details Textual) Pure in Thousands, $ in Thousands | 9 Months Ended |
Sep. 30, 2023 USD ($) | |
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 9 - Fair Value - Fair Valu
Note 9 - Fair Value - Fair Value of Financial Instruments (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Reported Value Measurement [Member] | ||
Non-qualified employee benefit plan investments | $ 15 | $ 15 |
Long-term debt (including current portion) | (1,606) | (1,737) |
Reported Value Measurement [Member] | Venator Materials PLC [Member] | ||
Investment in Venator | 0 | 5 |
Estimate of Fair Value Measurement [Member] | ||
Non-qualified employee benefit plan investments | 15 | 15 |
Long-term debt (including current portion) | (1,455) | (1,578) |
Estimate of Fair Value Measurement [Member] | Venator Materials PLC [Member] | ||
Investment in Venator | $ 0 | $ 5 |
Note 10 - Revenue Recognition -
Note 10 - Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | ||||
Total revenues | [1] | $ 1,506 | $ 2,011 | $ 4,708 | $ 6,373 | ||
MDI Urethanes [Member] | |||||||
Total revenues | 967 | 1,257 | 2,970 | 3,996 | |||
Differentiated [Member] | |||||||
Total revenues | 277 | 434 | 918 | 1,406 | |||
Specialty [Member] | |||||||
Total revenues | 256 | 306 | 791 | 921 | |||
Product and Service, Other [Member] | |||||||
Total revenues | 12 | 22 | 50 | 78 | |||
Elimination [Member] | |||||||
Total revenues | (6) | (8) | (21) | (28) | |||
Operating Segments [Member] | |||||||
Total revenues | 1,512 | 2,019 | [2] | 4,729 | 6,401 | ||
Operating Segments [Member] | Polyurethanes [Member] | |||||||
Total revenues | [1] | 967 | [2] | 1,257 | 2,970 | 3,996 | |
Operating Segments [Member] | Polyurethanes [Member] | MDI Urethanes [Member] | |||||||
Total revenues | 967 | 1,257 | 2,970 | 3,996 | |||
Operating Segments [Member] | Performance Products [Member] | |||||||
Total revenues | [1] | 277 | 434 | 918 | 1,406 | ||
Operating Segments [Member] | Performance Products [Member] | Differentiated [Member] | |||||||
Total revenues | 277 | 434 | 918 | 1,406 | |||
Operating Segments [Member] | Advanced Materials [Member] | |||||||
Total revenues | [1] | 268 | 328 | 841 | 999 | ||
Operating Segments [Member] | Advanced Materials [Member] | Specialty [Member] | |||||||
Total revenues | 256 | 306 | 791 | 921 | |||
Operating Segments [Member] | Advanced Materials [Member] | Product and Service, Other [Member] | |||||||
Total revenues | 12 | 22 | 50 | 78 | |||
Corporate and Reconciling Items [Member] | |||||||
Total revenues | [1] | (6) | (8) | (21) | (28) | ||
Corporate and Reconciling Items [Member] | Elimination [Member] | |||||||
Total revenues | (6) | (8) | (21) | (28) | |||
U.S. and Canada [Member] | |||||||
Total revenues | [1] | 574 | 864 | 1,812 | 2,632 | ||
U.S. and Canada [Member] | Operating Segments [Member] | Polyurethanes [Member] | |||||||
Total revenues | [1] | 364 | 547 | 1,138 | 1,678 | ||
U.S. and Canada [Member] | Operating Segments [Member] | Performance Products [Member] | |||||||
Total revenues | [1] | 132 | 216 | 429 | 644 | ||
U.S. and Canada [Member] | Operating Segments [Member] | Advanced Materials [Member] | |||||||
Total revenues | [1] | 82 | 104 | 254 | 320 | ||
U.S. and Canada [Member] | Corporate and Reconciling Items [Member] | |||||||
Total revenues | [1] | (4) | (3) | (9) | (10) | ||
Europe [Member] | |||||||
Total revenues | [1] | 406 | 481 | 1,315 | 1,664 | ||
Europe [Member] | Operating Segments [Member] | Polyurethanes [Member] | |||||||
Total revenues | [1] | 255 | 280 | 805 | 983 | ||
Europe [Member] | Operating Segments [Member] | Performance Products [Member] | |||||||
Total revenues | [1] | 57 | 90 | 199 | 327 | ||
Europe [Member] | Operating Segments [Member] | Advanced Materials [Member] | |||||||
Total revenues | [1] | 96 | 114 | 322 | 365 | ||
Europe [Member] | Corporate and Reconciling Items [Member] | |||||||
Total revenues | [1] | (2) | (3) | (11) | (11) | ||
Asia Pacific [Member] | |||||||
Total revenues | [1] | 409 | 513 | 1,210 | 1,591 | ||
Asia Pacific [Member] | Operating Segments [Member] | Polyurethanes [Member] | |||||||
Total revenues | [1] | 276 | 335 | 794 | 1,027 | ||
Asia Pacific [Member] | Operating Segments [Member] | Performance Products [Member] | |||||||
Total revenues | [1] | 65 | 97 | 218 | 341 | ||
Asia Pacific [Member] | Operating Segments [Member] | Advanced Materials [Member] | |||||||
Total revenues | [1] | 68 | 82 | 199 | 227 | ||
Asia Pacific [Member] | Corporate and Reconciling Items [Member] | |||||||
Total revenues | [1] | 0 | (1) | (1) | (4) | ||
Rest of World [Member] | |||||||
Total revenues | [1] | 117 | 153 | 371 | 486 | ||
Rest of World [Member] | Operating Segments [Member] | Polyurethanes [Member] | |||||||
Total revenues | [1] | 72 | 95 | 233 | 308 | ||
Rest of World [Member] | Operating Segments [Member] | Performance Products [Member] | |||||||
Total revenues | [1] | 23 | 31 | 72 | 94 | ||
Rest of World [Member] | Operating Segments [Member] | Advanced Materials [Member] | |||||||
Total revenues | [1] | 22 | 28 | 66 | 87 | ||
Rest of World [Member] | Corporate and Reconciling Items [Member] | |||||||
Total revenues | [1] | $ 0 | $ (1) | $ 0 | $ (3) | ||
[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, net; (c) certain legal and other settlements and related expenses; (d) costs associated with the Albemarle Settlement, net; (e) gain (loss) on sale of business/assets; (f) income from transition services arrangements; (g) certain nonrecurring information technology project implementation costs; (h) amortization of pension and postretirement actuarial losses; (i) plant incident remediation credits (j) restructuring, impairment, plant closing and transition costs; and (k) (loss) income from discontinued operations, net of tax. |
Note 11 - Employee Benefit Pl_3
Note 11 - Employee Benefit Plans (Details Textual) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Payment for Pension and Other Postretirement Benefits | $ 41 | $ 35 |
Defined Benefit Plan, Expected Future Employer Contributions, Remainder of Fiscal Year | $ 9 |
Note 11 - Employee Benefit Pl_4
Note 11 - Employee Benefit Plans - Components of Net Periodic Benefit Costs (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Amortization of actuarial loss | $ 10 | $ 10 | $ 25 | $ 32 |
Huntsman International LLC [Member] | ||||
Amortization of actuarial loss | 10 | 10 | 25 | 32 |
Defined Benefit Plans [Member] | ||||
Service cost | 6 | 11 | 19 | 34 |
Interest cost | 24 | 13 | 70 | 41 |
Expected return on assets | (32) | (37) | (95) | (113) |
Amortization of prior service benefit | (2) | (2) | (4) | (4) |
Amortization of actuarial loss | 9 | 12 | 25 | 36 |
Net periodic benefit cost (credit) | 5 | (3) | 15 | (6) |
Defined Benefit Plans [Member] | Huntsman International LLC [Member] | ||||
Service cost | 6 | 11 | 19 | 34 |
Interest cost | 24 | 13 | 70 | 41 |
Expected return on assets | (32) | (37) | (95) | (113) |
Amortization of prior service benefit | (2) | (2) | (4) | (4) |
Amortization of actuarial loss | 9 | 12 | 25 | 36 |
Net periodic benefit cost (credit) | 5 | (3) | 15 | (6) |
Other Postretirement Benefits Plan [Member] | ||||
Service cost | 1 | 1 | 1 | 1 |
Interest cost | 0 | 0 | 2 | 1 |
Expected return on assets | 0 | 0 | 0 | 0 |
Amortization of prior service benefit | (2) | (1) | (4) | (3) |
Amortization of actuarial loss | 0 | 0 | 0 | 1 |
Net periodic benefit cost (credit) | (1) | 0 | (1) | 0 |
Other Postretirement Benefits Plan [Member] | Huntsman International LLC [Member] | ||||
Service cost | 1 | 1 | 1 | 1 |
Interest cost | 0 | 0 | 2 | 1 |
Expected return on assets | 0 | 0 | 0 | 0 |
Amortization of prior service benefit | (2) | (1) | (4) | (3) |
Amortization of actuarial loss | 0 | 0 | 0 | 1 |
Net periodic benefit cost (credit) | $ (1) | $ 0 | $ (1) | $ 0 |
Note 12 - Huntsman Corporatio_2
Note 12 - Huntsman Corporation Stockholders' Equity (Details Textual) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||||||
Oct. 18, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2023 | Mar. 25, 2022 | Oct. 26, 2021 | |
Treasury Stock, Shares, Acquired (in shares) | 11,019,878 | |||||||||
Treasury Stock, Value, Acquired, Cost Method | $ 103 | $ 98 | $ 101 | $ 251 | $ 291 | $ 210 | $ 300 | |||
Dividends, Common Stock | $ 42 | $ 42 | $ 44 | $ 41 | $ 44 | $ 45 | ||||
Common Stock, Dividends, Per Share, Declared (in dollars per share) | $ 0.2375 | $ 0.2375 | $ 0.2375 | $ 0.2125 | $ 0.2125 | $ 0.2125 | ||||
Subsequent Event [Member] | ||||||||||
Treasury Stock, Shares, Acquired (in shares) | 614,854 | |||||||||
Treasury Stock, Value, Acquired, Cost Method | $ 14 | |||||||||
Share Repurchase Program 2021 [Member] | ||||||||||
Stock Repurchase Program, Authorized Amount | $ 2,000 | $ 1,000 |
Note 13 - Accumulated Other C_3
Note 13 - Accumulated Other Comprehensive Loss (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | |
Accumulated Foreign Currency Adjustment Including Portion Attributable to Noncontrolling Interest [Member] | ||||||
AOCI Tax, Attributable to Parent | $ 57,000 | $ 56,000 | $ 57,000 | $ 56,000 | $ 55,000 | $ 56,000 |
Accumulated Foreign Currency Adjustment Including Portion Attributable to Noncontrolling Interest [Member] | Huntsman International LLC [Member] | ||||||
AOCI Tax, Attributable to Parent | 44,000 | 43,000 | 44,000 | 43,000 | 42,000 | 43,000 |
Accumulated Defined Benefit Plans Adjustment Including Portion Attributable to Noncontrolling Interest [Member] | ||||||
AOCI Tax, Attributable to Parent | 58,000 | 73,000 | 58,000 | 73,000 | 31,000 | 81,000 |
Accumulated Defined Benefit Plans Adjustment Including Portion Attributable to Noncontrolling Interest [Member] | Huntsman International LLC [Member] | ||||||
AOCI Tax, Attributable to Parent | 82,000 | 97,000 | 82,000 | 97,000 | $ 55,000 | $ 105,000 |
Actuarial Gain (Loss) and Prior Service Credits [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 | 0 | 3,000 | 1,000 | 8,000 | ||
Actuarial Gain (Loss) and Prior Service Credits [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 | $ 0 | $ 3,000 | 1,000 | $ 8,000 | ||
Accumulated Defined Benefit Plans Adjustment, Settlement 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 | (67,000) | |||||
Accumulated Defined Benefit Plans Adjustment, Settlement 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 | (67,000) | |||||
Accumulated Defined Benefit Plans Adjustment, Curtailment Gain (Loss) 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 | 1,000 | |||||
Accumulated Defined Benefit Plans Adjustment, Curtailment Gain (Loss) 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 | $ 1,000 |
Note 13 - Accumulated Other C_4
Note 13 - Accumulated Other Comprehensive Loss - Components and Changes in Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||||||||||||
Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | ||||||||
Balance | $ 3,846 | $ 3,990 | $ 3,840 | $ 4,351 | $ 4,540 | $ 4,559 | $ 3,840 | $ 4,559 | |||||||
Amounts reclassified from accumulated other comprehensive loss, gross | 12 | 12 | 83 | 36 | |||||||||||
Tax impact | 0 | (2) | 25 | (8) | |||||||||||
Other comprehensive (loss) income, net of tax | (49) | (40) | 127 | (194) | (105) | (12) | 38 | (311) | |||||||
Balance | 3,654 | 3,846 | 3,990 | 3,984 | 4,351 | 4,540 | 3,654 | 3,984 | |||||||
Huntsman International LLC [Member] | |||||||||||||||
Balance | 3,856 | 4,002 | 3,852 | 5,119 | 5,014 | 4,819 | 3,852 | 4,819 | |||||||
Amounts reclassified from accumulated other comprehensive loss, gross | [1] | 12 | 12 | 83 | 36 | ||||||||||
Tax impact | [1] | 0 | (2) | 25 | (8) | ||||||||||
Other comprehensive (loss) income, net of tax | (49) | (41) | 128 | (194) | (106) | (12) | 38 | (312) | |||||||
Balance | 3,667 | 3,856 | 4,002 | 5,002 | 5,119 | 5,014 | 3,667 | 5,002 | |||||||
Accumulated Foreign Currency Adjustment Including Portion Attributable to Noncontrolling Interest [Member] | |||||||||||||||
Balance | (648) | [2] | (420) | [3] | (648) | [2] | (420) | [3] | |||||||
Other comprehensive loss before reclassifications, gross | (65) | [2] | (338) | [3] | |||||||||||
Tax impact | (1) | [2] | 0 | [3] | |||||||||||
Amounts reclassified from accumulated other comprehensive loss, gross | [4] | 28 | [2] | 0 | [3] | ||||||||||
Tax impact | (1) | [2] | 0 | [3] | |||||||||||
Other comprehensive (loss) income, net of tax | (39) | [2] | (338) | [3] | |||||||||||
Balance | (687) | [2] | (758) | [3] | (687) | [2] | (758) | [3] | |||||||
Accumulated Foreign Currency Adjustment Including Portion Attributable to Noncontrolling Interest [Member] | Huntsman International LLC [Member] | |||||||||||||||
Balance | (653) | [5] | (424) | [6] | (653) | [5] | (424) | [6] | |||||||
Other comprehensive loss before reclassifications, gross | (65) | [5] | (339) | [6] | |||||||||||
Tax impact | (1) | [5] | 0 | [6] | |||||||||||
Amounts reclassified from accumulated other comprehensive loss, gross | [4] | 28 | [5] | 0 | [6] | ||||||||||
Tax impact | (1) | [5] | 0 | [6] | |||||||||||
Other comprehensive (loss) income, net of tax | (39) | [5] | (339) | [6] | |||||||||||
Balance | (692) | [5] | (763) | [6] | (692) | [5] | (763) | [6] | |||||||
Accumulated Defined Benefit Plans Adjustment Including Portion Attributable to Noncontrolling Interest [Member] | |||||||||||||||
Balance | (652) | [7] | (810) | [8] | (652) | [7] | (810) | [8] | |||||||
Other comprehensive loss before reclassifications, gross | (24) | [7] | 0 | [8] | |||||||||||
Tax impact | 2 | [7] | 0 | [8] | |||||||||||
Amounts reclassified from accumulated other comprehensive loss, gross | [4] | 83 | [7] | 36 | [8] | ||||||||||
Tax impact | 25 | [7] | (8) | [8] | |||||||||||
Other comprehensive (loss) income, net of tax | 86 | [7] | 28 | [8] | |||||||||||
Balance | (566) | [7] | (782) | [8] | (566) | [7] | (782) | [8] | |||||||
Accumulated Defined Benefit Plans Adjustment Including Portion Attributable to Noncontrolling Interest [Member] | Huntsman International LLC [Member] | |||||||||||||||
Balance | (628) | [9] | (786) | [10] | (628) | [9] | (786) | [10] | |||||||
Other comprehensive loss before reclassifications, gross | (24) | [9] | 0 | [10] | |||||||||||
Tax impact | 2 | [9] | 0 | [10] | |||||||||||
Amounts reclassified from accumulated other comprehensive loss, gross | [4] | 83 | [9] | 36 | [10] | ||||||||||
Tax impact | 25 | [9] | (8) | [10] | |||||||||||
Other comprehensive (loss) income, net of tax | 86 | [9] | 28 | [10] | |||||||||||
Balance | (542) | [9] | (758) | [10] | (542) | [9] | (758) | [10] | |||||||
Accumulated Other Comprehensive Income (Loss), Unconsolidated Affiliates Including Portion Attributable to Noncontrolling Interest [Member] | |||||||||||||||
Balance | 2 | 8 | 2 | 8 | |||||||||||
Other comprehensive loss before reclassifications, gross | (7) | 0 | |||||||||||||
Tax impact | 0 | 0 | |||||||||||||
Amounts reclassified from accumulated other comprehensive loss, gross | [4] | 0 | 0 | ||||||||||||
Tax impact | 0 | 0 | |||||||||||||
Other comprehensive (loss) income, net of tax | (7) | 0 | |||||||||||||
Balance | (5) | 8 | (5) | 8 | |||||||||||
Accumulated Other Comprehensive Income (Loss), Unconsolidated Affiliates Including Portion Attributable to Noncontrolling Interest [Member] | Huntsman International LLC [Member] | |||||||||||||||
Balance | 2 | 8 | 2 | 8 | |||||||||||
Other comprehensive loss before reclassifications, gross | (7) | 0 | |||||||||||||
Tax impact | 0 | 0 | |||||||||||||
Amounts reclassified from accumulated other comprehensive loss, gross | [4] | 0 | 0 | ||||||||||||
Tax impact | 0 | 0 | |||||||||||||
Other comprehensive (loss) income, net of tax | (7) | 0 | |||||||||||||
Balance | (5) | 8 | (5) | 8 | |||||||||||
Accumulated Other Comprehensive Income, Other, Net, Including Portion Attributable to Noncontrolling Interest [Member] | |||||||||||||||
Balance | 5 | 6 | 5 | 6 | |||||||||||
Other comprehensive loss before reclassifications, gross | (2) | (1) | |||||||||||||
Tax impact | 0 | 0 | |||||||||||||
Amounts reclassified from accumulated other comprehensive loss, gross | [4] | 0 | 0 | ||||||||||||
Tax impact | 0 | 0 | |||||||||||||
Other comprehensive (loss) income, net of tax | (2) | (1) | |||||||||||||
Balance | 3 | 5 | 3 | 5 | |||||||||||
Accumulated Other Comprehensive Income, Other, Net, Including Portion Attributable to Noncontrolling Interest [Member] | Huntsman International LLC [Member] | |||||||||||||||
Balance | 1 | 2 | 1 | 2 | |||||||||||
Other comprehensive loss before reclassifications, gross | (2) | (1) | |||||||||||||
Tax impact | 0 | 0 | |||||||||||||
Amounts reclassified from accumulated other comprehensive loss, gross | [4] | 0 | 0 | ||||||||||||
Tax impact | 0 | 0 | |||||||||||||
Other comprehensive (loss) income, net of tax | (2) | (1) | |||||||||||||
Balance | (1) | 1 | (1) | 1 | |||||||||||
AOCI Including Portion Attributable to Noncontrolling Interest [Member] | |||||||||||||||
Balance | (1,293) | (1,216) | (1,293) | (1,216) | |||||||||||
Other comprehensive loss before reclassifications, gross | (98) | (339) | |||||||||||||
Tax impact | 1 | 0 | |||||||||||||
Amounts reclassified from accumulated other comprehensive loss, gross | [4] | 111 | 36 | ||||||||||||
Tax impact | 24 | (8) | |||||||||||||
Other comprehensive (loss) income, net of tax | 38 | (311) | |||||||||||||
Balance | (1,255) | (1,527) | (1,255) | (1,527) | |||||||||||
AOCI Including Portion Attributable to Noncontrolling Interest [Member] | Huntsman International LLC [Member] | |||||||||||||||
Balance | (1,278) | (1,200) | (1,278) | (1,200) | |||||||||||
Other comprehensive loss before reclassifications, gross | (98) | (340) | |||||||||||||
Tax impact | 1 | 0 | |||||||||||||
Amounts reclassified from accumulated other comprehensive loss, gross | [4] | 111 | 36 | ||||||||||||
Tax impact | 24 | (8) | |||||||||||||
Other comprehensive (loss) income, net of tax | 38 | (312) | |||||||||||||
Balance | (1,240) | (1,512) | (1,240) | (1,512) | |||||||||||
AOCI Attributable to Noncontrolling Interest [Member] | |||||||||||||||
Balance | 25 | 13 | 25 | 13 | |||||||||||
Other comprehensive loss before reclassifications, gross | 5 | 17 | |||||||||||||
Tax impact | 0 | 0 | |||||||||||||
Amounts reclassified from accumulated other comprehensive loss, gross | [4] | 0 | 0 | ||||||||||||
Tax impact | 0 | 0 | |||||||||||||
Other comprehensive (loss) income, net of tax | 5 | 17 | |||||||||||||
Balance | 30 | 30 | 30 | 30 | |||||||||||
AOCI Attributable to Noncontrolling Interest [Member] | Huntsman International LLC [Member] | |||||||||||||||
Balance | 25 | 13 | 25 | 13 | |||||||||||
Other comprehensive loss before reclassifications, gross | 5 | 17 | |||||||||||||
Tax impact | 0 | 0 | |||||||||||||
Amounts reclassified from accumulated other comprehensive loss, gross | [4] | 0 | 0 | ||||||||||||
Tax impact | 0 | 0 | |||||||||||||
Other comprehensive (loss) income, net of tax | 5 | 17 | |||||||||||||
Balance | 30 | 30 | 30 | 30 | |||||||||||
AOCI Attributable to Parent [Member] | |||||||||||||||
Balance | (1,175) | (1,143) | (1,268) | (1,312) | (1,214) | (1,203) | (1,268) | (1,203) | |||||||
Other comprehensive loss before reclassifications, gross | (93) | (322) | |||||||||||||
Tax impact | 1 | 0 | |||||||||||||
Amounts reclassified from accumulated other comprehensive loss, gross | [4] | 111 | 36 | ||||||||||||
Tax impact | 24 | (8) | |||||||||||||
Other comprehensive (loss) income, net of tax | (50) | (32) | 125 | (185) | (98) | (11) | 43 | (294) | |||||||
Balance | (1,225) | (1,175) | (1,143) | (1,497) | (1,312) | (1,214) | (1,225) | (1,497) | |||||||
AOCI Attributable to Parent [Member] | Huntsman International LLC [Member] | |||||||||||||||
Balance | (1,160) | (1,127) | (1,253) | (1,297) | (1,198) | (1,187) | (1,253) | (1,187) | |||||||
Other comprehensive loss before reclassifications, gross | (93) | (323) | |||||||||||||
Tax impact | 1 | 0 | |||||||||||||
Amounts reclassified from accumulated other comprehensive loss, gross | [4] | 111 | 36 | ||||||||||||
Tax impact | 24 | (8) | |||||||||||||
Other comprehensive (loss) income, net of tax | (50) | (33) | 126 | (185) | (99) | (11) | 43 | (295) | |||||||
Balance | $ (1,210) | $ (1,160) | $ (1,127) | $ (1,482) | $ (1,297) | $ (1,198) | $ (1,210) | $ (1,482) | |||||||
[1]Pension and other postretirement benefits amounts in parentheses indicate credits on our condensed consolidated statements of operations.[2]Amounts are net of tax of $57 million and $55 million as of September 30, 2023 and January 1, 2023, respectively.[3]Amounts are net of tax of $56 million as of both September 30, 2022 and January 1, 2022.[4]See table below for details about these reclassifications.[5]Amounts are net of tax of $44 million and $42 million as of September 30, 2023 and January 1, 2023, respectively.[6]Amounts are net of tax of $43 million for both September 30, 2022 and January 1, 2022.[7]Amounts are net of tax of $58 million and $31 million as of September 30, 2023 and January 1, 2023, respectively.[8]Amounts are net of tax of $73 million and $81 million as of September 30, 2022 and January 1, 2022, respectively.[9]Amounts are net of tax of $82 million and $55 million as of September 30, 2023 and January 1, 2023, respectively.[10]Amounts are net of tax of $97 million and $105 million as of September 30, 2022 and January 1, 2022, respectively. |
Note 13 - Accumulated Other C_5
Note 13 - Accumulated Other Comprehensive Loss - Reclassification Details (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | ||
Amounts reclassified from accumulated other comprehensive loss, gross | $ 12 | $ 12 | $ 83 | $ 36 | |
Tax impact | 0 | (2) | 25 | (8) | |
Total reclassifications for the period | 12 | 10 | 108 | 28 | |
Huntsman International LLC [Member] | |||||
Amounts reclassified from accumulated other comprehensive loss, gross | [1] | 12 | 12 | 83 | 36 |
Tax impact | [1] | 0 | (2) | 25 | (8) |
Total reclassifications for the period | [1] | 12 | 10 | 108 | 28 |
Accumulated Defined Benefit Plans Adjustment, Net Prior Service Including Portion Attributable to Noncontrolling Interest [Member] | |||||
Amounts reclassified from accumulated other comprehensive loss, gross | [1],[2],[3] | (5) | (3) | (8) | (8) |
Accumulated Defined Benefit Plans Adjustment, Net Prior Service Including Portion Attributable to Noncontrolling Interest [Member] | Huntsman International LLC [Member] | |||||
Amounts reclassified from accumulated other comprehensive loss, gross | [1],[2],[3] | (5) | (3) | (8) | (8) |
Accumulated Defined Benefit Plans Adjustment, Actuarial Gain (Loss), Including Portion Attributable to Noncontrolling Interest [Member] | |||||
Amounts reclassified from accumulated other comprehensive loss, gross | [1],[2],[3] | 17 | 15 | 25 | 44 |
Accumulated Defined Benefit Plans Adjustment, Actuarial Gain (Loss), Including Portion Attributable to Noncontrolling Interest [Member] | Huntsman International LLC [Member] | |||||
Amounts reclassified from accumulated other comprehensive loss, gross | [1],[2],[3] | $ 17 | $ 15 | 25 | 44 |
Accumulated Defined Benefit Plans Adjustment, Curtailment Gain (Loss) Attributable to Noncontrolling Interest [Member] | |||||
Amounts reclassified from accumulated other comprehensive loss, gross | [1],[4] | (1) | 0 | ||
Accumulated Defined Benefit Plans Adjustment, Curtailment Gain (Loss) Attributable to Noncontrolling Interest [Member] | Huntsman International LLC [Member] | |||||
Amounts reclassified from accumulated other comprehensive loss, gross | [1],[4] | (1) | 0 | ||
Accumulated Defined Benefit Plans Adjustment, Settlement Gain (Loss), Including Portion Attributable to Noncontrolling Interest [Member] | |||||
Amounts reclassified from accumulated other comprehensive loss, gross | [1],[4] | 67 | 0 | ||
Accumulated Defined Benefit Plans Adjustment, Settlement Gain (Loss), Including Portion Attributable to Noncontrolling Interest [Member] | Huntsman International LLC [Member] | |||||
Amounts reclassified from accumulated other comprehensive loss, gross | [1],[4] | $ 67 | $ 0 | ||
[1]Pension and other postretirement benefits amounts in parentheses indicate credits on our condensed consolidated statements of operations.[2]Amounts include approximately nil and $3 million of actuarial losses and prior service credits related to discontinued operations for the three months ended September 30, 2023 and 2022, respectively. Amounts include approximately $1 million and $8 million of actuarial losses and prior service credits related to discontinued operations for the nine months ended September 30, 2023 and 2022, respectively.[3]These accumulated other comprehensive loss components are included in the computation of net periodic pension costs. See “Note 11. Employee Benefit Plans.”[4]In connection with the sale of our Textile Effects Business, we recognized $67 million of pension settlement losses and $1 million of pension curtailment gains for the six months ended June 30, 2023. |
Note 14 - Commitments and Con_2
Note 14 - Commitments and Contingencies (Details Textual) - Praxair/Linde [Member] $ in Millions | Apr. 29, 2022 USD ($) |
Litigation Settlement, Amount Awarded from Other Party | $ 94 |
Maximum [Member] | |
Loss Contingency, Damages Awarded, Value | 125 |
Maximum [Member] | Pending Appeal [Member] | |
Gain Contingency, Unrecorded Amount | 60 |
Minimum [Member] | Pending Appeal [Member] | |
Gain Contingency, Unrecorded Amount | $ 50 |
Note 15 - Environmental, Heal_2
Note 15 - Environmental, Health and Safety Matters (Details Textual) $ in Millions | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2023 USD ($) | Sep. 30, 2022 USD ($) | Dec. 31, 2022 USD ($) | |
Environmental Costs Recognized, Capitalized in Period | $ 20 | $ 27 | |
Accrual for Environmental Loss Contingencies | 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 | 30 years | |
Site Contingency, Number of Former Facility or Third Party Sites with Claims Against Entity for Cleanup Liabilities | 6 |
Note 16 - Stock-based Compens_3
Note 16 - Stock-based Compensation Plans (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Share-Based Payment Arrangement, Expense, Tax Benefit | $ 2,000 | $ 7,000 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares) | 0 | 0 | |
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 38,000 | ||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 2 years | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 3,000 | $ 12,000 | |
Proceeds from Stock Options Exercised | 4,000 | 6,000 | |
Share-Based Payment Arrangement, Exercise of Option, Tax Benefit | $ 0 | $ 2,000 | |
Share-Based Payment Arrangement, Option [Member] | |||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 4 months 24 days | ||
Share-Based Payment Arrangement, Option [Member] | Maximum [Member] | |||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 1,000 | ||
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% | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 0 | ||
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 | 37.60% | 43.50% | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 4.38% | 1.67% | |
Restricted Stock Units (RSUs) [Member] | |||
Share Based Compensation Arrangement by Share Based Payment Award, Equity Instruments Other Than Options, Vested Not Issued (in shares) | 115,685 | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period (in shares) | 9,400 | ||
Performance Shares [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period (in shares) | 264,624 | ||
Share Based Compensation Arrangement by Share Based Payment Award, Equity Instruments Other Than Options, Vested Above Target Number (in shares) | 132,314 | ||
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) | $ 22.85 | ||
Nonvested Shares [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ 28,000 | $ 32,000 | |
The 2016 Stock Incentive Plan [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares) | 5,000,000 | ||
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 16 - Stock-based Compens_4
Note 16 - Stock-based Compensation Plans - Compensation Cost (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Compensation cost | $ 7 | $ 6 | $ 22 | $ 26 |
Huntsman International LLC [Member] | ||||
Compensation cost | $ 7 | $ 6 | $ 21 | $ 24 |
Note 16 - Stock-based Compens_5
Note 16 - Stock-based Compensation Plans - Summary of Stock Option Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 9 Months Ended |
Sep. 30, 2023 | |
Outstanding, shares, Balance (in shares) | 3,413 |
Outstanding, weighted average exercise price, balance (in dollars per share) | $ 21.93 |
Exercised, shares (in shares) | (383) |
Exercised, weighted average exercise price (in dollars per share) | $ 19.76 |
Forfeited, shares (in shares) | (51) |
Forfeited, weighted average exercise price (in dollars per share) | $ 30.93 |
Outstanding, shares, Balance (in shares) | 2,979 |
Outstanding, weighted average exercise price, balance (in dollars per share) | $ 22.06 |
Outstanding, weighted average remaining contractual term (Year) | 3 years 10 months 24 days |
Outstanding, aggregate intrinsic value | $ 11 |
Exercisable, shares (in shares) | 2,906 |
Exercisable, weighted average exercise price (in dollars per share) | $ 21.89 |
Exercisable, weighted average remaining contractual term (Year) | 3 years 9 months 18 days |
Exercisable, aggregate intrinsic value | $ 11 |
Note 16 - Stock-based Compens_6
Note 16 - Stock-based Compensation Plans - Summary of the Status of Non-vested Shares (Details) shares in Thousands | 9 Months Ended | |
Sep. 30, 2023 $ / shares shares | ||
Equity Awards [Member] | ||
Nonvested, shares, Balance (in shares) | shares | 1,802 | |
Nonvested, weighted average grant-date fair value, Balance (in dollars per share) | $ / shares | $ 35.15 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | shares | 945 | |
Granted, weighted average grant-date fair value (in dollars per share) | $ / shares | $ 36.54 | |
Vested, shares (in shares) | shares | (723) | [1],[2] |
Vested, weighted average grant-date fair value (in dollars per share) | $ / shares | $ 27.23 | |
Forfeited, shares (in shares) | shares | (90) | |
Forfeited, weighted average grant-date fair value (in dollars per share) | $ / shares | $ 36.87 | |
Nonvested, shares, Balance (in shares) | shares | 1,934 | |
Nonvested, weighted average grant-date fair value, Balance (in dollars per share) | $ / shares | $ 38.71 | |
Liability Awards [Member] | ||
Nonvested, shares, Balance (in shares) | shares | 257 | |
Nonvested, weighted average grant-date fair value, Balance (in dollars per share) | $ / shares | $ 31.61 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | shares | 114 | |
Granted, weighted average grant-date fair value (in dollars per share) | $ / shares | $ 30.83 | |
Vested, shares (in shares) | shares | (165) | |
Vested, weighted average grant-date fair value (in dollars per share) | $ / shares | $ 29.51 | |
Forfeited, shares (in shares) | shares | (17) | |
Forfeited, weighted average grant-date fair value (in dollars per share) | $ / shares | $ 33.76 | |
Nonvested, shares, Balance (in shares) | shares | 189 | |
Nonvested, weighted average grant-date fair value, Balance (in dollars per share) | $ / shares | $ 32.77 | |
[1]A total of 264,624 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, 2022. During the nine months ended September 30, 2023, an additional 132,314 performance share unit awards with a grant date fair value of $22.85 were issued due to the target performance criteria being exceeded.[2]As of September 30, 2023, a total of 115,685 restricted stock units were vested but not yet issued, of which 9,400 vested during the nine months ended September 30, 2023. These shares have not been reflected as vested shares in this table because, in accordance with the restricted stock unit agreements, shares of common stock are not issued for vested restricted stock units until termination of employment. |
Note 17 - Income Taxes (Details
Note 17 - Income Taxes (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Income Tax Expense (Benefit) | $ 27 | $ 30 | $ 66 | $ 155 |
Huntsman International LLC [Member] | ||||
Income Tax Expense (Benefit) | $ 27 | $ 30 | $ 66 | $ 156 |
Note 18 - Earnings Per Share (D
Note 18 - Earnings Per Share (Details Textual) - shares shares in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Share-Based Payment Arrangement [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 1.4 | 1.3 | 1.8 | 0.9 |
Note 18 - Earnings Per Share -
Note 18 - Earnings Per Share - Net Income Per Share (Details) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Income from continuing operations attributable to Huntsman Corporation | $ 0 | $ 101 | $ 52 | $ 521 |
Net income attributable to Huntsman Corporation | $ 0 | $ 100 | $ 172 | $ 551 |
Weighted average shares outstanding (in shares) | 175.7 | 197.7 | 179.1 | 205.2 |
Stock-based awards (in shares) | 1.3 | 1.5 | 1.4 | 2 |
Total weighted average shares outstanding, including dilutive shares (in shares) | 177 | 199.2 | 180.5 | 207.2 |
Note 19 - Operating Segment I_3
Note 19 - Operating Segment Information (Details Textual) | 9 Months Ended |
Sep. 30, 2023 | |
Number of Reportable Segments | 3 |
Note 19 - Operating Segment I_4
Note 19 - Operating Segment Information - Financial Information By Segment (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||||||||
Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |||||
Total revenues | [1] | $ 1,506 | $ 2,011 | $ 4,708 | $ 6,373 | |||||||
Segment adjusted EBITDA | [2] | 177 | 306 | 556 | 1,191 | |||||||
Interest expense, net—continuing operations | (15) | (16) | (48) | (46) | ||||||||
Depreciation and amortization—continuing operations | (69) | (72) | (208) | (207) | ||||||||
Corporate and other costs, net(2) | [3] | (41) | (35) | (128) | (123) | |||||||
Net income attributable to noncontrolling interests | 15 | 15 | 40 | 46 | ||||||||
Business acquisition and integration expenses and purchase accounting inventory adjustments | 0 | (1) | (3) | (11) | ||||||||
Fair value adjustments to Venator investment, net | 0 | (7) | (5) | (9) | ||||||||
Certain legal and other settlements and related expenses | (2) | (1) | (4) | (15) | ||||||||
Costs associated with the Albemarle Settlement, net | 0 | (1) | 0 | (3) | ||||||||
Gain (loss) on sale of business/assets | 0 | (16) | 1 | (27) | ||||||||
Income from transition services arrangements | 0 | 0 | 0 | 2 | ||||||||
Certain nonrecurring information technology project implementation costs | (2) | (1) | (5) | (4) | ||||||||
Amortization of pension and postretirement actuarial losses | (10) | (10) | (25) | (32) | ||||||||
Plant incident remediation (costs) credits | 0 | (1) | 0 | 4 | ||||||||
Restructuring, impairment and plant closing and transition costs(3) | [4] | (11) | (14) | (13) | (44) | |||||||
Income from continuing operations before income taxes | 42 | 146 | 158 | 722 | ||||||||
Income tax expense—continuing operations | (27) | (30) | (66) | (155) | ||||||||
(Loss) income from discontinued operations, net of tax | 0 | (1) | 120 | 30 | ||||||||
Net income | 15 | $ 31 | $ 166 | 115 | $ 242 | $ 240 | 212 | 597 | ||||
Huntsman International LLC [Member] | ||||||||||||
Total revenues | 1,506 | 2,011 | 4,708 | 6,373 | ||||||||
Segment adjusted EBITDA | [2] | 177 | 306 | 556 | 1,191 | |||||||
Interest expense, net—continuing operations | (15) | (16) | (48) | (46) | ||||||||
Depreciation and amortization—continuing operations | (69) | (72) | (208) | (207) | ||||||||
Corporate and other costs, net(2) | [3] | (40) | (36) | (125) | (119) | |||||||
Net income attributable to noncontrolling interests | 15 | 15 | 40 | 46 | ||||||||
Business acquisition and integration expenses and purchase accounting inventory adjustments | 0 | (1) | (3) | (11) | ||||||||
Fair value adjustments to Venator investment, net | 0 | (7) | (5) | (9) | ||||||||
Certain legal and other settlements and related expenses | (2) | (1) | (4) | (15) | ||||||||
Costs associated with the Albemarle Settlement, net | 0 | (1) | 0 | (3) | ||||||||
Gain (loss) on sale of business/assets | 0 | (16) | 1 | (27) | ||||||||
Income from transition services arrangements | 0 | 0 | 0 | 2 | ||||||||
Certain nonrecurring information technology project implementation costs | (2) | (1) | (5) | (4) | ||||||||
Amortization of pension and postretirement actuarial losses | (10) | (10) | (25) | (32) | ||||||||
Plant incident remediation (costs) credits | 0 | (1) | 0 | 4 | ||||||||
Restructuring, impairment and plant closing and transition costs(3) | [4] | (11) | (14) | (13) | (44) | |||||||
Income from continuing operations before income taxes | 43 | 145 | 161 | 726 | ||||||||
Income tax expense—continuing operations | (27) | (30) | (66) | (156) | ||||||||
(Loss) income from discontinued operations, net of tax | 0 | (1) | 120 | 30 | ||||||||
Net income | 16 | $ 31 | $ 168 | 114 | $ 243 | $ 243 | 215 | 600 | ||||
Operating Segments [Member] | ||||||||||||
Total revenues | 1,512 | 2,019 | [2] | 4,729 | 6,401 | |||||||
Consolidation, Eliminations [Member] | ||||||||||||
Total revenues | (6) | (8) | (21) | (28) | ||||||||
Polyurethanes [Member] | Operating Segments [Member] | ||||||||||||
Total revenues | [1] | 967 | [2] | 1,257 | 2,970 | 3,996 | ||||||
Segment adjusted EBITDA | [2] | 81 | 138 | 235 | 591 | |||||||
Polyurethanes [Member] | Operating Segments [Member] | Huntsman International LLC [Member] | ||||||||||||
Segment adjusted EBITDA | 81 | 138 | 235 | 591 | ||||||||
Performance Products [Member] | Operating Segments [Member] | ||||||||||||
Total revenues | [1] | 277 | 434 | 918 | 1,406 | |||||||
Segment adjusted EBITDA | [2] | 47 | 110 | 173 | 408 | |||||||
Performance Products [Member] | Operating Segments [Member] | Huntsman International LLC [Member] | ||||||||||||
Segment adjusted EBITDA | 47 | 110 | 173 | 408 | ||||||||
Advanced Materials [Member] | Operating Segments [Member] | ||||||||||||
Total revenues | [1] | 268 | 328 | 841 | 999 | |||||||
Segment adjusted EBITDA | [2] | 49 | 58 | 148 | 192 | |||||||
Advanced Materials [Member] | Operating Segments [Member] | Huntsman International LLC [Member] | ||||||||||||
Segment adjusted EBITDA | $ 49 | $ 58 | $ 148 | $ 192 | [2] | |||||||
[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, net; (c) certain legal and other settlements and related expenses; (d) costs associated with the Albemarle Settlement, net; (e) gain (loss) on sale of business/assets; (f) income from transition services arrangements; (g) certain nonrecurring information technology project implementation costs; (h) amortization of pension and postretirement actuarial losses; (i) plant incident remediation credits (j) restructuring, impairment, plant closing and transition costs; and (k) (loss) income from discontinued operations, net of tax.[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 related primarily to our Corporate program to optimize our global approach to leverage shared services capabilities. |