UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
Form
(Mark One) | |
| QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
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For the quarterly period ended | |
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OR | |
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| TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
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For the transition period from to |
Commission |
| Exact Name of Registrant as Specified in its Charter, |
| State of |
| I.R.S. Employer |
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Securities registered pursuant to Section 12(b) of the Act:
Registrant |
| Title of each class |
| Trading Symbol | | Name of each exchange on which registered |
Huntsman Corporation |
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Huntsman International LLC |
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Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Huntsman Corporation | | No ☐ |
Huntsman International LLC | | No ☐ |
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Huntsman Corporation | | No ☐ |
Huntsman International LLC | | No ☐ |
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):
Huntsman Corporation | | Accelerated filer ☐ | Non-accelerated filer ☐ | Smaller reporting company | Emerging growth company |
Huntsman International LLC | Large accelerated filer ☐ | Accelerated filer ☐ | | Smaller reporting company | Emerging Growth company |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Huntsman Corporation | | ☐ |
Huntsman International LLC | | ☐ |
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Huntsman Corporation | Yes | No ☒ |
Huntsman International LLC | Yes | No ☒ |
On October 20, 2021,
This Quarterly Report on Form 10-Q presents information for two registrants: Huntsman Corporation and Huntsman International LLC. Huntsman International LLC is a wholly-owned subsidiary of Huntsman Corporation and is the principal operating company of Huntsman Corporation. The information reflected in this Quarterly Report on Form 10-Q is equally applicable to both Huntsman Corporation and Huntsman International LLC, except where otherwise indicated. Huntsman International LLC meets the conditions set forth in General Instructions H(1)(a) and (b) of Form 10-Q and, to the extent applicable, is therefore filing this form with a reduced disclosure format.
HUNTSMAN CORPORATION AND SUBSIDIARIES
HUNTSMAN INTERNATIONAL LLC AND SUBSIDIARIES
QUARTERLY REPORT ON FORM 10-Q FOR THE QUARTERLY PERIOD
ENDED September 30, 2021
TABLE OF CONTENTS
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Huntsman Corporation and Subsidiaries: |
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Huntsman International LLC and Subsidiaries: |
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Huntsman Corporation and Subsidiaries and Huntsman International LLC and Subsidiaries: |
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Management’s Discussion and Analysis of Financial Condition and Results of Operations |
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FORWARD-LOOKING STATEMENTS
Certain information set forth in this report contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements other than historical factual information are forward-looking statements, including without limitation statements regarding: projections of revenue, expenses, profit, profit margins, tax rates, tax provisions, cash flows, pension and benefit obligations and funding requirements, our liquidity position or other projected financial measures; projected impact of COVID-19 on our operations and future financial results; management’s plans and strategies for future operations, including statements relating to anticipated operating performance, cost reductions, restructuring activities, new product and service developments, competitive strengths or market position, acquisitions, divestitures, business separations, spin-offs, or other distributions, strategic opportunities, securities offerings, stock repurchases, dividends and executive compensation; growth, declines and other trends in markets we sell into; new or modified laws, regulations and accounting pronouncements; outstanding claims, legal proceedings, tax audits and assessments and other contingent liabilities; foreign currency exchange rates and fluctuations in those rates; general economic and capital markets conditions; the timing of any of the foregoing; assumptions underlying any of the foregoing; and any other statements that address events or developments that we intend or believe will or may occur in the future. In some cases, forward-looking statements can be identified by terminology such as “believes,” “expects,” “may,” “will,” “should,” “anticipates” or “intends” or the negative of such terms or other comparable terminology, or by discussions of strategy. We may also make additional forward-looking statements from time to time. All such subsequent forward-looking statements, whether written or oral, by us or on our behalf, are also expressly qualified by these cautionary statements.
All forward-looking statements, including without limitation any projections derived from management’s examination of historical operating trends, are based upon our current expectations and various assumptions. Our expectations, beliefs and projections are expressed in good faith and we believe there is a reasonable basis for them, but there can be no assurance that management’s expectations, beliefs and projections will be achieved. All forward-looking statements apply only as of the date made. We undertake no obligation to publicly update or revise forward-looking statements whether because of new information, future events or otherwise, except as required by securities and other applicable law.
There are a number of risks and uncertainties that could cause our actual results to differ materially from the forward-looking statements contained in or contemplated by this report. Any forward-looking statements should be considered in light of the risks set forth in “Part II. Item 1A. Risk Factors” below and “Part I. Item 1A. Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2020.
ITEM 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
HUNTSMAN CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In Millions, Except Share and Per Share Amounts)
September 30, | December 31, | |||||||
2021 | 2020 | |||||||
ASSETS | ||||||||
Current assets: | ||||||||
Cash and cash equivalents(a) | $ | $ | ||||||
Accounts and notes receivable (net of allowance for doubtful accounts of and , respectively), ( and pledged as collateral, respectively)(a) | ||||||||
Accounts receivable from affiliates | ||||||||
Inventories(a) | ||||||||
Other current assets | ||||||||
Total current assets | ||||||||
Property, plant and equipment, net(a) | ||||||||
Investment in unconsolidated affiliates | ||||||||
Intangible assets, net | ||||||||
Goodwill | ||||||||
Deferred income taxes | ||||||||
Operating lease right-of-use assets | ||||||||
Other noncurrent assets(a) | ||||||||
Total assets | $ | $ | ||||||
LIABILITIES AND EQUITY | ||||||||
Current liabilities: | ||||||||
Accounts payable(a) | $ | $ | ||||||
Accounts payable to affiliates | ||||||||
Accrued liabilities(a) | ||||||||
Current portion of debt(a) | ||||||||
Current operating lease liabilities(a) | ||||||||
Total current liabilities | ||||||||
Long-term debt(a) | ||||||||
Deferred income taxes | ||||||||
Noncurrent operating lease liabilities(a) | ||||||||
Other noncurrent liabilities(a) | ||||||||
Total liabilities | ||||||||
Commitments and contingencies (Notes 15 and 16) | ||||||||
Equity | ||||||||
Huntsman Corporation stockholders’ equity: | ||||||||
Common stock par value, shares authorized, and shares issued and and shares outstanding, respectively | ||||||||
Additional paid-in capital | ||||||||
Treasury stock, and shares, respectively | ( | ) | ( | ) | ||||
Unearned stock-based compensation | ( | ) | ( | ) | ||||
Retained earnings | ||||||||
Accumulated other comprehensive loss | ( | ) | ( | ) | ||||
Total Huntsman Corporation stockholders’ equity | ||||||||
Noncontrolling interests in subsidiaries | ||||||||
Total equity | ||||||||
Total liabilities and equity | $ | $ |
(a) |
At September 30, 2021 and December 31, 2020, respectively, $31 and $2 of cash and cash equivalents, $10 and $6 of accounts and notes receivable (net), $52 and $38 of inventories, $161 and $167 of property, plant and equipment (net), $23 each of other noncurrent assets, $144 and $119 of accounts payable, $13 each of accrued liabilities, $13 and $47 of current portion of debt, $6 and $5 of current operating lease liabilities, $53 and $3 of long-term debt, $22 and $17 of noncurrent operating lease liabilities and $76 and $82 of other noncurrent liabilities from consolidated variable interest entities are included in the respective balance sheet captions above. See “Note 6. Variable Interest Entities.” |
See accompanying notes to condensed consolidated financial statements.
HUNTSMAN CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In Millions, Except Per Share Amounts)
Three months |
Nine months |
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ended |
ended |
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September 30, |
September 30, |
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2021 |
2020 |
2021 |
2020 |
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Revenues: |
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Trade sales, services and fees, net |
$ | $ | $ | $ | ||||||||||||
Related party sales |
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Total revenues |
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Cost of goods sold |
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Gross profit |
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Operating expenses: |
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Selling, general and administrative |
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Research and development |
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Restructuring, impairment and plant closing (credits) costs |
( |
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Gain on sale of India-based DIY business |
( |
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Other operating income, net |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
Total operating expenses |
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Operating income |
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Interest expense, net |
( |
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) | ( |
) | ( |
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Equity in income of investment in unconsolidated affiliates |
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Fair value adjustments to Venator investment |
( |
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) | ( |
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Loss on early extinguishment of debt |
( |
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Other income, net |
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Income (loss) from continuing operations before income taxes |
( |
) | ||||||||||||||
Income tax expense |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
Income (loss) from continuing operations |
( |
) | ||||||||||||||
(Loss) income from discontinued operations, net of tax |
( |
) | ( |
) | ||||||||||||
Net income |
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Net income attributable to noncontrolling interests |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
Net income attributable to Huntsman Corporation |
$ | $ | $ | $ | ||||||||||||
Basic income (loss) per share: |
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Income (loss) from continuing operations attributable to Huntsman Corporation common stockholders |
$ | $ | $ | $ | ( |
) | ||||||||||
(Loss) income from discontinued operations attributable to Huntsman Corporation common stockholders, net of tax |
( |
) | ( |
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Net income attributable to Huntsman Corporation common stockholders |
$ | $ | $ | $ | ||||||||||||
Weighted average shares |
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Diluted income (loss) per share: |
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Income (loss) from continuing operations attributable to Huntsman Corporation common stockholders |
$ | $ | $ | $ | ( |
) | ||||||||||
(Loss) income from discontinued operations attributable to Huntsman Corporation common stockholders, net of tax |
( |
) | ( |
) | ||||||||||||
Net income attributable to Huntsman Corporation common stockholders |
$ | $ | $ | $ | ||||||||||||
Weighted average shares |
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Amounts attributable to Huntsman Corporation common stockholders: |
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Income (loss) from continuing operations |
$ | $ | $ | $ | ( |
) | ||||||||||
(Loss) income from discontinued operations, net of tax |
( |
) | ( |
) | ||||||||||||
Net income |
$ | $ | $ | $ |
See accompanying notes to condensed consolidated financial statements.
HUNTSMAN CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In Millions)
Three months |
Nine months |
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ended |
ended |
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September 30, |
September 30, |
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2021 |
2020 |
2021 |
2020 |
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Net income |
$ | $ | $ | $ | ||||||||||||
Other comprehensive (loss) income, net of tax: |
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Foreign currency translations adjustments |
( |
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Pension and other postretirement benefits adjustments |
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Other comprehensive (loss) income, net of tax |
( |
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Comprehensive income |
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Comprehensive income attributable to noncontrolling interests |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
Comprehensive income attributable to Huntsman Corporation |
$ | $ | $ | $ |
See accompanying notes to condensed consolidated financial statements.
HUNTSMAN CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY
(In Millions, Except Share Amounts)
Huntsman Corporation Stockholders' Equity | ||||||||||||||||||||||||||||||||||||
Accumulated | ||||||||||||||||||||||||||||||||||||
Shares | Additional | Unearned | other | Noncontrolling | ||||||||||||||||||||||||||||||||
common | Common | paid-in | Treasury | stock-based | Retained | comprehensive | interests in | Total | ||||||||||||||||||||||||||||
stock | stock | capital | stock | compensation | earnings | loss | subsidiaries | equity | ||||||||||||||||||||||||||||
Balance, January 1, 2021 | $ | $ | $ | ( | ) | $ | ( | ) | $ | $ | ( | ) | $ | $ | ||||||||||||||||||||||
Net income | — | |||||||||||||||||||||||||||||||||||
Other comprehensive loss | — | ( | ) | ( | ) | |||||||||||||||||||||||||||||||
Issuance of nonvested stock awards | — | ( | ) | |||||||||||||||||||||||||||||||||
Vesting of stock awards | ||||||||||||||||||||||||||||||||||||
Recognition of stock-based compensation | — | |||||||||||||||||||||||||||||||||||
Repurchase and cancellation of stock awards | ( | ) | ( | ) | ( | ) | ||||||||||||||||||||||||||||||
Stock options exercised | ( | ) | ||||||||||||||||||||||||||||||||||
Dividends declared on common stock ( per share) | — | ( | ) | ( | ) | |||||||||||||||||||||||||||||||
Balance, March 31, 2021 | $ | $ | $ | ( | ) | $ | ( | ) | $ | $ | ( | ) | $ | $ | ||||||||||||||||||||||
Net income | — | |||||||||||||||||||||||||||||||||||
Other comprehensive income | — | |||||||||||||||||||||||||||||||||||
Vesting of stock awards | ||||||||||||||||||||||||||||||||||||
Recognition of stock-based compensation | — | |||||||||||||||||||||||||||||||||||
Repurchase and cancellation of stock awards | ( | ) | ( | ) | ( | ) | ||||||||||||||||||||||||||||||
Stock options exercised | ( | ) | ||||||||||||||||||||||||||||||||||
Dividends declared to noncontrolling interests | — | ( | ) | ( | ) | |||||||||||||||||||||||||||||||
Dividends declared on common stock ( per share) | — | ( | ) | ( | ) | |||||||||||||||||||||||||||||||
Balance, June 30, 2021 | $ | $ | $ | ( | ) | $ | ( | ) | $ | $ | ( | ) | $ | $ | ||||||||||||||||||||||
Net income | — | |||||||||||||||||||||||||||||||||||
Other comprehensive (loss) income | — | ( | ) | ( | ) | |||||||||||||||||||||||||||||||
Issuance of nonvested stock awards | — | ( | ) | |||||||||||||||||||||||||||||||||
Vesting of stock awards | ||||||||||||||||||||||||||||||||||||
Recognition of stock-based compensation | — | |||||||||||||||||||||||||||||||||||
Repurchase and cancellation of stock awards | ( | ) | ||||||||||||||||||||||||||||||||||
Stock options exercised | ||||||||||||||||||||||||||||||||||||
Treasury stock repurchased | ( | ) | ( | ) | ( | ) | ||||||||||||||||||||||||||||||
Dividends declared on common stock ( per share) | — | ( | ) | ( | ) | |||||||||||||||||||||||||||||||
Balance, September 30, 2021 | $ | $ | $ | ( | ) | $ | ( | ) | $ | $ | ( | ) | $ | $ |
HUNTSMAN CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY
(In Millions, Except Share Amounts)
Huntsman Corporation Stockholders' Equity | ||||||||||||||||||||||||||||||||||||
Accumulated | ||||||||||||||||||||||||||||||||||||
Shares | Additional | Unearned | other | Noncontrolling | ||||||||||||||||||||||||||||||||
Common | Common | paid-in | Treasury | stock-based | Retained | comprehensive | interests in | Total | ||||||||||||||||||||||||||||
stock | stock | capital | stock | compensation | earnings | loss | subsidiaries | equity | ||||||||||||||||||||||||||||
Balance, January 1, 2020 | $ | $ | $ | ( | ) | $ | ( | ) | $ | $ | ( | ) | $ | $ | ||||||||||||||||||||||
Net income | — | |||||||||||||||||||||||||||||||||||
Other comprehensive loss | — | ( | ) | ( | ) | |||||||||||||||||||||||||||||||
Issuance of nonvested stock awards | — | ( | ) | |||||||||||||||||||||||||||||||||
Vesting of stock awards | ||||||||||||||||||||||||||||||||||||
Recognition of stock-based compensation | — | |||||||||||||||||||||||||||||||||||
Repurchase and cancellation of stock awards | ( | ) | ( | ) | ( | ) | ||||||||||||||||||||||||||||||
Stock options exercised | ( | ) | ||||||||||||||||||||||||||||||||||
Treasury stock repurchased | ( | ) | ( | ) | ( | ) | ||||||||||||||||||||||||||||||
Dividends declared on common stock ( per share) | — | ( | ) | ( | ) | |||||||||||||||||||||||||||||||
Balance, March 31, 2020 | $ | $ | $ | ( | ) | $ | ( | ) | $ | $ | ( | ) | $ | $ | ||||||||||||||||||||||
Net (loss) income | — | ( | ) | ( | ) | |||||||||||||||||||||||||||||||
Other comprehensive income | — | |||||||||||||||||||||||||||||||||||
Vesting of stock awards | ||||||||||||||||||||||||||||||||||||
Recognition of stock-based compensation | — | |||||||||||||||||||||||||||||||||||
Repurchase and cancellation of stock awards | ( | ) | ||||||||||||||||||||||||||||||||||
Stock options exercised | ||||||||||||||||||||||||||||||||||||
Dividends declared on common stock ( per share) | — | ( | ) | ( | ) | |||||||||||||||||||||||||||||||
Balance, June 30, 2020 | $ | $ | $ | ( | ) | $ | ( | ) | $ | $ | ( | ) | $ | $ | ||||||||||||||||||||||
Net income | — | |||||||||||||||||||||||||||||||||||
Other comprehensive income | — | |||||||||||||||||||||||||||||||||||
Vesting of stock awards | ||||||||||||||||||||||||||||||||||||
Recognition of stock-based compensation | — | |||||||||||||||||||||||||||||||||||
Repurchase and cancellation of stock awards | ( | ) | ( | ) | ( | ) | ||||||||||||||||||||||||||||||
Stock options exercised | ( | ) | ||||||||||||||||||||||||||||||||||
Dividends declared on common stock ( per share) | — | ( | ) | ( | ) | |||||||||||||||||||||||||||||||
Balance, September 30, 2020 | $ | $ | $ | ( | ) | $ | ( | ) | $ | $ | ( | ) | $ | $ |
See accompanying notes to condensed consolidated financial statements.
HUNTSMAN CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In Millions)
Nine months |
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ended |
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September 30, |
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2021 |
2020 |
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Operating Activities: |
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Net income |
$ | $ | ||||||
Less: Loss (income) from discontinued operations, net of tax |
( |
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Income (loss) from continuing operations |
( |
) | ||||||
Adjustments to reconcile income (loss) from continuing operations to net cash provided by operating activities from continuing operations: |
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Equity in income of investment in unconsolidated affiliates |
( |
) | ( |
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Unrealized losses on fair value adjustments to Venator investment |
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Cash received from return on investment in unconsolidated subsidiary |
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Depreciation and amortization |
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Noncash lease expense |
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Gain on disposal of businesses/assets |
( |
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Loss on early extinguishment of debt |
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Noncash restructuring and impairment charges |
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Deferred income taxes |
( |
) | ( |
) | ||||
Stock-based compensation |
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Other, net |
( |
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Changes in operating assets and liabilities: |
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Accounts and notes receivable |
( |
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Inventories |
( |
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Prepaid expenses |
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Other current assets |
( |
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Other noncurrent assets |
( |
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Accounts payable |
( |
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Accrued liabilities |
( |
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Taxes paid on sale of Chemical Intermediates Businesses |
( |
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Other noncurrent liabilities |
( |
) | ( |
) | ||||
Net cash provided by operating activities from continuing operations |
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Net cash used in operating activities from discontinued operations |
( |
) | ( |
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Net cash provided by operating activities |
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Investing Activities: |
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Capital expenditures |
( |
) | ( |
) | ||||
Cash received from sale of businesses |
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Acquisition of businesses, net of cash acquired |
( |
) | ( |
) | ||||
Insurance proceeds for recovery of property damage |
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Other, net |
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Net cash (used in) provided by investing activities |
( |
) |
(Continued)
HUNTSMAN CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued)
(In Millions)
Nine months |
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ended |
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September 30, |
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2021 |
2020 |
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Financing Activities: |
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Net borrowings (repayments) on revolving loan facilities |
$ | $ | ( |
) | ||||
Proceeds from issuance of long-term debt |
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Repayments of long-term debt |
( |
) | ( |
) | ||||
Repayments of short-term debt |
( |
) | ||||||
Repayments of notes payable |
( |
) | ||||||
Debt issuance costs paid |
( |
) | ||||||
Dividends paid to noncontrolling interests |
( |
) | ( |
) | ||||
Dividends paid to common stockholders |
( |
) | ( |
) | ||||
Repurchase and cancellation of awards |
( |
) | ( |
) | ||||
Proceeds from issuance of common stock |
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Repurchase of common stock |
( |
) | ( |
) | ||||
Costs of early extinguishment of debt |
( |
) | ||||||
Other, net |
( |
) | ||||||
Net cash used in financing activities |
( |
) | ( |
) | ||||
Effect of exchange rate changes on cash |
( |
) | ( |
) | ||||
(Decrease) increase in cash, cash equivalents and restricted cash |
( |
) | ||||||
Cash, cash equivalents and restricted cash at beginning of period |
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Cash, cash equivalents and restricted cash at end of period |
$ | $ | ||||||
Supplemental cash flow information: |
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Cash paid for interest |
$ | $ | ||||||
Cash paid for income taxes |
For both September 30, 2021 and 2020, the amount of capital expenditures in accounts payable was $54 million. For the nine months ended September 30, 2021, the amount of cash paid for taxes in connection with the earnout provision achieved under the terms of the sales agreement of the India-based do-it-yourself (“DIY”) business was $3 million. See “Note 4. Discontinued Operations and Business Dispositions—Sale of India-Based Do-It-Yourself Consumer Adhesives Business.”
See accompanying notes to condensed consolidated financial statements.
HUNTSMAN INTERNATIONAL LLC AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In Millions, Except Unit Amounts)
September 30, | December 31, | |||||||
2021 | 2020 | |||||||
ASSETS | ||||||||
Current assets: | ||||||||
Cash and cash equivalents(a) | $ | $ | ||||||
Accounts and notes receivable (net of allowance for doubtful accounts of and , respectively), ( and pledged as collateral, respectively)(a) | ||||||||
Accounts receivable from affiliates | ||||||||
Inventories(a) | ||||||||
Other current assets | ||||||||
Total current assets | ||||||||
Property, plant and equipment, net(a) | ||||||||
Investment in unconsolidated affiliates | ||||||||
Intangible assets, net | ||||||||
Goodwill | ||||||||
Deferred income taxes | ||||||||
Operating lease right-of-use assets | ||||||||
Other noncurrent assets(a) | ||||||||
Total assets | $ | $ | ||||||
LIABILITIES AND EQUITY | ||||||||
Current liabilities: | ||||||||
Accounts payable(a) | $ | $ | ||||||
Accounts payable to affiliates | ||||||||
Accrued liabilities(a) | ||||||||
Current portion of debt(a) | ||||||||
Current operating lease liabilities(a) | ||||||||
Total current liabilities | ||||||||
Long-term debt(a) | ||||||||
Deferred income taxes | ||||||||
Noncurrent operating lease liabilities(a) | ||||||||
Other noncurrent liabilities(a) | ||||||||
Total liabilities | ||||||||
Commitments and contingencies (Notes 15 and 16) | ||||||||
Equity | ||||||||
Huntsman International LLC members’ equity: | ||||||||
Members’ equity, units issued and outstanding | ||||||||
Retained earnings | ||||||||
Accumulated other comprehensive loss | ( | ) | ( | ) | ||||
Total Huntsman International LLC members’ equity | ||||||||
Noncontrolling interests in subsidiaries | ||||||||
Total equity | ||||||||
Total liabilities and equity | $ | $ |
(a) |
At September 30, 2021 and December 31, 2020, respectively, $31 and $2 of cash and cash equivalents, $10 and $6 of accounts and notes receivable (net), $52 and $38 of inventories, $161 and $167 of property, plant and equipment (net), $23 each of other noncurrent assets, $144 and $119 of accounts payable, $13 each of accrued liabilities, $13 and $47 of current portion of debt, $6 and $5 of current operating lease liabilities, $53 and $3 of long-term debt, $22 and $17 of noncurrent operating lease liabilities and $76 and $82 of other noncurrent liabilities from consolidated variable interest entities are included in the respective balance sheet captions above. See “Note 6. Variable Interest Entities.” |
See accompanying notes to condensed consolidated financial statements.
HUNTSMAN INTERNATIONAL LLC AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In Millions)
Three months |
Nine months |
|||||||||||||||
ended |
ended |
|||||||||||||||
September 30, |
September 30, |
|||||||||||||||
2021 |
2020 |
2021 |
2020 |
|||||||||||||
Revenues: |
||||||||||||||||
Trade sales, services and fees, net |
$ | $ | $ | $ | ||||||||||||
Related party sales |
||||||||||||||||
Total revenues |
||||||||||||||||
Cost of goods sold |
||||||||||||||||
Gross profit |
||||||||||||||||
Operating expenses: |
||||||||||||||||
Selling, general and administrative |
||||||||||||||||
Research and development |
||||||||||||||||
Restructuring, impairment and plant closing (credits) costs |
( |
) | ||||||||||||||
Gain on sale of India-based DIY business |
( |
) | ||||||||||||||
Other operating income, net |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
Total operating expenses |
||||||||||||||||
Operating income |
||||||||||||||||
Interest expense, net |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
Equity in income of investment in unconsolidated affiliates |
||||||||||||||||
Fair value adjustments to Venator investment |
( |
) | ( |
) | ( |
) | ||||||||||
Loss on early extinguishment of debt |
( |
) | ||||||||||||||
Other income, net |
||||||||||||||||
Income (loss) from continuing operations before income taxes |
( |
) | ||||||||||||||
Income tax expense |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
Income (loss) from continuing operations |
( |
) | ||||||||||||||
(Loss) income from discontinued operations, net of tax |
( |
) | ( |
) | ||||||||||||
Net income |
||||||||||||||||
Net income attributable to noncontrolling interests |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
Net income attributable to Huntsman International LLC |
$ | $ | $ | $ |
See accompanying notes to condensed consolidated financial statements.
HUNTSMAN INTERNATIONAL LLC AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In Millions)
Three months |
Nine months |
|||||||||||||||
ended |
ended |
|||||||||||||||
September 30, |
September 30, |
|||||||||||||||
2021 |
2020 |
2021 |
2020 |
|||||||||||||
Net income |
$ | $ | $ | $ | ||||||||||||
Other comprehensive (loss) income, net of tax: |
||||||||||||||||
Foreign currency translations adjustment |
( |
) | ( |
) | ( |
) | ||||||||||
Pension and other postretirement benefits adjustments |
||||||||||||||||
Other comprehensive (loss) income, net of tax |
( |
) | ||||||||||||||
Comprehensive income |
||||||||||||||||
Comprehensive income attributable to noncontrolling interests |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
Comprehensive income attributable to Huntsman International LLC |
$ | $ | $ | $ |
See accompanying notes to condensed consolidated financial statements.
HUNTSMAN INTERNATIONAL LLC AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY
(In Millions, Except Unit Amounts)
Huntsman International LLC Members | ||||||||||||||||||||||||
Members' | Accumulated other | Noncontrolling | ||||||||||||||||||||||
equity | comprehensive | interests in | Total | |||||||||||||||||||||
Units | Amount | Retained earnings | loss | subsidiaries | equity | |||||||||||||||||||
Balance, January 1, 2021 | $ | $ | $ | ( | ) | $ | $ | |||||||||||||||||
Net income | — | |||||||||||||||||||||||
Dividends paid to parent | — | ( | ) | ( | ) | |||||||||||||||||||
Other comprehensive loss | — | ( | ) | ( | ) | |||||||||||||||||||
Contribution from parent | — | |||||||||||||||||||||||
Balance, March 31, 2021 | $ | $ | $ | ( | ) | $ | $ | |||||||||||||||||
Net income | — | |||||||||||||||||||||||
Dividends paid to parent | — | ( | ) | ( | ) | |||||||||||||||||||
Other comprehensive income | — | |||||||||||||||||||||||
Contribution from parent | — | |||||||||||||||||||||||
Dividends declared to noncontrolling interests | — | ( | ) | ( | ) | |||||||||||||||||||
Balance, June 30, 2021 | $ | $ | $ | ( | ) | $ | $ | |||||||||||||||||
Net income | — | |||||||||||||||||||||||
Dividends paid to parent | — | ( | ) | ( | ) | |||||||||||||||||||
Other comprehensive (loss) income | — | ( | ) | ( | ) | |||||||||||||||||||
Contribution from parent | — | |||||||||||||||||||||||
Balance, September 30, 2021 | $ | $ | $ | ( | ) | $ | $ |
Huntsman International LLC Members |
||||||||||||||||||||||||
Members' |
Accumulated other |
Noncontrolling |
||||||||||||||||||||||
equity |
comprehensive |
interests in |
Total |
|||||||||||||||||||||
Units |
Amount |
Retained earnings |
loss |
subsidiaries |
equity |
|||||||||||||||||||
Balance, January 1, 2020 |
$ | $ | $ | ( |
) | $ | $ | |||||||||||||||||
Net income |
— | |||||||||||||||||||||||
Dividends paid to parent |
— | ( |
) | ( |
) | |||||||||||||||||||
Other comprehensive loss |
— | ( |
) | ( |
) | |||||||||||||||||||
Contribution from parent |
— | |||||||||||||||||||||||
Balance, March 31, 2020 |
$ | $ | $ | ( |
) | $ | $ | |||||||||||||||||
Net (loss) income |
— | ( |
) | ( |
) | |||||||||||||||||||
Dividends paid to parent |
— | ( |
) | ( |
) | |||||||||||||||||||
Other comprehensive income |
— | |||||||||||||||||||||||
Contribution from parent |
— | |||||||||||||||||||||||
Balance, June 30, 2020 |
$ | $ | $ | ( |
) | $ | $ | |||||||||||||||||
Net income |
— | |||||||||||||||||||||||
Dividends paid to parent |
— | ( |
) | ( |
) | |||||||||||||||||||
Other comprehensive income |
— | |||||||||||||||||||||||
Contribution from parent |
— | |||||||||||||||||||||||
Balance, September 30, 2020 |
$ | $ | $ | ( |
) | $ | $ |
See accompanying notes to condensed consolidated financial statements.
HUNTSMAN INTERNATIONAL LLC AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In Millions)
Nine months |
||||||||
ended |
||||||||
September 30, |
||||||||
2021 |
2020 |
|||||||
Operating Activities: |
||||||||
Net income |
$ | $ | ||||||
Less: Loss (income) from discontinued operations, net of tax |
( |
) | ||||||
Income (loss) from continuing operations |
( |
) | ||||||
Adjustments to reconcile income (loss) from continuing operations to net cash provided by operating activities from continuing operations: |
||||||||
Equity in income of investment in unconsolidated affiliates |
( |
) | ( |
) | ||||
Unrealized losses on fair value adjustments to Venator investment |
||||||||
Cash received from return on investment in unconsolidated subsidiary |
||||||||
Depreciation and amortization |
||||||||
Noncash lease expense |
||||||||
Gain on disposal of businesses/assets |
( |
) | ||||||
Loss on early extinguishment of debt |
||||||||
Noncash restructuring and impairment charges |
||||||||
Deferred income taxes |
( |
) | ( |
) | ||||
Noncash compensation |
||||||||
Other, net |
( |
) | ||||||
Changes in operating assets and liabilities: |
||||||||
Accounts and notes receivable |
( |
) | ||||||
Inventories |
( |
) | ||||||
Prepaid expenses |
||||||||
Other current assets |
( |
) | ||||||
Other noncurrent assets |
( |
) | ( |
) | ||||
Accounts payable |
( |
) | ||||||
Accrued liabilities |
( |
) | ||||||
Taxes paid on sale of Chemical Intermediates Businesses |
( |
) | ||||||
Other noncurrent liabilities |
( |
) | ( |
) | ||||
Net cash provided by operating activities from continuing operations |
||||||||
Net cash used in operating activities from discontinued operations |
( |
) | ( |
) | ||||
Net cash provided by operating activities |
||||||||
Investing Activities: |
||||||||
Capital expenditures |
( |
) | ( |
) | ||||
Cash received from sale of businesses |
||||||||
Acquisition of businesses, net of cash acquired |
( |
) | ( |
) | ||||
(Increase) decrease in receivable from affiliate |
( |
) | ||||||
Insurance proceeds for recovery of property damage |
||||||||
Other, net |
||||||||
Net cash (used in) provided by investing activities |
( |
) |
(Continued)
HUNTSMAN INTERNATIONAL LLC AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued)
(In Millions)
Nine months | ||||||||
ended | ||||||||
September 30, | ||||||||
2021 | 2020 | |||||||
Financing Activities: | ||||||||
Net borrowings (repayments) on revolving loan facilities | $ | $ | ( | ) | ||||
Proceeds from issuance of long-term debt | ||||||||
Repayments of long-term debt | ( | ) | ( | ) | ||||
Repayments of short-term debt | ( | ) | ||||||
Repayments of notes payable to affiliate | ( | ) | ||||||
Repayments of notes payable | ( | ) | ||||||
Debt issuance costs paid | ( | ) | ||||||
Dividends paid to noncontrolling interests | ( | ) | ( | ) | ||||
Dividends paid to parent | ( | ) | ( | ) | ||||
Costs of early extinguishment of debt | ( | ) | ||||||
Other, net | ( | ) | ||||||
Net cash used in financing activities | ( | ) | ( | ) | ||||
Effect of exchange rate changes on cash | ( | ) | ( | ) | ||||
(Decrease) increase in cash, cash equivalents and restricted cash | ( | ) | ||||||
Cash, cash equivalents and restricted cash at beginning of period | ||||||||
Cash, cash equivalents and restricted cash at end of period | $ | $ | ||||||
Supplemental cash flow information: | ||||||||
Cash paid for interest | $ | $ | ||||||
Cash paid for income taxes |
For both September 30, 2021 and 2020, the amount of capital expenditures in accounts payable was $54 million. For the nine months ended September 30, 2021, the amount of cash paid for taxes in connection with the earnout provision achieved under the terms of the sales agreement of the India-based DIY business was $3 million. See “Note 4. Discontinued Operations and Business Dispositions—Sale of India-Based Do-It-Yourself Consumer Adhesives Business.”
See accompanying notes to condensed consolidated financial statements.
HUNTSMAN CORPORATION AND SUBSIDIARIES
HUNTSMAN INTERNATIONAL LLC AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
1. GENERAL
Certain Definitions
For convenience in this report, the terms “Company,” “Huntsman,” “our,” “us” or “we” may be used to refer to Huntsman Corporation and, unless the context otherwise requires, its subsidiaries and predecessors. In this report, “Huntsman International” refers to Huntsman International LLC (our wholly-owned subsidiary).
In this report, we may use, without definition, the common names of competitors or other industry participants. We may also use the common names or abbreviations for certain chemicals or products.
Interim Financial Statements
Our unaudited interim condensed consolidated financial statements and Huntsman International’s unaudited interim condensed consolidated financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP” or “U.S. GAAP”) and in management’s opinion reflect all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of results of operations, comprehensive income (loss), financial position and cash flows for the periods presented. Results for interim periods are not necessarily indicative of those to be expected for the full year. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes to consolidated financial statements included in the Annual Report on Form 10-K for the year ended December 31, 2020 for our Company and Huntsman International.
Description of Businesses
We are a global manufacturer of differentiated organic chemical products. We operate in
We operate our businesses through Huntsman International, our wholly-owned subsidiary. Huntsman International is a Delaware limited liability company and was formed in 1999.
Huntsman Corporation and Huntsman International Financial Statements
Except where otherwise indicated, these notes relate to the condensed consolidated financial statements for both our Company and Huntsman International. The differences between our financial statements and Huntsman International’s financial statements relate primarily to the following:
● | purchase accounting recorded at our Company for the 2003 step-acquisition of Huntsman International Holdings LLC, the former parent company of Huntsman International that was merged into Huntsman International in 2005; and |
● | the different capital structures. |
Principles of Consolidation
Our condensed consolidated financial statements include the accounts of our wholly-owned and majority-owned subsidiaries and any variable interest entities for which we are the primary beneficiary. Intercompany accounts and transactions have been eliminated.
Recent Developments
Amendments to Accounts Receivable Securitization Programs
On July 1, 2021, we entered into amendments to our U.S. accounts receivable securitization program (“U.S. A/R Program”) and our European accounts receivable securitization program (“EU A/R Program” and collectively with the U.S. A/R Program, “A/R Programs”) that, among other things, extended the scheduled termination dates of our A/R Programs from April 2022 to July 2024. For additional information, see “Note 8. Debt—Direct and Subsidiary Debt—A/R Programs.”
Use of Estimates
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.
2. RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS
Accounting Pronouncements ADopted During 2021
We adopted the following accounting pronouncement during 2021, which did not have a significant impact on our condensed consolidated financial statements:
● |
Financial Accounting Standards Board Accounting Standards Update No. 2021-01, Reference Rate Reform (Topic 848): Scope. |
3. BUSINESS COMBINATIONS AND ACQUISITIONS
Acquisition of gaBRIEL Performance Products
On January 15, 2021, we completed the acquisition of Gabriel Performance Products, a North American specialty chemical manufacturer of specialty additives and epoxy curing agents for the coatings, adhesives, sealants and composite end-markets (“Gabriel Acquisition”), from funds affiliated with Audax Private Equity in an all-cash transaction of approximately $
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 preliminary allocation of acquisition cost to the assets acquired and liabilities assumed is summarized as follows (dollars in millions):
Fair value of assets acquired and liabilities assumed: | ||||
Cash paid for the Gabriel Acquisition | $ | |||
Cash | $ | |||
Accounts receivable | ||||
Inventories | ||||
Property, plant and equipment | ||||
Intangible assets | ||||
Goodwill | ||||
Accounts payable | ( | ) | ||
Accrued liabilities | ( | ) | ||
Deferred income taxes | ( | ) | ||
Total fair value of net assets acquired | $ |
The acquisition cost allocation is preliminary pending final determination of the fair value of assets acquired and liabilities assumed, including final valuation of certain liabilities, property, plant and equipment, intangible assets, leases and deferred taxes. Intangible assets acquired included in this preliminary allocation consist primarily of trademarks, technology and trade secrets. The applicable amortization periods are still being assessed. For purposes of this preliminary allocation of fair value, we have assigned any excess of the acquisition cost over the estimated preliminary fair value to goodwill. The estimated goodwill recognized is attributable primarily to projected future profitable growth in our Advanced Materials specialty portfolio and synergies. We expect that a portion of the estimated goodwill arising from the acquisition will be deductible for income tax purposes, but the amount is still being assessed. It is possible that material changes to this preliminary allocation of acquisition cost could occur.
The acquired business had revenues and net income of $
Acquisition of CVC Thermoset Specialties
On May 18, 2020, we completed our acquisition of CVC Thermoset Specialties, a North American specialty chemical manufacturer serving the industrial composites, adhesives and coatings markets (“CVC Thermoset Specialties Acquisition”). We acquired the business for $
We accounted for the CVC Thermoset Specialties Acquisition using the acquisition method. As such, we analyzed the fair value of tangible and intangible assets acquired and liabilities assumed. The allocation of acquisition cost to the assets acquired and liabilities assumed is summarized as follows (dollars in millions):
Fair value of assets acquired and liabilities assumed: | ||||
Cash paid for the CVC Thermoset Specialties Acquisition | $ | |||
Accounts receivable | $ | |||
Inventories | ||||
Property, plant and equipment | ||||
Intangible assets | ||||
Goodwill | ||||
Accounts payable | ( | ) | ||
Accrued liabilities | ( | ) | ||
Deferred income taxes | ( | ) | ||
Total fair value of net assets acquired | $ |
Intangible assets acquired consist primarily of trademarks, trade secrets and customer relationships, which are predominantly being amortized over a period of
Acquisition of Icynene-Lapolla
On February 20, 2020, we completed our acquisition of Icynene-Lapolla, a leading North American manufacturer and distributor of spray polyurethane foam insulation systems for residential and commercial applications (“Icynene-Lapolla Acquisition”). We acquired the business from an affiliate of FFL Partners, LLC for $
We accounted for the Icynene-Lapolla Acquisition using the acquisition method. As such, we analyzed the fair value of tangible and intangible assets acquired and liabilities assumed. The allocation of acquisition cost to the assets acquired and liabilities assumed is summarized as follows (dollars in millions):
Fair value of assets acquired and liabilities assumed: | ||||
Cash paid for the Icynene-Lapolla Acquisition | $ | |||
Cash | $ | |||
Accounts receivable | ||||
Inventories | ||||
Prepaid expenses and other current assets | ||||
Property, plant and equipment | ||||
Intangible assets | ||||
Goodwill | ||||
Other noncurrent assets | ||||
Accounts payable | ( | ) | ||
Accrued liabilities | ( | ) | ||
Deferred income taxes | ( | ) | ||
Total fair value of net assets acquired | $ |
As a result of the final valuation of the assets and liabilities, reallocations were made during the first quarter of 2021 in certain current asset and liability, property, plant and equipment, intangible asset, goodwill, other noncurrent assets and deferred tax balances. Intangible assets acquired consist primarily of trademarks, trade secrets and customer relationships, which are predominantly being amortized over a period of
PRO FORMA INFORMATION FOR ACQUISITIONS
If the Gabriel Acquisition, the CVC Thermoset Specialties Acquisition and the Icynene-Lapolla Acquisition were to have occurred on January 1, 2020, the following estimated pro forma revenues, net (loss) income, net (loss) income attributable to Huntsman Corporation and Huntsman International would have been reported (dollars in millions):
Three months | Nine months | |||||||||||
ended | ended | |||||||||||
September 30, | September 30, | |||||||||||
2020(1) | 2021(1) | 2020 | ||||||||||
Revenues | $ | $ | $ | |||||||||
Net income | ||||||||||||
Net income attributable to Huntsman Corporation |
Three months | Nine months | |||||||||||
ended | ended | |||||||||||
September 30, | September 30, | |||||||||||
2020(1) | 2021(1) | 2020 | ||||||||||
Revenues | $ | $ | $ | |||||||||
Net income | ||||||||||||
Net income attributable to Huntsman International |
(1) | Includes pro forma information for the Gabriel Acquisition only. |
4. DISCONTINUED OPERATIONS AND BUSINESS DISPOSITIONS
On November 3, 2020, we completed the sale of the India-based DIY business to Pidilite Industries Ltd. and received cash of approximately $
SaLE of Venator InterEST
Three months | Nine months | |||||||
ended | ended | |||||||
September 30, | September 30, | |||||||
2020 | 2020 | |||||||
Revenues | $ | $ | ||||||
Gross profit | ||||||||
Loss from continuing operations | ( | ) | ( | ) | ||||
Net loss | ( | ) | ( | ) | ||||
Net loss attributable to Venator | ( | ) | ( | ) |
Sale of Chemical Intermediates Businesses
On January 3, 2020, we completed the sale of our chemical intermediates businesses, which included PO/MTBE, and our surfactants business (“Chemical Intermediates Businesses”) to Indorama Ventures Holdings L.P. (“Indorama”) in a transaction valued at approximately $
The following table reconciles major line items constituting pretax income of discontinued operations to after-tax income of discontinued operations as presented in our condensed consolidated statements of operations (dollars in millions):
Three months | Nine months | |||||||||||||||
ended | ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||
Major line items constituting pretax income of discontinued operations(1): | ||||||||||||||||
Trade sales, services and fees, net(2) | $ | $ | $ | $ | ||||||||||||
Cost of goods sold(2) | ||||||||||||||||
Gain on sale of the Chemical Intermediates Businesses | ||||||||||||||||
Insurance proceeds | ||||||||||||||||
Other (income) expense items, net | ( | ) | ||||||||||||||
Income from discontinued operations before income taxes | ||||||||||||||||
Income tax expense | ( | ) | ( | ) | ( | ) | ||||||||||
Net (loss) income attributable to discontinued operations | $ | ( | ) | $ | $ | ( | ) | $ |
(1) | Discontinued operations include our Chemical Intermediates Businesses, our Australian styrenics operations and our North American polymers and base chemicals operations for all periods presented. |
(2) | Includes eliminations of trade sales, services and fees, net and cost of sales between continuing operations and discontinued operations. |
5. INVENTORIES
We state our inventories at the lower of cost or market, with cost determined using last-in first-out (“LIFO”), first-in first-out and average cost methods for different components of inventory. Inventories consisted of the following (dollars in millions):
September 30, | December 31, | |||||||
2021 | 2020 | |||||||
Raw materials and supplies | $ | $ | ||||||
Work in progress | ||||||||
Finished goods | ||||||||
Total | ||||||||
LIFO reserves | ( | ) | ( | ) | ||||
Net inventories | $ | $ |
For both September 30, 2021 and December 31, 2020, approximately
6. VARIABLE INTEREST ENTITIES
We evaluate our investments and transactions to identify variable interest entities for which we are the primary beneficiary. We hold a variable interest in the following joint ventures for which we are the primary beneficiary:
● | Rubicon LLC is our |
● | Arabian Amines Company (“AAC”) is our |
During the nine months ended September 30, 2021, there were no changes in our variable interest entities.
Creditors of these entities have no recourse to our general credit. See “Note 8. Debt—Direct and Subsidiary Debt.” As the primary beneficiary of these variable interest entities at September 30, 2021, the joint ventures’ assets, liabilities and results of operations are included in our condensed consolidated financial statements.
The following table summarizes the carrying amount of our variable interest entities’ assets and liabilities included in our condensed consolidated balance sheet as of September 30, 2021 and our consolidated balance sheet as of December 31, 2020 (dollars in millions):
September 30, | December 31, | |||||||
2021 | 2020 | |||||||
Current assets | $ | $ | ||||||
Property, plant and equipment, net | ||||||||
Operating lease right-of-use assets | ||||||||
Other noncurrent assets | ||||||||
Deferred income taxes | ||||||||
Total assets | $ | $ | ||||||
Current liabilities | $ | $ | ||||||
Long-term debt | ||||||||
Noncurrent operating lease liabilities | ||||||||
Other noncurrent liabilities | ||||||||
Deferred income taxes | ||||||||
Total liabilities | $ | $ |
The revenues, income from continuing operations before income taxes and net cash provided by operating activities for our variable interest entities for the three and nine months ended September 30, 2021 and 2020 are as follows (dollars in millions):
Three months | Nine months | |||||||||||||||
ended | ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||
Revenues | $ | $ | $ | $ | ||||||||||||
Income from continuing operations before income taxes | ||||||||||||||||
Net cash provided by operating activities |
7. RESTRUCTURING, IMPAIRMENT AND PLANT CLOSING COSTS
As of September 30, 2021 and December 31, 2020, accrued restructuring costs by type of cost and initiative consisted of the following (dollars in millions):
Workforce reductions | Non-cancelable lease and contract termination costs | Other restructuring costs | Total | |||||||||||||
Accrued liabilities as of January 1, 2021 | $ | $ | $ | — | $ | |||||||||||
2021 charges for 2020 and prior initiatives | — | |||||||||||||||
2021 charges for 2021 initiatives | — | — | ||||||||||||||
2021 payments for 2020 and prior initiatives | ( | ) | — | ( | ) | ( | ) | |||||||||
2021 payments for 2021 initiatives | ( | ) | — | — | ( | ) | ||||||||||
Accrued liabilities as of September 30, 2021 | $ | $ | $ | $ |
Details with respect to our reserves for restructuring, impairment and plant closing costs by segment and initiative are provided below (dollars in millions):
Performance | Advanced | Textile | Corporate | |||||||||||||||||||||
Polyurethanes | Products | Materials | Effects | and Other | Total | |||||||||||||||||||
Accrued liabilities as of January 1, 2021 | $ | $ | $ | $ | $ | — | $ | |||||||||||||||||
2021 charges (credits) for 2020 and prior initiatives | ( | ) | — | |||||||||||||||||||||
2021 charges for 2021 initiatives | — | — | — | — | ||||||||||||||||||||
2021 payments for 2020 and prior initiatives | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||||||
2021 payments for 2021 initiatives | — | — | ( | ) | — | — | ( | ) | ||||||||||||||||
Accrued liabilities as of September 30, 2021 | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
Current portion of restructuring reserves | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
Long-term portion of restructuring reserves | — | — |
Details with respect to cash and noncash restructuring charges from continuing operations for the three and nine months ended September 30, 2021 and 2020 are provided below (dollars in millions):
Three months | Nine months | |||||||||||||||
ended | ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||
Cash charges: | ||||||||||||||||
2021 charges for 2020 and prior initiatives | $ | — | $ | — | $ | $ | — | |||||||||
2021 charges for 2021 initiatives | — | — | — | |||||||||||||
2020 charges for 2019 and prior initiatives | — | — | — | |||||||||||||
2020 charges for 2020 initiatives | — | — | ||||||||||||||
Noncash charges: | ||||||||||||||||
Accelerated depreciation | ||||||||||||||||
Gain on sale of assets | ( | ) | — | ( | ) | — | ||||||||||
Other noncash (credits) charges | ( | ) | ||||||||||||||
Total restructuring, impairment and plant closing costs | $ | ( | ) | $ | $ | $ |
2021 Restructuring Activities
Beginning in the first quarter of 2021, our Corporate and other segment incurred restructuring costs related to a restructuring program to optimize our global approach to leveraging shared services capabilities. In connection with this restructuring program, we recorded restructuring expense of approximately $
Beginning in the third quarter of 2020, our Polyurethanes segment implemented a restructuring program to optimize its downstream footprint. In connection with this restructuring program, we recorded restructuring expense of approximately $
Beginning in the second quarter of 2020, our Advanced Materials segment implemented restructuring programs in connection with the CVC Thermoset Specialties Acquisition, the alignment of the segment’s commercial organization and optimization of the segment’s manufacturing processes. In connection with these restructuring programs, we recorded restructuring expense of approximately $
2020 Restructuring Activities
Beginning in the second quarter of 2020, our Polyurethanes segment implemented a restructuring program to reorganize its spray polyurethane foam business to better position this business for efficiencies and growth in coming years. In connection with this restructuring program, we recorded restructuring expense of approximately $
Beginning in the third quarter of 2020, our Polyurethanes segment implemented a restructuring program to optimize its downstream footprint. In connection with this restructuring program, we recorded restructuring expense of approximately $
Beginning in the second quarter of 2020, our Performance Products segment implemented a restructuring program, primarily related to workforce reductions, in response to the sale of our Chemical Intermediates Businesses to Indorama. In connection with this restructuring program, we recorded restructuring expense of approximately $
Beginning in the second quarter of 2020, our Advanced Materials segment implemented restructuring programs, primarily related to workforce reductions, in connection with the CVC Thermoset Specialties Acquisition and the alignment of the segment's commercial organization and optimization of the segment's manufacturing processes. In connection with these restructuring programs, we recorded restructuring expense of approximately $
During 2020, our Textile Effects segment implemented restructuring programs to rationalize and realign structurally across various functions and certain locations within the segment. In connection with these restructuring programs, we recorded restructuring expense of approximately $
8. DEBT
Our outstanding debt, net of debt issuance costs, consisted of the following (dollars in millions):
September 30, | December 31, | |||||||
2021 | 2020 | |||||||
Senior Credit Facilities: | ||||||||
Revolving facility | $ | $ | ||||||
Amounts outstanding under A/R programs | ||||||||
Senior notes | ||||||||
Variable interest entities | ||||||||
Other | ||||||||
Total debt | $ | $ | ||||||
Current portion of debt | $ | $ | ||||||
Long-term portion of debt | ||||||||
Total debt | $ | $ |
Direct and Subsidiary Debt
Huntsman Corporation’s direct debt and guarantee obligations consist of a guarantee of certain indebtedness incurred from time to time to finance certain insurance premiums. Substantially all of our other debt, including the facilities described below, has been incurred by our subsidiaries (primarily Huntsman International). Huntsman Corporation is not a guarantor of such subsidiary debt.
Certain of our subsidiaries have third-party debt agreements that contain certain restrictions with regard to dividends, distributions, loans or advances. In certain circumstances, the consent of a third party would be required prior to the transfer of any cash or assets from these subsidiaries to us.
Debt Issuance Costs
We record debt issuance costs related to a debt liability on the balance sheet as a reduction to the face amount of that debt liability. For September 30, 2021 and December 31, 2020, the amount of debt issuance costs directly reducing the debt liability was $
Revolving Credit Facility
As of September 30, 2021, our $
Unamortized | ||||||||||||||||||||||
Discounts and | ||||||||||||||||||||||
Committed | Principal | Debt Issuance | Carrying | |||||||||||||||||||
Facility | Amount | Outstanding | Costs | Value | Interest Rate(2) | Maturity | ||||||||||||||||
Revolving Credit Facility | $ | $ | (1) | $ | (1) | $ | (1) |
|
(1) | On September 30, 2021, we had an additional $ |
(2) | Interest rates on borrowings under the Revolving Credit Facility vary based on the type of loan and Huntsman International’s debt ratings. The representative interest rate as of September 30, 2021 was |
Term Loan Credit Facility
On September 24, 2019, Huntsman International entered into a 364-day term loan facility (the “2019 Term Loan”), pursuant to which Huntsman International borrowed an aggregate principal amount of
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 July 1, 2021, we entered into amendments to our A/R Programs that, among other things, extended the respective scheduled termination dates of our A/R Programs from April 2022 to July 2024.
Information regarding our A/R Programs as of September 30, 2021 was as follows (monetary amounts in millions):
Maximum Funding | Amount | |||||||||||
Facility | Maturity | Availability(1) | Outstanding | Interest Rate(2) | ||||||||
U.S. A/R Program |
| $ | $ | (3) |
| |||||||
EU A/R Program |
| € | € |
| ||||||||
|
(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) | 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 or EURIBOR. |
(3) | As of September 30, 2021, we had approximately $ |
As of September 30, 2021 and December 31, 2020, $
Senior Notes
On January 15, 2021, Huntsman International redeemed in full €
On May 26, 2021, Huntsman International completed a $
The 2031 Senior Notes bear interest at
Variable Interest Entity Debt
On September 30, 2021, AAC, our consolidated
Note Payable from Huntsman International to Huntsman Corporation
During the first quarter of 2020, our intercompany loan of $
Compliance with Covenants
We believe that we are in compliance with the covenants contained in the agreements governing our material debt instruments, including our Revolving Credit Facility, our A/R Programs and our senior notes.
9. 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.
Our revenues and expenses are denominated in various foreign currencies, and our cash flows and earnings are thus subject to fluctuations due to exchange rate variations. From time to time, we may 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 be managed from time to time through financial market transactions, principally through the purchase of spot or forward foreign exchange contracts (generally with maturities of one year or less). We do not hedge our foreign currency exposures in a manner that would eliminate the effect of changes in exchange rates on our cash flows and earnings. As of September 30, 2021, we had approximately $
From time to time, we may purchase interest rate swaps and/or other derivative instruments to reduce the impact of changes in interest rates on our floating-rate exposures. Under interest rate swaps, we agree with other parties to exchange, at specified intervals, the difference between fixed-rate and floating-rate interest amounts calculated by reference to an agreed notional principal amount.
We review our non-U.S. dollar denominated debt and derivative instruments to determine the appropriate amounts designated as hedges. As of September 30, 2021, we have designated approximately
10. FAIR VALUE
The fair values of financial instruments were as follows (dollars in millions):
September 30, 2021 | December 31, 2020 | |||||||||||||||
Carrying | Estimated | Carrying | Estimated | |||||||||||||
Value | Fair Value | Value | Fair Value | |||||||||||||
Non-qualified employee benefit plan investments | $ | $ | $ | $ | ||||||||||||
Investment in Venator | ||||||||||||||||
Option agreement for remaining Venator shares | ( | ) | ( | ) | ||||||||||||
Long-term debt (including current portion) | ( | ) | ( | ) | ( | ) | ( | ) |
The carrying amounts reported in the balance sheets of cash and cash equivalents, accounts receivable and accounts payable approximate fair value because of the immediate or short-term maturity of these financial instruments. Our investment in Venator is marked to fair value, which is obtained through market observable pricing using prevailing market prices (Level 1). Additionally, the estimated fair value of the option agreement related to the remaining ordinary shares we hold in Venator is based on a valuation technique using market observable inputs (Level 2). See “Note 4. Discontinued Operations and Business Dispositions—Sale of Venator Interest.” The fair values of non-qualified employee benefit plan investments are obtained through market observable pricing using prevailing market prices (Level 1). The estimated fair values of our long-term debt are based on quoted market prices for the identical liability when traded in an active market (Level 1). The fair value estimates presented herein are based on pertinent information available to management as of September 30, 2021 and December 31, 2020. Although we are not aware of any factors that would significantly affect the estimated fair value amounts, such amounts have not been comprehensively revalued for purposes of these financial statements since September 30, 2021, and current estimates of fair value may differ significantly from the amounts presented herein.
During the nine months ended September 30, 2021, there were
11. REVENUE RECOGNITION
The following tables disaggregate our revenue from continuing operations by major source for the three months ended September 30, 2021 and 2020 (dollars in millions):
Performance | Advanced | Textile | Corporate and | |||||||||||||||||||||
2021 | Polyurethanes | Products | Materials | Effects | Eliminations | Total | ||||||||||||||||||
Primary Geographic Markets(1) | ||||||||||||||||||||||||
U.S. and Canada | $ | $ | $ | $ | $ | ( | ) | $ | ||||||||||||||||
Europe | ( | ) | ||||||||||||||||||||||
Asia Pacific | ( | ) | ||||||||||||||||||||||
Rest of world | ||||||||||||||||||||||||
$ | $ | $ | $ | $ | ( | ) | $ | |||||||||||||||||
Major Product Groupings | ||||||||||||||||||||||||
MDI urethanes | $ | $ | ||||||||||||||||||||||
Differentiated | $ | |||||||||||||||||||||||
Specialty | $ | |||||||||||||||||||||||
Non-specialty | ||||||||||||||||||||||||
Textile chemicals and dyes | $ | |||||||||||||||||||||||
Eliminations | $ | ( | ) | ( | ) | |||||||||||||||||||
$ | $ | $ | $ | $ | ( | ) | $ |
Performance | Advanced | Textile | Corporate and | |||||||||||||||||||||
2020 | Polyurethanes | Products | Materials | Effects | Eliminations | Total | ||||||||||||||||||
Primary Geographic Markets(1) | ||||||||||||||||||||||||
U.S. and Canada | $ | $ | $ | $ | $ | ( | ) | $ | ||||||||||||||||
Europe | ||||||||||||||||||||||||
Asia Pacific | ||||||||||||||||||||||||
Rest of world | ||||||||||||||||||||||||
$ | $ | $ | $ | $ | ( | ) | $ | |||||||||||||||||
Major Product Groupings | ||||||||||||||||||||||||
MDI urethanes | $ | $ | ||||||||||||||||||||||
Differentiated | $ | |||||||||||||||||||||||
Specialty | $ | |||||||||||||||||||||||
Non-specialty | ||||||||||||||||||||||||
Textile chemicals and dyes | $ | |||||||||||||||||||||||
Eliminations | $ | ( | ) | ( | ) | |||||||||||||||||||
$ | $ | $ | $ | $ | ( | ) | $ |
The following tables disaggregate our revenue from continuing operations by major source for the nine months ended September 30, 2021 and 2020 (dollars in millions):
Performance | Advanced | Textile | Corporate and | |||||||||||||||||||||
2021 | Polyurethanes | Products | Materials | Effects | Eliminations | Total | ||||||||||||||||||
Primary Geographic Markets(1) | ||||||||||||||||||||||||
U.S. and Canada | $ | $ | $ | $ | $ | ( | ) | $ | ||||||||||||||||
Europe | ( | ) | ||||||||||||||||||||||
Asia Pacific | ( | ) | ||||||||||||||||||||||
Rest of world | ||||||||||||||||||||||||
$ | $ | $ | $ | $ | ( | ) | $ | |||||||||||||||||
Major Product Groupings | ||||||||||||||||||||||||
MDI urethanes | $ | $ | ||||||||||||||||||||||
Differentiated | $ | |||||||||||||||||||||||
Specialty | $ | |||||||||||||||||||||||
Non-specialty | ||||||||||||||||||||||||
Textile chemicals and dyes | $ | |||||||||||||||||||||||
Eliminations | $ | ( | ) | ( | ) | |||||||||||||||||||
$ | $ | $ | $ | $ | ( | ) | $ |
Performance | Advanced | Textile | Corporate and | |||||||||||||||||||||
2020 | Polyurethanes | Products | Materials | Effects | Eliminations | Total | ||||||||||||||||||
Primary Geographic Markets(1) | ||||||||||||||||||||||||
U.S. and Canada | $ | $ | $ | $ | $ | ( | ) | $ | ||||||||||||||||
Europe | ( | ) | ||||||||||||||||||||||
Asia Pacific | ||||||||||||||||||||||||
Rest of world | ( | ) | ||||||||||||||||||||||
$ | $ | $ | $ | $ | ( | ) | $ | |||||||||||||||||
Major Product Groupings | ||||||||||||||||||||||||
MDI urethanes | $ | $ | ||||||||||||||||||||||
Differentiated | $ | |||||||||||||||||||||||
Specialty | $ | |||||||||||||||||||||||
Non-specialty | ||||||||||||||||||||||||
Textile chemicals and dyes | $ | |||||||||||||||||||||||
Eliminations | $ | ( | ) | ( | ) | |||||||||||||||||||
$ | $ | $ | $ | $ | ( | ) | $ |
(1) | Geographic information for revenues is based upon countries into which product is sold. |
12. EMPLOYEE BENEFIT PLANS
Components of the net periodic benefit costs from continuing operations for the three and nine months ended September 30, 2021 and 2020 were as follows (dollars in millions):
Huntsman Corporation
Other Postretirement | ||||||||||||||||
Defined Benefit Plans | Benefit Plans | |||||||||||||||
Three months | Three months | |||||||||||||||
ended | ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||
Service cost | $ | $ | $ | $ | ||||||||||||
Interest cost | ||||||||||||||||
Expected return on assets | ( | ) | ( | ) | ||||||||||||
Amortization of prior service benefit | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
Amortization of actuarial loss | ||||||||||||||||
Net periodic benefit cost | $ | $ | $ | $ |
Other Postretirement | ||||||||||||||||
Defined Benefit Plans | Benefit Plans | |||||||||||||||
Nine months | Nine months | |||||||||||||||
ended | ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||
Service cost | $ | $ | $ | $ | ||||||||||||
Interest cost | ||||||||||||||||
Expected return on assets | ( | ) | ( | ) | ||||||||||||
Amortization of prior service benefit | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
Amortization of actuarial loss | ||||||||||||||||
Settlement loss | ||||||||||||||||
Net periodic benefit cost | $ | $ | $ | $ |
Huntsman International
Other Postretirement | ||||||||||||||||
Defined Benefit Plans | Benefit Plans | |||||||||||||||
Three months | Three months | |||||||||||||||
ended | ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||
Service cost | $ | $ | $ | $ | ||||||||||||
Interest cost | ||||||||||||||||
Expected return on assets | ( | ) | ( | ) | ||||||||||||
Amortization of prior service benefit | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
Amortization of actuarial loss | ||||||||||||||||
Net periodic benefit cost | $ | $ | $ | $ |
Other Postretirement | ||||||||||||||||
Defined Benefit Plans | Benefit Plans | |||||||||||||||
Nine months | Nine months | |||||||||||||||
ended | ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||
Service cost | $ | $ | $ | $ | ||||||||||||
Interest cost | ||||||||||||||||
Expected return on assets | ( | ) | ( | ) | ||||||||||||
Amortization of prior service benefit | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
Amortization of actuarial loss | ||||||||||||||||
Settlement loss | ||||||||||||||||
Net periodic benefit cost | $ | $ | $ | $ |
During the nine months ended September 30, 2021 and 2020, we made contributions to our pension and other postretirement benefit plans of $
13. HUNTSMAN CORPORATION STOCKHOLDERS’ EQUITY
Share Repurchase Program
On February 7, 2018 and on May 3, 2018, our Board of Directors collectively authorized us to repurchase up to an aggregate of $
Dividends on Common Stock
On April 28, 2021, our Board of Directors declared a $
14. ACCUMULATED OTHER COMPREHENSIVE LOSS
The components of other comprehensive (loss) income and changes in accumulated other comprehensive loss by component were as follows (dollars in millions):
Huntsman Corporation
Pension | Other | |||||||||||||||||||||||||||
Foreign | and other | comprehensive | Amounts | Amounts | ||||||||||||||||||||||||
currency | postretirement | income of | attributable to | attributable to | ||||||||||||||||||||||||
translation | benefits | unconsolidated | noncontrolling | Huntsman | ||||||||||||||||||||||||
adjustment(a) | adjustments(b) | affiliates | Other, net | Total | interests | Corporation | ||||||||||||||||||||||
Beginning balance, January 1, 2021 | $ | ( | ) | $ | ( | ) | $ | $ | $ | ( | ) | $ | $ | ( | ) | |||||||||||||
Other comprehensive loss before reclassifications, gross | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||||||||||||||
Tax expense | ||||||||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive loss, gross(c) | ||||||||||||||||||||||||||||
Tax expense | ( | ) | ( | ) | ( | ) | ||||||||||||||||||||||
Net current-period other comprehensive (loss) income | ( | ) | ( | ) | ||||||||||||||||||||||||
Ending balance, September 30, 2021 | $ | ( | ) | $ | ( | ) | $ | $ | $ | ( | ) | $ | $ | ( | ) |
(a) | Amounts are net of tax of $ |
(b) | Amounts are net of tax of $ |
(c) | See table below for details about these reclassifications. |
Pension | Other | |||||||||||||||||||||||||||
Foreign | and other | comprehensive | Amounts | Amounts | ||||||||||||||||||||||||
currency | postretirement | income of | attributable to | attributable to | ||||||||||||||||||||||||
translation | benefits | unconsolidated | noncontrolling | Huntsman | ||||||||||||||||||||||||
adjustment(a) | adjustments(b) | affiliates | Other, net | Total | interests | Corporation | ||||||||||||||||||||||
Beginning balance, January 1, 2020 | $ | ( | ) | $ | ( | ) | $ | $ | $ | ( | ) | $ | $ | ( | ) | |||||||||||||
Other comprehensive (loss) income before reclassifications, gross | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||||||||||||||
Tax expense | ( | ) | ( | ) | ( | ) | ||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive loss, gross(c) | ||||||||||||||||||||||||||||
Tax expense | ( | ) | ( | ) | ( | ) | ||||||||||||||||||||||
Net current-period other comprehensive (loss) income | ( | ) | ( | ) | ||||||||||||||||||||||||
Ending balance, September 30, 2020 | $ | ( | ) | $ | ( | ) | $ | $ | $ | ( | ) | $ | $ | ( | ) |
(a) | Amounts are net of tax of $ |
(b) | Amounts are net of tax of $ |
(c) | See table below for details about these reclassifications. |
Three Months Ended September 30, | ||||||||||
2021 | 2020 | |||||||||
Amounts reclassified | Amounts reclassified | Affected line item in | ||||||||
from accumulated | from accumulated | the statement | ||||||||
Details about Accumulated Other | other | other | where net income | |||||||
Comprehensive Loss Components(a): | comprehensive loss | comprehensive loss | is presented | |||||||
Amortization of pension and other postretirement benefits: | ||||||||||
Prior service credit | $ | ( | ) | $ | ( | ) | (b) | |||
Actuarial loss | (b)(d) | |||||||||
Total before tax | ||||||||||
( | ) | ( | ) | Income tax expense | ||||||
Total reclassifications for the period | $ | $ | Net of tax |
Nine Months Ended September 30, | ||||||||||
2021 | 2020 | |||||||||
Amounts reclassified | Amounts reclassified | Affected line item in | ||||||||
from accumulated | from accumulated | the statement | ||||||||
Details about Accumulated Other | other | other | where net income | |||||||
Comprehensive Loss Components(a): | comprehensive loss | comprehensive loss | is presented | |||||||
Amortization of pension and other postretirement benefits: | ||||||||||
Prior service credit | $ | ( | ) | $ | ( | ) | (b) | |||
Settlement loss | (c) | |||||||||
Actuarial loss | (b)(d) | |||||||||
Total before tax | ||||||||||
( | ) | ( | ) | Income tax expense | ||||||
Total reclassifications for the period | $ | $ | Net of tax |
(a) | Pension and other postretirement benefits amounts in parentheses indicate credits on our condensed consolidated statements of operations. |
(b) | These accumulated other comprehensive loss components are included in the computation of net periodic pension costs. See “Note 12. Employee Benefit Plans.” |
(c) | In connection with the sale of our Chemical Intermediates Businesses, we recognized $ |
(d) | Amounts include approximately $ |
Huntsman International
Pension | Other | |||||||||||||||||||||||||||
Foreign | and other | comprehensive | Amounts | Amounts | ||||||||||||||||||||||||
currency | postretirement | income of | attributable to | attributable to | ||||||||||||||||||||||||
translation | benefits | unconsolidated | noncontrolling | Huntsman | ||||||||||||||||||||||||
adjustment(a) | adjustments(b) | affiliates | Other, net | Total | interests | International | ||||||||||||||||||||||
Beginning balance, January 1, 2021 | $ | ( | ) | $ | ( | ) | $ | $ | $ | ( | ) | $ | $ | ( | ) | |||||||||||||
Other comprehensive loss before reclassifications, gross | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||||||||||||||
Tax expense | ||||||||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive loss, gross(c) | ||||||||||||||||||||||||||||
Tax expense | ( | ) | ( | ) | ( | ) | ||||||||||||||||||||||
Net current-period other comprehensive (loss) income | ( | ) | ( | ) | ||||||||||||||||||||||||
Ending balance, September 30, 2021 | $ | ( | ) | $ | ( | ) | $ | $ | $ | ( | ) | $ | $ | ( | ) |
(a) | Amounts are net of tax of $ |
(b) | Amounts are net of tax of $ |
(c) | See table below for details about these reclassifications. |
Pension | Other | |||||||||||||||||||||||||||
Foreign | and other | comprehensive | Amounts | Amounts | ||||||||||||||||||||||||
currency | postretirement | income of | attributable to | attributable to | ||||||||||||||||||||||||
translation | benefits | unconsolidated | noncontrolling | Huntsman | ||||||||||||||||||||||||
adjustment(a) | adjustments(b) | affiliates | Other, net | Total | interests | International | ||||||||||||||||||||||
Beginning balance, January 1, 2020 | $ | ( | ) | $ | ( | ) | $ | $ | $ | ( | ) | $ | $ | ( | ) | |||||||||||||
Other comprehensive (loss) income before reclassifications, gross | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||||||||||||||
Tax expense | ( | ) | ( | ) | ( | ) | ||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive loss, gross(c) | ||||||||||||||||||||||||||||
Tax expense | ( | ) | ( | ) | ( | ) | ||||||||||||||||||||||
Net current-period other comprehensive (loss) income | ( | ) | ( | ) | ||||||||||||||||||||||||
Ending balance, September 30, 2020 | $ | ( | ) | $ | ( | ) | $ | $ | $ | ( | ) | $ | $ | ( | ) |
(a) | Amounts are net of tax of $ |
(b) | Amounts are net of tax of $ |
(c) | See table below for details about these reclassifications. |
Three Months Ended September 30, | ||||||||||
2021 | 2020 | |||||||||
Amounts reclassified | Amounts reclassified | Affected line item in | ||||||||
from accumulated | from accumulated | the statement | ||||||||
Details about Accumulated Other | other | other | where net income | |||||||
Comprehensive Loss Components(a): | comprehensive loss | comprehensive loss | is presented | |||||||
Amortization of pension and other postretirement benefits: | ||||||||||
Prior service credit | $ | ( | ) | $ | ( | ) | (b) | |||
Actuarial loss | (b)(d) | |||||||||
Total before tax | ||||||||||
( | ) | ( | ) | Income tax expense | ||||||
Total reclassifications for the period | $ | $ | Net of tax |
Nine Months Ended September 30, | ||||||||||
2021 | 2020 | |||||||||
Amounts reclassified | Amounts reclassified | Affected line item in | ||||||||
from accumulated | from accumulated | the statement | ||||||||
Details about Accumulated Other | other | other | where net income | |||||||
Comprehensive Loss Components(a): | comprehensive loss | comprehensive loss | is presented | |||||||
Amortization of pension and other postretirement benefits: | ||||||||||
Prior service credit | $ | ( | ) | $ | ( | ) | (b) | |||
Settlement loss | (c) | |||||||||
Actuarial loss | (b)(d) | |||||||||
Total before tax | ||||||||||
( | ) | ( | ) | Income tax expense | ||||||
Total reclassifications for the period | $ | $ | Net of tax |
(a) | Pension and other postretirement benefits amounts in parentheses indicate credits on our condensed consolidated statements of operations. |
(b) | These accumulated other comprehensive loss components are included in the computation of net periodic pension costs. See “Note 12. Employee Benefit Plans.” |
(c) | In connection with the sale of our Chemical Intermediates Businesses, we recognized $ |
(d) | Amounts include approximately $ |
15. COMMITMENTS AND CONTINGENCIES
Legal Matters
We are a party to various proceedings instituted by private plaintiffs, governmental authorities and others arising under provisions of applicable laws, including various environmental, products liability and other laws. Except as otherwise disclosed in this report, we do not believe that the outcome of any of these matters will have a material effect on our financial condition, results of operations or liquidity.
16. ENVIRONMENTAL, HEALTH AND SAFETY MATTERS
EHS Capital Expenditures
We may incur future costs for capital improvements and general compliance under environmental, health and safety (“EHS”) laws, including costs to acquire, maintain and repair pollution control equipment. For the nine months ended September 30, 2021 and 2020, our capital expenditures for EHS matters totaled $
Environmental Reserves
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 include amounts recorded as asset retirement obligations. We had accrued $
Environmental Matters
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 be liable for remediation costs regardless of whether the release or disposal of hazardous substances was in compliance with law at the time it occurred, and a current owner or operator may be liable regardless of whether it owned or operated the facility at the time of the release. Outside the U.S., analogous contaminated property laws, such as those in effect in France and Australia, can hold past owners and/or operators liable for remediation at former facilities. Currently, there are approximately
former facilities or third-party sites in the U.S. for which we have been notified of potential claims against us for cleanup liabilities, including, but not limited to, sites listed under CERCLA. Based on current information and past experiences at other CERCLA sites, we do not expect these third-party claims to have a material impact on our condensed consolidated financial statements.
Under the Resource Conservation and Recovery Act (“RCRA”) in the U.S. and similar state laws, we may be required to remediate contamination originating from our properties as a condition to our hazardous waste permit. Some of our manufacturing sites have an extended history of industrial chemical manufacturing and use, including on-site waste disposal. We are aware of soil, groundwater or surface contamination from past operations at some of our sites, and we may find contamination at other sites in the future. For example, our Geismar, Louisiana facility is the subject of ongoing remediation requirements imposed under RCRA. Similar laws exist in a number of locations in which we currently operate, or previously operated, manufacturing facilities, such as Australia, India, France, Hungary and Italy.
North Maybe Canyon Mine Remediation
The North Maybe Canyon Mine site is a CERCLA site and involves a former phosphorous mine near Soda Springs, Idaho, which is believed to have been operated by several companies, including a predecessor company to us. In 2004, the U.S. Forest Service notified us that we are a CERCLA potentially responsible party (“PRP”) for contamination originating from the site. In February 2010, we and Wells Cargo (another PRP) agreed to conduct a Remedial Investigation/Feasibility Study of a portion of the site and are currently engaged in that process. At this time, we are unable to reasonably estimate our potential liabilities at this site.
17. STOCK-BASED COMPENSATION PLANS
As of September 30, 2021, we had approximately
The compensation cost from continuing operations under the stock-based compensation plans for our Company and Huntsman International were as follows (dollars in millions):
Three months | Nine months | |||||||||||||||
ended | ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||
Huntsman Corporation compensation cost | $ | $ | $ | $ | ||||||||||||
Huntsman International compensation cost |
The total income tax benefit recognized in the condensed consolidated statements of operations for us and Huntsman International for stock-based compensation arrangements was $
Stock Options
The fair value of each stock option award is estimated on the date of grant using the Black-Scholes valuation model that uses the assumptions noted in the following table. Expected volatilities are based on the historical volatility of our common stock through the grant date. The expected term of options granted was estimated based on the contractual term of the instruments and employees’ expected exercise and post-vesting employment termination behavior. The risk-free rate for periods within the contractual life of the option was based on the U.S. Treasury yield curve in effect at the time of grant. The assumptions noted below represent the weighted average of the assumptions utilized for stock options granted during the periods.
Three months | Nine months | |||||||||||||||
ended | ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2021(1) | 2020 | 2021 | 2020 | |||||||||||||
Dividend yield | NA | % | % | % | ||||||||||||
Expected volatility | NA | % | % | % | ||||||||||||
Risk-free interest rate | NA | % | % | % | ||||||||||||
Expected life of stock options granted during the period (in years) | NA |
(1) | During the three months ended September 30, 2021, |
A summary of stock option activity under the stock-based compensation plans as of September 30, 2021 and changes during the nine months then ended is presented below:
Weighted | ||||||||||||||||
Weighted | Average | |||||||||||||||
Average | Remaining | Aggregate | ||||||||||||||
Exercise | Contractual | Intrinsic | ||||||||||||||
Option Awards | Shares | Price | Term | Value | ||||||||||||
(in thousands) | (years) | (in millions) | ||||||||||||||
Outstanding at January 1, 2021 | $ | |||||||||||||||
Granted | ||||||||||||||||
Exercised | ( | ) | ||||||||||||||
Forfeited | ( | ) | ||||||||||||||
Outstanding at September 30, 2021 | $ | |||||||||||||||
Exercisable at September 30, 2021 |
The weighted-average grant-date fair value of stock options granted during the nine months ended September 30, 2021 was $
The total intrinsic value of stock options exercised during the nine months ended September 30, 2021 and 2020 was approximately $
Nonvested Shares
Nonvested shares granted under the stock-based compensation plans consist of restricted stock and performance share unit awards, which are accounted for as equity awards, and phantom stock, which is accounted for as a liability award because it can be settled in either stock or cash.
The fair value of each performance share unit award is estimated using a Monte Carlo simulation model that uses various assumptions, including an expected volatility rate and a risk-free interest rate. For the nine months ended September 30, 2021 and 2020, the weighted-average expected volatility rate was
A summary of the status of our nonvested shares as of September 30, 2021 and changes during the nine months then ended is presented below:
Equity Awards | Liability Awards | ||||||||||||||||
Weighted | Weighted | ||||||||||||||||
Average | Average | ||||||||||||||||
Grant-Date | Grant-Date | ||||||||||||||||
Shares | Fair Value | Shares | Fair Value | ||||||||||||||
(in thousands) | (in thousands) | ||||||||||||||||
Nonvested at January 1, 2021 | $ | $ | |||||||||||||||
Granted | |||||||||||||||||
Vested | ( | ) | (1)(2) | ( | ) | ||||||||||||
Forfeited | ( | ) | ( | ) | |||||||||||||
Nonvested at September 30, 2021 |
(1) | As of September 30, 2021, a total of |
(2) | A total of |
As of September 30, 2021, there was $
18. INCOME TAXES
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 that they will be realized. Valuation allowances are reviewed on an individual tax jurisdiction basis to analyze whether there is sufficient positive or negative evidence to support a change in judgment about the realizability of the related deferred tax assets. These conclusions require significant judgment. In evaluating the objective evidence that historical results provide, we consider the cyclicality of our businesses and cumulative income or losses during the applicable period. Cumulative losses incurred over the applicable period limits our ability to consider other subjective evidence such as our projections for the future. Changes in expected future income in applicable jurisdictions could affect the realization of deferred tax assets in those jurisdictions.
During the nine months ended September 30, 2021 and 2020, there was
Huntsman Corporation
We recorded income tax expense from continuing operations of $
Huntsman International
Huntsman International recorded income tax expense from continuing operations of $
19. EARNINGS PER SHARE
Basic earnings per share excludes dilution and is computed by dividing net income attributable to Huntsman Corporation common stockholders by the weighted average number of shares outstanding during the period. Diluted earnings per share reflects all potential dilutive common shares outstanding during the period and is computed by dividing net income attributable to Huntsman Corporation common stockholders by the weighted average number of shares outstanding during the period increased by the number of additional shares that would have been outstanding as dilutive securities.
Basic and diluted earnings per share is determined using the following information (in millions):
Three months | Nine months | |||||||||||||||
ended | ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||
Numerator: | ||||||||||||||||
Basic and diluted income (loss) from continuing operations: | ||||||||||||||||
Income (loss) from continuing operations attributable to Huntsman Corporation | $ | $ | $ | $ | ( | ) | ||||||||||
Basic and diluted net income: | ||||||||||||||||
Net income attributable to Huntsman Corporation | $ | $ | $ | $ | ||||||||||||
Denominator: | ||||||||||||||||
Weighted average shares outstanding | ||||||||||||||||
Dilutive shares: | ||||||||||||||||
Stock-based awards | ||||||||||||||||
Total weighted average shares outstanding, including dilutive shares |
Additional stock-based awards of approximately
20. OPERATING SEGMENT INFORMATION
We derive our revenues, earnings and cash flows from the manufacture and sale of a wide variety of differentiated and commodity chemical products. We have
The major products of each reportable operating segment are as follows:
Segment |
| Products |
Polyurethanes | | MDI, polyols, TPU and other polyurethane-related products |
Performance Products | | Specialty amines, ethyleneamines, maleic anhydride and technology licenses |
Advanced Materials | | Basic liquid and solid epoxy resins; specialty resin compounds; cross-linking, matting, and curing and toughening agents; epoxy, acrylic and polyurethane-based formulations; specialty nitrile latex, alkyd resins and carbon nano materials |
Textile Effects | | Textile chemicals and dyes |
Sales between segments are generally recognized at external market prices and are eliminated in consolidation. Adjusted EBITDA is presented as a measure of the financial performance of our global business units and for reporting the results of our operating segments. The adjusted EBITDA of our reportable operating segments excludes items that principally apply to our Company as a whole. The revenues and adjusted EBITDA from continuing operations for each of our reportable operating segments are as follows (dollars in millions):
Three months | Nine months | |||||||||||||||
ended | ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||
Revenues: | ||||||||||||||||
Polyurethanes | $ | $ | $ | $ | ||||||||||||
Performance Products | ||||||||||||||||
Advanced Materials | ||||||||||||||||
Textile Effects | ||||||||||||||||
Corporate and eliminations | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
Total | $ | $ | $ | $ | ||||||||||||
Huntsman Corporation: | ||||||||||||||||
Segment adjusted EBITDA(1): | ||||||||||||||||
Polyurethanes | $ | $ | $ | $ | ||||||||||||
Performance Products | ||||||||||||||||
Advanced Materials | ||||||||||||||||
Textile Effects | ||||||||||||||||
Corporate and other(2) | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
Total | ||||||||||||||||
Reconciliation of adjusted EBITDA to net income (loss): | ||||||||||||||||
Interest expense, net—continuing operations | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
Income tax expense—continuing operations | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
Income tax expense—discontinued operations | ( | ) | ( | ) | ( | ) | ||||||||||
Depreciation and amortization—continuing operations | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
Net income attributable to noncontrolling interests | ||||||||||||||||
Other adjustments: | ||||||||||||||||
Business acquisition and integration expenses and purchase accounting inventory adjustments | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
EBITDA from discontinued operations(3) | ||||||||||||||||
Fair value adjustments to Venator investment | ( | ) | ( | ) | ( | ) | ||||||||||
Loss on early extinguishment of debt | ( | ) | ||||||||||||||
Certain legal and other settlements and related income (expenses) | ( | ) | ( | ) | ||||||||||||
Gain on sale of businesses/assets | ||||||||||||||||
Income from transition services arrangements | ||||||||||||||||
Certain nonrecurring information technology project implementation costs | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
Amortization of pension and postretirement actuarial losses | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
Plant incident remediation costs | ( | ) | ( | ) | ( | ) | ||||||||||
Restructuring, impairment and plant closing and transition costs | ( | ) | ( | ) | ( | ) | ||||||||||
Net income | $ | $ | $ | $ |
Three months | Nine months | |||||||||||||||
ended | ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||
Huntsman International: | ||||||||||||||||
Segment adjusted EBITDA(1): | ||||||||||||||||
Polyurethanes | $ | $ | $ | $ | ||||||||||||
Performance Products | ||||||||||||||||
Advanced Materials | ||||||||||||||||
Textile Effects | ||||||||||||||||
Corporate and other(2) | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
Total | ||||||||||||||||
Reconciliation of adjusted EBITDA to net income (loss): | ||||||||||||||||
Interest expense, net—continuing operations | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
Income tax expense—continuing operations | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
Income tax expense—discontinued operations | ( | ) | ( | ) | ( | ) | ||||||||||
Depreciation and amortization—continuing operations | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
Net income attributable to noncontrolling interests | ||||||||||||||||
Other adjustments: | ||||||||||||||||
Business acquisition and integration expenses and purchase accounting inventory adjustments | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
EBITDA from discontinued operations(3) | ||||||||||||||||
Fair value adjustments to Venator investment | ( | ) | ( | ) | ( | ) | ||||||||||
Loss on early extinguishment of debt | ( | ) | ||||||||||||||
Certain legal and other settlements and related income (expenses) | ( | ) | ( | ) | ||||||||||||
Gain on sale of businesses/assets | ||||||||||||||||
Income from transition services arrangements | ||||||||||||||||
Certain nonrecurring information technology project implementation costs | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
Amortization of pension and postretirement actuarial losses | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
Plant incident remediation costs | ( | ) | ( | ) | ( | ) | ||||||||||
Restructuring, impairment and plant closing and transition costs | ( | ) | ( | ) | ( | ) | ||||||||||
Net income | $ | $ | $ | $ |
(1) | We use segment adjusted EBITDA as the measure of each segment’s profit or loss. We believe that segment adjusted EBITDA more accurately reflects what the chief operating decision maker uses to make decisions about resources to be allocated to the segments and assess their financial performance. Segment adjusted EBITDA is defined as net income of Huntsman Corporation or Huntsman International, as appropriate, before interest, income tax, depreciation and amortization, net income attributable to noncontrolling interests and certain Corporate and other items, as well as eliminating the following adjustments: (a) business acquisition and integration expenses and purchase accounting inventory adjustments; (b) EBITDA from discontinued operations; (c) fair value adjustments to Venator investment; (d) loss on early extinguishment of debt; (e) certain legal and other settlements and related income (expenses); (f) gain 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; and (k) restructuring, impairment, plant closing and transition costs. |
(2) | Corporate and other includes unallocated corporate overhead, unallocated foreign exchange gains and losses, LIFO inventory valuation reserve adjustments, loss on early extinguishment of debt, unallocated restructuring, impairment and plant closing costs, nonoperating income and expense and gains and losses on the disposition of corporate assets. |
(3) | Includes the gain on the sale of our Chemical Intermediates Businesses in 2020. |
ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Overview
We operate in four segments: Polyurethanes, Performance Products, Advanced Materials and Textile Effects. Our products comprise a broad range of chemicals and formulations, which we market globally to a diversified group of consumer and industrial customers. Our products are used in a wide range of applications, including those in the adhesives, aerospace, automotive, construction products, durable and non-durable consumer products, electronics, insulation, medical, packaging, coatings and construction, power generation, refining, synthetic fiber, textile chemicals and dyes industries. We are a leading global producer in many of our key product lines, including MDI, amines, maleic anhydride, epoxy-based polymer formulations, textile chemicals and dyes. Our revenues from continuing operations for the nine months ended September 30, 2021 and 2020 were $6,146 million and $4,350 million, respectively.
Recent Developments
Amendments to Accounts Receivable Securitization Programs
On July 1, 2021, we entered into amendments to our A/R Programs that, among other things, extended the scheduled termination dates of our A/R Programs from April 2022 to July 2024. For additional information, see “Note 8. Debt—Direct and Subsidiary Debt—A/R Programs” to our condensed consolidated financial statements.
Outlook
We expect the following factors to impact our operating segments:
Polyurethanes:
● |
Fourth quarter 2021 adjusted EBITDA estimated to be between $200 million and $220 million |
● |
Positive trends in construction, though impacted by raw material constraints |
● |
Automotive market continues to be weak |
Performance Products:
● |
Fourth quarter 2021 adjusted EBITDA estimated to be between $95 million and $100 million |
● |
Commercial initiatives to positively impact results |
Advanced Materials:
● |
Fourth quarter 2021 adjusted EBITDA estimated to be between $47 million and $52 million |
● |
Aerospace continues to recover |
● |
Pricing increases to offset raw material cost increases |
Textile Effects
● |
Fourth quarter 2021 adjusted EBITDA estimated to be between $20 million and $22 million |
● |
Favorable trends in sustainable solutions |
|
● | Pricing increases to offset raw material cost increases |
In the third quarter of 2021, our adjusted effective tax rate was 15%. For 2021, our adjusted effective tax rate is expected to be approximately 19% to 20%, which is below our previously expected rate of approximately 22% to 24% due largely to tax benefits for increased export sales and services taxed at a U.S. income tax rate lower than 21%. We continue to expect our forward adjusted effective tax rate will be approximately 22% to 24%. For further information, see “—Non-GAAP Financial Measures” and “Note 18. Income Taxes” to our condensed consolidated financial statements.
Refer to “Forward-Looking Statements” for a discussion of our use of forward-looking statements in this Quarterly Report on Form 10-Q.
Results of Operations
For each of our Company and Huntsman International, the following tables set forth the condensed consolidated results of operations (dollars in millions, except per share amounts):
Huntsman Corporation
Three months |
Nine months |
|||||||||||||||||||||||
ended |
ended |
|||||||||||||||||||||||
September 30, |
Percent |
September 30, |
Percent |
|||||||||||||||||||||
2021 |
2020 |
Change |
2021 |
2020 |
Change |
|||||||||||||||||||
Revenues |
$ | 2,285 | $ | 1,510 | 51 | % | $ | 6,146 | $ | 4,350 | 41 | % | ||||||||||||
Cost of goods sold |
1,802 | 1,231 | 46 | % | 4,840 | 3,612 | 34 | % | ||||||||||||||||
Gross profit |
483 | 279 | 73 | % | 1,306 | 738 | 77 | % | ||||||||||||||||
Operating expenses, net |
239 | 208 | 15 | % | 692 | 660 | 5 | % | ||||||||||||||||
Restructuring, impairment and plant closing (credits) costs |
(1 | ) | 12 | NM | 34 | 34 | — | |||||||||||||||||
Operating income |
245 | 59 | 315 | % | 580 | 44 | NM | |||||||||||||||||
Interest expense, net |
(15 | ) | (24 | ) | (38 | )% | (52 | ) | (63 | ) | (17 | )% | ||||||||||||
Equity in income of investment in unconsolidated affiliates |
34 | 21 | 62 | % | 118 | 25 | 372 | % | ||||||||||||||||
Fair value adjustments to Venator investment |
(3 | ) | 6 | NM | (28 | ) | (100 | ) | (72 | )% | ||||||||||||||
Loss on early extinguishment of debt |
— | — | — | (27 | ) | — | NM | |||||||||||||||||
Other income, net |
7 | 10 | (30 | )% | 23 | 27 | (15 | )% | ||||||||||||||||
Income (loss) from continuing operations before income taxes |
268 | 72 | 272 | % | 614 | (67 | ) | NM | ||||||||||||||||
Income tax expense |
(38 | ) | (15 | ) | 153 | % | (114 | ) | (9 | ) | NM | |||||||||||||
Income (loss) from continuing operations |
230 | 57 | 304 | % | 500 | (76 | ) | NM | ||||||||||||||||
(Loss) income from discontinued operations, net of tax(1) |
(5 | ) | — | NM | (3 | ) | 782 | NM | ||||||||||||||||
Net income |
225 | 57 | 295 | % | 497 | 706 | (30 | )% | ||||||||||||||||
Reconciliation of net income to adjusted EBITDA: |
||||||||||||||||||||||||
Net income attributable to noncontrolling interests |
(16 | ) | (9 | ) | 78 | % | (49 | ) | (15 | ) | 227 | % | ||||||||||||
Interest expense, net from continuing operations |
15 | 24 | (38 | )% | 52 | 63 | (17 | )% | ||||||||||||||||
Income tax expense from continuing operations |
38 | 15 | 153 | % | 114 | 9 | NM | |||||||||||||||||
Income tax expense from discontinued operations |
5 | — | NM | 5 | 239 | (98 | )% | |||||||||||||||||
Depreciation and amortization of continuing operations |
72 | 70 | 3 | % | 219 | 206 | 6 | % | ||||||||||||||||
Other adjustments: |
||||||||||||||||||||||||
Business acquisition and integration expenses and purchase accounting inventory adjustments |
5 | 9 | 19 | 30 | ||||||||||||||||||||
EBITDA from discontinued operations(1) |
— | — | (2 | ) | (1,021 | ) | ||||||||||||||||||
Fair value adjustments to Venator investment |
3 | (6 | ) | 28 | 100 | |||||||||||||||||||
Loss on early extinguishment of debt |
— | — | 27 | — | ||||||||||||||||||||
Certain legal and other settlements and related (income) expenses |
— | (4 | ) | 10 | 2 | |||||||||||||||||||
Gain on sale of businesses/assets |
— | — | (30 | ) | (1 | ) | ||||||||||||||||||
Income from transition services arrangements |
(2 | ) | (1 | ) | (6 | ) | (6 | ) | ||||||||||||||||
Certain nonrecurring information technology project implementation costs |
2 | 1 | 6 | 3 | ||||||||||||||||||||
Amortization of pension and postretirement actuarial losses |
22 | 20 | 65 | 57 | ||||||||||||||||||||
Plant incident remediation costs |
2 | — | 3 | 1 | ||||||||||||||||||||
Restructuring, impairment and plant closing and transition costs |
— | 12 | 36 | 34 | ||||||||||||||||||||
Adjusted EBITDA(2) |
$ | 371 | $ | 188 | 97 | % | $ | 994 | $ | 407 | 144 | % | ||||||||||||
Net cash provided by operating activities from continuing operations |
$ | 163 | $ | 110 | 48 | % | ||||||||||||||||||
Net cash (used in) provided by investing activities |
(439 | ) | 1,105 | NM | ||||||||||||||||||||
Net cash used in financing activities |
(809 | ) | (546 | ) | 48 | % | ||||||||||||||||||
Capital expenditures |
(250 | ) | (170 | ) | 47 | % |
Huntsman International
Three months |
Nine months |
|||||||||||||||||||||||
ended |
ended |
|||||||||||||||||||||||
September 30, |
Percent |
September 30, |
Percent |
|||||||||||||||||||||
2021 |
2020 |
Change |
2021 |
2020 |
Change |
|||||||||||||||||||
Revenues |
$ | 2,285 | $ | 1,510 | 51 | % | $ | 6,146 | $ | 4,350 | 41 | % | ||||||||||||
Cost of goods sold |
1,802 | 1,231 | 46 | % | 4,840 | 3,612 | 34 | % | ||||||||||||||||
Gross profit |
483 | 279 | 73 | % | 1,306 | 738 | 77 | % | ||||||||||||||||
Operating expenses, net |
238 | 207 | 15 | % | 686 | 656 | 5 | % | ||||||||||||||||
Restructuring, impairment and plant closing (credits) costs |
(1 | ) | 12 | NM | 34 | 34 | — | |||||||||||||||||
Operating income |
246 | 60 | 310 | % | 586 | 48 | NM | |||||||||||||||||
Interest expense, net |
(15 | ) | (24 | ) | (38 | )% | (52 | ) | (65 | ) | (20 | )% | ||||||||||||
Equity in income of investment in unconsolidated affiliates |
34 | 21 | 62 | % | 118 | 25 | 372 | % | ||||||||||||||||
Fair value adjustments to Venator investment |
(3 | ) | 6 | NM | (28 | ) | (100 | ) | (72 | )% | ||||||||||||||
Loss on early extinguishment of debt |
— | — | — | (27 | ) | — | NM | |||||||||||||||||
Other income, net |
7 | 10 | (30 | )% | 21 | 25 | (16 | )% | ||||||||||||||||
Income (loss) from continuing operations before income taxes |
269 | 73 | 268 | % | 618 | (67 | ) | NM | ||||||||||||||||
Income tax expense |
(39 | ) | (15 | ) | 160 | % | (115 | ) | (9 | ) | NM | |||||||||||||
Income (loss) from continuing operations |
230 | 58 | 297 | % | 503 | (76 | ) | NM | ||||||||||||||||
(Loss) income from discontinued operations, net of tax(1) |
(5 | ) | — | NM | (3 | ) | 782 | NM | ||||||||||||||||
Net income |
225 | 58 | 288 | % | 500 | 706 | (29 | )% | ||||||||||||||||
Reconciliation of net income to adjusted EBITDA: |
||||||||||||||||||||||||
Net income attributable to noncontrolling interests |
(16 | ) | (9 | ) | 78 | % | (49 | ) | (15 | ) | 227 | % | ||||||||||||
Interest expense, net from continuing operations |
15 | 24 | (38 | )% | 52 | 65 | (20 | )% | ||||||||||||||||
Income tax expense from continuing operations |
39 | 15 | 160 | % | 115 | 9 | NM | |||||||||||||||||
Income tax expense from discontinued operations |
5 | — | NM | 5 | 239 | (98 | )% | |||||||||||||||||
Depreciation and amortization of continuing operations |
72 | 70 | 3 | % | 219 | 206 | 6 | % | ||||||||||||||||
Other adjustments: |
||||||||||||||||||||||||
Business acquisition and integration expenses and purchase accounting inventory adjustments |
5 | 9 | 19 | 30 | ||||||||||||||||||||
EBITDA from discontinued operations(1) |
— | — | (2 | ) | (1,021 | ) | ||||||||||||||||||
Fair value adjustments to Venator investment |
3 | (6 | ) | 28 | 100 | |||||||||||||||||||
Loss on early extinguishment of debt |
— | — | 27 | — | ||||||||||||||||||||
Certain legal and other settlements and related (income) expenses |
— | (4 | ) | 10 | 2 | |||||||||||||||||||
Gain on sale of businesses/assets |
— | — | (30 | ) | (1 | ) | ||||||||||||||||||
Income from transition services arrangements |
(2 | ) | (1 | ) | (6 | ) | (6 | ) | ||||||||||||||||
Certain nonrecurring information technology project implementation costs |
2 | 1 | 6 | 3 | ||||||||||||||||||||
Amortization of pension and postretirement actuarial losses |
22 | 20 | 67 | 59 | ||||||||||||||||||||
Plant incident remediation costs |
2 | — | 3 | 1 | ||||||||||||||||||||
Restructuring, impairment and plant closing and transition costs |
— | 12 | 36 | 34 | ||||||||||||||||||||
Adjusted EBITDA(2) |
$ | 372 | $ | 189 | 97 | % | $ | 1,000 | $ | 411 | 143 | % | ||||||||||||
Net cash provided by operating activities from continuing operations |
$ | 167 | $ | 113 | 48 | % | ||||||||||||||||||
Net cash (used in) provided by investing activities |
(544 | ) | 1,379 | NM | ||||||||||||||||||||
Net cash used in financing activities |
(706 | ) | (824 | ) | (14 | )% | ||||||||||||||||||
Capital expenditures from continuing operations |
(250 | ) | (170 | ) | 47 | % |
Huntsman Corporation
Three months |
Three months |
|||||||||||||||||||||||
ended |
ended |
|||||||||||||||||||||||
September 30, 2021 |
September 30, 2020 |
|||||||||||||||||||||||
Tax and |
Tax and |
|||||||||||||||||||||||
Gross |
other(3) |
Net |
Gross |
other(3) |
Net |
|||||||||||||||||||
Reconciliation of net income to adjusted net income |
||||||||||||||||||||||||
Net income |
$ | 225 | $ | 57 | ||||||||||||||||||||
Net income attributable to noncontrolling interests |
(16 | ) | (9 | ) | ||||||||||||||||||||
Business acquisition and integration expenses and purchase accounting inventory adjustments |
$ | 5 | $ | (2 | ) | 3 | $ | 9 | $ | (3 | ) | 6 | ||||||||||||
Loss from discontinued operations(1)(4) |
— | 5 | 5 | — | — | — | ||||||||||||||||||
Fair value adjustments to Venator investment |
3 | — | 3 | (6 | ) | — | (6 | ) | ||||||||||||||||
Certain legal and other settlements and related income |
— | — | — | (4 | ) | 1 | (3 | ) | ||||||||||||||||
Income from transition services arrangements |
(2 | ) | — | (2 | ) | (1 | ) | — | (1 | ) | ||||||||||||||
Certain nonrecurring information technology project implementation costs |
2 | — | 2 | 1 | — | 1 | ||||||||||||||||||
Amortization of pension and postretirement actuarial losses |
22 | (5 | ) | 17 | 20 | (4 | ) | 16 | ||||||||||||||||
Plant incident remediation costs |
2 | — | 2 | — | — | — | ||||||||||||||||||
Restructuring, impairment and plant closing and transition costs |
— | — | — | 12 | (3 | ) | 9 | |||||||||||||||||
Adjusted net income(2) |
$ | 239 | $ | 70 | ||||||||||||||||||||
Weighted average shares-basic |
219.4 | 219.8 | ||||||||||||||||||||||
Weighted average shares-diluted |
221.3 | 221.3 | ||||||||||||||||||||||
Basic net income attributable to Huntsman Corporation per share: |
||||||||||||||||||||||||
Income from continuing operations |
$ | 0.97 | $ | 0.22 | ||||||||||||||||||||
Income from discontinued operations |
(0.02 | ) | — | |||||||||||||||||||||
Net income |
$ | 0.95 | $ | 0.22 | ||||||||||||||||||||
Diluted net income attributable to Huntsman Corporation per share: |
||||||||||||||||||||||||
Income from continuing operations |
$ | 0.96 | $ | 0.22 | ||||||||||||||||||||
Income from discontinued operations |
(0.02 | ) | — | |||||||||||||||||||||
Net income |
$ | 0.94 | $ | 0.22 | ||||||||||||||||||||
Other non-GAAP measures: |
||||||||||||||||||||||||
Diluted adjusted net income per share(2) |
$ | 1.08 | $ | 0.32 |
Nine months |
Nine months |
|||||||||||||||||||||||
ended |
ended |
|||||||||||||||||||||||
September 30, 2021 |
September 30, 2020 |
|||||||||||||||||||||||
Tax and |
Tax and |
|||||||||||||||||||||||
Gross |
other(3) |
Net |
Gross |
other(3) |
Net |
|||||||||||||||||||
Reconciliation of net income to adjusted net income |
||||||||||||||||||||||||
Net income |
$ | 497 | $ | 706 | ||||||||||||||||||||
Net income attributable to noncontrolling interests |
(49 | ) | (15 | ) | ||||||||||||||||||||
Business acquisition and integration expenses and purchase accounting inventory adjustments |
$ | 19 | $ | (4 | ) | 15 | $ | 30 | $ | (6 | ) | 24 | ||||||||||||
Income from discontinued operations(1)(4) |
(2 | ) | 5 | 3 | (1,021 | ) | 239 | (782 | ) | |||||||||||||||
Fair value adjustments to Venator investment |
28 | — | 28 | 100 | — | 100 | ||||||||||||||||||
Loss on early extinguishment of debt |
27 | (6 | ) | 21 | — | — | — | |||||||||||||||||
Certain legal and other settlements and related expenses |
10 | (3 | ) | 7 | 2 | — | 2 | |||||||||||||||||
Gain on sale of businesses/assets |
(30 | ) | 4 | (26 | ) | (1 | ) | — | (1 | ) | ||||||||||||||
Income from transition services arrangements |
(6 | ) | 1 | (5 | ) | (6 | ) | 1 | (5 | ) | ||||||||||||||
Certain nonrecurring information technology project implementation costs |
6 | (1 | ) | 5 | 3 | — | 3 | |||||||||||||||||
Amortization of pension and postretirement actuarial losses |
65 | (15 | ) | 50 | 57 | (12 | ) | 45 | ||||||||||||||||
Plant incident remediation costs |
3 | — | 3 | 1 | — | 1 | ||||||||||||||||||
Restructuring, impairment and plant closing and transition costs |
36 | (8 | ) | 28 | 34 | (7 | ) | 27 | ||||||||||||||||
Adjusted net income(2) |
$ | 577 | $ | 105 | ||||||||||||||||||||
Weighted average shares-basic |
220.2 | 220.8 | ||||||||||||||||||||||
Weighted average shares-diluted |
222.2 | 220.8 | ||||||||||||||||||||||
Basic net income attributable to Huntsman Corporation per share: |
||||||||||||||||||||||||
Income (loss) from continuing operations |
$ | 2.04 | $ | (0.41 | ) | |||||||||||||||||||
(Loss) income from discontinued operations |
(0.01 | ) | 3.54 | |||||||||||||||||||||
Net income |
$ | 2.03 | $ | 3.13 | ||||||||||||||||||||
Diluted net income attributable to Huntsman Corporation per share: |
||||||||||||||||||||||||
Income (loss) from continuing operations |
$ | 2.03 | $ | (0.41 | ) | |||||||||||||||||||
(Loss) income from discontinued operations |
(0.01 | ) | 3.54 | |||||||||||||||||||||
Net income |
$ | 2.02 | $ | 3.13 | ||||||||||||||||||||
Other non-GAAP measures: |
||||||||||||||||||||||||
Diluted adjusted net income per share(2) |
$ | 2.60 | $ | 0.47 | ||||||||||||||||||||
Net cash provided by operating activities from continuing operations |
$ | 163 | $ | 110 | ||||||||||||||||||||
Capital expenditures from continuing operations |
(250 | ) | (170 | ) | ||||||||||||||||||||
Free cash flow from continuing operations(2) |
$ | (87 | ) | $ | (60 | ) | ||||||||||||||||||
Other cash flow measure: |
||||||||||||||||||||||||
Taxes paid on sale of businesses(5) |
$ | 3 | $ | 188 |
NM—Not meaningful
(1) |
Includes the gain on the sale of our Chemical Intermediates Businesses recognized predominantly in the first quarter of 2020. |
(2) |
See “—Non-GAAP Financial Measures.” |
(3) |
The income tax impacts, if any, of each adjusting item represent a ratable allocation of the total difference between the unadjusted tax expense and the total adjusted tax expense, computed without consideration of any adjusting items using a with and without approach. |
(4) |
In addition to income tax impacts, this adjusting item is also impacted by depreciation and amortization expense and interest expense. |
(5) |
Represents the taxes paid in the second quarter of 2021 in connection with the earnout provision achieved under the terms of the sales agreement of the India-based DIY business and taxes paid in the first half of 2020 in connection with the sale of the Chemical Intermediates Businesses. For more information, see “Note 4. Discontinued Operations and Business Dispositions” to our condensed consolidated financial statements. |
Non-GAAP Financial Measures
Our condensed consolidated financial statements are prepared in accordance with GAAP, which we supplement with certain non-GAAP financial information. These non-GAAP measures should not be considered in isolation or as a substitute for the related GAAP measures, and other companies may define such measures differently. We encourage investors to review our financial statements and the reconciliation of the non-GAAP financial measures to the most directly comparable GAAP financial measures in their entirety and not to rely on any single financial measure. These non-GAAP measures exclude the impact of certain income and expenses that we do not believe are indicative of our core operating results.
Adjusted EBITDA
Our management uses adjusted EBITDA to assess financial performance. Adjusted EBITDA is defined as net income of Huntsman Corporation or Huntsman International, as appropriate, before interest, income tax, depreciation and amortization, net income attributable to noncontrolling interests and certain Corporate and other items, as well as eliminating the following adjustments: (a) business acquisition and integration expenses and purchase accounting inventory adjustments; (b) EBITDA from discontinued operations; (c) fair value adjustments to Venator investment; (d) loss on early extinguishment of debt; (e) certain legal and other settlements and related (income) expenses; (f) gain 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; and (k) restructuring, impairment and plant closing and transition costs. We believe that net income of Huntsman Corporation or Huntsman International, as appropriate, is the performance measure calculated and presented in accordance with U.S. GAAP that is most directly comparable to adjusted EBITDA.
We believe adjusted EBITDA is useful to investors in assessing the businesses’ ongoing financial performance and provides improved comparability between periods through the exclusion of certain items that management believes are not indicative of the businesses’ operational profitability and that may obscure underlying business results and trends. However, this measure should not be considered in isolation or viewed as a substitute for net income of Huntsman Corporation or Huntsman International, as appropriate, or other measures of performance determined in accordance with U.S. GAAP. Moreover, adjusted EBITDA as used herein is not necessarily comparable to other similarly titled measures of other companies due to potential inconsistencies in the methods of calculation. Our management believes this measure is useful to compare general operating performance from period to period and to make certain related management decisions. Adjusted EBITDA is also used by securities analysts, lenders and others in their evaluation of different companies because it excludes certain items that can vary widely across different industries or among companies within the same industry. For example, interest expense can be highly dependent on a company’s capital structure, debt levels and credit ratings. Therefore, the impact of interest expense on earnings can vary significantly among companies. In addition, the tax positions of companies can vary because of their differing abilities to take advantage of tax benefits and because of the tax policies of the various jurisdictions in which they operate. As a result, effective tax rates and tax expense can vary considerably among companies. Finally, companies employ productive assets of different ages and utilize different methods of acquiring and depreciating such assets. This can result in considerable variability in the relative costs of productive assets and the depreciation and amortization expense among companies.
Nevertheless, our management recognizes that there are material limitations associated with the use of adjusted EBITDA in the evaluation of our Company as compared to net income of Huntsman Corporation or Huntsman International, as appropriate, which reflects overall financial performance. For example, we have borrowed money in order to finance our operations and interest expense is a necessary element of our costs and ability to generate revenue. Our management compensates for the limitations of using adjusted EBITDA by using this measure to supplement U.S. GAAP results to provide a more complete understanding of the factors and trends affecting the business rather than U.S. GAAP results alone.
Adjusted Net Income
Adjusted net income is computed by eliminating the after-tax amounts related to the following from net income attributable to Huntsman Corporation: (a) business acquisition and integration expenses and purchase accounting inventory adjustments; (b) loss (income) from discontinued operations; (c) fair value adjustments to Venator investment; (d) loss on early extinguishment of debt; (e) certain legal and other settlements and related (income) expenses; (f) gain 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; and (k) restructuring, impairment and plant closing and transition costs. Basic adjusted net income per share excludes dilution and is computed by dividing adjusted net income by the weighted average number of shares outstanding during the period. Adjusted diluted net income per share reflects all potential dilutive common shares outstanding during the period and is computed by dividing adjusted net income by the weighted average number of shares outstanding during the period increased by the number of additional shares that would have been outstanding as dilutive securities. Adjusted net income and adjusted net income per share amounts are presented solely as supplemental information.
We believe adjusted net income is useful to investors in assessing the businesses’ ongoing financial performance and provides improved comparability between periods through the exclusion of certain items that management believes are not indicative of the businesses’ operational profitability and that may obscure underlying business results and trends.
Free Cash Flow
We believe free cash flow is an important indicator of our liquidity as it measures the amount of cash we generate. Management internally uses a free cash flow measure: (a) to evaluate our liquidity, (b) evaluate strategic investments, (c) plan stock buyback and dividend levels and (d) evaluate our ability to incur and service debt. Starting with the quarter ended March 31, 2020, we updated our definition of free cash flow to a presentation more consistent with today’s market standard of net cash provided by operating activities less capital expenditures. Free cash flow is not a defined term under U.S. GAAP, and it should not be inferred that the entire free cash flow amount is available for discretionary expenditures.
Adjusted Effective Tax Rate
We believe that the effective tax rate of Huntsman Corporation or Huntsman International, as appropriate, is the performance measure calculated and presented in accordance with U.S. GAAP that is most directly comparable to adjusted effective tax rate. We believe our adjusted effective tax rate provides improved comparability between periods through the exclusion of certain items that management believes are not indicative of the businesses’ operational profitability and that may obscure underlying business results and trends. We do not provide reconciliations for adjusted effective tax rate on a forward-looking basis because we are unable to provide a meaningful or accurate calculation or estimation of reconciling items and the information is not available without unreasonable effort. This is due to the inherent difficulty of forecasting the timing and amount of certain items, such as business acquisition and integration expenses, merger costs, certain legal and other settlements and related costs, gains on sale of businesses/assets and amortization of pension and postretirement actuarial losses. Each of such adjustments has not yet occurred, is out of our control and/or cannot be reasonably predicted. For the same reasons, we are unable to address the probable significance of the unavailable information.
Three Months Ended September 30, 2021 Compared with Three Months Ended September 30, 2020
As discussed in “Note 4. Discontinued Operations and Business Dispositions—Sale of Chemical Intermediates Businesses” to our condensed consolidated financial statements, the results from continuing operations exclude the results of our Chemical Intermediates Businesses and the results of our former polymers, base chemicals and Australian styrenics businesses for all periods presented. The increase of $166 million in net income from continuing operations attributable to Huntsman Corporation and the increase of $165 million in net income from continuing operations attributable to Huntsman International was the result of the following items:
● |
Revenues for the three months ended September 30, 2021 increased by $775 million, or 51%, as compared with the 2020 period. The increase was primarily due to higher average selling prices as well as higher sales volumes in all our segments. See “—Segment Analysis” below. |
● |
Gross profit for the three months ended September 30, 2021 increased by $204 million, or 73%, as compared with the 2020 period. The increase resulted from higher gross profits in all our segments. See “—Segment Analysis” below. |
● | Operating expenses, net for the three months ended September 30, 2021 increased by $31 million, or 15%, as compared with the 2020 period, primarily related to an increase in selling, general and administrative expenses. |
● |
For the three months ended September 30, 2021, we recorded a credit of $1 million in restructuring, impairment and plant closing (credits) costs compared with costs of $12 million in the 2020 period. For more information concerning restructuring activities, see “Note 7. Restructuring, Impairment and Plant Closing Costs” to our condensed consolidated financial statements. |
● | Interest expense, net for the three months ended September 30, 2021 decreased by $9 million, or 38%, as compared with the 2020 period, primarily related to the redemption in full of our 2021 Senior Notes in the first half of 2021. |
● | Equity in income of investment in unconsolidated affiliates for the three months ended September 30, 2021 increased to $34 million from $21 million in the 2020 period, primarily related to an increase in income at our PO/MTBE joint venture in China, in which we hold a 49% interest. |
● |
For the three months ended September 30, 2021, we recorded a net loss of $3 million in fair value adjustments to our investment in Venator and related option to sell our remaining Venator shares compared with a gain of $6 million in the 2020 period. See “Note 4. Business Dispositions—Sale of Venator Interest” to our condensed consolidated financial statements. |
● |
Our income tax expense for the three months ended September 30, 2021 increased to $38 million from $15 million in the 2020 period. The income tax expense of Huntsman International for the three months ended September 30, 2021 increased to $39 million from $15 million in the 2020 period. The increase in income tax expense was primarily due to the increase in pretax income, exclusive of the fair value adjustments to our investment in Venator, partially offset by approximately $11 million of tax benefits for increased export sales and services taxed at a U.S. income tax rate lower than 21% in the third quarter of 2021. Our income tax expense is significantly affected by the mix of income and losses in the tax jurisdictions in which we operate, as impacted by the presence of valuation allowances in certain tax jurisdictions. For further information concerning income taxes, see “Note 18. Income Taxes” to our condensed consolidated financial statements. |
Three months |
Percent |
|||||||||||
ended |
Change |
|||||||||||
September 30, |
Favorable |
|||||||||||
(Dollars in millions) |
2021 |
2020 |
(Unfavorable) |
|||||||||
Revenues |
||||||||||||
Polyurethanes |
$ | 1,403 | $ | 936 | 50 | % | ||||||
Performance Products |
399 | 238 | 68 | % | ||||||||
Advanced Materials |
304 | 199 | 53 | % | ||||||||
Textile Effects |
188 | 142 | 32 | % | ||||||||
Corporate and eliminations |
(9 | ) | (5 | ) | NM | |||||||
Total |
$ | 2,285 | $ | 1,510 | 51 | % | ||||||
Huntsman Corporation |
||||||||||||
Segment adjusted EBITDA(1) |
||||||||||||
Polyurethanes |
$ | 246 | $ | 156 | 58 | % | ||||||
Performance Products |
103 | 36 | 186 | % | ||||||||
Advanced Materials |
48 | 25 | 92 | % | ||||||||
Textile Effects |
22 | 8 | 175 | % | ||||||||
Corporate and other |
(48 | ) | (37 | ) | (30 | )% | ||||||
Total |
$ | 371 | $ | 188 | 97 | % | ||||||
Huntsman International |
||||||||||||
Segment adjusted EBITDA(1) |
||||||||||||
Polyurethanes |
$ | 246 | $ | 156 | 58 | % | ||||||
Performance Products |
103 | 36 | 186 | % | ||||||||
Advanced Materials |
48 | 25 | 92 | % | ||||||||
Textile Effects |
22 | 8 | 175 | % | ||||||||
Corporate and other |
(47 | ) | (36 | ) | (31 | )% | ||||||
Total |
$ | 372 | $ | 189 | 97 | % |
NM—Not meaningful
(1) |
For more information, including reconciliation of segment adjusted EBITDA to net income of Huntsman Corporation or Huntsman International, as appropriate, see “Note 20. Operating Segment Information” to our condensed consolidated financial statements. |
Three months ended September 30, 2021 vs 2020 |
||||||||||||||||
Average Selling Price(1) |
||||||||||||||||
Local |
Foreign Currency |
Mix & |
Sales |
|||||||||||||
Currency |
Translation Impact |
Other |
Volumes(2) |
|||||||||||||
Period-Over-Period Increase (Decrease) |
||||||||||||||||
Polyurethanes |
40 | % | 2 | % | 6 | % | 2 | % | ||||||||
Performance Products |
49 | % | 2 | % | (8 | )% | 25 | % | ||||||||
Advanced Materials |
23 | % | 3 | % | 24 | % | 3 | % | ||||||||
Textile Effects |
15 | % | 3 | % | (2 | )% | 16 | % |
Three months ended September 30, 2021 vs June 30, 2021 |
||||||||||||||||
Average Selling Price(1) |
||||||||||||||||
Local |
Foreign Currency |
Mix & |
Sales |
|||||||||||||
Currency |
Translation Impact |
Other |
Volumes(2) |
|||||||||||||
Period-Over-Period (Decrease) Increase |
||||||||||||||||
Polyurethanes |
8 | % | (1 | )% | 4 | % | 10 | % | ||||||||
Performance Products |
8 | % | (1 | )% | 2 | % | (1 | )% | ||||||||
Advanced Materials |
5 | % | — | 1 | % | (4 | )% | |||||||||
Textile Effects |
— | — | (2 | )% | (7 | )% |
(1) |
Excludes revenues from tolling arrangements, byproducts and raw materials. |
(2) |
Excludes sales volumes of byproducts and raw materials. |
Polyurethanes
The increase in revenues in our Polyurethanes segment for the three months ended September 30, 2021 compared to the same period of 2020 was largely due to higher MDI average selling prices and slightly higher sales volumes. MDI average selling prices increased in all our regions. Sales volumes increased primarily due to stronger demand in relation to the ongoing recovery from the global economic slowdown, partially offset by the impact of Hurricane Ida at our Geismar, Louisiana facility that occurred in the third quarter of 2021. The increase in segment adjusted EBITDA was primarily due to higher MDI margins resulting from higher MDI pricing and slightly higher sales volumes as well as stronger earnings from our PO/MTBE joint venture in China, partially offset by higher raw material costs.
Performance Products
The increase in revenues in our Performance Products segment for the three months ended September 30, 2021 compared to the same period of 2020 was primarily due to higher average selling prices and higher sales volumes. Average selling prices increased primarily due to stronger demand in relation to the ongoing recovery from the global economic slowdown as well as in response to an increase in raw material costs. Sales volumes also increased primarily due to stronger demand. The increase in segment adjusted EBITDA was primarily due to increased revenue and margins, partially offset by increased fixed costs.
Advanced Materials
The increase in revenues in our Advanced Materials segment for the three months ended September 30, 2021 compared to the same period in 2020 was primarily due to higher sales volumes, higher average selling prices and the favorable net impact of the Gabriel Acquisition and the sale of the India-based DIY business. See “Note 3. Business Combinations and Acquisitions” and “Note 4. Discontinued Operations and Business Dispositions” to our condensed consolidated financial statements. Excluding our recent acquisition and divestiture, sales volumes increased across all of our specialty markets, primarily in relation to the ongoing recovery from the global economic slowdown. Average selling prices increased largely in response to higher raw material costs. The increase in segment adjusted EBITDA was primarily due to higher sales volumes and the benefit from our recent acquisition.
Textile Effects
The increase in revenues in our Textile Effects segment for the three months ended September 30, 2021 compared to the same period of 2020 was due to higher sales volumes and higher average selling prices. Sales volumes increased primarily due to increased demand resulting from the ongoing recovery from the global economic slowdown, particularly in the North Asia and Americas regions. Average selling prices increased primarily in response to higher freight and logistics costs. The increase in segment adjusted EBITDA was primarily due to higher sales revenues, partially offset by higher fixed costs.
Corporate and other
Corporate and other includes unallocated corporate overhead, unallocated foreign currency 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. For the three months ended September 30, 2021, adjusted EBITDA from Corporate and other for Huntsman Corporation decreased by $11 million to a loss of $48 million from a loss of $37 million for the same period of 2020. For the three months ended September 30, 2021, adjusted EBITDA from Corporate and other for Huntsman International decreased by $11 million to a loss of $47 million from a loss of $36 million for the same period of 2020. The decrease in adjusted EBITDA from Corporate and other was primarily due to a charge from a LIFO inventory valuation reserve adjustment and an increase in corporate overhead costs, partially offset by an increase in unallocated foreign currency exchange gains.
Nine Months Ended September 30, 2021 Compared with Nine Months Ended September 30, 2020
As discussed in “Note 4. Discontinued Operations and Business Dispositions—Sale of Chemical Intermediates Businesses” to our condensed consolidated financial statements, the results from continuing operations exclude the results of our Chemical Intermediates and Businesses and the results of our former polymers, base chemicals and Australian styrenics business for all periods presented. The increase of $542 million in net income from continuing operations attributable to Huntsman Corporation and the increase of $545 million in net income from continuing operations attributable to Huntsman International was the result of the following items:
● |
Revenues for the nine months ended September 30, 2021 increased by $1,796 million, or 41%, as compared with the 2020 period. The increase was primarily due to higher average selling prices as well as higher sales volumes in all our segments. See “—Segment Analysis” below. |
● |
Gross profit for the nine months ended September 30, 2021 increased by $568 million, or 77%, as compared with the 2020 period. The increase resulted from higher gross profits in all our segments. See “—Segment Analysis” below. |
● | Our operating expenses, net and the operating expenses, net of Huntsman International for the nine months ended September 30, 2021 increased by $32 million and $30 million, respectively, or 5% for both, as compared with the 2020 period, primarily related to an increase in selling, general and administrative expenses, partially offset by the pretax gain of $28 million recognized in the second quarter of 2021 in connection with the earnout provision achieved under the terms of the sale agreement of the India-based DIY business. |
● | Our interest expense, net and interest expense, net of Huntsman International for the nine months ended September 30, 2021 decreased by $11 million and $13 million, respectively, or 17% and 20%, respectively, as compared with the 2020 period, primarily related to the redemption in full of our 2021 Senior Notes in the first half of 2021. |
● | Equity in income of investment in unconsolidated affiliates for the nine months ended September 30, 2021 increased to $118 million from $25 million in the 2020 period, primarily related to an increase in income at our PO/MTBE joint venture in China, in which we hold a 49% interest. |
● |
For the nine months ended September 30, 2021, we recorded a net loss of $28 million in fair value adjustments to our investment in Venator and related option to sell our remaining Venator shares compared with a loss of $100 million in the 2020 period. See “Note 4. Business Dispositions—Sale of Venator Interest” to our condensed consolidated financial statements. |
● |
Loss on early extinguishment of debt for the nine months ended September 30, 2021 was $27 million compared with nil in the 2020 period, primarily due to the full redemption of our 2022 Senior Notes in the second quarter of 2021. See “Note 8. Debt—Direct and Subsidiary Debt—Senior Notes” to our condensed consolidated financial statements. |
● |
Our income tax expense for the nine months ended September 30, 2021 increased to $114 million from $9 million in the 2020 period. The income tax expense of Huntsman International for the nine months ended September 30, 2021 increased to $115 from $9 million in the 2020 period. The increase in income tax expense was primarily due to pretax income, exclusive of the fair value adjustments to our investment in Venator, partially offset by approximately $11 million of tax benefits for increased export sales and services taxed at a U.S. income tax rate lower than 21% in the 2021 period. Our income tax expense is significantly affected by the mix of income and losses in the tax jurisdictions in which we operate, as impacted by the presence of valuation allowances in certain tax jurisdictions. For further information concerning income taxes, see “Note 18. Income Taxes” to our condensed consolidated financial statements. |
Nine months |
Percent |
|||||||||||
ended |
Change |
|||||||||||
September 30, |
Favorable |
|||||||||||
2021 |
2020 |
(Unfavorable) |
||||||||||
Revenues |
||||||||||||
Polyurethanes |
$ | 3,626 | $ | 2,554 | 42 | % | ||||||
Performance Products |
1,075 | 758 | 42 | % | ||||||||
Advanced Materials |
881 | 632 | 39 | % | ||||||||
Textile Effects |
588 | 424 | 39 | % | ||||||||
Corporate and eliminations |
(24 | ) | (18 | ) | NM | |||||||
Total |
$ | 6,146 | $ | 4,350 | 41 | % | ||||||
Huntsman Corporation |
||||||||||||
Segment adjusted EBITDA(1) |
||||||||||||
Polyurethanes |
$ | 661 | $ | 271 | 144 | % | ||||||
Performance Products |
254 | 123 | 107 | % | ||||||||
Advanced Materials |
150 | 103 | 46 | % | ||||||||
Textile Effects |
75 | 24 | 213 | % | ||||||||
Corporate and other |
(146 | ) | (114 | ) | (28 | )% | ||||||
Total |
$ | 994 | $ | 407 | 144 | % | ||||||
Huntsman International |
||||||||||||
Segment adjusted EBITDA(1) |
||||||||||||
Polyurethanes |
$ | 661 | $ | 271 | 144 | % | ||||||
Performance Products |
254 | 123 | 107 | % | ||||||||
Advanced Materials |
150 | 103 | 46 | % | ||||||||
Textile Effects |
75 | 24 | 213 | % | ||||||||
Corporate and other |
(140 | ) | (110 | ) | (27 | )% | ||||||
Total |
$ | 1,000 | $ | 411 | 143 | % |
NM—Not meaningful
(1) |
For more information, including reconciliation of segment adjusted EBITDA to net income of Huntsman Corporation or Huntsman International, as appropriate, see “Note 20. Operating Segment Information” to our condensed consolidated financial statements. |
Nine months ended September 30, 2021 vs September 30, 2020 |
||||||||||||||||
Average Selling Price(1) |
||||||||||||||||
Local |
Foreign Currency |
Mix & |
Sales |
|||||||||||||
Currency |
Translation Impact |
Other |
Volumes(2) |
|||||||||||||
Period-Over-Period (Decrease) Increase |
||||||||||||||||
Polyurethanes |
31 | % | 3 | % | 4 | % | 4 | % | ||||||||
Performance Products |
29 | % | 4 | % | (5 | )% | 14 | % | ||||||||
Advanced Materials |
10 | % | 5 | % | 11 | % | 13 | % | ||||||||
Textile Effects |
(1 | )% | 3 | % | 5 | % | 32 | % |
(1) |
Excludes revenues from tolling arrangements, byproducts and raw materials. |
(2) |
Excludes sales volumes of byproducts and raw materials. |
Polyurethanes
The increase in revenues in our Polyurethanes segment for the nine months ended September 30, 2021 compared to the same period of 2020 was largely due to higher MDI average selling prices and higher sales volumes. MDI average selling prices increased mostly in China and Europe with increases in our Americas region during the third quarter of 2021. Sales volumes increased primarily due to stronger demand in relation to the ongoing recovery from the global economic slowdown, partially offset by some unplanned downtime resulting from the U.S. Gulf Coast Winter Storm Uri that occurred in the first quarter of 2021, the scheduled turnaround at our Rotterdam, Netherlands facility during the second quarter of 2021 and the impact of Hurricane Ida at our Geismar, Louisiana facility that occurred in the third quarter of 2021. The increase in segment adjusted EBITDA was primarily due to higher MDI margins resulting from higher MDI pricing and higher sales volumes as well as stronger earnings from our PO/MTBE joint venture in China, partially offset by higher raw material costs
Performance Products
The increase in revenues in our Performance Products segment for the nine months ended September 30, 2021 compared to the same period of 2020 was primarily due to higher average selling prices and higher sales volumes. Average selling prices increased primarily due to stronger demand in relation to the ongoing recovery from the global economic slowdown as well as in response to an increase in raw material costs. Sales volumes also increased primarily due to stronger demand. The increase in segment adjusted EBITDA was primarily due to increased revenue and margins, partially offset by increased fixed costs.
Advanced Materials
The increase in revenues in our Advanced Materials segment for the nine months ended September 30, 2021 compared to the same period in 2020 was primarily due to higher sales volumes, higher average selling prices and the favorable net impact of the CVC Thermoset Specialties Acquisition, the Gabriel Acquisition and the sale of the India-based DIY business. See “Note 3. Business Combinations and Acquisitions” and “Note 4. Discontinued Operations and Business Dispositions” to our condensed consolidated financial statements. Excluding our recent acquisitions and divestiture and with the exception of our global aerospace business, sales volumes increased across all markets, primarily in relation to the ongoing recovery from the global economic slowdown. Average selling prices increased largely in response to higher raw material costs and due to the impact of a weaker U.S. dollar against major international currencies. The increase in segment adjusted EBITDA was primarily due to higher sales volumes and the benefit from our recent acquisitions.
Textile Effects
The increase in revenues in our Textile Effects segment for the nine months ended September 30, 2021 compared to the same period of 2020 was primarily due to higher sales volumes and slightly higher average selling prices. Sales volumes increased primarily due to increased demand resulting from the ongoing recovery from the global economic slowdown. Average selling prices slightly increased primarily due to the impact of a weaker U.S. dollar against major international currencies. The increase in segment adjusted EBITDA was primarily due to higher sales revenues, partially offset by higher fixed costs.
Corporate and other
Corporate and other includes unallocated corporate overhead, unallocated foreign currency 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. For the nine months ended September 30, 2021, adjusted EBITDA from Corporate and other for Huntsman Corporation decreased by $32 million to a loss of $146 million from a loss of $114 million for the same period of 2020. For the nine months ended September 30, 2021, adjusted EBITDA from Corporate and other for Huntsman International decreased by $30 million to a loss of $140 million from a loss of $110 million for the same period of 2020. The decrease in adjusted EBITDA from Corporate and other was primarily due to a charge from a LIFO inventory valuation reserve adjustment and an increase in corporate overhead costs, partially offset by an increase in unallocated foreign currency exchange gains.
Liquidity and Capital Resources
The following is a discussion of our liquidity and capital resources and does not include separate information with respect to Huntsman International in accordance with General Instructions H(1)(a) and (b) of Form 10-Q.
Cash Flows for the Nine Months Ended September 30, 2021 Compared with Nine Months Ended September 30, 2020
Net cash provided by operating activities from continuing operations for the nine months ended September 30, 2021 and 2020 was $163 million and $110 million, respectively. The increase in net cash provided by operating activities from continuing operations during the nine months ended September 30, 2021 compared with the same period in 2020 was primarily attributable to increased operating income as described in “—Results of Operations” above for the nine months ended September 30, 2021 as compared with the same period of 2020, partially offset by a $382 million unfavorable variance in operating assets and liabilities.
Net cash (used in) provided by investing activities for the nine months ended September 30, 2021 and 2020 was $(439) million and $1,105 million, respectively. During the nine months ended September 30, 2021 and 2020, we paid $250 million and $170 million for capital expenditures, respectively. During the nine months ended September 30, 2021, we received $43 million for the sale of businesses, primarily due to the receipt of $28 million pursuant to an earnout provision in connection with the sale of our India-based DIY business, and we paid $245 million for the acquisition of businesses, primarily related to approximately $242 million paid for the Gabriel Acquisition, net of cash acquired. During the nine months ended September 30, 2020, we received approximately $1.92 billion for the sale of our Chemical Intermediates Businesses, and we paid $653 million in connection with the Icynene-Lapolla Acquisition and the CVC Thermoset Specialties Acquisition, net of cash acquired.
Net cash used in financing activities for the nine months ended September 30, 2021 and 2020 was $809 million and $546 million, respectively. During the nine months ended September 30, 2021, we redeemed in full €445 million (approximately $541 million) in aggregate principal amount of our 2021 Senior Notes, and we redeemed in full $400 million in aggregate principal amount of our 2022 Senior Notes. Additionally, during the nine months ended September 30, 2021, we issued $400 million in aggregate principal amount of our 2031 Senior Notes and received borrowings of approximately 104 million SAR (approximately $27 million) related to funding on a new term loan facility of our consolidated 50%-owned joint venture, AAC. See “Note 8. Debt—Direct and Subsidiary Debt—Variable Interest Entity Debt” to our condensed consolidated financial statements. During the nine months ended September 30, 2020, we repaid a total of $153 million on our Revolving Credit Facility and repaid in full $109 million on our 2019 Term Loan in the third quarter of 2020.
Free cash flow from continuing operations for the nine months ended September 30, 2021 and 2020 was a use of cash of $87 million and $60 million, respectively.
Changes in Financial Condition
The following information summarizes our working capital position (dollars in millions):
September 30, |
Less |
December 31, |
(Decrease) |
Percent |
||||||||||||||||||||
2021 |
Acquisition(1) |
Subtotal |
2020 |
Increase |
Change |
|||||||||||||||||||
Cash and cash equivalents |
$ | 505 | $ | (9 | ) | $ | 496 | $ | 1,593 | $ | (1,097 | ) | (69 | )% | ||||||||||
Accounts and notes receivable, net |
1,239 | (13 | ) | 1,226 | 910 | 316 | 35 | % | ||||||||||||||||
Inventories |
1,174 | (26 | ) | 1,148 | 848 | 300 | 35 | % | ||||||||||||||||
Other current assets |
196 | — | 196 | 217 | (21 | ) | (10 | )% | ||||||||||||||||
Total current assets |
3,114 | (48 | ) | 3,066 | 3,568 | (502 | ) | (14 | )% | |||||||||||||||
Accounts payable |
985 | (7 | ) | 978 | 876 | 102 | 12 | % | ||||||||||||||||
Accrued liabilities |
569 | (2 | ) | 567 | 458 | 109 | 24 | % | ||||||||||||||||
Current portion of debt |
16 | — | 16 | 593 | (577 | ) | (97 | )% | ||||||||||||||||
Current operating lease liabilities |
54 | — | 54 | 52 | 2 | 4 | % | |||||||||||||||||
Total current liabilities |
1,624 | (9 | ) | 1,615 | 1,979 | (364 | ) | (18 | )% | |||||||||||||||
Working capital |
$ | 1,490 | $ | (39 | ) | $ | 1,451 | $ | 1,589 | $ | (138 | ) | (9 | )% |
(1) |
Represents amounts related to the Gabriel Acquisition. For more information, see “Note 3. Business Combinations and Acquisitions—Acquisition of Gabriel Performance Products” to our condensed consolidated financial statements. |
Our working capital decreased by $138 million as a result of the net impact of the following significant changes:
● |
The decrease in cash and cash equivalents of $1,097 million resulted from the matters identified on our condensed consolidated statements of cash flows. |
● |
Accounts receivable increased by $316 million due to higher revenues in the third quarter of 2021 compared to the fourth quarter of 2020. |
● |
Inventories increased by $300 million primarily due to higher inventory costs and volumes. |
● |
Accounts payable increased by $102 million primarily due to higher inventory purchases. |
● | Accrued liabilities increased by $109 million primarily related to higher accrued compensation and current income taxes payable. |
● |
Current portion of debt decreased by $577 million primarily due to the redemption of our 2021 Senior Notes in the first half of 2021. |
Direct and Subsidiary Debt
See “Note 8. Debt—Direct and Subsidiary Debt” to our condensed consolidated financial statements.
Debt Issuance Costs
See “Note 8. Debt—Direct and Subsidiary Debt—Debt Issuance Costs” to our condensed consolidated financial statements.
Revolving Credit Facility
See “Note 8. Debt—Direct and Subsidiary Debt—Revolving Credit Facility” to our condensed consolidated financial statements.
Term Loan Credit Facility
See “Note 8. Debt—Direct and Subsidiary Debt—Term Loan Credit Facility” to our condensed consolidated financial statements.
A/R Programs
See “Note 8. Debt—Direct and Subsidiary Debt—A/R Programs” to our condensed consolidated financial statements.
Senior Notes
See “Note 8. Debt—Direct and Subsidiary Debt—Senior Notes” to our condensed consolidated financial statements.
Variable Interest Entity Debt
See “Note 8. Debt—Direct and Subsidiary Debt—Variable Interest Entity Debt” to our condensed consolidated financial statements.
Note Payable from Huntsman International to Huntsman Corporation
See “Note 8. Debt—Direct and Subsidiary Debt—Note Payable from Huntsman International to Huntsman Corporation” to our condensed consolidated financial statements.
Compliance with Covenants
See “Note 8. Debt—Compliance with Covenants” to our condensed consolidated financial statements.
We depend upon our cash, Revolving Credit Facility, A/R Programs and other debt instruments to provide liquidity for our operations and working capital needs. As of September 30, 2021, we had $1,955 million of combined cash and unused borrowing capacity, consisting of $505 million in cash, $1,190 million in availability under our Revolving Credit Facility and $260 million in availability under our A/R Programs. Our liquidity can be significantly impacted by various factors. The following matters are expected to have a significant impact on our liquidity:
Short-Term Liquidity
● |
Cash invested in our accounts receivable and inventory, net of accounts payable, was approximately $546 million for the nine months ended September 30, 2021, as reflected in our condensed consolidated statements of cash flows. We expect volatility in our working capital components to continue. |
● |
During 2021, we expect to spend approximately $350 million on capital expenditures, including spending of approximately $100 million on a new MDI splitter in Geismar, Louisiana. We expect to fund capital expenditures with cash provided by operations. |
● |
During the nine months ended September 30, 2021, we made contributions to our pension and postretirement benefit plans of $45 million. During 2021, we expect to contribute an additional amount of approximately $9 million to these plans. |
● | On February 7, 2018 and on May 3, 2018, our Board of Directors collectively authorized us to repurchase up to an aggregate of $1 billion in shares of our common stock. During the three months and nine months ended September 30, 2021, we repurchased 3,971,784 shares of our common stock for approximately $102 million, excluding commissions, under the share repurchase program. |
Long-Term Liquidity
● | On April 28, 2021, our Board of Directors declared a $0.1875 per share cash dividend on our common stock. This represents a 15% increase from the previous dividend. We expect to distribute an additional $5.5 million in dividends each quarter related to this dividend increase. |
● | On May 26, 2021, Huntsman International completed a $400 million offering of its 2031 Senior Notes. On June 23, 2021, Huntsman International applied the net proceeds from the offering, along with cash on hand, to redeem in full the $400 million in aggregate principal amount of its 2022 Senior Notes. For additional information, see “Note 8. Debt—Direct and Subsidiary Debt—Senior Notes” to our condensed consolidated financial statements. |
● | On July 1, 2021, we entered into amendments to our A/R Programs that, among other things, extended the scheduled termination dates of our A/R Programs from April 2022 to July 2024. |
● |
On a new MDI splitter being constructed in Geismar, Louisiana, we expect to spend approximately $50 million in the remainder of 2021 and 2022. We expect to fund capital expenditures with cash provided by operations. |
● |
During 2020, management implemented cost realignment and synergy plans. In connection with these plans, we expect to achieve annualized cost savings and synergy benefits of more than $120 million by the end of 2023 with associated net cash restructuring and integration costs of approximately $100 million. See “Note 7. Restructuring, Impairment and Plant Closing Cost” to our condensed consolidated financial statements. |
As of September 30, 2021, we had $16 million classified as current portion of debt, including debt at our variable interest entities of $13 million and certain other short-term facilities and scheduled amortization payments totaling $3 million. We intend to renew, repay or extend the majority of these short-term facilities in the next twelve months.
As of September 30, 2021, we had approximately $365 million of cash and cash equivalents, including restricted cash, held by our foreign subsidiaries, including our variable interest entities. We intend to use cash held in our foreign subsidiaries to fund our local operations. Nevertheless, we could repatriate cash as dividends, which dividends would generally not be subject to U.S. taxation as a result of the U.S. Tax Reform Act. However, such repatriation may potentially be subject to certain foreign withholding taxes.
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
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. See “Note 9. Derivative Instruments and Hedging Activities” to our condensed consolidated financial statements.
ITEM 4. CONTROLS AND PROCEDURES
Our management, with the participation of our chief executive officer and chief financial officer, has evaluated the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) as of September 30, 2021. Based on this evaluation, our chief executive officer and chief financial officer have concluded that, as of September 30, 2021, our disclosure controls and procedures were effective, in that they ensure that information required to be disclosed by us in the reports that we file or submit under the Exchange Act is (1) recorded, processed, summarized and reported within the time periods specified in the Commission’s rules and forms and (2) accumulated and communicated to our management, including our chief executive officer and chief financial officer, as appropriate to allow timely decisions regarding required disclosure.
No changes to our internal control over financial reporting occurred during the quarter ended September 30, 2021 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act). However, we can only give reasonable assurance that our internal controls over financial reporting will prevent or detect material misstatements on a timely basis. Ineffective internal controls over financial reporting could cause investors to lose confidence in our reported financial information and could result in a lower trading price for our securities.
Except as set forth below, there have been no material developments with respect to the legal proceedings referenced in Part I, Item 3 of our Annual Report on Form 10-K for the year ended December 31, 2020.
Rockwood Litigation
On February 6, 2017, we filed a lawsuit in New York state court against Rockwood Specialties Group, Inc., Rockwood Holdings, Inc. (collectively, “Rockwood”), Albemarle Corporation (as Rockwood’s successor) (“Albemarle”) and certain former Rockwood executives to recover damages for fraud and breach of contract in connection with our purchase of Rockwood’s pigments businesses, including its Color Pigments Division, for $1.1 billion in 2014. The case was ordered to arbitration under the rules of the American Arbitration Association and, after a two-week trial in May 2021, a panel consisting of three former federal judges awarded us in excess of $600 million for the fraud and breach, inclusive of punitive damages and statutory interest at 9%, of which we expect to net in excess of $400 million after attorney’s fees. The award is subject to confirmation and limited appeal in New York state court, and the arbitration panel directed us to file for reimbursement from Albemarle for attorney’s fees as prevailing party.
Texas Emissions Enforcement
On July 26, 2021, the Attorney General of the State of Texas filed a civil suit in the District Court of Travis County, Texas seeking civil penalties and attorney’s fees for alleged violations of the Texas Clean Air Act, Texas Commission on Environmental Quality regulations and facility permit terms. The complaint alleged multiple unauthorized emissions events and reporting discrepancies that occurred between December 2016 and June 2019 at our former manufacturing facility in Port Neches, Texas. The state is seeking monetary relief between $250,000 and $1 million. We completed the sale of our former Port Neches, Texas facility to Indorama Ventures Holdings L.P. on January 3, 2020. We believe that we are contractually indemnified for any defense costs and potential liability that may result from this action.
For information regarding risk factors, see “Part I. Item 1A. Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2020.
ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
The following table provides information with respect to shares of our common stock that we repurchased as part of our share repurchase program and shares of restricted stock granted under our stock incentive plans that we withheld upon vesting to satisfy our tax withholding obligations during the three months ended September 30, 2021.
Total number of |
Approximate dollar |
|||||||||||||||
shares purchased |
value of shares that |
|||||||||||||||
Total number |
Average |
as part of publicly |
may yet be purchased |
|||||||||||||
of shares |
price paid |
announced plans |
under the plans or |
|||||||||||||
purchased |
per share(1) |
or programs(2) |
programs(2) |
|||||||||||||
July |
344 | $ | 26.70 | — | $ | 420,000,000 | ||||||||||
August |
2,973,750 | 25.40 | 2,972,351 | 345,000,000 | ||||||||||||
September |
999,559 | 26.37 | 999,433 | 318,000,000 | ||||||||||||
Total |
3,973,653 | 25.64 | 3,971,784 |
(1) | Represents net purchase price per share, exclusive of any fees or commissions. |
(2) |
On February 7, 2018 and on May 3, 2018, our Board of Directors authorized us to repurchase up to an aggregate of $1 billion in shares of our common stock. The share repurchase program is supported by our free cash flow generation. Repurchases may be made in the open market, including through accelerated share repurchase programs, or in privately negotiated transactions, and repurchases may be commenced or suspended from time to time without prior notice. Shares of common stock acquired through the repurchase program are held in treasury at cost. Subsequent to the end of the first quarter of 2020, we suspended share repurchases under our existing share repurchase program in order to enhance our liquidity position in response to COVID-19. During the third quarter of 2021, we resumed the share repurchase program and repurchased 3,971,784 shares of our common stock for approximately $102 million, excluding commissions. |
See the Exhibit Index at the end of this Quarterly Report on Form 10-Q for exhibits filed with this report.
EXHIBIT INDEX
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Incorporated by Reference |
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Exhibit Number |
|
Exhibit Description |
Form |
Exhibit |
Filing Date |
|||
10.1 | Master Amendment No. 10 to U.S. Receivables Loan Agreement, U.S. Servicing Agreement, U.S. Receivables Purchase Agreement and Transaction Documents, dated as of July 1, 2021 | 10-Q | 10.1 | July 30, 2021 | ||||
10.2 | Amended and Restated European Receivables Loan Agreement, dated as of July 1, 2021 | 10-Q | 10.2 | July 30, 2021 | ||||
10.3 | * | Independent Services Agreement No. ISA-SD-2021 (Sean Douglas) | ||||||
31.1 |
* |
Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 |
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31.2 |
* |
Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 |
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32.1 |
* |
Certification of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 |
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32.2 |
* |
Certification of Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 |
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101.INS |
* |
Inline XBRL Instance Document - The instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document |
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101.SCH |
* |
Inline XBRL Taxonomy Extension Schema |
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101.CAL |
* |
Inline XBRL Taxonomy Extension Calculation Linkbase |
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101.LAB |
* |
Inline XBRL Taxonomy Extension Label Linkbase |
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101.PRE |
* |
Inline XBRL Taxonomy Extension Presentation Linkbase |
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101.DEF |
* |
Inline XBRL Taxonomy Extension Definition Linkbase |
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104 |
The cover page from this Quarterly Report on Form 10-Q, formatted in Inline XBRL and contained in Exhibit 101 |
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* |
Filed herewith |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrants have duly caused this report to be signed on their behalf by the undersigned thereunto duly authorized.
Dated: October 29, 2021 |
HUNTSMAN CORPORATION |
|
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HUNTSMAN INTERNATIONAL LLC |
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By: |
/s/ PHILIP M. LISTER |
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Philip M. Lister |
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Executive Vice President and Chief Financial Officer |
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and Manager (Principal Financial Officer) |
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By: |
/s/ STEVEN C. JORGENSEN |
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Steven C. Jorgensen |
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Vice President and Controller (Authorized Signatory and |
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|
Principal Accounting Officer) |
Exhibit 10.3
Independent Services Agreement No. ISA-SD-2021 August 1, 2021 Page 1 |
INDEPENDENT SERVICES AGREEMENT NO. ISA-SD-2021
August 1, 2021
Sean Douglas
***
***
Dear Mr. Douglas:
This letter will confirm our agreement (this “Agreement”) for Sean Douglas (“Contractor”) to provide to Huntsman International LLC, a Delaware limited liability company, for and on behalf of its affiliates (“Huntsman”), during the term of this Agreement and in accordance with the provisions herein contained, independent consulting, advisory, or support services when requested and agreed to by both Huntsman and Contractor (collectively, the “Work”). Contractor agrees to perform all Work hereunder in a good, safe, professional, and lawful manner, consistent with all applicable industry standards.
Contractor will report administratively to, and receive Work assignments from, Peter Huntsman, or other Huntsman representatives as designated by Huntsman from time to time. Contractor shall make all reasonable efforts to be available to perform Work hereunder from time to time as requested by Huntsman and shall complete all such Work in a timely manner.
COMPENSATION.
Huntsman agrees to pay Contractor a fee for Work performed hereunder calculated at the fixed all-inclusive hourly rate of $300.00 per hour for each hour that Work is performed pursuant to this Agreement. Contractor agrees to accept such fee as full compensation for all Work performed by Contractor hereunder. Contractor acknowledges that Contractor is NOT an employee of Huntsman and shall NOT, by reason of this Agreement or any Work performed hereunder, be entitled to participate in any benefit plans available to Huntsman employees.
Contractor will invoice Huntsman monthly for Work performed under this Agreement during the preceding calendar month. Contractor shall send invoices (referencing the above Independent Services Agreement Number) to Huntsman at the following email address: ***@huntsman.com
Contractor represents and warrants to Huntsman that Contractor has a properly issued and validly held social security number or other documentation required to lawfully work in the United States. Huntsman will provide to Contractor an IRS Form 1099 (or equivalent form) in respect of compensation paid to Contractor under this Agreement. Contractor shall be solely responsible for the timely reporting and payment directly to the proper taxing authorities of all foreign, federal, state, and local taxes applicable to compensation paid to Contractor hereunder.
TERM AND TERMINATION.
The term of this Agreement shall be for a period commencing on August 1, 2021, and expiring at close of business on July 31, 2023 (the “Term”); provided, however, that Huntsman or Contractor may terminate this Agreement at any time, with or without cause, by giving the other party at least thirty (30) days prior written notice of such termination. Upon expiration or earlier termination of this Agreement, Contractor shall provide a list of pending projects.
Independent Services Agreement No. ISA-SD-2021 August 1, 2021 Page 2 |
CONFIDENTIAL INFORMATION.
In connection with this Agreement, Huntsman has disclosed or will disclose to Contractor, or Contractor has obtained or will obtain, directly or indirectly, by visual, oral, written (via whatsoever media), or other means, commercial or technical information of Huntsman or its affiliates or their licensors or others, including without limitation information relating to financial performance, products, product formulations, catalysts, evaluations, studies, data, ideas, plans, programs, suppliers, materials, customers, plants, equipment, processes, techniques, manufacturing, marketing, operations, personnel, research and development, know-how, or technology (collectively, the “Confidential Information”). Contractor agrees to use the Confidential Information only during the term of this Agreement and only for the purpose of performing the Work hereunder. Contractor shall protect the Confidential Information from disclosure to others, using the same degree of care used to protect Contractor’s own confidential or proprietary information of like importance, but no less than a reasonable degree of care. Contractor shall not disclose any Confidential Information to any third party without the prior written consent of Huntsman. Contractor’s obligations under this paragraph are perpetual and shall survive the expiration or earlier termination of this Agreement.
The restrictions contained in the preceding paragraph on use and disclosure of Confidential Information shall not apply to information that: (a) Was publicly known at the time of the communication thereof to Contractor; (b) becomes publicly known through no fault of Contractor subsequent to the time of the communication thereof to Contractor; (c) was in Contractor’s possession free of any obligation of confidence at the time of the communication thereof to Contractor; (d) is developed by Contractor independently of and without reference to any of the Confidential Information or other information that Huntsman or its affiliates have disclosed in confidence to any third party; or (e) is rightfully obtained by Contractor from third parties authorized to make such disclosure without restriction.
If Contractor is required by law, regulation, or court order to disclose any Confidential Information, Contractor shall promptly notify Huntsman in writing prior to making any such disclosure in order to facilitate Huntsman seeking a protective order or other appropriate remedy from the proper authority. Contractor agrees to cooperate with Huntsman in seeking such order or other remedy. All Confidential Information disclosed or obtained under this Agreement (including information in computer software or held in electronic or magnetic storage media) shall be and remain (as between the parties) the property of Huntsman. All such information in tangible form shall be returned to Huntsman promptly upon written request or upon the termination or expiration of this Agreement and shall not thereafter be retained in any form by Contractor.
OWNERSHIP OF WORK PRODUCT AND INVENTIONS.
All reports, drawings, data, models, correspondence, specifications, manuals, programs, and other documentation (in whatsoever media) provided to Huntsman by Contractor in connection with the Work (collectively, the “Work Product”) shall be “works made for hire” and all such Work Product, including the copyright therein, shall belong to and be the sole property of Huntsman, and may be utilized by Huntsman for any purpose at any location. If any Work Product shall for any reason be determined not to be “works made for hire,” then Contractor hereby assigns and transfers to Huntsman all of Contractor’s right, title, and interest in such Work Product. If any Work Product includes any materials previously patented or copyrighted by Contractor, then Contractor hereby grants to Huntsman and its affiliates irrevocable, non-exclusive, transferable, royalty free licenses under each such patent or copyright to employ or reproduce such Work Product in any manner for sale, distribution, or use.
Independent Services Agreement No. ISA-SD-2021 August 1, 2021 Page 3 |
All rights, both foreign and domestic to the United States, in and to all Contract Inventions (as defined in the next sentence) shall belong to and be the sole property of Huntsman. “Contract Inventions” means all inventions, discoveries, and improvements invented or conceived, in connection with performance of any Work, by Contractor alone or jointly with any employees, agents, contractors, or representatives of Huntsman or its affiliates. Contractor shall promptly disclose to Huntsman all Contract Inventions and shall execute and deliver to Huntsman without charge any documents reasonably requested by Huntsman to obtain or enforce any United States or foreign patents based thereon.
INDEPENDENT CONTRACTOR.
Contractor shall perform its obligations hereunder as an independent contractor, and nothing contained herein shall be deemed to create a relationship of employer-employee, master-servant, agency, partnership, or joint venture. Contractor shall have no authority to bind Huntsman to any agreements or other commitments. Contractor shall inform all persons with whom Contractor has dealings on behalf of Huntsman that Contractor is an independent contractor, and NOT an employee of Huntsman. Contractor shall NOT, explicitly or implicitly, give any appearance of having specific or apparent authority to bind Huntsman to any agreements or other commitments.
NOTICES.
Except for routine communications in the course of performance of this Agreement, which may be transmitted in accordance with any procedures established by agreement or acquiescence of the parties, all notices and other communications hereunder shall be in writing and shall be deemed to have been given and received when delivered by hand, or when sent by facsimile (with confirmation of receipt), or three days after sent by registered or certified US mail (one business day in the case of express US mail), or one business day after sent by reputable overnight courier service, in each case postage or delivery prepaid and addressed to the respective party at its address specified on the first page of this Agreement, or at such other address as such party may hereafter designate by written notice to the other party as herein provided.
INSURANCE, COMPLIANCE, AND LICENSES.
Contractor has and shall at all times maintain in effect all licenses, permits, approvals, and certifications required on the part of Contractor by applicable Laws (as defined below) to perform any Work under this Agreement. In connection with performing Work hereunder, Contractor shall comply strictly with all applicable federal, state, local, and foreign laws, statutes, ordinances, regulations, rules, and orders (collectively, “Laws”), including without limitation those Laws pertaining to insurance (including, without limitation, automobile insurance), licensing, health, safety, taxes, natural resources, or the environment. Contractor shall at all times perform the Work and take all safety precautions and similar measures as may be warranted by the prevailing circumstances, applicable Laws, or Contractor’s or Huntsman’s applicable health and safety rules and requirements.
GENERAL PROVISIONS.
This Agreement shall be governed by and construed in accordance with the internal laws of the State of Texas, without giving effect to its conflicts of law rules or principles. The parties hereby expressly and irrevocably waive the right to a trial by jury in any and all actions or proceedings brought with respect to any provision of this Agreement or the enforcement or interpretation thereof or with respect to any claims arising out of or related to this Agreement.
Independent Services Agreement No. ISA-SD-2021 August 1, 2021 Page 4 |
Contractor shall not have the right to assign (directly or indirectly or by operation of law or otherwise) or delegate this Agreement or any of its rights or obligations hereunder without the prior written consent of Huntsman in each specific instance. Any attempted assignment or delegation without Huntsman’s consent shall be void ab initio. Acceptance by either party of any performance less than required by this Agreement shall not be deemed to be a waiver of the rights of such party to enforce all of the terms and conditions of this Agreement. No waiver of any provision of this Agreement shall be deemed to be or shall constitute a waiver of any other provision hereof, whether or not similar, nor shall any waiver constitute a continuing waiver. No amendments, modifications, alterations, or waivers of the terms of this Agreement shall be binding unless made in writing and executed by both of the parties hereto.
The provisions of this Agreement are severable. If any provision hereof should be void, voidable, or unenforceable under any applicable Laws, such void, voidable, or unenforceable provision shall not affect or invalidate any other provision of this Agreement, and this Agreement shall continue to govern the relative rights and duties of the parties as though the void, voidable, or unenforceable provision were not a part hereof. This Agreement may be executed in one or more counterparts, all of which shall be considered one and the same agreement, and shall become effective when one or more such counterparts have been signed by each of the parties and delivered to the other party. Counterparts and signatures transmitted by facsimile shall be valid as originals.
This Agreement and the other documents expressly referenced herein constitute the entire Agreement between the parties hereto with respect to the independent consulting, advisory, or support services provided by Contractor hereunder. Words used herein, regardless of the number or gender specifically used, shall be deemed and construed to include any other number (singular or plural) or any other gender (masculine, feminine, or neuter). As used in this Agreement: “person” shall mean an individual, corporation, company, partnership, association, trust, governmental authority or agency, or other entity or any combination thereof; “including” (and similar terms) shall mean “including without limitation” (and similarly for similar terms); “or” shall have the inclusive meaning represented by the phrase “and/or”; and “affiliate” shall mean, with respect to a specified person, any other person directly or indirectly controlling or controlled by or under direct or indirect common control with such specified person.
[Signature Page Follows]
Independent Services Agreement No. ISA-SD-2021 August 1, 2021 Page 5 |
IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first written above.
HUNTSMAN INTERNATIONAL LLC
By: | /s/ Wade Rogers | ||
Name: | Wade Rogers | ||
Title: | Senior Vice President, Global Human Resources and Chief Compliance Officer |
ACCEPTED AND AGREED to this 31st day
of July, 2021
SEAN DOUGLAS
By: | /s/ Sean Douglas | |
Name: | Sean Douglas | |
Title: | Contractor / Consultant |
Exhibit 31.1
CERTIFICATION PURSUANT TO EXCHANGE ACT RULES 13A-14(A) and 15D-14(A),
AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
I, Peter R. Huntsman, certify that:
1. I have reviewed this quarterly report on Form 10-Q of Huntsman Corporation and Huntsman International LLC;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrants as of, and for, the periods presented in this report;
4. The registrants’ other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrants and have:
(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrants, including their consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c) Evaluated the effectiveness of the registrants’ disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
(d) Disclosed in this report any change in the registrants’ internal control over financial reporting that occurred during the registrants’ most recent fiscal quarter (the registrants’ fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrants’ internal control over financial reporting; and
5. The registrants’ other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrants’ auditors and the audit committee of the registrants’ board of directors or board of managers, as applicable (or persons performing the equivalent functions):
(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrants’ ability to record, process, summarize and report financial information; and
(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrants’ internal control over financial reporting.
Date: October 29, 2021
/s/ PETER R. HUNTSMAN |
|
Peter R. Huntsman |
|
Chief Executive Officer |
Exhibit 31.2
CERTIFICATION PURSUANT TO EXCHANGE ACT RULES 13A-14(A) and 15D-14(A),
AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
I, Philip M. Lister, certify that:
1. I have reviewed this quarterly report on Form 10-Q of Huntsman Corporation and Huntsman International LLC;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrants as of, and for, the periods presented in this report;
4. The registrants’ other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrants and have:
(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrants, including their consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c) Evaluated the effectiveness of the registrants’ disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
(d) Disclosed in this report any change in the registrants’ internal control over financial reporting that occurred during the registrants’ most recent fiscal quarter (the registrants’ fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrants’ internal control over financial reporting; and
5. The registrants’ other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrants’ auditors and the audit committee of the registrants’ board of directors or board of managers, as applicable (or persons performing the equivalent functions):
(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrants’ ability to record, process, summarize and report financial information; and
(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrants’ internal control over financial reporting.
Date: October 29, 2021
|
|
|
/s/ PHILIP M. LISTER |
|
Philip M. Lister |
|
Chief Financial Officer |
Exhibit 32.1
CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Quarterly Report on Form 10-Q of Huntsman Corporation and Huntsman International LLC (the “Companies”) for the period ended September 30, 2021 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Peter R. Huntsman, Chief Executive Officer of the Companies, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that, to my knowledge:
(1) The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Companies.
/s/ PETER R. HUNTSMAN |
|
Peter R. Huntsman |
|
Chief Executive Officer |
|
October 29, 2021 |
|
Exhibit 32.2
CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Quarterly Report on Form 10-Q of Huntsman Corporation and Huntsman International LLC (the “Companies”) for the period ended September 30, 2021 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Philip M. Lister, Chief Financial Officer of the Companies, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that, to my knowledge:
(1) The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Companies.
/s/ PHILIP M. LISTER |
|
Philip M. Lister |
|
Chief Financial Officer |
|
October 29, 2021 |
|
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Millions |
Sep. 30, 2021 |
Dec. 31, 2020 |
||
---|---|---|---|---|
Cash and cash equivalents | [1] | $ 505 | $ 1,593 | |
Accounts and notes receivable | [1] | 1,216 | 902 | |
Accounts and notes receivable, allowance for doubtful accounts | 25 | 26 | ||
Accounts and notes receivable, pledged as collateral | 336 | 198 | ||
Inventories | [1] | 1,174 | 848 | |
Property, plant and equipment, net | [1] | 2,540 | 2,505 | |
Other noncurrent assets | [1] | 605 | 548 | |
Accounts payable | [1] | 955 | 842 | |
Accrued liabilities | [1] | 569 | 458 | |
Current portion of debt | [1] | 16 | 593 | |
Current operating lease liabilities | [1] | 54 | 52 | |
Long-term debt | [1] | 1,567 | 1,528 | |
Noncurrent operating lease liabilities | [1] | 383 | 411 | |
Other noncurrent liabilities | [1] | $ 840 | $ 910 | |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | ||
Common stock, shares authorized (in shares) | 1,200,000,000 | 1,200,000,000 | ||
Common stock, shares issued (in shares) | 259,468,984 | 258,520,411 | ||
Common stock, shares outstanding (in shares) | 217,028,320 | 220,046,262 | ||
Treasury stock, shares (in shares) | 42,448,875 | 38,477,091 | ||
Variable Interest Entity, Primary Beneficiary [Member] | ||||
Cash and cash equivalents | $ 31 | $ 2 | ||
Accounts and notes receivable | 10 | 6 | ||
Inventories | 52 | 38 | ||
Property, plant and equipment, net | 161 | 167 | ||
Other noncurrent assets | 23 | 23 | ||
Accounts payable | 144 | 119 | ||
Accrued liabilities | 13 | 13 | ||
Current portion of debt | 13 | 47 | ||
Current operating lease liabilities | 6 | 5 | ||
Long-term debt | 53 | 3 | ||
Noncurrent operating lease liabilities | 22 | 17 | ||
Other noncurrent liabilities | 76 | 82 | ||
Huntsman International LLC [Member] | ||||
Cash and cash equivalents | [1] | 505 | 1,591 | |
Accounts and notes receivable | [1] | 1,216 | 902 | |
Accounts and notes receivable, allowance for doubtful accounts | 25 | 26 | ||
Accounts and notes receivable, pledged as collateral | 336 | 198 | ||
Inventories | [1] | 1,174 | 848 | |
Property, plant and equipment, net | [1] | 2,540 | 2,505 | |
Other noncurrent assets | [1] | 604 | 548 | |
Accounts payable | [1] | 954 | 842 | |
Accrued liabilities | [1] | 559 | 455 | |
Current portion of debt | [1] | 16 | 593 | |
Current operating lease liabilities | [1] | 54 | 52 | |
Long-term debt | [1] | 1,567 | 1,528 | |
Noncurrent operating lease liabilities | [1] | 383 | 411 | |
Other noncurrent liabilities | [1] | $ 831 | $ 900 | |
Members' equity, units issued (in shares) | 2,728 | 2,728 | ||
Members' equity, units outstanding (in shares) | 2,728 | 2,728 | ||
Huntsman International LLC [Member] | Variable Interest Entity, Primary Beneficiary [Member] | ||||
Cash and cash equivalents | $ 31 | $ 2 | ||
Accounts and notes receivable | 10 | 6 | ||
Inventories | 52 | 38 | ||
Property, plant and equipment, net | 161 | 167 | ||
Other noncurrent assets | 23 | 23 | ||
Accounts payable | 144 | 119 | ||
Accrued liabilities | 13 | 13 | ||
Current portion of debt | 13 | 47 | ||
Current operating lease liabilities | 6 | 5 | ||
Long-term debt | 53 | 3 | ||
Noncurrent operating lease liabilities | 22 | 17 | ||
Other noncurrent liabilities | $ 76 | $ 82 | ||
|
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Millions, $ in Millions |
3 Months Ended | 9 Months Ended | ||||
---|---|---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
|||
Revenues: | ||||||
Total revenues | [1] | $ 2,285 | $ 1,510 | $ 6,146 | $ 4,350 | |
Cost of goods sold | 1,802 | 1,231 | 4,840 | 3,612 | ||
Gross profit | 483 | 279 | 1,306 | 738 | ||
Operating expenses: | ||||||
Selling, general and administrative | 204 | 178 | 620 | 563 | ||
Research and development | 38 | 33 | 113 | 101 | ||
Restructuring, impairment and plant closing (credits) costs | (1) | 12 | 34 | 34 | ||
Gain on sale of India-based DIY business | 0 | 0 | (28) | 0 | ||
Other operating income, net | (3) | (3) | (13) | (4) | ||
Total operating expenses | 238 | 220 | 726 | 694 | ||
Operating income | 245 | 59 | 580 | 44 | ||
Interest expense, net | (15) | (24) | (52) | (63) | ||
Equity in income of investment in unconsolidated affiliates | 34 | 21 | 118 | 25 | ||
Fair value adjustments to Venator investment | (3) | 6 | (28) | (100) | ||
Loss on early extinguishment of debt | 0 | 0 | (27) | 0 | ||
Other income, net | 7 | 10 | 23 | 27 | ||
Income (loss) from continuing operations before income taxes | 268 | 72 | 614 | (67) | ||
Income tax expense | (38) | (15) | (114) | (9) | ||
Income (loss) from continuing operations | 230 | 57 | 500 | (76) | ||
(Loss) income from discontinued operations, net of tax | (5) | 0 | (3) | 782 | ||
Net income | 225 | 57 | 497 | 706 | ||
Net income attributable to noncontrolling interests | (16) | (9) | (49) | (15) | ||
Net income attributable to Huntsman Corporation | $ 209 | $ 48 | $ 448 | $ 691 | ||
Basic income (loss) per share: | ||||||
Income (loss) from continuing operations attributable to Huntsman Corporation common stockholders (in dollars per share) | $ 0.97 | $ 0.22 | $ 2.04 | $ (0.41) | ||
(Loss) income from discontinued operations attributable to Huntsman Corporation common stockholders, net of tax (in dollars per share) | (0.02) | 0 | (0.01) | 3.54 | ||
Net income attributable to Huntsman Corporation common stockholders (in dollars per share) | $ 0.95 | $ 0.22 | $ 2.03 | $ 3.13 | ||
Weighted average shares (in shares) | 219.4 | 219.8 | 220.2 | 220.8 | ||
Diluted income (loss) per share: | ||||||
Income (loss) from continuing operations attributable to Huntsman Corporation common stockholders (in dollars per share) | $ 0.96 | $ 0.22 | $ 2.03 | $ (0.41) | ||
(Loss) income from discontinued operations attributable to Huntsman Corporation common stockholders, net of tax (in dollars per share) | (0.02) | 0 | (0.01) | 3.54 | ||
Net income attributable to Huntsman Corporation common stockholders (in dollars per share) | $ 0.94 | $ 0.22 | $ 2.02 | $ 3.13 | ||
Weighted average shares (in shares) | 221.3 | 221.3 | 222.2 | 220.8 | ||
Amounts attributable to Huntsman Corporation common stockholders: | ||||||
Income (loss) from continuing operations | $ 214 | $ 48 | $ 451 | $ (91) | ||
(Loss) income from discontinued operations, net of tax | (5) | 0 | (3) | 782 | ||
Net income attributable to Huntsman Corporation | 209 | 48 | 448 | 691 | ||
Total revenues | [1] | 2,285 | 1,510 | 6,146 | 4,350 | |
Cost of goods sold | 1,802 | 1,231 | 4,840 | 3,612 | ||
Gross profit | 483 | 279 | 1,306 | 738 | ||
Huntsman International LLC [Member] | ||||||
Revenues: | ||||||
Total revenues | 2,285 | 1,510 | 6,146 | 4,350 | ||
Cost of goods sold | 1,802 | 1,231 | 4,840 | 3,612 | ||
Gross profit | 483 | 279 | 1,306 | 738 | ||
Operating expenses: | ||||||
Selling, general and administrative | 203 | 177 | 614 | 559 | ||
Research and development | 38 | 33 | 113 | 101 | ||
Restructuring, impairment and plant closing (credits) costs | (1) | 12 | 34 | 34 | ||
Gain on sale of India-based DIY business | 0 | 0 | (28) | 0 | ||
Other operating income, net | (3) | (3) | (13) | (4) | ||
Total operating expenses | 237 | 219 | 720 | 690 | ||
Operating income | 246 | 60 | 586 | 48 | ||
Interest expense, net | (15) | (24) | (52) | (65) | ||
Equity in income of investment in unconsolidated affiliates | 34 | 21 | 118 | 25 | ||
Fair value adjustments to Venator investment | (3) | 6 | (28) | (100) | ||
Loss on early extinguishment of debt | 0 | 0 | (27) | 0 | ||
Other income, net | 7 | 10 | 21 | 25 | ||
Income (loss) from continuing operations before income taxes | 269 | 73 | 618 | (67) | ||
Income tax expense | (39) | (15) | (115) | (9) | ||
Income (loss) from continuing operations | 230 | 58 | 503 | (76) | ||
(Loss) income from discontinued operations, net of tax | (5) | 0 | (3) | 782 | ||
Net income | 225 | 58 | 500 | 706 | ||
Net income attributable to noncontrolling interests | (16) | (9) | (49) | (15) | ||
Net income attributable to Huntsman Corporation | 209 | 49 | 451 | 691 | ||
Amounts attributable to Huntsman Corporation common stockholders: | ||||||
Net income attributable to Huntsman Corporation | 209 | 49 | 451 | 691 | ||
Total revenues | 2,285 | 1,510 | 6,146 | 4,350 | ||
Cost of goods sold | 1,802 | 1,231 | 4,840 | 3,612 | ||
Gross profit | 483 | 279 | 1,306 | 738 | ||
Third Party Customers [Member] | ||||||
Revenues: | ||||||
Total revenues | 2,230 | 1,487 | 6,006 | 4,262 | ||
Amounts attributable to Huntsman Corporation common stockholders: | ||||||
Total revenues | 2,230 | 1,487 | 6,006 | 4,262 | ||
Third Party Customers [Member] | Huntsman International LLC [Member] | ||||||
Revenues: | ||||||
Total revenues | 2,230 | 1,487 | 6,006 | 4,262 | ||
Amounts attributable to Huntsman Corporation common stockholders: | ||||||
Total revenues | 2,230 | 1,487 | 6,006 | 4,262 | ||
Related Party Customers [Member] | ||||||
Revenues: | ||||||
Total revenues | 55 | 23 | 140 | 88 | ||
Amounts attributable to Huntsman Corporation common stockholders: | ||||||
Total revenues | 55 | 23 | 140 | 88 | ||
Related Party Customers [Member] | Huntsman International LLC [Member] | ||||||
Revenues: | ||||||
Total revenues | 55 | 23 | 140 | 88 | ||
Amounts attributable to Huntsman Corporation common stockholders: | ||||||
Total revenues | $ 55 | $ 23 | $ 140 | $ 88 | ||
|
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
|
Net income | $ 225 | $ 57 | $ 497 | $ 706 |
Other comprehensive (loss) income, net of tax: | ||||
Foreign currency translations adjustments | (36) | 14 | (42) | (42) |
Pension and other postretirement benefits adjustments | 17 | 14 | 52 | 78 |
Other comprehensive (loss) income, net of tax | (19) | 28 | 10 | 36 |
Comprehensive income | 206 | 85 | 507 | 742 |
Comprehensive income attributable to noncontrolling interests | (17) | (12) | (51) | (18) |
Comprehensive income attributable to Huntsman Corporation | 189 | 73 | 456 | 724 |
Net income | 225 | 57 | 497 | 706 |
Huntsman International LLC [Member] | ||||
Net income | 225 | 58 | 500 | 706 |
Other comprehensive (loss) income, net of tax: | ||||
Foreign currency translations adjustments | (36) | 15 | (42) | (42) |
Pension and other postretirement benefits adjustments | 17 | 14 | 53 | 80 |
Other comprehensive (loss) income, net of tax | (19) | 29 | 11 | 38 |
Comprehensive income | 206 | 87 | 511 | 744 |
Comprehensive income attributable to noncontrolling interests | (17) | (12) | (51) | (18) |
Comprehensive income attributable to Huntsman Corporation | 189 | 75 | 460 | 726 |
Net income | $ 225 | $ 58 | $ 500 | $ 706 |
Condensed Consolidated Statements of Equity (Unaudited) - USD ($) $ in Millions |
Huntsman International LLC [Member]
Common Stock Outstanding [Member]
|
Huntsman International LLC [Member]
Common Stock [Member]
|
Huntsman International LLC [Member]
Retained Earnings [Member]
|
Huntsman International LLC [Member]
AOCI Attributable to Parent [Member]
|
Huntsman International LLC [Member]
Noncontrolling Interest [Member]
|
Huntsman International LLC [Member] |
Common Stock Outstanding [Member] |
Common Stock [Member] |
Additional Paid-in Capital [Member] |
Treasury Stock [Member] |
Deferred Compensation, Share-based Payments [Member] |
Retained Earnings [Member] |
AOCI Attributable to Parent [Member] |
Noncontrolling Interest [Member] |
Total |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Balance (in shares) at Dec. 31, 2019 | 2,728 | 224,295,868 | |||||||||||||
Balance at Dec. 31, 2019 | $ 3,675 | $ 312 | $ (1,352) | $ 137 | $ 2,772 | $ 3 | $ 4,008 | $ (635) | $ (17) | $ 690 | $ (1,362) | $ 137 | $ 2,824 | ||
Net income | 0 | 704 | 0 | 3 | 707 | 0 | 0 | 0 | 0 | 705 | 0 | 3 | 708 | ||
Other comprehensive income (loss) | 0 | 0 | (20) | 0 | (20) | 0 | 0 | 0 | 0 | 0 | (21) | 0 | (21) | ||
Issuance of nonvested stock awards | 0 | 18 | 0 | (18) | 0 | 0 | 0 | 0 | |||||||
Vesting of stock awards (in shares) | 943,026 | ||||||||||||||
Vesting of stock awards | 0 | 4 | 0 | 0 | 0 | 0 | 0 | 4 | |||||||
Recognition of stock-based compensation | 0 | 2 | 0 | 5 | 0 | 0 | 0 | 7 | |||||||
Repurchase and cancellation of stock awards (in shares) | (283,975) | ||||||||||||||
Repurchase and cancellation of stock awards | 0 | 0 | 0 | 0 | (6) | 0 | 0 | (6) | |||||||
Stock options exercised (in shares) | 57,209 | ||||||||||||||
Stock options exercised | 0 | 2 | 0 | 0 | (2) | 0 | 0 | 0 | |||||||
Dividends declared on common stock | 0 | 0 | 0 | 0 | (37) | 0 | 0 | (37) | |||||||
Treasury stock repurchased (in shares) | (5,364,519) | ||||||||||||||
Treasury stock repurchased | 0 | 0 | (96) | 0 | 0 | 0 | 0 | (96) | |||||||
Dividends paid to parent | 0 | (37) | 0 | 0 | (37) | ||||||||||
Contribution from parent | 6 | 0 | 0 | 0 | 6 | ||||||||||
Balance at Mar. 31, 2020 | 3,681 | 979 | (1,372) | 140 | 3,428 | 3 | 4,034 | (731) | (30) | 1,350 | (1,383) | 140 | 3,383 | ||
Balance (in shares) at Mar. 31, 2020 | 2,728 | 219,647,609 | |||||||||||||
Balance (in shares) at Dec. 31, 2019 | 2,728 | 224,295,868 | |||||||||||||
Balance at Dec. 31, 2019 | 3,675 | 312 | (1,352) | 137 | 2,772 | 3 | 4,008 | (635) | (17) | 690 | (1,362) | 137 | 2,824 | ||
Net income | 706 | 706 | |||||||||||||
Other comprehensive income (loss) | 35 | 38 | 33 | 36 | |||||||||||
Balance at Sep. 30, 2020 | 3,694 | 894 | (1,317) | 155 | 3,426 | 3 | 4,042 | (731) | (23) | 1,260 | (1,329) | 155 | 3,377 | ||
Balance (in shares) at Sep. 30, 2020 | 2,728 | 219,827,393 | |||||||||||||
Balance (in shares) at Mar. 31, 2020 | 2,728 | 219,647,609 | |||||||||||||
Balance at Mar. 31, 2020 | 3,681 | 979 | (1,372) | 140 | 3,428 | 3 | 4,034 | (731) | (30) | 1,350 | (1,383) | 140 | 3,383 | ||
Net income | 0 | (62) | 0 | 3 | (59) | 0 | 0 | 0 | 0 | (62) | 0 | 3 | (59) | ||
Other comprehensive income (loss) | 0 | 0 | 29 | 0 | 29 | 0 | 0 | 0 | 0 | 0 | 29 | 0 | 29 | ||
Vesting of stock awards (in shares) | 8,448 | ||||||||||||||
Vesting of stock awards | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||
Recognition of stock-based compensation | 0 | 2 | 0 | 4 | 0 | 0 | 0 | 6 | |||||||
Repurchase and cancellation of stock awards (in shares) | (1,093) | ||||||||||||||
Repurchase and cancellation of stock awards | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||
Stock options exercised (in shares) | 92,057 | ||||||||||||||
Stock options exercised | 0 | 1 | 0 | 0 | 0 | 0 | 0 | 1 | |||||||
Dividends declared on common stock | 0 | 0 | 0 | 0 | (36) | 0 | 0 | (36) | |||||||
Dividends paid to parent | 0 | (36) | 0 | 0 | (36) | ||||||||||
Contribution from parent | 7 | 0 | 0 | 0 | 7 | ||||||||||
Balance at Jun. 30, 2020 | 3,688 | 881 | (1,343) | 143 | 3,369 | 3 | 4,037 | (731) | (26) | 1,252 | (1,354) | 143 | 3,324 | ||
Balance (in shares) at Jun. 30, 2020 | 2,728 | 219,747,021 | |||||||||||||
Net income | 0 | 49 | 0 | 9 | 58 | 0 | 0 | 0 | 0 | 48 | 0 | 9 | 57 | ||
Other comprehensive income (loss) | 0 | 0 | 26 | 3 | 29 | 0 | 0 | 0 | 0 | 0 | 25 | 3 | 28 | ||
Vesting of stock awards (in shares) | 2,890 | ||||||||||||||
Vesting of stock awards | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||
Recognition of stock-based compensation | 0 | 2 | 0 | 3 | 0 | 0 | 0 | 5 | |||||||
Repurchase and cancellation of stock awards (in shares) | (710) | ||||||||||||||
Repurchase and cancellation of stock awards | 0 | 0 | 0 | 0 | (1) | 0 | 0 | (1) | |||||||
Stock options exercised (in shares) | 78,192 | ||||||||||||||
Stock options exercised | 0 | 3 | 0 | 0 | (3) | 0 | 0 | 0 | |||||||
Dividends declared on common stock | 0 | 0 | 0 | 0 | (36) | 0 | 0 | (36) | |||||||
Dividends paid to parent | 0 | (36) | 0 | 0 | (36) | ||||||||||
Contribution from parent | 6 | 0 | 0 | 0 | 6 | ||||||||||
Balance at Sep. 30, 2020 | 3,694 | 894 | (1,317) | 155 | 3,426 | 3 | 4,042 | (731) | (23) | 1,260 | (1,329) | 155 | $ 3,377 | ||
Balance (in shares) at Sep. 30, 2020 | 2,728 | 219,827,393 | |||||||||||||
Balance (in shares) at Dec. 31, 2020 | 2,728 | 220,046,262 | 220,046,262 | ||||||||||||
Balance at Dec. 31, 2020 | 3,701 | 1,203 | (1,333) | 154 | 3,725 | 3 | 4,048 | (731) | (19) | 1,564 | (1,346) | 154 | $ 3,673 | ||
Net income | 0 | 85 | 0 | 17 | 102 | 0 | 0 | 0 | 0 | 83 | 0 | 17 | 100 | ||
Other comprehensive income (loss) | 0 | 0 | (12) | 0 | (12) | 0 | 0 | 0 | 0 | 0 | (13) | 0 | (13) | ||
Issuance of nonvested stock awards | 0 | 25 | 0 | (25) | 0 | 0 | 0 | 0 | |||||||
Vesting of stock awards (in shares) | 664,818 | ||||||||||||||
Vesting of stock awards | 0 | 5 | 0 | 0 | 0 | 0 | 0 | 5 | |||||||
Recognition of stock-based compensation | 0 | 2 | 0 | 6 | 0 | 0 | 0 | 8 | |||||||
Repurchase and cancellation of stock awards (in shares) | (202,961) | ||||||||||||||
Repurchase and cancellation of stock awards | 0 | 0 | 0 | 0 | (6) | 0 | 0 | (6) | |||||||
Stock options exercised (in shares) | 204,005 | ||||||||||||||
Stock options exercised | 0 | 5 | 0 | 0 | (2) | 0 | 0 | 3 | |||||||
Dividends declared on common stock | 0 | 0 | 0 | 0 | (36) | 0 | 0 | (36) | |||||||
Dividends paid to parent | 0 | (36) | 0 | 0 | (36) | ||||||||||
Contribution from parent | 8 | 0 | 0 | 0 | 8 | ||||||||||
Balance at Mar. 31, 2021 | 3,709 | 1,252 | (1,345) | 171 | 3,787 | 3 | 4,085 | (731) | (38) | 1,603 | (1,359) | 171 | $ 3,734 | ||
Balance (in shares) at Mar. 31, 2021 | 2,728 | 220,712,124 | |||||||||||||
Balance (in shares) at Dec. 31, 2020 | 2,728 | 220,046,262 | 220,046,262 | ||||||||||||
Balance at Dec. 31, 2020 | 3,701 | 1,203 | (1,333) | 154 | 3,725 | 3 | 4,048 | (731) | (19) | 1,564 | (1,346) | 154 | $ 3,673 | ||
Net income | 500 | 497 | |||||||||||||
Other comprehensive income (loss) | 9 | 11 | 8 | $ 10 | |||||||||||
Stock options exercised (in shares) | 697,000 | ||||||||||||||
Balance at Sep. 30, 2021 | 3,724 | 1,536 | (1,324) | 175 | 4,111 | 3 | 4,096 | (833) | (30) | 1,881 | (1,338) | 175 | $ 3,954 | ||
Balance (in shares) at Sep. 30, 2021 | 2,728 | 217,028,320 | 217,028,320 | ||||||||||||
Balance (in shares) at Mar. 31, 2021 | 2,728 | 220,712,124 | |||||||||||||
Balance at Mar. 31, 2021 | 3,709 | 1,252 | (1,345) | 171 | 3,787 | 3 | 4,085 | (731) | (38) | 1,603 | (1,359) | 171 | $ 3,734 | ||
Net income | 0 | 157 | 0 | 16 | 173 | 0 | 0 | 0 | 0 | 156 | 0 | 16 | 172 | ||
Other comprehensive income (loss) | 0 | 0 | 41 | 1 | 42 | 0 | 0 | 0 | 0 | 0 | 41 | 1 | 42 | ||
Vesting of stock awards (in shares) | 3,732 | ||||||||||||||
Vesting of stock awards | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||
Recognition of stock-based compensation | 0 | 2 | 0 | 4 | 0 | 0 | 0 | 6 | |||||||
Repurchase and cancellation of stock awards (in shares) | (19,912) | ||||||||||||||
Repurchase and cancellation of stock awards | 0 | 0 | 0 | 0 | (1) | 0 | 0 | (1) | |||||||
Stock options exercised (in shares) | 263,962 | ||||||||||||||
Stock options exercised | 0 | 6 | 0 | 0 | (3) | 0 | 0 | 3 | |||||||
Dividends declared on common stock | 0 | 0 | 0 | 0 | (41) | 0 | 0 | (41) | |||||||
Dividends declared to noncontrolling interests | 0 | 0 | 0 | (30) | (30) | 0 | 0 | 0 | 0 | 0 | 0 | (30) | (30) | ||
Dividends paid to parent | 0 | (41) | 0 | 0 | (41) | ||||||||||
Contribution from parent | 7 | 0 | 0 | 0 | 7 | ||||||||||
Balance at Jun. 30, 2021 | 3,716 | 1,368 | (1,304) | 158 | 3,938 | 3 | 4,093 | (731) | (34) | 1,714 | (1,318) | 158 | 3,885 | ||
Balance (in shares) at Jun. 30, 2021 | 2,728 | 220,959,906 | |||||||||||||
Net income | 0 | 209 | 0 | 16 | 225 | 0 | 0 | 0 | 0 | 209 | 0 | 16 | 225 | ||
Other comprehensive income (loss) | 0 | 0 | (20) | 1 | (19) | 0 | 0 | 0 | 0 | 0 | (20) | 1 | (19) | ||
Issuance of nonvested stock awards | 0 | 1 | 0 | (1) | 0 | 0 | 0 | 0 | |||||||
Vesting of stock awards (in shares) | 7,695 | ||||||||||||||
Vesting of stock awards | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||
Recognition of stock-based compensation | 0 | 1 | 0 | 5 | 0 | 0 | 0 | 6 | |||||||
Repurchase and cancellation of stock awards (in shares) | (1,869) | ||||||||||||||
Repurchase and cancellation of stock awards | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||
Stock options exercised (in shares) | 34,372 | ||||||||||||||
Stock options exercised | 0 | 1 | 0 | 0 | 0 | 0 | 0 | 1 | |||||||
Dividends declared on common stock | 0 | 0 | 0 | 0 | (42) | 0 | 0 | $ (42) | |||||||
Treasury stock repurchased (in shares) | (3,971,784) | (3,971,784) | |||||||||||||
Treasury stock repurchased | 0 | 0 | (102) | 0 | 0 | 0 | 0 | $ (102) | |||||||
Dividends paid to parent | 0 | (41) | 0 | 0 | (41) | ||||||||||
Contribution from parent | 8 | 0 | 0 | 0 | 8 | ||||||||||
Balance at Sep. 30, 2021 | $ 3,724 | $ 1,536 | $ (1,324) | $ 175 | $ 4,111 | $ 3 | $ 4,096 | $ (833) | $ (30) | $ 1,881 | $ (1,338) | $ 175 | $ 3,954 | ||
Balance (in shares) at Sep. 30, 2021 | 2,728 | 217,028,320 | 217,028,320 |
Condensed Consolidated Statements of Equity (Unaudited) (Parentheticals) - $ / shares |
3 Months Ended | ||||||
---|---|---|---|---|---|---|---|
Apr. 28, 2021 |
Sep. 30, 2021 |
Jun. 30, 2021 |
Mar. 31, 2021 |
Sep. 30, 2020 |
Jun. 30, 2020 |
Mar. 31, 2020 |
|
Dividends declared on common stock, per share (in dollars per share) | $ 0.1875 | $ 0.1875 | $ 0.1875 | $ 0.1625 | $ 0.1625 | $ 0.1625 | $ 0.1625 |
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions |
9 Months Ended | |
---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
|
Operating Activities: | ||
Net income | $ 497 | $ 706 |
Less: Loss (income) from discontinued operations, net of tax | 3 | (782) |
Income (loss) from continuing operations | 500 | (76) |
Adjustments to reconcile income (loss) from continuing operations to net cash provided by operating activities from continuing operations: | ||
Equity in income of investment in unconsolidated affiliates | (118) | (25) |
Unrealized losses on fair value adjustments to Venator investment | 28 | 100 |
Cash received from return on investment in unconsolidated subsidiary | 31 | 18 |
Depreciation and amortization | 219 | 206 |
Noncash lease expense | 46 | 46 |
Gain on disposal of businesses/assets | (28) | 0 |
Loss on early extinguishment of debt | 27 | 0 |
Noncash restructuring and impairment charges | 14 | 5 |
Deferred income taxes | (22) | (16) |
Stock-based compensation | 24 | 20 |
Other, net | (4) | 4 |
Changes in operating assets and liabilities: | ||
Accounts and notes receivable | (342) | 103 |
Inventories | (329) | 154 |
Prepaid expenses | 31 | 23 |
Other current assets | (11) | 4 |
Other noncurrent assets | (84) | (47) |
Accounts payable | 125 | (85) |
Accrued liabilities | 88 | (22) |
Taxes paid on sale of Chemical Intermediates Businesses | 0 | (188) |
Other noncurrent liabilities | (32) | (114) |
Net cash provided by operating activities from continuing operations | 163 | 110 |
Net cash used in operating activities from discontinued operations | (1) | (22) |
Net cash provided by operating activities | 162 | 88 |
Investing Activities: | ||
Capital expenditures | (250) | (170) |
Cash received from sale of businesses | 43 | 1,923 |
Acquisition of businesses, net of cash acquired | (245) | (653) |
Insurance proceeds for recovery of property damage | 3 | 0 |
Other, net | 10 | 5 |
Net cash (used in) provided by investing activities | (439) | 1,105 |
Financing Activities: | ||
Net borrowings (repayments) on revolving loan facilities | 8 | (153) |
Proceeds from issuance of long-term debt | 427 | 0 |
Repayments of long-term debt | (965) | (17) |
Repayments of short-term debt | 0 | (109) |
Repayments of notes payable | 0 | (32) |
Debt issuance costs paid | (4) | 0 |
Dividends paid to noncontrolling interests | (30) | (24) |
Dividends paid to common stockholders | (119) | (109) |
Repurchase and cancellation of awards | (7) | (7) |
Proceeds from issuance of common stock | 7 | 2 |
Repurchase of common stock | (102) | (96) |
Costs of early extinguishment of debt | (26) | 0 |
Other, net | 2 | (1) |
Net cash used in financing activities | (809) | (546) |
Effect of exchange rate changes on cash | (2) | (4) |
(Decrease) increase in cash, cash equivalents and restricted cash | (1,088) | 643 |
Cash, cash equivalents and restricted cash at beginning of period | 1,593 | 525 |
Cash, cash equivalents and restricted cash at end of period | 505 | 1,168 |
Supplemental cash flow information: | ||
Cash paid for interest | 57 | 49 |
Cash paid for income taxes | 83 | 242 |
Huntsman International LLC [Member] | ||
Operating Activities: | ||
Net income | 500 | 706 |
Less: Loss (income) from discontinued operations, net of tax | 3 | (782) |
Income (loss) from continuing operations | 503 | (76) |
Adjustments to reconcile income (loss) from continuing operations to net cash provided by operating activities from continuing operations: | ||
Equity in income of investment in unconsolidated affiliates | (118) | (25) |
Unrealized losses on fair value adjustments to Venator investment | 28 | 100 |
Cash received from return on investment in unconsolidated subsidiary | 31 | 18 |
Depreciation and amortization | 219 | 206 |
Noncash lease expense | 46 | 46 |
Gain on disposal of businesses/assets | (28) | 0 |
Loss on early extinguishment of debt | 27 | 0 |
Noncash restructuring and impairment charges | 14 | 5 |
Deferred income taxes | (22) | (17) |
Other, net | (6) | 8 |
Noncash compensation | 23 | 19 |
Changes in operating assets and liabilities: | ||
Accounts and notes receivable | (342) | 103 |
Inventories | (329) | 154 |
Prepaid expenses | 32 | 24 |
Other current assets | (4) | 11 |
Other noncurrent assets | (84) | (47) |
Accounts payable | 124 | (87) |
Accrued liabilities | 82 | (29) |
Taxes paid on sale of Chemical Intermediates Businesses | 0 | (188) |
Other noncurrent liabilities | (29) | (112) |
Net cash provided by operating activities from continuing operations | 167 | 113 |
Net cash used in operating activities from discontinued operations | (1) | (22) |
Net cash provided by operating activities | 166 | 91 |
Investing Activities: | ||
Capital expenditures | (250) | (170) |
Cash received from sale of businesses | 43 | 1,923 |
Acquisition of businesses, net of cash acquired | (245) | (653) |
Insurance proceeds for recovery of property damage | 3 | 0 |
Other, net | 10 | 4 |
Net cash (used in) provided by investing activities | (544) | 1,379 |
(Increase) decrease in receivable from affiliate | (105) | 275 |
Financing Activities: | ||
Net borrowings (repayments) on revolving loan facilities | 8 | (153) |
Proceeds from issuance of long-term debt | 427 | 0 |
Repayments of long-term debt | (965) | (17) |
Repayments of short-term debt | 0 | (109) |
Repayments of notes payable | 0 | (32) |
Debt issuance costs paid | (4) | 0 |
Dividends paid to noncontrolling interests | (30) | (23) |
Costs of early extinguishment of debt | (26) | 0 |
Other, net | 2 | (1) |
Net cash used in financing activities | (706) | (824) |
Effect of exchange rate changes on cash | (2) | (4) |
(Decrease) increase in cash, cash equivalents and restricted cash | (1,086) | 642 |
Cash, cash equivalents and restricted cash at beginning of period | 1,591 | 525 |
Cash, cash equivalents and restricted cash at end of period | 505 | 1,167 |
Repayments of notes payable to affiliate | 0 | (380) |
Dividends paid to parent | (118) | (109) |
Supplemental cash flow information: | ||
Cash paid for interest | 57 | 49 |
Cash paid for income taxes | $ 83 | $ 242 |
Condensed Consolidated Statements of Cash Flows (Unaudited) (Parentheticals) - USD ($) $ in Millions |
9 Months Ended | |
---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
|
Income Tax Paid related to sale of business | $ 3 | |
India-Based Do It Yourself Consumer Adhesives Business [Member] | ||
Capital Expenditures Incurred but Not yet Paid | 54 | $ 54 |
Huntsman International LLC [Member] | ||
Capital Expenditures Incurred but Not yet Paid | 54 | $ 54 |
Huntsman International LLC [Member] | India-Based Do It Yourself Consumer Adhesives Business [Member] | ||
Income Taxes Paid Related to the Sale of a Business | $ 3 |
Note 1 - General |
9 Months Ended | ||||||
---|---|---|---|---|---|---|---|
Sep. 30, 2021 | |||||||
Notes to Financial Statements | |||||||
Nature of Operations [Text Block] |
1. GENERAL Certain Definitions For convenience in this report, the terms “Company,” “Huntsman,” “our,” “us” or “we” may be used to refer to Huntsman Corporation and, unless the context otherwise requires, its subsidiaries and predecessors. In this report, “Huntsman International” refers to Huntsman International LLC (our wholly-owned subsidiary). In this report, we may use, without definition, the common names of competitors or other industry participants. We may also use the common names or abbreviations for certain chemicals or products. Interim Financial Statements Our unaudited interim condensed consolidated financial statements and Huntsman International’s unaudited interim condensed consolidated financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP” or “U.S. GAAP”) and in management’s opinion reflect all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of results of operations, comprehensive income (loss), financial position and cash flows for the periods presented. Results for interim periods are not necessarily indicative of those to be expected for the full year. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes to consolidated financial statements included in the Annual Report on Form 10-K for the year ended December 31, 2020 for our Company and Huntsman International. Description of Businesses We are a global manufacturer of differentiated organic chemical products. We operate in four segments: Polyurethanes, Performance Products, Advanced Materials and Textile Effects. Our products comprise a broad range of chemicals and formulations, which we market globally to a diversified group of consumer and industrial customers. Our products are used in a wide range of applications, including those in the adhesives, aerospace, automotive, construction products, durable and non-durable consumer products, electronics, insulation, medical, packaging, coatings and construction, power generation, refining, synthetic fiber, textile chemicals and dyes industries. We are a leading global producer in many of our key product lines, including MDI, amines, maleic anhydride, epoxy-based polymer formulations, textile chemicals and dyes. We operate our businesses through Huntsman International, our wholly-owned subsidiary. Huntsman International is a Delaware limited liability company and was formed in 1999.
Huntsman Corporation and Huntsman International Financial Statements Except where otherwise indicated, these notes relate to the condensed consolidated financial statements for both our Company and Huntsman International. The differences between our financial statements and Huntsman International’s financial statements relate primarily to the following:
Principles of Consolidation Our condensed consolidated financial statements include the accounts of our wholly-owned and majority-owned subsidiaries and any variable interest entities for which we are the primary beneficiary. Intercompany accounts and transactions have been eliminated. Recent Developments
Amendments to Accounts Receivable Securitization Programs
On July 1, 2021, we entered into amendments to our U.S. accounts receivable securitization program (“U.S. A/R Program”) and our European accounts receivable securitization program (“EU A/R Program” and collectively with the U.S. A/R Program, “A/R Programs”) that, among other things, extended the scheduled termination dates of our A/R Programs from April 2022 to July 2024. For additional information, see “Note 8. Debt—Direct and Subsidiary Debt—A/R Programs.”
Use of Estimates 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.
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Note 2 - Recently Issued Accounting Pronouncements |
9 Months Ended | |||
---|---|---|---|---|
Sep. 30, 2021 | ||||
Notes to Financial Statements | ||||
Accounting Standards Update and Change in Accounting Principle [Text Block] |
2. RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS
Accounting Pronouncements ADopted During 2021 We adopted the following accounting pronouncement during 2021, which did not have a significant impact on our condensed consolidated financial statements:
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Note 3 - Business Combinations and Acquisitions |
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Notes to Financial Statements | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination Disclosure [Text Block] |
3. BUSINESS COMBINATIONS AND ACQUISITIONS
Acquisition of gaBRIEL Performance Products
On January 15, 2021, we completed the acquisition of Gabriel Performance Products, a North American specialty chemical manufacturer of specialty additives and epoxy curing agents for the coatings, adhesives, sealants and composite end-markets (“Gabriel Acquisition”), from funds affiliated with Audax Private Equity in an all-cash transaction of approximately $251 million, subject to customary closing adjustments. The purchase price was funded from available liquidity, and the acquired business is being integrated into our Advanced Materials segment. Transaction costs related to this acquisition were approximately and $2 million, respectively, for the three and nine months ended September 30, 2021 and were recorded in other operating income, net in our condensed consolidated statements of operations.
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 preliminary allocation of acquisition cost to the assets acquired and liabilities assumed is summarized as follows (dollars in millions):
The acquisition cost allocation is preliminary pending final determination of the fair value of assets acquired and liabilities assumed, including final valuation of certain liabilities, property, plant and equipment, intangible assets, leases and deferred taxes. Intangible assets acquired included in this preliminary allocation consist primarily of trademarks, technology and trade secrets. The applicable amortization periods are still being assessed. For purposes of this preliminary allocation of fair value, we have assigned any excess of the acquisition cost over the estimated preliminary fair value to goodwill. The estimated goodwill recognized is attributable primarily to projected future profitable growth in our Advanced Materials specialty portfolio and synergies. We expect that a portion of the estimated goodwill arising from the acquisition will be deductible for income tax purposes, but the amount is still being assessed. It is possible that material changes to this preliminary allocation of acquisition cost could occur.
The acquired business had revenues and net income of $81 million and $14 million, respectively, for the period from the date of acquisition to September 30, 2021.
Acquisition of CVC Thermoset Specialties On May 18, 2020, we completed our acquisition of CVC Thermoset Specialties, a North American specialty chemical manufacturer serving the industrial composites, adhesives and coatings markets (“CVC Thermoset Specialties Acquisition”). We acquired the business for $304 million from Emerald Performance Materials LLC, which is majority owned by affiliates of American Securities LLC, in an all-cash transaction funded from available liquidity. The acquired business was integrated into our Advanced Materials segment.
We accounted for the CVC Thermoset Specialties Acquisition using the acquisition method. As such, we analyzed the fair value of tangible and intangible assets acquired and liabilities assumed. The allocation of acquisition cost to the assets acquired and liabilities assumed is summarized as follows (dollars in millions):
Intangible assets acquired consist primarily of trademarks, trade secrets and customer relationships, which are predominantly being amortized over a period of 20 years. The goodwill recognized is attributable primarily to projected future profitable growth in our Advanced Materials specialty portfolio and synergies. of the goodwill arising from the acquisition is deductible for income tax purposes.
Acquisition of Icynene-Lapolla On February 20, 2020, we completed our acquisition of Icynene-Lapolla, a leading North American manufacturer and distributor of spray polyurethane foam insulation systems for residential and commercial applications (“Icynene-Lapolla Acquisition”). We acquired the business from an affiliate of FFL Partners, LLC for $353 million in an all-cash transaction funded from available liquidity. The acquired business was integrated into our Polyurethanes segment.
We accounted for the Icynene-Lapolla Acquisition using the acquisition method. As such, we analyzed the fair value of tangible and intangible assets acquired and liabilities assumed. The allocation of acquisition cost to the assets acquired and liabilities assumed is summarized as follows (dollars in millions):
As a result of the final valuation of the assets and liabilities, reallocations were made during the first quarter of 2021 in certain current asset and liability, property, plant and equipment, intangible asset, goodwill, other noncurrent assets and deferred tax balances. Intangible assets acquired consist primarily of trademarks, trade secrets and customer relationships, which are predominantly being amortized over a period of 10 years. The goodwill recognized is attributable primarily to projected future profitable growth, penetration into downstream markets and synergies. of the goodwill arising from the acquisition is deductible for income tax purposes. PRO FORMA INFORMATION FOR ACQUISITIONS
If the Gabriel Acquisition, the CVC Thermoset Specialties Acquisition and the Icynene-Lapolla Acquisition were to have occurred on January 1, 2020, the following estimated pro forma revenues, net (loss) income, net (loss) income attributable to Huntsman Corporation and Huntsman International would have been reported (dollars in millions):
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Note 4 - Discontinued Operations and Business Dispositions |
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Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] |
4. DISCONTINUED OPERATIONS AND BUSINESS DISPOSITIONS
S
aLE of India-based do-it-Yourself consumer adhesives business
On November 3, 2020, we completed the sale of the India-based DIY business to Pidilite Industries Ltd. and received cash of approximately $257 million. Under the terms of the agreement, an earnout provision of up to approximately $28 million of additional cash was attainable if the business achieved, within 18 months, certain sales revenue targets in line with the DIY business' 2019 performance. The performance criteria of the earnout provision were satisfied in the second quarter of 2021, and we received the full payment of $28 million. As a result, we recognized an additional pretax gain of $28 million in the second quarter of 2021, which was recorded in gain on sale of India-based DIY business in our condensed consolidated statements of operations.
SaLE of Venator InterEST
On
December 23, 2020, we completed the sale of approximately
42.4 million ordinary shares of Venator Materials PLC (“Venator”) and received approximately
$99 million in cash. Subsequent to this sale of ordinary shares, we
no longer account for our current remaining ownership interest in Venator as an equity method investment, but rather as an investment in equity securities that are marked to fair value with changes in fair value reported in earnings. Concurrently with the sale of ordinary shares, we entered into an option agreement, pursuant to which we granted an option to funds advised by SK Capital Partners, LP to purchase the remaining approximate
9.7 million ordinary shares we hold in Venator at
$2.15 per share. The option will expire on
June 23, 2023 and will
not be exercisable so long as such exercise would result in a default or an "Event of Default" under Venator’s Term Loan Credit Agreement and Revolving Credit Agreement. We record this option at fair value with changes in fair value reported in earnings.
For the
three months ended
September 30, 2021 and 2020, we recorded net (losses) gains of $(
3) million and
$6 million, respectively, and for the
nine months ended
September 30, 2021 and 2020, we recorded net losses of
$28 million and
$100 million, respectively, to record our investment in Venator and related option to sell our remaining Venator shares at fair value. These net (losses) gains were recorded in “Fair value adjustments to Venator investment” in our condensed consolidated statements of operations.
Summarized financial information of Venator for the
three and
nine months ended
September 30, 2020 is as follows (in millions):
Sale of Chemical Intermediates Businesses On January 3, 2020, we completed the sale of our chemical intermediates businesses, which included PO/MTBE, and our surfactants business (“Chemical Intermediates Businesses”) to Indorama Ventures Holdings L.P. (“Indorama”) in a transaction valued at approximately $2 billion, comprised of a cash purchase price of approximately $1.92 billion and the transfer of approximately $72 million in net underfunded pension and other post-employment benefit liabilities. In connection with this sale, we recognized a net after-tax gain of $748 million in the first nine months of 2020. Also, in connection with this sale, we entered into long-term supply agreements with Indorama to supply us with certain raw materials at market prices.
The following table reconciles major line items constituting pretax income of discontinued operations to after-tax income of discontinued operations as presented in our condensed consolidated statements of operations (dollars in millions):
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Note 5 - Inventories |
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Inventory Disclosure [Text Block] |
5. INVENTORIES We state our inventories at the lower of cost or market, with cost determined using last-in first-out (“LIFO”), first-in first-out and average cost methods for different components of inventory. Inventories consisted of the following (dollars in millions):
For both September 30, 2021 and December 31, 2020, approximately 7% of inventories were recorded using the LIFO cost method. |
Note 6 - Variable Interest Entities |
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Variable Interest Entity Disclosure [Text Block] |
6. VARIABLE INTEREST ENTITIES We evaluate our investments and transactions to identify variable interest entities for which we are the primary beneficiary. We hold a variable interest in the following joint ventures for which we are the primary beneficiary:
During the nine months ended September 30, 2021, there were no changes in our variable interest entities. Creditors of these entities have no recourse to our general credit. See “Note 8. Debt—Direct and Subsidiary Debt.” As the primary beneficiary of these variable interest entities at September 30, 2021, the joint ventures’ assets, liabilities and results of operations are included in our condensed consolidated financial statements. The following table summarizes the carrying amount of our variable interest entities’ assets and liabilities included in our condensed consolidated balance sheet as of September 30, 2021 and our consolidated balance sheet as of December 31, 2020 (dollars in millions):
The revenues, income from continuing operations before income taxes and net cash provided by operating activities for our variable interest entities for the three and nine months ended September 30, 2021 and 2020 are as follows (dollars in millions):
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Note 7 - Restructuring, Impairment and Plant Closing Costs |
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Restructuring and Related Activities Disclosure [Text Block] |
7. RESTRUCTURING, IMPAIRMENT AND PLANT CLOSING COSTS
As of September 30, 2021 and December 31, 2020, accrued restructuring costs by type of cost and initiative consisted of the following (dollars in millions):
Details with respect to our reserves for restructuring, impairment and plant closing costs by segment and initiative are provided below (dollars in millions):
Details with respect to cash and noncash restructuring charges from continuing operations for the three and nine months ended September 30, 2021 and 2020 are provided below (dollars in millions):
2021 Restructuring Activities
Beginning in the first quarter of 2021, our Corporate and other segment incurred restructuring costs related to a restructuring program to optimize our global approach to leveraging shared services capabilities. In connection with this restructuring program, we recorded restructuring expense of approximately $16 million in the nine months ended September 30, 2021 primarily related to workforce reductions, and we expect to record further restructuring expenses of approximately $3 million through 2023.
Beginning in the third quarter of 2020, our Polyurethanes segment implemented a restructuring program to optimize its downstream footprint. In connection with this restructuring program, we recorded restructuring expense of approximately $4 million in the nine months ended September 30, 2021 primarily related to workforce reductions and accelerated depreciation, partially offset by a gain on sale of assets of approximately $3 million. We expect to record further restructuring expenses of between approximately $4 million and $5 million through the first half of 2022.
Beginning in the second quarter of 2020, our Advanced Materials segment implemented restructuring programs in connection with the CVC Thermoset Specialties Acquisition, the alignment of the segment’s commercial organization and optimization of the segment’s manufacturing processes. In connection with these restructuring programs, we recorded restructuring expense of approximately $8 million in the nine months ended September 30, 2021 primarily related to accelerated depreciation.
2020 Restructuring Activities
Beginning in the second quarter of 2020, our Polyurethanes segment implemented a restructuring program to reorganize its spray polyurethane foam business to better position this business for efficiencies and growth in coming years. In connection with this restructuring program, we recorded restructuring expense of approximately $6 million in the nine months ended September 30, 2020 primarily related to workforce reductions and accelerated depreciation.
Beginning in the third quarter of 2020, our Polyurethanes segment implemented a restructuring program to optimize its downstream footprint. In connection with this restructuring program, we recorded restructuring expense of approximately $1 million in the third quarter of 2020.
Beginning in the second quarter of 2020, our Performance Products segment implemented a restructuring program, primarily related to workforce reductions, in response to the sale of our Chemical Intermediates Businesses to Indorama. In connection with this restructuring program, we recorded restructuring expense of approximately $4 million in the nine months ended September 30, 2020.
Beginning in the second quarter of 2020, our Advanced Materials segment implemented restructuring programs, primarily related to workforce reductions, in connection with the CVC Thermoset Specialties Acquisition and the alignment of the segment's commercial organization and optimization of the segment's manufacturing processes. In connection with these restructuring programs, we recorded restructuring expense of approximately $10 million in the nine months ended September 30, 2020.
During 2020, our Textile Effects segment implemented restructuring programs to rationalize and realign structurally across various functions and certain locations within the segment. In connection with these restructuring programs, we recorded restructuring expense of approximately $10 million in the nine months ended September 30, 2020, related primarily to workforce reductions.
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Note 8 - Debt |
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Debt Disclosure [Text Block] |
8. DEBT Our outstanding debt, net of debt issuance costs, consisted of the following (dollars in millions):
Direct and Subsidiary Debt Huntsman Corporation’s direct debt and guarantee obligations consist of a guarantee of certain indebtedness incurred from time to time to finance certain insurance premiums. Substantially all of our other debt, including the facilities described below, has been incurred by our subsidiaries (primarily Huntsman International). Huntsman Corporation is not a guarantor of such subsidiary debt. Certain of our subsidiaries have third-party debt agreements that contain certain restrictions with regard to dividends, distributions, loans or advances. In certain circumstances, the consent of a third party would be required prior to the transfer of any cash or assets from these subsidiaries to us. Debt Issuance Costs We record debt issuance costs related to a debt liability on the balance sheet as a reduction to the face amount of that debt liability. For September 30, 2021 and December 31, 2020, the amount of debt issuance costs directly reducing the debt liability was $10 million and $9 million, respectively. We record the amortization of debt issuance costs as interest expense. Revolving Credit Facility As of September 30, 2021, our $1.2 billion senior unsecured revolving credit facility (“Revolving Credit Facility”) was as follows (monetary amounts in millions):
Term Loan Credit Facility
On September 24, 2019, Huntsman International entered into a 364-day term loan facility (the “2019 Term Loan”), pursuant to which Huntsman International borrowed an aggregate principal amount of million (or $101 million equivalent). We used the net proceeds from the 2019 Term Loan to finance our acquisition of the 50% noncontrolling interest that we did not own in the Sasol-Huntsman maleic anhydride joint venture. On September 22, 2020, we repaid the 2019 Term Loan in full at maturity.
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 July 1, 2021, we entered into amendments to our A/R Programs that, among other things, extended the respective scheduled termination dates of our A/R Programs from April 2022 to July 2024.
Information regarding our A/R Programs as of September 30, 2021 was as follows (monetary amounts in millions):
As of September 30, 2021 and December 31, 2020, $336 million and $198 million, respectively, of accounts receivable were pledged as collateral under our A/R Programs.
Senior Notes
On January 15, 2021, Huntsman International redeemed in full € million (approximately $541 million) in aggregate principal amount of our 5.125% senior notes due 2021 (“2021 Senior Notes”) at the redemption price equal to 100% of the principal amount of the notes, plus accrued and unpaid interest to, but not including, the redemption date. In connection with this redemption, we incurred an incremental cash tax liability of approximately $15 million in the first quarter of 2021 related to foreign currency exchange gains.
On May 26, 2021, Huntsman International completed a $400 million offering of its 2031 Senior Notes. On June 23, 2021, Huntsman International applied the net proceeds from the offering, along with cash on hand, to redeem in full $400 million in aggregate principal amount of its 2022 Senior Notes and to pay accrued but unpaid interest of approximately $2 million. In addition, we paid redemption premiums and related fees and expenses of approximately $25 million and recognized a corresponding loss on early extinguishment of debt of $26 million in the second quarter of 2021.
The 2031 Senior Notes bear interest at 2.95% per year, payable semi‑annually on June 15 and December 15 of each year, and will mature on June 15, 2031. Huntsman International may redeem the 2031 Senior Notes in whole or in part at any time prior to March 15, 2031 at a price equal to 100% of the principal amount thereof plus a “make‑whole” premium as of, and accrued and unpaid interest, if any, to, but not including, the date of redemption. Huntsman International may redeem the 2031 Senior Notes at any time in whole or from time to time in part, on or after March 15, 2031 at a price equal to 100% of the principal amount thereof plus accrued and unpaid interest, if any, to, but not including, the date of redemption.
Variable Interest Entity Debt
On September 30, 2021, AAC, our consolidated 50%-owned joint venture, entered into a new term loan facility of 177 million SAR (approximately $47 million) with Saudi British Bank, of which approximately million SAR (approximately million) was funded with the remainder being funded subsequent to September 30, 2021. A portion of these funds were used to repay existing debt subsequent to September 30, 2021.
Note Payable from Huntsman International to Huntsman Corporation
During the first quarter of 2020, our intercompany loan of $380 million to our subsidiary Huntsman International was repaid to us in full.
Compliance with Covenants We believe that we are in compliance with the covenants contained in the agreements governing our material debt instruments, including our Revolving Credit Facility, our A/R Programs and our senior notes.
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Note 9 - Derivative Instruments and Hedging Activities |
9 Months Ended |
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Notes to Financial Statements | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] |
9. 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. Our revenues and expenses are denominated in various foreign currencies, and our cash flows and earnings are thus subject to fluctuations due to exchange rate variations. From time to time, we may 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 be managed from time to time through financial market transactions, principally through the purchase of spot or forward foreign exchange contracts (generally with maturities of one year or less). We do not hedge our foreign currency exposures in a manner that would eliminate the effect of changes in exchange rates on our cash flows and earnings. As of September 30, 2021, we had approximately $178 million in notional amount (in U.S. dollar equivalents) outstanding in forward foreign currency contracts. From time to time, we may purchase interest rate swaps and/or other derivative instruments to reduce the impact of changes in interest rates on our floating-rate exposures. Under interest rate swaps, we agree with other parties to exchange, at specified intervals, the difference between fixed-rate and floating-rate interest amounts calculated by reference to an agreed notional principal amount.
We review our non-U.S. dollar denominated debt and derivative instruments to determine the appropriate amounts designated as hedges. As of September 30, 2021, we have designated approximately million (approximately $140 million) of euro-denominated debt as a hedge of our net investment. For the nine months ended September 30, 2021 and September 30, 2020, the amount recognized on the hedge of our net investment was a gain of $7 million and a loss of $31 million, respectively, and were recorded in other comprehensive income in our condensed consolidated statements of comprehensive income.
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Note 10 - Fair Value |
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Fair Value Disclosures [Text Block] |
10. FAIR VALUE The fair values of financial instruments were as follows (dollars in millions):
The carrying amounts reported in the balance sheets of cash and cash equivalents, accounts receivable and accounts payable approximate fair value because of the immediate or short-term maturity of these financial instruments. Our investment in Venator is marked to fair value, which is obtained through market observable pricing using prevailing market prices (Level 1). Additionally, the estimated fair value of the option agreement related to the remaining ordinary shares we hold in Venator is based on a valuation technique using market observable inputs (Level 2). See “Note 4. Discontinued Operations and Business Dispositions—Sale of Venator Interest.” The fair values of non-qualified employee benefit plan investments are obtained through market observable pricing using prevailing market prices (Level 1). The estimated fair values of our long-term debt are based on quoted market prices for the identical liability when traded in an active market (Level 1). The fair value estimates presented herein are based on pertinent information available to management as of September 30, 2021 and December 31, 2020. Although we are not aware of any factors that would significantly affect the estimated fair value amounts, such amounts have not been comprehensively revalued for purposes of these financial statements since September 30, 2021, and current estimates of fair value may differ significantly from the amounts presented herein. During the nine months ended September 30, 2021, there were no instruments measured at fair value on a recurring basis using significant unobservable inputs (Level 3), and there were no gains or losses (realized and unrealized) included in earnings for instruments categorized as Level 3 within the fair value hierarchy. |
Note 11 - Revenue Recognition |
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Revenue from Contract with Customer [Text Block] |
11. REVENUE RECOGNITION
The following tables disaggregate our revenue from continuing operations by major source for the three months ended September 30, 2021 and 2020 (dollars in millions):
The following tables disaggregate our revenue from continuing operations by major source for the nine months ended September 30, 2021 and 2020 (dollars in millions):
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Note 12 - Employee Benefit Plans |
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Retirement Benefits [Text Block] |
12. EMPLOYEE BENEFIT PLANS Components of the net periodic benefit costs from continuing operations for the three and nine months ended September 30, 2021 and 2020 were as follows (dollars in millions): Huntsman Corporation
Huntsman International
During the nine months ended September 30, 2021 and 2020, we made contributions to our pension and other postretirement benefit plans of $45 million and $73 million, respectively. During the remainder of 2021, we expect to contribute an additional amount of approximately $9 million to these plans. |
Note 13 - Huntsman Corporation Stockholders' Equity |
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Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] |
13. HUNTSMAN CORPORATION STOCKHOLDERS’ EQUITY Share Repurchase Program On February 7, 2018 and on May 3, 2018, our Board of Directors collectively authorized us to repurchase up to an aggregate of $1 billion in shares of our common stock. The share repurchase program is supported by our free cash flow generation. Repurchases may be made through the open market, including through accelerated share repurchase programs, or in privately negotiated transactions, and repurchases may be commenced or suspended from time to time without prior notice. Shares of common stock acquired through the repurchase program are held in treasury at cost. Subsequent to the end of the first quarter of 2020, we suspended share repurchases under our existing share repurchase program in order to enhance our liquidity position in response to COVID-19. During the third quarter of 2021, we resumed the share repurchase program and repurchased 3,971,784 shares of our common stock for approximately $102 million, excluding commissions. Dividends on Common Stock On April 28, 2021, our Board of Directors declared a $0.1875 per share cash dividend on our common stock. This represents a 15% increase from the previous dividend. During the quarters ended September 30, 2021 and September 30, 2020, we paid $42 million and $36 million, respectively, or $0.1875 and $0.1625 per share, respectively, to common stockholders. During the quarters ended June 30, 2021 and June 30, 2020, we paid $41 million and $36 million, respectively, or $0.1875 and $0.1625 per share, respectively, to common stockholders. During the quarters ended and March 31, 2021 and March 31, 2020, we paid $36 million and $37 million, respectively, or $0.1625 per share each to common stockholders.
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Note 14 - Accumulated Other Comprehensive Loss |
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Comprehensive Income (Loss) Note [Text Block] |
14. ACCUMULATED OTHER COMPREHENSIVE LOSS The components of other comprehensive (loss) income and changes in accumulated other comprehensive loss by component were as follows (dollars in millions): Huntsman Corporation
Huntsman International
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Note 15 - Commitments and Contingencies |
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Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] |
15. COMMITMENTS AND CONTINGENCIES Legal Matters We are a party to various proceedings instituted by private plaintiffs, governmental authorities and others arising under provisions of applicable laws, including various environmental, products liability and other laws. Except as otherwise disclosed in this report, we do not believe that the outcome of any of these matters will have a material effect on our financial condition, results of operations or liquidity. |
Note 16 - Environmental, Health and Safety Matters |
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Notes to Financial Statements | |
Environmental Loss Contingency Disclosure [Text Block] |
16. ENVIRONMENTAL, HEALTH AND SAFETY MATTERS EHS Capital Expenditures
We may incur future costs for capital improvements and general compliance under environmental, health and safety (“EHS”) laws, including costs to acquire, maintain and repair pollution control equipment. For the nine months ended September 30, 2021 and 2020, our capital expenditures for EHS matters totaled $25 million and $17 million, respectively. Because capital expenditures for these matters are subject to evolving regulatory requirements and depend, in part, on the timing, promulgation and enforcement of specific requirements, our capital expenditures for EHS matters have varied significantly from year to year and we cannot provide assurance that our recent expenditures are indicative of future amounts we may spend related to EHS and other applicable laws.
Environmental Reserves 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 include amounts recorded as asset retirement obligations. We had accrued $5 million and $4 million for environmental liabilities as of September 30, 2021 and December 31, 2020, respectively. Of these amounts, $2 million and $1 million were classified as accrued liabilities in our condensed consolidated balance sheets as of September 30, 2021 and December 31, 2020, respectively, and $3 million was classified as other noncurrent liabilities in our condensed consolidated balance sheets as of both September 30, 2021 and December 31, 2020. In certain cases, our remediation liabilities may be payable over periods of up to 30 years. We may incur losses for environmental remediation in excess of the amounts accrued; however, we are not able to estimate the amount or range of such potential excess.
Environmental Matters 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 be liable for remediation costs regardless of whether the release or disposal of hazardous substances was in compliance with law at the time it occurred, and a current owner or operator may be liable regardless of whether it owned or operated the facility at the time of the release. Outside the U.S., analogous contaminated property laws, such as those in effect in France and Australia, can hold past owners and/or operators liable for remediation at former facilities. Currently, there are approximately former facilities or third-party sites in the U.S. for which we have been notified of potential claims against us for cleanup liabilities, including, but not limited to, sites listed under CERCLA. Based on current information and past experiences at other CERCLA sites, we do not expect these third-party claims to have a material impact on our condensed consolidated financial statements. Under the Resource Conservation and Recovery Act (“RCRA”) in the U.S. and similar state laws, we may be required to remediate contamination originating from our properties as a condition to our hazardous waste permit. Some of our manufacturing sites have an extended history of industrial chemical manufacturing and use, including on-site waste disposal. We are aware of soil, groundwater or surface contamination from past operations at some of our sites, and we may find contamination at other sites in the future. For example, our Geismar, Louisiana facility is the subject of ongoing remediation requirements imposed under RCRA. Similar laws exist in a number of locations in which we currently operate, or previously operated, manufacturing facilities, such as Australia, India, France, Hungary and Italy. North Maybe Canyon Mine Remediation The North Maybe Canyon Mine site is a CERCLA site and involves a former phosphorous mine near Soda Springs, Idaho, which is believed to have been operated by several companies, including a predecessor company to us. In 2004, the U.S. Forest Service notified us that we are a CERCLA potentially responsible party (“PRP”) for contamination originating from the site. In February 2010, we and Wells Cargo (another PRP) agreed to conduct a Remedial Investigation/Feasibility Study of a portion of the site and are currently engaged in that process. At this time, we are unable to reasonably estimate our potential liabilities at this site. |
Note 17 - Stock-based Compensation Plans |
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Share-based Payment Arrangement [Text Block] |
17. STOCK-BASED COMPENSATION PLANS As of September 30, 2021, we had approximately 7 million shares remaining under the stock-based compensation plans available for grant. Option awards have a maximum contractual term of 10 years and generally must have an exercise price at least equal to the market price of our common stock on the date the option award is granted. Outstanding stock-based awards generally vest annually over a -year period.
The compensation cost from continuing operations under the stock-based compensation plans for our Company and Huntsman International were as follows (dollars in millions):
The total income tax benefit recognized in the condensed consolidated statements of operations for us and Huntsman International for stock-based compensation arrangements was $2 million and $3 million for the nine months ended September 30, 2021 and 2020, respectively. Stock Options The fair value of each stock option award is estimated on the date of grant using the Black-Scholes valuation model that uses the assumptions noted in the following table. Expected volatilities are based on the historical volatility of our common stock through the grant date. The expected term of options granted was estimated based on the contractual term of the instruments and employees’ expected exercise and post-vesting employment termination behavior. The risk-free rate for periods within the contractual life of the option was based on the U.S. Treasury yield curve in effect at the time of grant. The assumptions noted below represent the weighted average of the assumptions utilized for stock options granted during the periods.
A summary of stock option activity under the stock-based compensation plans as of September 30, 2021 and changes during the nine months then ended is presented below:
The weighted-average grant-date fair value of stock options granted during the nine months ended September 30, 2021 was $11.48 per option. As of September 30, 2021, there was $6 million of total unrecognized compensation cost related to nonvested stock option arrangements granted under the stock-based compensation plans. That cost is expected to be recognized over a weighted-average period of approximately 1.7 years. The total intrinsic value of stock options exercised during the nine months ended September 30, 2021 and 2020 was approximately $8 million and $4 million, respectively. Cash received from stock options exercised during each of the nine months ended September 30, 2021 and 2020 was approximately $6 million and $2 million, respectively. The cash tax benefit from stock options exercised during each of the nine months ended September 30, 2021 and 2020 was approximately $2 million and $1 million, respectively.
Nonvested Shares Nonvested shares granted under the stock-based compensation plans consist of restricted stock and performance share unit awards, which are accounted for as equity awards, and phantom stock, which is accounted for as a liability award because it can be settled in either stock or cash. The fair value of each performance share unit award is estimated using a Monte Carlo simulation model that uses various assumptions, including an expected volatility rate and a risk-free interest rate. For the nine months ended September 30, 2021 and 2020, the weighted-average expected volatility rate was 44.9% and 34.0%, respectively, and the weighted average risk-free interest rate was 0.2% and 1.4%, respectively. For the performance share unit awards granted in the nine months ended September 30, 2021 and 2020, the number of shares earned varies based upon the Company achieving certain performance criteria over a -year performance period. The performance criteria are total stockholder return of our common stock relative to the total stockholder return of a specified industry peer group for the three-year performance periods. A summary of the status of our nonvested shares as of September 30, 2021 and changes during the nine months then ended is presented below:
As of September 30, 2021, there was $36 million of total unrecognized compensation cost related to nonvested share compensation arrangements granted under the stock-based compensation plans. That cost is expected to be recognized over a weighted-average period of approximately 2.0 years. The value of share awards that vested during the nine months ended September 30, 2021 and 2020 was $18 million and $24 million, respectively. |
Note 18 - Income Taxes |
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Notes to Financial Statements | |
Income Tax Disclosure [Text Block] |
18. INCOME TAXES 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 that they will be realized. Valuation allowances are reviewed on an individual tax jurisdiction basis to analyze whether there is sufficient positive or negative evidence to support a change in judgment about the realizability of the related deferred tax assets. These conclusions require significant judgment. In evaluating the objective evidence that historical results provide, we consider the cyclicality of our businesses and cumulative income or losses during the applicable period. Cumulative losses incurred over the applicable period limits our ability to consider other subjective evidence such as our projections for the future. Changes in expected future income in applicable jurisdictions could affect the realization of deferred tax assets in those jurisdictions.
During the nine months ended September 30, 2021 and 2020, there was no tax benefit or expense recognized in connection with the net losses of $28 million and $100 million, respectively, on fair value adjustments to our Venator investment and related option to sell our remaining Venator shares recorded as part of non-operating income from continuing operations. As of December 31, 2019, we have recognized the portion of our Venator investment tax basis in excess of book that we ultimately expect to be able to utilize; therefore, no incremental tax benefit has been recognized on the year-to-date fair value losses incurred in 2020 or 2021. As a significant, unusual and non-operating item, these amounts were treated discretely and excluded from the annual effective tax rate calculation for interim reporting.
Huntsman Corporation We recorded income tax expense from continuing operations of $114 million and $9 million for the nine months ended September 30, 2021 and 2020, respectively. Our tax expense is significantly affected by the mix of income and losses in the tax jurisdictions in which we operate, as impacted by the presence of valuation allowances in certain tax jurisdictions.
Huntsman International Huntsman International recorded income tax expense from continuing operations of $115 million and $9 million for the nine months ended September 30, 2021 and 2020, respectively. Our tax expense is significantly affected by the mix of income and losses in the tax jurisdictions in which we operate, as impacted by the presence of valuation allowances in certain tax jurisdictions.
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Note 19 - Earnings Per Share |
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Earnings Per Share [Text Block] |
19. EARNINGS PER SHARE Basic earnings per share excludes dilution and is computed by dividing net income attributable to Huntsman Corporation common stockholders by the weighted average number of shares outstanding during the period. Diluted earnings per share reflects all potential dilutive common shares outstanding during the period and is computed by dividing net income attributable to Huntsman Corporation common stockholders by the weighted average number of shares outstanding during the period increased by the number of additional shares that would have been outstanding as dilutive securities. Basic and diluted earnings per share is determined using the following information (in millions):
Additional stock-based awards of approximately 1.0 million and 3.8 million weighted average equivalent shares of stock were outstanding during the three months ended September 30, 2021 and 2020, respectively, and approximately 1.5 million and 6.1 million weighted average shares of stock were outstanding during the nine months ended September 30, 2021 and 2020, respectively. However, these stock-based awards were not included in the computation of diluted earnings per share for the three and nine months ended September 30, 2021 and 2020 because the effect would be anti-dilutive. |
Note 20 - Operating Segment Information |
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Segment Reporting Disclosure [Text Block] |
20. OPERATING SEGMENT INFORMATION We derive our revenues, earnings and cash flows from the manufacture and sale of a wide variety of differentiated and commodity chemical products. We have four operating segments, which are also our reportable segments: Polyurethanes, Performance Products, Advanced Materials and Textile Effects. We have organized our business and derived our operating segments around differences in product lines.
The major products of each reportable operating segment are as follows:
Sales between segments are generally recognized at external market prices and are eliminated in consolidation. Adjusted EBITDA is presented as a measure of the financial performance of our global business units and for reporting the results of our operating segments. The adjusted EBITDA of our reportable operating segments excludes items that principally apply to our Company as a whole. The revenues and adjusted EBITDA from continuing operations for each of our reportable operating segments are as follows (dollars in millions):
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Note 3 - Business Combinations and Acquisitions (Tables) |
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Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] |
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Business Acquisition, Pro Forma Information [Table Text Block] |
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Note 4 - Discontinued Operations and Business Dispositions (Tables) |
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Equity Method Investments [Table Text Block] |
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Disposal Groups, Including Discontinued Operations [Table Text Block] |
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Note 5 - Inventories (Tables) |
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Schedule of Inventory, Current [Table Text Block] |
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Note 6 - Variable Interest Entities (Tables) |
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Schedule of Variable Interest Entities [Table Text Block] |
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Note 7 - Restructuring, Impairment and Plant Closing Costs (Tables) |
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Schedule of Restructuring Reserve by Type of Cost [Table Text Block] |
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Schedule of Restructuring Reserve By Type of Cost and Segment [Table Text Block] |
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Schedule of Cash and Noncash Restructuring Charges By Type of Initiative [Table Text Block] |
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Note 8 - Debt (Tables) |
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Schedule of Debt [Table Text Block] |
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Schedule of Line of Credit Facilities [Table Text Block] |
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Schedule of Accounts Receivable Programs [Table Text Block] |
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Note 10 - Fair Value (Tables) |
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Fair Value, by Balance Sheet Grouping [Table Text Block] |
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Note 11 - Revenue Recognition (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Notes Tables | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disaggregation of Revenue [Table Text Block] |
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Note 12 - Employee Benefit Plans (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Notes Tables | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Net Benefit Costs [Table Text Block] |
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Note 14 - Accumulated Other Comprehensive Loss (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Notes Tables | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] |
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Huntsman International LLC [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] |
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Note 17 - Stock-based Compensation Plans (Tables) |
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Schedule of Nonvested Share Activity [Table Text Block] |
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Note 19 - Earnings Per Share (Tables) |
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Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] |
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Note 20 - Operating Segment Information (Tables) |
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Schedule of Segment Reporting Information, by Segment [Table Text Block] |
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Note 1 - General (Details Textual) |
9 Months Ended |
---|---|
Sep. 30, 2021 | |
Number of Operating Segments | 4 |
Note 3 - Business Combinations and Acquisitions (Details Textual) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||||
---|---|---|---|---|---|---|
Jan. 15, 2021 |
May 18, 2020 |
Feb. 20, 2020 |
Sep. 30, 2021 |
Sep. 30, 2021 |
Sep. 30, 2021 |
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Gabriel Acquisition [Member] | ||||||
Payments to Acquire Businesses, Gross | $ 251,000 | |||||
Business Combination, Acquisition Related Costs | $ 0 | $ 2,000 | ||||
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual | $ 81,000 | |||||
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual | $ 14,000 | |||||
CVC Thermoset Specialties [Member] | ||||||
Payments to Acquire Businesses, Gross | $ 304,000 | |||||
Finite-Lived Intangible Asset, Useful Life (Year) | 20 years | |||||
Business Acquisition, Goodwill, Expected Tax Deductible Amount | $ 0 | |||||
Icynene-Lapolla [Member] | ||||||
Payments to Acquire Businesses, Gross | $ 353,000 | |||||
Finite-Lived Intangible Asset, Useful Life (Year) | 10 years | |||||
Business Acquisition, Goodwill, Expected Tax Deductible Amount | $ 0 |
Note 3 - Business Combinations and Acquisitions - Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Millions |
Jan. 15, 2021 |
May 18, 2020 |
Feb. 20, 2020 |
Sep. 30, 2021 |
Dec. 31, 2020 |
---|---|---|---|---|---|
Goodwill | $ 741 | $ 533 | |||
Gabriel Acquisition [Member] | |||||
Cash paid for acquisition | $ 251 | ||||
Cash | 9 | ||||
Accounts receivable | 13 | ||||
Inventories | 26 | ||||
Property, plant and equipment | 23 | ||||
Intangible assets | 16 | ||||
Goodwill | 174 | ||||
Accounts payable | (7) | ||||
Accrued liabilities | (2) | ||||
Deferred income taxes | (1) | ||||
Total fair value of net assets acquired | $ 251 | ||||
CVC Thermoset Specialties [Member] | |||||
Cash paid for acquisition | $ 304 | ||||
Accounts receivable | 12 | ||||
Inventories | 37 | ||||
Property, plant and equipment | 67 | ||||
Intangible assets | 117 | ||||
Goodwill | 120 | ||||
Accounts payable | (7) | ||||
Accrued liabilities | (1) | ||||
Deferred income taxes | (41) | ||||
Total fair value of net assets acquired | $ 304 | ||||
Icynene-Lapolla [Member] | |||||
Cash paid for acquisition | $ 353 | ||||
Cash | 7 | ||||
Accounts receivable | 36 | ||||
Inventories | 32 | ||||
Property, plant and equipment | 9 | ||||
Intangible assets | 130 | ||||
Goodwill | 167 | ||||
Accounts payable | (14) | ||||
Accrued liabilities | (11) | ||||
Deferred income taxes | (9) | ||||
Total fair value of net assets acquired | 353 | ||||
Prepaid expenses and other current assets | 2 | ||||
Other noncurrent assets | $ 4 |
Note 3 - Business Combinations and Acquisitions - Pro Forma Revenues and Net Income (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | |||||
---|---|---|---|---|---|---|---|
Sep. 30, 2020 |
[1] | Sep. 30, 2021 |
[1] | Sep. 30, 2020 |
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Revenues | $ 1,536 | $ 6,150 | $ 4,487 | ||||
Net income | 55 | 485 | 696 | ||||
Net income attributable to Huntsman Corporation | 46 | 436 | 681 | ||||
Huntsman International LLC [Member] | |||||||
Revenues | 1,536 | 6,150 | 4,487 | ||||
Net income | 56 | 488 | 696 | ||||
Net income attributable to Huntsman Corporation | $ 47 | $ 439 | $ 681 | ||||
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Note 4 - Discontinued Operations and Business Dispositions (Details Textual) - USD ($) $ / shares in Units, shares in Millions, $ in Millions |
3 Months Ended | 9 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Dec. 23, 2020 |
Nov. 03, 2020 |
Jan. 03, 2020 |
Sep. 30, 2021 |
Jun. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
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Proceeds from Divestiture of Businesses | $ 43 | $ 1,923 | ||||||
Gain (Loss) on Disposition of Business | $ (0) | $ (0) | 28 | (0) | ||||
Equity Securities, FV-NI, Unrealized Gain (Loss), Total | (28) | (100) | ||||||
Venator Materials PLC [Member] | ||||||||
Equity Securities, FV-NI, Unrealized Gain (Loss), Total | $ (3) | $ 6 | $ 28 | 100 | ||||
SK Capital Partners, LP [Member] | Venator Materials PLC [Member] | ||||||||
Equity Method Investment Using Fair Value Option, Number of Shares Sold (in shares) | 42.4 | |||||||
Proceeds from Sale of Debt and Equity Securities, FV-NI, Held-for-investment | $ 99 | |||||||
Equity Securities Held for Which There Exists an Option for Another Party to Purchase (in shares) | 9.7 | |||||||
Equity Securities Held for Which There Exists an Option for Another Party to Purchase, Price Per Share (in dollars per share) | $ 2.15 | |||||||
India-Based Do It Yourself Consumer Adhesives Business [Member] | Pidilite Industries Ltd. [Member] | ||||||||
Proceeds from Divestiture of Businesses | $ 257 | $ 28 | ||||||
Disposition of Business, Cash Potentially Received Under Earnout | $ 28 | |||||||
Disposition of Business, Period to Determine Cash Receivable Under Earnout (Month) | 18 months | |||||||
Gain (Loss) on Disposition of Business | $ 28 | |||||||
Chemical Intermediates Businesses [Member] | Discontinued Operations, Disposed of by Sale [Member] | ||||||||
Proceeds from Divestiture of Businesses | $ 1,920 | |||||||
Disposal Group, Including Discontinued Operation, Consideration | 2,000 | |||||||
Disposal Group, Including Discontinued Operation, Pension and Other Post Employment Plan Benefit Obligation | $ 72 | |||||||
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax, Total | $ 748 |
Note 4 - Discontinued Operations and Business Dispositions - Summarized Financial Information of Venator (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
|
Gross profit | $ 483 | $ 279 | $ 1,306 | $ 738 |
Loss from continuing operations | 230 | 57 | 500 | (76) |
Net loss | $ 209 | 48 | $ 448 | 691 |
Venator Materials PLC [Member] | ||||
Net loss | (42) | (54) | ||
Venator Materials PLC [Member] | ||||
Revenues | 474 | 1,462 | ||
Gross profit | 20 | 126 | ||
Loss from continuing operations | (39) | (48) | ||
Net loss | $ (39) | $ (48) |
Note 4 - Discontinued Operations and Business Dispositions - Summary of Major Classes of Line Items of Discontinued Operations (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
|||||
Income tax expense | $ (5) | $ 0 | $ (5) | $ (239) | ||||
Net (loss) income attributable to discontinued operations | (5) | 0 | (3) | 782 | ||||
Discontinued Operations, Held-for-sale or Disposed of by Sale [Member] | Chemical Intermediates Business, Australia Styrenics, North Ameircan Polymers, and Base Chemicals [Member] | ||||||||
Trade sales, services and fees, net | [1],[2] | 0 | 0 | 0 | 7 | |||
Cost of goods sold | [1],[2] | 0 | 0 | 0 | 11 | |||
Gain on sale of the Chemical Intermediates Businesses | [1] | 0 | 0 | 0 | 978 | |||
Insurance proceeds | [1] | 0 | 0 | 0 | 48 | |||
Other (income) expense items, net | 0 | 0 | (2) | 1 | ||||
Income from discontinued operations before income taxes | 0 | 0 | 2 | 1,021 | ||||
Income tax expense | (5) | 0 | (5) | (239) | ||||
Net (loss) income attributable to discontinued operations | $ (5) | $ 0 | $ (3) | $ 782 | ||||
|
Note 5 - Inventories (Details Textual) |
Sep. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Percentage of LIFO Inventory | 7.00% | 7.00% |
Note 5 - Inventories - Inventories (Details) - USD ($) $ in Millions |
Sep. 30, 2021 |
Dec. 31, 2020 |
||
---|---|---|---|---|
Raw materials and supplies | $ 284 | $ 180 | ||
Work in progress | 54 | 44 | ||
Finished goods | 876 | 651 | ||
Total | 1,214 | 875 | ||
LIFO reserves | (40) | (27) | ||
Net inventories | [1] | $ 1,174 | $ 848 | |
|
Note 6 - Variable Interest Entities (Details Textual) |
9 Months Ended |
---|---|
Sep. 30, 2021 | |
Rubicon LLC [Member] | |
Variable Interest Entity, Qualitative or Quantitative Information, Ownership Percentage | 50.00% |
Arabian Amines Company [Member] | |
Variable Interest Entity, Qualitative or Quantitative Information, Ownership Percentage | 50.00% |
Note 6 - Variable Interest Entities - Schedule of Financial Information of Variable Interest Entities (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
Dec. 31, 2020 |
|||||
Current assets | $ 3,114 | $ 3,114 | $ 3,568 | ||||||
Property, plant and equipment, net | [1] | 2,540 | 2,540 | 2,505 | |||||
Operating lease right-of-use assets | 418 | 418 | 445 | ||||||
Deferred income taxes | 281 | 281 | 288 | ||||||
Total assets | 8,569 | 8,569 | 8,713 | ||||||
Current liabilities | 1,624 | 1,624 | 1,979 | ||||||
Long-term debt | [1] | 1,567 | 1,567 | 1,528 | |||||
Noncurrent operating lease liabilities | [1] | 383 | 383 | 411 | |||||
Other noncurrent liabilities | [1] | 840 | 840 | 910 | |||||
Deferred income taxes | 201 | 201 | 212 | ||||||
Total liabilities | 4,615 | 4,615 | 5,040 | ||||||
Revenues | [2] | 2,285 | $ 1,510 | 6,146 | $ 4,350 | ||||
Income from continuing operations before income taxes | 268 | 72 | 614 | (67) | |||||
Net cash provided by operating activities | 162 | 88 | |||||||
Variable Interest Entity, Primary Beneficiary [Member] | |||||||||
Current assets | 97 | 97 | 49 | ||||||
Property, plant and equipment, net | 161 | 161 | 167 | ||||||
Operating lease right-of-use assets | 28 | 28 | 22 | ||||||
Other noncurrent assets | 147 | 147 | 138 | ||||||
Deferred income taxes | 30 | 30 | 30 | ||||||
Total assets | 463 | 463 | 406 | ||||||
Current liabilities | 175 | 175 | 183 | ||||||
Long-term debt | 53 | 53 | 3 | ||||||
Noncurrent operating lease liabilities | 22 | 22 | 17 | ||||||
Other noncurrent liabilities | 76 | 76 | 82 | ||||||
Deferred income taxes | 1 | 1 | 1 | ||||||
Total liabilities | 327 | 327 | $ 286 | ||||||
Revenues | 0 | 0 | 0 | 0 | |||||
Income from continuing operations before income taxes | 4 | 0 | 11 | 1 | |||||
Net cash provided by operating activities | $ 6 | $ 3 | $ 14 | $ 17 | |||||
|
Note 7 - Restructuring, Impairment and Plant Closing Costs (Details Textual) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
|
Restructuring and Related Cost, Gain on Sale of Assets | $ 3 | $ 3 | ||
Polyurethanes [Member] | ||||
Restructuring and Related Cost, Gain on Sale of Assets | 3 | 3 | ||
Employee Severance [Member] | Corporate and Other [Member] | ||||
Restructuring Charges, Total | 16 | |||
Restructuring and Related Cost, Expected Cost, Total | 3 | 3 | ||
Employee Severance [Member] | Polyurethanes [Member] | ||||
Restructuring Charges, Total | 4 | |||
Employee Severance [Member] | Polyurethanes [Member] | Minimum [Member] | ||||
Restructuring and Related Cost, Expected Cost, Total | 4 | 4 | ||
Employee Severance [Member] | Polyurethanes [Member] | Maximum [Member] | ||||
Restructuring and Related Cost, Expected Cost, Total | $ 5 | 5 | ||
Employee Severance [Member] | Advanced Materials [Member] | ||||
Restructuring Charges, Total | $ 8 | $ 4 | ||
Employee Severance [Member] | Textile Effects [Member] | ||||
Restructuring Charges, Total | 10 | |||
Workforce Reductions [Member] | Polyurethanes [Member] | ||||
Restructuring Charges, Total | 6 | |||
Workforce Reductions [Member] | Advanced Materials [Member] | ||||
Restructuring Charges, Total | $ 10 | |||
Program to Optimize Downstream Footprint [Member] | Polyurethanes [Member] | ||||
Restructuring Charges, Total | $ 1 |
Note 7 - Restructuring, Impairment and Plant Closing Costs - Accrued Restructuring Costs By Type of Cost and Initiative (Details) - USD ($) $ in Millions |
9 Months Ended | |
---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
|
Accrued liabilities, beginning balance | $ 31 | |
Accrued liabilities, ending balance | 34 | |
Initiatives 2020 and Prior [Member] | ||
Restructuring Charges, Total | 18 | $ 3 |
Restructuring payments | (16) | |
Initiatives 2021 [Member] | ||
Restructuring Charges, Total | 2 | |
Restructuring payments | (1) | |
Employee Severance [Member] | ||
Accrued liabilities, beginning balance | 29 | |
Accrued liabilities, ending balance | 31 | |
Employee Severance [Member] | Initiatives 2020 and Prior [Member] | ||
Restructuring Charges, Total | 13 | |
Restructuring payments | (12) | |
Employee Severance [Member] | Initiatives 2021 [Member] | ||
Restructuring Charges, Total | 2 | |
Restructuring payments | (1) | |
Non-cancelable Lease Cost and Contract Termination Costs [Member] | ||
Accrued liabilities, beginning balance | 2 | |
Accrued liabilities, ending balance | 2 | |
Other Restructuring [Member] | ||
Accrued liabilities, ending balance | 1 | |
Other Restructuring [Member] | Initiatives 2020 and Prior [Member] | ||
Restructuring Charges, Total | 5 | |
Restructuring payments | $ (4) |
Note 7 - Restructuring, Impairment and Plant Closing Costs - Reserves for Restructuring, Impairment and Plant Closing Costs By Segment and Initiative (Details) - USD ($) $ in Millions |
9 Months Ended | |
---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
|
Accrued liabilities, beginning balance | $ 31 | |
Accrued liabilities, ending balance | 34 | |
Current portion of restructuring reserves | 23 | |
Long-term portion of restructuring reserves | 11 | |
Initiatives 2020 and Prior [Member] | ||
Restructuring Charges, Total | 18 | $ 3 |
Restructuring payments | (16) | |
Initiatives 2021 [Member] | ||
Restructuring Charges, Total | 2 | |
Restructuring payments | (1) | |
Corporate and Reconciling Items [Member] | ||
Accrued liabilities, ending balance | 12 | |
Current portion of restructuring reserves | 5 | |
Long-term portion of restructuring reserves | 7 | |
Corporate and Reconciling Items [Member] | Initiatives 2020 and Prior [Member] | ||
Restructuring Charges, Total | 15 | |
Restructuring payments | (3) | |
Polyurethanes [Member] | Operating Segments [Member] | ||
Accrued liabilities, beginning balance | 12 | |
Accrued liabilities, ending balance | 11 | |
Current portion of restructuring reserves | 11 | |
Polyurethanes [Member] | Operating Segments [Member] | Initiatives 2020 and Prior [Member] | ||
Restructuring Charges, Total | 5 | |
Restructuring payments | (6) | |
Performance Products [Member] | Operating Segments [Member] | ||
Accrued liabilities, beginning balance | 2 | |
Accrued liabilities, ending balance | 1 | |
Current portion of restructuring reserves | 1 | |
Performance Products [Member] | Operating Segments [Member] | Initiatives 2020 and Prior [Member] | ||
Restructuring Charges, Total | 1 | |
Restructuring payments | (2) | |
Advanced Materials [Member] | Operating Segments [Member] | ||
Accrued liabilities, beginning balance | 9 | |
Accrued liabilities, ending balance | 5 | |
Current portion of restructuring reserves | 4 | |
Long-term portion of restructuring reserves | 1 | |
Advanced Materials [Member] | Operating Segments [Member] | Initiatives 2020 and Prior [Member] | ||
Restructuring Charges, Total | (3) | |
Restructuring payments | (2) | |
Advanced Materials [Member] | Operating Segments [Member] | Initiatives 2021 [Member] | ||
Restructuring Charges, Total | 2 | |
Restructuring payments | (1) | |
Textile Effects [Member] | Operating Segments [Member] | ||
Accrued liabilities, beginning balance | 8 | |
Accrued liabilities, ending balance | 5 | |
Current portion of restructuring reserves | 2 | |
Long-term portion of restructuring reserves | 3 | |
Textile Effects [Member] | Operating Segments [Member] | Initiatives 2020 and Prior [Member] | ||
Restructuring payments | $ (3) |
Note 7 - Restructuring, Impairment and Plant Closing Costs - Cash and Noncash Restructuring Charges (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
|
Accelerated depreciation | $ 4 | $ 3 | $ 11 | $ 3 |
Gain on sale of assets | (3) | (3) | ||
Other noncash (credits) charges | (2) | 1 | 6 | 2 |
Total restructuring, impairment and plant closing costs | $ (1) | 12 | 34 | 34 |
Initiatives 2021 and Prior [Member] | ||||
Restructuring Charges, Total | 18 | |||
Initiatives 2021 [Member] | ||||
Restructuring Charges, Total | 2 | |||
Initiatives 2020 and Prior [Member] | ||||
Restructuring Charges, Total | $ 18 | 3 | ||
Initiatives 2020 [Member] | ||||
Restructuring Charges, Total | $ 8 | $ 26 |
Note 8 - Debt (Details Textual) € in Millions, ر.س in Millions, $ in Millions |
3 Months Ended | 9 Months Ended | |||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 23, 2021
USD ($)
|
Jan. 15, 2021
USD ($)
|
Jan. 15, 2021
EUR (€)
|
Sep. 30, 2019 |
Sep. 30, 2021
USD ($)
|
Jun. 30, 2021
USD ($)
|
Mar. 31, 2021
USD ($)
|
Sep. 30, 2020
USD ($)
|
Mar. 31, 2020
USD ($)
|
Sep. 30, 2021
USD ($)
|
Sep. 30, 2021
SAR (ر.س)
|
Sep. 30, 2020
USD ($)
|
Sep. 30, 2021
SAR (ر.س)
|
May 26, 2021
USD ($)
|
Dec. 31, 2020
USD ($)
|
Sep. 24, 2019
USD ($)
|
Sep. 24, 2019
EUR (€)
|
|||
Debt Issuance Costs, Net, Total | $ 10 | $ 10 | $ 9 | ||||||||||||||||
Interest Paid, Excluding Capitalized Interest, Operating Activities | 57 | $ 49 | |||||||||||||||||
Payment for Debt Extinguishment or Debt Prepayment Cost | 26 | (0) | |||||||||||||||||
Gain (Loss) on Extinguishment of Debt, Total | 0 | $ 0 | $ (27) | 0 | |||||||||||||||
Repayment of Notes Receivable from Related Parties | $ 380 | ||||||||||||||||||
Sasol-Huntsman [Member] | |||||||||||||||||||
Variable Interest Entity, Ownership Percentage Acquired | 50.00% | ||||||||||||||||||
Arabian Amines Company [Member] | |||||||||||||||||||
Variable Interest Entity, Qualitative or Quantitative Information, Ownership Percentage | 50.00% | 50.00% | |||||||||||||||||
Arabian Amines Company [Member] | Saudi British Bank [Member] | |||||||||||||||||||
Debt Instrument, Face Amount | 47 | $ 47 | ر.س 177 | ||||||||||||||||
Proceeds from Issuance of Debt | 27 | ر.س 104 | |||||||||||||||||
Huntsman International LLC [Member] | |||||||||||||||||||
Interest Paid, Excluding Capitalized Interest, Operating Activities | 57 | 49 | |||||||||||||||||
Payment for Debt Extinguishment or Debt Prepayment Cost | 26 | (0) | |||||||||||||||||
Gain (Loss) on Extinguishment of Debt, Total | 0 | $ 0 | (27) | $ 0 | |||||||||||||||
The Revolving Credit Facility [Member] | Huntsman International LLC [Member] | |||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 1,200 | 1,200 | |||||||||||||||||
Letters of Credit Outstanding, Amount | 10 | $ 10 | |||||||||||||||||
The Revolving Credit Facility [Member] | Huntsman International LLC [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | [1] | 1.50% | 1.50% | ||||||||||||||||
The 2019 Term Loan [Member] | Huntsman International LLC [Member] | |||||||||||||||||||
Debt Instrument, Face Amount | $ 101 | € 92 | |||||||||||||||||
US Accounts Receivable Program Maturing July 2024 [Member] | Huntsman International LLC [Member] | |||||||||||||||||||
Letters of Credit Outstanding, Amount | 7 | $ 7 | |||||||||||||||||
Accounts Receivable Programs [Member] | Huntsman International LLC [Member] | |||||||||||||||||||
Pledged Financial Instruments, Not Separately Reported, Loans Receivable Pledged as Collateral, Total | $ 336 | $ 336 | $ 198 | ||||||||||||||||
Senior Notes Maturing April 2021 [Member] | |||||||||||||||||||
Debt Instrument, Amount Redeemed | $ 541 | € 445 | |||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.125% | 5.125% | |||||||||||||||||
Debt Instrument, Redemption Price, Percentage | 100.00% | 100.00% | |||||||||||||||||
Incremental Cash Tax Liability Incurred During Period in Connection with Debt Redemption | $ 15 | ||||||||||||||||||
The 2031 Senior Notes [Member] | Huntsman International LLC [Member] | |||||||||||||||||||
Debt Instrument, Face Amount | $ 400 | ||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 2.95% | 2.95% | |||||||||||||||||
Debt Instrument, Redemption Price, Percentage | 100.00% | 100.00% | |||||||||||||||||
The 2022 Senior Note [Member] | Huntsman International LLC [Member] | |||||||||||||||||||
Debt Instrument, Amount Redeemed | $ 400 | ||||||||||||||||||
Interest Paid, Excluding Capitalized Interest, Operating Activities | 2 | ||||||||||||||||||
Gain (Loss) on Extinguishment of Debt, Total | $ (26) | ||||||||||||||||||
The 2022 Senior Note [Member] | Huntsman International LLC [Member] | Debt Redemption Premiums and Related Fees and Expenses [Member] | |||||||||||||||||||
Payment for Debt Extinguishment or Debt Prepayment Cost | $ 25 | ||||||||||||||||||
|
Note 8 - Debt - Outstanding Debt (Details) - USD ($) $ in Millions |
Sep. 30, 2021 |
Dec. 31, 2020 |
||
---|---|---|---|---|
Amount outstanding | $ 1,583 | $ 2,121 | ||
Current portion of debt | [1] | 16 | 593 | |
Long-term portion of debt | [1] | 1,567 | 1,528 | |
The Revolving Credit Facility [Member] | ||||
Amount outstanding | 0 | 0 | ||
Accounts Receivable Programs [Member] | ||||
Amount outstanding | 0 | 0 | ||
The Senior Notes [Member] | ||||
Amount outstanding | 1,484 | 2,047 | ||
Variable Interest Entities Debt [Member] | ||||
Amount outstanding | 66 | 50 | ||
Other Debt Instruments [Member] | ||||
Amount outstanding | $ 33 | $ 24 | ||
|
Note 8 - Debt - Revolving Credit Facility (Details) - USD ($) $ in Millions |
9 Months Ended | |||||
---|---|---|---|---|---|---|
Sep. 30, 2021 |
Dec. 31, 2020 |
|||||
Amount outstanding | $ 1,583 | $ 2,121 | ||||
The Revolving Credit Facility [Member] | ||||||
Amount outstanding | 0 | $ 0 | ||||
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 | ||||
Amount outstanding | [1] | $ 0 | ||||
Maturity | May 21, 2023 | |||||
The Revolving Credit Facility [Member] | Huntsman International LLC [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||
Interest rate | [2] | 1.50% | ||||
|
Note 8 - Debt - Accounts Receivable Programs (Details) € in Millions, $ in Millions |
9 Months Ended | ||||||||
---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2021
USD ($)
|
Sep. 30, 2021
EUR (€)
|
Dec. 31, 2020
USD ($)
|
|||||||
Amount outstanding | $ 1,583 | $ 2,121 | |||||||
US A/R Program [Member] | |||||||||
Maturity | Jul. 31, 2024 | ||||||||
Maximum funding availability | [1] | $ 150 | |||||||
Amount outstanding | [2] | $ 0 | |||||||
US A/R Program [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||||
Interest rate | [3] | 0.90% | |||||||
EU A/R Program [Member] | |||||||||
Maturity | Jul. 31, 2024 | ||||||||
Maximum funding availability | [1] | $ 117 | € 100 | ||||||
Amount outstanding | € | € 0 | ||||||||
EU A/R Program [Member] | USD LIBOR or EURIBOR [Member] | |||||||||
Interest rate | [3] | 1.30% | |||||||
|
Note 9 - Derivative Instruments and Hedging Activities (Details Textual) € in Millions, $ in Millions |
9 Months Ended | ||
---|---|---|---|
Sep. 30, 2021
USD ($)
|
Sep. 30, 2020
USD ($)
|
Sep. 30, 2021
EUR (€)
|
|
Gain (Loss) on Derivative Used in Net Investment Hedge, after Tax | $ 7 | $ (31) | |
Foreign Exchange Contract [Member] | |||
Derivative, Notional Amount | 178 | ||
Foreign Exchange Contract [Member] | Designated as Hedging Instrument [Member] | |||
Derivative, Notional Amount | $ 140 | € 120 |
Note 10 - Fair Value (Details Textual) Pure in Thousands, $ in Thousands |
9 Months Ended |
---|---|
Sep. 30, 2021
USD ($)
| |
Number of Instruments Categorized as Level Three | 0 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | $ 0 |
Note 10 - Fair Value - Fair Value of Financial Instruments (Details) - USD ($) $ in Millions |
Sep. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Reported Value Measurement [Member] | ||
Non-qualified employee benefit plan investments | $ 22 | $ 26 |
Investment in Venator | 28 | 32 |
Option agreement for remaining Venator shares | (10) | 11 |
Long-term debt (including current portion) | (1,583) | (2,121) |
Estimate of Fair Value Measurement [Member] | ||
Non-qualified employee benefit plan investments | 22 | 26 |
Investment in Venator | 28 | 32 |
Option agreement for remaining Venator shares | (10) | 11 |
Long-term debt (including current portion) | $ (1,755) | $ (2,334) |
Note 11 - Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||||
---|---|---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
|||
Total revenues | [1] | $ 2,285 | $ 1,510 | $ 6,146 | $ 4,350 | |
MDI Urethanes [Member] | ||||||
Total revenues | 1,403 | 936 | 3,626 | 2,554 | ||
Differentiated [Member] | ||||||
Total revenues | 399 | 238 | 1,075 | 758 | ||
Specialty [Member] | ||||||
Total revenues | 276 | 178 | 795 | 561 | ||
Non-specialty [Member] | ||||||
Total revenues | 28 | 21 | 86 | 71 | ||
Textile Chemicals and Dyes [Member] | ||||||
Total revenues | 188 | 142 | 588 | 424 | ||
Operating Segments [Member] | Polyurethanes [Member] | ||||||
Total revenues | [1] | 1,403 | 936 | 3,626 | 2,554 | |
Operating Segments [Member] | Polyurethanes [Member] | MDI Urethanes [Member] | ||||||
Total revenues | 1,403 | 936 | 3,626 | 2,554 | ||
Operating Segments [Member] | Performance Products [Member] | ||||||
Total revenues | [1] | 399 | 238 | 1,075 | 758 | |
Operating Segments [Member] | Performance Products [Member] | Differentiated [Member] | ||||||
Total revenues | 399 | 238 | 1,075 | 758 | ||
Operating Segments [Member] | Advanced Materials [Member] | ||||||
Total revenues | [1] | 304 | 199 | 881 | 632 | |
Operating Segments [Member] | Advanced Materials [Member] | Specialty [Member] | ||||||
Total revenues | 276 | 178 | 795 | 561 | ||
Operating Segments [Member] | Advanced Materials [Member] | Non-specialty [Member] | ||||||
Total revenues | 28 | 21 | 86 | 71 | ||
Operating Segments [Member] | Textile Effects [Member] | ||||||
Total revenues | [1] | 188 | 142 | 588 | 424 | |
Operating Segments [Member] | Textile Effects [Member] | Textile Chemicals and Dyes [Member] | ||||||
Total revenues | 188 | 142 | 588 | 424 | ||
Corporate and Reconciling Items [Member] | ||||||
Total revenues | [1] | (9) | (5) | (24) | (18) | |
Intersegment Eliminations [Member] | ||||||
Total revenues | (9) | (5) | (24) | (18) | ||
U.S. and Canada [Member] | ||||||
Total revenues | [1] | 818 | 513 | 2,084 | 1,535 | |
U.S. and Canada [Member] | Operating Segments [Member] | Polyurethanes [Member] | ||||||
Total revenues | [1] | 537 | 350 | 1,338 | 1,015 | |
U.S. and Canada [Member] | Operating Segments [Member] | Performance Products [Member] | ||||||
Total revenues | [1] | 183 | 104 | 460 | 333 | |
U.S. and Canada [Member] | Operating Segments [Member] | Advanced Materials [Member] | ||||||
Total revenues | [1] | 90 | 52 | 262 | 167 | |
U.S. and Canada [Member] | Operating Segments [Member] | Textile Effects [Member] | ||||||
Total revenues | [1] | 14 | 12 | 39 | 36 | |
U.S. and Canada [Member] | Corporate and Reconciling Items [Member] | ||||||
Total revenues | [1] | (6) | (5) | (15) | (16) | |
Europe [Member] | ||||||
Total revenues | [1] | 617 | 400 | 1,636 | 1,178 | |
Europe [Member] | Operating Segments [Member] | Polyurethanes [Member] | ||||||
Total revenues | [1] | 377 | 253 | 949 | 681 | |
Europe [Member] | Operating Segments [Member] | Performance Products [Member] | ||||||
Total revenues | [1] | 106 | 57 | 283 | 184 | |
Europe [Member] | Operating Segments [Member] | Advanced Materials [Member] | ||||||
Total revenues | [1] | 108 | 70 | 317 | 243 | |
Europe [Member] | Operating Segments [Member] | Textile Effects [Member] | ||||||
Total revenues | [1] | 29 | 20 | 95 | 71 | |
Europe [Member] | Corporate and Reconciling Items [Member] | ||||||
Total revenues | [1] | (3) | 0 | (8) | (1) | |
Asia Pacific [Member] | ||||||
Total revenues | [1] | 657 | 470 | 1,915 | 1,282 | |
Asia Pacific [Member] | Operating Segments [Member] | Polyurethanes [Member] | ||||||
Total revenues | [1] | 379 | 264 | 1,055 | 673 | |
Asia Pacific [Member] | Operating Segments [Member] | Performance Products [Member] | ||||||
Total revenues | [1] | 88 | 63 | 276 | 194 | |
Asia Pacific [Member] | Operating Segments [Member] | Advanced Materials [Member] | ||||||
Total revenues | [1] | 78 | 57 | 223 | 164 | |
Asia Pacific [Member] | Operating Segments [Member] | Textile Effects [Member] | ||||||
Total revenues | [1] | 113 | 86 | 362 | 251 | |
Asia Pacific [Member] | Corporate and Reconciling Items [Member] | ||||||
Total revenues | [1] | (1) | 0 | (1) | 0 | |
Rest of World [Member] | ||||||
Total revenues | [1] | 193 | 127 | 511 | 355 | |
Rest of World [Member] | Operating Segments [Member] | Polyurethanes [Member] | ||||||
Total revenues | [1] | 110 | 69 | 284 | 185 | |
Rest of World [Member] | Operating Segments [Member] | Performance Products [Member] | ||||||
Total revenues | [1] | 22 | 14 | 56 | 47 | |
Rest of World [Member] | Operating Segments [Member] | Advanced Materials [Member] | ||||||
Total revenues | [1] | 28 | 20 | 79 | 58 | |
Rest of World [Member] | Operating Segments [Member] | Textile Effects [Member] | ||||||
Total revenues | [1] | 32 | 24 | 92 | 66 | |
Rest of World [Member] | Corporate and Reconciling Items [Member] | ||||||
Total revenues | [1] | $ 1 | $ 0 | $ 0 | $ (1) | |
|
Note 12 - Employee Benefit Plans (Details Textual) - USD ($) $ in Millions |
9 Months Ended | |
---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
|
Payment for Pension and Other Postretirement Benefits, Total | $ 45 | $ 73 |
Defined Benefit Plan, Expected Future Employer Contributions, Remainder of Fiscal Year | $ 9 |
Note 12 - Employee Benefit Plans - Components of Net Periodic Benefit Costs (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
|
Amortization of actuarial loss | $ 22 | $ 20 | $ 65 | $ 57 |
Huntsman International LLC [Member] | ||||
Amortization of actuarial loss | 22 | 20 | 67 | 59 |
Defined Benefit Plans [Member] | ||||
Service cost | 13 | 13 | 41 | 39 |
Interest cost | 13 | 15 | 37 | 46 |
Expected return on assets | (42) | (44) | (126) | (129) |
Amortization of prior service benefit | (2) | (2) | (5) | (5) |
Amortization of actuarial loss | 23 | 21 | 69 | 60 |
Net periodic benefit cost | 5 | 3 | 19 | 11 |
Settlement loss | 3 | 0 | ||
Defined Benefit Plans [Member] | Huntsman International LLC [Member] | ||||
Service cost | 13 | 13 | 41 | 39 |
Interest cost | 13 | 15 | 37 | 46 |
Expected return on assets | (42) | (44) | (126) | (129) |
Amortization of prior service benefit | (2) | (2) | (5) | (5) |
Amortization of actuarial loss | 24 | 21 | 71 | 62 |
Net periodic benefit cost | 6 | 3 | 21 | 13 |
Settlement loss | 3 | 0 | ||
Other Postretirement Benefits Plan [Member] | ||||
Service cost | 1 | 0 | 1 | 1 |
Interest cost | 0 | 1 | 1 | 2 |
Expected return on assets | 0 | 0 | 0 | 0 |
Amortization of prior service benefit | (1) | (2) | (3) | (4) |
Amortization of actuarial loss | 0 | 1 | 1 | 1 |
Net periodic benefit cost | 0 | 0 | 0 | 0 |
Settlement loss | 0 | 0 | ||
Other Postretirement Benefits Plan [Member] | Huntsman International LLC [Member] | ||||
Service cost | 1 | 0 | 1 | 1 |
Interest cost | 0 | 1 | 1 | 2 |
Expected return on assets | 0 | 0 | 0 | 0 |
Amortization of prior service benefit | (1) | (2) | (3) | (4) |
Amortization of actuarial loss | 0 | 1 | 1 | 1 |
Net periodic benefit cost | $ 0 | $ 0 | 0 | 0 |
Settlement loss | $ 0 | $ 0 |
Note 13 - Huntsman Corporation Stockholders' Equity (Details Textual) - USD ($) $ / shares in Units, $ in Millions |
3 Months Ended | ||||||||
---|---|---|---|---|---|---|---|---|---|
Apr. 28, 2021 |
Sep. 30, 2021 |
Jun. 30, 2021 |
Mar. 31, 2021 |
Sep. 30, 2020 |
Jun. 30, 2020 |
Mar. 31, 2020 |
May 03, 2018 |
Feb. 07, 2018 |
|
Treasury Stock, Shares, Acquired (in shares) | 3,971,784 | ||||||||
Treasury Stock, Value, Acquired, Cost Method | $ 102 | $ 96 | |||||||
Common Stock, Dividends, Per Share, Declared (in dollars per share) | $ 0.1875 | $ 0.1875 | $ 0.1875 | $ 0.1625 | $ 0.1625 | $ 0.1625 | $ 0.1625 | ||
Common Stock Dividend, Increase, Percent | 15.00% | ||||||||
Dividends, Common Stock, Total | $ 42 | $ 41 | $ 36 | $ 36 | $ 36 | $ 37 | |||
Common Stock, Dividends, Per Share, Cash Paid (in dollars per share) | $ 0.1875 | $ 0.1875 | $ 0.1625 | $ 0.1625 | $ 0.1625 | $ 0.1625 | |||
Share Repurchase Program 2018 [Member] | |||||||||
Stock Repurchase Program, Authorized Amount | $ 1,000 | $ 1,000 |
Note 14 - Accumulated Other Comprehensive Loss (Details Textual) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | 12 Months Ended | |||
---|---|---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
Accumulated Foreign Currency Adjustment Including Portion Attributable to Noncontrolling Interest [Member] | ||||||
Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Tax, Total | $ 56 | $ 68 | $ 56 | $ 68 | ||
Accumulated Foreign Currency Adjustment Including Portion Attributable to Noncontrolling Interest [Member] | Huntsman International LLC [Member] | ||||||
Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Tax, Total | 43 | 55 | 43 | 55 | ||
Accumulated Defined Benefit Plans Adjustment Including Portion Attributable to Noncontrolling Interest [Member] | ||||||
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, Tax, Total | 139 | 125 | 153 | 148 | ||
Accumulated Defined Benefit Plans Adjustment Including Portion Attributable to Noncontrolling Interest [Member] | Huntsman International LLC [Member] | ||||||
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, Tax, Total | 164 | 150 | $ 178 | $ 174 | ||
Accumulated Defined Benefit Plans Adjustment, Settlement Gain (Loss) Including Portion Attributable to Noncontrolling Interest [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||||
Income (Loss), Including Portion Attributable to Noncontrolling Interest, before Tax, Total | 41 | |||||
Accumulated Defined Benefit Plans Adjustment, Settlement Gain (Loss) Including Portion Attributable to Noncontrolling Interest [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Huntsman International LLC [Member] | ||||||
Income (Loss), Including Portion Attributable to Noncontrolling Interest, before Tax, Total | 41 | |||||
Accumulated Defined Benefit Plans Adjustment, Net Gain (Loss) Including Portion Attributable to Noncontrolling Interest [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Discontinued Operations, Held-for-sale or Disposed of by Sale [Member] | ||||||
Discontinued Operation, Income (Loss) from Discontinued Operation, before Income Tax, Total | $ 1 | $ 1 | 4 | 4 | ||
Accumulated Defined Benefit Plans Adjustment, Net Gain (Loss) Including Portion Attributable to Noncontrolling Interest [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Discontinued Operations, Held-for-sale or Disposed of by Sale [Member] | Huntsman International LLC [Member] | ||||||
Discontinued Operation, Income (Loss) from Discontinued Operation, before Income Tax, Total | $ 1 | $ 1 | $ 4 | $ 4 |
Note 14 - Accumulated Other Comprehensive Loss - Components and Changes in Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2021 |
Jun. 30, 2021 |
Mar. 31, 2021 |
Sep. 30, 2020 |
Jun. 30, 2020 |
Mar. 31, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
|||||||||||||||||||||||||||
Balance | $ 3,885 | $ 3,734 | $ 3,673 | $ 3,324 | $ 3,383 | $ 2,824 | $ 3,673 | $ 2,824 | ||||||||||||||||||||||||||
Other comprehensive (loss) income, net of tax | (19) | 42 | (13) | 28 | 29 | (21) | 10 | 36 | ||||||||||||||||||||||||||
Balance | 3,954 | 3,885 | 3,734 | 3,377 | 3,324 | 3,383 | 3,954 | 3,377 | ||||||||||||||||||||||||||
Huntsman International LLC [Member] | ||||||||||||||||||||||||||||||||||
Balance | 3,938 | 3,787 | 3,725 | 3,369 | 3,428 | 2,772 | 3,725 | 2,772 | ||||||||||||||||||||||||||
Other comprehensive (loss) income, net of tax | (19) | 42 | (12) | 29 | 29 | (20) | 11 | 38 | ||||||||||||||||||||||||||
Balance | 4,111 | 3,938 | 3,787 | 3,426 | 3,369 | 3,428 | 4,111 | 3,426 | ||||||||||||||||||||||||||
Accumulated Foreign Currency Adjustment Including Portion Attributable to Noncontrolling Interest [Member] | ||||||||||||||||||||||||||||||||||
Balance | (328) | [1] | (369) | [2] | (328) | [1] | (369) | [2] | ||||||||||||||||||||||||||
Other comprehensive loss before reclassifications, gross | (42) | [1] | (42) | [2] | ||||||||||||||||||||||||||||||
Tax expense | 0 | [1] | 0 | [2] | ||||||||||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive loss, gross | [3] | 0 | [1] | 0 | [2] | |||||||||||||||||||||||||||||
Tax expense | 0 | [1] | 0 | [2] | ||||||||||||||||||||||||||||||
Other comprehensive (loss) income, net of tax | (42) | [1] | (42) | [2] | ||||||||||||||||||||||||||||||
Balance | (370) | [1] | (411) | [2] | (370) | [1] | (411) | [2] | ||||||||||||||||||||||||||
Accumulated Foreign Currency Adjustment Including Portion Attributable to Noncontrolling Interest [Member] | Huntsman International LLC [Member] | ||||||||||||||||||||||||||||||||||
Balance | (333) | [4] | (374) | [5] | (333) | [4] | (374) | [5] | ||||||||||||||||||||||||||
Other comprehensive loss before reclassifications, gross | (42) | [4] | (42) | [5] | ||||||||||||||||||||||||||||||
Tax expense | 0 | [4] | 0 | [5] | ||||||||||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive loss, gross | [3] | 0 | [4] | 0 | [5] | |||||||||||||||||||||||||||||
Tax expense | 0 | [4] | 0 | [5] | ||||||||||||||||||||||||||||||
Other comprehensive (loss) income, net of tax | (42) | [4] | (42) | [5] | ||||||||||||||||||||||||||||||
Balance | (375) | [4] | (416) | [5] | (375) | [4] | (416) | [5] | ||||||||||||||||||||||||||
Accumulated Defined Benefit Plans Adjustment Including Portion Attributable to Noncontrolling Interest [Member] | ||||||||||||||||||||||||||||||||||
Balance | (1,050) | [6] | (1,031) | [7] | (1,050) | [6] | (1,031) | [7] | ||||||||||||||||||||||||||
Other comprehensive loss before reclassifications, gross | 0 | [6] | 8 | [7] | ||||||||||||||||||||||||||||||
Tax expense | 0 | [6] | (2) | [7] | ||||||||||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive loss, gross | [8] | 20 | 18 | 65 | [3],[6] | 93 | [3],[7] | |||||||||||||||||||||||||||
Tax expense | [8] | (3) | (4) | (13) | [6] | (21) | [7] | |||||||||||||||||||||||||||
Other comprehensive (loss) income, net of tax | 52 | [6] | 78 | [7] | ||||||||||||||||||||||||||||||
Balance | (998) | [6] | (953) | [7] | (998) | [6] | (953) | [7] | ||||||||||||||||||||||||||
Accumulated Defined Benefit Plans Adjustment Including Portion Attributable to Noncontrolling Interest [Member] | Huntsman International LLC [Member] | ||||||||||||||||||||||||||||||||||
Balance | (1,028) | [9] | (1,012) | [10] | (1,028) | [9] | (1,012) | [10] | ||||||||||||||||||||||||||
Other comprehensive loss before reclassifications, gross | 0 | [9] | 8 | [10] | ||||||||||||||||||||||||||||||
Tax expense | 0 | [9] | (2) | [10] | ||||||||||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive loss, gross | [8] | 21 | 19 | 67 | [3],[9] | 95 | [3],[10] | |||||||||||||||||||||||||||
Tax expense | [8] | (4) | (4) | (14) | [9] | (21) | [10] | |||||||||||||||||||||||||||
Other comprehensive (loss) income, net of tax | 53 | [9] | 80 | [10] | ||||||||||||||||||||||||||||||
Balance | (975) | [9] | (932) | [10] | (975) | [9] | (932) | [10] | ||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss), Unconsolidated Affiliates Including Portion Attributable to Noncontrolling Interest [Member] | ||||||||||||||||||||||||||||||||||
Balance | 8 | 8 | 8 | 8 | ||||||||||||||||||||||||||||||
Other comprehensive loss before reclassifications, gross | 0 | 0 | ||||||||||||||||||||||||||||||||
Tax expense | 0 | 0 | ||||||||||||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive loss, gross | [3] | 0 | 0 | |||||||||||||||||||||||||||||||
Tax expense | 0 | 0 | ||||||||||||||||||||||||||||||||
Other comprehensive (loss) income, net of tax | 0 | 0 | ||||||||||||||||||||||||||||||||
Balance | 8 | 8 | 8 | 8 | ||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss), Unconsolidated Affiliates Including Portion Attributable to Noncontrolling Interest [Member] | Huntsman International LLC [Member] | ||||||||||||||||||||||||||||||||||
Balance | 8 | 8 | 8 | 8 | ||||||||||||||||||||||||||||||
Other comprehensive loss before reclassifications, gross | 0 | 0 | ||||||||||||||||||||||||||||||||
Tax expense | 0 | 0 | ||||||||||||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive loss, gross | [3] | 0 | 0 | |||||||||||||||||||||||||||||||
Tax expense | 0 | 0 | ||||||||||||||||||||||||||||||||
Other comprehensive (loss) income, net of tax | 0 | 0 | ||||||||||||||||||||||||||||||||
Balance | 8 | 8 | 8 | 8 | ||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income, Other, Net, Including Portion Attributable to Noncontrolling Interest [Member] | ||||||||||||||||||||||||||||||||||
Balance | 4 | 4 | 4 | 4 | ||||||||||||||||||||||||||||||
Other comprehensive loss before reclassifications, gross | 0 | 0 | ||||||||||||||||||||||||||||||||
Tax expense | 0 | 0 | ||||||||||||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive loss, gross | [3] | 0 | 0 | |||||||||||||||||||||||||||||||
Tax expense | 0 | 0 | ||||||||||||||||||||||||||||||||
Other comprehensive (loss) income, net of tax | 0 | 0 | ||||||||||||||||||||||||||||||||
Balance | 4 | 4 | 4 | 4 | ||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income, Other, Net, Including Portion Attributable to Noncontrolling Interest [Member] | Huntsman International LLC [Member] | ||||||||||||||||||||||||||||||||||
Balance | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||
Other comprehensive loss before reclassifications, gross | 0 | 0 | ||||||||||||||||||||||||||||||||
Tax expense | 0 | 0 | ||||||||||||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive loss, gross | [3] | 0 | 0 | |||||||||||||||||||||||||||||||
Tax expense | 0 | 0 | ||||||||||||||||||||||||||||||||
Other comprehensive (loss) income, net of tax | 0 | 0 | ||||||||||||||||||||||||||||||||
Balance | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||
AOCI Including Portion Attributable to Noncontrolling Interest [Member] | ||||||||||||||||||||||||||||||||||
Balance | (1,366) | (1,388) | (1,366) | (1,388) | ||||||||||||||||||||||||||||||
Other comprehensive loss before reclassifications, gross | (42) | (34) | ||||||||||||||||||||||||||||||||
Tax expense | 0 | (2) | ||||||||||||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive loss, gross | [3] | 65 | 93 | |||||||||||||||||||||||||||||||
Tax expense | (13) | (21) | ||||||||||||||||||||||||||||||||
Other comprehensive (loss) income, net of tax | 10 | 36 | ||||||||||||||||||||||||||||||||
Balance | (1,356) | (1,352) | (1,356) | (1,352) | ||||||||||||||||||||||||||||||
AOCI Including Portion Attributable to Noncontrolling Interest [Member] | Huntsman International LLC [Member] | ||||||||||||||||||||||||||||||||||
Balance | (1,353) | (1,378) | (1,353) | (1,378) | ||||||||||||||||||||||||||||||
Other comprehensive loss before reclassifications, gross | (42) | (34) | ||||||||||||||||||||||||||||||||
Tax expense | 0 | (2) | ||||||||||||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive loss, gross | [3] | 67 | 95 | |||||||||||||||||||||||||||||||
Tax expense | (14) | (21) | ||||||||||||||||||||||||||||||||
Other comprehensive (loss) income, net of tax | 11 | 38 | ||||||||||||||||||||||||||||||||
Balance | (1,342) | (1,340) | (1,342) | (1,340) | ||||||||||||||||||||||||||||||
AOCI Attributable to Noncontrolling Interest [Member] | ||||||||||||||||||||||||||||||||||
Balance | 20 | 26 | 20 | 26 | ||||||||||||||||||||||||||||||
Other comprehensive loss before reclassifications, gross | (2) | (3) | ||||||||||||||||||||||||||||||||
Tax expense | 0 | 0 | ||||||||||||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive loss, gross | [3] | 0 | 0 | |||||||||||||||||||||||||||||||
Tax expense | 0 | 0 | ||||||||||||||||||||||||||||||||
Other comprehensive (loss) income, net of tax | (2) | (3) | ||||||||||||||||||||||||||||||||
Balance | 18 | 23 | 18 | 23 | ||||||||||||||||||||||||||||||
AOCI Attributable to Noncontrolling Interest [Member] | Huntsman International LLC [Member] | ||||||||||||||||||||||||||||||||||
Balance | 20 | 26 | 20 | 26 | ||||||||||||||||||||||||||||||
Other comprehensive loss before reclassifications, gross | (2) | (3) | ||||||||||||||||||||||||||||||||
Tax expense | 0 | 0 | ||||||||||||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive loss, gross | [3] | 0 | 0 | |||||||||||||||||||||||||||||||
Tax expense | 0 | 0 | ||||||||||||||||||||||||||||||||
Other comprehensive (loss) income, net of tax | (2) | (3) | ||||||||||||||||||||||||||||||||
Balance | 18 | 23 | 18 | 23 | ||||||||||||||||||||||||||||||
AOCI Attributable to Parent [Member] | ||||||||||||||||||||||||||||||||||
Balance | (1,318) | (1,359) | (1,346) | (1,354) | (1,383) | (1,362) | (1,346) | (1,362) | ||||||||||||||||||||||||||
Other comprehensive loss before reclassifications, gross | (44) | (37) | ||||||||||||||||||||||||||||||||
Tax expense | 0 | (2) | ||||||||||||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive loss, gross | [3] | 65 | 93 | |||||||||||||||||||||||||||||||
Tax expense | (13) | (21) | ||||||||||||||||||||||||||||||||
Other comprehensive (loss) income, net of tax | (20) | 41 | (13) | 25 | 29 | (21) | 8 | 33 | ||||||||||||||||||||||||||
Balance | (1,338) | (1,318) | (1,359) | (1,329) | (1,354) | (1,383) | (1,338) | (1,329) | ||||||||||||||||||||||||||
AOCI Attributable to Parent [Member] | Huntsman International LLC [Member] | ||||||||||||||||||||||||||||||||||
Balance | (1,304) | (1,345) | (1,333) | (1,343) | (1,372) | (1,352) | (1,333) | (1,352) | ||||||||||||||||||||||||||
Other comprehensive loss before reclassifications, gross | (44) | (37) | ||||||||||||||||||||||||||||||||
Tax expense | 0 | (2) | ||||||||||||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive loss, gross | [3] | 67 | 95 | |||||||||||||||||||||||||||||||
Tax expense | (14) | (21) | ||||||||||||||||||||||||||||||||
Other comprehensive (loss) income, net of tax | (20) | 41 | (12) | 26 | 29 | (20) | 9 | 35 | ||||||||||||||||||||||||||
Balance | $ (1,324) | $ (1,304) | $ (1,345) | $ (1,317) | $ (1,343) | $ (1,372) | $ (1,324) | $ (1,317) | ||||||||||||||||||||||||||
|
Note 14 - Accumulated Other Comprehensive Loss - Reclassification Details (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
|||||||||||||||||||||||
Accumulated Defined Benefit Plans Adjustment, Net Prior Service Including Portion Attributable to Noncontrolling Interest [Member] | ||||||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive loss, gross | [1],[2] | $ (3) | $ (3) | $ (8) | $ (9) | |||||||||||||||||||||
Accumulated Defined Benefit Plans Adjustment, Net Prior Service Including Portion Attributable to Noncontrolling Interest [Member] | Huntsman International LLC [Member] | ||||||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive loss, gross | [1],[2] | (3) | (3) | (8) | (9) | |||||||||||||||||||||
Accumulated Defined Benefit Plans Adjustment, Actuarial Gain (Loss), Including Portion Attributable to Noncontrolling Interest [Member] | ||||||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive loss, gross | [1] | 23 | [3] | 21 | [3] | 70 | [2],[4] | 61 | [2],[4] | |||||||||||||||||
Accumulated Defined Benefit Plans Adjustment, Actuarial Gain (Loss), Including Portion Attributable to Noncontrolling Interest [Member] | Huntsman International LLC [Member] | ||||||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive loss, gross | [1] | 24 | [3] | 22 | [3] | 72 | [2],[4] | 63 | [2],[4] | |||||||||||||||||
Accumulated Defined Benefit Plans Adjustment, Settlement Gain (Loss), Including Portion Attributable to Noncontrolling Interest 1 [Member] | ||||||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive loss, gross | [1],[3] | 3 | 41 | |||||||||||||||||||||||
Accumulated Defined Benefit Plans Adjustment, Settlement Gain (Loss), Including Portion Attributable to Noncontrolling Interest 1 [Member] | Huntsman International LLC [Member] | ||||||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive loss, gross | [1],[3] | 3 | 41 | |||||||||||||||||||||||
Accumulated Defined Benefit Plans Adjustment Including Portion Attributable to Noncontrolling Interest [Member] | ||||||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive loss, gross | [1] | 20 | 18 | 65 | [5],[6] | 93 | [6],[7] | |||||||||||||||||||
Tax expense | [1] | (3) | (4) | (13) | [5] | (21) | [7] | |||||||||||||||||||
Total reclassifications for the period | [1] | 17 | 14 | 52 | 72 | |||||||||||||||||||||
Accumulated Defined Benefit Plans Adjustment Including Portion Attributable to Noncontrolling Interest [Member] | Huntsman International LLC [Member] | ||||||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive loss, gross | [1] | 21 | 19 | 67 | [6],[8] | 95 | [6],[9] | |||||||||||||||||||
Tax expense | [1] | (4) | (4) | (14) | [8] | (21) | [9] | |||||||||||||||||||
Total reclassifications for the period | [1] | $ 17 | $ 15 | $ 53 | $ 74 | |||||||||||||||||||||
|
Note 16 - Environmental, Health and Safety Matters (Details Textual) $ in Millions |
9 Months Ended | ||
---|---|---|---|
Sep. 30, 2021
USD ($)
|
Sep. 30, 2020
USD ($)
|
Dec. 31, 2020
USD ($)
|
|
Environmental Costs Recognized, Capitalized in Period | $ 25 | $ 17 | |
Accrual for Environmental Loss Contingencies, Ending Balance | 5 | $ 4 | |
Accrued Environmental Loss Contingencies, Current | 2 | 1 | |
Accrued Environmental Loss Contingencies, Noncurrent | $ 3 | $ 3 | |
Maximum Period for Payment of Remediation Liabilities (Year) | 30 years | ||
Site Contingency, Number of Former Facility or Third Party Sites with Claims Against Entity for Cleanup Liabilities | 9 |
Note 17 - Stock-based Compensation Plans (Details Textual) - USD ($) $ / shares in Units, $ in Millions |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
Dec. 31, 2020 |
|
Share-based Payment Arrangement, Expense, Tax Benefit | $ 2 | $ 3 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures, Total (in shares) | 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 Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 6 | $ 6 | |||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 1 year 8 months 12 days | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 8 | 4 | |||
Proceeds from Stock Options Exercised | 6 | 2 | |||
Share-based Payment Arrangement, Exercise of Option, Tax Benefit | $ 2 | $ 1 | |||
Share-based Payment Arrangement, Option [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 0.40% | 0.70% | 1.40% | ||
Performance Shares [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Weighted Average Volatility Rate | 44.90% | 34.00% | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 0.20% | 1.40% | |||
Share Based Compensation Arrangement by Share Based Payment Award, Performance Period (Year) | 3 years | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period (in shares) | 76,055 | ||||
Share Based Compensation Arrangement by Share Based Payment Award, Equity Instruments Other Than Options, Target Shares Awards for Grant Number (in shares) | 110,542 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 41.93 | ||||
Restricted Stock Units (RSUs) [Member] | |||||
Share Based Compensation Arrangement by Share Based Payment Award, Equity Instruments Other Than Options, Vested Not Issued (in shares) | 457,294 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period (in shares) | 30,438 | ||||
Nonvested Shares [Member] | |||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 36 | $ 36 | |||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 2 years | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ 18 | $ 24 | |||
The 2016 Stock Incentive Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares) | 7,000,000 | 7,000,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 3 years | ||||
The 2016 Stock Incentive Plan [Member] | Share-based Payment Arrangement, Option [Member] | Maximum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year) | 10 years |
Note 17 - Stock-based Compensation Plans - Compensation Cost (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
|
Compensation cost | $ 8 | $ 6 | $ 24 | $ 20 |
Huntsman International LLC [Member] | ||||
Compensation cost | $ 8 | $ 6 | $ 23 | $ 19 |
Note 17 - Stock-based Compensation Plans - Weighted Average of the Assumptions Utilized for Stock Options (Details) - Share-based Payment Arrangement, Option [Member] |
3 Months Ended | 9 Months Ended | |
---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
|
Dividend yield | 3.10% | 2.30% | 3.00% |
Expected volatility | 53.70% | 53.30% | 53.10% |
Risk-free interest rate | 0.40% | 0.70% | 1.40% |
Expected life of stock options granted during the period (in years) (Year) | 5 years 10 months 24 days | 5 years 10 months 24 days | 5 years 10 months 24 days |
Note 17 - Stock-based Compensation Plans - Summary of Stock Option Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions |
9 Months Ended |
---|---|
Sep. 30, 2021 | |
Outstanding, shares, January 1, 2021 (in shares) | 4,815 |
Outstanding, weighted average exercise price, January 1, 2021 (in dollars per share) | $ 20.37 |
Granted, shares (in shares) | 304 |
Granted, weighted average exercise price (in dollars per share) | $ 28.58 |
Exercised, shares (in shares) | (697) |
Exercised, weighted average exercise price (in dollars per share) | $ 17.44 |
Forfeited, shares (in shares) | (71) |
Forfeited, weighted average exercise price (in dollars per share) | $ 24.29 |
Outstanding, shares, at September 30, 2021 (in shares) | 4,351 |
Outstanding, weighted average exercise price, September 30, 2021 (in dollars per share) | $ 21.35 |
Outstanding, weighted average remaining contractual term (Year) | 5 years 9 months 18 days |
Outstanding, aggregate intrinsic value | $ 37 |
Exercisable, shares (in shares) | 3,309 |
Exercisable, weighted average exercise price (in dollars per share) | $ 20.59 |
Exercisable, weighted average remaining contractual term (Year) | 5 years |
Exercisable, aggregate intrinsic value | $ 31 |
Note 17 - Stock-based Compensation Plans - Summary of the Status of Nonvested Shares (Details) shares in Thousands |
9 Months Ended | |||||
---|---|---|---|---|---|---|
Sep. 30, 2021
$ / shares
shares
| ||||||
Equity Awards [Member] | ||||||
Nonvested, shares, January 1, 2021 (in shares) | shares | 1,867 | |||||
Nonvested, weighted average grant-date fair value, January 1, 2021 (in dollars per share) | $ / shares | $ 23.18 | |||||
Granted, shares (in shares) | shares | 856 | |||||
Granted, weighted average grant-date fair value (in dollars per share) | $ / shares | $ 31.06 | |||||
Vested, shares (in shares) | shares | (521) | [1],[2] | ||||
Vested, weighted average grant-date fair value (in dollars per share) | $ / shares | $ 28.19 | |||||
Forfeited, shares (in shares) | shares | (17) | |||||
Forfeited, weighted average grant-date fair value (in dollars per share) | $ / shares | $ 23.96 | |||||
Nonvested, shares, September 30, 2021 (in shares) | shares | 2,185 | |||||
Nonvested, weighted average grant-date fair value, September 30, 2021 (in dollars per share) | $ / shares | $ 25.07 | |||||
Liability Awards [Member] | ||||||
Nonvested, shares, January 1, 2021 (in shares) | shares | 411 | |||||
Nonvested, weighted average grant-date fair value, January 1, 2021 (in dollars per share) | $ / shares | $ 23.08 | |||||
Granted, shares (in shares) | shares | 184 | |||||
Granted, weighted average grant-date fair value (in dollars per share) | $ / shares | $ 28.58 | |||||
Vested, shares (in shares) | shares | (189) | |||||
Vested, weighted average grant-date fair value (in dollars per share) | $ / shares | $ 24.55 | |||||
Forfeited, shares (in shares) | shares | (20) | |||||
Forfeited, weighted average grant-date fair value (in dollars per share) | $ / shares | $ 24.18 | |||||
Nonvested, shares, September 30, 2021 (in shares) | shares | 386 | |||||
Nonvested, weighted average grant-date fair value, September 30, 2021 (in dollars per share) | $ / shares | $ 24.92 | |||||
|
Note 18 - Income Taxes (Details Textual) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
|
Income Tax Expense (Benefit), Total | $ 38,000 | $ 15,000 | $ 114,000 | $ 9,000 |
Equity Securities, FV-NI, Gain (Loss), Total | (3,000) | 6,000 | (28,000) | (100,000) |
Huntsman International LLC [Member] | ||||
Income Tax Expense (Benefit), Total | 39,000 | 15,000 | 115,000 | 9,000 |
Equity Securities, FV-NI, Gain (Loss), Total | $ (3,000) | $ 6,000 | (28,000) | (100,000) |
Venator Materials PLC [Member] | ||||
Income Tax Expense (Benefit), Total | 0 | 0 | ||
Equity Securities, FV-NI, Gain (Loss), Total | $ (28,000) | $ (100,000) |
Note 19 - Earnings Per Share (Details Textual) - shares shares in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
|
Share-based Payment Arrangement [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 1.0 | 3.8 | 1.5 | 6.1 |
Note 19 - Earnings Per Share - Net Income Per Share (Details) - USD ($) shares in Millions, $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
|
Income (loss) from continuing operations attributable to Huntsman Corporation | $ 214 | $ 48 | $ 451 | $ (91) |
Net income attributable to Huntsman Corporation | $ 209 | $ 48 | $ 448 | $ 691 |
Weighted average shares outstanding (in shares) | 219.4 | 219.8 | 220.2 | 220.8 |
Stock-based awards (in shares) | 1.9 | 1.5 | 2.0 | 0.0 |
Total weighted average shares outstanding, including dilutive shares (in shares) | 221.3 | 221.3 | 222.2 | 220.8 |
Note 20 - Operating Segment Information (Details Textual) |
9 Months Ended |
---|---|
Sep. 30, 2021 | |
Number of Reportable Segments | 4 |
Note 20 - Operating Segment Information - Revenues and Adjusted EBITDA from Continuing Operations by Segment (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2021 |
Jun. 30, 2021 |
Mar. 31, 2021 |
Sep. 30, 2020 |
Jun. 30, 2020 |
Mar. 31, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
|||||||||
Total revenues | [1] | $ 2,285 | $ 1,510 | $ 6,146 | $ 4,350 | |||||||||||
Segment adjusted EBITDA | [2] | 371 | 188 | 994 | 407 | |||||||||||
Interest expense, net—continuing operations | (15) | (24) | (52) | (63) | ||||||||||||
Income tax expense—continuing operations | (38) | (15) | (114) | (9) | ||||||||||||
Income tax expense | (5) | 0 | (5) | (239) | ||||||||||||
Depreciation and amortization—continuing operations | (72) | (70) | (219) | (206) | ||||||||||||
Net income attributable to noncontrolling interests | 16 | 9 | 49 | 15 | ||||||||||||
Business acquisition and integration expenses and purchase accounting inventory adjustments | (5) | (9) | (19) | (30) | ||||||||||||
EBITDA from discontinued operations(3) | [3] | 0 | 0 | 2 | 1,021 | |||||||||||
Fair value adjustments to Venator investment | (3) | 6 | (28) | (100) | ||||||||||||
Loss on early extinguishment of debt | 0 | 0 | (27) | 0 | ||||||||||||
Certain legal and other settlements and related income (expenses) | 0 | 4 | (10) | (2) | ||||||||||||
Gain on sale of businesses/assets | 0 | 0 | 30 | 1 | ||||||||||||
Income from transition services arrangements | 2 | 1 | 6 | 6 | ||||||||||||
Certain nonrecurring information technology project implementation costs | (2) | (1) | (6) | (3) | ||||||||||||
Amortization of pension and postretirement actuarial losses | (22) | (20) | (65) | (57) | ||||||||||||
Plant incident remediation costs | (2) | 0 | (3) | (1) | ||||||||||||
Restructuring, impairment and plant closing and transition costs | 0 | (12) | (36) | (34) | ||||||||||||
Net income | 225 | $ 172 | $ 100 | 57 | $ (59) | $ 708 | 497 | 706 | ||||||||
Huntsman International LLC [Member] | ||||||||||||||||
Total revenues | 2,285 | 1,510 | 6,146 | 4,350 | ||||||||||||
Segment adjusted EBITDA | [2] | 372 | 189 | 1,000 | 411 | |||||||||||
Interest expense, net—continuing operations | (15) | (24) | (52) | (65) | ||||||||||||
Income tax expense—continuing operations | (39) | (15) | (115) | (9) | ||||||||||||
Income tax expense | (5) | 0 | (5) | (239) | ||||||||||||
Depreciation and amortization—continuing operations | (72) | (70) | (219) | (206) | ||||||||||||
Net income attributable to noncontrolling interests | 16 | 9 | 49 | 15 | ||||||||||||
Business acquisition and integration expenses and purchase accounting inventory adjustments | (5) | (9) | (19) | (30) | ||||||||||||
EBITDA from discontinued operations(3) | [3] | 0 | 0 | 2 | 1,021 | |||||||||||
Fair value adjustments to Venator investment | (3) | 6 | (28) | (100) | ||||||||||||
Loss on early extinguishment of debt | 0 | 0 | (27) | 0 | ||||||||||||
Certain legal and other settlements and related income (expenses) | 0 | 4 | (10) | (2) | ||||||||||||
Gain on sale of businesses/assets | 0 | 0 | 30 | 1 | ||||||||||||
Income from transition services arrangements | 2 | 1 | 6 | 6 | ||||||||||||
Certain nonrecurring information technology project implementation costs | (2) | (1) | (6) | (3) | ||||||||||||
Amortization of pension and postretirement actuarial losses | (22) | (20) | (67) | (59) | ||||||||||||
Plant incident remediation costs | (2) | 0 | (3) | (1) | ||||||||||||
Restructuring, impairment and plant closing and transition costs | 0 | (12) | (36) | (34) | ||||||||||||
Net income | 225 | $ 173 | $ 102 | 58 | $ (59) | $ 707 | 500 | 706 | ||||||||
Corporate and Reconciling Items [Member] | ||||||||||||||||
Total revenues | [1] | (9) | (5) | (24) | (18) | |||||||||||
Segment adjusted EBITDA | [2],[4] | (48) | (37) | (146) | (114) | |||||||||||
Corporate and Reconciling Items [Member] | Huntsman International LLC [Member] | ||||||||||||||||
Segment adjusted EBITDA | [2],[4] | (47) | (36) | (140) | (110) | |||||||||||
Polyurethanes [Member] | Operating Segments [Member] | ||||||||||||||||
Total revenues | [1] | 1,403 | 936 | 3,626 | 2,554 | |||||||||||
Segment adjusted EBITDA | [2] | 246 | 156 | 661 | 271 | |||||||||||
Polyurethanes [Member] | Operating Segments [Member] | Huntsman International LLC [Member] | ||||||||||||||||
Segment adjusted EBITDA | [2] | 246 | 156 | 661 | 271 | |||||||||||
Performance Products [Member] | Operating Segments [Member] | ||||||||||||||||
Total revenues | [1] | 399 | 238 | 1,075 | 758 | |||||||||||
Segment adjusted EBITDA | [2] | 103 | 36 | 254 | 123 | |||||||||||
Performance Products [Member] | Operating Segments [Member] | Huntsman International LLC [Member] | ||||||||||||||||
Segment adjusted EBITDA | [2] | 103 | 36 | 254 | 123 | |||||||||||
Advanced Materials [Member] | Operating Segments [Member] | ||||||||||||||||
Total revenues | [1] | 304 | 199 | 881 | 632 | |||||||||||
Segment adjusted EBITDA | [2] | 48 | 25 | 150 | 103 | |||||||||||
Advanced Materials [Member] | Operating Segments [Member] | Huntsman International LLC [Member] | ||||||||||||||||
Segment adjusted EBITDA | [2] | 48 | 25 | 150 | 103 | |||||||||||
Textile Effects [Member] | Operating Segments [Member] | ||||||||||||||||
Total revenues | [1] | 188 | 142 | 588 | 424 | |||||||||||
Segment adjusted EBITDA | [2] | 22 | 8 | 75 | 24 | |||||||||||
Textile Effects [Member] | Operating Segments [Member] | Huntsman International LLC [Member] | ||||||||||||||||
Segment adjusted EBITDA | [2] | $ 22 | $ 8 | $ 75 | $ 24 | |||||||||||
|
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