0001307954 0001089748 false --12-31 Q3 2022 --12-31 Q3 2022 11 12 348 324 0.01 0.01 1,200,000,000 1,200,000,000 261,142,535 259,701,770 192,757,360 214,170,287 68,385,175 45,531,489 0.2125 0.2125 0.2125 0.1625 0.1875 0.1875 11 12 348 324 2,728 2,728 2,728 2,728 3 8 1.475 July 31, 2024 0.90 July 31, 2024 1.30 445 1 175 0 56 56 43 43 1 3 2 6 2 3 3 2 2 0 The applicable rate for our U.S. A/R Program is defined by the lender as USD LIBOR. The applicable rate for our EU A/R Program is either USD LIBOR, EURIBOR or SONIA (Sterling Overnight Interbank Average Rate). In anticipation of the transition away from USD LIBOR, the amendments we made in July 2021 to our A/R Programs incorporated replacement rates for the USD LIBOR. Corporate and other costs, net includes unallocated corporate overhead, unallocated foreign exchange gains and losses, LIFO inventory valuation reserve adjustments, loss on early extinguishment of debt, unallocated restructuring, impairment and plant closing costs, nonoperating income and expense and gains and losses on the disposition of corporate assets. Includes costs associated with transition activities related primarily to our Corporate program to optimize our global approach to leverage shared services capabilities. Pension and other postretirement benefits amounts in parentheses indicate credits on our condensed consolidated statements of operations. At September 30, 2022 and December 31, 2021, respectively, $22 and $1 of cash and cash equivalents, $4 and $12 of accounts and notes receivable (net), $60 and $64 of inventories, $161 each of property, plant and equipment (net), $29 and $23 of other noncurrent assets, $126 and $146 of accounts payable, $11 and $13 of accrued liabilities, $10 each of current portion of debt, $10 and $6 of current operating lease liabilities, $28 and $35 of long-term debt, $21 and $20 of noncurrent operating lease liabilities and $45 and $46 of other noncurrent liabilities from consolidated variable interest entities are included in the respective balance sheet captions above. See "Note 6. Variable Interest Entities." Amounts are net of tax of $56 million as of both September 30, 2022 and January 1, 2022, respectively. A total of 193,623 performance share unit awards are reflected in the vested shares in this table, which represents the target number of performance share unit awards for this grant and were included in the balance at December 31, 2021. During the nine months ended September 30, 2022, an additional 96,814 performance share unit awards with a grant date fair value of $29.68 were issued due to the target performance criteria being exceeded. Total assets and liabilities held for sale as of September 30, 2022 are classified as current because it is probable that the sale of our Textile Effects Business will close within a year. As of September 30, 2022, a total of 106,285 restricted stock units were vested but not yet issued, of which 7,066 vested during the nine months ended September 30, 2022. These shares have not been reflected as vested shares in this table because, in accordance with the restricted stock unit agreements, shares of common stock are not issued for vested restricted stock units until termination of employment. Amounts are net of tax of $139 million and $153 million as of September 30, 2021 and January 1, 2021, respectively. We use segment adjusted EBITDA as the measure of each segment’s profit or loss. We believe that segment adjusted EBITDA more accurately reflects what the chief operating decision maker uses to make decisions about resources to be allocated to the segments and assess their financial performance. Segment adjusted EBITDA is defined as net income of Huntsman Corporation or Huntsman International, as appropriate, before interest, income tax, depreciation and amortization, net income attributable to noncontrolling interests, certain Corporate and other items and income from discontinued operations, as well as eliminating the following adjustments: (a) business acquisition and integration expenses and purchase accounting inventory adjustments; (b) fair value adjustments to Venator investment, net; (c) loss on early extinguishment of debt; (d) certain legal and other settlements and related expenses; (e) costs associated with the Albemarle Settlement, net; (f) (loss) gain on sale of business/assets; (g) income from transition services arrangements related to the sale of our Chemical Intermediates Businesses to Indorama; (h) certain nonrecurring information technology project implementation costs; (i) amortization of pension and postretirement actuarial losses; (j) plant incident remediation credits (costs); and (k) restructuring, impairment, plant closing and transition costs. As of September 30, 2022, we had approximately $8 million (U.S. dollar equivalents) of letters of credit issued and outstanding under our U.S. A/R Program. On September 30, 2022, we had an additional $11 million (U.S. dollar equivalents) of letters of credit and bank guarantees issued and outstanding under our 2022 Revolving Credit Facility. Interest rates on borrowings under the 2022 Revolving Credit Facility vary based on the type of loan and Huntsman International’s debt ratings. The representative interest rate for U.S. dollar borrowings as of September 30, 2022 was 1.475% above term SOFR. Amounts are net of tax of $43 million as of both September 30, 2021 and January 1, 2021. Amounts are net of tax of $97 million and $105 million as of September 30, 2022 and January 1, 2022, respectively. Amounts are net of tax of $164 million and $178 million as of September 30, 2021 and January 1, 2021, respectively. During the nine months ended September 30, 2021, stock options were only granted during the first quarter. 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. See table below for details about these reclassifications. Amounts include approximately $4 million of actuarial losses related to discontinued operations for both of the three months ended September 30, 2022 and 2021. Amounts contain approximately $12 million and $13 million of actuarial losses related to discontinued operations for the nine months ended September 30, 2022 and 2021, respectively. Amounts are net of tax of $43 million as of September 30, 2022 and January 1, 2022, respectively. Geographic information for revenues is based upon countries into which product is sold. These accumulated other comprehensive loss components are included in the computation of net periodic pension costs. See “Note 12. 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Table of Contents



UNITED STATES 

SECURITIES AND EXCHANGE COMMISSION 

WASHINGTON, D.C. 20549

 

Form 10-Q

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2022

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                          to                         

Commission
File Number

    

Exact Name of Registrant as Specified in its Charter,
Principal Office Address and Telephone Number

    

State of
Incorporation
or Organization

    

I.R.S. Employer
Identification No.

001-32427

Huntsman Corporation
10003 Woodloch Forest Drive
The Woodlands, Texas 77380
(281) 719-6000

Delaware

42-1648585

333-85141

Huntsman International LLC
10003 Woodloch Forest Drive
The Woodlands, Texas 77380
(281) 719-6000

Delaware

87-0630358

 


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

 

Common Stock, par value $0.01 per share

 

HUN

New York Stock Exchange

Huntsman International LLC

 

NONE

 

NONE

NONE

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

Yes ☒

No ☐

Huntsman International LLC

Yes ☒

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

Yes ☒

No ☐

Huntsman International LLC

Yes ☒

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

Large accelerated filer ☒

Accelerated filer ☐

Non-accelerated filer ☐

Smaller reporting company ☐

Emerging growth company ☐

Huntsman International LLC

Large accelerated filer ☐

Accelerated filer ☐

Non-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 25, 2022, 192,099,455 shares of common stock of Huntsman Corporation were outstanding and 2,728 units of membership interests of Huntsman International LLC were outstanding. There is no trading market for Huntsman International LLC’s units of membership interests. All of Huntsman International LLC’s units of membership interests are held by Huntsman Corporation.


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, 2022

TABLE OF CONTENTS

Page

PART I

FINANCIAL INFORMATION

4

ITEM 1.

Condensed Consolidated Financial Statements (Unaudited)

4

Huntsman Corporation and Subsidiaries:

Unaudited Condensed Consolidated Balance Sheets

4

Unaudited Condensed Consolidated Statements of Operations

5

Unaudited Condensed Consolidated Statements of Comprehensive (Loss) Income

6

Unaudited Condensed Consolidated Statements of Equity

7

Unaudited Condensed Consolidated Statements of Cash Flows

9

Huntsman International LLC and Subsidiaries:

Unaudited Condensed Consolidated Balance Sheets

10

Unaudited Condensed Consolidated Statements of Operations

11

Unaudited Condensed Consolidated Statements of Comprehensive (Loss) Income

12

Unaudited Condensed Consolidated Statements of Equity

13

Unaudited Condensed Consolidated Statements of Cash Flows

14

Huntsman Corporation and Subsidiaries and Huntsman International LLC and Subsidiaries:

Notes to Unaudited Condensed Consolidated Financial Statements

15

ITEM 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

36

ITEM 3.

Quantitative and Qualitative Disclosures About Market Risk

54

ITEM 4.

Controls and Procedures

54

PART II

OTHER INFORMATION

55

ITEM 1.

Legal Proceedings

55

ITEM 1A.

Risk Factors

55

ITEM 2.

Unregistered Sales of Equity Securities and Use of Proceeds

55

ITEM 6.

Exhibits

56

 

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; projected impact of the potential expansion of the Russia-Ukraine conflict 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, 2021.

 

 

 

PART I. FINANCIAL INFORMATION

ITEM 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

HUNTSMAN CORPORATION AND SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(In Millions, Except Share and Per Share Amounts)

   

September 30,

   

December 31,

 
   

2022

   

2021

 

ASSETS

               

Current assets:

               

Cash and cash equivalents(a)

  $ 515     $ 1,041  

Accounts and notes receivable (net of allowance for doubtful accounts of $11 and $12, respectively), ($348 and $324 pledged as collateral, respectively)(a)

    981       988  

Accounts receivable from affiliates

    23       27  

Inventories(a)

    1,079       1,038  

Receivable associated with the Albemarle Settlement

          333  

Other current assets

    115       155  

Current assets held for sale

    483       346  

Total current assets

    3,196       3,928  

Property, plant and equipment, net(a)

    2,288       2,443  

Investment in unconsolidated affiliates

    430       470  

Intangible assets, net

    433       469  

Goodwill

    636       650  

Deferred income taxes

    167       180  

Operating lease right-of-use assets

    359       381  

Other noncurrent assets(a)

    623       689  

Noncurrent assets held for sale

          182  

Total assets

  $ 8,132     $ 9,392  
                 

LIABILITIES AND EQUITY

               

Current liabilities:

               

Accounts payable(a)

  $ 865     $ 1,054  

Accounts payable to affiliates

    33       60  

Accrued liabilities(a)

    393       713  

Current portion of debt(a)

    12       12  

Current operating lease liabilities(a)

    50       49  

Current liabilities held for sale

    242       163  

Total current liabilities

    1,595       2,051  

Long-term debt(a)

    1,476       1,538  

Deferred income taxes

    249       161  

Noncurrent operating lease liabilities(a)

    326       346  

Other noncurrent liabilities(a)

    502       586  

Noncurrent liabilities held for sale

          151  

Total liabilities

    4,148       4,833  

Commitments and contingencies (Notes 15 and 16)

                 

Equity

               

Huntsman Corporation stockholders’ equity:

               

Common stock $0.01 par value, 1,200,000,000 shares authorized, 261,142,535 and 259,701,770 shares issued and 192,757,360 and 214,170,287 shares outstanding, respectively

    3       3  

Additional paid-in capital

    4,155       4,102  

Treasury stock, 68,385,175 and 45,531,489 shares, respectively

    (1,686 )     (934 )

Unearned stock-based compensation

    (37 )     (25 )

Retained earnings

    2,836       2,435  

Accumulated other comprehensive loss

    (1,497 )     (1,203 )

Total Huntsman Corporation stockholders’ equity

    3,774       4,378  

Noncontrolling interests in subsidiaries

    210       181  

Total equity

    3,984       4,559  

Total liabilities and equity

  $ 8,132     $ 9,392  

 


(a)

At September 30, 2022 and December 31, 2021, respectively, $22 and $1 of cash and cash equivalents, $4 and $12 of accounts and notes receivable (net), $60 and $64 of inventories, $161 each of property, plant and equipment (net), $29 and $23 of other noncurrent assets, $126 and $146 of accounts payable, $11 and $13 of accrued liabilities, $10 each of current portion of debt, $10 and $6 of current operating lease liabilities, $28 and $35 of long-term debt, $21 and $20 of noncurrent operating lease liabilities and $45 and $46 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

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In Millions, Except Per Share Amounts)

   

Three months

   

Nine months

 
   

ended

   

ended

 
   

September 30,

   

September 30,

 
   

2022

   

2021

   

2022

   

2021

 

Revenues:

                               

Trade sales, services and fees, net

  $ 1,946     $ 2,042     $ 6,189     $ 5,418  

Related party sales

    65       55       184       140  

Total revenues

    2,011       2,097       6,373       5,558  

Cost of goods sold

    1,662       1,660       5,017       4,397  

Gross profit

    349       437       1,356       1,161  

Operating expenses:

                               

Selling, general and administrative

    165       176       532       536  

Research and development

    31       35       97       102  

Restructuring, impairment and plant closing costs (credits)

    12       (1 )     36       34  

Gain on sale of India-based DIY business

                      (28 )

Other operating expense (income), net

    3       (3 )     (8 )     (13 )

Total operating expenses

    211       207       657       631  

Operating income

    138       230       699       530  

Interest expense, net

    (16 )     (15 )     (46 )     (52 )

Equity in income of investment in unconsolidated affiliates

    21       34       55       118  

Fair value adjustments to Venator investment, net

    (7 )     (3 )     (9 )     (28 )

Loss on early extinguishment of debt

                      (27 )

Other income, net

    10       7       23       21  

Income from continuing operations before income taxes

    146       253       722       562  

Income tax expense

    (30 )     (34 )     (155 )     (101 )

Income from continuing operations

    116       219       567       461  

(Loss) income from discontinued operations, net of tax

    (1 )     6       30       36  

Net income

    115       225       597       497  

Net income attributable to noncontrolling interests

    (15 )     (16 )     (46 )     (49 )

Net income attributable to Huntsman Corporation

  $ 100     $ 209     $ 551     $ 448  
                                 

Basic income per share:

                               

Income from continuing operations attributable to Huntsman Corporation common stockholders

  $ 0.52     $ 0.93     $ 2.54     $ 1.87  

(Loss) income from discontinued operations attributable to Huntsman Corporation common stockholders, net of tax

    (0.01 )     0.02       0.15       0.16  

Net income attributable to Huntsman Corporation common stockholders

  $ 0.51     $ 0.95     $ 2.69     $ 2.03  

Weighted average shares

    197.7       219.4       205.2       220.2  
                                 

Diluted income per share:

                               

Income from continuing operations attributable to Huntsman Corporation common stockholders

  $ 0.51     $ 0.92     $ 2.52     $ 1.86  

(Loss) income from discontinued operations attributable to Huntsman Corporation common stockholders, net of tax

    (0.01 )     0.02       0.14       0.16  

Net income attributable to Huntsman Corporation common stockholders

  $ 0.50     $ 0.94     $ 2.66     $ 2.02  

Weighted average shares

    199.2       221.3       207.2       222.2  
                                 

Amounts attributable to Huntsman Corporation:

                               

Income from continuing operations

  $ 101     $ 203     $ 521     $ 412  

(Loss) income from discontinued operations, net of tax

    (1 )     6       30       36  

Net income

  $ 100     $ 209     $ 551     $ 448  

See accompanying notes to condensed consolidated financial statements.

 

 

HUNTSMAN CORPORATION AND SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME

(In Millions) 

   

Three months

   

Nine months

 
   

ended

   

ended

 
   

September 30,

   

September 30,

 
   

2022

   

2021

   

2022

   

2021

 

Net income

  $ 115     $ 225     $ 597     $ 497  

Other comprehensive (loss) income, net of tax:

                               

Foreign currency translations adjustments

    (204 )     (36 )     (338 )     (42 )

Pension and other postretirement benefits adjustments

    10       17       28       52  

Other, net

                (1 )      

Other comprehensive (loss) income, net of tax

    (194 )     (19 )     (311 )     10  

Comprehensive (loss) income

    (79 )     206       286       507  

Comprehensive loss (income) attributable to noncontrolling interests

    (6 )     (17 )     (29 )     (51 )

Comprehensive (loss) income attributable to Huntsman Corporation

  $ (85 )   $ 189     $ 257     $ 456  

 

 

 

HUNTSMAN CORPORATION AND SUBSIDIARIES

UNAUDITED 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, 2022

    214,170,287     $ 3     $ 4,102     $ (934 )   $ (25 )   $ 2,435     $ (1,203 )   $ 181     $ 4,559  

Net income

                                  223             17       240  

Other comprehensive loss

                                        (11 )     (1 )     (12 )

Issuance of nonvested stock awards

                32             (32 )                        

Vesting of stock awards

    1,327,568             7                                     7  

Recognition of stock-based compensation

                1             8                         9  

Repurchase and cancellation of stock awards

    (361,250 )                             (13 )                 (13 )

Stock options exercised

    387,899             10                   (5 )                 5  

Treasury stock repurchased

    (5,549,348 )                 (210 )                             (210 )

Dividends declared on common stock ($0.2125 per share)

                                  (45 )                 (45 )

Balance, March 31, 2022

    209,975,156       3       4,152       (1,144 )     (49 )     2,595       (1,214 )     197       4,540  

Net income

                                  228             14       242  

Other comprehensive loss

                                        (98 )     (7 )     (105 )

Vesting of stock awards

    4,045                                                  

Recognition of stock-based compensation

                1             8                         9  

Repurchase and cancellation of stock awards

    (2,416 )                             (1 )                 (1 )

Stock options exercised

    66,840             1                                     1  

Treasury stock repurchased

    (8,371,423 )                 (291 )                             (291 )

Dividends declared on common stock ($0.2125 per share)

                                  (44 )                 (44 )

Balance, June 30, 2022

    201,672,202       3       4,154       (1,435 )     (41 )     2,778       (1,312 )     204       4,351  

Net income

                                  100             15       115  

Other comprehensive loss

                                        (185 )     (9 )     (194 )

Vesting of stock awards

    10,174                                                  

Recognition of stock-based compensation

                1             4                         5  

Repurchase and cancellation of stock awards

    (2,533 )                                                

Stock options exercised

    10,432                                                  

Treasury stock repurchased

    (8,932,915 )                 (251 )                             (251 )

Dividends declared on common stock ($0.2125 per share)

                                  (42 )                 (42 )

Balance, September 30, 2022

    192,757,360     $ 3     $ 4,155     $ (1,686 )   $ (37 )   $ 2,836     $ (1,497 )   $ 210     $ 3,984  

 

HUNTSMAN CORPORATION AND SUBSIDIARIES

UNAUDITED 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

    220,046,262     $ 3     $ 4,048     $ (731 )   $ (19 )   $ 1,564     $ (1,346 )   $ 154     $ 3,673  

Net income

                                  83             17       100  

Other comprehensive loss

                                        (13 )           (13 )

Issuance of nonvested stock awards

                25             (25 )                        

Vesting of stock awards

    664,818             5                                     5  

Recognition of stock-based compensation

                2             6                         8  

Repurchase and cancellation of stock awards

    (202,961 )                             (6 )                 (6 )

Stock options exercised

    204,005             5                   (2 )                 3  

Dividends declared on common stock ($0.1625 per share)

                                  (36 )                 (36 )

Balance, March 31, 2021

    220,712,124       3       4,085       (731 )     (38 )     1,603       (1,359 )     171       3,734  

Net income

                                  156             16       172  

Other comprehensive income

                                        41       1       42  

Vesting of stock awards

    3,732                                                  

Recognition of stock-based compensation

                2             4                         6  

Repurchase and cancellation of stock awards

    (19,912 )                             (1 )                 (1 )

Stock options exercised

    263,962             6                   (3 )                 3  

Dividends declared to noncontrolling interests

                                              (30 )     (30 )

Dividends declared on common stock ($0.1875 per share)

                                  (41 )                 (41 )

Balance, June 30, 2021

    220,959,906       3       4,093       (731 )     (34 )     1,714       (1,318 )     158       3,885  

Net income

                                  209             16       225  

Other comprehensive (loss) income

                                        (20 )     1       (19 )

Issuance of nonvested stock awards

                1             (1 )                        

Vesting of stock awards

    7,695                                                  

Recognition of stock-based compensation

                1             5                         6  

Repurchase and cancellation of stock awards

    (1,869 )                                                

Stock options exercised

    34,372             1                                     1  

Treasury stock repurchased

    (3,971,784 )                 (102 )                             (102 )

Dividends declared on common stock ($0.1875 per share)

                                  (42 )                 (42 )

Balance, September 30, 2021

    217,028,320     $ 3     $ 4,096     $ (833 )   $ (30 )   $ 1,881     $ (1,338 )   $ 175     $ 3,954  

 

 

 

See accompanying notes to condensed consolidated financial statements.

 

 

HUNTSMAN CORPORATION AND SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In Millions)

   

Nine months

 
   

ended

 
   

September 30,

 
   

2022

   

2021

 

Operating Activities:

               

Net income

  $ 597     $ 497  

Less: Income from discontinued operations, net of tax

    (30 )     (36 )

Income from continuing operations

    567       461  

Adjustments to reconcile income from continuing operations to net cash provided by operating activities from continuing operations:

               

Equity in income of investment in unconsolidated affiliates

    (55 )     (118 )

Unrealized net losses on fair value adjustments to Venator investment

    9       28  

Cash received from return on investment in unconsolidated subsidiary

    61       31  

Depreciation and amortization

    207       205  

Noncash lease expense

    47       42  

Gain on disposal of businesses/assets

          (28 )

Loss on early extinguishment of debt

          27  

Noncash restructuring and impairment charges

    (1 )     14  

Deferred income taxes

    81       (22 )

Stock-based compensation

    26       23  

Other, net

    (15 )     (6 )

Changes in operating assets and liabilities:

               

Accounts and notes receivable

    (60 )     (335 )

Inventories

    (128 )     (270 )

Other current assets

    357       20  

Other noncurrent assets

    (14 )     (84 )

Accounts payable

    (113 )     134  

Accrued liabilities

    (292 )     88  

Other noncurrent liabilities

    (82 )     (28 )

Net cash provided by operating activities from continuing operations

    595       182  

Net cash provided by (used in) operating activities from discontinued operations

    9       (20 )

Net cash provided by operating activities

    604       162  
                 

Investing Activities:

               

Capital expenditures

    (186 )     (241 )

Cash received from sale of business

          43  

Acquisition of business, net of cash acquired

          (245 )

Insurance proceeds for recovery of property damage

    5       3  

Other, net

    5       10  

Net cash used in investing activities from continuing operations

    (176 )     (430 )

Net cash used in investing activities from discontinued operations

    (12 )     (9 )

Net cash used in investing activities

    (188 )     (439 )
                 

Financing Activities:

               

Net borrowings on revolving loan facilities

          8  

Proceeds from issuance of long-term debt

          427  

Repayments of long-term debt

    (8 )     (965 )

Debt issuance costs paid

          (4 )

Dividends paid to noncontrolling interests

          (30 )

Dividends paid to common stockholders

    (132 )     (119 )

Repurchase and cancellation of awards

    (14 )     (7 )

Repurchase of common stock

    (755 )     (102 )

Proceeds from issuance of common stock

    6       7  

Costs of early extinguishment of debt

          (26 )

Other, net

    (2 )     2  

Net cash used in financing activities

    (905 )     (809 )

Effect of exchange rate changes on cash

    (37 )     (2 )

Decrease in cash and cash equivalents

    (526 )     (1,088 )

Cash and cash equivalents at beginning of period

    1,041       1,593  

Cash and cash equivalents at end of period

  $ 515     $ 505  
                 

Supplemental cash flow information:

               

Cash paid for interest

  $ 41     $ 57  

Cash paid for income taxes

    171       83  

As of September 30, 2022 and 2021, the amount of capital expenditures in accounts payable was $27 million and $52 million, respectively. 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

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(In Millions, Except Unit Amounts)

   

September 30,

   

December 31,

 
   

2022

   

2021

 

ASSETS

               

Current assets:

               

Cash and cash equivalents(a)

  $ 515     $ 1,039  

Accounts and notes receivable (net of allowance for doubtful accounts of $11 and $12, respectively), ($348 and $324 pledged as collateral, respectively)(a)

    981       988  

Accounts receivable from affiliates

    1,035       269  

Inventories(a)

    1,079       1,038  

Receivable associated with the Albemarle Settlement

          333  

Other current assets

    115       153  

Current assets held for sale

    483       346  

Total current assets

    4,208       4,166  

Property, plant and equipment, net(a)

    2,288       2,443  

Investment in unconsolidated affiliates

    430       470  

Intangible assets, net

    433       469  

Goodwill

    636       650  

Deferred income taxes

    167       180  

Operating lease right-of-use assets

    359       381  

Other noncurrent assets(a)

    623       690  

Noncurrent assets held for sale

          182  

Total assets

  $ 9,144     $ 9,631  
                 

LIABILITIES AND EQUITY

               

Current liabilities:

               

Accounts payable(a)

  $ 865     $ 1,051  

Accounts payable to affiliates

    40       62  

Accrued liabilities(a)

    386       704  

Current portion of debt(a)

    12       12  

Current operating lease liabilities(a)

    50       49  

Current liabilities held for sale

    242       163  

Total current liabilities

    1,595       2,041  

Long-term debt(a)

    1,476       1,538  

Deferred income taxes

    251       163  

Noncurrent operating lease liabilities(a)

    326       346  

Other noncurrent liabilities(a)

    494       573  

Noncurrent liabilities held for sale

          151  

Total liabilities

    4,142       4,812  

Commitments and contingencies (Notes 15 and 16)

                 

Equity

               

Huntsman International LLC members’ equity:

               

Members’ equity, 2,728 units issued and outstanding

    3,756       3,732  

Retained earnings

    2,518       2,093  

Accumulated other comprehensive loss

    (1,482 )     (1,187 )

Total Huntsman International LLC members’ equity

    4,792       4,638  

Noncontrolling interests in subsidiaries

    210       181  

Total equity

    5,002       4,819  

Total liabilities and equity

  $ 9,144     $ 9,631  

 


(a)

At September 30, 2022 and December 31, 2021, respectively, $22 and $1 of cash and cash equivalents, $4 and $12 of accounts and notes receivable (net), $60 and $64 of inventories, $161 each of property, plant and equipment (net), $29 and $23 of other noncurrent assets, $126 and $146 of accounts payable, $11 and $13 of accrued liabilities, $10 each of current portion of debt, $10 and $6 of current operating lease liabilities, $28 and $35 of long-term debt, $21 and $20 of noncurrent operating lease liabilities and $45 and $46 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

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In Millions)

   

Three months

   

Nine months

 
   

ended

   

ended

 
   

September 30,

   

September 30,

 
   

2022

   

2021

   

2022

   

2021

 

Revenues:

                               

Trade sales, services and fees, net

  $ 1,946     $ 2,042     $ 6,189     $ 5,418  

Related party sales

    65       55       184       140  

Total revenues

    2,011       2,097       6,373       5,558  

Cost of goods sold

    1,662       1,660       5,017       4,397  

Gross profit

    349       437       1,356       1,161  

Operating expenses:

                               

Selling, general and administrative

    166       175       528       530  

Research and development

    31       35       97       102  

Restructuring, impairment and plant closing costs (credits)

    12       (1 )     36       34  

Gain on sale of India-based DIY business

                      (28 )

Other operating expense (income), net

    3       (3 )     (8 )     (13 )

Total operating expenses

    212       206       653       625  

Operating income

    137       231       703       536  

Interest expense, net

    (16 )     (15 )     (46 )     (52 )

Equity in income of investment in unconsolidated affiliates

    21       34       55       118  

Fair value adjustments to Venator investment, net

    (7 )     (3 )     (9 )     (28 )

Loss on early extinguishment of debt

                      (27 )

Other income, net

    10       7       23       19  

Income from continuing operations before income taxes

    145       254       726       566  

Income tax expense

    (30 )     (35 )     (156 )     (102 )

Income from continuing operations

    115       219       570       464  

(Loss) income from discontinued operations, net of tax

    (1 )     6       30       36  

Net income

    114       225       600       500  

Net income attributable to noncontrolling interests

    (15 )     (16 )     (46 )     (49 )

Net income attributable to Huntsman International LLC

  $ 99     $ 209     $ 554     $ 451  

See accompanying notes to condensed consolidated financial statements.

 

 

HUNTSMAN INTERNATIONAL LLC AND SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME 

(In Millions)

   

Three months

   

Nine months

 
   

ended

   

ended

 
   

September 30,

   

September 30,

 
   

2022

   

2021

   

2022

   

2021

 

Net income

  $ 114     $ 225     $ 600     $ 500  

Other comprehensive (loss) income, net of tax:

                               

Foreign currency translations adjustment

    (204 )     (36 )     (339 )     (42 )

Pension and other postretirement benefits adjustments

    10       17       28       53  

Other, net

                (1 )      

Other comprehensive (loss) income, net of tax

    (194 )     (19 )     (312 )     11  

Comprehensive (loss) income

    (80 )     206       288       511  

Comprehensive loss (income) attributable to noncontrolling interests

    (6 )     (17 )     (29 )     (51 )

Comprehensive (loss) income attributable to Huntsman International LLC

  $ (86 )   $ 189     $ 259     $ 460  

See accompanying notes to condensed consolidated financial statements.

 

 

HUNTSMAN INTERNATIONAL LLC AND SUBSIDIARIES

UNAUDITED 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, 2022

    2,728     $ 3,732     $ 2,093     $ (1,187 )   $ 181     $ 4,819  

Net income

                226             17       243  

Dividends paid to parent

                (45 )                 (45 )

Other comprehensive loss

                      (11 )     (1 )     (12 )

Contribution from parent

          9                         9  

Balance, March 31, 2022

    2,728       3,741       2,274       (1,198 )     197       5,014  

Net income

                229             14       243  

Dividends paid to parent

                (42 )                 (42 )

Other comprehensive loss

                      (99 )     (7 )     (106 )

Contribution from parent

          10                         10  

Balance, June 30, 2022

    2,728       3,751       2,461       (1,297 )     204       5,119  

Net income

                99             15       114  

Dividends paid to parent

                (42 )                 (42 )

Other comprehensive loss

                      (185 )     (9 )     (194 )

Contribution from parent

          5                         5  

Balance, September 30, 2022

    2,728     $ 3,756     $ 2,518     $ (1,482 )   $ 210     $ 5,002  

   

Huntsman International LLC Members

                 
   

Members'