Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Feb. 07, 2024 | Jun. 30, 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 | FY | ||
Document Fiscal Year Focus | 2023 | ||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 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 Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
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 | ||
ICFR Auditor Attestation Flag | true | ||
Document Financial Statement Error Correction [Flag] | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 4,518,832,582 | ||
Entity Common Stock, Shares Outstanding | 172,279,907 | ||
Auditor Firm ID | 34 | ||
Auditor Name | DELOITTE & TOUCHE LLP | ||
Auditor Location | Houston, Texas | ||
Huntsman International LLC [Member] | |||
Document Information [Line Items] | |||
Entity Central Index Key | 0001089748 | ||
Entity Registrant Name | Huntsman International LLC | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 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 Filer Category | Non-accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | |
Current assets: | |||
Cash and cash equivalents | [1] | $ 540 | $ 654 |
Accounts and notes receivable | [1] | 747 | 813 |
Inventories | [1] | 867 | 995 |
Other current assets | 154 | 190 | |
Current assets held for sale | 0 | 472 | |
Total current assets | 2,314 | 3,145 | |
Property, plant and equipment, net | [1],[2] | 2,376 | 2,377 |
Investment in unconsolidated affiliates | 438 | 425 | |
Intangible assets, net | 387 | 425 | |
Goodwill | 644 | 641 | |
Deferred income taxes | 112 | 147 | |
Operating lease right-of-use assets | 366 | 374 | |
Other noncurrent assets | [1] | 611 | 686 |
Total assets | 7,248 | 8,220 | |
Current liabilities: | |||
Accrued liabilities | [1] | 395 | 429 |
Current portion of debt | [1] | 12 | 66 |
Current operating lease liabilities | [1] | 46 | 51 |
Current liabilities held for sale | 0 | 194 | |
Total current liabilities | 1,172 | 1,701 | |
Long-term debt | [1] | 1,676 | 1,671 |
Deferred income taxes | 243 | 250 | |
Noncurrent operating lease liabilities | [1] | 334 | 336 |
Other noncurrent liabilities | [1] | 345 | 422 |
Total liabilities | 3,770 | 4,380 | |
Commitments and contingencies (Notes 20 and 21) | |||
Common stock $0.01 par value, 1,200,000,000 shares authorized, 262,190,459 and 261,148,217 shares issued and 171,583,331 and 183,634,464 shares outstanding, respectively | 3 | 3 | |
Additional paid-in capital | 4,202 | 4,156 | |
Treasury stock, 90,607,128 and 77,513,753 shares, respectively | (2,290) | (1,937) | |
Unearned stock-based compensation | (41) | (35) | |
Retained earnings | 2,622 | 2,705 | |
Accumulated other comprehensive loss | (1,245) | (1,268) | |
Total Huntsman Corporation stockholders’ equity | 3,251 | 3,624 | |
Noncontrolling interests in subsidiaries | 227 | 216 | |
Total equity | 3,478 | 3,840 | |
Total liabilities and equity | 7,248 | 8,220 | |
Nonrelated Party [Member] | |||
Current assets: | |||
Accounts receivable from affiliates | 6 | 21 | |
Current liabilities: | |||
Accounts payable | [1] | 660 | 907 |
Related Party [Member] | |||
Current liabilities: | |||
Accounts payable | 59 | 54 | |
Huntsman International LLC [Member] | |||
Current assets: | |||
Cash and cash equivalents | [1] | 540 | 654 |
Accounts and notes receivable | [1] | 747 | 813 |
Inventories | [1] | 867 | 995 |
Other current assets | 159 | 196 | |
Current assets held for sale | 0 | 472 | |
Total current assets | 2,319 | 3,151 | |
Property, plant and equipment, net | [1] | 2,376 | 2,377 |
Investment in unconsolidated affiliates | 438 | 425 | |
Intangible assets, net | 387 | 425 | |
Goodwill | 644 | 641 | |
Deferred income taxes | 112 | 147 | |
Operating lease right-of-use assets | 366 | 374 | |
Other noncurrent assets | [1] | 611 | 686 |
Total assets | 7,253 | 8,226 | |
Current liabilities: | |||
Accrued liabilities | [1] | 390 | 427 |
Current portion of debt | [1] | 12 | 66 |
Current operating lease liabilities | [1] | 46 | 51 |
Current liabilities held for sale | 0 | 194 | |
Total current liabilities | 1,166 | 1,699 | |
Long-term debt | [1] | 1,676 | 1,671 |
Deferred income taxes | 247 | 254 | |
Noncurrent operating lease liabilities | [1] | 334 | 336 |
Other noncurrent liabilities | [1] | 339 | 414 |
Total liabilities | 3,762 | 4,374 | |
Retained earnings | 709 | 1,130 | |
Accumulated other comprehensive loss | (1,230) | (1,253) | |
Total equity | 3,491 | 3,852 | |
Total liabilities and equity | 7,253 | 8,226 | |
Members’ equity, 2,728 units issued and outstanding | 3,785 | 3,759 | |
Total Huntsman International LLC members’ equity | 3,264 | 3,636 | |
Noncontrolling interests in subsidiaries | 227 | 216 | |
Huntsman International LLC [Member] | Nonrelated Party [Member] | |||
Current liabilities: | |||
Accounts payable | [1] | 659 | 907 |
Huntsman International LLC [Member] | Related Party [Member] | |||
Current assets: | |||
Accounts receivable from affiliates | 6 | 21 | |
Current liabilities: | |||
Accounts payable | $ 59 | $ 54 | |
[1]At December 31, 2023 and December 31, 2022, respectively, $2 and $5 of cash and cash equivalents, $16 and $4 of accounts and notes receivable (net), $48 and $59 of inventories, $150 and $149 of property, plant and equipment (net), $32 and $29 of other noncurrent assets, $84 and $114 of accounts payable, $20 and $12 of accrued liabilities, $9 each of current portion of debt, $8 and $9 of current operating lease liabilities, $17 and $26 of long-term debt, $21 and $19 of noncurrent operating lease and $15 and $25 of other noncurrent liabilities from consolidated variable interest entities are included in the respective Balance Sheets captions above. See “Note 8. Variable Interest Entities.” These assets can only be used to settle obligations of the variable interest entities, and creditors of these liabilities do not have recourse to our general credit.[2]Long-lived assets consist of property, plant and equipment, net. |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | |
Cash and cash equivalents | [1] | $ 540 | $ 654 |
Accounts and notes receivable, allowance for doubtful accounts | 13 | 14 | |
Accounts and notes receivable | [1] | 747 | 813 |
Inventories | [1] | 867 | 995 |
Property, plant and equipment, net | [1],[2] | 2,376 | 2,377 |
Other noncurrent assets | [1] | 611 | 686 |
Accrued liabilities | [1] | 395 | 429 |
Current portion of debt | [1] | 12 | 66 |
Current operating lease liabilities | [1] | 46 | 51 |
Long-term debt | [1] | 1,676 | 1,671 |
Noncurrent operating lease liabilities | [1] | 334 | 336 |
Other noncurrent liabilities | [1] | $ 345 | $ 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) | 262,190,459 | 261,148,217 | |
Common stock, shares outstanding (in shares) | 171,583,331 | 183,634,464 | |
Treasury stock, shares (in shares) | 90,607,128 | 77,513,753 | |
Accounts and notes receivable | [1] | $ 747 | $ 813 |
Asset Pledged as Collateral [Member] | |||
Accounts and notes receivable | 224 | 272 | |
Accounts and notes receivable | 224 | 272 | |
Huntsman International LLC [Member] | |||
Cash and cash equivalents | [1] | 540 | 654 |
Accounts and notes receivable, allowance for doubtful accounts | 13 | 14 | |
Accounts and notes receivable | [1] | 747 | 813 |
Inventories | [1] | 867 | 995 |
Property, plant and equipment, net | [1] | 2,376 | 2,377 |
Other noncurrent assets | [1] | 611 | 686 |
Accrued liabilities | [1] | 390 | 427 |
Current portion of debt | [1] | 12 | 66 |
Current operating lease liabilities | [1] | 46 | 51 |
Long-term debt | [1] | 1,676 | 1,671 |
Noncurrent operating lease liabilities | [1] | 334 | 336 |
Other noncurrent liabilities | [1] | 339 | 414 |
Accounts and notes receivable | [1] | $ 747 | $ 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 | $ 224 | $ 272 | |
Accounts and notes receivable | 224 | 272 | |
Variable Interest Entity, Primary Beneficiary [Member] | |||
Cash and cash equivalents | 2 | 5 | |
Accounts and notes receivable | 16 | 4 | |
Inventories | 48 | 59 | |
Property, plant and equipment, net | 150 | 149 | |
Other noncurrent assets | 32 | 29 | |
Accounts payable | 84 | 114 | |
Accrued liabilities | 20 | 12 | |
Current portion of debt | 9 | 9 | |
Current operating lease liabilities | 8 | 9 | |
Long-term debt | 17 | 26 | |
Noncurrent operating lease liabilities | 21 | 19 | |
Other noncurrent liabilities | 15 | 25 | |
Accounts and notes receivable | 16 | 4 | |
Variable Interest Entity, Primary Beneficiary [Member] | Huntsman International LLC [Member] | |||
Cash and cash equivalents | 2 | 5 | |
Accounts and notes receivable | 16 | 4 | |
Inventories | 48 | 59 | |
Property, plant and equipment, net | 150 | 149 | |
Other noncurrent assets | 32 | 29 | |
Accounts payable | 84 | 114 | |
Accrued liabilities | 20 | 12 | |
Current portion of debt | 9 | 9 | |
Current operating lease liabilities | 8 | 9 | |
Long-term debt | 17 | 26 | |
Noncurrent operating lease liabilities | 21 | 19 | |
Other noncurrent liabilities | 15 | 25 | |
Accounts and notes receivable | $ 16 | $ 4 | |
[1]At December 31, 2023 and December 31, 2022, respectively, $2 and $5 of cash and cash equivalents, $16 and $4 of accounts and notes receivable (net), $48 and $59 of inventories, $150 and $149 of property, plant and equipment (net), $32 and $29 of other noncurrent assets, $84 and $114 of accounts payable, $20 and $12 of accrued liabilities, $9 each of current portion of debt, $8 and $9 of current operating lease liabilities, $17 and $26 of long-term debt, $21 and $19 of noncurrent operating lease and $15 and $25 of other noncurrent liabilities from consolidated variable interest entities are included in the respective Balance Sheets captions above. See “Note 8. Variable Interest Entities.” These assets can only be used to settle obligations of the variable interest entities, and creditors of these liabilities do not have recourse to our general credit.[2]Long-lived assets consist of property, plant and equipment, net. |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Millions, $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Revenues: | ||||
Revenues | [1] | $ 6,111 | $ 8,023 | $ 7,670 |
Cost of goods sold | 5,205 | 6,477 | 6,086 | |
Gross profit | 906 | 1,546 | 1,584 | |
Operating expenses: | ||||
Selling, general and administrative | 689 | 711 | 739 | |
Research and development | 115 | 125 | 135 | |
Restructuring, impairment and plant closing costs | 18 | 86 | 40 | |
Gain on sale of India-based DIY business | 0 | 0 | (28) | |
Other operating income, net | 0 | (48) | (33) | |
Total operating expenses | 822 | 874 | 853 | |
Operating income | 84 | 672 | 731 | |
Interest expense, net | (65) | (62) | (67) | |
Equity in income of investment in unconsolidated affiliates | 83 | 67 | 143 | |
Fair value adjustments to Venator investment, net | (5) | (12) | (28) | |
Loss on early extinguishment of debt | 0 | 0 | (27) | |
(Costs) income associated with the Albemarle Settlement, net | 0 | (3) | 465 | |
Other income, net | 2 | 35 | 29 | |
Income from continuing operations before income taxes | 99 | 697 | 1,246 | |
Income tax expense | (64) | (186) | (191) | |
Income from continuing operations | 35 | 511 | 1,055 | |
Income from discontinued operations, net of tax | 118 | 12 | 49 | |
Net income | 153 | 523 | 1,104 | |
Net income attributable to noncontrolling interests | (52) | (63) | (59) | |
Net income attributable to Huntsman Corporation | $ 101 | $ 460 | $ 1,045 | |
Basic income per share: | ||||
(Loss) income from continuing operations attributable to Huntsman Corporation common stockholders (in dollars per share) | $ (0.1) | $ 2.23 | $ 4.55 | |
Income from discontinued operations attributable to Huntsman Corporation common stockholders, net of tax (in dollars per share) | 0.67 | 0.06 | 0.22 | |
Net income attributable to Huntsman Corporation common stockholders (in dollars per share) | $ 0.57 | $ 2.29 | $ 4.77 | |
Weighted average shares (in shares) | 177.4 | 201 | 219.2 | |
Diluted income per share: | ||||
(Loss) income from continuing operations attributable to Huntsman Corporation common stockholders (in dollars per share) | $ (0.1) | $ 2.21 | $ 4.5 | |
Income from discontinued operations attributable to Huntsman Corporation common stockholders, net of tax (in dollars per share) | 0.67 | 0.06 | 0.22 | |
Net income attributable to Huntsman Corporation common stockholders (in dollars per share) | $ 0.57 | $ 2.27 | $ 4.72 | |
Weighted average shares (in shares) | 177.4 | 203 | 221.4 | |
Amounts attributable to Huntsman Corporation: | ||||
(Loss) income from continuing operations | $ (17) | $ 448 | $ 996 | |
Income from discontinued operations, net of tax | 118 | 12 | 49 | |
Net income attributable to Huntsman Corporation | 101 | 460 | 1,045 | |
Revenues | [1] | 6,111 | 8,023 | 7,670 |
Cost of goods sold | 5,205 | 6,477 | 6,086 | |
Gross profit | 906 | 1,546 | 1,584 | |
Huntsman International LLC [Member] | ||||
Revenues: | ||||
Revenues | 6,111 | 8,023 | 7,670 | |
Cost of goods sold | 5,205 | 6,477 | 6,086 | |
Gross profit | 906 | 1,546 | 1,584 | |
Operating expenses: | ||||
Selling, general and administrative | 686 | 707 | 732 | |
Research and development | 115 | 125 | 135 | |
Restructuring, impairment and plant closing costs | 18 | 86 | 40 | |
Gain on sale of India-based DIY business | 0 | 0 | (28) | |
Other operating income, net | 0 | (48) | (33) | |
Total operating expenses | 819 | 870 | 846 | |
Operating income | 87 | 676 | 738 | |
Interest expense, net | (65) | (62) | (67) | |
Equity in income of investment in unconsolidated affiliates | 83 | 67 | 143 | |
Fair value adjustments to Venator investment, net | (5) | (12) | (28) | |
Loss on early extinguishment of debt | 0 | 0 | (27) | |
(Costs) income associated with the Albemarle Settlement, net | 0 | (3) | 465 | |
Other income, net | 2 | 34 | 26 | |
Income from continuing operations before income taxes | 102 | 700 | 1,250 | |
Income tax expense | (65) | (188) | (192) | |
Income from continuing operations | 37 | 512 | 1,058 | |
Income from discontinued operations, net of tax | 118 | 12 | 49 | |
Net income | 155 | 524 | 1,107 | |
Net income attributable to noncontrolling interests | (52) | (63) | (59) | |
Net income attributable to Huntsman Corporation | 103 | 461 | 1,048 | |
Amounts attributable to Huntsman Corporation: | ||||
Net income attributable to Huntsman Corporation | 103 | 461 | 1,048 | |
Revenues | 6,111 | 8,023 | 7,670 | |
Cost of goods sold | 5,205 | 6,477 | 6,086 | |
Gross profit | 906 | 1,546 | 1,584 | |
Third Party Customers [Member] | ||||
Revenues: | ||||
Revenues | 5,985 | 7,797 | 7,473 | |
Amounts attributable to Huntsman Corporation: | ||||
Revenues | 5,985 | 7,797 | 7,473 | |
Third Party Customers [Member] | Huntsman International LLC [Member] | ||||
Revenues: | ||||
Revenues | 5,985 | 7,797 | 7,473 | |
Amounts attributable to Huntsman Corporation: | ||||
Revenues | 5,985 | 7,797 | 7,473 | |
Related Party Customers [Member] | ||||
Revenues: | ||||
Revenues | 126 | 226 | 197 | |
Amounts attributable to Huntsman Corporation: | ||||
Revenues | 126 | 226 | 197 | |
Related Party Customers [Member] | Huntsman International LLC [Member] | ||||
Revenues: | ||||
Revenues | 126 | 226 | 197 | |
Amounts attributable to Huntsman Corporation: | ||||
Revenues | $ 126 | $ 226 | $ 197 | |
[1]Geographic information for revenues is based upon countries into which product is sold. |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Net income | $ 153 | $ 523 | $ 1,104 |
Other comprehensive income (loss), net of tax: | |||
Foreign currency translations adjustments | 34 | (228) | (92) |
Pension and other postretirement benefits adjustments | (4) | 158 | 240 |
Other, net | (10) | (7) | 2 |
Other comprehensive income (loss), net of tax | 20 | (77) | 150 |
Comprehensive income | 173 | 446 | 1,254 |
Comprehensive income attributable to noncontrolling interests | (49) | (51) | (66) |
Comprehensive income attributable to Huntsman Corporation | 124 | 395 | 1,188 |
Net income | 153 | 523 | 1,104 |
Huntsman International LLC [Member] | |||
Net income | 155 | 524 | 1,107 |
Other comprehensive income (loss), net of tax: | |||
Foreign currency translations adjustments | 34 | (229) | (91) |
Pension and other postretirement benefits adjustments | (4) | 158 | 242 |
Other, net | (10) | (7) | 2 |
Other comprehensive income (loss), net of tax | 20 | (78) | 153 |
Comprehensive income | 175 | 446 | 1,260 |
Comprehensive income attributable to noncontrolling interests | (49) | (51) | (66) |
Comprehensive income attributable to Huntsman Corporation | 126 | 395 | 1,194 |
Net income | $ 155 | $ 524 | $ 1,107 |
Consolidated Statements of Equi
Consolidated Statements of Equity - USD ($) $ in Millions | Huntsman International LLC [Member] Member Units [Member] | Huntsman International LLC [Member] Retained Earnings [Member] | Huntsman International LLC [Member] AOCI Attributable to Parent [Member] | Huntsman International LLC [Member] Noncontrolling Interest [Member] | Huntsman International LLC [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Noncontrolling Interest [Member] | Common Stock Outstanding [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Treasury Stock, Common [Member] | Deferred Compensation, Share-Based Payments [Member] | Total |
Balance (in shares) at Dec. 31, 2020 | 2,728 | 220,046,262 | ||||||||||||
Balance at Dec. 31, 2020 | $ 3,701 | $ 1,203 | $ (1,333) | $ 154 | $ 3,725 | $ 1,564 | $ (1,346) | $ 154 | $ 3 | $ 4,048 | $ (731) | $ (19) | $ 3,673 | |
Net income | 0 | 1,048 | 0 | 59 | 1,107 | 1,045 | 0 | 59 | 0 | 0 | 0 | 0 | 1,104 | |
Other comprehensive income (loss) | 0 | 0 | 146 | 7 | 153 | 0 | 143 | 7 | 0 | 0 | 0 | 0 | 150 | |
Issuance of nonvested stock awards | 0 | 0 | 0 | 0 | 26 | 0 | (26) | 0 | ||||||
Vesting of stock awards (in shares) | 678,400 | |||||||||||||
Vesting of stock awards | 0 | 0 | 0 | 0 | 5 | 0 | 0 | 5 | ||||||
Recognition of stock-based compensation | 0 | 0 | 0 | 0 | 6 | 0 | 20 | 26 | ||||||
Repurchase and cancellation of stock awards (in shares) | (238,339) | |||||||||||||
Repurchase and cancellation of stock awards | (7) | 0 | 0 | 0 | 0 | 0 | 0 | (7) | ||||||
Stock options exercised (in shares) | 738,362 | |||||||||||||
Stock options exercised | (7) | 0 | 0 | 0 | 17 | 0 | 0 | 10 | ||||||
Treasury stock repurchased (in shares) | (7,054,398) | |||||||||||||
Treasury stock repurchased | 0 | 0 | 0 | 0 | 0 | (203) | 0 | (203) | ||||||
Distributions to noncontrolling interests | 0 | 0 | 0 | (39) | (39) | 0 | 0 | (39) | 0 | 0 | 0 | 0 | (39) | |
Dividends declared on common stock | (160) | 0 | 0 | 0 | 0 | 0 | 0 | (160) | ||||||
Other comprehensive income (loss), net of tax | $ 0 | 0 | 146 | 7 | 153 | 0 | 143 | 7 | 0 | 0 | 0 | 0 | 150 | |
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 | 2,435 | (1,203) | 181 | 3 | 4,102 | (934) | (25) | 4,559 | |
Dividends paid to parent | 0 | (158) | 0 | 0 | (158) | |||||||||
Contribution from parent | 31 | 0 | 0 | 0 | 31 | |||||||||
Net income | 0 | 461 | 0 | 63 | 524 | 460 | 0 | 63 | 0 | 0 | 0 | 0 | 523 | |
Other comprehensive income (loss) | 0 | 0 | (66) | (12) | (78) | 0 | (65) | (12) | 0 | 0 | 0 | 0 | (77) | |
Issuance of nonvested stock awards | 0 | 0 | 0 | 0 | 32 | 0 | (32) | 0 | ||||||
Vesting of stock awards (in shares) | 1,341,787 | |||||||||||||
Vesting of stock awards | 0 | 0 | 0 | 0 | 7 | 0 | 0 | 7 | ||||||
Recognition of stock-based compensation | 0 | 0 | 0 | 0 | 3 | 0 | 22 | 25 | ||||||
Repurchase and cancellation of stock awards (in shares) | (366,199) | |||||||||||||
Repurchase and cancellation of stock awards | (14) | 0 | 0 | 0 | 0 | 0 | 0 | (14) | ||||||
Stock options exercised (in shares) | 470,853 | |||||||||||||
Stock options exercised | (6) | 0 | 0 | 0 | 12 | 0 | 0 | 6 | ||||||
Treasury stock repurchased (in shares) | (31,982,264) | |||||||||||||
Treasury stock repurchased | 0 | 0 | 0 | 0 | 0 | (1,003) | 0 | (1,003) | ||||||
Distributions to noncontrolling interests | 0 | 0 | 0 | (16) | (16) | 0 | 0 | (16) | 0 | 0 | 0 | 0 | (16) | |
Dividends declared on common stock | (170) | 0 | 0 | 0 | 0 | 0 | 0 | (170) | ||||||
Other comprehensive income (loss), net of tax | $ 0 | 0 | (66) | (12) | (78) | 0 | (65) | (12) | 0 | 0 | 0 | 0 | $ (77) | |
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 | 2,705 | (1,268) | 216 | 3 | 4,156 | (1,937) | (35) | $ 3,840 | |
Dividends paid to parent | 0 | (168) | 0 | 0 | (168) | |||||||||
Contribution from parent | 27 | 0 | 0 | 0 | 27 | |||||||||
Distribution to parent | 0 | (1,256) | 0 | 0 | (1,256) | |||||||||
Net income | 0 | 103 | 0 | 52 | 155 | 101 | 0 | 52 | 0 | 0 | 0 | 0 | 153 | |
Other comprehensive income (loss) | 0 | 0 | 23 | (3) | 20 | 0 | 23 | (3) | 0 | 0 | 0 | 0 | 20 | |
Issuance of nonvested stock awards | 0 | 0 | 0 | 0 | 32 | 0 | (32) | 0 | ||||||
Vesting of stock awards (in shares) | 1,028,971 | |||||||||||||
Vesting of stock awards | 0 | 0 | 0 | 0 | 5 | 0 | 0 | 5 | ||||||
Recognition of stock-based compensation | 0 | 0 | 0 | 0 | 1 | 0 | 26 | 27 | ||||||
Repurchase and cancellation of stock awards (in shares) | (307,093) | |||||||||||||
Repurchase and cancellation of stock awards | (10) | 0 | 0 | 0 | 0 | 0 | 0 | $ (10) | ||||||
Stock options exercised (in shares) | 320,364 | 467,000 | ||||||||||||
Stock options exercised | (4) | 0 | 0 | 0 | 9 | 0 | 0 | $ 5 | ||||||
Treasury stock repurchased (in shares) | (13,093,375) | (13,093,375) | ||||||||||||
Treasury stock repurchased | 0 | 0 | 0 | 0 | 0 | (353) | 0 | $ (353) | ||||||
Distributions to noncontrolling interests | 0 | 0 | 0 | (36) | (36) | 0 | 0 | (36) | 0 | 0 | 0 | 0 | (36) | |
Dividends declared on common stock | (170) | 0 | 0 | 0 | 0 | 0 | 0 | (170) | ||||||
Other comprehensive income (loss), net of tax | 0 | 0 | 23 | (3) | 20 | 0 | 23 | (3) | 0 | 0 | 0 | 0 | 20 | |
Acquisition of noncontrolling interests, net of tax | $ (1) | 0 | 0 | (2) | (3) | 0 | 0 | (2) | 0 | (1) | 0 | 0 | $ (3) | |
Balance (in shares) at Dec. 31, 2023 | 2,728 | 171,583,331 | 171,583,331 | |||||||||||
Balance at Dec. 31, 2023 | $ 3,785 | 709 | (1,230) | 227 | 3,491 | $ 2,622 | $ (1,245) | $ 227 | $ 3 | $ 4,202 | $ (2,290) | $ (41) | $ 3,478 | |
Dividends paid to parent | 0 | (172) | 0 | 0 | (172) | |||||||||
Contribution from parent | 27 | 0 | 0 | 0 | 27 | |||||||||
Distribution to parent | $ (352) | $ (352) |
Consolidated Statements of Eq_2
Consolidated Statements of Equity (Parentheticals) - $ / shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Dividends declared on common stock, per share (in dollars per share) | $ 0.95 | $ 0.85 | $ 0.75 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Operating activities: | |||
Net income | $ 153 | $ 523 | $ 1,104 |
Less: Income from discontinued operations, net of tax | (118) | (12) | (49) |
Income from continuing operations | 35 | 511 | 1,055 |
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 | (83) | (67) | (143) |
Unrealized losses on fair value adjustments to Venator investment, net | 5 | 12 | 28 |
Cash received from return on investment in unconsolidated subsidiary | 59 | 71 | 57 |
Depreciation and amortization | 278 | 281 | 278 |
Noncash lease expense | 68 | 63 | 64 |
Gain on disposal of businesses/assets | 0 | 0 | (28) |
Loss on early extinguishment of debt | 0 | 0 | 27 |
Noncash restructuring and impairment charges | 11 | 6 | 18 |
Deferred income taxes | (10) | 89 | (39) |
Stock-based compensation | 28 | 29 | 30 |
Other, net | 19 | (39) | (11) |
Changes in operating assets and liabilities: | |||
Accounts and notes receivable | 103 | 146 | (313) |
Inventories | 125 | (6) | (342) |
Receivable associated with the Albemarle Settlement | 0 | 333 | (333) |
Other current assets | 30 | (44) | 39 |
Other noncurrent assets | 60 | (52) | (189) |
Accounts payable | (224) | (84) | 346 |
Accrued liabilities | (31) | (304) | 296 |
Other noncurrent liabilities | (222) | (53) | 75 |
Net cash provided by operating activities from continuing operations | 251 | 892 | 915 |
Net cash (used in) provided by operating activities from discontinued operations | (42) | 22 | 37 |
Net cash provided by operating activities | 209 | 914 | 952 |
Investing activities: | |||
Capital expenditures | (230) | (272) | (326) |
Cash received from sale of businesses, net | 544 | 0 | 43 |
Acquisition of businesses, net of cash acquired | 0 | 0 | (245) |
Insurance proceeds for recovery of property damage | 0 | 5 | 8 |
Other, net | (5) | 7 | 12 |
Net cash provided by (used in) investing activities from continuing operations | 309 | (260) | (508) |
Net cash used in investing activities from discontinued operations | (4) | (19) | (16) |
Net cash provided by (used in) investing activities | 305 | (279) | (524) |
Financing activities: | |||
Net (repayments) borrowings on revolving loan facilities | (51) | 219 | (8) |
Proceeds from issuance of long-term debt | 0 | 0 | 447 |
Repayments of long-term debt | (11) | (12) | (990) |
Costs of early extinguishment of debt | 0 | 0 | (26) |
Dividends paid to common stockholders | (169) | (171) | (159) |
Distributions paid to noncontrolling interests | (36) | (16) | (40) |
Repurchase of common stock | (349) | (1,005) | (200) |
Repurchase and cancellation of stock awards | (10) | (14) | (7) |
Proceeds from issuance of common stock | 5 | 6 | 10 |
Other, net | 1 | (1) | (4) |
Net cash used in financing activities | (620) | (994) | (977) |
Effect of exchange rate changes on cash | (8) | (28) | (3) |
Decrease in cash and cash equivalents | (114) | (387) | (552) |
Cash and cash equivalents at beginning of period | 654 | 1,041 | 1,593 |
Cash and cash equivalents at end of period | 540 | 654 | 1,041 |
Supplemental cash flow information: | |||
Cash paid for interest | 68 | 66 | 82 |
Cash paid for income taxes | 97 | 194 | 106 |
Huntsman International LLC [Member] | |||
Operating activities: | |||
Net income | 155 | 524 | 1,107 |
Less: Income from discontinued operations, net of tax | (118) | (12) | (49) |
Income from continuing operations | 37 | 512 | 1,058 |
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 | (83) | (67) | (143) |
Unrealized losses on fair value adjustments to Venator investment, net | 5 | 12 | 28 |
Cash received from return on investment in unconsolidated subsidiary | 59 | 71 | 57 |
Depreciation and amortization | 278 | 281 | 278 |
Noncash lease expense | 68 | 63 | 64 |
Gain on disposal of businesses/assets | 0 | 0 | (28) |
Loss on early extinguishment of debt | 0 | 0 | 27 |
Noncash restructuring and impairment charges | 11 | 6 | 18 |
Deferred income taxes | (10) | 91 | (40) |
Other, net | 18 | (37) | (13) |
Noncash compensation | 27 | 27 | 29 |
Changes in operating assets and liabilities: | |||
Accounts and notes receivable | 103 | 146 | (313) |
Inventories | 125 | (6) | (342) |
Receivable associated with the Albemarle Settlement | 0 | 333 | (333) |
Other current assets | 31 | (51) | 47 |
Other noncurrent assets | 60 | (52) | (189) |
Accounts payable | (223) | (84) | 343 |
Accrued liabilities | (31) | (297) | 292 |
Other noncurrent liabilities | (222) | (53) | 78 |
Net cash provided by operating activities from continuing operations | 253 | 895 | 918 |
Net cash (used in) provided by operating activities from discontinued operations | (42) | 22 | 37 |
Net cash provided by operating activities | 211 | 917 | 955 |
Investing activities: | |||
Capital expenditures | (230) | (272) | (326) |
Cash received from sale of businesses, net | 544 | 0 | 43 |
Acquisition of businesses, net of cash acquired | 0 | 0 | (245) |
Insurance proceeds for recovery of property damage | 0 | 5 | 8 |
Other, net | (4) | 7 | 13 |
Net cash provided by (used in) investing activities from continuing operations | (42) | (1,277) | (710) |
Net cash used in investing activities from discontinued operations | (4) | (19) | (16) |
Net cash provided by (used in) investing activities | (46) | (1,296) | (726) |
Increase in receivable from affiliate | (352) | (1,017) | (203) |
Financing activities: | |||
Net (repayments) borrowings on revolving loan facilities | (51) | 219 | (8) |
Proceeds from issuance of long-term debt | 0 | 0 | 447 |
Repayments of long-term debt | (11) | (12) | (990) |
Costs of early extinguishment of debt | 0 | 0 | (26) |
Distributions paid to noncontrolling interests | (36) | (16) | (40) |
Other, net | (1) | (1) | (3) |
Net cash used in financing activities | (271) | 22 | (778) |
Effect of exchange rate changes on cash | (8) | (28) | (3) |
Decrease in cash and cash equivalents | (114) | (385) | (552) |
Cash and cash equivalents at beginning of period | 654 | 1,039 | 1,591 |
Cash and cash equivalents at end of period | 540 | 654 | 1,039 |
Dividends paid to parent | (172) | (168) | (158) |
Supplemental cash flow information: | |||
Cash paid for interest | 68 | 66 | 82 |
Cash paid for income taxes | $ 97 | $ 194 | $ 106 |
Consolidated Statements of Ca_2
Consolidated Statements of Cash Flows (Parentheticals) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Capital Expenditures Incurred but Not yet Paid | $ 23 | $ 32 | $ 55 |
Huntsman International LLC [Member] | |||
Capital Expenditures Incurred but Not yet Paid | $ 23 | $ 32 | $ 55 |
Insider Trading Arrangements
Insider Trading Arrangements | 12 Months Ended |
Dec. 31, 2023 | |
Insider Trading Arr Line Items | |
Material Terms of Trading Arrangement [Text Block] | 9B. None. |
Rule 10b5-1 Arrangement Adopted [Flag] | false |
Non-Rule 10b5-1 Arrangement Adopted [Flag] | false |
Rule 10b5-1 Arrangement Terminated [Flag] | false |
Non-Rule 10b5-1 Arrangement Terminated [Flag] | false |
Note 1 - General
Note 1 - General | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Nature of Operations [Text Block] | 1. GENERAL D escription of usiness We are a global manufacturer of diversified organic chemical products. We operate in three Our company, a Delaware corporation, was formed in 2004 1970 February 28, 2023, first 2024. 4. 1999. H untsman orporation and untsman nternational inancial tatements Except where otherwise indicated, these notes relate to the consolidated financial statements for both our Company and Huntsman International. The differences between our consolidated financial statements and Huntsman International’s consolidated financial statements relate primarily to different capital structures and purchase accounting recorded at our Company for the 2003 2005. Huntsman International declared and paid to us a distribution in the form of certain affiliate accounts receivable in the fourth 2022 2023. R ecent evelopments Dividend Increase On February 16, 2024, Separation and Acquisition of Assets of SLIC Joint Venture On January 31, 2024, three first 2024. January 31, 2024, 2025. Amendments to Accounts Receivable Securitization Programs On January 22, 2024, July 2024 January 2027. January 31, 2024, February 15, 2024, July 2024 July 2027. Other Significant Development During 2023 On September 19, 2023, |
Note 2 - Summary of Significant
Note 2 - Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 2. C arrying alue of ong ived ssets We review long-lived assets and all amortizable intangible assets for impairment whenever events or changes in circumstances indicate that the carrying amount of these assets may not C ash and ash quivalents We consider cash in checking accounts and cash in short-term highly liquid investments with original maturities of three C ost of oods old We classify the costs of manufacturing and distributing our products as cost of goods sold. Manufacturing costs include variable costs, primarily raw materials and energy, and fixed expenses directly associated with production. Manufacturing costs also include, among other things, plant site operating costs and overhead (including depreciation), production planning and logistics costs, repair and maintenance costs, plant site purchasing costs, and engineering and technical support costs. Distribution, freight and warehousing costs are also included in cost of goods sold. D erivatives and edging ctivities All derivatives, whether designated in hedging relationships or not, three not not E nvironmental xpenditures Environmental related restoration and remediation costs are recorded as liabilities when site restoration and environmental remediation and clean-up obligations are either known or considered probable and the related costs can be reasonably estimated. Other environmental expenditures that are principally maintenance or preventative in nature are recorded when expended and incurred and are expensed or capitalized as appropriate. See “Note 21. E quity ethod nvestments We account for our equity investments where we own a non-controlling interest, but exercise significant influence, under the equity method of accounting. Under the equity method of accounting, our original cost of the investment is adjusted for our share of equity in the earnings of the equity investee and reduced by dividends and distributions of capital received, unless the fair value option is elected, in which case the investment balance is marked to fair value each reporting period and the impact of changes in fair value of the equity investment are reported in earnings. . F oreign urrency ranslation The accounts of our operating subsidiaries outside of the U.S., unless they are operating in highly inflationary economic environments, consider the functional currency to be the currency of the economic environment in which they operate. Accordingly, assets and liabilities are translated at rates prevailing at the balance sheet date. Revenues, expenses, gains and losses are translated at a weighted average rate for the period. Cumulative translation adjustments are recorded to equity as a component of accumulated other comprehensive loss. If a subsidiary operates in an economic environment that is considered to be highly inflationary (100% cumulative inflation over a three Foreign currency transaction gains and losses are recorded in other operating income, net in our consolidated statements of operations and were a loss of $13 million, a gain of $18 million and a gain of $9 million for the years ended December 31, 2023, 2022 2021 I ncome axes 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 Accounting for uncertainty in income taxes prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. The application of income tax law is inherently complex. We are required to determine if an income tax position meets the criteria of more likely than not not 19. I ntangible ssets and oodwill Intangible assets are stated at cost (fair value at the time of acquisition) and are amortized using the straight-line method over the estimated useful lives or the life of the related agreement as follows: In years Patents and technology 5 - 30 Trademarks 9 - 30 Licenses and other agreements 5 - 15 Other intangibles 5 - 20 Goodwill represents costs in excess of fair values assigned to the underlying net assets of acquired businesses. Goodwill is not third not During 2023 2022, I nventories Inventories are stated at the lower of cost or market, with cost determined using average cost, LIFO and first first L eases The determination of whether a contract is or contains a lease is performed at the lease inception date. Lease right-of-use assets and lease liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term, using incremental borrowing rates as the implicit rates are not 9. L egal osts We expense legal costs, including those legal costs incurred in connection with a loss contingency, as incurred. N et ncome er hare ttributable to untsman orporation 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. In periods with reported loss from continuing operations attributable to Huntsman Corporation, all stock-based awards are generally deemed anti-dilutive and would be excluded from the calculation of diluted income per share from continuing operations, discontinued operations and net income regardless of whether there is income or loss from discontinued operations and net income. Basic and diluted income per share is determined using the following information (in millions): Year ended December 31, 2023 2022 2021 Numerator: (Loss) income from continuing operations attributable to Huntsman Corporation $ (17 ) $ 448 $ 996 Net income attributable to Huntsman Corporation $ 101 $ 460 $ 1,045 Denominator: Weighted average shares outstanding 177.4 201.0 219.2 Dilutive shares: Stock-based awards — 2.0 2.2 Total weighted average shares outstanding, including dilutive shares 177.4 203.0 221.4 Additional stock-based awards of 3.1 million, 1.1 million and 1.1 million weighted average equivalent shares of stock were outstanding during the years ended December 31, 2023, 2022 2021 not December 31, 2023, O ther oncurrent ssets Periodic maintenance and repairs applicable to major units of manufacturing facilities (a “turnaround”) are accounted for on the deferral basis by capitalizing the costs of the turnaround and amortizing the costs over the estimated period until the next turnaround. P rinciples of onsolidation Our 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. All intercompany accounts and transactions have been eliminated. P roperty, lant and quipment Property, plant and equipment is stated at cost less accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful lives or lease term as follows: In years Buildings 10 - 40 Plant and equipment 3 - 30 Furniture, fixtures and leasehold improvements 5 - 20 Interest expense capitalized as part of plant and equipment was $6 million, $7 million and $11 million for the years ended December 31, 2023, 2022 2021 Normal maintenance and repairs of plant and equipment are charged to expense as incurred. Renewals, betterments and major repairs that materially extend the useful life of the assets are capitalized, and the assets replaced, if any, are retired. R evenue ecognition We generate substantially all of our revenue through product sales in the open market and long-term supply agreements in which revenue is recognized at a point in time. At contract inception, we assess the goods and services, if any, promised in our contracts and identify a performance obligation for each promise to transfer to the customer a good or service that is distinct. In substantially all cases, a contract has a single performance obligation to deliver a promised good to the customer. Revenue is recognized when control of the product is transferred to the customer (i.e., when our performance obligation is satisfied), which typically occurs at shipment. Further, in determining whether control has transferred, we consider if there is a present right to payment and legal title, along with risks and rewards of ownership having transferred to the customer. Revenue is measured as the amount that reflects the consideration that we expect to be entitled to in exchange for those goods. Sales, value add, and other taxes we collect concurrent with revenue-producing activities are excluded from revenue. Incidental items that are immaterial in the context of the contract are recognized as expense. We have elected to account for all shipping and handling activities as fulfillment costs. We have also elected to expense commissions when incurred as the amortization period of the commission asset that we would have otherwise recognized is less than one The amount of consideration we receive and revenue we recognize is based upon the terms stated in the sales contract, which may not one one not not 17. S ecuritization of ccounts eceivable Under our A/R Programs, we grant an undivided interest in certain of our trade receivables to the special purpose entities (“SPE”) in the U.S. and EU. This undivided interest serves as security for the issuance of debt. The A/R Programs provide for financing in U.S. dollars, euros and British pounds. The amounts outstanding under our A/R Programs are accounted for as secured borrowings. See “Note 14. S tock ased ompensation We measure the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award. That cost, net of estimated forfeitures, will be recognized over the period during which the employee is required to provide services in exchange for the award. See “Note 23. U E 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. A tandards A D 2023 There were no 2023 A tandards P A F uture P The following relevant accounting standards become effective subsequent to fiscal year 2023, ● Financial Accounting Standards Board (FASB) Accounting Standards Update (ASU) No. 2023 09, Income Taxes (Topic 740 December 15, 2024 December 15, 2025 ● FASB ASU No. 2023 07, Segment Reporting (Topic 280 December 15, 2023 December 15, 2024 |
Note 3 - Business Combinations
Note 3 - Business Combinations and Acquisitions | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | 3 BUSINESS COMBINATIONS AND ACQUISITIONS A cquisition of G ABRIEL erformance roducts On January 15, 2021, 2021 We accounted for the Gabriel Acquisition using the acquisition method. As such, we analyzed the fair value of tangible and intangible assets acquired and liabilities assumed. The allocation of acquisition cost to the assets acquired and liabilities assumed is summarized as follows (dollars in millions): Fair value of assets acquired and liabilities assumed: Cash paid for the Gabriel Acquisition $ 251 Cash $ 9 Accounts receivable 13 Inventories 23 Property, plant and equipment 50 Intangible assets 96 Goodwill 87 Accounts payable (7 ) Accrued liabilities (3 ) Deferred income taxes (17 ) Total fair value of net assets acquired $ 251 The valuation was finalized during the first 2022. P RO F ORMA I NFORMATION OR A CQUISITIONS If the Gabriel Acquisition were to have occurred on January 1, 2021, Pro forma (unaudited) Year ended December 31, 2021 Revenues $ 7,674 Net income 1,092 Net income attributable to Huntsman Corporation 1,033 Pro forma (unaudited) Year ended December 31, 2021 Revenues $ 7,674 Net income 1,095 Net income attributable to Huntsman International 1,036 |
Note 4 - Discontinued Operation
Note 4 - Discontinued Operations and Business Dispositions | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | 4. D ISCONTINUED PERATIONS Sale of Textile Effects Business On February 28, 2023, first 2024. 2023. 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 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 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 liabilities held for sale (1) $ 194 ( 1 Held for sale assets and liabilities are those of our Textile Effects Business. Total assets and liabilities held for sale as of December 31, 2022 February 28, 2023. The following table reconciles major line items constituting pretax income of discontinued operations to after-tax income of discontinued operations, primarily related to our Textile Effects Business, as presented in our consolidated statements of operations (dollars in millions): Year ended December 31, 2023 2022 2021 Major line items constituting pretax income of discontinued operations: Trade sales, services and fees, net (1) $ 88 $ 692 $ 783 Cost of goods sold (1) (69 ) (531 ) (592 ) Gain on sale of the Textile Effects Business 154 — — Other expense items, net (38 ) (130 ) (121 ) Income from discontinued operations before income taxes 135 31 70 Income tax expense (17 ) (19 ) (21 ) Income from discontinued operations, net of tax 118 12 49 Net income attributable to noncontrolling interests — (3 ) — Net income attributable to discontinued operations $ 118 $ 9 $ 49 ( 1 Includes eliminations of trade sales, services and fees, net and cost of goods sold between continuing operations and discontinued operations. S ale of I ndia ased o t ourself onsumer dhesives usiness On November 3, 2020, second 2021, 2019 second 2021, S eparation and econsolidation of V enator On December 23, 2020, June 23, 2023; December 31, 2023, 2022 2021 |
Note 5 - Inventories
Note 5 - Inventories | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | 5. Inventories consisted of the following (dollars in millions): December 31, 2023 2022 Raw materials and supplies $ 191 $ 241 Work in progress 39 40 Finished goods 673 758 Total 903 1,039 LIFO reserves (36 ) (44 ) Net inventories $ 867 $ 995 For both December 31, 2023 2022 |
Note 6 - Property, Plant and Eq
Note 6 - Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 6. The cost and accumulated depreciation of property, plant and equipment were as follows (dollars in millions): Huntsman Corporation December 31, 2023 2022 Land $ 99 $ 94 Buildings 586 570 Plant and equipment 5,238 5,092 Construction in progress 362 274 Total 6,285 6,030 Less accumulated depreciation (3,909 ) (3,653 ) Net $ 2,376 $ 2,377 Huntsman International December 31, 2023 2022 Land $ 99 $ 94 Buildings 586 570 Plant and equipment 5,326 5,180 Construction in progress 362 274 Total 6,373 6,118 Less accumulated depreciation (3,997 ) (3,741 ) Net $ 2,376 $ 2,377 Depreciation expense from continuing operations for Huntsman Corporation and Huntsman International for 2023 2022 2021 |
Note 7 - Investment in Unconsol
Note 7 - Investment in Unconsolidated Affiliates | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Investment in Unconsolidated Affiliates Disclosure [Text Block] | 7. Our ownership percentage and investment in unconsolidated affiliates were as follows (dollars in millions): December 31, 2023 2022 Equity Method: BASF Huntsman Shanghai Isocyanate Investment BV ( 50% $ 98 $ 103 Nanjing Jinling Huntsman New Material Co., Ltd. ( 49% 304 282 Jurong Ningwu New Material Development Co., Ltd. ( 30% 33 37 KPX Huntsman Polyurethanes Automotive Co., Ltd. ( 50% 3 3 Total investments $ 438 $ 425 All of our equity method investments are held by our Polyurethanes segment. S F I U A Summarized financial information of our unconsolidated affiliates as of December 31, 2023 2022 December 31, 2023, 2022 2021 December 31, 2023 2022 Current assets $ 419 $ 454 Non-current assets 804 870 Current liabilities 188 237 Non-current liabilities 48 126 Year ended December 31, 2023 2022 2021 Revenues $ 2,299 $ 2,410 $ 2,588 Gross profit 285 243 470 Income from continuing operations 180 148 305 Net income 180 148 305 |
Note 8 - Variable Interest Enti
Note 8 - Variable Interest Entities | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Variable Interest Entity Disclosure [Text Block] | 8. 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 is our 50%-owned joint venture with Lanxess that manufactures products for our Polyurethanes and Performance Products segments. The structure of the joint venture is such that the total equity investment at risk is not ● AAC is our 50%-owned joint venture with the Zamil Group that manufactures products for our Performance Products segment. As required in the operating agreement governing this joint venture, we purchase all of AAC’s production and sell it to our customers. Substantially all of the joint venture’s activities are conducted on our behalf. During the year ended December 31, 2023 no Creditors of our variable interest entities have no 14. December 31, 2023 The following table summarizes the carrying amount of our variable interest entities’ assets and liabilities included in our consolidated balance sheets as of December 31, 2023 2022 December 31, 2023 2022 Current assets $ 67 $ 73 Property, plant and equipment, net 150 149 Operating lease right-of-use assets 29 28 Other noncurrent assets 125 140 Deferred income taxes 13 13 Total assets $ 384 $ 403 Current liabilities $ 121 $ 144 Long-term debt 17 26 Noncurrent operating lease liabilities 21 19 Other noncurrent liabilities 15 25 Deferred income taxes 1 — Total liabilities $ 175 $ 214 The revenues, income from continuing operations before income taxes and net cash provided by operating activities for our variable interest entities are as follows (dollars in millions): Year ended December 31, 2023 2022 2021 Revenues $ — $ — $ — Income from continuing operations before income taxes 60 36 12 Net cash provided by operating activities 78 81 33 |
Note 9 - Leases
Note 9 - Leases | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Lease Disclosure [Text Block] | 9 . LEASES We primarily lease manufacturing and research facilities, administrative offices, land, tanks, railcars and equipment. Leases with an initial term of 12 not one one one None The components of operating lease expense, cash flows and supplemental noncash information from continuing operations are as follows (dollars in millions): Year ended December 31, 2023 2022 2021 Operating lease expense: Cost of goods sold $ 40 $ 37 $ 39 Selling, general and administrative 22 21 22 Research and development 7 6 6 Total operating lease expense (1) $ 69 $ 64 $ 67 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 64 $ 63 $ 63 Supplemental noncash information: Leased assets obtained in exchange for new operating lease liabilities $ 32 $ 24 $ 18 ( 1 Total operating lease expense includes short-term lease expense of approximately $1 million, $1 million and $3 million for the years ended December 31, 2023, 2022 2021 nil nil December 31, 2023, 2022 2021 The weighted-average lease term and discount rate for our operating leases from continuing operations are as follows: Year ended December 31, 2023 2022 2021 Weighted-average remaining lease term (in years) 9 10 10 Weighted-average discount rate 3.8 % 3.7 % 3.7 % The undiscounted future cash flows of operating lease liabilities from continuing operations as of December 31, 2023 Year ending December 31, 2024 $ 60 2025 57 2026 51 2027 49 2028 46 Thereafter 193 Total lease payments 456 Less imputed interest (76 ) Total $ 380 As of December 31, 2023 not 2024 |
Note 10 - Intangible Assets
Note 10 - Intangible Assets | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Intangible Assets Disclosure [Text Block] | 10 . INTANGIBLE ASSETS The gross carrying amount and accumulated amortization of intangible assets were as follows (dollars in millions): Huntsman Corporation December 31, 2023 December 31, 2022 Carrying Accumulated Carrying Accumulated amount amortization Net amount amortization Net Patents, trademarks and technology $ 470 $ 282 $ 188 $ 468 $ 267 $ 201 Licenses and other agreements 312 129 183 311 106 205 Other intangibles 52 36 16 51 32 19 Total $ 834 $ 447 $ 387 $ 830 $ 405 $ 425 Huntsman International December 31, 2023 December 31, 2022 Carrying Accumulated Carrying Accumulated amount amortization Net amount amortization Net Patents, trademarks and technology $ 470 $ 282 $ 188 $ 468 $ 267 $ 201 Licenses and other agreements 312 129 183 311 106 205 Other intangibles 60 44 16 59 40 19 Total $ 842 $ 455 $ 387 $ 838 $ 413 $ 425 Amortization expense from continuing operations was $40 million for each of the years ended December 31, 2023, 2022 2021 Estimated future amortization expense from continuing operations for intangible assets over the next five Year ending December 31, 2024 $ 40 2025 40 2026 40 2027 39 2028 39 |
Note 11 - Accrued Liabilities
Note 11 - Accrued Liabilities | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | 11 . ACCRUED LIABILITIES Accrued liabilities consisted of the following (dollars in millions): Huntsman Corporation December 31, 2023 2022 Payroll and related accruals $ 76 $ 93 Income taxes 67 68 Taxes other than income taxes 49 44 Volume and rebate accruals 43 36 Restructuring and plant closing reserves 26 72 Other miscellaneous accruals 134 116 Total $ 395 $ 429 Huntsman International December 31, 2023 2022 Payroll and related accruals $ 76 $ 93 Income taxes 67 68 Taxes other than income taxes 46 44 Volume and rebate accruals 43 36 Restructuring and plant closing reserves 26 72 Other miscellaneous accruals 132 114 Total $ 390 $ 427 |
Note 12 - Restructuring, Impair
Note 12 - Restructuring, Impairment and Plant Closing Costs | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Restructuring and Related Activities Disclosure [Text Block] | 12. As of December 31, 2023, 2022 2021 Other Workforce restructuring reductions costs Total Accrued liabilities as of January 1, 2021 $ 23 $ — $ 23 Charges 17 5 22 Payments (15 ) (4 ) (19 ) Accrued liabilities as of December 31, 2021 25 1 26 Charges 69 11 80 Payments (18 ) (12 ) (30 ) Accrued liabilities as of December 31, 2022 76 — 76 (Credits) charges (4 ) 11 7 Payments (45 ) (11 ) (56 ) Accrued liabilities as of December 31, 2023 $ 27 $ — $ 27 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, 2021 $ 12 $ 2 $ 9 $ — $ 23 Charges (credits) 6 2 (1 ) 15 22 Payments (9 ) (3 ) (3 ) (4 ) (19 ) Accrued liabilities as of December 31, 2021 9 1 5 11 26 Charges 28 5 8 39 80 Payments (13 ) (1 ) (3 ) (13 ) (30 ) Accrued liabilities as of December 31, 2022 24 5 10 37 76 Charges (credits) 1 6 7 (7 ) 7 Payments (17 ) (4 ) (13 ) (22 ) (56 ) Accrued liabilities as of December 31, 2023 $ 8 $ 7 $ 4 $ 8 $ 27 Current portion of restructuring reserves $ 8 $ 7 $ 3 $ 8 $ 26 Long-term portion of restructuring reserves — — 1 — 1 Details with respect to cash and noncash restructuring charges from continuing operations for the years ended December 31, 2023, 2022 2021 Cash charges $ 7 Noncash charges: Accelerated depreciation 9 Other noncash charges 2 Total 2023 restructuring, impairment and plant closing costs $ 18 Cash charges $ 80 Noncash charges: Accelerated depreciation 6 Gain on sale of assets (2 ) Other noncash charges 2 Total 2022 restructuring, impairment and plant closing costs $ 86 Cash charges $ 22 Noncash charges: Accelerated depreciation 14 Gain on sale of assets (3 ) Other noncash charges 7 Total 2021 restructuring, impairment and plant closing costs $ 40 R ESTRUCTURING CTIVITIES Beginning in the fourth 2022, December 31, 2023, no December 31, 2022, first 2025. Beginning in the first 2021, second 2022, December 31, 2023, December 31, 2023, no December 31, 2022 2021, first 2024. Beginning in the third 2020, second 2022, December 31, 2023, 2022 2021 2023 2022, 2021, not Beginning in the second 2020, 2020 December 31, 2023, 2022 2021 first 2024. Beginning in the third 2022, December 31, 2022, |
Note 13 - Other Noncurrent Liab
Note 13 - Other Noncurrent Liabilities | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Other Liabilities, Noncurrent Disclosure [Text Block] | 13 . OTHER NONCURRENT LIABILITIES Other noncurrent liabilities consisted of the following (dollars in millions): Huntsman Corporation December 31, 2023 2022 Pension liabilities $ 177 $ 183 Employee benefit accrual 44 38 Other postretirement benefits 35 42 Other 89 159 Total $ 345 $ 422 Huntsman International December 31, 2023 2022 Pension liabilities $ 177 $ 183 Employee benefit accrual 44 38 Other postretirement benefits 35 42 Other 83 151 Total $ 339 $ 414 |
Note 14 - Debt
Note 14 - Debt | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 14 . DEBT Outstanding debt, net of debt issuance costs, of consolidated entities consisted of the following (dollars in millions): December 31, 2023 2022 Senior credit facilities: Revolving facility $ — $ 55 Amounts outstanding under A/R programs 169 166 Senior notes 1,471 1,455 Variable interest entities 26 35 Other 22 26 Total debt $ 1,688 $ 1,737 Total current portion of debt $ 12 $ 66 Long-term portion of debt 1,676 1,671 Total debt $ 1,688 $ 1,737 D S D 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 in the face amount of that debt liability. As of December 31, 2023 2022 Revolving Credit Facility On May 20, 2022, 2022 2022 May 2027. may 2022 2022 2018 The following table presents certain amounts under our 2022 December 31, 2023 Unamortized discounts and Committed Principal debt issuance Carrying Facility amount outstanding costs value Interest rate(2) Maturity 2023 Revolving Credit Facility $ 1,200 $ — (1) $ — $ — Term Secured Overnight Financing Rate ("SOFR") plus 1.525% May 2027 ( 1 On December 31, 2023 2022 ( 2 Interest rates on borrowings under the 2022 December 31, 2023 A/R Programs Our A/R Programs are structured so that we transfer certain of our trade receivables to the U.S. special purpose entity (“U.S. SPE”) and the European special purpose entity (“EU SPE”) in transactions intended to be true sales or true contributions. The receivables collateralize debt incurred by the U.S. SPE and the EU SPE. On January 22, 2024, July 2024 January 2027. January 31, 2024, February 15, 2024, July 2024 July 2027. Information regarding our A/R Programs as of December 31, 2023 Maximum funding Amount Facility Maturity availability (1) outstanding Interest rate (2) U.S. A/R Program July 2024 $ 150 $ 110 (3) Applicable rate plus 0.90% EU A/R Program July 2024 € 100 € 53 Applicable rate plus 1.30% (or approximately $111) (or approximately $59) ( 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 December 31, 2023 As of December 31, 2023 2022 Senior Notes As of December 31, 2023 Unamortized premiums, discounts and debt Notes Maturity Interest rate Amount outstanding issuance costs 2025 Senior Notes April 2025 4.25 % €300 (€ 299 332 $ 1 2029 Senior Notes February 2029 4.50 % $750 ($ 742 8 2031 Senior Notes June 2031 2.95 % $400 ($ 397 3 The 2025, 2029 2031 2025, 2029 2031 The 2025 April 1 October 1, April 1, 2025. may 2025 January 1, 2025 The 2029 May 1 November 1, May 1, 2029. may 2029 February 1, 2029 may 2029 February 1, 2029 The 2031 June 15 December 15 June 15, 2031. may 2031 March 15, 2031 not may 2031 March 15, 2031 not On May 26, 2021, 2031 June 23, 2021, 2022 second 2021. Variable Interest Entity Debt As of December 31, 2023 December 31, 2023 not not C ompliance ith ovenants Our 2022 2022 not may 2022 may The agreements governing our A/R Programs also contain certain receivable performance metrics. Any material failure to meet the applicable A/R Programs’ metrics could lead to an early termination event under the A/R Programs, which could require us to cease our use of such facilities, prohibiting us from additional borrowings against our receivables or, at the discretion of the lenders, requiring that we repay the A/R Programs in full. An early termination event under the A/R Programs would also constitute an event of default under our 2022 2022 2022 We believe that we are in compliance with the covenants governing our material debt instruments, including our 2022 M aturities The scheduled maturities of our debt (excluding debt to affiliates) by year as of December 31, 2023 Year ending December 31, 2024 $ 12 2025 344 2026 10 2027 172 2028 3 Thereafter 1,147 $ 1,688 |
Note 15 - Derivative Instrument
Note 15 - Derivative Instruments and Hedging Activities | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | 15 . DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES 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. Changes in the fair value of the hedge in the net investment of certain European operations are recorded in other accumulated comprehensive income (loss). I nterest ate isks Through our borrowing activities, we are exposed to interest rate risk. Such risk arises due to the structure of our debt portfolio, including the mix of fixed and floating interest rates. Actions taken to reduce interest rate risk include managing the mix and rate characteristics of various interest-bearing liabilities, as well as entering into interest rate derivative instruments. From time to time, we may During 2023 no twelve may F oreign xchange ate isk Our cash flows and earnings are subject to fluctuations due to exchange rate variation. Our revenues and expenses are denominated in various currencies. We enter into foreign currency derivative instruments to minimize the short-term impact of movements in foreign currency rates. Where practicable, we generally net multicurrency cash balances among our subsidiaries to help reduce exposure to foreign currency exchange rates. Certain other exposures may three not December 31, 2023 2022 one A portion of our debt is denominated in euros. We also finance certain of our non-U.S. subsidiaries with intercompany loans that are, in many cases, denominated in currencies other than the entities’ functional currency. We manage the net foreign currency exposure created by this debt through various means, including cross-currency swaps, the designation of certain intercompany loans as permanent loans because they are not Foreign currency transaction gains and losses on intercompany loans that are not We review our non-U.S. dollar denominated debt and derivative instruments to determine the appropriate amounts designated as hedges. As of December 31, 2023 €45 December 31, 2023, 2022 2021 C ommodity rices isk Inherent in our business is exposure to price changes for several commodities. However, our exposure to changing commodity prices is somewhat limited since the majority of our raw materials are acquired at posted or market related prices, and sales prices for many of our finished products are at market related prices which are largely set on a monthly or quarterly basis in line with industry practice. Consequently, we may |
Note 16 - Fair Value
Note 16 - Fair Value | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 16. The fair values of our financial instruments were as follows (dollars in millions): December 31, 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) (1,688 ) (1,613 ) (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 2 1 December 31, 2023 2022 not not December 31, 2023 may During the years ended December 31, 2023 2022 3 3 |
Note 17 - Revenue Recognition
Note 17 - Revenue Recognition | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 17. The following tables disaggregate our revenue from continuing operations by major source for the years ended December 31, 2023, 2022 2021 2023 Polyurethanes Performance Products Advanced Materials Corporate and eliminations Total Primary geographic markets (1) U.S. and Canada $ 1,476 $ 560 $ 323 $ (8 ) $ 2,351 Europe 1,022 247 414 (16 ) 1,667 Asia Pacific 1,063 282 268 (2 ) 1,611 Rest of world 304 89 87 2 482 $ 3,865 $ 1,178 $ 1,092 $ (24 ) $ 6,111 Major product groupings: Diversified $ 3,865 $ 1,178 $ 5,043 Specialty $ 1,029 1,029 Other 63 63 Eliminations $ (24 ) (24 ) $ 3,865 $ 1,178 $ 1,092 $ (24 ) $ 6,111 2022 Polyurethanes Performance Products Advanced Materials Corporate and eliminations Total Primary geographic markets (1) U.S. and Canada $ 2,126 $ 806 $ 411 $ (13 ) $ 3,330 Europe 1,239 395 461 (15 ) 2,080 Asia Pacific 1,321 402 296 (4 ) 2,015 Rest of world 381 110 109 (2 ) 598 $ 5,067 $ 1,713 $ 1,277 $ (34 ) $ 8,023 Major product groupings: Diversified $ 5,067 $ 1,713 $ 6,780 Specialty $ 1,180 1,180 Other 97 97 Eliminations $ (34 ) (34 ) $ 5,067 $ 1,713 $ 1,277 $ (34 ) $ 8,023 2021 Polyurethanes Performance Products Advanced Materials Corporate and eliminations Total Primary geographic markets (1) U.S. and Canada $ 1,884 $ 656 $ 365 $ (24 ) $ 2,881 Europe 1,322 382 425 (8 ) 2,121 Asia Pacific 1,418 362 297 — 2,077 Rest of world 395 85 111 — 591 $ 5,019 $ 1,485 $ 1,198 $ (32 ) $ 7,670 Major product groupings: Diversified $ 5,019 $ 1,485 $ 6,504 Specialty $ 1,077 1,077 Other 121 121 Eliminations $ (32 ) (32 ) $ 5,019 $ 1,485 $ 1,198 $ (32 ) $ 7,670 ( 1 Geographic information for revenues is based upon countries into which product is sold. |
Note 18 - Employee Benefit Plan
Note 18 - Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Retirement Benefits [Text Block] | 18 . EMPLOYEE BENEFIT PLANS D B O P B We provide a trusteed, non-contributory defined benefit pension plan (the “Plan”) that covers the majority of our U.S. employees. Effective July 1, 2004, not Beginning July 1, 2014, April 1, 2015, January 1, 2015, August 1, 2015, Our postretirement benefit plans provide access to two 2003 not not not We sponsor defined benefit plans in a number of countries outside of the U.S. The availability of these plans and their specific design provisions are consistent with local competitive practices and regulations. The following table sets forth the funded status of the plans for us and Huntsman International and the amounts recognized in our consolidated balance sheets at December 31, 2023 2022 Defined benefit plans Other postretirement benefit plans 2023 2022 2023 2022 U.S. Non-U.S. U.S. Non-U.S. U.S. Non-U.S. U.S. Non-U.S. plans plans plans plans plans plans plans plans Change in plan assets: Fair value of plan assets at beginning of year $ 691 $ 1,436 $ 925 $ 1,970 $ — $ — $ — $ — Actual return on plan assets 86 67 (150 ) (381 ) — — — — Foreign currency exchange rate changes — 80 — (129 ) — — — — Participant contributions — 5 — 5 2 — 2 — Settlements/transfers/divestitures — (16 ) (30 ) (5 ) — — — — Company contributions 18 26 5 36 6 — 7 — Benefits paid (67 ) (56 ) (59 ) (60 ) (8 ) — (9 ) — Fair value of plan assets at end of year $ 728 $ 1,542 $ 691 $ 1,436 $ — $ — $ — $ — Change in benefit obligation: Benefit obligation at beginning of year $ 770 $ 1,354 $ 1,048 $ 2,032 $ 47 $ — $ 61 $ — Service cost 11 15 19 26 1 — 1 — Interest cost 43 50 32 23 3 — 2 — Participant contributions — 5 — 5 2 — 2 — Plan amendments — — — (2 ) (1 ) — — — Foreign currency exchange rate changes — 77 — (131 ) — — — — Settlements/curtailments/divestitures — (21 ) (26 ) (5 ) — — — — Actuarial loss (gain) 27 139 (244 ) (534 ) (4 ) — (10 ) — Benefits paid (67 ) (56 ) (59 ) (60 ) (8 ) — (9 ) — Benefit obligation at end of year $ 784 $ 1,563 $ 770 $ 1,354 $ 40 $ — $ 47 $ — Funded status: Fair value of plan assets $ 728 $ 1,542 $ 691 $ 1,436 $ — $ — $ — $ — Benefit obligation (784 ) (1,563 ) (770 ) (1,354 ) (40 ) — (47 ) — (Under) over funded status $ (56 ) $ (21 ) $ (79 ) $ 82 $ (40 ) $ — $ (47 ) $ — Amounts recognized in balance sheet: Noncurrent asset $ — $ 110 $ — $ 196 $ — $ — $ — $ — Current liability (7 ) (3 ) (6 ) (4 ) (5 ) — (5 ) — Noncurrent liability (49 ) (128 ) (73 ) (110 ) (35 ) — (42 ) — Net (liability) asset $ (56 ) $ (21 ) $ (79 ) $ 82 $ (40 ) $ — $ (47 ) $ — Huntsman Corporation Defined benefit plans Other postretirement benefit plans 2023 2022 2023 2022 U.S. Non-U.S. U.S. Non-U.S. U.S. Non-U.S. U.S. Non-U.S. plans plans plans plans plans plans plans plans Amounts recognized in accumulated other comprehensive loss: Net actuarial loss $ 199 $ 547 $ 202 $ 511 $ 7 $ — $ 11 $ — Prior service credit (4 ) (14 ) (6 ) (18 ) (12 ) — (16 ) — Total $ 195 $ 533 $ 196 $ 493 $ (5 ) $ — $ (5 ) $ — Huntsman International Defined benefit plans Other postretirement benefit plans 2023 2022 2023 2022 U.S. Non-U.S. U.S. Non-U.S. U.S. Non-U.S. U.S. Non-U.S. plans plans plans plans plans plans plans plans Amounts recognized in accumulated other comprehensive loss: Net actuarial loss $ 199 $ 547 $ 202 $ 511 $ 7 $ — $ 11 $ — Prior service credit (4 ) (14 ) (6 ) (18 ) (12 ) — (16 ) — Total $ 195 $ 533 $ 196 $ 493 $ (5 ) $ — $ (5 ) $ — During 2023 During 2022, Components of net periodic benefit (credit) cost for the years ended December 31, 2023, 2022 2021 Huntsman Corporation Defined benefit plans U.S. plans Non-U.S. plans 2023 2022 2021 2023 2022 2021 Service cost $ 11 $ 19 $ 20 $ 15 $ 26 $ 30 Interest cost (1) 43 32 31 50 23 17 Expected return on plan assets (1) (56 ) (62 ) (62 ) (69 ) (87 ) (91 ) Amortization of prior service credit (1) (2 ) (2 ) (2 ) (4 ) (3 ) (4 ) Amortization of actuarial loss (1) — 20 31 32 27 48 Settlement loss (1) — 5 — 6 — 3 Net periodic benefit (credit) cost $ (4 ) $ 12 $ 18 $ 30 $ (14 ) $ 3 Other postretirement benefit plans U.S. plans Non-U.S. plans 2023 2022 2021 2023 2022 2021 Service cost $ 1 $ 1 $ 2 $ — $ — $ — Interest cost (1) 3 2 2 — — — Amortization of prior service credit (1) (5 ) (5 ) (5 ) — — — Amortization of actuarial loss (1) — 2 2 — — — Net periodic benefit (credit) cost $ (1 ) $ — $ 1 $ — $ — $ — Huntsman International Defined benefit plans U.S. plans Non-U.S. plans 2023 2022 2021 2023 2022 2021 Service cost $ 11 $ 19 $ 20 $ 15 $ 26 $ 30 Interest cost (1) 43 32 31 50 23 17 Expected return on plan assets (1) (56 ) (62 ) (62 ) (69 ) (87 ) (91 ) Amortization of prior service credit (1) (2 ) (2 ) (2 ) (4 ) (3 ) (4 ) Amortization of actuarial loss (1) — 20 31 32 27 51 Settlement loss (1) — 5 — 6 — 3 Net periodic benefit (credit) cost $ (4 ) $ 12 $ 18 $ 30 $ (14 ) $ 6 Other postretirement benefit plans U.S. plans Non-U.S. plans 2023 2022 2021 2023 2022 2021 Service cost $ 1 $ 1 $ 2 $ — $ — $ — Interest cost (1) 3 2 2 — — — Amortization of prior service credit (1) (5 ) (5 ) (5 ) — — — Amortization of actuarial loss (1) — 2 2 — — — Net periodic benefit (credit) cost $ (1 ) $ — $ 1 $ — $ — $ — ( 1 Amounts are presented in other income, net. The amounts recognized in net periodic benefit cost and other comprehensive income (loss) as of December 31, 2023, 2022 2021 Huntsman Corporation Defined benefit plans U.S. plans Non-U.S. plans 2023 2022 2021 2023 2022 2021 Current year actuarial (gain) loss $ (3 ) $ (28 ) $ (78 ) $ 135 $ (115 ) $ (150 ) Amortization of actuarial loss — (20 ) (31 ) (32 ) (36 ) (59 ) Current year prior service (credit) cost — — — — (3 ) 1 Amortization of prior service credit 2 2 2 4 5 5 Settlements/curtailments — (5 ) — (5 ) — (3 ) Total recognized in other comprehensive income (loss) (1 ) (51 ) (107 ) 102 (149 ) (206 ) Amounts related to discontinued operations (1 ) 2 20 — 57 25 Total recognized in other comprehensive income (loss) in continuing operations (2 ) (49 ) (87 ) 102 (92 ) (181 ) Net periodic benefit (credit) cost (4 ) 12 18 30 (14 ) 3 Total recognized in net periodic benefit cost and other comprehensive income (loss) $ (6 ) $ (37 ) $ (69 ) $ 132 $ (106 ) $ (178 ) Other postretirement benefit plans U.S. plans Non-U.S. plans 2023 2022 2021 2023 2022 2021 Current year actuarial gain $ (4 ) $ (10 ) $ (2 ) $ — $ — $ — Amortization of actuarial loss — (2 ) (2 ) — — — Current year prior service credit (1 ) — — — — — Amortization of prior service credit 5 5 5 — — — Total recognized in other comprehensive income (loss) — (7 ) 1 — — — Amounts related to discontinued operations 1 2 1 — — — Total recognized in other comprehensive income (loss) in continuing operations 1 (5 ) 2 — — — Net periodic benefit (credit) cost (1 ) — 1 — — — Total recognized in net periodic benefit cost and other comprehensive income (loss) $ — $ (5 ) $ 3 $ — $ — $ — Huntsman International Defined benefit plans U.S. plans Non-U.S. plans 2023 2022 2021 2023 2022 2021 Current year actuarial (gain) loss $ (3 ) $ (28 ) $ (78 ) $ 135 $ (115 ) $ (150 ) Amortization of actuarial loss — (20 ) (31 ) (32 ) (36 ) (62 ) Current year prior service (credit) cost — — — — (3 ) 1 Amortization of prior service credit 2 2 2 4 5 5 Settlements/curtailments — (5 ) — (5 ) — (3 ) Total recognized in other comprehensive income (loss) (1 ) (51 ) (107 ) 102 (149 ) (209 ) Amounts related to discontinued operations (1 ) 2 20 — 57 25 Total recognized in other comprehensive income (loss) in continuing operations (2 ) (49 ) (87 ) 102 (92 ) (184 ) Net periodic benefit cost (credit) (4 ) 12 18 30 (14 ) 6 Total recognized in net periodic benefit cost and other comprehensive income (loss) $ (6 ) $ (37 ) $ (69 ) $ 132 $ (106 ) $ (178 ) Other postretirement benefit plans U.S. plans Non-U.S. plans 2023 2022 2021 2023 2022 2021 Current year actuarial gain $ (4 ) $ (10 ) $ (2 ) $ — $ — $ — Amortization of actuarial loss — (2 ) (2 ) — — — Current year prior service credit (1 ) — — — — — Amortization of prior service credit 5 5 5 — — — Total recognized in other comprehensive income (loss) — (7 ) 1 — — — Amounts related to discontinued operations 1 2 1 — — — Total recognized in other comprehensive income (loss) in continuing operations 1 (5 ) 2 — — — Net periodic benefit (credit) cost (1 ) — 1 — — — Total recognized in net periodic benefit cost and other comprehensive income (loss) $ — $ (5 ) $ 3 $ — $ — $ — The following weighted-average assumptions were used to determine the projected benefit obligation at the measurement date and the net periodic pension cost for the year: Defined benefit plans U.S. plans Non-U.S. plans 2023 2022 2021 2023 2022 2021 Projected benefit obligation: Discount rate 5.46 % 5.75 % 3.11 % 3.11 % 3.67 % 1.20 % Rate of compensation increase 4.14 % 4.24 % 4.09 % 2.87 % 2.93 % 2.86 % Interest credit rate 5.15 % 5.15 % 5.15 % 2.14 % 2.35 % 0.87 % Net periodic pension cost: Discount rate 5.75 % 3.11 % 2.82 % 3.67 % 1.20 % 0.76 % Rate of compensation increase 4.24 % 4.09 % 4.09 % 2.93 % 2.86 % 2.64 % Expected return on plan assets 7.18 % 7.17 % 7.52 % 4.90 % 4.80 % 4.80 % Interest credit rate 5.15 % 5.15 % 5.15 % 2.35 % 0.87 % 0.52 % Other postretirement benefit plans U.S. plans Non-U.S. plans 2023 2022 2021 2023 2022 2021 Projected benefit obligation: Discount rate 5.54 % 5.80 % 3.01 % 4.60 % 5.10 % 2.80 % Net periodic pension cost: Discount rate 5.80 % 3.01 % 2.63 % 5.10 % 2.80 % 2.30 % At December 31, 2023 2022 2029 The projected benefit obligation and fair value of plan assets for the defined benefit plans with projected benefit obligations in excess of plan assets as of December 31, 2023 2022 U.S. plans Non-U.S. plans 2023 2022 2023 2022 Projected benefit obligation in excess of plan assets: Projected benefit obligation $ 291 $ 770 $ 474 $ 116 Fair value of plan assets 235 691 342 3 The projected benefit obligation, accumulated benefit obligation and fair value of plan assets for the defined benefit plans with an accumulated benefit obligation in excess of plan assets as of December 31, 2023 2022 U.S. plans Non-U.S. plans 2023 2022 2023 2022 Accumulated benefit obligation in excess of plan assets: Projected benefit obligation $ 79 $ 770 $ 132 $ 116 Accumulated benefit obligation 79 758 123 108 Fair value of plan assets 23 691 2 3 The accumulated benefit obligation of our defined pension plans as of December 31, 2023 2022 Expected future contributions and benefit payments related to continuing operations are as follows (dollars in millions): U.S. plans Non-U.S. plans Other Other Defined postretirement Defined postretirement benefit benefit benefit benefit plans plans plans plans 2024 expected employer contributions: To plan trusts $ 7 $ 5 $ 22 $ — Expected benefit payments: 2024 77 5 77 — 2025 79 5 74 — 2026 75 5 73 — 2027 60 4 80 — 2028 64 4 85 — 2029 - 2033 303 16 442 — Our investment strategy with respect to pension assets is to pursue an investment plan that, over the long term, is expected to protect the funded status of the plan, enhance the real purchasing power of plan assets and not Our pension plan assets are managed by outside investment managers. The investment managers value our plan assets using quoted market prices, other observable inputs or unobservable inputs. For certain assets, the investment managers obtain third 2023 2022 3 We have established target allocations for each asset category. Our pension plan assets are periodically rebalanced based upon our target allocations. The fair value of plan assets for the pension plans was $2,270 million and $2,127 million at December 31, 2023 2022 Fair value amounts using Quoted prices in active Significant other Significant December 31, markets for identical observable inputs unobservable inputs Asset category 2023 assets (Level 1) (Level 2) (Level 3) U.S. pension plans: Equities $ 329 $ 175 $ 154 $ — Fixed income 364 147 217 — Real estate/other 14 14 — — Cash 21 21 — — Total U.S. pension plan assets $ 728 $ 357 $ 371 $ — Non-U.S. pension plans: Equities $ 343 $ 87 $ 256 $ — Fixed income 721 483 238 — Real estate/other 398 47 270 81 Cash 80 80 — — Total non-U.S. pension plan assets $ 1,542 $ 697 $ 764 $ 81 Fair value amounts using Quoted prices in active Significant other Significant December 31, markets for identical observable inputs unobservable inputs Asset category 2022 assets (Level 1) (Level 2) (Level 3) U.S. pension plans: Equities $ 324 $ 180 $ 144 $ — Fixed income 327 143 184 — Real estate/other 18 18 — — Cash 22 22 — — Total U.S. pension plan assets $ 691 $ 363 $ 328 $ — Non-U.S. pension plans: Equities $ 298 $ 96 $ 202 $ — Fixed income 622 391 231 — Real estate/other 386 46 269 71 Cash 130 130 — — Total non-U.S. pension plan assets $ 1,436 $ 663 $ 702 $ 71 The following table reconciles the beginning and ending balances of plan assets measured at fair value using unobservable inputs (Level 3 Real estate/other Year ended December 31, 2023 2022 Fair value measurements of plan assets using significant unobservable inputs (Level 3) Balance at beginning of period $ 71 $ 99 Return on pension plan assets (2 ) (5 ) Purchases, sales and settlements 12 (23 ) Transfers into (out of) Level 3 — — Balance at end of period $ 81 $ 71 Based upon historical returns, the expectations of our investment committee and outside advisors, the expected long-term rate of return on the pension assets is estimated to be between 4.8% and 7.52%. The asset allocation for our pension plans at December 31, 2023 2022 2024, Target allocation Allocation at December 31, Asset category 2024 2023 2022 U.S. pension plans: Equities 46 % 45 % 47 % Fixed income 51 % 50 % 47 % Real estate/other 2 % 2 % 3 % Cash 1 % 3 % 3 % Total U.S. pension plans 100 % 100 % 100 % Non-U.S. pension plans: Equities 22 % 22 % 21 % Fixed income 50 % 47 % 43 % Real estate/other 23 % 26 % 27 % Cash 5 % 5 % 9 % Total non-U.S. pension plans 100 % 100 % 100 % Equity securities in our pension plans did not 2023 D efined C ontribution P lans We have defined contribution plans in a variety of global locations. Our total combined expense for our defined contribution plans for the years ended December 31, 2023, 2022 2021 In the U.S., we had a money purchase pension plan that covered substantially all of our domestic employees who were hired prior to January 1, 2004. 2014, 2015, We have a salary deferral plan covering substantially all U.S. employees. Plan participants may not not not S S D P A S E R P The Huntsman Supplemental Savings Plan (the “SSP”) is a non-qualified plan covering key management employees and allows participants to defer amounts that would otherwise be paid as compensation. The participant can defer up to 75% of their salary and bonus each year. This plan also provides benefits that would be provided under the Huntsman Salary Deferral Plan if that plan were not January 1, 2005 409A 1986. December 31, 2023 2022 December 31, 2023, 2022 2021 The Huntsman Supplemental Executive Retirement Plan is an unfunded non-qualified pension plan established to provide certain executive employees with benefits that could not S B I P On May 5, 2016, 2016 “2016 no may 2016 may may 2016 December 31, 2023 6 2016 23. I P International employees are covered by various post-employment arrangements consistent with local practices and regulations. Such obligations are included in other long-term liabilities in our consolidated balance sheets. |
Note 19 - Income Taxes
Note 19 - Income Taxes | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 19 . INCOME TAXES The following is a summary of U.S. and non-U.S. provisions for current and deferred income taxes from continuing operations (dollars in millions): Huntsman Corporation Year ended December 31, 2023 2022 2021 Income tax expense: U.S. Current $ 8 $ 6 $ 118 Deferred (35 ) 57 (70 ) Non-U.S. Current 66 91 112 Deferred 25 32 31 Total $ 64 $ 186 $ 191 Huntsman International Year ended December 31, 2023 2022 2021 Income tax expense: U.S. Current $ 9 $ 6 $ 120 Deferred (35 ) 59 (71 ) Non-U.S. Current 66 91 112 Deferred 25 32 31 Total $ 65 $ 188 $ 192 The following schedule reconciles the differences between the U.S. federal income taxes at the U.S. statutory rate to our provision for income taxes from continuing operations (dollars in millions): Huntsman Corporation Year ended December 31, 2023 2022 2021 Income from continuing operations before income taxes $ 99 $ 697 $ 1,246 Expected tax expense at U.S. statutory rate of 21 $ 21 $ 146 $ 261 Change resulting from: State tax expense, net of federal benefit (1 ) 3 15 Non-U.S. tax rate differentials — 8 16 Change in valuation allowance 45 38 (9 ) Impact of equity method investments (28 ) (21 ) (37 ) Non-U.S. withholding tax on repatriated earnings, net of U.S. foreign tax credits 11 17 14 Tax authority audits and dispute resolutions 5 6 4 Non-U.S. income subject to U.S. tax not offset by U.S. foreign tax credits 3 3 (19 ) Venator investment basis difference and fair market value adjustments — — (29 ) Change in valuation allowance on capital loss related to Venator investment — — (28 ) Other non-U.S. tax effects, including nondeductible expenses and withholding taxes 6 (12 ) 9 Other U.S. tax effects, including nondeductible expenses and other credits 2 (2 ) (6 ) Total income tax expense $ 64 $ 186 $ 191 Huntsman International Year ended December 31, 2023 2022 2021 Income from continuing operations before income taxes $ 102 $ 700 $ 1,250 Expected tax expense at U.S. statutory rate of 21 $ 22 $ 146 $ 261 Change resulting from: State tax expense, net of federal benefit (1 ) 3 15 Non-U.S. tax rate differentials — 8 16 Change in valuation allowance 45 38 (9 ) Impact of equity method investments (28 ) (21 ) (37 ) Non-U.S. withholding tax on repatriated earnings, net of U.S. foreign tax credits 11 17 14 Tax authority audits and dispute resolutions 5 6 4 Non-U.S. income subject to U.S. tax not offset by U.S. foreign tax credits 3 3 (19 ) Venator investment basis difference and fair market value adjustments — — (29 ) Change in valuation allowance on capital loss related to Venator investment — — (28 ) Other non-U.S. tax effects, including nondeductible expenses and withholding taxes 6 (12 ) 9 Other U.S. tax effects, including nondeductible expenses and other credits 2 — (5 ) Total income tax expense $ 65 $ 188 $ 192 During 2023, 25% 30% 25% 25.8% 2022 2021, 2022 2021, 25% 30% 25% During 2021, Under the U.S. Tax Reform Act’s global intangible low-taxed income (“GILTI”) provision, our non-U.S. operations are generally subject to U.S. tax. We have elected to treat the GILTI as a current-period expense when incurred. The stated purpose of the GILTI rules is to generate additional U.S. tax related to income in non-U.S. jurisdictions which incur less than a blended 13.125% 13.125%; 2023 2022 2021 2021 The components of income from continuing operations before income taxes were as follows (dollars in millions): Huntsman Corporation Year ended December 31, 2023 2022 2021 U.S. $ (155 ) $ 273 $ 530 Non-U.S. 254 424 716 Total $ 99 $ 697 $ 1,246 Huntsman International Year ended December 31, 2023 2022 2021 U.S. $ (152 ) $ 276 $ 534 Non-U.S. 254 424 716 Total $ 102 $ 700 $ 1,250 Components of deferred income tax assets and liabilities were as follows (dollars in millions): Huntsman Corporation December 31, 2023 2022 Deferred income tax assets: Net operating loss carryforwards $ 234 $ 220 Operating leases 92 100 Pension and other employee compensation 65 65 Deferred interest 78 49 Basis difference in Venator investment — 45 Capitalized research and development costs 44 30 Property, plant and equipment 22 25 Intangible assets 16 24 Intercompany prepayments 28 9 Other, net 41 45 Total $ 620 $ 612 Deferred income tax liabilities: Property, plant and equipment $ (267 ) $ (263 ) Operating leases (93 ) (102 ) Intangible assets (80 ) (83 ) Pension and other employee compensation (28 ) (47 ) Outside basis difference in subsidiaries (41 ) (31 ) Unrealized currency gains (8 ) (11 ) Other, net (13 ) (9 ) Total $ (530 ) $ (546 ) Net deferred tax asset before valuation allowance $ 90 $ 66 Valuation allowance—net operating losses and other (221 ) (169 ) Net deferred tax liability $ (131 ) $ (103 ) Non-current deferred tax asset $ 112 $ 147 Non-current deferred tax liability (243 ) (250 ) Net deferred tax liability $ (131 ) $ (103 ) Huntsman International December 31, 2023 2022 Deferred income tax assets: Net operating loss carryforwards $ 234 $ 220 Operating leases 92 100 Pension and other employee compensation 65 65 Deferred interest 78 49 Basis difference in Venator investment — 45 Capitalized research and development costs 44 30 Property, plant and equipment 22 25 Intangible assets 16 24 Intercompany prepayments 28 9 Other, net 41 45 Total $ 620 $ 612 Deferred income tax liabilities: Property, plant and equipment $ (267 ) $ (263 ) Operating leases (93 ) (102 ) Intangible assets (80 ) (83 ) Pension and other employee compensation (28 ) (47 ) Outside basis difference in subsidiaries (41 ) (31 ) Unrealized currency gains (8 ) (11 ) Other, net (17 ) (13 ) Total $ (534 ) $ (550 ) Net deferred tax asset before valuation allowance $ 86 $ 62 Valuation allowance—net operating losses and other (221 ) (169 ) Net deferred tax liability $ (135 ) $ (107 ) Non-current deferred tax asset $ 112 $ 147 Non-current deferred tax liability (247 ) (254 ) Net deferred tax liability $ (135 ) $ (107 ) We evaluate deferred tax assets to determine whether it is more likely than not three three As a result of income tax accounting guidance to use a three December 31, 2023 December 31, 2022. We have gross net operating losses (“NOLs”) of $884 million ($223 million tax-effected) in various non-U.S. jurisdictions. While the majority of the non-U.S. NOLs have no none 2024. 2023. We have gross U.S. federal NOLs of $31 million ($6 million tax-effected), which were primarily acquired through acquisitions subject to tax change of control limitations. We expect to be able to utilize all of these NOLs, and therefore they are not Included in the $884 million of gross non-U.S. NOLs is $256 million ($64 million tax-effected) attributable to our Luxembourg entities. As of December 31, 2023 We have $14 million tax effected federal and state capital loss carryovers, all of which are subject to a valuation allowance. Capital loss carryovers may 5 2028. During 2021, 2023, 2021, Uncertainties regarding expected future income in certain jurisdictions could affect the realization of deferred tax assets in those jurisdictions and result in additional valuation allowances in future periods, or, in the case of unexpected pre-tax earnings, the release of valuation allowances in future periods. The following is a summary of changes in the valuation allowance (dollars in millions): Huntsman Corporation 2023 2022 2021 Valuation allowance as of January 1 $ 169 $ 131 $ 206 Valuation allowance as of December 31 221 169 131 Net (increase) decrease (52 ) (38 ) 75 Foreign currency movements 3 (4 ) (4 ) Decrease to deferred tax assets with no impact on operating tax expense, including an offsetting (decrease) increase to valuation allowances 4 4 (62 ) Change in valuation allowance per rate reconciliation $ (45 ) $ (38 ) $ 9 Components of change in valuation allowance affecting tax expense: Pre-tax income and losses in jurisdictions with valuation allowances resulting in no tax expense or benefit $ (30 ) $ 13 $ 13 Releases of valuation allowances in various jurisdictions 1 — 2 Establishments of valuation allowances in various jurisdictions (16 ) (51 ) (6 ) Change in valuation allowance per rate reconciliation $ (45 ) $ (38 ) $ 9 Huntsman International 2023 2022 2021 Valuation allowance as of January 1 $ 169 $ 131 $ 206 Valuation allowance as of December 31 221 169 131 Net (increase) decrease (52 ) (38 ) 75 Foreign currency movements 3 (4 ) (4 ) Decrease to deferred tax assets with no impact on operating tax expense, including an offsetting (decrease) increase to valuation allowances 4 4 (62 ) Change in valuation allowance per rate reconciliation $ (45 ) $ (38 ) $ 9 Components of change in valuation allowance affecting tax expense: Pre-tax income and losses in jurisdictions with valuation allowances resulting in no tax expense or benefit $ (30 ) $ 13 $ 13 Releases of valuation allowances in various jurisdictions 1 — 2 Establishments of valuation allowances in various jurisdictions (16 ) (51 ) (6 ) Change in valuation allowance per rate reconciliation $ (45 ) $ (38 ) $ 9 The following is a reconciliation of our unrecognized tax benefits (dollars in millions): 2023 2022 Unrecognized tax benefits as of January 1 $ 57 $ 48 Gross increases and decreases—tax positions taken during a prior period (50 ) 6 Gross increases and decreases—tax positions taken during the current period — 4 Reductions resulting from the lapse of statues of limitations (2 ) — Foreign currency movements — (1 ) Unrecognized tax benefits as of December 31 $ 5 $ 57 As of December 31, 2023 2022 not 2023, not On February 28, 2023, no During 2023, 2022, 2021, During 2023, not 2022, not 2021, not We recognized accrued interest related to unrecognized tax benefits in income tax expense as provided below (dollars in millions): Year ended December 31, 2023 2022 2021 Interest included in tax expense $ 3 $ 3 $ 1 December 31, 2023 2022 Accrued liability for interest $ 6 $ 8 We conduct business globally, and as a result, we file income tax returns in U.S. federal, various U.S. state and various non-U.S. jurisdictions. The following table summarizes the tax years that remain subject to examination by major tax jurisdictions: Tax jurisdiction Open tax years Belgium 2020 and later China 2013 and later Germany 2016 and later Hong Kong 2018 and later India 2006 and later Italy 2018 and later Mexico 2022 and later Switzerland 2017 and later The Netherlands 2020 and later United Kingdom 2020 and later United States federal 2017 and later Certain of our U.S. and non-U.S. income tax returns are currently under various stages of audit by applicable tax authorities and the amounts ultimately agreed upon in resolution of the issues raised may We estimate that it is reasonably possible that certain of our unrecognized tax benefits could change within 12 months of the reporting date with a resulting decrease in the unrecognized tax benefits within a reasonably possible range of $1 million to $2 million. For the 12-month period from the reporting date, we would expect that a decrease in our unrecognized tax benefits would result in a $1 million benefit to our income tax expense. In connection with the provisions of U.S. Tax Reform, all non-U.S. earnings have generally been subject to U.S. tax and may may not |
Note 20 - Commitments and Conti
Note 20 - Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 20 . COMMITMENTS AND CONTINGENCIES P C We have various purchase commitments extending through 2030 one 2023 no December 31, 2023, 2022 2021 Total purchase commitments as of December 31, 2023 Year ending December 31, 2024 $ 2,109 2025 1,507 2026 1,085 2027 892 2028 756 Thereafter 2,398 $ 8,747 L M 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 21 - Environmental, Health
Note 21 - Environmental, Health and Safety Matters | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Environmental Loss Contingency Disclosure [Text Block] | 21 . ENVIRONMENTAL, HEALTH AND SAFETY MATTERS EHS C apital xpenditures We may December 31, 2023, 2022 2021 may E nvironmental eserves We have accrued liabilities relating to anticipated environmental cleanup obligations, site reclamation and closure costs and known penalties. Liabilities are recorded when potential liabilities are either known or considered probable and can be reasonably estimated. Our liability estimates are calculated using present value techniques as appropriate and are based upon requirements placed upon us by regulators, available facts, existing technology and past experience. The environmental liabilities do not December 31, 2023 2022 December 31, 2023 2022 December 31, 2023 2022 may may not E nvironmental M 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 |
Note 22 - Huntsman Corporation
Note 22 - Huntsman Corporation Stockholders' Equity | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Equity [Text Block] | 22 . HUNTSMAN CORPORATION STOCKHOLDERS’ EQUITY S hare epurchase rogram On October 26, 2021, March 25, 2022, may may December 31, 2023 D C S The following tables represent dividends on common stock for our Company for the years ended December 31, 2023 2022 Per share Dividends Quarter ended payment amount paid March 31, 2023 $ 0.2375 $ 44 June 30, 2023 0.2375 42 September 30, 2023 0.2375 42 December 31, 2023 0.2375 41 Per share Dividends Quarter ended payment amount paid March 31, 2022 $ 0.2125 $ 45 June 30, 2022 0.2125 44 September 30, 2022 0.2125 41 December 31, 2022 0.2125 40 |
Note 23 - Stock-based Compensat
Note 23 - Stock-based Compensation Plan | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | 23 . STOCK-BASED COMPENSATION PLAN Under the 2016 may may 2016 2016 may December 31, 2023 2016 three The compensation cost under the 2016 Year ended December 31, 2023 2022 2021 Huntsman Corporation compensation cost $ 28 $ 29 $ 30 Huntsman International compensation cost 27 27 29 The total income tax benefit recognized in the statement of operations for stock-based compensation arrangements was $3 million, $8 million and $3 million for the years ended December 31, 2023, 2022 2021 S O 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 averages of the assumptions utilized for all stock options granted during the year. During both of the years ended December 31, 2023 2022 Year ended December 31, 2021 Dividend yield 2.3 % Expected volatility 53.3 % Risk-free interest rate 0.7 % Expected life of stock options granted during the period (in years) 5.9 A summary of stock option activity under the 2016 December 31, 2023 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 (467 ) 20.09 Forfeited (56 ) 30.44 Outstanding at December 31, 2023 2,890 22.06 3.7 $ 12 Exercisable at December 31, 2023 2,818 21.90 3.6 12 The weighted-average grant-date fair value of stock options granted during 2021 December 31, 2023 2016 During the years ended December 31, 2023, 2022 2021 December 31, 2023, 2022 2021 December 31, 2023, 2022 2021 nil, N S Nonvested shares granted under the 2016 We grant two one three December 31, 2023, 2022 2021 December 31, 2023, 2022 2021 three During the first 2022, second two December 31, 2022, December 31, 2022, two December 31, 2023 A summary of the status of our nonvested shares as of December 31, 2023 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 (724 ) (1)(2) 27.23 (165 ) 29.51 Forfeited (100 ) 37.08 (25 ) 33.58 Nonvested at December 31, 2023 1,923 38.71 181 32.75 ( 1 As of December 31, 2023 not 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, 2023 December 31, 2023 As of December 31, 2023 December 31, 2023, 2022 2021 |
Note 24 - Accumulated Other Com
Note 24 - Accumulated Other Comprehensive Loss | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | 24. The components of other comprehensive income (loss) and changes in accumulated other comprehensive loss by component were as follows (dollars in millions): Huntsman Corporation Pension and Other Foreign other comprehensive Amounts Amounts currency postretirement income of attributable to attributable to translation benefits unconsolidated noncontrolling Huntsman adjustment (1) adjustments (2) affiliates Other, net Total interests Corporation Beginning balance, January 1, 2023 $ (648 ) $ (652 ) $ 2 $ 5 $ (1,293 ) $ 25 $ (1,268 ) Other comprehensive income (loss) before reclassifications, gross 7 (136 ) (7 ) (3 ) (139 ) 3 (136 ) Tax impact — 13 — — 13 — 13 Amounts reclassified from accumulated other comprehensive loss, gross (3) 28 96 — — 124 — 124 Tax impact (1 ) 23 — — 22 — 22 Net current-period other comprehensive income (loss) 34 (4 ) (7 ) (3 ) 20 3 23 Ending balance, December 31, 2023 $ (614 ) $ (656 ) $ (5 ) $ 2 $ (1,273 ) $ 28 $ (1,245 ) ( 1 Amounts are net of tax of $56 million and $55 million as of December 31, 2023 January 1, 2023 ( 2 Amounts are net of tax of $67 million and $31 million as of December 31, 2023 January 1, 2023 ( 3 See table below for details about these reclassifications. Pension and Other Foreign other comprehensive Amounts Amounts currency postretirement income of attributable to attributable to translation benefits unconsolidated noncontrolling Huntsman adjustment (1) adjustments (2) affiliates Other, net Total interests Corporation Beginning balance, January 1, 2022 $ (420 ) $ (810 ) $ 8 $ 6 $ (1,216 ) $ 13 $ (1,203 ) Other comprehensive (loss) income before reclassifications, gross (229 ) 157 — (1 ) (73 ) 12 (61 ) Tax impact 1 (38 ) — — (37 ) — (37 ) Amounts reclassified from accumulated other comprehensive loss, gross (3) — 51 (6 ) — 45 — 45 Tax impact — (12 ) — — (12 ) — (12 ) Net current-period other comprehensive (loss) income (228 ) 158 (6 ) (1 ) (77 ) 12 (65 ) Ending balance, December 31, 2022 $ (648 ) $ (652 ) $ 2 $ 5 $ (1,293 ) $ 25 $ (1,268 ) ( 1 Amounts are net of tax of $55 million and $56 million as of December 31, 2022 January 1, 2022 ( 2 Amounts are net of tax of $31 million and $81 million as of December 31, 2022 January 1, 2022 ( 3 See table below for details about these reclassifications. Amounts reclassified from accumulated other comprehensive loss Affected line item in Details about accumulated other Year ended December 31, where net income comprehensive loss components (1) 2023 2022 2021 is presented Amortization of pension and other postretirement benefits: Actuarial loss $ 34 $ 57 $ 92 (2)(3) Other income, net Prior service credit (10 ) (11 ) (12 ) (2)(3) Other income, net Settlement loss 73 5 3 (2)(4) Other income, net Curtailment gain (1 ) — — (2)(4) Other income, net 96 51 83 Total before tax 23 (12 ) (18 ) Income tax expense Total reclassifications for the period $ 119 $ 39 $ 65 Net of tax ( 1 Pension and other postretirement benefits amounts in parentheses indicate credits on our consolidated statements of operations. ( 2 These accumulated other comprehensive loss components are included in the computation of net periodic pension costs. See “Note 18. ( 3 Amounts contain approximately $1 million, $11 million and $16 million of prior service credit and actuarial loss related to discontinued operations for the years ended December 31, 2023, 2022 2021 ( 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 year ended December 31, 2023. Huntsman International Pension Other Foreign and other comprehensive Amounts Amounts currency postretirement income of attributable to attributable to translation benefits unconsolidated noncontrolling Huntsman adjustment (1) adjustments (2) affiliates Other, net Total interests International Beginning balance, January 1, 2023 $ (653 ) $ (628 ) $ 2 $ 1 $ (1,278 ) $ 25 $ (1,253 ) Other comprehensive income (loss) before reclassifications, gross 7 (136 ) (7 ) (3 ) (139 ) 3 (136 ) Tax impact — 13 — — 13 — 13 Amounts reclassified from accumulated other comprehensive loss, gross (3) 28 96 — — 124 — 124 Tax impact (1 ) 23 — — 22 — 22 Net current-period other comprehensive income (loss) 34 (4 ) (7 ) (3 ) 20 3 23 Ending balance, December 31, 2023 $ (619 ) $ (632 ) $ (5 ) $ (2 ) $ (1,258 ) $ 28 $ (1,230 ) ( 1 Amounts are net of tax of $43 million and $42 million as of December 31, 2023 January 1, 2023 ( 2 Amounts are net of tax of $91 million and $55 million as of December 31, 2023 January 1, 2023 ( 3 See table below for details about these reclassifications. Pension Other Foreign and other comprehensive Amounts Amounts currency postretirement income of attributable to attributable to translation benefits unconsolidated noncontrolling Huntsman adjustment (1) adjustments (2) affiliates Other, net Total interests International Beginning balance, January 1, 2022 $ (424 ) $ (786 ) $ 8 $ 2 $ (1,200 ) $ 13 $ (1,187 ) Other comprehensive (loss) income before reclassifications, gross (230 ) 157 — (1 ) (74 ) 12 (62 ) Tax impact 1 (38 ) — — (37 ) — (37 ) Amounts reclassified from accumulated other comprehensive loss, gross (3) — 51 (6 ) — 45 — 45 Tax impact — (12 ) — — (12 ) — (12 ) Net current-period other comprehensive (loss) income (229 ) 158 (6 ) (1 ) (78 ) 12 (66 ) Ending balance, December 31, 2022 $ (653 ) $ (628 ) $ 2 $ 1 $ (1,278 ) $ 25 $ (1,253 ) ( 1 Amounts are net of tax of $42 million and $43 million as of both December 31, 2022 January 1, 2022 ( 2 Amounts are net of tax of $55 million and $105 million as of December 31, 2022 January 1, 2022 ( 3 See table below for details about these reclassifications. Amounts reclassified from accumulated other comprehensive loss Affected line item in Details about accumulated other Year ended December 31, where net income comprehensive loss components(1): 2023 2022 2021 is presented Amortization of pension and other postretirement benefits: Actuarial loss $ 34 $ 57 $ 95 (2)(3) Other income, net Prior service credit (10 ) (11 ) (12 ) (2)(3) Other income, net Settlement loss 73 5 3 (2)(4) Other income, net Curtailment gain (1 ) — — (2)(4) Other income, net 96 51 86 Total before tax 23 (12 ) (17 ) Income tax expense Total reclassifications for the period $ 119 $ 39 $ 69 Net of tax ( 1 Pension and other postretirement benefits amounts in parentheses indicate credits on our consolidated statements of operations. ( 2 These accumulated other comprehensive loss components are included in the computation of net periodic pension costs. See “Note 18. ( 3 Amounts contain approximately $1 million, $11 million and $16 million of prior service credit and actuarial loss related to discontinued operations for the years ended December 31, 2023, 2022 2021 ( 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 year ended December 31, 2023. Items of other comprehensive income (loss) of our Company and our consolidated affiliates have been recorded net of tax, with the exception of the foreign currency translation adjustments related to subsidiaries with earnings permanently reinvested. The tax effect is determined based upon the jurisdiction where the income or loss was recognized and is net of valuation allowances. |
Note 25 - Related Party Transac
Note 25 - Related Party Transactions | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | 25 . RELATED PARTY TRANSACTIONS Our consolidated financial statements include the following transactions with our affiliates not Year ended December 31, 2023 2022 2021 Sales to: Unconsolidated affiliates $ 126 $ 226 $ 197 Inventory purchases from: Unconsolidated affiliates 403 433 533 |
Note 26 - Operating Segment Inf
Note 26 - Operating Segment Information | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 26. 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 Performance amines, ethyleneamines and maleic anhydride Advanced Materials Technologically-advanced epoxy, phenoxy, acrylic, polyurethane and acrylonitrile-butadiene-based polymer formulations; high performance thermoset resins, curing agents, toughening agents, and carbon nanomaterials 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). Year ended December 31, 2023 2022 2021 Revenues: Polyurethanes $ 3,865 $ 5,067 $ 5,019 Performance Products 1,178 1,713 1,485 Advanced Materials 1,092 1,277 1,198 Total reportable segments’ revenues 6,135 8,057 7,702 Intersegment eliminations (24 ) (34 ) (32 ) Total $ 6,111 $ 8,023 $ 7,670 Huntsman Corporation: Segment adjusted EBITDA (1) Polyurethanes $ 248 $ 628 $ 879 Performance Products 201 469 359 Advanced Materials 186 233 204 Total reportable segments’ adjusted EBITDA 635 1,330 1,442 Reconciliation of total reportable segments’ adjusted EBITDA to income from continuing operations before income taxes: Interest expense, net—continuing operations (65 ) (62 ) (67 ) Depreciation and amortization—continuing operations (278 ) (281 ) (278 ) Corporate and other costs, net (2) (163 ) (175 ) (196 ) Net income attributable to noncontrolling interests 52 63 59 Other adjustments: Business acquisition and integration expenses and purchase accounting inventory adjustments (4 ) (12 ) (22 ) Fair value adjustments to Venator investment, net (5 ) (12 ) (28 ) Loss on early extinguishment of debt — — (27 ) Certain legal and other settlements and related expenses (6 ) (7 ) (13 ) (Costs) income associated with the Albemarle Settlement, net — (3 ) 465 Gain on sale of businesses/assets — — 30 Income from transition services arrangements — 2 8 Certain nonrecurring information technology project implementation costs (5 ) (5 ) (8 ) Amortization of pension and postretirement actuarial losses (37 ) (49 ) (74 ) Plant incident remediation credits — 4 — Restructuring, impairment and plant closing and transition costs (3) (25 ) (96 ) (45 ) Income from continuing operations before income taxes 99 697 1,246 Income tax expense—continuing operations (64 ) (186 ) (191 ) Income from discontinued operations, net of tax 118 12 49 Net income $ 153 $ 523 $ 1,104 Year ended December 31, 2023 2022 2021 Depreciation and amortization: Polyurethanes $ 141 $ 136 $ 131 Performance Products 72 72 74 Advanced Materials 53 57 60 Total reportable segments’ depreciation and amortization 266 265 265 Corporate and other 12 16 13 Total $ 278 $ 281 $ 278 Year ended December 31, 2023 2022 2021 Capital expenditures: Polyurethanes $ 98 $ 142 $ 243 Performance Products 100 92 42 Advanced Materials 25 26 25 Total reportable segments’ capital expenditures 223 260 310 Corporate and other 7 12 16 Total $ 230 $ 272 $ 326 December 31, 2023 2022 Total assets: Polyurethanes $ 4,261 $ 4,286 Performance Products 1,170 1,155 Advanced Materials 1,143 1,246 Total reportable segments’ total assets 6,574 6,687 Corporate and other 674 1,061 Total $ 7,248 $ 7,748 December 31, 2023 2022 Goodwill: Polyurethanes $ 338 $ 336 Performance Products 16 15 Advanced Materials 290 290 Total $ 644 $ 641 Year ended December 31, 2023 2022 2021 Huntsman International: Segment adjusted EBITDA (1) Polyurethanes $ 248 $ 628 $ 879 Performance Products 201 469 359 Advanced Materials 186 233 204 Total reportable segments’ adjusted EBITDA 635 1,330 1,442 Reconciliation of total reportable segments’ adjusted EBITDA to income from continuing operations before income taxes: Interest expense, net—continuing operations (65 ) (62 ) (67 ) Depreciation and amortization—continuing operations (278 ) (281 ) (278 ) Corporate and other costs, net(2) (160 ) (172 ) (190 ) Net income attributable to noncontrolling interests 52 63 59 Other adjustments: Business acquisition and integration expenses and purchase accounting inventory adjustments (4 ) (12 ) (22 ) Fair value adjustments to Venator investment, net (5 ) (12 ) (28 ) Loss on early extinguishment of debt — — (27 ) Certain legal and other settlements and related expenses (6 ) (7 ) (13 ) (Costs) income associated with the Albemarle Settlement, net — (3 ) 465 Gain on sale of businesses/assets — — 30 Income from transition services arrangements — 2 8 Certain nonrecurring information technology project implementation costs (5 ) (5 ) (8 ) Amortization of pension and postretirement actuarial losses (37 ) (49 ) (76 ) Plant incident remediation credits — 4 — Restructuring, impairment and plant closing and transition costs(3) (25 ) (96 ) (45 ) Income from continuing operations before income taxes 102 700 1,250 Income tax expense—continuing operations (65 ) (188 ) (192 ) Income from discontinued operations, net of tax 118 12 49 Net income $ 155 $ 524 $ 1,107 Year ended December 31, 2023 2022 2021 Depreciation and amortization: Polyurethanes $ 141 $ 136 $ 131 Performance Products 72 72 74 Advanced Materials 53 57 60 Total reportable segments’ depreciation and amortization 266 265 265 Corporate and other 12 16 13 Total $ 278 $ 281 $ 278 Year ended December 31, 2023 2022 2021 Capital expenditures: Polyurethanes $ 98 $ 142 $ 243 Performance Products 100 92 42 Advanced Materials 25 26 25 Total reportable segments’ capital expenditures 223 260 310 Corporate and other 7 12 16 Total $ 230 $ 272 $ 326 December 31, 2023 2022 Total assets: Polyurethanes $ 4,261 $ 4,286 Performance Products 1,170 1,155 Advanced Materials 1,143 1,246 Total reportable segments’ total assets 6,574 6,687 Corporate and other 679 1,067 Total $ 7,253 $ 7,754 December 31, 2023 2022 Goodwill: Polyurethanes $ 338 $ 336 Performance Products 16 15 Advanced Materials 290 290 Total $ 644 $ 641 ( 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) loss on early extinguishment of debt; (d) certain legal and other settlements and related expenses; (e) (costs) income associated with the Albemarle Settlement, net; (f) gain on sale of businesses/assets; (g) income from transition services arrangements; (h) certain nonrecurring information technology project implementation costs; (i) amortization of pension and postretirement actuarial losses; (j) plant incident remediation credits; (k) restructuring, impairment, plant closing and transition costs; and (l) income from discontinued operations, net of tax. ( 2 Corporate and other costs, net includes unallocated corporate overhead, unallocated foreign 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 relating primarily to our Corporate program to optimize our global approach to leverage shared services capabilities and managed services in various information technology functions. Year ended December 31, 2023 2022 2021 Revenues by geographic area (1) United States $ 2,140 $ 3,089 $ 2,649 China 1,084 1,305 1,395 Germany 423 522 524 Italy 216 249 280 Canada 211 242 231 India 164 196 183 United Kingdom 155 193 175 Other nations 1,718 2,227 2,233 Total $ 6,111 $ 8,023 $ 7,670 December 31, 2023 2022 Long-lived assets (2) United States $ 1,216 $ 1,211 The Netherlands 321 313 China 200 213 Saudi Arabia 112 121 Hungary 108 77 Germany 92 95 Switzerland 76 76 Singapore 66 71 United Kingdom 64 62 Other nations 121 138 Total $ 2,376 $ 2,377 ( 1 Geographic information for revenues is based upon countries into which product is sold. ( 2 Long-lived assets consist of property, plant and equipment, net. |
Schedule I - Condensed Financia
Schedule I - Condensed Financial Information of Registrant | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Condensed Financial Information of Parent Company Only Disclosure [Text Block] | Schedule I—Condensed Financial Information of Registrant HUNTSMAN CORPORATION (Parent Only) BALANCE SHEETS (In Millions, Except Share and Per Share Amounts) December 31, 2023 2022 ASSETS Investment in and advances to affiliates $ 3,261 $ 3,631 Total assets $ 3,261 $ 3,631 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Accounts payable $ 1 $ — Accrued liabilities 5 2 Total current liabilities 6 2 Other noncurrent liabilities 4 5 Total liabilities 10 7 STOCKHOLDERS’ EQUITY Common stock $ 0.01 1,200,000,000 262,190,459 261,148,217 171,583,331 183,634,464 3 3 Additional paid-in capital 4,202 4,156 Treasury stock, 90,607,128 77,513,753 (2,290 ) (1,937 ) Unearned stock-based compensation (41 ) (35 ) Retained earnings 2,622 2,705 Accumulated other comprehensive loss (1,245 ) (1,268 ) Total stockholders’ equity 3,251 3,624 Total liabilities and stockholders’ equity $ 3,261 $ 3,631 The accompanying notes are an integral part of the condensed financial information. HUNTSMAN CORPORATION (Parent Only) STATEMENTS OF OPERATIONS (In Millions) Year ended December 31, 2023 2022 2021 Selling, general and administrative expenses $ (3 ) $ (4 ) $ (7 ) Equity in (loss) income of subsidiaries (68 ) 295 891 Dividend income—affiliate 172 169 158 Other income — — 3 Net income $ 101 $ 460 $ 1,045 The accompanying notes are an integral part of the condensed financial information. HUNTSMAN CORPORATION (Parent Only) STATEMENTS OF COMPREHENSIVE INCOME (In Millions) Year ended December 31, 2023 2022 2021 Net income $ 101 $ 460 $ 1,045 Other comprehensive income (loss), net of tax: Foreign currency translations adjustments 34 (228 ) (92 ) Pension and other postretirement benefits adjustments (4 ) 158 240 Other, net 42 56 61 Other comprehensive income (loss), net of tax 72 (14 ) 209 Comprehensive income 173 446 1,254 Comprehensive income attributable to noncontrolling interests (49 ) (51 ) (66 ) Comprehensive income attributable to Huntsman Corporation $ 124 $ 395 $ 1,188 The accompanying notes are an integral part of the condensed financial information. HUNTSMAN CORPORATION (Parent Only) STATEMENTS OF STOCKHOLDERS’ EQUITY (In Millions, Except Share Amounts) Huntsman Corporation Stockholders’ Equity Accumulated Shares Additional Unearned other Common Common paid-in Treasury stock-based Retained comprehensive Total stock stock capital stock compensation earnings loss equity Beginning balance, January 1, 2021 220,046,262 $ 3 $ 4,048 $ (731 ) $ (19 ) $ 1,564 $ (1,346 ) $ 3,519 Net income — — — — — 1,045 — 1,045 Other comprehensive income — — — — — — 143 143 Issuance of nonvested stock awards — — 26 — (26 ) — — — Vesting of stock awards 678,400 — 5 — — — — 5 Recognition of stock-based compensation — — 6 — 20 — — 26 Repurchase and cancellation of stock awards (238,339 ) — — — — (7 ) — (7 ) Stock options exercised 738,362 — 17 — — (7 ) — 10 Treasury stock repurchased (7,054,398 ) — — (203 ) — — — (203 ) Dividends declared on common stock — — — — — (160 ) — (160 ) Balance, December 31, 2021 214,170,287 3 4,102 (934 ) (25 ) 2,435 (1,203 ) 4,378 Net income — — — — — 460 — 460 Other comprehensive loss — — — — — — (65 ) (65 ) Issuance of nonvested stock awards — — 32 — (32 ) — — — Vesting of stock awards 1,341,787 — 7 — — — — 7 Recognition of stock-based compensation — — 3 — 22 — — 25 Repurchase and cancellation of stock awards (366,199 ) — — — — (14 ) — (14 ) Stock options exercised 470,853 — 12 — — (6 ) — 6 Treasury stock repurchased (31,982,264 ) — — (1,003 ) — — — (1,003 ) Dividends declared on common stock — — — — — (170 ) — (170 ) Balance, December 31, 2022 183,634,464 3 4,156 (1,937 ) (35 ) 2,705 (1,268 ) 3,624 Net income — — — — — 101 — 101 Other comprehensive income — — — — — — 23 23 Issuance of nonvested stock awards — — 32 — (32 ) — — — Vesting of stock awards 1,028,971 — 5 — — — — 5 Recognition of stock-based compensation — — 1 — 26 — — 27 Repurchase and cancellation of stock awards (307,093 ) — — — — (10 ) — (10 ) Stock options exercised 320,364 — 9 — — (4 ) — 5 Treasury stock repurchased (13,093,375 ) — — (353 ) — — — (353 ) Dividends declared on common stock — — — — — (170 ) — (170 ) Acquisition of noncontrolling interests, net of tax — — (1 ) — — — — (1 ) Balance, December 31, 2023 171,583,331 $ 3 $ 4,202 $ (2,290 ) $ (41 ) $ 2,622 $ (1,245 ) $ 3,251 The accompanying notes are an integral part of the condensed financial information. HUNTSMAN CORPORATION (Parent Only) STATEMENTS OF CASH FLOWS (In Millions) Year ended December 31, 2023 2022 2021 Operating activities: Net income $ 101 $ 460 $ 1,045 Equity in loss (income) of subsidiaries 68 (295 ) (891 ) Stock-based compensation 1 2 1 Changes in operating assets and liabilities — (2 ) (2 ) Net cash provided by operating activities 170 165 153 Investing activities: Net cash provided by investing activities — — — Financing activities: Dividends paid to common stockholders (169 ) (171 ) (159 ) Repurchase and cancellation of stock awards (10 ) (14 ) (7 ) Proceeds from issuance of common stock 5 6 10 Repurchase of common stock (349 ) (1,005 ) (200 ) Increase in payable to affiliates 352 1,017 203 Other, net 1 — — Net cash used in financing activities (170 ) (167 ) (153 ) Decrease in cash and cash equivalents — (2 ) — Cash and cash equivalents at beginning of period — 2 2 Cash and cash equivalents at end of period $ — $ — $ 2 The accompanying notes are an integral part of the condensed financial information. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Impairment or Disposal of Long-Lived Assets, Including Intangible Assets, Policy [Policy Text Block] | C arrying alue of ong ived ssets We review long-lived assets and all amortizable intangible assets for impairment whenever events or changes in circumstances indicate that the carrying amount of these assets may not |
Cash and Cash Equivalents, Policy [Policy Text Block] | C ash and ash quivalents We consider cash in checking accounts and cash in short-term highly liquid investments with original maturities of three |
Cost of Goods and Service [Policy Text Block] | C ost of oods old We classify the costs of manufacturing and distributing our products as cost of goods sold. Manufacturing costs include variable costs, primarily raw materials and energy, and fixed expenses directly associated with production. Manufacturing costs also include, among other things, plant site operating costs and overhead (including depreciation), production planning and logistics costs, repair and maintenance costs, plant site purchasing costs, and engineering and technical support costs. Distribution, freight and warehousing costs are also included in cost of goods sold. |
Derivatives, Policy [Policy Text Block] | D erivatives and edging ctivities All derivatives, whether designated in hedging relationships or not, three not not |
Environmental Cost, Expense Policy [Policy Text Block] | E nvironmental xpenditures Environmental related restoration and remediation costs are recorded as liabilities when site restoration and environmental remediation and clean-up obligations are either known or considered probable and the related costs can be reasonably estimated. Other environmental expenditures that are principally maintenance or preventative in nature are recorded when expended and incurred and are expensed or capitalized as appropriate. See “Note 21. |
Equity Method Investments [Policy Text Block] | E quity ethod nvestments We account for our equity investments where we own a non-controlling interest, but exercise significant influence, under the equity method of accounting. Under the equity method of accounting, our original cost of the investment is adjusted for our share of equity in the earnings of the equity investee and reduced by dividends and distributions of capital received, unless the fair value option is elected, in which case the investment balance is marked to fair value each reporting period and the impact of changes in fair value of the equity investment are reported in earnings. . |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | F oreign urrency ranslation The accounts of our operating subsidiaries outside of the U.S., unless they are operating in highly inflationary economic environments, consider the functional currency to be the currency of the economic environment in which they operate. Accordingly, assets and liabilities are translated at rates prevailing at the balance sheet date. Revenues, expenses, gains and losses are translated at a weighted average rate for the period. Cumulative translation adjustments are recorded to equity as a component of accumulated other comprehensive loss. If a subsidiary operates in an economic environment that is considered to be highly inflationary (100% cumulative inflation over a three Foreign currency transaction gains and losses are recorded in other operating income, net in our consolidated statements of operations and were a loss of $13 million, a gain of $18 million and a gain of $9 million for the years ended December 31, 2023, 2022 2021 |
Income Tax, Policy [Policy Text Block] | I ncome axes 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 Accounting for uncertainty in income taxes prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. The application of income tax law is inherently complex. We are required to determine if an income tax position meets the criteria of more likely than not not 19. |
Goodwill and Intangible Assets, Policy [Policy Text Block] | I ntangible ssets and oodwill Intangible assets are stated at cost (fair value at the time of acquisition) and are amortized using the straight-line method over the estimated useful lives or the life of the related agreement as follows: In years Patents and technology 5 - 30 Trademarks 9 - 30 Licenses and other agreements 5 - 15 Other intangibles 5 - 20 Goodwill represents costs in excess of fair values assigned to the underlying net assets of acquired businesses. Goodwill is not third not During 2023 2022, |
Inventory, Policy [Policy Text Block] | I nventories Inventories are stated at the lower of cost or market, with cost determined using average cost, LIFO and first first |
Lessee, Leases [Policy Text Block] | L eases The determination of whether a contract is or contains a lease is performed at the lease inception date. Lease right-of-use assets and lease liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term, using incremental borrowing rates as the implicit rates are not 9. |
Legal Costs, Policy [Policy Text Block] | L egal osts We expense legal costs, including those legal costs incurred in connection with a loss contingency, as incurred. |
Earnings Per Share, Policy [Policy Text Block] | N et ncome er hare ttributable to untsman orporation 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. In periods with reported loss from continuing operations attributable to Huntsman Corporation, all stock-based awards are generally deemed anti-dilutive and would be excluded from the calculation of diluted income per share from continuing operations, discontinued operations and net income regardless of whether there is income or loss from discontinued operations and net income. Basic and diluted income per share is determined using the following information (in millions): Year ended December 31, 2023 2022 2021 Numerator: (Loss) income from continuing operations attributable to Huntsman Corporation $ (17 ) $ 448 $ 996 Net income attributable to Huntsman Corporation $ 101 $ 460 $ 1,045 Denominator: Weighted average shares outstanding 177.4 201.0 219.2 Dilutive shares: Stock-based awards — 2.0 2.2 Total weighted average shares outstanding, including dilutive shares 177.4 203.0 221.4 Additional stock-based awards of 3.1 million, 1.1 million and 1.1 million weighted average equivalent shares of stock were outstanding during the years ended December 31, 2023, 2022 2021 not December 31, 2023, |
Other Noncurrent Assets [Policy Text Block] | O ther oncurrent ssets Periodic maintenance and repairs applicable to major units of manufacturing facilities (a “turnaround”) are accounted for on the deferral basis by capitalizing the costs of the turnaround and amortizing the costs over the estimated period until the next turnaround. |
Consolidation, Policy [Policy Text Block] | P rinciples of onsolidation Our 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. All intercompany accounts and transactions have been eliminated. |
Property, Plant and Equipment, Policy [Policy Text Block] | P roperty, lant and quipment Property, plant and equipment is stated at cost less accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful lives or lease term as follows: In years Buildings 10 - 40 Plant and equipment 3 - 30 Furniture, fixtures and leasehold improvements 5 - 20 Interest expense capitalized as part of plant and equipment was $6 million, $7 million and $11 million for the years ended December 31, 2023, 2022 2021 Normal maintenance and repairs of plant and equipment are charged to expense as incurred. Renewals, betterments and major repairs that materially extend the useful life of the assets are capitalized, and the assets replaced, if any, are retired. |
Revenue from Contract with Customer [Policy Text Block] | R evenue ecognition We generate substantially all of our revenue through product sales in the open market and long-term supply agreements in which revenue is recognized at a point in time. At contract inception, we assess the goods and services, if any, promised in our contracts and identify a performance obligation for each promise to transfer to the customer a good or service that is distinct. In substantially all cases, a contract has a single performance obligation to deliver a promised good to the customer. Revenue is recognized when control of the product is transferred to the customer (i.e., when our performance obligation is satisfied), which typically occurs at shipment. Further, in determining whether control has transferred, we consider if there is a present right to payment and legal title, along with risks and rewards of ownership having transferred to the customer. Revenue is measured as the amount that reflects the consideration that we expect to be entitled to in exchange for those goods. Sales, value add, and other taxes we collect concurrent with revenue-producing activities are excluded from revenue. Incidental items that are immaterial in the context of the contract are recognized as expense. We have elected to account for all shipping and handling activities as fulfillment costs. We have also elected to expense commissions when incurred as the amortization period of the commission asset that we would have otherwise recognized is less than one The amount of consideration we receive and revenue we recognize is based upon the terms stated in the sales contract, which may not one one not not 17. |
Transfers and Servicing of Financial Assets, Policy [Policy Text Block] | S ecuritization of ccounts eceivable Under our A/R Programs, we grant an undivided interest in certain of our trade receivables to the special purpose entities (“SPE”) in the U.S. and EU. This undivided interest serves as security for the issuance of debt. The A/R Programs provide for financing in U.S. dollars, euros and British pounds. The amounts outstanding under our A/R Programs are accounted for as secured borrowings. See “Note 14. |
Share-Based Payment Arrangement [Policy Text Block] | S tock ased ompensation We measure the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award. That cost, net of estimated forfeitures, will be recognized over the period during which the employee is required to provide services in exchange for the award. See “Note 23. |
Use of Estimates, Policy [Policy Text Block] | U E 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. |
New Accounting Pronouncements, Policy [Policy Text Block] | A tandards A D 2023 There were no 2023 A tandards P A F uture P The following relevant accounting standards become effective subsequent to fiscal year 2023, ● Financial Accounting Standards Board (FASB) Accounting Standards Update (ASU) No. 2023 09, Income Taxes (Topic 740 December 15, 2024 December 15, 2025 ● FASB ASU No. 2023 07, Segment Reporting (Topic 280 December 15, 2023 December 15, 2024 |
Note 2 - Summary of Significa_2
Note 2 - Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Useful Life of Finite-lived Intangible Assets [Table Text Block] | In years Patents and technology 5 - 30 Trademarks 9 - 30 Licenses and other agreements 5 - 15 Other intangibles 5 - 20 |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Year ended December 31, 2023 2022 2021 Numerator: (Loss) income from continuing operations attributable to Huntsman Corporation $ (17 ) $ 448 $ 996 Net income attributable to Huntsman Corporation $ 101 $ 460 $ 1,045 Denominator: Weighted average shares outstanding 177.4 201.0 219.2 Dilutive shares: Stock-based awards — 2.0 2.2 Total weighted average shares outstanding, including dilutive shares 177.4 203.0 221.4 |
Schedule of Property, Plant and Equipment, Useful Life [Table Text Block] | In years Buildings 10 - 40 Plant and equipment 3 - 30 Furniture, fixtures and leasehold improvements 5 - 20 |
Note 3 - Business Combination_2
Note 3 - Business Combinations and Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Fair value of assets acquired and liabilities assumed: Cash paid for the Gabriel Acquisition $ 251 Cash $ 9 Accounts receivable 13 Inventories 23 Property, plant and equipment 50 Intangible assets 96 Goodwill 87 Accounts payable (7 ) Accrued liabilities (3 ) Deferred income taxes (17 ) Total fair value of net assets acquired $ 251 |
Business Acquisition, Pro Forma Information [Table Text Block] | Pro forma (unaudited) Year ended December 31, 2021 Revenues $ 7,674 Net income 1,092 Net income attributable to Huntsman Corporation 1,033 Pro forma (unaudited) Year ended December 31, 2021 Revenues $ 7,674 Net income 1,095 Net income attributable to Huntsman International 1,036 |
Note 4 - Discontinued Operati_2
Note 4 - Discontinued Operations and Business Dispositions (Tables) | 12 Months Ended |
Dec. 31, 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 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 liabilities held for sale (1) $ 194 Year ended December 31, 2023 2022 2021 Major line items constituting pretax income of discontinued operations: Trade sales, services and fees, net (1) $ 88 $ 692 $ 783 Cost of goods sold (1) (69 ) (531 ) (592 ) Gain on sale of the Textile Effects Business 154 — — Other expense items, net (38 ) (130 ) (121 ) Income from discontinued operations before income taxes 135 31 70 Income tax expense (17 ) (19 ) (21 ) Income from discontinued operations, net of tax 118 12 49 Net income attributable to noncontrolling interests — (3 ) — Net income attributable to discontinued operations $ 118 $ 9 $ 49 |
Note 5 - Inventories (Tables)
Note 5 - Inventories (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | December 31, 2023 2022 Raw materials and supplies $ 191 $ 241 Work in progress 39 40 Finished goods 673 758 Total 903 1,039 LIFO reserves (36 ) (44 ) Net inventories $ 867 $ 995 |
Note 6 - Property, Plant and _2
Note 6 - Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | December 31, 2023 2022 Land $ 99 $ 94 Buildings 586 570 Plant and equipment 5,238 5,092 Construction in progress 362 274 Total 6,285 6,030 Less accumulated depreciation (3,909 ) (3,653 ) Net $ 2,376 $ 2,377 December 31, 2023 2022 Land $ 99 $ 94 Buildings 586 570 Plant and equipment 5,326 5,180 Construction in progress 362 274 Total 6,373 6,118 Less accumulated depreciation (3,997 ) (3,741 ) Net $ 2,376 $ 2,377 |
Note 7 - Investment in Uncons_2
Note 7 - Investment in Unconsolidated Affiliates (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Investments in and Advances to Affiliates [Table Text Block] | December 31, 2023 2022 Equity Method: BASF Huntsman Shanghai Isocyanate Investment BV ( 50% $ 98 $ 103 Nanjing Jinling Huntsman New Material Co., Ltd. ( 49% 304 282 Jurong Ningwu New Material Development Co., Ltd. ( 30% 33 37 KPX Huntsman Polyurethanes Automotive Co., Ltd. ( 50% 3 3 Total investments $ 438 $ 425 |
Schedule of Investments in and Advances to Affiliates, Schedule of Investments [Table Text Block] | December 31, 2023 2022 Current assets $ 419 $ 454 Non-current assets 804 870 Current liabilities 188 237 Non-current liabilities 48 126 Year ended December 31, 2023 2022 2021 Revenues $ 2,299 $ 2,410 $ 2,588 Gross profit 285 243 470 Income from continuing operations 180 148 305 Net income 180 148 305 |
Note 8 - Variable Interest En_2
Note 8 - Variable Interest Entities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Variable Interest Entities [Table Text Block] | December 31, 2023 2022 Current assets $ 67 $ 73 Property, plant and equipment, net 150 149 Operating lease right-of-use assets 29 28 Other noncurrent assets 125 140 Deferred income taxes 13 13 Total assets $ 384 $ 403 Current liabilities $ 121 $ 144 Long-term debt 17 26 Noncurrent operating lease liabilities 21 19 Other noncurrent liabilities 15 25 Deferred income taxes 1 — Total liabilities $ 175 $ 214 Year ended December 31, 2023 2022 2021 Revenues $ — $ — $ — Income from continuing operations before income taxes 60 36 12 Net cash provided by operating activities 78 81 33 |
Note 9 - Leases (Tables)
Note 9 - Leases (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Lease, Cost [Table Text Block] | Year ended December 31, 2023 2022 2021 Operating lease expense: Cost of goods sold $ 40 $ 37 $ 39 Selling, general and administrative 22 21 22 Research and development 7 6 6 Total operating lease expense (1) $ 69 $ 64 $ 67 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 64 $ 63 $ 63 Supplemental noncash information: Leased assets obtained in exchange for new operating lease liabilities $ 32 $ 24 $ 18 |
Lease Quantitative Disclosure [Table Text Block] | Year ended December 31, 2023 2022 2021 Weighted-average remaining lease term (in years) 9 10 10 Weighted-average discount rate 3.8 % 3.7 % 3.7 % |
Lessee, Operating Lease, Liability, to be Paid, Maturity [Table Text Block] | Year ending December 31, 2024 $ 60 2025 57 2026 51 2027 49 2028 46 Thereafter 193 Total lease payments 456 Less imputed interest (76 ) Total $ 380 |
Note 10 - Intangible Assets (Ta
Note 10 - Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | December 31, 2023 December 31, 2022 Carrying Accumulated Carrying Accumulated amount amortization Net amount amortization Net Patents, trademarks and technology $ 470 $ 282 $ 188 $ 468 $ 267 $ 201 Licenses and other agreements 312 129 183 311 106 205 Other intangibles 52 36 16 51 32 19 Total $ 834 $ 447 $ 387 $ 830 $ 405 $ 425 December 31, 2023 December 31, 2022 Carrying Accumulated Carrying Accumulated amount amortization Net amount amortization Net Patents, trademarks and technology $ 470 $ 282 $ 188 $ 468 $ 267 $ 201 Licenses and other agreements 312 129 183 311 106 205 Other intangibles 60 44 16 59 40 19 Total $ 842 $ 455 $ 387 $ 838 $ 413 $ 425 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | Year ending December 31, 2024 $ 40 2025 40 2026 40 2027 39 2028 39 |
Note 11 - Accrued Liabilities (
Note 11 - Accrued Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Accrued Liabilities [Table Text Block] | December 31, 2023 2022 Payroll and related accruals $ 76 $ 93 Income taxes 67 68 Taxes other than income taxes 49 44 Volume and rebate accruals 43 36 Restructuring and plant closing reserves 26 72 Other miscellaneous accruals 134 116 Total $ 395 $ 429 December 31, 2023 2022 Payroll and related accruals $ 76 $ 93 Income taxes 67 68 Taxes other than income taxes 46 44 Volume and rebate accruals 43 36 Restructuring and plant closing reserves 26 72 Other miscellaneous accruals 132 114 Total $ 390 $ 427 |
Note 12 - Restructuring, Impa_2
Note 12 - Restructuring, Impairment and Plant Closing Costs (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Restructuring Reserve by Type of Cost [Table Text Block] | Other Workforce restructuring reductions costs Total Accrued liabilities as of January 1, 2021 $ 23 $ — $ 23 Charges 17 5 22 Payments (15 ) (4 ) (19 ) Accrued liabilities as of December 31, 2021 25 1 26 Charges 69 11 80 Payments (18 ) (12 ) (30 ) Accrued liabilities as of December 31, 2022 76 — 76 (Credits) charges (4 ) 11 7 Payments (45 ) (11 ) (56 ) Accrued liabilities as of December 31, 2023 $ 27 $ — $ 27 |
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, 2021 $ 12 $ 2 $ 9 $ — $ 23 Charges (credits) 6 2 (1 ) 15 22 Payments (9 ) (3 ) (3 ) (4 ) (19 ) Accrued liabilities as of December 31, 2021 9 1 5 11 26 Charges 28 5 8 39 80 Payments (13 ) (1 ) (3 ) (13 ) (30 ) Accrued liabilities as of December 31, 2022 24 5 10 37 76 Charges (credits) 1 6 7 (7 ) 7 Payments (17 ) (4 ) (13 ) (22 ) (56 ) Accrued liabilities as of December 31, 2023 $ 8 $ 7 $ 4 $ 8 $ 27 Current portion of restructuring reserves $ 8 $ 7 $ 3 $ 8 $ 26 Long-term portion of restructuring reserves — — 1 — 1 |
Schedule of Cash and Noncash Restructuring Charges By Type of Initiative [Table Text Block] | Cash charges $ 7 Noncash charges: Accelerated depreciation 9 Other noncash charges 2 Total 2023 restructuring, impairment and plant closing costs $ 18 Cash charges $ 80 Noncash charges: Accelerated depreciation 6 Gain on sale of assets (2 ) Other noncash charges 2 Total 2022 restructuring, impairment and plant closing costs $ 86 Cash charges $ 22 Noncash charges: Accelerated depreciation 14 Gain on sale of assets (3 ) Other noncash charges 7 Total 2021 restructuring, impairment and plant closing costs $ 40 |
Note 13 - Other Noncurrent Li_2
Note 13 - Other Noncurrent Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Other Noncurrent Liabilities [Table Text Block] | December 31, 2023 2022 Pension liabilities $ 177 $ 183 Employee benefit accrual 44 38 Other postretirement benefits 35 42 Other 89 159 Total $ 345 $ 422 December 31, 2023 2022 Pension liabilities $ 177 $ 183 Employee benefit accrual 44 38 Other postretirement benefits 35 42 Other 83 151 Total $ 339 $ 414 |
Note 14 - Debt (Tables)
Note 14 - Debt (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | December 31, 2023 2022 Senior credit facilities: Revolving facility $ — $ 55 Amounts outstanding under A/R programs 169 166 Senior notes 1,471 1,455 Variable interest entities 26 35 Other 22 26 Total debt $ 1,688 $ 1,737 Total current portion of debt $ 12 $ 66 Long-term portion of debt 1,676 1,671 Total debt $ 1,688 $ 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 2023 Revolving Credit Facility $ 1,200 $ — (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 $ 110 (3) Applicable rate plus 0.90% EU A/R Program July 2024 € 100 € 53 Applicable rate plus 1.30% (or approximately $111) (or approximately $59) |
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 (€ 299 332 $ 1 2029 Senior Notes February 2029 4.50 % $750 ($ 742 8 2031 Senior Notes June 2031 2.95 % $400 ($ 397 3 |
Schedule of Maturities of Long-Term Debt [Table Text Block] | Year ending December 31, 2024 $ 12 2025 344 2026 10 2027 172 2028 3 Thereafter 1,147 $ 1,688 |
Note 16 - Fair Value (Tables)
Note 16 - Fair Value (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Fair Value, by Balance Sheet Grouping [Table Text Block] | December 31, 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) (1,688 ) (1,613 ) (1,737 ) (1,578 ) |
Note 17 - Revenue Recognition (
Note 17 - Revenue Recognition (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | 2023 Polyurethanes Performance Products Advanced Materials Corporate and eliminations Total Primary geographic markets (1) U.S. and Canada $ 1,476 $ 560 $ 323 $ (8 ) $ 2,351 Europe 1,022 247 414 (16 ) 1,667 Asia Pacific 1,063 282 268 (2 ) 1,611 Rest of world 304 89 87 2 482 $ 3,865 $ 1,178 $ 1,092 $ (24 ) $ 6,111 Major product groupings: Diversified $ 3,865 $ 1,178 $ 5,043 Specialty $ 1,029 1,029 Other 63 63 Eliminations $ (24 ) (24 ) $ 3,865 $ 1,178 $ 1,092 $ (24 ) $ 6,111 2022 Polyurethanes Performance Products Advanced Materials Corporate and eliminations Total Primary geographic markets (1) U.S. and Canada $ 2,126 $ 806 $ 411 $ (13 ) $ 3,330 Europe 1,239 395 461 (15 ) 2,080 Asia Pacific 1,321 402 296 (4 ) 2,015 Rest of world 381 110 109 (2 ) 598 $ 5,067 $ 1,713 $ 1,277 $ (34 ) $ 8,023 Major product groupings: Diversified $ 5,067 $ 1,713 $ 6,780 Specialty $ 1,180 1,180 Other 97 97 Eliminations $ (34 ) (34 ) $ 5,067 $ 1,713 $ 1,277 $ (34 ) $ 8,023 2021 Polyurethanes Performance Products Advanced Materials Corporate and eliminations Total Primary geographic markets (1) U.S. and Canada $ 1,884 $ 656 $ 365 $ (24 ) $ 2,881 Europe 1,322 382 425 (8 ) 2,121 Asia Pacific 1,418 362 297 — 2,077 Rest of world 395 85 111 — 591 $ 5,019 $ 1,485 $ 1,198 $ (32 ) $ 7,670 Major product groupings: Diversified $ 5,019 $ 1,485 $ 6,504 Specialty $ 1,077 1,077 Other 121 121 Eliminations $ (32 ) (32 ) $ 5,019 $ 1,485 $ 1,198 $ (32 ) $ 7,670 |
Note 18 - Employee Benefit Pl_2
Note 18 - Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Net Funded Status and Amounts Recognized in Balance Sheet [Table Text Block] | Defined benefit plans Other postretirement benefit plans 2023 2022 2023 2022 U.S. Non-U.S. U.S. Non-U.S. U.S. Non-U.S. U.S. Non-U.S. plans plans plans plans plans plans plans plans Change in plan assets: Fair value of plan assets at beginning of year $ 691 $ 1,436 $ 925 $ 1,970 $ — $ — $ — $ — Actual return on plan assets 86 67 (150 ) (381 ) — — — — Foreign currency exchange rate changes — 80 — (129 ) — — — — Participant contributions — 5 — 5 2 — 2 — Settlements/transfers/divestitures — (16 ) (30 ) (5 ) — — — — Company contributions 18 26 5 36 6 — 7 — Benefits paid (67 ) (56 ) (59 ) (60 ) (8 ) — (9 ) — Fair value of plan assets at end of year $ 728 $ 1,542 $ 691 $ 1,436 $ — $ — $ — $ — Change in benefit obligation: Benefit obligation at beginning of year $ 770 $ 1,354 $ 1,048 $ 2,032 $ 47 $ — $ 61 $ — Service cost 11 15 19 26 1 — 1 — Interest cost 43 50 32 23 3 — 2 — Participant contributions — 5 — 5 2 — 2 — Plan amendments — — — (2 ) (1 ) — — — Foreign currency exchange rate changes — 77 — (131 ) — — — — Settlements/curtailments/divestitures — (21 ) (26 ) (5 ) — — — — Actuarial loss (gain) 27 139 (244 ) (534 ) (4 ) — (10 ) — Benefits paid (67 ) (56 ) (59 ) (60 ) (8 ) — (9 ) — Benefit obligation at end of year $ 784 $ 1,563 $ 770 $ 1,354 $ 40 $ — $ 47 $ — Funded status: Fair value of plan assets $ 728 $ 1,542 $ 691 $ 1,436 $ — $ — $ — $ — Benefit obligation (784 ) (1,563 ) (770 ) (1,354 ) (40 ) — (47 ) — (Under) over funded status $ (56 ) $ (21 ) $ (79 ) $ 82 $ (40 ) $ — $ (47 ) $ — Amounts recognized in balance sheet: Noncurrent asset $ — $ 110 $ — $ 196 $ — $ — $ — $ — Current liability (7 ) (3 ) (6 ) (4 ) (5 ) — (5 ) — Noncurrent liability (49 ) (128 ) (73 ) (110 ) (35 ) — (42 ) — Net (liability) asset $ (56 ) $ (21 ) $ (79 ) $ 82 $ (40 ) $ — $ (47 ) $ — |
Schedule of Net Periodic Benefit Cost Not yet Recognized [Table Text Block] | Defined benefit plans Other postretirement benefit plans 2023 2022 2023 2022 U.S. Non-U.S. U.S. Non-U.S. U.S. Non-U.S. U.S. Non-U.S. plans plans plans plans plans plans plans plans Amounts recognized in accumulated other comprehensive loss: Net actuarial loss $ 199 $ 547 $ 202 $ 511 $ 7 $ — $ 11 $ — Prior service credit (4 ) (14 ) (6 ) (18 ) (12 ) — (16 ) — Total $ 195 $ 533 $ 196 $ 493 $ (5 ) $ — $ (5 ) $ — Defined benefit plans Other postretirement benefit plans 2023 2022 2023 2022 U.S. Non-U.S. U.S. Non-U.S. U.S. Non-U.S. U.S. Non-U.S. plans plans plans plans plans plans plans plans Amounts recognized in accumulated other comprehensive loss: Net actuarial loss $ 199 $ 547 $ 202 $ 511 $ 7 $ — $ 11 $ — Prior service credit (4 ) (14 ) (6 ) (18 ) (12 ) — (16 ) — Total $ 195 $ 533 $ 196 $ 493 $ (5 ) $ — $ (5 ) $ — |
Schedule of Net Benefit Costs [Table Text Block] | Defined benefit plans U.S. plans Non-U.S. plans 2023 2022 2021 2023 2022 2021 Service cost $ 11 $ 19 $ 20 $ 15 $ 26 $ 30 Interest cost (1) 43 32 31 50 23 17 Expected return on plan assets (1) (56 ) (62 ) (62 ) (69 ) (87 ) (91 ) Amortization of prior service credit (1) (2 ) (2 ) (2 ) (4 ) (3 ) (4 ) Amortization of actuarial loss (1) — 20 31 32 27 48 Settlement loss (1) — 5 — 6 — 3 Net periodic benefit (credit) cost $ (4 ) $ 12 $ 18 $ 30 $ (14 ) $ 3 Other postretirement benefit plans U.S. plans Non-U.S. plans 2023 2022 2021 2023 2022 2021 Service cost $ 1 $ 1 $ 2 $ — $ — $ — Interest cost (1) 3 2 2 — — — Amortization of prior service credit (1) (5 ) (5 ) (5 ) — — — Amortization of actuarial loss (1) — 2 2 — — — Net periodic benefit (credit) cost $ (1 ) $ — $ 1 $ — $ — $ — Defined benefit plans U.S. plans Non-U.S. plans 2023 2022 2021 2023 2022 2021 Service cost $ 11 $ 19 $ 20 $ 15 $ 26 $ 30 Interest cost (1) 43 32 31 50 23 17 Expected return on plan assets (1) (56 ) (62 ) (62 ) (69 ) (87 ) (91 ) Amortization of prior service credit (1) (2 ) (2 ) (2 ) (4 ) (3 ) (4 ) Amortization of actuarial loss (1) — 20 31 32 27 51 Settlement loss (1) — 5 — 6 — 3 Net periodic benefit (credit) cost $ (4 ) $ 12 $ 18 $ 30 $ (14 ) $ 6 Other postretirement benefit plans U.S. plans Non-U.S. plans 2023 2022 2021 2023 2022 2021 Service cost $ 1 $ 1 $ 2 $ — $ — $ — Interest cost (1) 3 2 2 — — — Amortization of prior service credit (1) (5 ) (5 ) (5 ) — — — Amortization of actuarial loss (1) — 2 2 — — — Net periodic benefit (credit) cost $ (1 ) $ — $ 1 $ — $ — $ — |
Schedule of Amount Recognized in Net Periodic Benefit Cost and Other Comprehensive Income (Loss) [Table Text Block] | Defined benefit plans U.S. plans Non-U.S. plans 2023 2022 2021 2023 2022 2021 Current year actuarial (gain) loss $ (3 ) $ (28 ) $ (78 ) $ 135 $ (115 ) $ (150 ) Amortization of actuarial loss — (20 ) (31 ) (32 ) (36 ) (59 ) Current year prior service (credit) cost — — — — (3 ) 1 Amortization of prior service credit 2 2 2 4 5 5 Settlements/curtailments — (5 ) — (5 ) — (3 ) Total recognized in other comprehensive income (loss) (1 ) (51 ) (107 ) 102 (149 ) (206 ) Amounts related to discontinued operations (1 ) 2 20 — 57 25 Total recognized in other comprehensive income (loss) in continuing operations (2 ) (49 ) (87 ) 102 (92 ) (181 ) Net periodic benefit (credit) cost (4 ) 12 18 30 (14 ) 3 Total recognized in net periodic benefit cost and other comprehensive income (loss) $ (6 ) $ (37 ) $ (69 ) $ 132 $ (106 ) $ (178 ) Other postretirement benefit plans U.S. plans Non-U.S. plans 2023 2022 2021 2023 2022 2021 Current year actuarial gain $ (4 ) $ (10 ) $ (2 ) $ — $ — $ — Amortization of actuarial loss — (2 ) (2 ) — — — Current year prior service credit (1 ) — — — — — Amortization of prior service credit 5 5 5 — — — Total recognized in other comprehensive income (loss) — (7 ) 1 — — — Amounts related to discontinued operations 1 2 1 — — — Total recognized in other comprehensive income (loss) in continuing operations 1 (5 ) 2 — — — Net periodic benefit (credit) cost (1 ) — 1 — — — Total recognized in net periodic benefit cost and other comprehensive income (loss) $ — $ (5 ) $ 3 $ — $ — $ — Defined benefit plans U.S. plans Non-U.S. plans 2023 2022 2021 2023 2022 2021 Current year actuarial (gain) loss $ (3 ) $ (28 ) $ (78 ) $ 135 $ (115 ) $ (150 ) Amortization of actuarial loss — (20 ) (31 ) (32 ) (36 ) (62 ) Current year prior service (credit) cost — — — — (3 ) 1 Amortization of prior service credit 2 2 2 4 5 5 Settlements/curtailments — (5 ) — (5 ) — (3 ) Total recognized in other comprehensive income (loss) (1 ) (51 ) (107 ) 102 (149 ) (209 ) Amounts related to discontinued operations (1 ) 2 20 — 57 25 Total recognized in other comprehensive income (loss) in continuing operations (2 ) (49 ) (87 ) 102 (92 ) (184 ) Net periodic benefit cost (credit) (4 ) 12 18 30 (14 ) 6 Total recognized in net periodic benefit cost and other comprehensive income (loss) $ (6 ) $ (37 ) $ (69 ) $ 132 $ (106 ) $ (178 ) Other postretirement benefit plans U.S. plans Non-U.S. plans 2023 2022 2021 2023 2022 2021 Current year actuarial gain $ (4 ) $ (10 ) $ (2 ) $ — $ — $ — Amortization of actuarial loss — (2 ) (2 ) — — — Current year prior service credit (1 ) — — — — — Amortization of prior service credit 5 5 5 — — — Total recognized in other comprehensive income (loss) — (7 ) 1 — — — Amounts related to discontinued operations 1 2 1 — — — Total recognized in other comprehensive income (loss) in continuing operations 1 (5 ) 2 — — — Net periodic benefit (credit) cost (1 ) — 1 — — — Total recognized in net periodic benefit cost and other comprehensive income (loss) $ — $ (5 ) $ 3 $ — $ — $ — |
Defined Benefit Plan, Assumptions [Table Text Block] | Defined benefit plans U.S. plans Non-U.S. plans 2023 2022 2021 2023 2022 2021 Projected benefit obligation: Discount rate 5.46 % 5.75 % 3.11 % 3.11 % 3.67 % 1.20 % Rate of compensation increase 4.14 % 4.24 % 4.09 % 2.87 % 2.93 % 2.86 % Interest credit rate 5.15 % 5.15 % 5.15 % 2.14 % 2.35 % 0.87 % Net periodic pension cost: Discount rate 5.75 % 3.11 % 2.82 % 3.67 % 1.20 % 0.76 % Rate of compensation increase 4.24 % 4.09 % 4.09 % 2.93 % 2.86 % 2.64 % Expected return on plan assets 7.18 % 7.17 % 7.52 % 4.90 % 4.80 % 4.80 % Interest credit rate 5.15 % 5.15 % 5.15 % 2.35 % 0.87 % 0.52 % Other postretirement benefit plans U.S. plans Non-U.S. plans 2023 2022 2021 2023 2022 2021 Projected benefit obligation: Discount rate 5.54 % 5.80 % 3.01 % 4.60 % 5.10 % 2.80 % Net periodic pension cost: Discount rate 5.80 % 3.01 % 2.63 % 5.10 % 2.80 % 2.30 % |
Defined Benefit Plan, Plan with Projected Benefit Obligation in Excess of Plan Assets [Table Text Block] | U.S. plans Non-U.S. plans 2023 2022 2023 2022 Projected benefit obligation in excess of plan assets: Projected benefit obligation $ 291 $ 770 $ 474 $ 116 Fair value of plan assets 235 691 342 3 |
Defined Benefit Plan, Plan with Accumulated Benefit Obligation in Excess of Plan Assets [Table Text Block] | U.S. plans Non-U.S. plans 2023 2022 2023 2022 Accumulated benefit obligation in excess of plan assets: Projected benefit obligation $ 79 $ 770 $ 132 $ 116 Accumulated benefit obligation 79 758 123 108 Fair value of plan assets 23 691 2 3 |
Schedule of Employer Future Contribution and Expected Benefit Payments [Table Text Block] | U.S. plans Non-U.S. plans Other Other Defined postretirement Defined postretirement benefit benefit benefit benefit plans plans plans plans 2024 expected employer contributions: To plan trusts $ 7 $ 5 $ 22 $ — Expected benefit payments: 2024 77 5 77 — 2025 79 5 74 — 2026 75 5 73 — 2027 60 4 80 — 2028 64 4 85 — 2029 - 2033 303 16 442 — |
Defined Benefit Plan, Plan Assets, Category [Table Text Block] | Fair value amounts using Quoted prices in active Significant other Significant December 31, markets for identical observable inputs unobservable inputs Asset category 2023 assets (Level 1) (Level 2) (Level 3) U.S. pension plans: Equities $ 329 $ 175 $ 154 $ — Fixed income 364 147 217 — Real estate/other 14 14 — — Cash 21 21 — — Total U.S. pension plan assets $ 728 $ 357 $ 371 $ — Non-U.S. pension plans: Equities $ 343 $ 87 $ 256 $ — Fixed income 721 483 238 — Real estate/other 398 47 270 81 Cash 80 80 — — Total non-U.S. pension plan assets $ 1,542 $ 697 $ 764 $ 81 Fair value amounts using Quoted prices in active Significant other Significant December 31, markets for identical observable inputs unobservable inputs Asset category 2022 assets (Level 1) (Level 2) (Level 3) U.S. pension plans: Equities $ 324 $ 180 $ 144 $ — Fixed income 327 143 184 — Real estate/other 18 18 — — Cash 22 22 — — Total U.S. pension plan assets $ 691 $ 363 $ 328 $ — Non-U.S. pension plans: Equities $ 298 $ 96 $ 202 $ — Fixed income 622 391 231 — Real estate/other 386 46 269 71 Cash 130 130 — — Total non-U.S. pension plan assets $ 1,436 $ 663 $ 702 $ 71 |
Schedule of Effect of Significant Unobservable Inputs, Changes in Plan Assets [Table Text Block] | Real estate/other Year ended December 31, 2023 2022 Fair value measurements of plan assets using significant unobservable inputs (Level 3) Balance at beginning of period $ 71 $ 99 Return on pension plan assets (2 ) (5 ) Purchases, sales and settlements 12 (23 ) Transfers into (out of) Level 3 — — Balance at end of period $ 81 $ 71 |
Schedule of Allocation of Plan Assets [Table Text Block] | Target allocation Allocation at December 31, Asset category 2024 2023 2022 U.S. pension plans: Equities 46 % 45 % 47 % Fixed income 51 % 50 % 47 % Real estate/other 2 % 2 % 3 % Cash 1 % 3 % 3 % Total U.S. pension plans 100 % 100 % 100 % Non-U.S. pension plans: Equities 22 % 22 % 21 % Fixed income 50 % 47 % 43 % Real estate/other 23 % 26 % 27 % Cash 5 % 5 % 9 % Total non-U.S. pension plans 100 % 100 % 100 % |
Note 19 - Income Taxes (Tables)
Note 19 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Year ended December 31, 2023 2022 2021 Income tax expense: U.S. Current $ 8 $ 6 $ 118 Deferred (35 ) 57 (70 ) Non-U.S. Current 66 91 112 Deferred 25 32 31 Total $ 64 $ 186 $ 191 Year ended December 31, 2023 2022 2021 Income tax expense: U.S. Current $ 9 $ 6 $ 120 Deferred (35 ) 59 (71 ) Non-U.S. Current 66 91 112 Deferred 25 32 31 Total $ 65 $ 188 $ 192 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Year ended December 31, 2023 2022 2021 Income from continuing operations before income taxes $ 99 $ 697 $ 1,246 Expected tax expense at U.S. statutory rate of 21 $ 21 $ 146 $ 261 Change resulting from: State tax expense, net of federal benefit (1 ) 3 15 Non-U.S. tax rate differentials — 8 16 Change in valuation allowance 45 38 (9 ) Impact of equity method investments (28 ) (21 ) (37 ) Non-U.S. withholding tax on repatriated earnings, net of U.S. foreign tax credits 11 17 14 Tax authority audits and dispute resolutions 5 6 4 Non-U.S. income subject to U.S. tax not offset by U.S. foreign tax credits 3 3 (19 ) Venator investment basis difference and fair market value adjustments — — (29 ) Change in valuation allowance on capital loss related to Venator investment — — (28 ) Other non-U.S. tax effects, including nondeductible expenses and withholding taxes 6 (12 ) 9 Other U.S. tax effects, including nondeductible expenses and other credits 2 (2 ) (6 ) Total income tax expense $ 64 $ 186 $ 191 Year ended December 31, 2023 2022 2021 Income from continuing operations before income taxes $ 102 $ 700 $ 1,250 Expected tax expense at U.S. statutory rate of 21 $ 22 $ 146 $ 261 Change resulting from: State tax expense, net of federal benefit (1 ) 3 15 Non-U.S. tax rate differentials — 8 16 Change in valuation allowance 45 38 (9 ) Impact of equity method investments (28 ) (21 ) (37 ) Non-U.S. withholding tax on repatriated earnings, net of U.S. foreign tax credits 11 17 14 Tax authority audits and dispute resolutions 5 6 4 Non-U.S. income subject to U.S. tax not offset by U.S. foreign tax credits 3 3 (19 ) Venator investment basis difference and fair market value adjustments — — (29 ) Change in valuation allowance on capital loss related to Venator investment — — (28 ) Other non-U.S. tax effects, including nondeductible expenses and withholding taxes 6 (12 ) 9 Other U.S. tax effects, including nondeductible expenses and other credits 2 — (5 ) Total income tax expense $ 65 $ 188 $ 192 |
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | Year ended December 31, 2023 2022 2021 U.S. $ (155 ) $ 273 $ 530 Non-U.S. 254 424 716 Total $ 99 $ 697 $ 1,246 Year ended December 31, 2023 2022 2021 U.S. $ (152 ) $ 276 $ 534 Non-U.S. 254 424 716 Total $ 102 $ 700 $ 1,250 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | December 31, 2023 2022 Deferred income tax assets: Net operating loss carryforwards $ 234 $ 220 Operating leases 92 100 Pension and other employee compensation 65 65 Deferred interest 78 49 Basis difference in Venator investment — 45 Capitalized research and development costs 44 30 Property, plant and equipment 22 25 Intangible assets 16 24 Intercompany prepayments 28 9 Other, net 41 45 Total $ 620 $ 612 Deferred income tax liabilities: Property, plant and equipment $ (267 ) $ (263 ) Operating leases (93 ) (102 ) Intangible assets (80 ) (83 ) Pension and other employee compensation (28 ) (47 ) Outside basis difference in subsidiaries (41 ) (31 ) Unrealized currency gains (8 ) (11 ) Other, net (13 ) (9 ) Total $ (530 ) $ (546 ) Net deferred tax asset before valuation allowance $ 90 $ 66 Valuation allowance—net operating losses and other (221 ) (169 ) Net deferred tax liability $ (131 ) $ (103 ) Non-current deferred tax asset $ 112 $ 147 Non-current deferred tax liability (243 ) (250 ) Net deferred tax liability $ (131 ) $ (103 ) December 31, 2023 2022 Deferred income tax assets: Net operating loss carryforwards $ 234 $ 220 Operating leases 92 100 Pension and other employee compensation 65 65 Deferred interest 78 49 Basis difference in Venator investment — 45 Capitalized research and development costs 44 30 Property, plant and equipment 22 25 Intangible assets 16 24 Intercompany prepayments 28 9 Other, net 41 45 Total $ 620 $ 612 Deferred income tax liabilities: Property, plant and equipment $ (267 ) $ (263 ) Operating leases (93 ) (102 ) Intangible assets (80 ) (83 ) Pension and other employee compensation (28 ) (47 ) Outside basis difference in subsidiaries (41 ) (31 ) Unrealized currency gains (8 ) (11 ) Other, net (17 ) (13 ) Total $ (534 ) $ (550 ) Net deferred tax asset before valuation allowance $ 86 $ 62 Valuation allowance—net operating losses and other (221 ) (169 ) Net deferred tax liability $ (135 ) $ (107 ) Non-current deferred tax asset $ 112 $ 147 Non-current deferred tax liability (247 ) (254 ) Net deferred tax liability $ (135 ) $ (107 ) |
Summary of Valuation Allowance [Table Text Block] | 2023 2022 2021 Valuation allowance as of January 1 $ 169 $ 131 $ 206 Valuation allowance as of December 31 221 169 131 Net (increase) decrease (52 ) (38 ) 75 Foreign currency movements 3 (4 ) (4 ) Decrease to deferred tax assets with no impact on operating tax expense, including an offsetting (decrease) increase to valuation allowances 4 4 (62 ) Change in valuation allowance per rate reconciliation $ (45 ) $ (38 ) $ 9 Components of change in valuation allowance affecting tax expense: Pre-tax income and losses in jurisdictions with valuation allowances resulting in no tax expense or benefit $ (30 ) $ 13 $ 13 Releases of valuation allowances in various jurisdictions 1 — 2 Establishments of valuation allowances in various jurisdictions (16 ) (51 ) (6 ) Change in valuation allowance per rate reconciliation $ (45 ) $ (38 ) $ 9 2023 2022 2021 Valuation allowance as of January 1 $ 169 $ 131 $ 206 Valuation allowance as of December 31 221 169 131 Net (increase) decrease (52 ) (38 ) 75 Foreign currency movements 3 (4 ) (4 ) Decrease to deferred tax assets with no impact on operating tax expense, including an offsetting (decrease) increase to valuation allowances 4 4 (62 ) Change in valuation allowance per rate reconciliation $ (45 ) $ (38 ) $ 9 Components of change in valuation allowance affecting tax expense: Pre-tax income and losses in jurisdictions with valuation allowances resulting in no tax expense or benefit $ (30 ) $ 13 $ 13 Releases of valuation allowances in various jurisdictions 1 — 2 Establishments of valuation allowances in various jurisdictions (16 ) (51 ) (6 ) Change in valuation allowance per rate reconciliation $ (45 ) $ (38 ) $ 9 |
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] | 2023 2022 Unrecognized tax benefits as of January 1 $ 57 $ 48 Gross increases and decreases—tax positions taken during a prior period (50 ) 6 Gross increases and decreases—tax positions taken during the current period — 4 Reductions resulting from the lapse of statues of limitations (2 ) — Foreign currency movements — (1 ) Unrecognized tax benefits as of December 31 $ 5 $ 57 |
Schedule of Unrecognized Tax Benefits, Income Tax Penalties and Interest Recognized in Financial Statement [Table Text Block] | Year ended December 31, 2023 2022 2021 Interest included in tax expense $ 3 $ 3 $ 1 December 31, 2023 2022 Accrued liability for interest $ 6 $ 8 |
Summary of Open Tax Years [Table Text Block] | Tax jurisdiction Open tax years Belgium 2020 and later China 2013 and later Germany 2016 and later Hong Kong 2018 and later India 2006 and later Italy 2018 and later Mexico 2022 and later Switzerland 2017 and later The Netherlands 2020 and later United Kingdom 2020 and later United States federal 2017 and later |
Note 20 - Commitments and Con_2
Note 20 - Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Unrecorded Unconditional Purchase Obligations Disclosure [Table Text Block] | Year ending December 31, 2024 $ 2,109 2025 1,507 2026 1,085 2027 892 2028 756 Thereafter 2,398 $ 8,747 |
Note 22 - Huntsman Corporatio_2
Note 22 - Huntsman Corporation Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Dividends Declared [Table Text Block] | Per share Dividends Quarter ended payment amount paid March 31, 2023 $ 0.2375 $ 44 June 30, 2023 0.2375 42 September 30, 2023 0.2375 42 December 31, 2023 0.2375 41 Per share Dividends Quarter ended payment amount paid March 31, 2022 $ 0.2125 $ 45 June 30, 2022 0.2125 44 September 30, 2022 0.2125 41 December 31, 2022 0.2125 40 |
Note 23 - Stock-based Compens_2
Note 23 - Stock-based Compensation Plan (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Share-Based Payment Arrangement, Cost by Plan [Table Text Block] | Year ended December 31, 2023 2022 2021 Huntsman Corporation compensation cost $ 28 $ 29 $ 30 Huntsman International compensation cost 27 27 29 |
Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Year ended December 31, 2021 Dividend yield 2.3 % Expected volatility 53.3 % Risk-free interest rate 0.7 % Expected life of stock options granted during the period (in years) 5.9 |
Share-Based Payment Arrangement, Option, Activity [Table Text Block] | Weighted Weighted average average remaining Aggregate exercise contractual intrinsic Option awards Shares price term value (in thousands) (years) (in millions) Outstanding at January 1, 2023 3,413 $ 21.93 Exercised (467 ) 20.09 Forfeited (56 ) 30.44 Outstanding at December 31, 2023 2,890 22.06 3.7 $ 12 Exercisable at December 31, 2023 2,818 21.90 3.6 12 |
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 (724 ) (1)(2) 27.23 (165 ) 29.51 Forfeited (100 ) 37.08 (25 ) 33.58 Nonvested at December 31, 2023 1,923 38.71 181 32.75 |
Note 24 - Accumulated Other C_2
Note 24 - Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Pension and Other Foreign other comprehensive Amounts Amounts currency postretirement income of attributable to attributable to translation benefits unconsolidated noncontrolling Huntsman adjustment (1) adjustments (2) affiliates Other, net Total interests Corporation Beginning balance, January 1, 2023 $ (648 ) $ (652 ) $ 2 $ 5 $ (1,293 ) $ 25 $ (1,268 ) Other comprehensive income (loss) before reclassifications, gross 7 (136 ) (7 ) (3 ) (139 ) 3 (136 ) Tax impact — 13 — — 13 — 13 Amounts reclassified from accumulated other comprehensive loss, gross (3) 28 96 — — 124 — 124 Tax impact (1 ) 23 — — 22 — 22 Net current-period other comprehensive income (loss) 34 (4 ) (7 ) (3 ) 20 3 23 Ending balance, December 31, 2023 $ (614 ) $ (656 ) $ (5 ) $ 2 $ (1,273 ) $ 28 $ (1,245 ) Pension and Other Foreign other comprehensive Amounts Amounts currency postretirement income of attributable to attributable to translation benefits unconsolidated noncontrolling Huntsman adjustment (1) adjustments (2) affiliates Other, net Total interests Corporation Beginning balance, January 1, 2022 $ (420 ) $ (810 ) $ 8 $ 6 $ (1,216 ) $ 13 $ (1,203 ) Other comprehensive (loss) income before reclassifications, gross (229 ) 157 — (1 ) (73 ) 12 (61 ) Tax impact 1 (38 ) — — (37 ) — (37 ) Amounts reclassified from accumulated other comprehensive loss, gross (3) — 51 (6 ) — 45 — 45 Tax impact — (12 ) — — (12 ) — (12 ) Net current-period other comprehensive (loss) income (228 ) 158 (6 ) (1 ) (77 ) 12 (65 ) Ending balance, December 31, 2022 $ (648 ) $ (652 ) $ 2 $ 5 $ (1,293 ) $ 25 $ (1,268 ) Pension Other Foreign and other comprehensive Amounts Amounts currency postretirement income of attributable to attributable to translation benefits unconsolidated noncontrolling Huntsman adjustment (1) adjustments (2) affiliates Other, net Total interests International Beginning balance, January 1, 2023 $ (653 ) $ (628 ) $ 2 $ 1 $ (1,278 ) $ 25 $ (1,253 ) Other comprehensive income (loss) before reclassifications, gross 7 (136 ) (7 ) (3 ) (139 ) 3 (136 ) Tax impact — 13 — — 13 — 13 Amounts reclassified from accumulated other comprehensive loss, gross (3) 28 96 — — 124 — 124 Tax impact (1 ) 23 — — 22 — 22 Net current-period other comprehensive income (loss) 34 (4 ) (7 ) (3 ) 20 3 23 Ending balance, December 31, 2023 $ (619 ) $ (632 ) $ (5 ) $ (2 ) $ (1,258 ) $ 28 $ (1,230 ) Pension Other Foreign and other comprehensive Amounts Amounts currency postretirement income of attributable to attributable to translation benefits unconsolidated noncontrolling Huntsman adjustment (1) adjustments (2) affiliates Other, net Total interests International Beginning balance, January 1, 2022 $ (424 ) $ (786 ) $ 8 $ 2 $ (1,200 ) $ 13 $ (1,187 ) Other comprehensive (loss) income before reclassifications, gross (230 ) 157 — (1 ) (74 ) 12 (62 ) Tax impact 1 (38 ) — — (37 ) — (37 ) Amounts reclassified from accumulated other comprehensive loss, gross (3) — 51 (6 ) — 45 — 45 Tax impact — (12 ) — — (12 ) — (12 ) Net current-period other comprehensive (loss) income (229 ) 158 (6 ) (1 ) (78 ) 12 (66 ) Ending balance, December 31, 2022 $ (653 ) $ (628 ) $ 2 $ 1 $ (1,278 ) $ 25 $ (1,253 ) |
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | Amounts reclassified from accumulated other comprehensive loss Affected line item in Details about accumulated other Year ended December 31, where net income comprehensive loss components (1) 2023 2022 2021 is presented Amortization of pension and other postretirement benefits: Actuarial loss $ 34 $ 57 $ 92 (2)(3) Other income, net Prior service credit (10 ) (11 ) (12 ) (2)(3) Other income, net Settlement loss 73 5 3 (2)(4) Other income, net Curtailment gain (1 ) — — (2)(4) Other income, net 96 51 83 Total before tax 23 (12 ) (18 ) Income tax expense Total reclassifications for the period $ 119 $ 39 $ 65 Net of tax Amounts reclassified from accumulated other comprehensive loss Affected line item in Details about accumulated other Year ended December 31, where net income comprehensive loss components(1): 2023 2022 2021 is presented Amortization of pension and other postretirement benefits: Actuarial loss $ 34 $ 57 $ 95 (2)(3) Other income, net Prior service credit (10 ) (11 ) (12 ) (2)(3) Other income, net Settlement loss 73 5 3 (2)(4) Other income, net Curtailment gain (1 ) — — (2)(4) Other income, net 96 51 86 Total before tax 23 (12 ) (17 ) Income tax expense Total reclassifications for the period $ 119 $ 39 $ 69 Net of tax |
Note 25 - Related Party Trans_2
Note 25 - Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Related Party Transactions [Table Text Block] | Year ended December 31, 2023 2022 2021 Sales to: Unconsolidated affiliates $ 126 $ 226 $ 197 Inventory purchases from: Unconsolidated affiliates 403 433 533 |
Note 26 - Operating Segment I_2
Note 26 - Operating Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Year ended December 31, 2023 2022 2021 Revenues: Polyurethanes $ 3,865 $ 5,067 $ 5,019 Performance Products 1,178 1,713 1,485 Advanced Materials 1,092 1,277 1,198 Total reportable segments’ revenues 6,135 8,057 7,702 Intersegment eliminations (24 ) (34 ) (32 ) Total $ 6,111 $ 8,023 $ 7,670 Huntsman Corporation: Segment adjusted EBITDA (1) Polyurethanes $ 248 $ 628 $ 879 Performance Products 201 469 359 Advanced Materials 186 233 204 Total reportable segments’ adjusted EBITDA 635 1,330 1,442 Reconciliation of total reportable segments’ adjusted EBITDA to income from continuing operations before income taxes: Interest expense, net—continuing operations (65 ) (62 ) (67 ) Depreciation and amortization—continuing operations (278 ) (281 ) (278 ) Corporate and other costs, net (2) (163 ) (175 ) (196 ) Net income attributable to noncontrolling interests 52 63 59 Other adjustments: Business acquisition and integration expenses and purchase accounting inventory adjustments (4 ) (12 ) (22 ) Fair value adjustments to Venator investment, net (5 ) (12 ) (28 ) Loss on early extinguishment of debt — — (27 ) Certain legal and other settlements and related expenses (6 ) (7 ) (13 ) (Costs) income associated with the Albemarle Settlement, net — (3 ) 465 Gain on sale of businesses/assets — — 30 Income from transition services arrangements — 2 8 Certain nonrecurring information technology project implementation costs (5 ) (5 ) (8 ) Amortization of pension and postretirement actuarial losses (37 ) (49 ) (74 ) Plant incident remediation credits — 4 — Restructuring, impairment and plant closing and transition costs (3) (25 ) (96 ) (45 ) Income from continuing operations before income taxes 99 697 1,246 Income tax expense—continuing operations (64 ) (186 ) (191 ) Income from discontinued operations, net of tax 118 12 49 Net income $ 153 $ 523 $ 1,104 Year ended December 31, 2023 2022 2021 Depreciation and amortization: Polyurethanes $ 141 $ 136 $ 131 Performance Products 72 72 74 Advanced Materials 53 57 60 Total reportable segments’ depreciation and amortization 266 265 265 Corporate and other 12 16 13 Total $ 278 $ 281 $ 278 Year ended December 31, 2023 2022 2021 Capital expenditures: Polyurethanes $ 98 $ 142 $ 243 Performance Products 100 92 42 Advanced Materials 25 26 25 Total reportable segments’ capital expenditures 223 260 310 Corporate and other 7 12 16 Total $ 230 $ 272 $ 326 December 31, 2023 2022 Total assets: Polyurethanes $ 4,261 $ 4,286 Performance Products 1,170 1,155 Advanced Materials 1,143 1,246 Total reportable segments’ total assets 6,574 6,687 Corporate and other 674 1,061 Total $ 7,248 $ 7,748 December 31, 2023 2022 Goodwill: Polyurethanes $ 338 $ 336 Performance Products 16 15 Advanced Materials 290 290 Total $ 644 $ 641 Year ended December 31, 2023 2022 2021 Huntsman International: Segment adjusted EBITDA (1) Polyurethanes $ 248 $ 628 $ 879 Performance Products 201 469 359 Advanced Materials 186 233 204 Total reportable segments’ adjusted EBITDA 635 1,330 1,442 Reconciliation of total reportable segments’ adjusted EBITDA to income from continuing operations before income taxes: Interest expense, net—continuing operations (65 ) (62 ) (67 ) Depreciation and amortization—continuing operations (278 ) (281 ) (278 ) Corporate and other costs, net(2) (160 ) (172 ) (190 ) Net income attributable to noncontrolling interests 52 63 59 Other adjustments: Business acquisition and integration expenses and purchase accounting inventory adjustments (4 ) (12 ) (22 ) Fair value adjustments to Venator investment, net (5 ) (12 ) (28 ) Loss on early extinguishment of debt — — (27 ) Certain legal and other settlements and related expenses (6 ) (7 ) (13 ) (Costs) income associated with the Albemarle Settlement, net — (3 ) 465 Gain on sale of businesses/assets — — 30 Income from transition services arrangements — 2 8 Certain nonrecurring information technology project implementation costs (5 ) (5 ) (8 ) Amortization of pension and postretirement actuarial losses (37 ) (49 ) (76 ) Plant incident remediation credits — 4 — Restructuring, impairment and plant closing and transition costs(3) (25 ) (96 ) (45 ) Income from continuing operations before income taxes 102 700 1,250 Income tax expense—continuing operations (65 ) (188 ) (192 ) Income from discontinued operations, net of tax 118 12 49 Net income $ 155 $ 524 $ 1,107 Year ended December 31, 2023 2022 2021 Depreciation and amortization: Polyurethanes $ 141 $ 136 $ 131 Performance Products 72 72 74 Advanced Materials 53 57 60 Total reportable segments’ depreciation and amortization 266 265 265 Corporate and other 12 16 13 Total $ 278 $ 281 $ 278 Year ended December 31, 2023 2022 2021 Capital expenditures: Polyurethanes $ 98 $ 142 $ 243 Performance Products 100 92 42 Advanced Materials 25 26 25 Total reportable segments’ capital expenditures 223 260 310 Corporate and other 7 12 16 Total $ 230 $ 272 $ 326 December 31, 2023 2022 Total assets: Polyurethanes $ 4,261 $ 4,286 Performance Products 1,170 1,155 Advanced Materials 1,143 1,246 Total reportable segments’ total assets 6,574 6,687 Corporate and other 679 1,067 Total $ 7,253 $ 7,754 December 31, 2023 2022 Goodwill: Polyurethanes $ 338 $ 336 Performance Products 16 15 Advanced Materials 290 290 Total $ 644 $ 641 |
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block] | Year ended December 31, 2023 2022 2021 Revenues by geographic area (1) United States $ 2,140 $ 3,089 $ 2,649 China 1,084 1,305 1,395 Germany 423 522 524 Italy 216 249 280 Canada 211 242 231 India 164 196 183 United Kingdom 155 193 175 Other nations 1,718 2,227 2,233 Total $ 6,111 $ 8,023 $ 7,670 December 31, 2023 2022 Long-lived assets (2) United States $ 1,216 $ 1,211 The Netherlands 321 313 China 200 213 Saudi Arabia 112 121 Hungary 108 77 Germany 92 95 Switzerland 76 76 Singapore 66 71 United Kingdom 64 62 Other nations 121 138 Total $ 2,376 $ 2,377 |
Schedule I - Condensed Financ_2
Schedule I - Condensed Financial Information of Registrant (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Condensed Balance Sheet [Table Text Block] | December 31, 2023 2022 ASSETS Investment in and advances to affiliates $ 3,261 $ 3,631 Total assets $ 3,261 $ 3,631 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Accounts payable $ 1 $ — Accrued liabilities 5 2 Total current liabilities 6 2 Other noncurrent liabilities 4 5 Total liabilities 10 7 STOCKHOLDERS’ EQUITY Common stock $ 0.01 1,200,000,000 262,190,459 261,148,217 171,583,331 183,634,464 3 3 Additional paid-in capital 4,202 4,156 Treasury stock, 90,607,128 77,513,753 (2,290 ) (1,937 ) Unearned stock-based compensation (41 ) (35 ) Retained earnings 2,622 2,705 Accumulated other comprehensive loss (1,245 ) (1,268 ) Total stockholders’ equity 3,251 3,624 Total liabilities and stockholders’ equity $ 3,261 $ 3,631 |
Condensed Income Statement [Table Text Block] | Year ended December 31, 2023 2022 2021 Selling, general and administrative expenses $ (3 ) $ (4 ) $ (7 ) Equity in (loss) income of subsidiaries (68 ) 295 891 Dividend income—affiliate 172 169 158 Other income — — 3 Net income $ 101 $ 460 $ 1,045 |
Condensed Statement of Comprehensive Income [Table Text Block] | Year ended December 31, 2023 2022 2021 Net income $ 101 $ 460 $ 1,045 Other comprehensive income (loss), net of tax: Foreign currency translations adjustments 34 (228 ) (92 ) Pension and other postretirement benefits adjustments (4 ) 158 240 Other, net 42 56 61 Other comprehensive income (loss), net of tax 72 (14 ) 209 Comprehensive income 173 446 1,254 Comprehensive income attributable to noncontrolling interests (49 ) (51 ) (66 ) Comprehensive income attributable to Huntsman Corporation $ 124 $ 395 $ 1,188 |
Condensed Statement of Stockholders' Equity [Table Text Block] | Huntsman Corporation Stockholders’ Equity Accumulated Shares Additional Unearned other Common Common paid-in Treasury stock-based Retained comprehensive Total stock stock capital stock compensation earnings loss equity Beginning balance, January 1, 2021 220,046,262 $ 3 $ 4,048 $ (731 ) $ (19 ) $ 1,564 $ (1,346 ) $ 3,519 Net income — — — — — 1,045 — 1,045 Other comprehensive income — — — — — — 143 143 Issuance of nonvested stock awards — — 26 — (26 ) — — — Vesting of stock awards 678,400 — 5 — — — — 5 Recognition of stock-based compensation — — 6 — 20 — — 26 Repurchase and cancellation of stock awards (238,339 ) — — — — (7 ) — (7 ) Stock options exercised 738,362 — 17 — — (7 ) — 10 Treasury stock repurchased (7,054,398 ) — — (203 ) — — — (203 ) Dividends declared on common stock — — — — — (160 ) — (160 ) Balance, December 31, 2021 214,170,287 3 4,102 (934 ) (25 ) 2,435 (1,203 ) 4,378 Net income — — — — — 460 — 460 Other comprehensive loss — — — — — — (65 ) (65 ) Issuance of nonvested stock awards — — 32 — (32 ) — — — Vesting of stock awards 1,341,787 — 7 — — — — 7 Recognition of stock-based compensation — — 3 — 22 — — 25 Repurchase and cancellation of stock awards (366,199 ) — — — — (14 ) — (14 ) Stock options exercised 470,853 — 12 — — (6 ) — 6 Treasury stock repurchased (31,982,264 ) — — (1,003 ) — — — (1,003 ) Dividends declared on common stock — — — — — (170 ) — (170 ) Balance, December 31, 2022 183,634,464 3 4,156 (1,937 ) (35 ) 2,705 (1,268 ) 3,624 Net income — — — — — 101 — 101 Other comprehensive income — — — — — — 23 23 Issuance of nonvested stock awards — — 32 — (32 ) — — — Vesting of stock awards 1,028,971 — 5 — — — — 5 Recognition of stock-based compensation — — 1 — 26 — — 27 Repurchase and cancellation of stock awards (307,093 ) — — — — (10 ) — (10 ) Stock options exercised 320,364 — 9 — — (4 ) — 5 Treasury stock repurchased (13,093,375 ) — — (353 ) — — — (353 ) Dividends declared on common stock — — — — — (170 ) — (170 ) Acquisition of noncontrolling interests, net of tax — — (1 ) — — — — (1 ) Balance, December 31, 2023 171,583,331 $ 3 $ 4,202 $ (2,290 ) $ (41 ) $ 2,622 $ (1,245 ) $ 3,251 |
Condensed Cash Flow Statement [Table Text Block] | Year ended December 31, 2023 2022 2021 Operating activities: Net income $ 101 $ 460 $ 1,045 Equity in loss (income) of subsidiaries 68 (295 ) (891 ) Stock-based compensation 1 2 1 Changes in operating assets and liabilities — (2 ) (2 ) Net cash provided by operating activities 170 165 153 Investing activities: Net cash provided by investing activities — — — Financing activities: Dividends paid to common stockholders (169 ) (171 ) (159 ) Repurchase and cancellation of stock awards (10 ) (14 ) (7 ) Proceeds from issuance of common stock 5 6 10 Repurchase of common stock (349 ) (1,005 ) (200 ) Increase in payable to affiliates 352 1,017 203 Other, net 1 — — Net cash used in financing activities (170 ) (167 ) (153 ) Decrease in cash and cash equivalents — (2 ) — Cash and cash equivalents at beginning of period — 2 2 Cash and cash equivalents at end of period $ — $ — $ 2 |
Note 1 - General (Details Textu
Note 1 - General (Details Textual) $ / shares in Units, $ in Millions | 12 Months Ended | |||||
Feb. 16, 2024 $ / shares | Jan. 31, 2024 USD ($) | Feb. 28, 2023 USD ($) | Dec. 31, 2023 USD ($) $ / shares | Dec. 31, 2022 USD ($) $ / shares | Dec. 31, 2021 USD ($) $ / shares | |
Number of Operating Segments | 3 | |||||
Proceeds from Divestiture of Businesses | $ 544 | $ 0 | $ 43 | |||
Common Stock, Dividends, Per Share, Declared (in dollars per share) | $ / shares | $ 0.95 | $ 0.85 | $ 0.75 | |||
Subsequent Event [Member] | ||||||
Common Stock, Dividends, Per Share, Declared (in dollars per share) | $ / shares | $ 0.25 | |||||
Common Stock Dividend, Increase, Percent | 5% | |||||
Subsequent Event [Member] | Acquisition of Assets of SLIC [Member] | Notes Payable, Other Payables [Member] | ||||||
Asset Acquisition, Consideration Transferred, Liabilities Incurred | $ 230 | |||||
Repayments of Notes Payable | $ 26 | |||||
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 | |||||
Disposal Group, Including Discontinued Operation, Net Working Capital Adjustments | 30 | |||||
Disposal Group, Including Discontinued Operation, Cash | $ 28 |
Note 2 - Summary of Significa_3
Note 2 - Summary of Significant Accounting Policies (Details Textual) - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Cash Flow Hedge Derivative, Quarterly Period of Effectiveness Assessment (Month) | 3 months | ||
Cumulative Inflation Rate Considered for Economic Environment to Be Highly Inflationary | 100% | ||
Period Considered for Determining Highly Inflationary Economic Environment (Year) | 3 years | ||
Gain (Loss), Foreign Currency Transaction, before Tax | $ (13) | $ 18 | $ 9 |
Goodwill, Foreign Currency Translation Gain (Loss) | $ 3 | $ (9) | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 3.1 | 1.1 | 1.1 |
Interest Costs Capitalized | $ 6 | $ 7 | $ 11 |
Securities Dilutive Due To Loss [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 1.3 | ||
Minimum [Member] | |||
Cash Flow Hedge Derivative Instrument, Effectiveness Percentage | 80% | ||
Maximum [Member] | |||
Cash Flow Hedge Derivative Instrument, Effectiveness Percentage | 125% |
Note 2 - Summary of Significa_4
Note 2 - Summary of Significant Accounting Policies - Finite-lived Intangibles (Details) | Dec. 31, 2023 |
Patents and Technology [Member] | Minimum [Member] | |
Intangible assets useful life (Year) | 5 years |
Patents and Technology [Member] | Maximum [Member] | |
Intangible assets useful life (Year) | 30 years |
Trademarks [Member] | Minimum [Member] | |
Intangible assets useful life (Year) | 9 years |
Trademarks [Member] | Maximum [Member] | |
Intangible assets useful life (Year) | 30 years |
Licenses and Other Agreements [Member] | Minimum [Member] | |
Intangible assets useful life (Year) | 5 years |
Licenses and Other Agreements [Member] | Maximum [Member] | |
Intangible assets useful life (Year) | 15 years |
Other Intangible Assets [Member] | Minimum [Member] | |
Intangible assets useful life (Year) | 5 years |
Other Intangible Assets [Member] | Maximum [Member] | |
Intangible assets useful life (Year) | 20 years |
Note 2 - Summary of Significa_5
Note 2 - Summary of Significant Accounting Policies - Net Income Per Share (Details) - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
(Loss) income from continuing operations attributable to Huntsman Corporation | $ (17) | $ 448 | $ 996 |
Net income | $ 101 | $ 460 | $ 1,045 |
Weighted average shares outstanding (in shares) | 177.4 | 201 | 219.2 |
Stock-based awards (in shares) | 0 | 2 | 2.2 |
Total weighted average shares outstanding, including dilutive shares (in shares) | 177.4 | 203 | 221.4 |
Note 2 - Summary of Significa_6
Note 2 - Summary of Significant Accounting Policies - Estimated Useful Lives of Property, Plant and Equipment (Details) | Dec. 31, 2023 |
Minimum [Member] | Building [Member] | |
Property, plant and equipment, useful life (Year) | 10 years |
Minimum [Member] | Plant and Equipment [Member] | |
Property, plant and equipment, useful life (Year) | 3 years |
Minimum [Member] | Furniture, Fixtures and Leasehold Improvements [Member] | |
Property, plant and equipment, useful life (Year) | 5 years |
Maximum [Member] | Building [Member] | |
Property, plant and equipment, useful life (Year) | 40 years |
Maximum [Member] | Plant and Equipment [Member] | |
Property, plant and equipment, useful life (Year) | 30 years |
Maximum [Member] | Furniture, Fixtures and Leasehold Improvements [Member] | |
Property, plant and equipment, useful life (Year) | 20 years |
Note 3 - Business Combination_3
Note 3 - Business Combinations and Acquisitions (Details Textual) - Gabriel Acquisition [Member] - USD ($) $ in Millions | 12 Months Ended | |
Jan. 15, 2021 | Dec. 31, 2021 | |
Payments to Acquire Businesses, Gross | $ 251 | |
Business Combination, Acquisition Related Costs | $ 2 | |
Finite-Lived Intangible Asset, Useful Life (Year) | 15 years | |
Business Acquisition, Goodwill, Expected Tax Deductible Amount | $ 94 |
Note 3 - Business Combination_4
Note 3 - Business Combinations and Acquisitions - Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Millions | Jan. 15, 2021 | Dec. 31, 2023 | Dec. 31, 2022 |
Goodwill | $ 644 | $ 641 | |
Gabriel Acquisition [Member] | |||
Cash paid for acquisition | $ 251 | ||
Cash | 9 | ||
Accounts receivable | 13 | ||
Inventories | 23 | ||
Property, plant and equipment | 50 | ||
Intangible assets | 96 | ||
Goodwill | 87 | ||
Accounts payable | (7) | ||
Accrued liabilities | (3) | ||
Deferred income taxes | (17) | ||
Total fair value of net assets acquired | $ 251 |
Note 3 - Business Combination_5
Note 3 - Business Combinations and Acquisitions - Pro Forma Revenues and Net Income (Details) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 USD ($) | [1] | |
Revenues | $ 7,674 | |
Net income | 1,092 | |
Net income attributable to Huntsman Corporation | 1,033 | |
Huntsman International LLC [Member] | ||
Revenues | 7,674 | |
Net income | 1,095 | |
Net income attributable to Huntsman Corporation | $ 1,036 | |
[1]Includes pro forma information for the Gabriel Acquisition only. |
Note 4 - Discontinued Operati_3
Note 4 - Discontinued Operations and Business Dispositions (Details Textual) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 12 Months Ended | |||||
Feb. 28, 2023 | Dec. 23, 2020 | Nov. 03, 2020 | Jun. 30, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Proceeds from Divestiture of Businesses | $ 544 | $ 0 | $ 43 | ||||
Gain (Loss) on Disposition of Business | 0 | 0 | 28 | ||||
Equity Securities, FV-NI, Unrealized Gain (Loss) | (5) | (12) | (28) | ||||
Venator Materials PLC [Member] | |||||||
Equity Securities, FV-NI, Unrealized Gain (Loss) | $ (5) | $ (12) | $ (28) | ||||
SK Capital Partners, LP [Member] | Venator Materials PLC [Member] | |||||||
Equity Method Investment Using Fair Value Option, Number of Shares Sold (in shares) | 42.4 | ||||||
Equity Securities Held for Which There Exists an Option for Another Party to Purchase (in shares) | 9.7 | ||||||
Equity Securities Held for Which There Exists an Option for Another Party to Purchase, Price Per Share (in dollars per share) | $ 2.15 | ||||||
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 | ||||||
Disposal Group, Including Discontinued Operation, Net Working Capital Adjustments | 30 | ||||||
Disposal Group, Including Discontinued Operation, Cash | 28 | ||||||
Gain (Loss) on Disposition of Business | 154 | ||||||
Income Taxes Paid Related to the Sale of a Business | 23 | ||||||
Income Taxes, Additional Taxes Expected Related to the Sale of a Business | $ 15 | ||||||
India-Based Do It Yourself Consumer Adhesives Business [Member] | Pidilite Industries Ltd. [Member] | |||||||
Proceeds from Divestiture of Businesses | $ 257 | $ 28 | |||||
Gain (Loss) on Disposition of Business | $ 28 |
Note 4 - Discontinued Operati_4
Note 4 - Discontinued Operations and Business Dispositions - Summary of Major Classes of Line Items of Discontinued Operations (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Income from discontinued operations, net of tax | $ 118 | $ 12 | $ 49 | |
Net income attributable to discontinued operations | 118 | 12 | 49 | |
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 assets held for sale | [1] | 472 | ||
Accounts payable | 63 | |||
Accrued liabilities | 47 | |||
Current operating lease liabilities | 2 | |||
Noncurrent operating lease liabilities | 17 | |||
Other noncurrent liabilities | 65 | |||
Total 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(1) | [2] | 88 | 692 | 783 |
Cost of goods sold(1) | [2] | (69) | (531) | (592) |
Gain on sale of the Textile Effects Business | 154 | 0 | 0 | |
Other expense items, net | (38) | (130) | (121) | |
Income from discontinued operations before income taxes | 135 | 31 | 70 | |
Income tax expense | (17) | (19) | (21) | |
Income from discontinued operations, net of tax | 118 | 12 | 49 | |
Net income attributable to noncontrolling interests | 0 | (3) | 0 | |
Net income attributable to discontinued operations | $ 118 | $ 9 | $ 49 | |
[1]Held for sale assets and liabilities are those of our Textile Effects Business. Total assets and liabilities held for sale as of December 31, 2022 are classified as current as we anticipate the sale of our Textile Effects Business will close in February 2023.[2]Includes eliminations of trade sales, services and fees, net and cost of sales between continuing operations and discontinued operations. |
Note 5 - Inventories (Details T
Note 5 - Inventories (Details Textual) | Dec. 31, 2023 | Dec. 31, 2022 |
Percentage of LIFO Inventory | 8% | 8% |
Note 5 - Inventories - Inventor
Note 5 - Inventories - Inventories (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | |
Raw materials and supplies | $ 191 | $ 241 | |
Work in progress | 39 | 40 | |
Finished goods | 673 | 758 | |
Total | 903 | 1,039 | |
LIFO reserves | (36) | (44) | |
Net inventories | [1] | $ 867 | $ 995 |
[1]At December 31, 2023 and December 31, 2022, respectively, $2 and $5 of cash and cash equivalents, $16 and $4 of accounts and notes receivable (net), $48 and $59 of inventories, $150 and $149 of property, plant and equipment (net), $32 and $29 of other noncurrent assets, $84 and $114 of accounts payable, $20 and $12 of accrued liabilities, $9 each of current portion of debt, $8 and $9 of current operating lease liabilities, $17 and $26 of long-term debt, $21 and $19 of noncurrent operating lease and $15 and $25 of other noncurrent liabilities from consolidated variable interest entities are included in the respective Balance Sheets captions above. See “Note 8. Variable Interest Entities.” These assets can only be used to settle obligations of the variable interest entities, and creditors of these liabilities do not have recourse to our general credit. |
Note 6 - Property, Plant and _3
Note 6 - Property, Plant and Equipment (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Depreciation | $ 231 | $ 233 | $ 231 |
Note 6 - Property, Plant and _4
Note 6 - Property, Plant and Equipment - Schedule of Cost and Accumulated Depreciation of Property, Plant and Equipment (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | |
Total | $ 6,285 | $ 6,030 | |
Less accumulated depreciation | (3,909) | (3,653) | |
Net | [1],[2] | 2,376 | 2,377 |
Huntsman International LLC [Member] | |||
Total | 6,373 | 6,118 | |
Less accumulated depreciation | (3,997) | (3,741) | |
Net | [1] | 2,376 | 2,377 |
Land [Member] | |||
Total | 99 | 94 | |
Land [Member] | Huntsman International LLC [Member] | |||
Total | 99 | 94 | |
Building [Member] | |||
Total | 586 | 570 | |
Building [Member] | Huntsman International LLC [Member] | |||
Total | 586 | 570 | |
Plant and Equipment [Member] | |||
Total | 5,238 | 5,092 | |
Plant and Equipment [Member] | Huntsman International LLC [Member] | |||
Total | 5,326 | 5,180 | |
Construction in Progress [Member] | |||
Total | 362 | 274 | |
Construction in Progress [Member] | Huntsman International LLC [Member] | |||
Total | $ 362 | $ 274 | |
[1]At December 31, 2023 and December 31, 2022, respectively, $2 and $5 of cash and cash equivalents, $16 and $4 of accounts and notes receivable (net), $48 and $59 of inventories, $150 and $149 of property, plant and equipment (net), $32 and $29 of other noncurrent assets, $84 and $114 of accounts payable, $20 and $12 of accrued liabilities, $9 each of current portion of debt, $8 and $9 of current operating lease liabilities, $17 and $26 of long-term debt, $21 and $19 of noncurrent operating lease and $15 and $25 of other noncurrent liabilities from consolidated variable interest entities are included in the respective Balance Sheets captions above. See “Note 8. Variable Interest Entities.” These assets can only be used to settle obligations of the variable interest entities, and creditors of these liabilities do not have recourse to our general credit.[2]Long-lived assets consist of property, plant and equipment, net. |
Note 7 - Investment in Uncons_3
Note 7 - Investment in Unconsolidated Affiliates - Investment in Unconsolidated Affiliates (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Total equity method investments | $ 438 | $ 425 |
BASF Huntsman Shanghai Isocyanate Investment BV [Member] | ||
Total equity method investments | 98 | 103 |
Nanjing Jinling Huntsman New Material Co., Ltd. [Member] | ||
Total equity method investments | 304 | 282 |
Jurong Ningwu New Material Development Co., Ltd. [Member] | ||
Total equity method investments | 33 | 37 |
KPX Huntsman Polyurethanes Automotive Co., Ltd. [Member] | ||
Total equity method investments | $ 3 | $ 3 |
Note 7 - Investment in Uncons_4
Note 7 - Investment in Unconsolidated Affiliates - Investment in Unconsolidated Affiliates (Details) (Parentheticals) | Dec. 31, 2023 | Dec. 31, 2022 |
BASF Huntsman Shanghai Isocyanate Investment BV [Member] | ||
Ownership interest | 50% | 50% |
Nanjing Jinling Huntsman New Material Co., Ltd. [Member] | ||
Ownership interest | 49% | 49% |
Jurong Ningwu New Material Development Co., Ltd. [Member] | ||
Ownership interest | 30% | 30% |
KPX Huntsman Polyurethanes Automotive Co., Ltd. [Member] | ||
Ownership interest | 50% | 50% |
Note 7 - Investment in Uncons_5
Note 7 - Investment in Unconsolidated Affiliates - Summarized Financial Information of Unconsolidated Affiliates (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |||
Current assets | $ 2,314 | $ 3,145 | |||
Current liabilities | 1,172 | 1,701 | |||
Revenues | [1] | 6,111 | 8,023 | $ 7,670 | |
Gross profit | 906 | 1,546 | 1,584 | ||
Income from continuing operations | 35 | 511 | 1,055 | ||
Net income | 101 | 460 | 1,045 | ||
Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member] | |||||
Current assets | 419 | 454 | |||
Non-current assets | 804 | 870 | |||
Current liabilities | 188 | 237 | |||
Non-current liabilities | 48 | 126 | |||
Revenues | 2,299 | 2,410 | 2,588 | [2] | |
Gross profit | 285 | 243 | 470 | [2] | |
Income from continuing operations | 180 | 148 | 305 | [2] | |
Net income | $ 180 | $ 148 | $ 305 | [2] | |
[1]Geographic information for revenues is based upon countries into which product is sold.[2]We began accounting for our investment in Venator as an equity method investment on December 3, 2018 and then as an investment in equity securities on December 23, 2020 and thereafter. Therefore, the summarized financial data only includes information for Venator for the years ended December 31, 2020 and 2019. |
Note 8 - Variable Interest En_3
Note 8 - Variable Interest Entities (Details Textual) | 12 Months Ended |
Dec. 31, 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 8 - Variable Interest En_4
Note 8 - Variable Interest Entities - Schedule of Financial Information of Variable Interest Entities (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |||
Current assets | $ 2,314 | $ 3,145 | |||
Property, plant and equipment, net | [1],[2] | 2,376 | 2,377 | ||
Operating lease right-of-use assets | 366 | 374 | |||
Deferred income taxes | 112 | 147 | |||
Total assets | 7,248 | 8,220 | |||
Current liabilities | 1,172 | 1,701 | |||
Long-term debt | [1] | 1,676 | 1,671 | ||
Noncurrent operating lease liabilities | [1] | 334 | 336 | ||
Other noncurrent liabilities | [1] | 345 | 422 | ||
Deferred income taxes | 243 | 250 | |||
Total liabilities | 3,770 | 4,380 | |||
Revenues | [3] | 6,111 | 8,023 | $ 7,670 | |
Income from continuing operations before income taxes | 99 | 697 | 1,246 | ||
Net cash provided by operating activities | 209 | 914 | 952 | ||
Variable Interest Entity, Primary Beneficiary [Member] | |||||
Current assets | 67 | 73 | |||
Property, plant and equipment, net | 150 | 149 | |||
Operating lease right-of-use assets | 29 | 28 | |||
Other noncurrent assets | 125 | 140 | |||
Deferred income taxes | 13 | 13 | |||
Total assets | 384 | 403 | |||
Current liabilities | 121 | 144 | |||
Long-term debt | 17 | 26 | |||
Noncurrent operating lease liabilities | 21 | 19 | |||
Other noncurrent liabilities | 15 | 25 | |||
Deferred income taxes | 1 | 0 | |||
Total liabilities | 175 | 214 | |||
Revenues | 0 | 0 | 0 | [4] | |
Income from continuing operations before income taxes | 60 | 36 | 12 | [4] | |
Net cash provided by operating activities | $ 78 | $ 81 | $ 33 | [4] | |
[1]At December 31, 2023 and December 31, 2022, respectively, $2 and $5 of cash and cash equivalents, $16 and $4 of accounts and notes receivable (net), $48 and $59 of inventories, $150 and $149 of property, plant and equipment (net), $32 and $29 of other noncurrent assets, $84 and $114 of accounts payable, $20 and $12 of accrued liabilities, $9 each of current portion of debt, $8 and $9 of current operating lease liabilities, $17 and $26 of long-term debt, $21 and $19 of noncurrent operating lease and $15 and $25 of other noncurrent liabilities from consolidated variable interest entities are included in the respective Balance Sheets captions above. See “Note 8. Variable Interest Entities.” These assets can only be used to settle obligations of the variable interest entities, and creditors of these liabilities do not have recourse to our general credit.[2]Long-lived assets consist of property, plant and equipment, net.[3]Geographic information for revenues is based upon countries into which product is sold.[4]As of September 30, 2019, Sasol-Huntsman was no longer accounted for as a variable interest entity. Therefore, this financial data only includes information for Sasol-Huntsman applicable to the period from January 1, 2019 through September 30, 2019. |
Note 9 - Leases (Details Textua
Note 9 - Leases (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Short-Term Lease, Cost | $ 1,000 | $ 1,000 | $ 3,000 |
Variable Lease, Cost | 1,000 | $ 0 | $ 0 |
Operating Lease Not Yet Commenced | $ 65,000 | ||
Minimum [Member] | |||
Lessee, Operating Lease, Remaining Lease Term (Month) | 1 month | ||
Lessee, Operating Lease, Renewal Term (Year) | 1 year | ||
Maximum [Member] | |||
Lessee, Operating Lease, Remaining Lease Term (Month) | 34 years | ||
Lessee, Operating Lease, Renewal Term (Year) | 30 years | ||
Lessee, Operating Lease, Lease Not yet Commenced, Term of Contract (Year) | 20 years |
Note 9 - Leases - Components of
Note 9 - Leases - Components of Lease Expense and Cash Flows (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Operating lease expense | [1] | $ 69 | $ 64 | $ 67 |
Operating cash flows from operating leases | 64 | 63 | 63 | |
Leased assets obtained in exchange for new operating lease liabilities | 32 | 24 | 18 | |
Cost of Sales [Member] | ||||
Operating lease expense | 40 | 37 | 39 | |
Selling, General and Administrative Expenses [Member] | ||||
Operating lease expense | 22 | 21 | 22 | |
Research and Development Expense [Member] | ||||
Operating lease expense | $ 7 | $ 6 | $ 6 | |
[1]Total operating lease expense includes short-term lease expense of approximately $1 million, $1 million and $3 million for the years ended December 31, 2023, 2022 and 2021, respectively. Total operating lease expense includes variable lease expense of approximately $1 million, nil and nil for the years ended December 31, 2023, 2022 and 2021, respectively. |
Note 9 - Leases - Lease Term an
Note 9 - Leases - Lease Term and Discount Rate (Details) | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Weighted-average remaining lease term (Year) | 9 years | 10 years | 10 years |
Weighted-average discount rate | 3.80% | 3.70% | 3.70% |
Note 9 - Leases - Undiscounted
Note 9 - Leases - Undiscounted Cash Flows (Details) $ in Millions | Dec. 31, 2023 USD ($) |
2024, operating lease | $ 60 |
2025, operating lease | 57 |
2026, operating lease | 51 |
2027, operating lease | 49 |
2028, operating lease | 46 |
Thereafter, operating lease | 193 |
Total lease payments, operating lease | 456 |
Less imputed interest, operating lease | (76) |
Total, operating lease | $ 380 |
Note 10 - Intangible Assets (De
Note 10 - Intangible Assets (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Amortization of Intangible Assets | $ 40 | $ 40 | $ 40 |
Note 10 - Intangible Assets - G
Note 10 - Intangible Assets - Gross Carrying Amount and Accumulated Amortization of Intangible Assets (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Carrying Amount | $ 834 | $ 830 |
Accumulated Amortization | 447 | 405 |
Net | 387 | 425 |
Huntsman International LLC [Member] | ||
Carrying Amount | 842 | 838 |
Accumulated Amortization | 455 | 413 |
Net | 387 | 425 |
Patents, Trademarks and Technology [Member] | ||
Carrying Amount | 470 | 468 |
Accumulated Amortization | 282 | 267 |
Net | 188 | 201 |
Patents, Trademarks and Technology [Member] | Huntsman International LLC [Member] | ||
Carrying Amount | 470 | 468 |
Accumulated Amortization | 282 | 267 |
Net | 188 | 201 |
Licenses and Other Agreements [Member] | ||
Carrying Amount | 312 | 311 |
Accumulated Amortization | 129 | 106 |
Net | 183 | 205 |
Licenses and Other Agreements [Member] | Huntsman International LLC [Member] | ||
Carrying Amount | 312 | 311 |
Accumulated Amortization | 129 | 106 |
Net | 183 | 205 |
Other Intangible Assets [Member] | ||
Carrying Amount | 52 | 51 |
Accumulated Amortization | 36 | 32 |
Net | 16 | 19 |
Other Intangible Assets [Member] | Huntsman International LLC [Member] | ||
Carrying Amount | 60 | 59 |
Accumulated Amortization | 44 | 40 |
Net | $ 16 | $ 19 |
Note 10 - Intangible Assets - E
Note 10 - Intangible Assets - Estimated Future Amortization Expense (Details) $ in Millions | Dec. 31, 2023 USD ($) |
2024, future amortization expense | $ 40 |
2025, future amortization expense | 40 |
2026, future amortization expense | 40 |
2027, future amortization expense | 39 |
2028, future amortization expense | $ 39 |
Note 11 - Accrued Liabilities -
Note 11 - Accrued Liabilities - Summary of Accrued Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | |
Payroll and related accruals | $ 76 | $ 93 | |
Income taxes | 67 | 68 | |
Taxes other than income taxes | 49 | 44 | |
Volume and rebate accruals | 43 | 36 | |
Restructuring and plant closing reserves | 26 | 72 | |
Other miscellaneous accruals | 134 | 116 | |
Total | [1] | 395 | 429 |
Huntsman International LLC [Member] | |||
Payroll and related accruals | 76 | 93 | |
Income taxes | 67 | 68 | |
Taxes other than income taxes | 46 | 44 | |
Volume and rebate accruals | 43 | 36 | |
Restructuring and plant closing reserves | 26 | 72 | |
Other miscellaneous accruals | 132 | 114 | |
Total | [1] | $ 390 | $ 427 |
[1]At December 31, 2023 and December 31, 2022, respectively, $2 and $5 of cash and cash equivalents, $16 and $4 of accounts and notes receivable (net), $48 and $59 of inventories, $150 and $149 of property, plant and equipment (net), $32 and $29 of other noncurrent assets, $84 and $114 of accounts payable, $20 and $12 of accrued liabilities, $9 each of current portion of debt, $8 and $9 of current operating lease liabilities, $17 and $26 of long-term debt, $21 and $19 of noncurrent operating lease and $15 and $25 of other noncurrent liabilities from consolidated variable interest entities are included in the respective Balance Sheets captions above. See “Note 8. Variable Interest Entities.” These assets can only be used to settle obligations of the variable interest entities, and creditors of these liabilities do not have recourse to our general credit. |
Note 12 - Restructuring, Impa_3
Note 12 - Restructuring, Impairment and Plant Closing Costs (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Restructuring Charges | $ 7 | $ 80 | $ 22 |
Employee Severance [Member] | |||
Restructuring Charges | (4) | 69 | 17 |
Employee Severance [Member] | Polyurethanes [Member] | |||
Restructuring Charges | 4 | 10 | 7 |
Restructuring and Related Cost, Expected Cost | 3 | ||
Employee Severance [Member] | Advanced Materials [Member] | |||
Restructuring Charges | 4 | 8 | 10 |
Restructuring and Related Cost, Expected Cost | 1 | ||
Employee Severance [Member] | Restructuring Programs to Optimize Managed Services and Align and Optimize Processes and Systems [Member] | |||
Restructuring Charges | 9 | 34 | |
Restructuring and Related Cost, Expected Cost | 4 | ||
Employee Severance [Member] | Restructuring Programs to Optimize Managed Services and Align and Optimize Processes and Systems [Member] | Corporate and Other [Member] | |||
Restructuring Charges | 19 | ||
Employee Severance [Member] | Restructuring Program to Optimize Leveraging Shared Services Capabilities [Member] | Corporate and Other [Member] | |||
Restructuring Charges | 6 | $ 15 | $ 16 |
Restructuring and Related Cost, Expected Cost | $ 1 |
Note 12 - Restructuring, Impa_4
Note 12 - Restructuring, Impairment and Plant Closing Costs - Accrued Restructuring Costs By Type of Cost and Initiative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Beginning Balance | $ 76 | $ 26 | $ 23 |
Restructuring Charges | 7 | 80 | 22 |
Payments | (56) | (30) | (19) |
Ending Balance | 27 | 76 | 26 |
Employee Severance [Member] | |||
Beginning Balance | 76 | 25 | 23 |
Restructuring Charges | (4) | 69 | 17 |
Payments | (45) | (18) | (15) |
Ending Balance | 27 | 76 | 25 |
Other Restructuring [Member] | |||
Beginning Balance | 0 | 1 | 0 |
Restructuring Charges | 11 | 11 | 5 |
Payments | (11) | (12) | (4) |
Ending Balance | $ 0 | $ 0 | $ 1 |
Note 12 - Restructuring, Impa_5
Note 12 - Restructuring, Impairment and Plant Closing Costs - Reserves for Restructuring, Impairment and Plant Closing Costs By Segment and Initiative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Beginning Balance | $ 76 | $ 26 | $ 23 |
Restructuring Charges | 7 | 80 | 22 |
Payments | (56) | (30) | (19) |
Ending Balance | 27 | 76 | 26 |
Restructuring and plant closing reserves | 26 | 72 | |
Long-term portion of restructuring reserves | 1 | ||
Corporate and Reconciling Items [Member] | |||
Beginning Balance | 37 | 11 | 0 |
Restructuring Charges | (7) | 39 | 15 |
Payments | (22) | (13) | (4) |
Ending Balance | 8 | 37 | 11 |
Restructuring and plant closing reserves | 8 | ||
Long-term portion of restructuring reserves | 0 | ||
Polyurethanes [Member] | Operating Segments [Member] | |||
Beginning Balance | 24 | 9 | 12 |
Restructuring Charges | 1 | 28 | 6 |
Payments | (17) | (13) | (9) |
Ending Balance | 8 | 24 | 9 |
Restructuring and plant closing reserves | 8 | ||
Long-term portion of restructuring reserves | 0 | ||
Performance Products [Member] | Operating Segments [Member] | |||
Beginning Balance | 5 | 1 | 2 |
Restructuring Charges | 6 | 5 | 2 |
Payments | (4) | (1) | (3) |
Ending Balance | 7 | 5 | 1 |
Restructuring and plant closing reserves | 7 | ||
Long-term portion of restructuring reserves | 0 | ||
Advanced Materials [Member] | Operating Segments [Member] | |||
Beginning Balance | 10 | 5 | 9 |
Restructuring Charges | 7 | 8 | (1) |
Payments | (13) | (3) | (3) |
Ending Balance | 4 | $ 10 | $ 5 |
Restructuring and plant closing reserves | 3 | ||
Long-term portion of restructuring reserves | $ 1 |
Note 12 - Restructuring, Impa_6
Note 12 - Restructuring, Impairment and Plant Closing Costs (Credits) - Cash and Noncash Restructuring Charges (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Cash charges | $ 7 | ||
Accelerated depreciation | 9 | $ 6 | $ 14 |
Other noncash charges | 2 | 2 | 7 |
Total restructuring, impairment and plant closing credits | 18 | 86 | 40 |
Restructuring Charges | $ 7 | 80 | 22 |
Gain on sale of assets | $ (2) | $ (3) |
Note 13 - Other Noncurrent Li_3
Note 13 - Other Noncurrent Liabilities - Summary of Other Noncurrent Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | |
Pension liabilities | $ 177 | $ 183 | |
Employee benefit accrual | 44 | 38 | |
Other postretirement benefits | 35 | 42 | |
Other | 89 | 159 | |
Total | [1] | 345 | 422 |
Huntsman International LLC [Member] | |||
Pension liabilities | 177 | 183 | |
Employee benefit accrual | 44 | 38 | |
Other postretirement benefits | 35 | 42 | |
Other | 83 | 151 | |
Total | [1] | $ 339 | $ 414 |
[1]At December 31, 2023 and December 31, 2022, respectively, $2 and $5 of cash and cash equivalents, $16 and $4 of accounts and notes receivable (net), $48 and $59 of inventories, $150 and $149 of property, plant and equipment (net), $32 and $29 of other noncurrent assets, $84 and $114 of accounts payable, $20 and $12 of accrued liabilities, $9 each of current portion of debt, $8 and $9 of current operating lease liabilities, $17 and $26 of long-term debt, $21 and $19 of noncurrent operating lease and $15 and $25 of other noncurrent liabilities from consolidated variable interest entities are included in the respective Balance Sheets captions above. See “Note 8. 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 14 - Debt (Details Textual
Note 14 - Debt (Details Textual) € in Millions, $ in Millions | 3 Months Ended | 12 Months Ended | ||||||
Jun. 23, 2021 USD ($) | Jun. 30, 2021 USD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2023 EUR (€) | May 26, 2021 USD ($) | ||
Debt Issuance Costs, Net | $ 7 | $ 8 | ||||||
Interest Paid, Excluding Capitalized Interest, Operating Activities | 68 | 66 | $ 82 | |||||
Payment for Debt Extinguishment or Debt Prepayment Cost | 0 | 0 | 26 | |||||
Gain (Loss) on Extinguishment of Debt, Total | 0 | 0 | (27) | |||||
Long-Term Debt | 1,688 | 1,737 | ||||||
Long-Term Debt, Current Maturities | [1] | 12 | 66 | |||||
Long-Term Debt, Excluding Current Maturities | [1] | $ 1,676 | 1,671 | |||||
Arabian Amines Company [Member] | ||||||||
Variable Interest Entity, Qualitative or Quantitative Information, Ownership Percentage | 50% | |||||||
Long-Term Debt | $ 26 | |||||||
Long-Term Debt, Current Maturities | 9 | |||||||
Long-Term Debt, Excluding Current Maturities | 17 | |||||||
The Revolving Credit Facility [Member] | ||||||||
Long-Term Debt | 0 | 55 | ||||||
Accounts Receivable Programs [Member] | ||||||||
Long-Term Debt | 169 | 166 | ||||||
The Senior Notes [Member] | ||||||||
Long-Term Debt | 1,471 | 1,455 | ||||||
Huntsman International LLC [Member] | ||||||||
Interest Paid, Excluding Capitalized Interest, Operating Activities | 68 | 66 | 82 | |||||
Payment for Debt Extinguishment or Debt Prepayment Cost | 0 | 0 | 26 | |||||
Gain (Loss) on Extinguishment of Debt, Total | 0 | 0 | $ (27) | |||||
Long-Term Debt, Current Maturities | [1] | 12 | 66 | |||||
Long-Term Debt, Excluding Current Maturities | [1] | 1,676 | 1,671 | |||||
Huntsman International LLC [Member] | The Revolving Credit Facility [Member] | ||||||||
Line Of Credit Facility, Contingent Increase, Additional Borrowing Capacity | 500 | |||||||
Line of Credit Facility, Maximum Borrowing Capacity | 1,200 | |||||||
Letters of Credit Outstanding, Amount | 4 | |||||||
Long-Term Debt | $ 0 | |||||||
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 | [2],[3] | 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 | $ 224 | $ 272 | ||||||
Huntsman International LLC [Member] | The Senior Notes [Member] | Debt Instrument Redemption Period Upon Occurrence of Certain Change of Control Events [Member] | ||||||||
Debt Instrument, Redemption Price, Percentage | 101% | |||||||
Huntsman International LLC [Member] | Senior Notes Maturing April 2025 [Member] | ||||||||
Debt Instrument, Redemption Price, Percentage | 100% | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.25% | 4.25% | ||||||
Long-Term Debt | $ 332 | € 299 | ||||||
Huntsman International LLC [Member] | The 2029 Senior Notes [Member] | ||||||||
Debt Instrument, Redemption Price, Percentage | 100% | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.50% | 4.50% | ||||||
Huntsman International LLC [Member] | The 2031 Senior Notes [Member] | ||||||||
Debt Instrument, Redemption Price, Percentage | 100% | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 2.95% | 2.95% | ||||||
Debt Instrument, Face Amount | $ 400 | |||||||
Huntsman International LLC [Member] | The 2022 Senior Note [Member] | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.125% | |||||||
Early Repayment of Senior Debt | $ 400 | |||||||
Interest Paid, Excluding Capitalized Interest, Operating Activities | $ 2 | |||||||
Gain (Loss) on Extinguishment of Debt, Total | $ (26) | |||||||
Huntsman International LLC [Member] | The 2022 Senior Note [Member] | Debt Redemption Premiums and Related Fees and Expenses [Member] | ||||||||
Payment for Debt Extinguishment or Debt Prepayment Cost | $ 25 | |||||||
[1]At December 31, 2023 and December 31, 2022, respectively, $2 and $5 of cash and cash equivalents, $16 and $4 of accounts and notes receivable (net), $48 and $59 of inventories, $150 and $149 of property, plant and equipment (net), $32 and $29 of other noncurrent assets, $84 and $114 of accounts payable, $20 and $12 of accrued liabilities, $9 each of current portion of debt, $8 and $9 of current operating lease liabilities, $17 and $26 of long-term debt, $21 and $19 of noncurrent operating lease and $15 and $25 of other noncurrent liabilities from consolidated variable interest entities are included in the respective Balance Sheets captions above. See “Note 8. 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]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 as of December 31, 2023 was 1.525% above Term SOFR.[3]On December 31, 2023, we had an additional $4 million (U.S. dollar equivalents) of letters of credit and bank guarantees issued and outstanding under our 2022 Revolving Credit Facility. |
Note 14 - Debt - Outstanding De
Note 14 - Debt - Outstanding Debt (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | |
Amount outstanding | $ 1,688 | $ 1,737 | |
Total current portion of debt | [1] | 12 | 66 |
Long-term portion of debt | [1] | 1,676 | 1,671 |
The Revolving Credit Facility [Member] | |||
Amount outstanding | 0 | 55 | |
Accounts Receivable Programs [Member] | |||
Amount outstanding | 169 | 166 | |
The Senior Notes [Member] | |||
Amount outstanding | 1,471 | 1,455 | |
Variable Interest Entities Debt [Member] | |||
Amount outstanding | 26 | 35 | |
Other Debt Instruments [Member] | |||
Amount outstanding | $ 22 | $ 26 | |
[1]At December 31, 2023 and December 31, 2022, respectively, $2 and $5 of cash and cash equivalents, $16 and $4 of accounts and notes receivable (net), $48 and $59 of inventories, $150 and $149 of property, plant and equipment (net), $32 and $29 of other noncurrent assets, $84 and $114 of accounts payable, $20 and $12 of accrued liabilities, $9 each of current portion of debt, $8 and $9 of current operating lease liabilities, $17 and $26 of long-term debt, $21 and $19 of noncurrent operating lease and $15 and $25 of other noncurrent liabilities from consolidated variable interest entities are included in the respective Balance Sheets captions above. See “Note 8. Variable Interest Entities.” These assets can only be used to settle obligations of the variable interest entities, and creditors of these liabilities do not have recourse to our general credit. |
Note 14 - Debt - Revolving Cred
Note 14 - Debt - Revolving Credit Facility (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | ||
Carrying amount of debt | $ 1,688 | $ 1,737 | |
The Revolving Credit Facility [Member] | |||
Carrying amount of debt | 0 | $ 55 | |
The Revolving Credit Facility [Member] | Huntsman International LLC [Member] | |||
Committed amount | 1,200 | ||
Principal outstanding | [1] | 0 | |
Unamortized discounts and debt issuance costs | [1] | 0 | |
Carrying amount of debt | $ 0 | ||
The Revolving Credit Facility [Member] | Huntsman International LLC [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | |||
Interest rate | [1],[2] | 1.525% | |
[1]On December 31, 2023, we had an additional $4 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 as of December 31, 2023 was 1.525% above Term SOFR. |
Note 14 - Debt - Accounts Recei
Note 14 - Debt - Accounts Receivable Programs (Details) € in Millions, $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 USD ($) | Dec. 31, 2023 EUR (€) | Dec. 31, 2022 USD ($) | ||
Amount outstanding | $ 1,688 | $ 1,737 | ||
US A/R Program [Member] | ||||
Maturity | Jul. 31, 2024 | |||
Maximum funding availability | [1] | $ 150 | ||
Amount outstanding | [2] | $ 110 | ||
US A/R Program [Member] | Term Secured Overnight Financing Rate (Term SOFR) [Member] | ||||
Interest rate | [3] | 0.90% | ||
EU A/R Program [Member] | ||||
Maturity | Jul. 31, 2024 | |||
Maximum funding availability | [1] | $ 111 | € 100 | |
Amount outstanding | $ 59 | € 53 | ||
EU A/R Program [Member] | Term SOFR, 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 December 31, 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. |
Note 14 - Debt - Notes Outstand
Note 14 - Debt - Notes Outstanding (Details) - Huntsman International LLC [Member] $ in Millions, € in Billions | Dec. 31, 2023 USD ($) | Dec. 31, 2023 EUR (€) |
Senior Notes Maturing April 2025 [Member] | ||
Debt Instrument, Interest Rate, Stated Percentage | 4.25% | 4.25% |
Principal outstanding | € | € 0.3 | |
Unamortized premiums, discounts and debt issuance costs | $ 1 | |
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 | $ 8 | |
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 14 - Debt - Notes Outsta_2
Note 14 - Debt - Notes Outstanding (Details) (Parentheticals) € in Millions, $ in Millions | Dec. 31, 2023 USD ($) | Dec. 31, 2023 EUR (€) | Dec. 31, 2022 USD ($) |
Carrying amount of debt | $ 1,688 | $ 1,737 | |
Huntsman International LLC [Member] | Senior Notes Maturing April 2025 [Member] | |||
Carrying amount of debt | 332 | € 299 | |
Huntsman International LLC [Member] | Senior Notes Maturing February 2029 [Member] | |||
Carrying amount of debt | 742 | ||
Huntsman International LLC [Member] | Senior Notes Maturing June 2031 [Member] | |||
Carrying amount of debt | $ 397 |
Note 14 - Debt - Scheduled Matu
Note 14 - Debt - Scheduled Maturities of Debt (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
2024, debt | $ 12 | |
2025, debt | 344 | |
2026, debt | 10 | |
2027, debt | 172 | |
2028, debt | 3 | |
Thereafter, debt | 1,147 | |
Total, debt | $ 1,688 | $ 1,737 |
Note 15 - Derivative Instrume_2
Note 15 - Derivative Instruments and Hedging Activities (Details Textual) € in Millions, $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2023 EUR (€) | |
Gain (Loss) on Derivative Used in Net Investment Hedge, after Tax | $ 8 | $ 10 | $ 11 | |
Foreign Exchange Contract [Member] | ||||
Derivative, Maximum Maturity Period (Month) | 3 months | |||
Derivative, Notional Amount | $ 322 | $ 315 | ||
Derivative Instruments, Approximate Term of Foreign Currency Contracts (Month) | 1 month | |||
Foreign Exchange Contract [Member] | Designated as Hedging Instrument [Member] | ||||
Derivative, Notional Amount | $ 50 | € 45 |
Note 16 - Fair Value (Details T
Note 16 - Fair Value (Details Textual) Pure in Thousands, $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | |
Number of Instruments Categorized as Level Three | 0 | 0 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | $ 0 | $ 0 |
Note 16 - Fair Value - Fair Val
Note 16 - Fair Value - Fair Value of Financial Instruments (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Deferred Compensation Plan Assets | $ 51 | $ 41 |
Reported Value Measurement [Member] | ||
Deferred Compensation Plan Assets | 15 | 15 |
Long-term debt (including current portion) | (1,688) | (1,737) |
Reported Value Measurement [Member] | Venator Materials PLC [Member] | ||
Investment in Venator | 0 | 5 |
Estimate of Fair Value Measurement [Member] | ||
Deferred Compensation Plan Assets | 15 | 15 |
Long-term debt (including current portion) | (1,613) | (1,578) |
Estimate of Fair Value Measurement [Member] | Venator Materials PLC [Member] | ||
Investment in Venator | $ 0 | $ 5 |
Note 17 - Revenue Recognition -
Note 17 - Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Revenues | [1] | $ 6,111 | $ 8,023 | $ 7,670 |
Diversified [Member] | ||||
Revenues | 5,043 | 6,780 | 6,504 | |
Specialty [Member] | ||||
Revenues | 1,029 | 1,180 | 1,077 | |
Product and Service, Other [Member] | ||||
Revenues | 63 | 97 | 121 | |
Operating Segments [Member] | ||||
Revenues | 6,135 | 8,057 | 7,702 | |
Operating Segments [Member] | Polyurethanes [Member] | ||||
Revenues | [1] | 3,865 | 5,067 | 5,019 |
Operating Segments [Member] | Polyurethanes [Member] | Diversified [Member] | ||||
Revenues | 3,865 | 5,067 | 5,019 | |
Operating Segments [Member] | Performance Products [Member] | ||||
Revenues | [1] | 1,178 | 1,713 | 1,485 |
Operating Segments [Member] | Performance Products [Member] | Diversified [Member] | ||||
Revenues | 1,178 | 1,713 | 1,485 | |
Operating Segments [Member] | Advanced Materials [Member] | ||||
Revenues | [1] | 1,092 | 1,277 | 1,198 |
Operating Segments [Member] | Advanced Materials [Member] | Specialty [Member] | ||||
Revenues | 1,029 | 1,180 | 1,077 | |
Operating Segments [Member] | Advanced Materials [Member] | Product and Service, Other [Member] | ||||
Revenues | 63 | 97 | 121 | |
Corporate and Reconciling Items [Member] | ||||
Revenues | [1] | (24) | (34) | (32) |
U.S. and Canada [Member] | ||||
Revenues | [1] | 2,351 | 3,330 | 2,881 |
U.S. and Canada [Member] | Operating Segments [Member] | Polyurethanes [Member] | ||||
Revenues | [1] | 1,476 | 2,126 | 1,884 |
U.S. and Canada [Member] | Operating Segments [Member] | Performance Products [Member] | ||||
Revenues | [1] | 560 | 806 | 656 |
U.S. and Canada [Member] | Operating Segments [Member] | Advanced Materials [Member] | ||||
Revenues | [1] | 323 | 411 | 365 |
U.S. and Canada [Member] | Corporate and Reconciling Items [Member] | ||||
Revenues | [1] | (8) | (13) | (24) |
Europe [Member] | ||||
Revenues | [1] | 1,667 | 2,080 | 2,121 |
Europe [Member] | Operating Segments [Member] | Polyurethanes [Member] | ||||
Revenues | [1] | 1,022 | 1,239 | 1,322 |
Europe [Member] | Operating Segments [Member] | Performance Products [Member] | ||||
Revenues | [1] | 247 | 395 | 382 |
Europe [Member] | Operating Segments [Member] | Advanced Materials [Member] | ||||
Revenues | [1] | 414 | 461 | 425 |
Europe [Member] | Corporate and Reconciling Items [Member] | ||||
Revenues | [1] | (16) | (15) | (8) |
Asia Pacific [Member] | ||||
Revenues | [1] | 1,611 | 2,015 | 2,077 |
Asia Pacific [Member] | Operating Segments [Member] | Polyurethanes [Member] | ||||
Revenues | [1] | 1,063 | 1,321 | 1,418 |
Asia Pacific [Member] | Operating Segments [Member] | Performance Products [Member] | ||||
Revenues | [1] | 282 | 402 | 362 |
Asia Pacific [Member] | Operating Segments [Member] | Advanced Materials [Member] | ||||
Revenues | [1] | 268 | 296 | 297 |
Asia Pacific [Member] | Corporate and Reconciling Items [Member] | ||||
Revenues | [1] | (2) | (4) | 0 |
Rest of World [Member] | ||||
Revenues | [1] | 482 | 598 | 591 |
Rest of World [Member] | Operating Segments [Member] | Polyurethanes [Member] | ||||
Revenues | [1] | 304 | 381 | 395 |
Rest of World [Member] | Operating Segments [Member] | Performance Products [Member] | ||||
Revenues | [1] | 89 | 110 | 85 |
Rest of World [Member] | Operating Segments [Member] | Advanced Materials [Member] | ||||
Revenues | [1] | 87 | 109 | 111 |
Rest of World [Member] | Corporate and Reconciling Items [Member] | ||||
Revenues | [1] | $ 2 | $ (2) | $ 0 |
[1]Geographic information for revenues is based upon countries into which product is sold. |
Note 18 - Employee Benefit Pl_3
Note 18 - Employee Benefit Plans (Details Textual) shares in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | May 05, 2016 shares | |
Defined Contribution Plan, Cost | $ 27,000 | $ 29,000 | $ 24,000 | |
Deferred Compensation Arrangement with Individual, Percentage of Salary, Maximum Defer | 75% | |||
Deferred Compensation Plan Assets | $ 51,000 | 41,000 | ||
Deferred Compensation Arrangement, Compensation Expense | $ 1,000 | $ 1,000 | 1,000 | |
Huntsman Corporation 2016 Stock Incentive Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | shares | 8,200 | |||
Huntsman Corporation Stock Incentive Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares) | shares | 0 | |||
Money Purchase Pension Plan [Member] | UNITED STATES | ||||
Defined Contribution Plan, Employer Non-discretionary Contribution, Percent | 8% | |||
Maximum [Member] | Salary Deferral Plan for New Hires [Member] | UNITED STATES | ||||
Defined Contribution Plan, Employer Non-discretionary Contribution, Percent | 6% | |||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 4% | |||
Defined Contribution Plan, Employer Contribution, Percent of Employees' Gross Pay | 10% | |||
Maximum [Member] | Money Purchase Pension Plan [Member] | UNITED STATES | ||||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 4% | |||
Pension Plan [Member] | ||||
Defined Benefit Plan, Health Care Cost Trend Rate Assumed, Next Fiscal Year | 6.50% | 6.75% | ||
Defined Benefit Plan, Health Care Cost Trend Rate Assumed, Year Five and Thereafter | 5% | |||
Defined Benefit Plan, Plan Assets, Amount | $ 2,270,000 | $ 2,127,000 | ||
Pension Plan [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Defined Benefit Plan, Accumulated Benefit Obligation | 2,264,000 | 2,057,000 | ||
Defined Benefit Plan, Plan Assets Level 3 Reconciliation, Increase (Decrease) for Assets Transferred into (out of) Level 3 | 0 | 0 | ||
Pension Plan [Member] | UNITED STATES | ||||
Defined Benefit Plan, Plan Assets, Amount | $ 728,000 | $ 691,000 | $ 925,000 | |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-Term Rate of Return on Plan Assets | 7.18% | 7.17% | 7.52% | |
Pension Plan [Member] | UNITED STATES | Fair Value, Inputs, Level 3 [Member] | ||||
Defined Benefit Plan, Plan Assets, Amount | $ 0 | $ 0 | ||
Pension Plan [Member] | Minimum [Member] | ||||
Defined Benefit Plan, Cash Balance, Plan Annual Pay Credits, Percentage of Eligible Pay | 6% | |||
Pension Plan [Member] | Maximum [Member] | ||||
Defined Benefit Plan, Cash Balance, Plan Annual Pay Credits, Percentage of Eligible Pay | 12% | |||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-Term Rate of Return on Plan Assets | 4.80% | 7.52% | ||
Other Postretirement Benefits Plan [Member] | ||||
Number Of Fully Insured Medicare Part D Plans | 2 | |||
Other Postretirement Benefits Plan [Member] | UNITED STATES | ||||
Defined Benefit Plan, Plan Assets, Amount | $ 0 | $ 0 | $ 0 |
Note 18 - Employee Benefit Pl_4
Note 18 - Employee Benefit Plans - Change in Benefit Obligation and Plan Assets (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Pension Plan [Member] | ||||
Balance at beginning of period | $ 2,127 | |||
Balance at end of period | 2,270 | $ 2,127 | ||
Funded status: | ||||
Defined Benefit Plan, Plan Assets, Amount | 2,270 | 2,127 | ||
UNITED STATES | Pension Plan [Member] | ||||
Balance at beginning of period | 691 | 925 | ||
Actual return on plan assets | 86 | (150) | ||
Foreign currency exchange rate changes | 0 | 0 | ||
Participant contributions | 0 | 0 | ||
Settlements/transfers/divestitures | 0 | (30) | ||
Company contributions | 18 | 5 | ||
Benefits paid | (67) | (59) | ||
Balance at end of period | 728 | 691 | $ 925 | |
Benefit obligation at beginning of year | 770 | 1,048 | ||
Service cost | 11 | 19 | 20 | |
Interest cost(1) | [1] | 43 | 32 | 31 |
Plan amendments | 0 | 0 | ||
Foreign currency exchange rate changes | 0 | 0 | ||
Settlements/curtailments/divestitures | 0 | (26) | ||
Actuarial loss (gain) | 27 | (244) | ||
Benefits paid | (67) | (59) | ||
Benefit obligation at end of year | 784 | 770 | 1,048 | |
Funded status: | ||||
Defined Benefit Plan, Plan Assets, Amount | 728 | 691 | 925 | |
Benefit obligation | (784) | (770) | (1,048) | |
(Under) over funded status | (56) | (79) | ||
Amounts recognized in balance sheet: | ||||
Noncurrent asset | 0 | 0 | ||
Current liability | (7) | (6) | ||
Noncurrent liability | (49) | (73) | ||
Net (liability) asset | (56) | (79) | ||
UNITED STATES | Other Postretirement Benefits Plan [Member] | ||||
Balance at beginning of period | 0 | 0 | ||
Actual return on plan assets | 0 | 0 | ||
Foreign currency exchange rate changes | 0 | 0 | ||
Participant contributions | 2 | 2 | ||
Settlements/transfers/divestitures | 0 | 0 | ||
Company contributions | 6 | 7 | ||
Benefits paid | (8) | (9) | ||
Balance at end of period | 0 | 0 | 0 | |
Benefit obligation at beginning of year | 47 | 61 | ||
Service cost | 1 | 1 | 2 | |
Interest cost(1) | [1] | 3 | 2 | 2 |
Plan amendments | (1) | 0 | ||
Foreign currency exchange rate changes | 0 | 0 | ||
Settlements/curtailments/divestitures | 0 | 0 | ||
Actuarial loss (gain) | (4) | (10) | ||
Benefits paid | (8) | (9) | ||
Benefit obligation at end of year | 40 | 47 | 61 | |
Funded status: | ||||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | 0 | |
Benefit obligation | (40) | (47) | (61) | |
(Under) over funded status | (40) | (47) | ||
Amounts recognized in balance sheet: | ||||
Noncurrent asset | 0 | 0 | ||
Current liability | (5) | (5) | ||
Noncurrent liability | (35) | (42) | ||
Net (liability) asset | (40) | (47) | ||
Foreign Plan [Member] | Pension Plan [Member] | ||||
Balance at beginning of period | 1,436 | 1,970 | ||
Actual return on plan assets | 67 | (381) | ||
Foreign currency exchange rate changes | 80 | (129) | ||
Participant contributions | 5 | 5 | ||
Settlements/transfers/divestitures | (16) | (5) | ||
Company contributions | 26 | 36 | ||
Benefits paid | (56) | (60) | ||
Balance at end of period | 1,542 | 1,436 | 1,970 | |
Benefit obligation at beginning of year | 1,354 | 2,032 | ||
Service cost | 15 | 26 | 30 | |
Interest cost(1) | [1] | 50 | 23 | 17 |
Plan amendments | 0 | (2) | ||
Foreign currency exchange rate changes | 77 | (131) | ||
Settlements/curtailments/divestitures | (21) | (5) | ||
Actuarial loss (gain) | 139 | (534) | ||
Benefits paid | (56) | (60) | ||
Benefit obligation at end of year | 1,563 | 1,354 | 2,032 | |
Funded status: | ||||
Defined Benefit Plan, Plan Assets, Amount | 1,542 | 1,436 | 1,970 | |
Benefit obligation | (1,563) | (1,354) | (2,032) | |
(Under) over funded status | (21) | 82 | ||
Amounts recognized in balance sheet: | ||||
Noncurrent asset | 110 | 196 | ||
Current liability | (3) | (4) | ||
Noncurrent liability | (128) | (110) | ||
Net (liability) asset | (21) | 82 | ||
Foreign Plan [Member] | Other Postretirement Benefits Plan [Member] | ||||
Balance at beginning of period | 0 | 0 | ||
Actual return on plan assets | 0 | 0 | ||
Foreign currency exchange rate changes | 0 | 0 | ||
Participant contributions | 0 | 0 | ||
Settlements/transfers/divestitures | 0 | 0 | ||
Company contributions | 0 | 0 | ||
Benefits paid | 0 | 0 | ||
Balance at end of period | 0 | 0 | 0 | |
Benefit obligation at beginning of year | 0 | 0 | ||
Service cost | 0 | 0 | 0 | |
Interest cost(1) | [1] | 0 | 0 | 0 |
Plan amendments | 0 | 0 | ||
Foreign currency exchange rate changes | 0 | 0 | ||
Settlements/curtailments/divestitures | 0 | 0 | ||
Actuarial loss (gain) | 0 | 0 | ||
Benefits paid | 0 | 0 | ||
Benefit obligation at end of year | 0 | 0 | 0 | |
Funded status: | ||||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | 0 | |
Benefit obligation | 0 | 0 | $ 0 | |
(Under) over funded status | 0 | 0 | ||
Amounts recognized in balance sheet: | ||||
Noncurrent asset | 0 | 0 | ||
Current liability | 0 | 0 | ||
Noncurrent liability | 0 | 0 | ||
Net (liability) asset | $ 0 | $ 0 | ||
[1]Amounts are presented in other income, net. |
Note 18 - Employee Benefit Pl_5
Note 18 - Employee Benefit Plans - Amounts Recognized and Amounts Expected to Be Recognized in Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
UNITED STATES | Pension Plan [Member] | ||
Amounts recognized in accumulated other comprehensive loss: | ||
Net actuarial loss | $ 199 | $ 202 |
Prior service credit | (4) | (6) |
Total | 195 | 196 |
UNITED STATES | Pension Plan [Member] | Huntsman International LLC [Member] | ||
Amounts recognized in accumulated other comprehensive loss: | ||
Net actuarial loss | 199 | 202 |
Prior service credit | (4) | (6) |
Total | 195 | 196 |
UNITED STATES | Other Postretirement Benefits Plan [Member] | ||
Amounts recognized in accumulated other comprehensive loss: | ||
Net actuarial loss | 7 | 11 |
Prior service credit | (12) | (16) |
Total | (5) | (5) |
UNITED STATES | Other Postretirement Benefits Plan [Member] | Huntsman International LLC [Member] | ||
Amounts recognized in accumulated other comprehensive loss: | ||
Net actuarial loss | 7 | 11 |
Prior service credit | (12) | (16) |
Total | (5) | (5) |
Foreign Plan [Member] | Pension Plan [Member] | ||
Amounts recognized in accumulated other comprehensive loss: | ||
Net actuarial loss | 547 | 511 |
Prior service credit | (14) | (18) |
Total | 533 | 493 |
Foreign Plan [Member] | Pension Plan [Member] | Huntsman International LLC [Member] | ||
Amounts recognized in accumulated other comprehensive loss: | ||
Net actuarial loss | 547 | 511 |
Prior service credit | (14) | (18) |
Total | 533 | 493 |
Foreign Plan [Member] | Other Postretirement Benefits Plan [Member] | ||
Amounts recognized in accumulated other comprehensive loss: | ||
Net actuarial loss | 0 | 0 |
Prior service credit | 0 | 0 |
Total | 0 | 0 |
Foreign Plan [Member] | Other Postretirement Benefits Plan [Member] | Huntsman International LLC [Member] | ||
Amounts recognized in accumulated other comprehensive loss: | ||
Net actuarial loss | 0 | 0 |
Prior service credit | 0 | 0 |
Total | $ 0 | $ 0 |
Note 18 - Employee Benefit Pl_6
Note 18 - Employee Benefit Plans - Components of Net Benefit Costs (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Amortization of actuarial loss(1) | $ 37 | $ 49 | $ 74 | |
Huntsman International LLC [Member] | ||||
Amortization of actuarial loss(1) | 37 | 49 | 76 | |
UNITED STATES | Pension Plan [Member] | ||||
Service cost | 11 | 19 | 20 | |
Interest cost(1) | [1] | 43 | 32 | 31 |
Expected return on plan assets(1) | [1] | (56) | (62) | (62) |
Amortization of prior service credit(1) | [1] | (2) | (2) | (2) |
Amortization of actuarial loss(1) | [1] | 0 | 20 | 31 |
Settlement loss(1) | [1] | 0 | 5 | 0 |
Net periodic benefit (credit) cost | (4) | 12 | 18 | |
UNITED STATES | Pension Plan [Member] | Huntsman International LLC [Member] | ||||
Service cost | 11 | 19 | 20 | |
Interest cost(1) | [1] | 43 | 32 | 31 |
Expected return on plan assets(1) | [1] | (56) | (62) | (62) |
Amortization of prior service credit(1) | [1] | (2) | (2) | (2) |
Amortization of actuarial loss(1) | [1] | 0 | 20 | 31 |
Settlement loss(1) | [1] | 0 | 5 | 0 |
Net periodic benefit (credit) cost | (4) | 12 | 18 | |
UNITED STATES | Other Postretirement Benefits Plan [Member] | ||||
Service cost | 1 | 1 | 2 | |
Interest cost(1) | [1] | 3 | 2 | 2 |
Amortization of prior service credit(1) | [1] | (5) | (5) | (5) |
Amortization of actuarial loss(1) | [1] | 0 | 2 | 2 |
Net periodic benefit (credit) cost | (1) | 0 | 1 | |
UNITED STATES | Other Postretirement Benefits Plan [Member] | Huntsman International LLC [Member] | ||||
Service cost | 1 | 1 | 2 | |
Interest cost(1) | [1] | 3 | 2 | 2 |
Amortization of prior service credit(1) | [1] | (5) | (5) | (5) |
Amortization of actuarial loss(1) | [1] | 0 | 2 | 2 |
Net periodic benefit (credit) cost | (1) | 0 | 1 | |
Foreign Plan [Member] | Pension Plan [Member] | ||||
Service cost | 15 | 26 | 30 | |
Interest cost(1) | [1] | 50 | 23 | 17 |
Expected return on plan assets(1) | [1] | (69) | (87) | (91) |
Amortization of prior service credit(1) | [1] | (4) | (3) | (4) |
Amortization of actuarial loss(1) | [1] | 32 | 27 | 48 |
Settlement loss(1) | [1] | 6 | 0 | 3 |
Net periodic benefit (credit) cost | 30 | (14) | 3 | |
Foreign Plan [Member] | Pension Plan [Member] | Huntsman International LLC [Member] | ||||
Service cost | 15 | 26 | 30 | |
Interest cost(1) | [1] | 50 | 23 | 17 |
Expected return on plan assets(1) | [1] | (69) | (87) | (91) |
Amortization of prior service credit(1) | [1] | (4) | (3) | (4) |
Amortization of actuarial loss(1) | [1] | 32 | 27 | 51 |
Settlement loss(1) | [1] | 6 | 0 | 3 |
Net periodic benefit (credit) cost | 30 | (14) | 6 | |
Foreign Plan [Member] | Other Postretirement Benefits Plan [Member] | ||||
Service cost | 0 | 0 | 0 | |
Interest cost(1) | [1] | 0 | 0 | 0 |
Amortization of prior service credit(1) | [1] | 0 | 0 | 0 |
Amortization of actuarial loss(1) | [1] | 0 | 0 | 0 |
Net periodic benefit (credit) cost | 0 | 0 | 0 | |
Foreign Plan [Member] | Other Postretirement Benefits Plan [Member] | Huntsman International LLC [Member] | ||||
Service cost | 0 | 0 | 0 | |
Interest cost(1) | [1] | 0 | 0 | 0 |
Amortization of prior service credit(1) | [1] | 0 | 0 | 0 |
Amortization of actuarial loss(1) | [1] | 0 | 0 | 0 |
Net periodic benefit (credit) cost | $ 0 | $ 0 | $ 0 | |
[1]Amounts are presented in other income, net. |
Note 18 - Employee Benefit Pl_7
Note 18 - Employee Benefit Plans - Periodic Benefit Cost and Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Pension Plan [Member] | UNITED STATES | |||
Current year actuarial (gain) loss | $ (3) | $ (28) | $ (78) |
Amortization of actuarial loss | 0 | (20) | (31) |
Current year prior service (credit) cost | 0 | 0 | 0 |
Amortization of prior service credit | 2 | 2 | 2 |
Settlements/curtailments | 0 | (5) | 0 |
Total recognized in other comprehensive income (loss) | (1) | (51) | (107) |
Amounts related to discontinued operations | (1) | 2 | 20 |
Total recognized in other comprehensive income (loss) in continuing operations | (2) | (49) | (87) |
Net periodic benefit (credit) cost | (4) | 12 | 18 |
Total recognized in net periodic benefit cost and other comprehensive income (loss) | (6) | (37) | (69) |
Pension Plan [Member] | UNITED STATES | Huntsman International LLC [Member] | |||
Current year actuarial (gain) loss | (3) | (28) | (78) |
Amortization of actuarial loss | 0 | (20) | (31) |
Current year prior service (credit) cost | 0 | 0 | 0 |
Amortization of prior service credit | 2 | 2 | 2 |
Settlements/curtailments | 0 | (5) | 0 |
Total recognized in other comprehensive income (loss) | (1) | (51) | (107) |
Amounts related to discontinued operations | (1) | 2 | 20 |
Total recognized in other comprehensive income (loss) in continuing operations | (2) | (49) | (87) |
Net periodic benefit (credit) cost | (4) | 12 | 18 |
Total recognized in net periodic benefit cost and other comprehensive income (loss) | (6) | (37) | (69) |
Pension Plan [Member] | Foreign Plan [Member] | |||
Current year actuarial (gain) loss | 135 | (115) | (150) |
Amortization of actuarial loss | (32) | (36) | (59) |
Current year prior service (credit) cost | 0 | (3) | 1 |
Amortization of prior service credit | 4 | 5 | 5 |
Settlements/curtailments | (5) | 0 | (3) |
Total recognized in other comprehensive income (loss) | 102 | (149) | (206) |
Amounts related to discontinued operations | 0 | 57 | 25 |
Total recognized in other comprehensive income (loss) in continuing operations | 102 | (92) | (181) |
Net periodic benefit (credit) cost | 30 | (14) | 3 |
Total recognized in net periodic benefit cost and other comprehensive income (loss) | 132 | (106) | (178) |
Pension Plan [Member] | Foreign Plan [Member] | Huntsman International LLC [Member] | |||
Current year actuarial (gain) loss | 135 | (115) | (150) |
Amortization of actuarial loss | (32) | (36) | (62) |
Current year prior service (credit) cost | 0 | (3) | 1 |
Amortization of prior service credit | 4 | 5 | 5 |
Settlements/curtailments | (5) | 0 | (3) |
Total recognized in other comprehensive income (loss) | 102 | (149) | (209) |
Amounts related to discontinued operations | 0 | 57 | 25 |
Total recognized in other comprehensive income (loss) in continuing operations | 102 | (92) | (184) |
Net periodic benefit (credit) cost | 30 | (14) | 6 |
Total recognized in net periodic benefit cost and other comprehensive income (loss) | 132 | (106) | (178) |
Other Postretirement Benefits Plan [Member] | UNITED STATES | |||
Current year actuarial (gain) loss | (4) | (10) | (2) |
Amortization of actuarial loss | 0 | (2) | (2) |
Current year prior service (credit) cost | (1) | 0 | 0 |
Amortization of prior service credit | 5 | 5 | 5 |
Total recognized in other comprehensive income (loss) | 0 | (7) | 1 |
Amounts related to discontinued operations | 1 | 2 | 1 |
Total recognized in other comprehensive income (loss) in continuing operations | 1 | (5) | 2 |
Net periodic benefit (credit) cost | (1) | 0 | 1 |
Total recognized in net periodic benefit cost and other comprehensive income (loss) | 0 | (5) | 3 |
Other Postretirement Benefits Plan [Member] | UNITED STATES | Huntsman International LLC [Member] | |||
Current year actuarial (gain) loss | (4) | (10) | (2) |
Amortization of actuarial loss | 0 | (2) | (2) |
Current year prior service (credit) cost | (1) | 0 | 0 |
Amortization of prior service credit | 5 | 5 | 5 |
Total recognized in other comprehensive income (loss) | 0 | (7) | 1 |
Amounts related to discontinued operations | 1 | 2 | 1 |
Total recognized in other comprehensive income (loss) in continuing operations | 1 | (5) | 2 |
Net periodic benefit (credit) cost | (1) | 0 | 1 |
Total recognized in net periodic benefit cost and other comprehensive income (loss) | 0 | (5) | 3 |
Other Postretirement Benefits Plan [Member] | Foreign Plan [Member] | |||
Current year actuarial (gain) loss | 0 | 0 | 0 |
Amortization of actuarial loss | 0 | 0 | 0 |
Current year prior service (credit) cost | 0 | 0 | 0 |
Amortization of prior service credit | 0 | 0 | 0 |
Total recognized in other comprehensive income (loss) | 0 | 0 | 0 |
Amounts related to discontinued operations | 0 | 0 | 0 |
Total recognized in other comprehensive income (loss) in continuing operations | 0 | 0 | 0 |
Net periodic benefit (credit) cost | 0 | 0 | 0 |
Total recognized in net periodic benefit cost and other comprehensive income (loss) | 0 | 0 | 0 |
Other Postretirement Benefits Plan [Member] | Foreign Plan [Member] | Huntsman International LLC [Member] | |||
Current year actuarial (gain) loss | 0 | 0 | 0 |
Amortization of actuarial loss | 0 | 0 | 0 |
Current year prior service (credit) cost | 0 | 0 | 0 |
Amortization of prior service credit | 0 | 0 | 0 |
Total recognized in other comprehensive income (loss) | 0 | 0 | 0 |
Amounts related to discontinued operations | 0 | 0 | 0 |
Total recognized in other comprehensive income (loss) in continuing operations | 0 | 0 | 0 |
Net periodic benefit (credit) cost | 0 | 0 | 0 |
Total recognized in net periodic benefit cost and other comprehensive income (loss) | $ 0 | $ 0 | $ 0 |
Note 18 - Employee Benefit Pl_8
Note 18 - Employee Benefit Plans - Weighted-average Assumptions Used to Determine the Projected Benefit Obligation (Details) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
UNITED STATES | Pension Plan [Member] | |||
Projected benefit obligation: | |||
Discount rate | 5.46% | 5.75% | 3.11% |
Rate of compensation increase | 4.14% | 4.24% | 4.09% |
Interest credit rate | 5.15% | 5.15% | 5.15% |
Net periodic pension cost: | |||
Discount rate | 5.75% | 3.11% | 2.82% |
Rate of compensation increase | 4.24% | 4.09% | 4.09% |
Expected return on plan assets | 7.18% | 7.17% | 7.52% |
Interest credit rate | 5.15% | 5.15% | 5.15% |
UNITED STATES | Other Postretirement Benefits Plan [Member] | |||
Projected benefit obligation: | |||
Discount rate | 5.54% | 5.80% | 3.01% |
Net periodic pension cost: | |||
Discount rate | 5.80% | 3.01% | 2.63% |
Foreign Plan [Member] | Pension Plan [Member] | |||
Projected benefit obligation: | |||
Discount rate | 3.11% | 3.67% | 1.20% |
Rate of compensation increase | 2.87% | 2.93% | 2.86% |
Interest credit rate | 2.14% | 2.35% | 0.87% |
Net periodic pension cost: | |||
Discount rate | 3.67% | 1.20% | 0.76% |
Rate of compensation increase | 2.93% | 2.86% | 2.64% |
Expected return on plan assets | 4.90% | 4.80% | 4.80% |
Interest credit rate | 2.35% | 0.87% | 0.52% |
Foreign Plan [Member] | Other Postretirement Benefits Plan [Member] | |||
Projected benefit obligation: | |||
Discount rate | 4.60% | 5.10% | 2.80% |
Net periodic pension cost: | |||
Discount rate | 5.10% | 2.80% | 2.30% |
Note 18 - Employee Benefit Pl_9
Note 18 - Employee Benefit Plans - Projected Benefit Obligations in Excess of Plan Assets (Details) - Pension Plan [Member] - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
UNITED STATES | ||
Projected benefit obligation in excess of plan assets: | ||
Projected benefit obligation | $ 291 | $ 770 |
Fair value of plan assets | 235 | 691 |
Foreign Plan [Member] | ||
Projected benefit obligation in excess of plan assets: | ||
Projected benefit obligation | 474 | 116 |
Fair value of plan assets | $ 342 | $ 3 |
Note 18 - Employee Benefit P_10
Note 18 - Employee Benefit Plans - Projected Benefit Obligation, Accumulated Benefit Obligation and Fair Value of Plan Assets for Defined Benefit Plans (Details) - Pension Plan [Member] - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
UNITED STATES | ||
Accumulated benefit obligation in excess of plan assets: | ||
Projected benefit obligation | $ 79 | $ 770 |
Accumulated benefit obligation | 79 | 758 |
Fair value of plan assets | 23 | 691 |
Foreign Plan [Member] | ||
Accumulated benefit obligation in excess of plan assets: | ||
Projected benefit obligation | 132 | 116 |
Accumulated benefit obligation | 123 | 108 |
Fair value of plan assets | $ 2 | $ 3 |
Note 18 - Employee Benefit P_11
Note 18 - Employee Benefit Plans - Expected Future Contributions and Benefit Payments Related to Continuing Operations (Details) $ in Millions | Dec. 31, 2023 USD ($) |
UNITED STATES | Pension Plan [Member] | |
2024 expected employer contributions: | |
To plan trusts | $ 7 |
Expected benefit payments: | |
2024 | 77 |
2025 | 79 |
2026 | 75 |
2027 | 60 |
2028 | 64 |
2029 - 2033 | 303 |
UNITED STATES | Other Postretirement Benefits Plan [Member] | |
2024 expected employer contributions: | |
To plan trusts | 5 |
Expected benefit payments: | |
2024 | 5 |
2025 | 5 |
2026 | 5 |
2027 | 4 |
2028 | 4 |
2029 - 2033 | 16 |
Foreign Plan [Member] | Pension Plan [Member] | |
2024 expected employer contributions: | |
To plan trusts | 22 |
Expected benefit payments: | |
2024 | 77 |
2025 | 74 |
2026 | 73 |
2027 | 80 |
2028 | 85 |
2029 - 2033 | 442 |
Foreign Plan [Member] | Other Postretirement Benefits Plan [Member] | |
2024 expected employer contributions: | |
To plan trusts | 0 |
Expected benefit payments: | |
2024 | 0 |
2025 | 0 |
2026 | 0 |
2027 | 0 |
2028 | 0 |
2029 - 2033 | $ 0 |
Note 18 - Employee Benefit P_12
Note 18 - Employee Benefit Plans - Fair Value of Recurring Plan Assets (Details) - Pension Plan [Member] - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Fair value of plan assets | $ 2,270 | $ 2,127 | |
Real Estate and Other [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair value of plan assets | 81 | 71 | $ 99 |
UNITED STATES | |||
Fair value of plan assets | 728 | 691 | 925 |
UNITED STATES | Fair Value, Inputs, Level 1 [Member] | |||
Fair value of plan assets | 357 | 363 | |
UNITED STATES | Fair Value, Inputs, Level 2 [Member] | |||
Fair value of plan assets | 371 | 328 | |
UNITED STATES | Fair Value, Inputs, Level 3 [Member] | |||
Fair value of plan assets | 0 | 0 | |
UNITED STATES | Defined Benefit Plan, Equity Securities [Member] | |||
Fair value of plan assets | 329 | 324 | |
UNITED STATES | Defined Benefit Plan, Equity Securities [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair value of plan assets | 175 | 180 | |
UNITED STATES | Defined Benefit Plan, Equity Securities [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair value of plan assets | 154 | 144 | |
UNITED STATES | Defined Benefit Plan, Equity Securities [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair value of plan assets | 0 | 0 | |
UNITED STATES | Fixed Income Funds [Member] | |||
Fair value of plan assets | 364 | 327 | |
UNITED STATES | Fixed Income Funds [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair value of plan assets | 147 | 143 | |
UNITED STATES | Fixed Income Funds [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair value of plan assets | 217 | 184 | |
UNITED STATES | Fixed Income Funds [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair value of plan assets | 0 | 0 | |
UNITED STATES | Real Estate and Other [Member] | |||
Fair value of plan assets | 14 | 18 | |
UNITED STATES | Real Estate and Other [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair value of plan assets | 14 | 18 | |
UNITED STATES | Real Estate and Other [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair value of plan assets | 0 | 0 | |
UNITED STATES | Real Estate and Other [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair value of plan assets | 0 | 0 | |
UNITED STATES | Defined Benefit Plan, Cash [Member] | |||
Fair value of plan assets | 21 | 22 | |
UNITED STATES | Defined Benefit Plan, Cash [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair value of plan assets | 21 | 22 | |
UNITED STATES | Defined Benefit Plan, Cash [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair value of plan assets | 0 | 0 | |
UNITED STATES | Defined Benefit Plan, Cash [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair value of plan assets | 0 | 0 | |
Foreign Plan [Member] | |||
Fair value of plan assets | 1,542 | 1,436 | $ 1,970 |
Foreign Plan [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair value of plan assets | 697 | 663 | |
Foreign Plan [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair value of plan assets | 764 | 702 | |
Foreign Plan [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair value of plan assets | 81 | 71 | |
Foreign Plan [Member] | Defined Benefit Plan, Equity Securities [Member] | |||
Fair value of plan assets | 343 | 298 | |
Foreign Plan [Member] | Defined Benefit Plan, Equity Securities [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair value of plan assets | 87 | 96 | |
Foreign Plan [Member] | Defined Benefit Plan, Equity Securities [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair value of plan assets | 256 | 202 | |
Foreign Plan [Member] | Defined Benefit Plan, Equity Securities [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair value of plan assets | 0 | 0 | |
Foreign Plan [Member] | Fixed Income Funds [Member] | |||
Fair value of plan assets | 721 | 622 | |
Foreign Plan [Member] | Fixed Income Funds [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair value of plan assets | 483 | 391 | |
Foreign Plan [Member] | Fixed Income Funds [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair value of plan assets | 238 | 231 | |
Foreign Plan [Member] | Fixed Income Funds [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair value of plan assets | 0 | 0 | |
Foreign Plan [Member] | Real Estate and Other [Member] | |||
Fair value of plan assets | 398 | 386 | |
Foreign Plan [Member] | Real Estate and Other [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair value of plan assets | 47 | 46 | |
Foreign Plan [Member] | Real Estate and Other [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair value of plan assets | 270 | 269 | |
Foreign Plan [Member] | Real Estate and Other [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair value of plan assets | 81 | 71 | |
Foreign Plan [Member] | Defined Benefit Plan, Cash [Member] | |||
Fair value of plan assets | 80 | 130 | |
Foreign Plan [Member] | Defined Benefit Plan, Cash [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair value of plan assets | 80 | 130 | |
Foreign Plan [Member] | Defined Benefit Plan, Cash [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair value of plan assets | 0 | 0 | |
Foreign Plan [Member] | Defined Benefit Plan, Cash [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair value of plan assets | $ 0 | $ 0 |
Note 18 - Employee Benefit P_13
Note 18 - Employee Benefit Plans - Reconciliation of Balances at Fair Value Using Unobservable Inputs (Details) - Pension Plan [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Balance at beginning of period | $ 2,127,000 | |
Balance at end of period | 2,270,000 | $ 2,127,000 |
Fair Value, Inputs, Level 3 [Member] | ||
Transfers into (out of) Level 3 | 0 | 0 |
Real Estate and Other [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Balance at beginning of period | 71,000 | 99,000 |
Return on pension plan assets | (2,000) | (5,000) |
Purchases, sales and settlements | 12,000 | (23,000) |
Transfers into (out of) Level 3 | 0 | 0 |
Balance at end of period | $ 81,000 | $ 71,000 |
Note 18 - Employee Benefit P_14
Note 18 - Employee Benefit Plans - Asset Allocation (Details) - Pension Plan [Member] | Dec. 31, 2024 | Dec. 31, 2023 | Dec. 31, 2022 |
UNITED STATES | |||
Allocation | 100% | 100% | |
UNITED STATES | Defined Benefit Plan, Equity Securities [Member] | |||
Allocation | 45% | 47% | |
UNITED STATES | Fixed Income Funds [Member] | |||
Allocation | 50% | 47% | |
UNITED STATES | Real Estate and Other [Member] | |||
Allocation | 2% | 3% | |
UNITED STATES | Defined Benefit Plan, Cash [Member] | |||
Allocation | 3% | 3% | |
Foreign Plan [Member] | |||
Allocation | 100% | 100% | |
Foreign Plan [Member] | Defined Benefit Plan, Equity Securities [Member] | |||
Allocation | 22% | 21% | |
Foreign Plan [Member] | Fixed Income Funds [Member] | |||
Allocation | 47% | 43% | |
Foreign Plan [Member] | Real Estate and Other [Member] | |||
Allocation | 26% | 27% | |
Foreign Plan [Member] | Defined Benefit Plan, Cash [Member] | |||
Allocation | 5% | 9% | |
Forecast [Member] | UNITED STATES | |||
Target allocation | 100% | ||
Forecast [Member] | UNITED STATES | Defined Benefit Plan, Equity Securities [Member] | |||
Target allocation | 46% | ||
Forecast [Member] | UNITED STATES | Fixed Income Funds [Member] | |||
Target allocation | 51% | ||
Forecast [Member] | UNITED STATES | Real Estate and Other [Member] | |||
Target allocation | 2% | ||
Forecast [Member] | UNITED STATES | Defined Benefit Plan, Cash [Member] | |||
Target allocation | 1% | ||
Forecast [Member] | Foreign Plan [Member] | |||
Target allocation | 100% | ||
Forecast [Member] | Foreign Plan [Member] | Defined Benefit Plan, Equity Securities [Member] | |||
Target allocation | 22% | ||
Forecast [Member] | Foreign Plan [Member] | Fixed Income Funds [Member] | |||
Target allocation | 50% | ||
Forecast [Member] | Foreign Plan [Member] | Real Estate and Other [Member] | |||
Target allocation | 23% | ||
Forecast [Member] | Foreign Plan [Member] | Defined Benefit Plan, Cash [Member] | |||
Target allocation | 5% |
Note 19 - Income Taxes (Details
Note 19 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||||
Oct. 28, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Effective Income Tax Rate Reconciliation, Foreign Income Tax Rate Differential, Amount | $ 0 | $ 8,000 | $ 16,000 | ||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21% | 21% | 21% | ||
Effective Income Tax Rate Reconciliation, GILTI, Amount | $ 3,000 | $ 3,000 | $ 4,000 | ||
Effective Income Tax Rate Reconciliation, FDII, Amount | 15,000 | ||||
Deferred Tax Assets, Valuation Allowance | 221,000 | 169,000 | 131,000 | $ 206,000 | |
Deferred Tax Assets, Operating Loss Carryforwards | 234,000 | 220,000 | |||
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 5,000 | 7,000 | |||
Unrecognized Tax Benefits, Increase (Decrease) Resulting From Timing of Tax Losses on Investment | (32,000) | ||||
Unrecognized Tax Benefits, Period Increase (Decrease) | $ (1,000) | 3,000 | 3,000 | ||
Unrecognized Tax Benefits That Would Impact Income Tax Expense (Benefit) Period (Month) | 12 months | ||||
Decrease in Unrecognized Tax Benefits is Reasonably Possible | $ 1,000 | ||||
Minimum [Member] | |||||
Decrease in Unrecognized Tax Benefits is Reasonably Possible | 1,000 | ||||
Maximum [Member] | |||||
Decrease in Unrecognized Tax Benefits is Reasonably Possible | 2,000 | ||||
Foreign Tax Authority [Member] | |||||
Operating Loss Carryforwards | 884,000 | ||||
Deferred Tax Assets, Operating Loss Carryforwards | 223,000 | ||||
Operating Loss Carryforwards, Subject to Expiration | 42,000 | ||||
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration | 7,000 | ||||
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration and Valuation Allowance | 2,000 | ||||
Foreign Tax Authority [Member] | Tax Year 2023 Expiration [Member] | |||||
Operating Loss Carryforwards, Subject to Expiration and Valuation Allowance | 0 | ||||
Foreign Tax Authority [Member] | Her Majesty's Revenue and Customs (HMRC) [Member] | |||||
Deferred Tax Assets, Valuation Allowance | 14,000 | ||||
Foreign Tax Authority [Member] | Tax and Customs Administration, Netherlands [Member] | |||||
Deferred Tax Assets, Valuation Allowance | 49,000 | ||||
Foreign Tax Authority [Member] | Luxembourg Inland Revenue [Member] | |||||
Operating Loss Carryforwards | 256,000 | ||||
Deferred Tax Assets, Operating Loss Carryforwards | 64,000 | ||||
Operating Loss Carryforwards, Valuation Allowance | 22,000 | ||||
Domestic Tax Authority [Member] | |||||
Operating Loss Carryforwards | 31,000 | ||||
Deferred Tax Assets, Operating Loss Carryforwards | 6,000 | ||||
Capital Loss Carry Forward That Had a Full Valuation Allowance That Was Able to Be Realized As a Result of the Litigation Settlement | 28,000 | ||||
Release of Valuation Allowance Associated with Investment Now Realized Due to Capital Gains from Litigation Settment | 29,000 | ||||
State and Local Jurisdiction [Member] | |||||
Deferred Tax Assets, Capital Loss Carryforwards | 14,000 | ||||
Fraud and Breach of Contract [Member] | |||||
Tax Effected Amount of Release of Valuation Allowance Attributable to Capital Gains from Litigation Settlement | 57,000 | ||||
Fraud and Breach of Contract [Member] | Albemarle [Member] | |||||
Litigation Settlement, Amount Awarded from Other Party | $ 665,000 | ||||
Litigation Settlement, Amount Received From Other Party, Net of Legal Fees | 465,000 | ||||
Gain (Loss) Related to Litigation Settlement, Total | 237,000 | 237,000 | |||
Release of Valuation Allowance Attributable to Capital Gains from Litigation Settlement | 237,000 | ||||
Tax Effected Amount of Release of Valuation Allowance Attributable to Capital Gains from Litigation Settlement | $ 57,000 | ||||
Huntsman International LLC [Member] | |||||
Effective Income Tax Rate Reconciliation, Foreign Income Tax Rate Differential, Amount | $ 0 | $ 8,000 | $ 16,000 | ||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21% | 21% | 21% | ||
Deferred Tax Assets, Valuation Allowance | $ 221,000 | $ 169,000 | $ 131,000 | $ 206,000 | |
Deferred Tax Assets, Operating Loss Carryforwards | $ 234,000 | $ 220,000 |
Note 19 - Income Taxes - Compon
Note 19 - Income Taxes - Components of Income Tax Expense (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
U.S. | |||
Current | $ 8 | $ 6 | $ 118 |
Deferred | (35) | 57 | (70) |
Non-U.S. | |||
Current | 66 | 91 | 112 |
Deferred | 25 | 32 | 31 |
Total income tax expense | 64 | 186 | 191 |
Huntsman International LLC [Member] | |||
U.S. | |||
Current | 9 | 6 | 120 |
Deferred | (35) | 59 | (71) |
Non-U.S. | |||
Current | 66 | 91 | 112 |
Deferred | 25 | 32 | 31 |
Total income tax expense | $ 65 | $ 188 | $ 192 |
Note 19 - Income Taxes - Income
Note 19 - Income Taxes - Income Tax Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income from continuing operations before income taxes | $ 99,000 | $ 697,000 | $ 1,246,000 |
Expected tax expense at U.S. statutory rate of 21% | 21,000 | 146,000 | 261,000 |
Change resulting from: | |||
State tax expense, net of federal benefit | (1,000) | 3,000 | 15,000 |
Non-U.S. tax rate differentials | 0 | 8,000 | 16,000 |
Change in valuation allowance | 45,000 | 38,000 | (9,000) |
Impact of equity method investments | (28,000) | (21,000) | (37,000) |
Non-U.S. withholding tax on repatriated earnings, net of U.S. foreign tax credits | 11,000 | 17,000 | 14,000 |
Tax authority audits and dispute resolutions | 5,000 | 6,000 | 4,000 |
Non-U.S. income subject to U.S. tax not offset by U.S. foreign tax credits | 3,000 | 3,000 | (19,000) |
Venator investment basis difference and fair market value adjustments | 0 | 0 | (29,000) |
Change in valuation allowance on capital loss related to Venator investment | 0 | 0 | (28,000) |
Other non-U.S. tax effects, including nondeductible expenses and withholding taxes | 6,000 | (12,000) | 9,000 |
Other U.S. tax effects, including nondeductible expenses and other credits | 2,000 | (2,000) | (6,000) |
Total income tax expense | 64,000 | 186,000 | 191,000 |
Income from continuing operations before income taxes | 99,000 | 697,000 | 1,246,000 |
Expected tax expense at U.S. statutory rate of 21% | 21,000 | 146,000 | 261,000 |
Huntsman International LLC [Member] | |||
Income from continuing operations before income taxes | 102,000 | 700,000 | 1,250,000 |
Expected tax expense at U.S. statutory rate of 21% | 22,000 | 146,000 | 261,000 |
Change resulting from: | |||
State tax expense, net of federal benefit | (1,000) | 3,000 | 15,000 |
Non-U.S. tax rate differentials | 0 | 8,000 | 16,000 |
Change in valuation allowance | 45,000 | 38,000 | (9,000) |
Impact of equity method investments | (28,000) | (21,000) | (37,000) |
Non-U.S. withholding tax on repatriated earnings, net of U.S. foreign tax credits | 11,000 | 17,000 | 14,000 |
Tax authority audits and dispute resolutions | 5,000 | 6,000 | 4,000 |
Non-U.S. income subject to U.S. tax not offset by U.S. foreign tax credits | 3,000 | 3,000 | (19,000) |
Venator investment basis difference and fair market value adjustments | 0 | 0 | (29,000) |
Change in valuation allowance on capital loss related to Venator investment | 0 | 0 | (28,000) |
Other non-U.S. tax effects, including nondeductible expenses and withholding taxes | 6,000 | (12,000) | 9,000 |
Other U.S. tax effects, including nondeductible expenses and other credits | 2,000 | 0 | (5,000) |
Total income tax expense | 65,000 | 188,000 | 192,000 |
Income from continuing operations before income taxes | 102,000 | 700,000 | 1,250,000 |
Expected tax expense at U.S. statutory rate of 21% | $ 22,000 | $ 146,000 | $ 261,000 |
Note 19 - Income Taxes - Inco_2
Note 19 - Income Taxes - Income Tax Reconciliation (Details) (Parentheticals) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
U.S. income tax statutory rate | 21% | 21% | 21% |
Huntsman International LLC [Member] | |||
U.S. income tax statutory rate | 21% | 21% | 21% |
Note 19 - Income Taxes - Comp_2
Note 19 - Income Taxes - Components of Income (Loss) From Continuing Operations (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
U.S. | $ (155) | $ 273 | $ 530 |
Non-U.S. | 254 | 424 | 716 |
Income from continuing operations before income taxes | 99 | 697 | 1,246 |
Huntsman International LLC [Member] | |||
U.S. | (152) | 276 | 534 |
Non-U.S. | 254 | 424 | 716 |
Income from continuing operations before income taxes | $ 102 | $ 700 | $ 1,250 |
Note 19 - Income Taxes - Deferr
Note 19 - Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Deferred income tax assets: | ||
Deferred Tax Assets, Operating Loss Carryforwards | $ 234 | $ 220 |
Operating leases | 92 | 100 |
Pension and other employee compensation | 65 | 65 |
Deferred interest | 78 | 49 |
Basis difference in Venator investment | 0 | 45 |
Capitalized research and development costs | 44 | 30 |
Property, plant and equipment | 22 | 25 |
Intangible assets | 16 | 24 |
Intercompany prepayments | 28 | 9 |
Other, net | 41 | 45 |
Total | 620 | 612 |
Deferred income tax liabilities: | ||
Property, plant and equipment | (267) | (263) |
Operating leases | (93) | (102) |
Intangible assets | (80) | (83) |
Pension and other employee compensation | (28) | (47) |
Outside basis difference in subsidiaries | (41) | (31) |
Unrealized currency gains | (8) | (11) |
Other, net | (13) | (9) |
Total | (530) | (546) |
Net deferred tax asset before valuation allowance | 90 | 66 |
Valuation allowance—net operating losses and other | (221) | (169) |
Net deferred tax liability | (131) | (103) |
Non-current deferred tax asset | 112 | 147 |
Non-current deferred tax liability | (243) | (250) |
Huntsman International LLC [Member] | ||
Deferred income tax assets: | ||
Deferred Tax Assets, Operating Loss Carryforwards | 234 | 220 |
Operating leases | 92 | 100 |
Pension and other employee compensation | 65 | 65 |
Deferred interest | 78 | 49 |
Basis difference in Venator investment | 0 | 45 |
Capitalized research and development costs | 44 | 30 |
Property, plant and equipment | 22 | 25 |
Intangible assets | 16 | 24 |
Intercompany prepayments | 28 | 9 |
Other, net | 41 | 45 |
Total | 620 | 612 |
Deferred income tax liabilities: | ||
Property, plant and equipment | (267) | (263) |
Operating leases | (93) | (102) |
Intangible assets | (80) | (83) |
Pension and other employee compensation | (28) | (47) |
Outside basis difference in subsidiaries | (41) | (31) |
Unrealized currency gains | (8) | (11) |
Other, net | (17) | (13) |
Total | (534) | (550) |
Net deferred tax asset before valuation allowance | 86 | 62 |
Valuation allowance—net operating losses and other | (221) | (169) |
Net deferred tax liability | (135) | (107) |
Non-current deferred tax asset | 112 | 147 |
Non-current deferred tax liability | $ (247) | $ (254) |
Note 19 - Income Taxes - Summar
Note 19 - Income Taxes - Summary of Changes in the Deferred Tax Assets Valuation Allowance (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Valuation allowance, beginning | $ 169 | $ 131 | $ 206 |
Valuation allowance, ending | 221 | 169 | 131 |
Net (increase) decrease | (52) | (38) | 75 |
Foreign currency movements | 3 | (4) | (4) |
Decrease to deferred tax assets with no impact on operating tax expense, including an offsetting (decrease) increase to valuation allowances | 4 | 4 | (62) |
Change in valuation allowance per rate reconciliation | (45) | (38) | 9 |
Components of change in valuation allowance affecting tax expense: | |||
Pre-tax income and losses in jurisdictions with valuation allowances resulting in no tax expense or benefit | (30) | 13 | 13 |
Releases of valuation allowances in various jurisdictions | 1 | 0 | 2 |
Establishments of valuation allowances in various jurisdictions | (16) | (51) | (6) |
Change in valuation allowance per rate reconciliation | (45) | (38) | 9 |
Valuation allowance, beginning | 169 | 131 | 206 |
Valuation allowance, ending | 221 | 169 | 131 |
Net (increase) decrease | (52) | (38) | 75 |
Foreign currency movements | 3 | (4) | (4) |
Decrease to deferred tax assets with no impact on operating tax expense, including an offsetting (decrease) increase to valuation allowances | 4 | 4 | (62) |
Change in valuation allowance per rate reconciliation | (45) | (38) | 9 |
Huntsman International LLC [Member] | |||
Valuation allowance, beginning | 169 | 131 | 206 |
Valuation allowance, ending | 221 | 169 | 131 |
Net (increase) decrease | (52) | (38) | 75 |
Foreign currency movements | 3 | (4) | (4) |
Decrease to deferred tax assets with no impact on operating tax expense, including an offsetting (decrease) increase to valuation allowances | 4 | 4 | (62) |
Change in valuation allowance per rate reconciliation | (45) | (38) | 9 |
Components of change in valuation allowance affecting tax expense: | |||
Pre-tax income and losses in jurisdictions with valuation allowances resulting in no tax expense or benefit | (30) | 13 | 13 |
Releases of valuation allowances in various jurisdictions | 1 | 0 | 2 |
Establishments of valuation allowances in various jurisdictions | (16) | (51) | (6) |
Change in valuation allowance per rate reconciliation | (45) | (38) | 9 |
Valuation allowance, beginning | 169 | 131 | 206 |
Valuation allowance, ending | 221 | 169 | 131 |
Net (increase) decrease | (52) | (38) | 75 |
Foreign currency movements | 3 | (4) | (4) |
Decrease to deferred tax assets with no impact on operating tax expense, including an offsetting (decrease) increase to valuation allowances | 4 | 4 | (62) |
Change in valuation allowance per rate reconciliation | $ (45) | $ (38) | $ 9 |
Note 19 - Income Taxes - Reconc
Note 19 - Income Taxes - Reconciliation of Unrecognized Tax Benefits (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Unrecognized tax benefits as of January 1 | $ 57 | $ 48 |
Gross increases and decreases—tax positions taken during a prior period | (50) | 6 |
Gross increases and decreases—tax positions taken during the current period | 0 | 4 |
Reductions resulting from the lapse of statues of limitations | (2) | 0 |
Foreign currency movements | 0 | (1) |
Unrecognized tax benefits as of December 31 | $ 5 | $ 57 |
Note 19 - Income Taxes - Intere
Note 19 - Income Taxes - Interest and Penalties Accrued Related to Unrecognized Tax Benefits (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Interest included in tax expense | $ 3 | $ 3 | $ 1 |
Accrued liability for interest | $ 6 | $ 8 |
Note 19 - Income Taxes - Tax Ye
Note 19 - Income Taxes - Tax Years Open to Examination (Details) | 12 Months Ended |
Dec. 31, 2023 | |
Foreign Tax Authority [Member] | Administration of the Treasury, Belgium [Member] | |
Income tax years subject to examination | 2020 2021 2022 2023 |
Foreign Tax Authority [Member] | State Administration of Taxation, China [Member] | |
Income tax years subject to examination | 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 |
Foreign Tax Authority [Member] | Federal Ministry of Finance, Germany [Member] | |
Income tax years subject to examination | 2016 2017 2018 2019 2020 2021 2022 2023 |
Foreign Tax Authority [Member] | Inland Revenue, Hong Kong [Member] | |
Income tax years subject to examination | 2018 2019 2020 2021 2022 2023 |
Foreign Tax Authority [Member] | Ministry of Finance, India [Member] | |
Income tax years subject to examination | 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 |
Foreign Tax Authority [Member] | Ministry of Economic Affairs and Finance, Italy [Member] | |
Income tax years subject to examination | 2018 2019 2020 2021 2022 2023 |
Foreign Tax Authority [Member] | Mexican Tax Authority [Member] | |
Income tax years subject to examination | 2022 2023 |
Foreign Tax Authority [Member] | Swiss Federal Tax Administration (FTA) [Member] | |
Income tax years subject to examination | 2017 2018 2019 2020 2021 2022 2023 |
Foreign Tax Authority [Member] | Tax and Customs Administration, Netherlands [Member] | |
Income tax years subject to examination | 2020 2021 2022 2023 |
Foreign Tax Authority [Member] | Her Majesty's Revenue and Customs (HMRC) [Member] | |
Income tax years subject to examination | 2020 2021 2022 2023 |
Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | |
Income tax years subject to examination | 2017 2018 2019 2020 2021 2022 2023 |
Note 20 - Commitments and Con_3
Note 20 - Commitments and Contingencies (Details Textual) - USD ($) $ in Millions | 12 Months Ended | |||
Apr. 29, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Unrecorded Unconditional Purchase Obligation, Minimum Contract Period (Year) | 1 year | |||
Unrecorded Unconditional Purchase Obligation, Purchases | $ 4 | $ 3 | $ 6 | |
Praxair/Linde [Member] | ||||
Litigation Settlement, Amount Awarded from Other Party | $ 94 | |||
Praxair/Linde [Member] | Maximum [Member] | ||||
Loss Contingency, Damages Awarded, Value | 125 | |||
Praxair/Linde [Member] | Maximum [Member] | Pending Appeal [Member] | ||||
Gain Contingency, Unrecorded Amount | 60 | |||
Praxair/Linde [Member] | Minimum [Member] | Pending Appeal [Member] | ||||
Gain Contingency, Unrecorded Amount | $ 50 |
Note 20 - Commitments and Con_4
Note 20 - Commitments and Contingencies - Purchase Commitments and Operating Leases (Details) $ in Millions | Dec. 31, 2023 USD ($) |
2024, unconditional purchase obligation | $ 2,109 |
2025, unconditional purchase obligation | 1,507 |
2026, unconditional purchase obligation | 1,085 |
2027, unconditional purchase obligation | 892 |
2028, unconditional purchase obligation | 756 |
Thereafter, unconditional purchase obligation | 2,398 |
Total, unconditional purchase obligation | $ 8,747 |
Note 21 - Environmental, Heal_2
Note 21 - Environmental, Health and Safety Matters (Details Textual) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Environmental Costs Recognized, Capitalized in Period | $ 30 | $ 44 | $ 36 |
Accrual for Environmental Loss Contingencies, Ending Balance | 5 | 5 | |
Accrued Environmental Loss Contingencies, Current | 2 | 1 | |
Accrued Environmental Loss Contingencies, Noncurrent | $ 3 | $ 4 | |
Maximum Period for Payment of Remediation Liabilities (Year) | 30 years | ||
Site Contingency, Number of Former Facility or Third Party Sites with Claims Against Entity for Cleanup Liabilities | 6 |
Note 22 - Huntsman Corporatio_3
Note 22 - Huntsman Corporation Stockholders' Equity (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Mar. 25, 2022 | Oct. 26, 2021 | |
Treasury Stock, Shares, Acquired (in shares) | 13,093,375 | ||||
Treasury Stock, Value, Acquired, Cost Method | $ 353 | $ 1,003 | $ 203 | ||
Share Repurchase Program 2021 [Member] | |||||
Stock Repurchase Program, Authorized Amount | $ 2,000 | $ 1,000 |
Note 22 - Huntsman Corporatio_4
Note 22 - Huntsman Corporation Stockholders' Equity - Dividends on Common Stock (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Per share payment amount (in dollars per share) | $ 0.2375 | $ 0.2375 | $ 0.2375 | $ 0.2375 | $ 0.2125 | $ 0.2125 | $ 0.2125 | $ 0.2125 | |||
Approximate amount paid | $ 41 | $ 42 | $ 42 | $ 44 | $ 40 | $ 41 | $ 44 | $ 45 | $ 169 | $ 171 | $ 159 |
Note 23 - Stock-based Compens_3
Note 23 - Stock-based Compensation Plan (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | May 05, 2016 | |
Share-Based Payment Arrangement, Expense, Tax Benefit | $ 3,000 | $ 8,000 | $ 3,000 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares) | 0 | 0 | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 11.48 | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 3,000 | $ 12,000 | $ 13,000 | |
Proceeds from Stock Options Exercised | 5,000 | 6,000 | 10,000 | |
Share-Based Payment Arrangement, Exercise of Option, Tax Benefit | $ 0 | $ 2,000 | $ 2,000 | |
Share-Based Payment Arrangement, Option [Member] | ||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 2 months 12 days | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 0.70% | |||
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 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% | 44.90% | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 4.38% | 1.67% | 0.20% | |
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, Non-Option Equity Instruments, Granted (in shares) | 0 | |||
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 Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 31,000 | |||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 1 year 9 months 18 days | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ 28,000 | $ 31,000 | $ 18,000 | |
The 2016 Stock Incentive Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares) | 6,000,000 | 8,200,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 3 years | |||
The 2016 Stock Incentive Plan [Member] | Share-Based Payment Arrangement, Option [Member] | Maximum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year) | 10 years |
Note 23 - Stock-based Compens_4
Note 23 - Stock-based Compensation Plan - Compensation Cost (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Compensation cost | $ 28 | $ 29 | $ 30 |
Huntsman International LLC [Member] | |||
Compensation cost | $ 27 | $ 27 | $ 29 |
Note 23 - Stock-based Compens_5
Note 23 - Stock-based Compensation Plan - Weighted Average of the Assumptions Utilized for Stock Options (Details) - Share-Based Payment Arrangement, Option [Member] | 12 Months Ended |
Dec. 31, 2021 | |
Dividend yield | 2.30% |
Expected volatility | 53.30% |
Risk-free interest rate | 0.70% |
Expected life of stock options granted during the period (in years) (Year) | 5 years 10 months 24 days |
Note 23 - Stock-based Compens_6
Note 23 - Stock-based Compensation Plan - Summary of Stock Option Activity (Details) $ / shares in Units, shares in Thousands, $ in Millions | 12 Months Ended |
Dec. 31, 2023 USD ($) $ / shares shares | |
Outstanding, shares, January 1 (in shares) | shares | 3,413 |
Outstanding, weighted average exercise price, January 1 (in dollars per share) | $ / shares | $ 21.93 |
Exercised, shares (in shares) | shares | (467) |
Exercised, weighted average exercise price (in dollars per share) | $ / shares | $ 20.09 |
Forfeited, shares (in shares) | shares | (56) |
Forfeited, weighted average exercise price (in dollars per share) | $ / shares | $ 30.44 |
Outstanding, shares, at December 31 (in shares) | shares | 2,890 |
Outstanding, weighted average exercise price, at December 31 (in dollars per share) | $ / shares | $ 22.06 |
Outstanding, weighted average remaining contractual term (Year) | 3 years 8 months 12 days |
Outstanding, aggregate intrinsic value | $ | $ 12 |
Exercisable, shares (in shares) | shares | 2,818 |
Exercisable, weighted average exercise price (in dollars per share) | $ / shares | $ 21.9 |
Exercisable, weighted average remaining contractual term (Year) | 3 years 7 months 6 days |
Exercisable, aggregate intrinsic value | $ | $ 12 |
Note 23 - Stock-based Compens_7
Note 23 - Stock-based Compensation Plan - Summary of the Status of Nonvested Shares (Details) shares in Thousands | 12 Months Ended | |
Dec. 31, 2023 $ / shares shares | ||
Equity Awards [Member] | ||
Nonvested, shares, January 1 (in shares) | shares | 1,802 | |
Nonvested, weighted average grant-date fair value, January 1 (in dollars per share) | $ / shares | $ 35.15 | |
Granted, shares (in shares) | shares | 945 | [1] |
Granted, weighted average grant-date fair value (in dollars per share) | $ / shares | $ 36.54 | |
Vested, shares (in shares) | shares | (724) | [1],[2] |
Vested, weighted average grant-date fair value (in dollars per share) | $ / shares | $ 27.23 | |
Forfeited, shares (in shares) | shares | (100) | |
Forfeited, weighted average grant-date fair value (in dollars per share) | $ / shares | $ 37.08 | |
Nonvested, shares, at December 31 (in shares) | shares | 1,923 | |
Nonvested, weighted average grant-date fair value, at December 31 (in dollars per share) | $ / shares | $ 38.71 | |
Liability Awards [Member] | ||
Nonvested, shares, January 1 (in shares) | shares | 257 | |
Nonvested, weighted average grant-date fair value, January 1 (in dollars per share) | $ / shares | $ 31.61 | |
Granted, shares (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 | (25) | |
Forfeited, weighted average grant-date fair value (in dollars per share) | $ / shares | $ 33.58 | |
Nonvested, shares, at December 31 (in shares) | shares | 181 | |
Nonvested, weighted average grant-date fair value, at December 31 (in dollars per share) | $ / shares | $ 32.75 | |
[1]As of December 31, 2023, a total of 115,685 restricted stock units were vested but not yet issued, of which 9,400 vested during 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.[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, 2023. During the year ended December 31, 2023, an additional 132,314 performance share unit awards with a grant date fair value of $22.85 were issued related to this vest due to the target performance criteria being exceeded. |
Note 24 - Accumulated Other C_3
Note 24 - Accumulated Other Comprehensive Loss (Details Textual) - USD ($) $ in Millions | 12 Months Ended | |||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||||
Accumulated Foreign Currency Adjustment Including Portion Attributable to Noncontrolling Interest [Member] | ||||||
AOCI Tax, Attributable to Parent | $ 56 | $ 55 | $ 56 | |||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | [1],[2] | (28) | 0 | |||
Accumulated Foreign Currency Adjustment Including Portion Attributable to Noncontrolling Interest [Member] | Huntsman International LLC [Member] | ||||||
AOCI Tax, Attributable to Parent | 43 | 42 | 43 | |||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | [2] | (28) | [3] | 0 | [4] | |
Accumulated Defined Benefit Plans Adjustment Including Portion Attributable to Noncontrolling Interest [Member] | ||||||
AOCI Tax, Attributable to Parent | 67 | 31 | 81 | |||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | (96) | [2],[5] | (51) | [2],[5] | (83) | |
Accumulated Defined Benefit Plans Adjustment Including Portion Attributable to Noncontrolling Interest [Member] | Huntsman International LLC [Member] | ||||||
AOCI Tax, Attributable to Parent | 91 | 55 | 105 | |||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | [7] | (96) | [2],[6] | (51) | [2],[8] | (86) |
Accumulated Defined Benefit Plans Adjustment Including Portion Attributable to Noncontrolling Interest [Member] | Discontinued Operations [Member] | ||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 1 | 11 | 16 | |||
Accumulated Defined Benefit Plans Adjustment Including Portion Attributable to Noncontrolling Interest [Member] | Discontinued Operations [Member] | Huntsman International LLC [Member] | ||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 1 | 11 | 16 | |||
Accumulated Defined Benefit Plans Adjustment, Settlement Gain (Loss), Including Portion Attributable to Noncontrolling Interest [Member] | ||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | [9],[10] | (73) | (5) | (3) | ||
Accumulated Defined Benefit Plans Adjustment, Settlement Gain (Loss), Including Portion Attributable to Noncontrolling Interest [Member] | Huntsman International LLC [Member] | ||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | [7],[9],[11] | (73) | (5) | (3) | ||
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) | |||||
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) | |||||
Accumulated Defined Benefit Plans Adjustment, Curtailment Gain (Loss) Attributable to Noncontrolling Interest [Member] | ||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | [9],[10] | 1 | 0 | 0 | ||
Accumulated Defined Benefit Plans Adjustment, Curtailment Gain (Loss) Attributable to Noncontrolling Interest [Member] | Huntsman International LLC [Member] | ||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | [7],[9],[11] | 1 | $ 0 | $ 0 | ||
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 | |||||
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 | |||||
[1]Amounts are net of tax of $56 million and $55 million as of December 31, 2023 and January 1, 2023, respectively.[2]See table below for details about these reclassifications.[3]Amounts are net of tax of $43 million and $42 million as of December 31, 2023 and January 1, 2023, respectively.[4]Amounts are net of tax of $42 million and $43 million as of both December 31, 2022 and January 1, 2022, respectively.[5]Amounts are net of tax of $67 million and $31 million as of December 31, 2023 and January 1, 2023, respectively.[6]Amounts are net of tax of $91 million and $55 million as of December 31, 2023 and January 1, 2023, respectively.[7]Pension and other postretirement benefits amounts in parentheses indicate credits on our consolidated statements of operations.[8]Amounts are net of tax of $55 million and $105 million as of December 31, 2022 and January 1, 2022, respectively.[9]In connection with the sale of our Textile Effects Business, we recognized $67 million of pension settlement losses and $1 million of pension curtailment gains for the year ended December 31, 2023.[10]These accumulated other comprehensive loss components are included in the computation of net periodic pension costs. See “Note 18. Employee Benefit Plans.”[11]These accumulated other comprehensive loss components are included in the computation of net periodic pension costs. See “Note 18. Employee Benefit Plans.” |
Note 24 - Accumulated Other C_4
Note 24 - Accumulated Other Comprehensive Loss - Components and Changes in Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions | 12 Months Ended | ||||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |||||
Balance | $ 3,840 | $ 4,559 | $ 3,673 | ||||
Other comprehensive income (loss), net of tax | 20 | (77) | 150 | ||||
Balance | 3,478 | 3,840 | 4,559 | ||||
Huntsman International LLC [Member] | |||||||
Balance | 3,852 | 4,819 | 3,725 | ||||
Other comprehensive income (loss), net of tax | 20 | (78) | 153 | ||||
Balance | 3,491 | 3,852 | 4,819 | ||||
Accumulated Foreign Currency Adjustment Including Portion Attributable to Noncontrolling Interest [Member] | |||||||
Balance | [1] | (648) | (420) | ||||
Other comprehensive income (loss) before reclassifications, gross | 7 | (229) | |||||
Tax impact | 0 | 1 | |||||
Amounts reclassified from accumulated other comprehensive loss, gross | [1],[2] | 28 | 0 | ||||
Tax impact | (1) | 0 | |||||
Other comprehensive income (loss), net of tax | [1] | 34 | (228) | ||||
Balance | [1] | (614) | (648) | (420) | |||
Accumulated Foreign Currency Adjustment Including Portion Attributable to Noncontrolling Interest [Member] | Huntsman International LLC [Member] | |||||||
Balance | [3] | (653) | [4] | (424) | |||
Other comprehensive income (loss) before reclassifications, gross | 7 | (230) | |||||
Tax impact | 0 | 1 | |||||
Amounts reclassified from accumulated other comprehensive loss, gross | [2] | 28 | [4] | 0 | [3] | ||
Tax impact | (1) | 0 | |||||
Other comprehensive income (loss), net of tax | 34 | [4] | (229) | [3] | |||
Balance | (619) | [4] | (653) | [3],[4] | (424) | [3] | |
Accumulated Defined Benefit Plans Adjustment Including Portion Attributable to Noncontrolling Interest [Member] | |||||||
Balance | [5] | (652) | (810) | ||||
Other comprehensive income (loss) before reclassifications, gross | (136) | 157 | |||||
Tax impact | 13 | [5] | (38) | ||||
Amounts reclassified from accumulated other comprehensive loss, gross | 96 | [2],[5] | 51 | [2],[5] | 83 | ||
Tax impact | 23 | [5] | (12) | (18) | |||
Other comprehensive income (loss), net of tax | [5] | (4) | 158 | ||||
Balance | [5] | (656) | (652) | (810) | |||
Accumulated Defined Benefit Plans Adjustment Including Portion Attributable to Noncontrolling Interest [Member] | Huntsman International LLC [Member] | |||||||
Balance | [6] | (628) | [7] | (786) | |||
Other comprehensive income (loss) before reclassifications, gross | (136) | 157 | |||||
Tax impact | 13 | (38) | |||||
Amounts reclassified from accumulated other comprehensive loss, gross | [8] | 96 | [2],[7] | 51 | [2],[6] | 86 | |
Tax impact | [8] | 23 | (12) | (17) | |||
Other comprehensive income (loss), net of tax | (4) | [7] | 158 | [6] | |||
Balance | (632) | [7] | (628) | [6],[7] | (786) | [6] | |
Accumulated Other Comprehensive Income (Loss), Unconsolidated Affiliates Including Portion Attributable to Noncontrolling Interest [Member] | |||||||
Balance | 2 | 8 | |||||
Other comprehensive income (loss) before reclassifications, gross | (7) | 0 | |||||
Tax impact | 0 | 0 | |||||
Amounts reclassified from accumulated other comprehensive loss, gross | [2] | 0 | (6) | ||||
Tax impact | 0 | 0 | |||||
Other comprehensive income (loss), net of tax | (7) | (6) | |||||
Balance | (5) | 2 | 8 | ||||
Accumulated Other Comprehensive Income (Loss), Unconsolidated Affiliates Including Portion Attributable to Noncontrolling Interest [Member] | Huntsman International LLC [Member] | |||||||
Balance | 2 | 8 | |||||
Other comprehensive income (loss) before reclassifications, gross | (7) | 0 | |||||
Tax impact | 0 | 0 | |||||
Amounts reclassified from accumulated other comprehensive loss, gross | [2] | 0 | (6) | ||||
Tax impact | 0 | 0 | |||||
Other comprehensive income (loss), net of tax | (7) | (6) | |||||
Balance | (5) | 2 | 8 | ||||
Accumulated Other Comprehensive Income, Other, Net, Including Portion Attributable to Noncontrolling Interest [Member] | |||||||
Balance | 5 | 6 | |||||
Other comprehensive income (loss) before reclassifications, gross | (3) | (1) | |||||
Tax impact | 0 | 0 | |||||
Amounts reclassified from accumulated other comprehensive loss, gross | [2] | 0 | 0 | ||||
Tax impact | 0 | 0 | |||||
Other comprehensive income (loss), net of tax | (3) | (1) | |||||
Balance | 2 | 5 | 6 | ||||
Accumulated Other Comprehensive Income, Other, Net, Including Portion Attributable to Noncontrolling Interest [Member] | Huntsman International LLC [Member] | |||||||
Balance | 1 | 2 | |||||
Other comprehensive income (loss) before reclassifications, gross | (3) | (1) | |||||
Tax impact | 0 | 0 | |||||
Amounts reclassified from accumulated other comprehensive loss, gross | [2] | 0 | 0 | ||||
Tax impact | 0 | 0 | |||||
Other comprehensive income (loss), net of tax | (3) | (1) | |||||
Balance | (2) | 1 | 2 | ||||
AOCI Including Portion Attributable to Noncontrolling Interest [Member] | |||||||
Balance | (1,293) | (1,216) | |||||
Other comprehensive income (loss) before reclassifications, gross | (139) | (73) | |||||
Tax impact | 13 | (37) | |||||
Amounts reclassified from accumulated other comprehensive loss, gross | [2] | 124 | 45 | ||||
Tax impact | 22 | (12) | |||||
Other comprehensive income (loss), net of tax | 20 | (77) | |||||
Balance | (1,273) | (1,293) | (1,216) | ||||
AOCI Including Portion Attributable to Noncontrolling Interest [Member] | Huntsman International LLC [Member] | |||||||
Balance | (1,278) | (1,200) | |||||
Other comprehensive income (loss) before reclassifications, gross | (139) | (74) | |||||
Tax impact | 13 | (37) | |||||
Amounts reclassified from accumulated other comprehensive loss, gross | [2] | 124 | 45 | ||||
Tax impact | 22 | (12) | |||||
Other comprehensive income (loss), net of tax | 20 | (78) | |||||
Balance | (1,258) | (1,278) | (1,200) | ||||
AOCI Attributable to Noncontrolling Interest [Member] | |||||||
Balance | 25 | 13 | |||||
Other comprehensive income (loss) before reclassifications, gross | 3 | 12 | |||||
Tax impact | 0 | 0 | |||||
Amounts reclassified from accumulated other comprehensive loss, gross | [2] | 0 | 0 | ||||
Tax impact | 0 | 0 | |||||
Other comprehensive income (loss), net of tax | 3 | 12 | |||||
Balance | 28 | 25 | 13 | ||||
AOCI Attributable to Noncontrolling Interest [Member] | Huntsman International LLC [Member] | |||||||
Balance | 25 | 13 | |||||
Other comprehensive income (loss) before reclassifications, gross | 3 | 12 | |||||
Tax impact | 0 | 0 | |||||
Amounts reclassified from accumulated other comprehensive loss, gross | [2] | 0 | 0 | ||||
Tax impact | 0 | 0 | |||||
Other comprehensive income (loss), net of tax | 3 | 12 | |||||
Balance | 28 | 25 | 13 | ||||
AOCI Attributable to Parent [Member] | |||||||
Balance | (1,268) | (1,203) | (1,346) | ||||
Other comprehensive income (loss) before reclassifications, gross | (136) | (61) | |||||
Tax impact | 13 | (37) | |||||
Amounts reclassified from accumulated other comprehensive loss, gross | [2] | 124 | 45 | ||||
Tax impact | 22 | (12) | |||||
Other comprehensive income (loss), net of tax | 23 | (65) | 143 | ||||
Balance | (1,245) | (1,268) | (1,203) | ||||
AOCI Attributable to Parent [Member] | Huntsman International LLC [Member] | |||||||
Balance | (1,253) | (1,187) | (1,333) | ||||
Other comprehensive income (loss) before reclassifications, gross | (136) | (62) | |||||
Tax impact | 13 | (37) | |||||
Amounts reclassified from accumulated other comprehensive loss, gross | [2] | 124 | 45 | ||||
Tax impact | 22 | (12) | |||||
Other comprehensive income (loss), net of tax | 23 | (66) | 146 | ||||
Balance | $ (1,230) | $ (1,253) | $ (1,187) | ||||
[1]Amounts are net of tax of $56 million and $55 million as of December 31, 2023 and January 1, 2023, respectively.[2]See table below for details about these reclassifications.[3]Amounts are net of tax of $42 million and $43 million as of both December 31, 2022 and January 1, 2022, respectively.[4]Amounts are net of tax of $43 million and $42 million as of December 31, 2023 and January 1, 2023, respectively.[5]Amounts are net of tax of $67 million and $31 million as of December 31, 2023 and January 1, 2023, respectively.[6]Amounts are net of tax of $55 million and $105 million as of December 31, 2022 and January 1, 2022, respectively.[7]Amounts are net of tax of $91 million and $55 million as of December 31, 2023 and January 1, 2023, respectively.[8]Pension and other postretirement benefits amounts in parentheses indicate credits on our consolidated statements of operations. |
Note 24 - Accumulated Other C_5
Note 24 - Accumulated Other Comprehensive Loss - Reclassification Details (Details) - USD ($) $ in Millions | 12 Months Ended | |||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||||
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] | $ 34 | $ 57 | $ 92 | ||
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 | [2],[4],[5] | 34 | 57 | 95 | ||
Accumulated Defined Benefit Plans Adjustment, Net Prior Service Including Portion Attributable to Noncontrolling Interest [Member] | ||||||
Amounts reclassified from accumulated other comprehensive loss, gross | [1],[3] | (10) | (11) | (12) | ||
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 | [2],[4],[5] | (10) | (11) | (12) | ||
Accumulated Defined Benefit Plans Adjustment, Settlement Gain (Loss), Including Portion Attributable to Noncontrolling Interest [Member] | ||||||
Amounts reclassified from accumulated other comprehensive loss, gross | [1],[3] | 73 | 5 | 3 | ||
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],[2],[5] | 73 | 5 | 3 | ||
Accumulated Defined Benefit Plans Adjustment, Curtailment Gain (Loss) Attributable to Noncontrolling Interest [Member] | ||||||
Amounts reclassified from accumulated other comprehensive loss, gross | [1],[3] | (1) | 0 | 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],[2],[5] | (1) | 0 | 0 | ||
Accumulated Defined Benefit Plans Adjustment Including Portion Attributable to Noncontrolling Interest [Member] | ||||||
Amounts reclassified from accumulated other comprehensive loss, gross | 96 | [6],[7] | 51 | [6],[7] | 83 | |
Tax impact | 23 | [6] | (12) | (18) | ||
Total reclassifications for the period | 119 | 39 | 65 | |||
Accumulated Defined Benefit Plans Adjustment Including Portion Attributable to Noncontrolling Interest [Member] | Huntsman International LLC [Member] | ||||||
Amounts reclassified from accumulated other comprehensive loss, gross | [2] | 96 | [7],[8] | 51 | [7],[9] | 86 |
Tax impact | [2] | 23 | (12) | (17) | ||
Total reclassifications for the period | [2] | $ 119 | $ 39 | $ 69 | ||
[1]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 year ended December 31, 2023.[2]Pension and other postretirement benefits amounts in parentheses indicate credits on our consolidated statements of operations.[3]These accumulated other comprehensive loss components are included in the computation of net periodic pension costs. See “Note 18. Employee Benefit Plans.”[4]Amounts contain approximately $1 million, $11 million and $16 million of prior service credit and actuarial loss related to discontinued operations for the years ended December 31, 2023, 2022 and 2021, respectively.[5]These accumulated other comprehensive loss components are included in the computation of net periodic pension costs. See “Note 18. Employee Benefit Plans.”[6]Amounts are net of tax of $67 million and $31 million as of December 31, 2023 and January 1, 2023, respectively.[7]See table below for details about these reclassifications.[8]Amounts are net of tax of $91 million and $55 million as of December 31, 2023 and January 1, 2023, respectively.[9]Amounts are net of tax of $55 million and $105 million as of December 31, 2022 and January 1, 2022, respectively. |
Note 25 - Related Party Trans_3
Note 25 - Related Party Transactions - Transactions With Affiliates (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Revenues | [1] | $ 6,111 | $ 8,023 | $ 7,670 | |
Inventory purchases from unconsolidated affiliates | $ 403 | 433 | 533 | ||
Related Party Customers [Member] | |||||
Revenues | $ 126 | $ 226 | $ 197 | ||
[1]Geographic information for revenues is based upon countries into which product is sold. |
Note 26 - Operating Segment I_3
Note 26 - Operating Segment Information (Details Textual) | 12 Months Ended |
Dec. 31, 2023 | |
Number of Reportable Segments | 3 |
Note 26 - Operating Segment I_4
Note 26 - Operating Segment Information - Financial Information By Segment (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Revenues | [1] | $ 6,111 | $ 8,023 | $ 7,670 |
Segment adjusted EBITDA | [2] | 635 | 1,330 | 1,442 |
Interest expense, net—continuing operations | (65) | (62) | (67) | |
Depreciation and amortization—continuing operations | (278) | (281) | (278) | |
Corporate and other costs, net(2) | [3] | (163) | (175) | (196) |
Net income attributable to noncontrolling interests | 52 | 63 | 59 | |
Business acquisition and integration expenses and purchase accounting inventory adjustments | (4) | (12) | (22) | |
Fair value adjustments to Venator investment, net | (5) | (12) | (28) | |
Gain (Loss) on Extinguishment of Debt, Total | 0 | 0 | (27) | |
Certain legal and other settlements and related expenses | (6) | (7) | (13) | |
(Costs) income associated with the Albemarle Settlement, net | 0 | (3) | 465 | |
Gain on sale of businesses/assets | 0 | 0 | 30 | |
Income from transition services arrangements | 0 | 2 | 8 | |
Certain nonrecurring information technology project implementation costs | (5) | (5) | (8) | |
Amortization of pension and postretirement actuarial losses | (37) | (49) | (74) | |
Plant incident remediation credits | 0 | 4 | 0 | |
Restructuring, impairment and plant closing and transition costs(3) | [4] | (25) | (96) | (45) |
Income from continuing operations before income taxes | 99 | 697 | 1,246 | |
Income tax expense—continuing operations | (64) | (186) | (191) | |
Income from discontinued operations, net of tax | 118 | 12 | 49 | |
Net income | 153 | 523 | 1,104 | |
Depreciation and amortization - continuing operations | 278 | 281 | 278 | |
Capital expenditures | 230 | 272 | 326 | |
Total assets | 7,248 | 7,748 | ||
Goodwill | 644 | 641 | ||
Corporate and other costs, net(2) | [3] | 163 | 175 | 196 |
Fair value adjustments to Venator investment, net | (5) | (12) | (28) | |
Loss on early extinguishment of debt | 0 | 0 | (27) | |
Gain on sale of businesses/assets | 0 | 0 | 30 | |
Plant incident remediation credits | 0 | (4) | 0 | |
Huntsman International LLC [Member] | ||||
Revenues | 6,111 | 8,023 | 7,670 | |
Interest expense, net—continuing operations | (65) | (62) | (67) | |
Depreciation and amortization—continuing operations | (278) | (281) | (278) | |
Corporate and other costs, net(2) | [5] | 160 | 172 | 190 |
Net income attributable to noncontrolling interests | 52 | 63 | 59 | |
Business acquisition and integration expenses and purchase accounting inventory adjustments | (4) | (12) | (22) | |
Fair value adjustments to Venator investment, net | (5) | (12) | (28) | |
Gain (Loss) on Extinguishment of Debt, Total | 0 | 0 | (27) | |
Certain legal and other settlements and related expenses | (6) | (7) | (13) | |
(Costs) income associated with the Albemarle Settlement, net | 0 | (3) | 465 | |
Gain on sale of businesses/assets | 0 | 0 | 30 | |
Income from transition services arrangements | 0 | 2 | 8 | |
Certain nonrecurring information technology project implementation costs | (5) | (5) | (8) | |
Amortization of pension and postretirement actuarial losses | (37) | (49) | (76) | |
Plant incident remediation credits | 0 | (4) | 0 | |
Income from continuing operations before income taxes | 102 | 700 | 1,250 | |
Income tax expense—continuing operations | (65) | (188) | (192) | |
Income from discontinued operations, net of tax | 118 | 12 | 49 | |
Net income | 155 | 524 | 1,107 | |
Depreciation and amortization - continuing operations | 278 | 281 | 278 | |
Capital expenditures | 230 | 272 | 326 | |
Total assets | 7,253 | 7,754 | ||
Goodwill | 644 | 641 | ||
Corporate and other costs, net(2) | [5] | (160) | (172) | (190) |
Fair value adjustments to Venator investment, net | (5) | (12) | (28) | |
Loss on early extinguishment of debt | 0 | 0 | (27) | |
Gain on sale of businesses/assets | 0 | 0 | 30 | |
Plant incident remediation credits | 0 | 4 | 0 | |
Restructuring, impairment and plant closing and transition costs(3) | (25) | (96) | (45) | |
Operating Segments [Member] | ||||
Revenues | 6,135 | 8,057 | 7,702 | |
Depreciation and amortization—continuing operations | (266) | (265) | (265) | |
Depreciation and amortization - continuing operations | 266 | 265 | 265 | |
Capital expenditures | 223 | 260 | 310 | |
Total assets | 6,574 | 6,687 | ||
Operating Segments [Member] | Huntsman International LLC [Member] | ||||
Segment adjusted EBITDA | [6] | 635 | 1,330 | 1,442 |
Depreciation and amortization—continuing operations | (266) | (265) | (265) | |
Depreciation and amortization - continuing operations | 266 | 265 | 265 | |
Capital expenditures | 223 | 260 | 310 | |
Total assets | 6,574 | 6,687 | ||
Consolidation, Eliminations [Member] | ||||
Revenues | (24) | (34) | (32) | |
Corporate and Reconciling Items [Member] | ||||
Revenues | [1] | (24) | (34) | (32) |
Depreciation and amortization—continuing operations | (12) | (16) | (13) | |
Depreciation and amortization - continuing operations | 12 | 16 | 13 | |
Capital expenditures | 7 | 12 | 16 | |
Total assets | 674 | 1,061 | ||
Corporate and Reconciling Items [Member] | Huntsman International LLC [Member] | ||||
Depreciation and amortization—continuing operations | (12) | (16) | (13) | |
Depreciation and amortization - continuing operations | 12 | 16 | 13 | |
Capital expenditures | 7 | 12 | 16 | |
Total assets | 679 | 1,067 | ||
Polyurethanes [Member] | Operating Segments [Member] | ||||
Revenues | [1] | 3,865 | 5,067 | 5,019 |
Segment adjusted EBITDA | [2] | 248 | 628 | 879 |
Depreciation and amortization—continuing operations | (141) | (136) | (131) | |
Depreciation and amortization - continuing operations | 141 | 136 | 131 | |
Capital expenditures | 98 | 142 | 243 | |
Total assets | 4,261 | 4,286 | ||
Goodwill | 338 | 336 | ||
Polyurethanes [Member] | Operating Segments [Member] | Huntsman International LLC [Member] | ||||
Segment adjusted EBITDA | [6] | 248 | 628 | 879 |
Depreciation and amortization—continuing operations | (141) | (136) | (131) | |
Depreciation and amortization - continuing operations | 141 | 136 | 131 | |
Capital expenditures | 98 | 142 | 243 | |
Total assets | 4,261 | 4,286 | ||
Goodwill | 338 | 336 | ||
Performance Products [Member] | Operating Segments [Member] | ||||
Revenues | [1] | 1,178 | 1,713 | 1,485 |
Segment adjusted EBITDA | [2] | 201 | 469 | 359 |
Depreciation and amortization—continuing operations | (72) | (72) | (74) | |
Depreciation and amortization - continuing operations | 72 | 72 | 74 | |
Capital expenditures | 100 | 92 | 42 | |
Total assets | 1,170 | 1,155 | ||
Goodwill | 16 | 15 | ||
Performance Products [Member] | Operating Segments [Member] | Huntsman International LLC [Member] | ||||
Segment adjusted EBITDA | [6] | 201 | 469 | 359 |
Depreciation and amortization—continuing operations | (72) | (72) | (74) | |
Depreciation and amortization - continuing operations | 72 | 72 | 74 | |
Capital expenditures | 100 | 92 | 42 | |
Total assets | 1,170 | 1,155 | ||
Goodwill | 16 | 15 | ||
Advanced Materials [Member] | Operating Segments [Member] | ||||
Revenues | [1] | 1,092 | 1,277 | 1,198 |
Segment adjusted EBITDA | [2] | 186 | 233 | 204 |
Depreciation and amortization—continuing operations | (53) | (57) | (60) | |
Depreciation and amortization - continuing operations | 53 | 57 | 60 | |
Capital expenditures | 25 | 26 | 25 | |
Total assets | 1,143 | 1,246 | ||
Goodwill | 290 | 290 | ||
Advanced Materials [Member] | Operating Segments [Member] | Huntsman International LLC [Member] | ||||
Segment adjusted EBITDA | [6] | 186 | 233 | 204 |
Depreciation and amortization—continuing operations | (53) | (57) | (60) | |
Depreciation and amortization - continuing operations | 53 | 57 | 60 | |
Capital expenditures | 25 | 26 | $ 25 | |
Total assets | 1,143 | 1,246 | ||
Goodwill | $ 290 | $ 290 | ||
[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, certain Corporate and other items and income from discontinued operations, 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) loss on early extinguishment of debt; (d) certain legal and other settlements and related expenses; (e) costs associated with the Albemarle Settlement, net; (f) (loss) gain on sale of business/assets; (g) income from transition services arrangements related to the sale of our Chemical Intermediates Businesses to Indorama; (h) certain nonrecurring information technology project implementation costs; (i) amortization of pension and postretirement actuarial losses; (j) plant incident remediation credits (costs); and (k) restructuring, impairment, plant closing and transition costs.[3]Corporate and other costs, net includes unallocated corporate overhead, unallocated foreign exchange gains and losses, LIFO inventory valuation reserve adjustments, loss on early extinguishment of debt, unallocated restructuring, impairment and plant closing costs, nonoperating income and expense and gains and losses on the disposition of corporate assets.[4]Includes costs associated with transition activities related primarily to our Corporate program to optimize our global approach to leverage shared services capabilities.[5]Corporate and other costs, net includes unallocated corporate overhead, unallocated foreign exchange gains and losses, LIFO inventory valuation reserve adjustments, nonoperating income and expense and gains and losses on the disposition of corporate assets.[6]We use segment adjusted EBITDA as the measure of each segment’s profit or loss. We believe that segment adjusted EBITDA more accurately reflects what the chief operating decision maker uses to make decisions about resources to be allocated to the segments and assess their financial performance. Segment adjusted EBITDA is defined as net income of Huntsman Corporation or Huntsman International, as appropriate, before interest, income tax, depreciation and amortization, net income attributable to noncontrolling interests and certain Corporate and other items, as well as eliminating the following adjustments: (a) business acquisition and integration expenses and purchase accounting inventory adjustments; (b) fair value adjustments to Venator investment and related loss on disposal; (c) loss on early extinguishment of debt; (d) certain legal and other settlements and related expenses; (e) income (expenses) associated with the Albemarle Settlement, net; (f) gain (loss) on sale of businesses/assets; (g) income from transition services arrangements related to the sale of our Chemical Intermediates Businesses to Indorama; (h) certain nonrecurring information technology project implementation costs; (i) amortization of pension and postretirement actuarial losses; (j) plant incident remediation costs; (k) restructuring, impairment, plant closing and transition (costs) credits; and (l) (loss) income from discontinued operations, net of tax. |
Note 26 - Operating Segment I_5
Note 26 - Operating Segment Information - Revenues and Long-lived Assets By Geographical Area (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Revenues | [1] | $ 6,111 | $ 8,023 | $ 7,670 |
Long-lived assets | [2],[3] | 2,376 | 2,377 | |
UNITED STATES | ||||
Revenues | [1] | 2,140 | 3,089 | 2,649 |
Long-lived assets | [3] | 1,216 | 1,211 | |
CHINA | ||||
Revenues | [1] | 1,084 | 1,305 | 1,395 |
Long-lived assets | [3] | 200 | 213 | |
NETHERLANDS | ||||
Long-lived assets | [3] | 321 | 313 | |
GERMANY | ||||
Revenues | [1] | 423 | 522 | 524 |
Long-lived assets | [3] | 92 | 95 | |
ITALY | ||||
Revenues | [1] | 216 | 249 | 280 |
SAUDI ARABIA | ||||
Long-lived assets | [3] | 112 | 121 | |
CANADA | ||||
Revenues | 211 | 242 | 231 | |
HUNGARY | ||||
Long-lived assets | 108 | 77 | ||
INDIA | ||||
Revenues | [1] | 164 | 196 | 183 |
UNITED KINGDOM | ||||
Revenues | 155 | 193 | 175 | |
Long-lived assets | 64 | 62 | ||
SWITZERLAND | ||||
Long-lived assets | [3] | 76 | 76 | |
Other Nations [Member] | ||||
Revenues | [1] | 1,718 | 2,227 | $ 2,233 |
Long-lived assets | [3] | 121 | 138 | |
SINGAPORE | ||||
Long-lived assets | [3] | $ 66 | $ 71 | |
[1]Geographic information for revenues is based upon countries into which product is sold.[2]At December 31, 2023 and December 31, 2022, respectively, $2 and $5 of cash and cash equivalents, $16 and $4 of accounts and notes receivable (net), $48 and $59 of inventories, $150 and $149 of property, plant and equipment (net), $32 and $29 of other noncurrent assets, $84 and $114 of accounts payable, $20 and $12 of accrued liabilities, $9 each of current portion of debt, $8 and $9 of current operating lease liabilities, $17 and $26 of long-term debt, $21 and $19 of noncurrent operating lease and $15 and $25 of other noncurrent liabilities from consolidated variable interest entities are included in the respective Balance Sheets captions above. See “Note 8. Variable Interest Entities.” These assets can only be used to settle obligations of the variable interest entities, and creditors of these liabilities do not have recourse to our general credit.[3]Long-lived assets consist of property, plant and equipment, net. |
Schedule I - Condensed Financ_3
Schedule I - Condensed Financial Information of Registrant - Huntsman Corporation (Parent Only) Balance Sheets (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Investment in and advances to affiliates | $ 438 | $ 425 | |||
Total assets | 7,248 | 8,220 | |||
Accrued liabilities | [1] | 395 | 429 | ||
Total current liabilities | 1,172 | 1,701 | |||
Other noncurrent liabilities | [1] | 345 | 422 | ||
Total liabilities | 3,770 | 4,380 | |||
Common stock $0.01 par value, 1,200,000,000 shares authorized, 262,190,459 and 261,148,217 shares issued and 171,583,331 and 183,634,464 shares outstanding, respectively | 3 | 3 | |||
Additional paid-in capital | 4,202 | 4,156 | |||
Treasury stock, 90,607,128 and 77,513,753 shares, respectively | (2,290) | (1,937) | |||
Unearned stock-based compensation | (41) | (35) | |||
Retained earnings | 2,622 | 2,705 | |||
Accumulated other comprehensive loss | (1,245) | (1,268) | |||
Total stockholders’ equity | 3,251 | 3,624 | |||
Total liabilities and stockholders’ equity | 7,248 | 8,220 | |||
Parent Company [Member] | Reportable Legal Entities [Member] | |||||
Investment in and advances to affiliates | 3,261 | 3,631 | |||
Total assets | 3,261 | 3,631 | |||
Accounts payable | 1 | 0 | |||
Accrued liabilities | 5 | 2 | |||
Total current liabilities | 6 | 2 | |||
Other noncurrent liabilities | 4 | 5 | |||
Total liabilities | 10 | 7 | |||
Common stock $0.01 par value, 1,200,000,000 shares authorized, 262,190,459 and 261,148,217 shares issued and 171,583,331 and 183,634,464 shares outstanding, respectively | 3 | 3 | |||
Additional paid-in capital | 4,202 | 4,156 | |||
Treasury stock, 90,607,128 and 77,513,753 shares, respectively | (2,290) | (1,937) | |||
Unearned stock-based compensation | (41) | (35) | |||
Retained earnings | 2,622 | 2,705 | |||
Accumulated other comprehensive loss | (1,245) | (1,268) | |||
Total stockholders’ equity | 3,251 | 3,624 | $ 4,378 | $ 3,519 | |
Total liabilities and stockholders’ equity | $ 3,261 | $ 3,631 | |||
[1]At December 31, 2023 and December 31, 2022, respectively, $2 and $5 of cash and cash equivalents, $16 and $4 of accounts and notes receivable (net), $48 and $59 of inventories, $150 and $149 of property, plant and equipment (net), $32 and $29 of other noncurrent assets, $84 and $114 of accounts payable, $20 and $12 of accrued liabilities, $9 each of current portion of debt, $8 and $9 of current operating lease liabilities, $17 and $26 of long-term debt, $21 and $19 of noncurrent operating lease and $15 and $25 of other noncurrent liabilities from consolidated variable interest entities are included in the respective Balance Sheets captions above. See “Note 8. 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. |
Schedule I - Condensed Financ_4
Schedule I - Condensed Financial Information of Registrant - Huntsman Corporation (Parent Only) Balance Sheets (Details) (Parentheticals) - $ / shares | Dec. 31, 2023 | Dec. 31, 2022 |
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) | 262,190,459 | 261,148,217 |
Common stock, shares outstanding (in shares) | 171,583,331 | 183,634,464 |
Treasury stock, shares (in shares) | 90,607,128 | 77,513,753 |
Parent Company [Member] | Reportable Legal Entities [Member] | ||
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) | 262,190,459 | 261,148,217 |
Common stock, shares outstanding (in shares) | 171,583,331 | 183,634,464 |
Treasury stock, shares (in shares) | 90,607,128 | 77,513,753 |
Schedule I - Condensed Financ_5
Schedule I - Condensed Financial Information of Registrant - Huntsman Corporation (Parent Only) Statements of Operations (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Selling, general and administrative expenses | $ (689) | $ (711) | $ (739) |
Equity in (loss) income of subsidiaries | 83 | 67 | 143 |
Other income | 2 | 35 | 29 |
Net income attributable to Huntsman Corporation | 101 | 460 | 1,045 |
Parent Company [Member] | Reportable Legal Entities [Member] | |||
Selling, general and administrative expenses | (3) | (4) | (7) |
Equity in (loss) income of subsidiaries | (68) | 295 | 891 |
Dividend income—affiliate | 172 | 169 | 158 |
Other income | 0 | 0 | 3 |
Net income attributable to Huntsman Corporation | $ 101 | $ 460 | $ 1,045 |
Schedule I - Condensed Financ_6
Schedule I - Condensed Financial Information of Registrant - Huntsman Corporation (Parent Only) Statements of Comprehensive Income (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Net income | $ 153 | $ 523 | $ 1,104 |
Foreign currency translations adjustments | 34 | (228) | (92) |
Pension and other postretirement benefits adjustments | (4) | 158 | 240 |
Other, net | (10) | (7) | 2 |
Other comprehensive income (loss), net of tax | 20 | (77) | 150 |
Comprehensive income | 173 | 446 | 1,254 |
Comprehensive income attributable to noncontrolling interests | (49) | (51) | (66) |
Comprehensive income attributable to Huntsman Corporation | 124 | 395 | 1,188 |
Reportable Legal Entities [Member] | Parent Company [Member] | |||
Net income | 101 | 460 | 1,045 |
Foreign currency translations adjustments | 34 | (228) | (92) |
Pension and other postretirement benefits adjustments | (4) | 158 | 240 |
Other, net | 42 | 56 | 61 |
Other comprehensive income (loss), net of tax | 72 | (14) | 209 |
Comprehensive income | 173 | 446 | 1,254 |
Comprehensive income attributable to noncontrolling interests | (49) | (51) | (66) |
Comprehensive income attributable to Huntsman Corporation | $ 124 | $ 395 | $ 1,188 |
Schedule I - Condensed Financ_7
Schedule I - Condensed Financial Information of Registrant - Huntsman Corporation (Parent Only) Statements of Stockholders' Equity (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Beginning balance | $ 3,624 | ||
Net income | 101 | $ 460 | $ 1,045 |
Issuance of nonvested stock awards | 0 | 0 | 0 |
Vesting of stock awards | 5 | 7 | 5 |
Recognition of stock-based compensation | 27 | 25 | 26 |
Repurchase and cancellation of stock awards | $ (10) | (14) | (7) |
Stock options exercised (in shares) | 467,000 | ||
Stock options exercised | $ 5 | 6 | 10 |
Treasury stock repurchased (in shares) | (13,093,375) | ||
Treasury stock repurchased | $ (353) | (1,003) | (203) |
Dividends declared on common stock | (170) | (170) | $ (160) |
Acquisition of noncontrolling interests, net of tax | (3) | ||
Balance | $ 3,251 | $ 3,624 | |
Common Stock Outstanding [Member] | |||
Vesting of stock awards (in shares) | 1,028,971 | 1,341,787 | 678,400 |
Repurchase and cancellation of stock awards (in shares) | (307,093) | (366,199) | (238,339) |
Stock options exercised (in shares) | 320,364 | 470,853 | 738,362 |
Treasury stock repurchased (in shares) | (13,093,375) | (31,982,264) | (7,054,398) |
Common Stock [Member] | |||
Issuance of nonvested stock awards | $ 0 | $ 0 | $ 0 |
Vesting of stock awards | 0 | 0 | 0 |
Recognition of stock-based compensation | 0 | 0 | 0 |
Repurchase and cancellation of stock awards | 0 | 0 | 0 |
Stock options exercised | 0 | 0 | 0 |
Treasury stock repurchased | 0 | 0 | 0 |
Dividends declared on common stock | 0 | 0 | 0 |
Acquisition of noncontrolling interests, net of tax | 0 | ||
Additional Paid-in Capital [Member] | |||
Issuance of nonvested stock awards | 32 | 32 | 26 |
Vesting of stock awards | 5 | 7 | 5 |
Recognition of stock-based compensation | 1 | 3 | 6 |
Repurchase and cancellation of stock awards | 0 | 0 | 0 |
Stock options exercised | 9 | 12 | 17 |
Treasury stock repurchased | 0 | 0 | 0 |
Dividends declared on common stock | 0 | 0 | 0 |
Acquisition of noncontrolling interests, net of tax | (1) | ||
Treasury Stock, Common [Member] | |||
Issuance of nonvested stock awards | 0 | 0 | 0 |
Vesting of stock awards | 0 | 0 | 0 |
Recognition of stock-based compensation | 0 | 0 | 0 |
Repurchase and cancellation of stock awards | 0 | 0 | 0 |
Stock options exercised | 0 | 0 | 0 |
Treasury stock repurchased | (353) | (1,003) | (203) |
Dividends declared on common stock | 0 | 0 | 0 |
Acquisition of noncontrolling interests, net of tax | 0 | ||
Deferred Compensation, Share-Based Payments [Member] | |||
Issuance of nonvested stock awards | (32) | (32) | (26) |
Vesting of stock awards | 0 | 0 | 0 |
Recognition of stock-based compensation | 26 | 22 | 20 |
Repurchase and cancellation of stock awards | 0 | 0 | 0 |
Stock options exercised | 0 | 0 | 0 |
Treasury stock repurchased | 0 | 0 | 0 |
Dividends declared on common stock | 0 | 0 | 0 |
Acquisition of noncontrolling interests, net of tax | 0 | ||
Retained Earnings [Member] | |||
Issuance of nonvested stock awards | 0 | 0 | 0 |
Vesting of stock awards | 0 | 0 | 0 |
Recognition of stock-based compensation | 0 | 0 | 0 |
Repurchase and cancellation of stock awards | (10) | (14) | (7) |
Stock options exercised | (4) | (6) | (7) |
Treasury stock repurchased | 0 | 0 | 0 |
Dividends declared on common stock | (170) | (170) | (160) |
Acquisition of noncontrolling interests, net of tax | 0 | ||
AOCI Attributable to Parent [Member] | |||
Issuance of nonvested stock awards | 0 | 0 | 0 |
Vesting of stock awards | 0 | 0 | 0 |
Recognition of stock-based compensation | 0 | 0 | 0 |
Repurchase and cancellation of stock awards | 0 | 0 | 0 |
Stock options exercised | 0 | 0 | 0 |
Treasury stock repurchased | 0 | 0 | 0 |
Dividends declared on common stock | 0 | 0 | 0 |
Acquisition of noncontrolling interests, net of tax | 0 | ||
Parent Company [Member] | Reportable Legal Entities [Member] | |||
Beginning balance | 3,624 | 4,378 | 3,519 |
Net income | 101 | 460 | 1,045 |
Other comprehensive income | 23 | (65) | 143 |
Issuance of nonvested stock awards | 0 | 0 | 0 |
Vesting of stock awards | 5 | 7 | 5 |
Recognition of stock-based compensation | 27 | 25 | 26 |
Repurchase and cancellation of stock awards | (10) | (14) | (7) |
Stock options exercised | 5 | 6 | 10 |
Treasury stock repurchased | 353 | 1,003 | 203 |
Dividends declared on common stock | (170) | (170) | (160) |
Acquisition of noncontrolling interests, net of tax | (1) | ||
Balance | $ 3,251 | $ 3,624 | $ 4,378 |
Parent Company [Member] | Reportable Legal Entities [Member] | Common Stock Outstanding [Member] | |||
Beginning balance (in shares) | 183,634,464 | 214,170,287 | 220,046,262 |
Vesting of stock awards (in shares) | 1,028,971 | 1,341,787 | 678,400 |
Repurchase and cancellation of stock awards (in shares) | (307,093) | (366,199) | (238,339) |
Stock options exercised (in shares) | 320,364 | 470,853 | 738,362 |
Treasury stock repurchased (in shares) | (13,093,375) | (31,982,264) | (7,054,398) |
Balance (in shares) | 171,583,331 | 183,634,464 | 214,170,287 |
Parent Company [Member] | Reportable Legal Entities [Member] | Common Stock [Member] | |||
Beginning balance | $ 3 | $ 3 | $ 3 |
Net income | 0 | 0 | 0 |
Other comprehensive income | 0 | 0 | 0 |
Issuance of nonvested stock awards | 0 | 0 | 0 |
Vesting of stock awards | 0 | 0 | 0 |
Recognition of stock-based compensation | 0 | 0 | 0 |
Repurchase and cancellation of stock awards | 0 | 0 | 0 |
Stock options exercised | 0 | 0 | 0 |
Treasury stock repurchased | 0 | 0 | 0 |
Dividends declared on common stock | 0 | 0 | 0 |
Acquisition of noncontrolling interests, net of tax | 0 | ||
Balance | 3 | 3 | 3 |
Parent Company [Member] | Reportable Legal Entities [Member] | Additional Paid-in Capital [Member] | |||
Beginning balance | 4,156 | 4,102 | 4,048 |
Net income | 0 | 0 | 0 |
Other comprehensive income | 0 | 0 | 0 |
Issuance of nonvested stock awards | 32 | 32 | 26 |
Vesting of stock awards | 5 | 7 | 5 |
Recognition of stock-based compensation | 1 | 3 | 6 |
Repurchase and cancellation of stock awards | 0 | 0 | 0 |
Stock options exercised | 9 | 12 | 17 |
Treasury stock repurchased | 0 | 0 | 0 |
Dividends declared on common stock | 0 | 0 | 0 |
Acquisition of noncontrolling interests, net of tax | (1) | ||
Balance | 4,202 | 4,156 | 4,102 |
Parent Company [Member] | Reportable Legal Entities [Member] | Treasury Stock, Common [Member] | |||
Beginning balance | (1,937) | (934) | (731) |
Net income | 0 | 0 | 0 |
Other comprehensive income | 0 | 0 | 0 |
Issuance of nonvested stock awards | 0 | 0 | 0 |
Vesting of stock awards | 0 | 0 | 0 |
Recognition of stock-based compensation | 0 | 0 | 0 |
Repurchase and cancellation of stock awards | 0 | 0 | 0 |
Stock options exercised | 0 | 0 | 0 |
Treasury stock repurchased | 353 | 1,003 | 203 |
Dividends declared on common stock | 0 | 0 | 0 |
Acquisition of noncontrolling interests, net of tax | 0 | ||
Balance | (2,290) | (1,937) | (934) |
Parent Company [Member] | Reportable Legal Entities [Member] | Deferred Compensation, Share-Based Payments [Member] | |||
Beginning balance | (35) | (25) | (19) |
Net income | 0 | 0 | 0 |
Other comprehensive income | 0 | 0 | 0 |
Issuance of nonvested stock awards | (32) | (32) | (26) |
Vesting of stock awards | 0 | 0 | 0 |
Recognition of stock-based compensation | 26 | 22 | 20 |
Repurchase and cancellation of stock awards | 0 | 0 | 0 |
Stock options exercised | 0 | 0 | 0 |
Treasury stock repurchased | 0 | 0 | 0 |
Dividends declared on common stock | 0 | 0 | 0 |
Acquisition of noncontrolling interests, net of tax | 0 | ||
Balance | (41) | (35) | (25) |
Parent Company [Member] | Reportable Legal Entities [Member] | Retained Earnings [Member] | |||
Beginning balance | 2,705 | 2,435 | 1,564 |
Net income | 101 | 460 | 1,045 |
Other comprehensive income | 0 | 0 | 0 |
Issuance of nonvested stock awards | 0 | 0 | 0 |
Vesting of stock awards | 0 | 0 | 0 |
Recognition of stock-based compensation | 0 | 0 | 0 |
Repurchase and cancellation of stock awards | (10) | (14) | (7) |
Stock options exercised | (4) | (6) | (7) |
Treasury stock repurchased | 0 | 0 | 0 |
Dividends declared on common stock | (170) | (170) | (160) |
Acquisition of noncontrolling interests, net of tax | 0 | ||
Balance | 2,622 | 2,705 | 2,435 |
Parent Company [Member] | Reportable Legal Entities [Member] | AOCI Attributable to Parent [Member] | |||
Beginning balance | (1,268) | (1,203) | (1,346) |
Net income | 0 | 0 | 0 |
Other comprehensive income | 23 | (65) | 143 |
Issuance of nonvested stock awards | 0 | 0 | 0 |
Vesting of stock awards | 0 | 0 | 0 |
Recognition of stock-based compensation | 0 | 0 | 0 |
Repurchase and cancellation of stock awards | 0 | 0 | 0 |
Stock options exercised | 0 | 0 | 0 |
Treasury stock repurchased | 0 | 0 | 0 |
Dividends declared on common stock | 0 | 0 | 0 |
Acquisition of noncontrolling interests, net of tax | 0 | ||
Balance | $ (1,245) | $ (1,268) | $ (1,203) |
Schedule I - Condensed Financ_8
Schedule I - Condensed Financial Information of Registrant - Huntsman Corporation (Parent Only) Statements of Cash Flows (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Operating activities: | |||||||||||
Net income | $ 101 | $ 460 | $ 1,045 | ||||||||
Equity in loss (income) of subsidiaries | (83) | (67) | (143) | ||||||||
Stock-based compensation | 28 | 29 | 30 | ||||||||
Net cash provided by operating activities | 209 | 914 | 952 | ||||||||
Investing activities: | |||||||||||
Net cash provided by investing activities | 305 | (279) | (524) | ||||||||
Financing activities: | |||||||||||
Dividends paid to common stockholders | $ (41) | $ (42) | $ (42) | $ (44) | $ (40) | $ (41) | $ (44) | $ (45) | (169) | (171) | (159) |
Proceeds from issuance of common stock | 5 | 6 | 10 | ||||||||
Repurchase of common stock | (349) | (1,005) | (200) | ||||||||
Other, net | 1 | (1) | (4) | ||||||||
Net cash used in financing activities | (620) | (994) | (977) | ||||||||
Decrease in cash and cash equivalents | (114) | (387) | (552) | ||||||||
Cash and cash equivalents at beginning of period | 654 | 1,041 | 654 | 1,041 | 1,593 | ||||||
Cash and cash equivalents at end of period | 540 | 654 | 540 | 654 | 1,041 | ||||||
Reportable Legal Entities [Member] | Parent Company [Member] | |||||||||||
Operating activities: | |||||||||||
Net income | 101 | 460 | 1,045 | ||||||||
Equity in loss (income) of subsidiaries | 68 | (295) | (891) | ||||||||
Stock-based compensation | 1 | 2 | 1 | ||||||||
Changes in operating assets and liabilities | 0 | (2) | (2) | ||||||||
Net cash provided by operating activities | 170 | 165 | 153 | ||||||||
Investing activities: | |||||||||||
Net cash provided by investing activities | 0 | 0 | 0 | ||||||||
Financing activities: | |||||||||||
Dividends paid to common stockholders | (169) | (171) | (159) | ||||||||
Repurchase and cancellation of stock awards | (10) | (14) | (7) | ||||||||
Proceeds from issuance of common stock | 5 | 6 | 10 | ||||||||
Repurchase of common stock | (349) | (1,005) | (200) | ||||||||
Increase in payable to affiliates | 352 | 1,017 | 203 | ||||||||
Other, net | 1 | 0 | 0 | ||||||||
Net cash used in financing activities | (170) | (167) | (153) | ||||||||
Decrease in cash and cash equivalents | 0 | (2) | 0 | ||||||||
Cash and cash equivalents at beginning of period | $ 0 | $ 2 | 0 | 2 | 2 | ||||||
Cash and cash equivalents at end of period | $ 0 | $ 0 | $ 0 | $ 0 | $ 2 |