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0001307954
2023-10-31
2023-10-31
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
October 31, 2023
Huntsman Corporation
(Exact name of registrant as specified in
its charter)
Delaware |
|
001-32427 |
|
42-1648585 |
(State or other jurisdiction |
|
(Commission |
|
(IRS Employer |
of incorporation) |
|
File Number) |
|
Identification No.) |
10003 Woodloch Forest Drive |
|
|
The Woodlands, Texas |
|
77380 |
(Address of principal executive offices) |
|
(Zip Code) |
Registrants telephone number, including
area code:
(281) 719-6000
Not applicable
(Former name or former address, if changed
since last report)
Check the appropriate box below if the Form 8-K filing
is intended to simultaneously satisfy the filing obligations of the registrant under any of the following provisions (see General
Instruction A.2. below):
| ¨ | Written communications pursuant to Rule 425 under
the Securities Act (17 CFR 230.425) |
| ¨ | Soliciting material pursuant to Rule 14a-12 under
the Exchange Act (17 CFR 240.14a-12) |
| ¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under
the Exchange Act (17 CFR 240.14d-2(b)) |
| ¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under
the Exchange Act (17 CFR 240.13e-4(c)) |
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 |
Indicate by check mark whether the registrant
is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2
of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
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. ¨
Item 2.02. Results of Operations and Financial Condition.
On October 31, 2023, we issued a press
release announcing our results for the three months ended September 30, 2023. The press release is furnished herewith as
Exhibit 99.1.
We will hold a conference call to discuss our third
quarter 2023 financial results on Wednesday, November 1, 2023, at 10:00 a.m. ET.
Webcast link: https://event.choruscall.com/mediaframe/webcast.html?webcastid=3CsNb818
Participant dial-in numbers:
Domestic callers: (877)
402-8037
International callers: (201)
378-4913
The conference call will be accompanied by presentation
slides that will be accessible via the webcast link and Huntsman’s investor relations website, www.huntsman.com/investors. Upon
conclusion of the call, the webcast replay will be accessible via Huntsman’s website.
Information with respect to the conference call,
together with a copy of the press release furnished herewith as Exhibit 99.1, is available on the investor relations page of
our website at www.huntsman.com/investors.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
SIGNATURES
Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
|
HUNTSMAN CORPORATION |
|
|
|
/s/
IVAN MARCUSE |
|
Vice President, Investor
Relations and Corporate Development |
Dated: October 31, 2023
Exhibit 99.1
|
News Release |
|
FOR IMMEDIATE RELEASE |
Media: |
Investor
Relations: |
October 31, 2023 |
Gary Chapman |
Ivan Marcuse |
The Woodlands, TX |
(281) 719-4324 |
(281) 719-4637 |
NYSE: HUN |
Huntsman Announces
Third Quarter 2023 Earnings
Third Quarter
Highlights
| · | Third
quarter 2023 net income attributable to Huntsman of $0 million compared to $100 million in
the prior year period; third quarter 2023 diluted earnings per share of $0.00 compared to
$0.50 in the prior year period. |
| · | Third
quarter 2023 adjusted net income attributable to Huntsman of $27 million compared to $141
million in the prior year period; third quarter 2023 adjusted diluted earnings per share
of $0.15 compared to $0.71 in the prior year period. |
| · | Third
quarter 2023 adjusted EBITDA of $136 million compared to $271 million in the prior year period. |
| · | Third
quarter 2023 net cash provided by operating activities from continuing operations was $167
million. Free cash flow from continuing operations was $117 million for the third quarter
2023 compared to $228 million in the prior year period. |
| · | Repurchased
approximately 3.8 million shares for approximately $101 million in the third quarter 2023. |
| |
Three months ended | | |
Nine months ended | |
| |
September 30, | | |
September 30, | |
In millions, except per share amounts | |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Revenues | |
$ | 1,506 | | |
$ | 2,011 | | |
$ | 4,708 | | |
$ | 6,373 | |
Net income attributable to Huntsman Corporation | |
$ | - | | |
$ | 100 | | |
$ | 172 | | |
$ | 551 | |
Adjusted net income (1) | |
$ | 27 | | |
$ | 141 | | |
$ | 103 | | |
$ | 628 | |
Diluted income per share | |
$ | - | | |
$ | 0.50 | | |
$ | 0.95 | | |
$ | 2.66 | |
Adjusted diluted income per share(1) | |
$ | 0.15 | | |
$ | 0.71 | | |
$ | 0.57 | | |
$ | 3.03 | |
Adjusted EBITDA(1) | |
$ | 136 | | |
$ | 271 | | |
$ | 428 | | |
$ | 1,068 | |
Net cash provided by operating activities from continuing operations | |
$ | 167 | | |
$ | 285 | | |
$ | 85 | | |
$ | 595 | |
Free cash flow from continuing operations(2) | |
$ | 117 | | |
$ | 228 | | |
$ | (62 | ) | |
$ | 409 | |
See
end of press release for footnote explanations and reconciliations of non-GAAP measures.
THE WOODLANDS, Texas –
Huntsman Corporation (NYSE: HUN) today reported third quarter 2023 results with revenues of $1,506 million, net income attributable to
Huntsman of $0 million, adjusted net income attributable to Huntsman of $27 million and adjusted EBITDA of $136 million.
Peter R. Huntsman,
Chairman, President, and CEO, commented:
“Between 2020 and 2022 we strengthened
our balance sheet through a combination of timely strategic divestitures and improved free cash flow generation. These actions placed
us in a strong position to weather the current year of depressed demand and economic uncertainty. Last quarter, we stated that we
thought 2023 was going to be a more difficult year than 2020. This has clearly been the case. The fourth quarter will likely be the most
challenging period in recent memory due to a combination of weak demand, pricing pressure, and aggressive customer inventory management.
Even against this backdrop, our financial
discipline has meant that we have been able to return cash to shareholders throughout 2023 via consistent share repurchases and an improved
dividend. In addition, we continue to invest in strategic projects which will ensure the Company is in the best possible position when
our markets begin to improve. Cost control remains a priority and we will deliver our current savings program of $280 million by year
end. Beyond 2023, we will continue to find additional opportunities to improve the cost structure of the Company.
Above all, our portfolio provides
energy saving solutions that the world needs, and we are highly confident in the long-term outlook for the products we sell. We will
remain balanced and disciplined in our approach to invest for growth, return capital to shareholders, and improve our costs. We are looking
forward to improved economic conditions in 2024.”
Segment Analysis for 3Q23 Compared
to 3Q22
Polyurethanes
The decrease in revenues in our Polyurethanes
segment for the three months ended September 30, 2023 compared to the same period of 2022 was primarily due to lower MDI average
selling prices and lower sales volumes combined with an adverse sales mix. MDI average selling prices decreased due to less favorable
supply and demand dynamics. Sales volumes decreased primarily due to lower demand, primarily in the Americas. Sales mix was adverse with
proportionally lower sales of higher priced products. The decrease in segment adjusted EBITDA was primarily due to lower MDI margins
and lower sales volumes, partially offset by higher equity earnings from our minority-owned joint venture in China.
Performance Products
The decrease in revenues in our Performance
Products segment for the three months ended September 30, 2023 compared to the same period of 2022 was primarily due to lower sales
volumes and reduced average selling prices. Sales volumes decreased in all regions primarily due to slowing construction activity and
reduced demand in agrochemicals, coatings and adhesives, fuel and lubes and other industrial markets. The decrease in segment adjusted
EBITDA was primarily due to decreased sales volumes and lower average selling prices.
Advanced Materials
The decrease in revenues in our Advanced
Materials segment for the three months ended September 30, 2023 compared to the same period of 2022 was primarily due to lower sales
volumes, while average selling prices remained relatively flat. Sales volumes decreased primarily due to reduced customer demand in our
infrastructure and industrial markets and the deselection of lower margin business. The decrease in segment adjusted EBITDA was primarily
due to lower sales volumes.
Corporate, LIFO and other
For the three months ended September 30,
2023, adjusted EBITDA from Corporate and other was a loss of $41 million as compared to a loss of $35 million for the same period of
2022 due to an adverse year on year impact from foreign exchange.
Liquidity and Capital Resources
During the three months ended September 30,
2023, our free cash flow from continuing operations was $117 million as compared to $228 million in the same period of 2022. As of September 30,
2023, we had approximately $1.8 billion of combined cash and unused borrowing capacity.
During the three months ended September 30,
2023, we spent $50 million on capital expenditures from continuing operations as compared to $57 million in the same period of 2022.
During 2023, we expect to spend approximately $230 million on capital expenditures.
Income Taxes
In the third quarter of 2023, our effective
tax rate was 64% and our adjusted effective tax rate was 37%. We expect our 2023 adjusted effective tax rate to be approximately 33%
to 35%. We expect our long-term adjusted effective tax rate to be approximately 22% to 24%.
Earnings Conference Call Information
We will hold a conference call to discuss
our third quarter 2023 financial results on Wednesday, November 1, 2023, at 10:00 a.m. ET.
Webcast link: https://event.choruscall.com/mediaframe/webcast.html?webcastid=3CsNb818
Participant dial-in numbers:
Domestic callers: |
(877) 402-8037 |
International callers: |
(201) 378-4913 |
The conference call will be accompanied
by presentation slides that will be accessible via the webcast link and Huntsman’s investor relations website, www.huntsman.com/investors.
Upon conclusion of the call, the webcast replay will be accessible via Huntsman’s website.
Upcoming Conferences
During the fourth quarter 2023, a member
of management is expected to present at:
Morgan Stanley Materials Conference
on November 14, 2023
Citi’s Basic Materials Conference
on November 28, 2023
A webcast of the presentation, if applicable,
along with accompanying materials will be available at www.huntsman.com/investors.
Table 1 – Results of Operations
| |
Three months ended | | |
Nine months ended | |
| |
September 30, | | |
September 30, | |
In millions, except per share amounts | |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Revenues | |
$ | 1,506 | | |
$ | 2,011 | | |
$ | 4,708 | | |
$ | 6,373 | |
Cost of goods sold | |
| 1,275 | | |
| 1,662 | | |
| 3,954 | | |
| 5,017 | |
Gross profit | |
| 231 | | |
| 349 | | |
| 754 | | |
| 1,356 | |
Operating expenses, net | |
| 198 | | |
| 199 | | |
| 609 | | |
| 621 | |
Restructuring, impairment and plant closing costs | |
| 6 | | |
| 12 | | |
| 7 | | |
| 36 | |
Operating income | |
| 27 | | |
| 138 | | |
| 138 | | |
| 699 | |
Interest expense, net | |
| (15 | ) | |
| (16 | ) | |
| (48 | ) | |
| (46 | ) |
Equity in income of investment in unconsolidated affiliates | |
| 30 | | |
| 21 | | |
| 70 | | |
| 55 | |
Other income (expense), net | |
| - | | |
| 3 | | |
| (2 | ) | |
| 14 | |
Income from continuing operations before income taxes | |
| 42 | | |
| 146 | | |
| 158 | | |
| 722 | |
Income tax expense | |
| (27 | ) | |
| (30 | ) | |
| (66 | ) | |
| (155 | ) |
Income from continuing operations | |
| 15 | | |
| 116 | | |
| 92 | | |
| 567 | |
(Loss) income from discontinued operations, net of tax(3) | |
| - | | |
| (1 | ) | |
| 120 | | |
| 30 | |
Net income | |
| 15 | | |
| 115 | | |
| 212 | | |
| 597 | |
Net income attributable to noncontrolling interests | |
| (15 | ) | |
| (15 | ) | |
| (40 | ) | |
| (46 | ) |
Net income attributable to Huntsman Corporation | |
$ | - | | |
$ | 100 | | |
$ | 172 | | |
$ | 551 | |
| |
| | | |
| | | |
| | | |
| | |
Adjusted EBITDA(1) | |
$ | 136 | | |
$ | 271 | | |
$ | 428 | | |
$ | 1,068 | |
Adjusted net income (1) | |
$ | 27 | | |
$ | 141 | | |
$ | 103 | | |
$ | 628 | |
| |
| | | |
| | | |
| | | |
| | |
Basic income per share | |
$ | - | | |
$ | 0.51 | | |
$ | 0.96 | | |
$ | 2.69 | |
Diluted income per share | |
$ | - | | |
$ | 0.50 | | |
$ | 0.95 | | |
$ | 2.66 | |
Adjusted diluted income per share(1) | |
$ | 0.15 | | |
$ | 0.71 | | |
$ | 0.57 | | |
$ | 3.03 | |
| |
| | | |
| | | |
| | | |
| | |
Common share information: | |
| | | |
| | | |
| | | |
| | |
Basic weighted average shares | |
| 176 | | |
| 198 | | |
| 179 | | |
| 205 | |
Diluted weighted average shares | |
| 177 | | |
| 199 | | |
| 181 | | |
| 207 | |
Diluted shares for adjusted diluted income per share | |
| 177 | | |
| 199 | | |
| 181 | | |
| 207 | |
See end of press release for footnote explanations.
Table 2 – Results of Operations
by Segment
| |
Three months ended | | |
| | |
Nine months ended | | |
| |
| |
September 30, | | |
Better / | | |
September 30, | | |
Better / | |
In millions | |
2023 | | |
2022 | | |
(Worse) | | |
2023 | | |
2022 | | |
(Worse) | |
Segment Revenues: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Polyurethanes | |
$ | 967 | | |
$ | 1,257 | | |
| (23 | )% | |
$ | 2,970 | | |
$ | 3,996 | | |
| (26 | )% |
Performance Products | |
| 277 | | |
| 434 | | |
| (36 | )% | |
| 918 | | |
| 1,406 | | |
| (35 | )% |
Advanced Materials | |
| 268 | | |
| 328 | | |
| (18 | )% | |
| 841 | | |
| 999 | | |
| (16 | )% |
Total Reportable Segments' Revenues | |
| 1,512 | | |
| 2,019 | | |
| (25 | )% | |
| 4,729 | | |
| 6,401 | | |
| (26 | )% |
Intersegment Eliminations | |
| (6 | ) | |
| (8 | ) | |
| n/m | | |
| (21 | ) | |
| (28 | ) | |
| n/m | |
Total Revenues | |
$ | 1,506 | | |
$ | 2,011 | | |
| (25 | )% | |
$ | 4,708 | | |
$ | 6,373 | | |
| (26 | )% |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Segment Adjusted EBITDA(1): | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Polyurethanes | |
$ | 81 | | |
$ | 138 | | |
| (41 | )% | |
$ | 235 | | |
$ | 591 | | |
| (60 | )% |
Performance Products | |
| 47 | | |
| 110 | | |
| (57 | )% | |
| 173 | | |
| 408 | | |
| (58 | )% |
Advanced Materials | |
| 49 | | |
| 58 | | |
| (16 | )% | |
| 148 | | |
| 192 | | |
| (23 | )% |
Total Reportable Segments' Adjusted EBITDA(1) | |
| 177 | | |
| 306 | | |
| (42 | )% | |
| 556 | | |
| 1,191 | | |
| (53 | )% |
Corporate, LIFO and other | |
| (41 | ) | |
| (35 | ) | |
| (17 | )% | |
| (128 | ) | |
| (123 | ) | |
| (4 | )% |
Total Adjusted EBITDA(1) | |
$ | 136 | | |
$ | 271 | | |
| (50 | )% | |
$ | 428 | | |
$ | 1,068 | | |
| (60 | )% |
n/m
= not meaningful
See
end of press release for footnote explanations.
Table 3 – Factors Impacting
Sales Revenue
| |
Three months ended | |
| |
September 30, 2023 vs. 2022 | |
| |
Average Selling Price(a) | | |
| | |
| | |
| |
| |
Local | | |
Exchange | | |
Sales | | |
Sales Mix | | |
| |
| |
Currency | | |
Rate | | |
Volume(b) | | |
& Other | | |
Total | |
Polyurethanes | |
| (14 | )% | |
| 0 | % | |
| (4 | )% | |
| (5 | )% | |
| (23 | )% |
Performance Products | |
| (12 | )% | |
| 1 | % | |
| (26 | )% | |
| 1 | % | |
| (36 | )% |
Advanced Materials | |
| (2 | )% | |
| 1 | % | |
| (18 | )% | |
| 1 | % | |
| (18 | )% |
| |
Nine months ended | |
| |
September 30, 2023 vs. 2022 | |
| |
Average Selling Price(a) | | |
| | |
| | |
| |
| |
Local | | |
Exchange | | |
Sales | | |
Sales Mix | | |
| |
| |
Currency | | |
Rate | | |
Volume(b) | | |
& Other | | |
Total | |
Polyurethanes | |
| (8 | )% | |
| (1 | )% | |
| (12 | )% | |
| (5 | )% | |
| (26 | )% |
Performance Products | |
| (6 | )% | |
| 0 | % | |
| (30 | )% | |
| 1 | % | |
| (35 | )% |
Advanced Materials | |
| 2 | % | |
| (1 | )% | |
| (17 | )% | |
| 0 | % | |
| (16 | )% |
(a) Excludes sales from tolling arrangements, by-products and raw materials.
(b) Excludes sales from by-products and raw materials.
Table 4 –
Reconciliation of U.S. GAAP to Non-GAAP Measures
| |
| | |
| | |
Income Tax | | |
| | |
| | |
Diluted Income | |
| |
EBITDA | | |
Expense | | |
Net
Income | | |
Per
Share | |
| |
Three months
ended | | |
Three months
ended | | |
Three months
ended | | |
Three months
ended | |
| |
September 30, | | |
September 30, | | |
September 30, | | |
September 30, | |
In millions, except
per share amounts | |
2023 | | |
2022 | | |
2023 | | |
2022 | | |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Net income | |
$ | 15 | | |
$ | 115 | | |
| | | |
| | | |
$ | 15 | | |
$ | 115 | | |
$ | 0.08 | | |
$ | 0.58 | |
Net
income attributable to noncontrolling interests | |
| (15 | ) | |
| (15 | ) | |
| | | |
| | | |
| (15 | ) | |
| (15 | ) | |
| (0.08 | ) | |
| (0.08 | ) |
Net
income attributable to Huntsman Corporation | |
| - | | |
| 100 | | |
| | | |
| | | |
| - | | |
| 100 | | |
| - | | |
| 0.50 | |
Interest
expense, net from continuing operations | |
| 15 | | |
| 16 | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Income
tax expense from continuing operations | |
| 27 | | |
| 30 | | |
$ | (27 | ) | |
$ | (30 | ) | |
| | | |
| | | |
| | | |
| | |
Income
tax expense (benefit) from discontinued operations(3) | |
| (2 | ) | |
| 7 | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Depreciation
and amortization from continuing operations | |
| 69 | | |
| 72 | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Depreciation
and amortization from discontinued operations(3) | |
| - | | |
| 3 | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Business
acquisition and integration expenses and purchase accounting inventory adjustments | |
| - | | |
| 1 | | |
| 1 | | |
| (1 | ) | |
| 1 | | |
| - | | |
| 0.01 | | |
| - | |
Costs associated
with the Albemarle Settlement, net | |
| - | | |
| 1 | | |
| - | | |
| (1 | ) | |
| - | | |
| - | | |
| - | | |
| - | |
EBITDA
/ Loss (income) from discontinued operations(3) | |
| 2 | | |
| (9 | ) | |
| N/A
| | |
| N/A
| | |
| - | | |
| 1 | | |
| - | | |
| 0.01 | |
Loss on
sale of business/assets | |
| - | | |
| 16 | | |
| - | | |
| (4 | ) | |
| - | | |
| 12 | | |
| - | | |
| 0.06 | |
Fair value
adjustments to Venator investment, net | |
| - | | |
| 7 | | |
| - | | |
| - | | |
| - | | |
| 7 | | |
| - | | |
| 0.04 | |
Certain
legal and other settlements and related expenses | |
| 2 | | |
| 1 | | |
| - | | |
| (1 | ) | |
| 2 | | |
| - | | |
| 0.01 | | |
| - | |
Certain
non-recurring information technology project implementation costs | |
| 2 | | |
| 1 | | |
| 1 | | |
| - | | |
| 3 | | |
| 1 | | |
| 0.02 | | |
| 0.01 | |
Amortization
of pension and postretirement actuarial losses | |
| 10 | | |
| 10 | | |
| - | | |
| (2 | ) | |
| 10 | | |
| 8 | | |
| 0.06 | | |
| 0.04 | |
Restructuring,
impairment and plant closing and transition costs | |
| 11 | | |
| 14 | | |
| - | | |
| (3 | ) | |
| 11 | | |
| 11 | | |
| 0.06 | | |
| 0.06 | |
Plant
incident remediation costs | |
| - | | |
| 1 | | |
| - | | |
| - | | |
| - | | |
| 1 | | |
| - | | |
| 0.01 | |
Adjusted(1) | |
$ | 136 | | |
$ | 271 | | |
$ | (25 | ) | |
$ | (42 | ) | |
| 27 | | |
| 141 | | |
$ | 0.15 | | |
$ | 0.71 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Adjusted
income tax expense(1) | |
| | | |
| | | |
| | | |
| | | |
| 25 | | |
| 42 | | |
| | | |
| | |
Net income
attributable to noncontrolling interests | |
| | | |
| | | |
| | | |
| | | |
| 15 | | |
| 15 | | |
| | | |
| | |
Adjusted
pre-tax income (1) | |
| | | |
| | | |
| | | |
| | | |
$ | 67 | | |
$ | 198 | | |
| | | |
| | |
Adjusted
effective tax rate(4) | |
| | | |
| | | |
| | | |
| | | |
| 37 | % | |
| 21 | % | |
| | | |
| | |
Effective tax rate | |
| | | |
| | | |
| | | |
| | | |
| 64 | % | |
| 21 | % | |
| | | |
| | |
| |
| | |
| | |
Income Tax | | |
| | |
| | |
Diluted Income | |
| |
EBITDA | | |
Expense | | |
Net
Income | | |
Per
Share | |
| |
Nine months
ended | | |
Nine months
ended | | |
Nine months
ended | | |
Nine months
ended | |
| |
September 30, | | |
September 30, | | |
September 30, | | |
September 30, | |
In millions, except
per share amounts | |
2023 | | |
2022 | | |
2023 | | |
2022 | | |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Net income | |
$ | 212 | | |
$ | 597 | | |
| | | |
| | | |
$ | 212 | | |
$ | 597 | | |
$ | 1.17 | | |
$ | 2.88 | |
Net
income attributable to noncontrolling interests | |
| (40 | ) | |
| (46 | ) | |
| | | |
| | | |
| (40 | ) | |
| (46 | ) | |
| (0.22 | ) | |
| (0.22 | ) |
Net
income attributable to Huntsman Corporation | |
| 172 | | |
| 551 | | |
| | | |
| | | |
| 172 | | |
| 551 | | |
| 0.95 | | |
| 2.66 | |
Interest
expense, net from continuing operations | |
| 48 | | |
| 46 | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Income
tax expense from continuing operations | |
| 66 | | |
| 155 | | |
$ | (66 | ) | |
$ | (155 | ) | |
| | | |
| | | |
| | | |
| | |
Income
tax expense from discontinued operations(3) | |
| 14 | | |
| 14 | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Depreciation
and amortization from continuing operations | |
| 208 | | |
| 207 | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Depreciation
and amortization from discontinued operations(3) | |
| - | | |
| 11 | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Business
acquisition and integration expenses and purchase accounting inventory adjustments | |
| 3 | | |
| 11 | | |
| - | | |
| (3 | ) | |
| 3 | | |
| 8 | | |
| 0.02 | | |
| 0.04 | |
Costs associated
with the Albemarle Settlement, net | |
| - | | |
| 3 | | |
| - | | |
| (1 | ) | |
| - | | |
| 2 | | |
| - | | |
| 0.01 | |
EBITDA
/ Income from discontinued operations(3) | |
| (134 | ) | |
| (55 | ) | |
| N/A | | |
| N/A | | |
| (120 | ) | |
| (30 | ) | |
| (0.66 | ) | |
| (0.14 | ) |
(Gain)
loss on sale of business/assets | |
| (1 | ) | |
| 27 | | |
| - | | |
| (6 | ) | |
| (1 | ) | |
| 21 | | |
| (0.01 | ) | |
| 0.10 | |
Income
from transition services arrangements | |
| - | | |
| (2 | ) | |
| - | | |
| - | | |
| - | | |
| (2 | ) | |
| - | | |
| (0.01 | ) |
Fair value
adjustments to Venator Investment | |
| 5 | | |
| 9 | | |
| - | | |
| - | | |
| 5 | | |
| 9 | | |
| 0.03 | | |
| 0.04 | |
Certain
legal settlements and related expenses | |
| 4 | | |
| 15 | | |
| - | | |
| (4 | ) | |
| 4 | | |
| 11 | | |
| 0.02 | | |
| 0.05 | |
Certain
non-recurring information technology project implementation costs | |
| 5 | | |
| 4 | | |
| - | | |
| (1 | ) | |
| 5 | | |
| 3 | | |
| 0.03 | | |
| 0.01 | |
Amortization
of pension and postretirement actuarial losses | |
| 25 | | |
| 32 | | |
| (2 | ) | |
| (7 | ) | |
| 23 | | |
| 25 | | |
| 0.13 | | |
| 0.12 | |
Restructuring,
impairment and plant closing and transition costs | |
| 13 | | |
| 44 | | |
| (1 | ) | |
| (11 | ) | |
| 12 | | |
| 33 | | |
| 0.07 | | |
| 0.16 | |
Plant
incident remediation credits | |
| - | | |
| (4 | ) | |
| - | | |
| 1 | | |
| - | | |
| (3 | ) | |
| - | | |
| (0.01 | ) |
Adjusted(1) | |
$ | 428 | | |
$ | 1,068 | | |
$ | (69 | ) | |
$ | (187 | ) | |
| 103 | | |
| 628 | | |
$ | 0.57 | | |
$ | 3.03 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Adjusted
income tax expense(1) | |
| | | |
| | | |
| | | |
| | | |
| 69 | | |
| 187 | | |
| | | |
| | |
Net income
attributable to noncontrolling interests | |
| | | |
| | | |
| | | |
| | | |
| 40 | | |
| 46 | | |
| | | |
| | |
Adjusted
pre-tax income(1) | |
| | | |
| | | |
| | | |
| | | |
$ | 212 | | |
$ | 861 | | |
| | | |
| | |
Adjusted
effective tax rate(4) | |
| | | |
| | | |
| | | |
| | | |
| 33 | % | |
| 22 | % | |
| | | |
| | |
Effective tax rate | |
| | | |
| | | |
| | | |
| | | |
| 42 | % | |
| 21 | % | |
| | | |
| | |
N/A
= not applicable
See
end of press release for footnote explanations.
Table 5 – Selected Balance
Sheet Items
| |
September 30, | | |
December 31, | |
In millions | |
2023 | | |
2022 | |
Cash | |
$ | 496 | | |
$ | 654 | |
Accounts and notes receivable, net | |
| 827 | | |
| 834 | |
Inventories | |
| 941 | | |
| 995 | |
Other current assets | |
| 130 | | |
| 190 | |
Current assets held for sale(3) | |
| - | | |
| 472 | |
Property, plant and equipment, net | |
| 2,313 | | |
| 2,377 | |
Other noncurrent assets | |
| 2,662 | | |
| 2,698 | |
Total assets | |
$ | 7,369 | | |
$ | 8,220 | |
| |
| | | |
| | |
Accounts payable | |
$ | 726 | | |
$ | 961 | |
Other current liabilities | |
| 432 | | |
| 480 | |
Current portion of debt | |
| 113 | | |
| 66 | |
Current liabilities held for sale(3) | |
| - | | |
| 194 | |
Long-term debt | |
| 1,493 | | |
| 1,671 | |
Other noncurrent liabilities | |
| 951 | | |
| 1,008 | |
Huntsman Corporation stockholders’ equity | |
| 3,429 | | |
| 3,624 | |
Noncontrolling interests in subsidiaries | |
| 225 | | |
| 216 | |
Total liabilities and equity | |
$ | 7,369 | | |
$ | 8,220 | |
Table 6 – Outstanding Debt
| |
September 30, | | |
December 31, | |
In millions | |
2023 | | |
2022 | |
Debt: | |
| | | |
| | |
Revolving credit facility | |
$ | - | | |
$ | 55 | |
Accounts receivable programs | |
| 101 | | |
| 166 | |
Senior notes | |
| 1,454 | | |
| 1,455 | |
Variable interest entities | |
| 28 | | |
| 35 | |
Other debt | |
| 23 | | |
| 26 | |
Total debt - excluding affiliates | |
| 1,606 | | |
| 1,737 | |
Total cash | |
| 496 | | |
| 654 | |
Net debt - excluding affiliates(5) | |
$ | 1,110 | | |
$ | 1,083 | |
See end of press release for footnote explanations.
Table 7 – Summarized Statement
of Cash Flows
| |
Three months ended | | |
Nine months ended | |
| |
September 30, | | |
September 30, | |
In millions | |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Total cash at beginning of period | |
$ | 502 | | |
$ | 608 | | |
$ | 654 | | |
$ | 1,041 | |
Net cash provided by operating activities from continuing operations | |
| 167 | | |
| 285 | | |
| 85 | | |
| 595 | |
Net cash (used in) provided by operating activities from discontinued operations(3) | |
| (4 | ) | |
| 3 | | |
| (40 | ) | |
| 9 | |
Net cash (used in) provided by investing activities from continuing operations | |
| (49 | ) | |
| (56 | ) | |
| 395 | | |
| (176 | ) |
Net cash used in investing activities from discontinued operations(3) | |
| - | | |
| (3 | ) | |
| (4 | ) | |
| (12 | ) |
Net cash used in financing activities | |
| (117 | ) | |
| (296 | ) | |
| (581 | ) | |
| (905 | ) |
Effect of exchange rate changes on cash | |
| (3 | ) | |
| (26 | ) | |
| (13 | ) | |
| (37 | ) |
Total cash at end of period | |
$ | 496 | | |
$ | 515 | | |
$ | 496 | | |
$ | 515 | |
| |
| | | |
| | | |
| | | |
| | |
Free cash flow from continuing operations(2): | |
| | | |
| | | |
| | | |
| | |
Net cash provided by operating activities from continuing operations | |
$ | 167 | | |
$ | 285 | | |
$ | 85 | | |
$ | 595 | |
Capital expenditures | |
| (50 | ) | |
| (57 | ) | |
| (147 | ) | |
| (186 | ) |
Free cash flow from continuing operations(2) | |
$ | 117 | | |
$ | 228 | | |
$ | (62 | ) | |
$ | 409 | |
| |
| | | |
| | | |
| | | |
| | |
Supplemental cash flow information: | |
| | | |
| | | |
| | | |
| | |
Cash paid for interest | |
$ | (9 | ) | |
$ | (8 | ) | |
$ | (43 | ) | |
$ | (41 | ) |
Cash paid for income taxes | |
| (20 | ) | |
| (17 | ) | |
| (82 | ) | |
| (171 | ) |
Cash paid for restructuring and integration | |
| (13 | ) | |
| (18 | ) | |
| (51 | ) | |
| (43 | ) |
Cash paid for pensions | |
| (21 | ) | |
| (11 | ) | |
| (41 | ) | |
| (35 | ) |
Depreciation and amortization from continuing operations | |
| 69 | | |
| 72 | | |
| 208 | | |
| 207 | |
| |
| | | |
| | | |
| | | |
| | |
Change in primary working capital: | |
| | | |
| | | |
| | | |
| | |
Accounts and notes receivable | |
$ | 17 | | |
$ | 69 | | |
$ | 17 | | |
$ | (60 | ) |
Inventories | |
| 56 | | |
| 72 | | |
| 33 | | |
| (128 | ) |
Accounts payable | |
| (11 | ) | |
| (80 | ) | |
| (209 | ) | |
| (113 | ) |
Total change in primary working capital | |
$ | 62 | | |
$ | 61 | | |
$ | (159 | ) | |
$ | (301 | ) |
See end of press release for footnote explanations.
Footnotes
(1) | We use adjusted EBITDA to measure the operating
performance of our business and for planning and evaluating the performance of our business
segments. We provide adjusted net income because we feel it provides meaningful insight for
the investment community into the performance of our business. We believe that net income
(loss) is the performance measure calculated and presented in accordance with generally accepted
accounting principles in the U.S. (“GAAP”) that is most directly comparable to
adjusted EBITDA and adjusted net income (loss). Additional information with respect to our
use of each of these financial measures follows: |
Adjusted EBITDA, adjusted
net income (loss) and adjusted diluted income (loss) per share, as used herein, are not necessarily comparable to other similarly titled
measures of other companies.
Adjusted EBITDA is computed
by eliminating the following from net income (loss): (a) net income attributable to noncontrolling interests, net of tax; (b) interest;
(c) income taxes; (d) depreciation and amortization; (e) amortization of pension and postretirement actuarial losses (gains);
(f) restructuring, impairment and plant closing and transition costs; and further adjusted for certain other items set forth in
the reconciliation of net income (loss) to adjusted EBITDA in Table 4 above.
Adjusted net income (loss)
and adjusted diluted income (loss) per share are computed by eliminating the after tax impact of the following items from net income
(loss): (a) net income attributable to noncontrolling interest; (b) amortization of pension and postretirement actuarial losses
(gains); (c) restructuring, impairment and plant closing and transition costs; and further adjusted for certain other items set
forth in the reconciliation of net income (loss) to adjusted net income (loss) in Table 4 above. 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.
We may disclose forward-looking
adjusted EBITDA because we cannot adequately forecast certain items and events that may or may not impact us in the near future, such
as business acquisition and integration expenses and purchase accounting inventory adjustments, certain legal and other settlements and
related expenses, gains on sale of businesses/assets and certain tax only items, including tax law changes not yet enacted. Each of such
adjustment has not yet occurred, is out of our control and/or cannot be reasonably predicted. In our view, our forward-looking adjusted
EBITDA represents the forecast net income on our underlying business operations but does not reflect any adjustments related to the items
noted above that may occur and can cause our adjusted EBITDA to differ.
(2) | Management internally uses 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. Free cash flow is defined as 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. |
(3) | During the first quarter 2023, we completed
the divestiture of our Textile Effects business, which is reported as discontinued operations
on the income and cash flow statements and held for sale on the December 31, 2022 balance
sheet. |
(4) | We believe 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. In our view, effective
tax rate is the performance measure calculated and presented in accordance with U.S. GAAP that is most directly comparable to adjusted
effective tax rate. The reconciliation of historical adjusted effective tax rate and effective tax rate is set forth in Table 4 above.
Please see the reconciliation of our net income to adjusted net income in Table 4 for details regarding the tax impacts of our non-GAAP
adjustments. |
Our forward-looking adjusted
effective tax rate is calculated based on our forecast effective tax rate, and the range of our forward-looking adjusted effective tax
rate equals the range of our forecast effective tax rate. We disclose forward-looking adjusted effective tax rate because we cannot adequately
forecast certain items and events that may or may not impact us in the near future, such as business acquisition and integration expenses
and purchase accounting inventory adjustments, certain legal and other settlements and related expenses, gains on sale of businesses/assets
and certain tax only items, including tax law changes not yet enacted. Each of such adjustment has not yet occurred, is out of our control
and/or cannot be reasonably predicted. In our view, our forward-looking adjusted effective tax rate represents the forecast effective
tax rate on our underlying business operations but does not reflect any adjustments related to the items noted above that may occur and
can cause our effective tax rate to differ.
(5) | Net debt is a measure we use to
monitor how much debt we have after taking into account our total cash. We use it as an indicator of our overall financial position,
and calculate it by taking our total debt, including the current portion, and subtracting total cash. |
About Huntsman:
Huntsman Corporation is a publicly
traded global manufacturer and marketer of differentiated and specialty chemicals with 2022 revenues of approximately $8 billion
from our continuing operations. Our chemical products number in the thousands and are sold worldwide to manufacturers serving a broad
and diverse range of consumer and industrial end markets. We operate more than 60 manufacturing, R&D and operations facilities
in approximately 30 countries and employ approximately 7,000 associates within our continuing operations. For more information about
Huntsman, please visit the company's website at www.huntsman.com.
Social Media:
Twitter: www.twitter.com/Huntsman_Corp
Facebook: www.facebook.com/huntsmancorp
LinkedIn: www.linkedin.com/company/huntsman
Forward-Looking Statements:
This press release includes "forward-looking
statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange
Act of 1934. These forward-looking statements include statements concerning our plans, objectives, goals, strategies, future events,
future revenue or performance, capital expenditures, financing needs, plans or intentions relating to acquisitions, divestitures or strategic
transactions, business trends and any other information that is not historical information. When used in this press release, the words
"estimates," "expects," "anticipates," "likely," "projects," "outlook," "plans,"
"intends," "believes," "forecasts," or future or conditional verbs, such as "will," "should,"
"could" or "may," and variations of such words or similar expressions are intended to identify forward-looking statements.
These forward-looking statements, including, without limitation, management's examination of historical operating trends and data, are
based upon our current expectations and various assumptions and beliefs. In particular, such forward-looking statements are subject to
uncertainty and changes in circumstances and involve risks and uncertainties that may affect the Company's operations, markets, products,
prices and other factors as discussed in the Company's filings with the Securities and Exchange Commission (the "SEC"). Significant
risks and uncertainties may relate to, but are not limited to, increased energy costs in Europe, inflation and resulting monetary tightening
in the US, geopolitical instability, volatile global economic conditions, cyclical and volatile product markets, disruptions in production
at manufacturing facilities, reorganization or restructuring of the Company's operations, including any delay of, or other negative developments
affecting the ability to implement cost reductions and manufacturing optimization improvements in the Company's businesses and to realize
anticipated cost savings, and other financial, operational, economic, competitive, environmental, political, legal, regulatory and technological
factors. Any forward-looking statement should be considered in light of the risks set forth under the caption "Risk Factors"
in our Annual Report on Form 10-K for the year ended December 31, 2022, which may be supplemented by other risks and uncertainties
disclosed in any subsequent reports filed or furnished by the Company from time to time. All forward-looking statements apply only as
of the date made. Except as required by law, the Company undertakes no obligation to update or revise forward-looking statements to reflect
events or circumstances that arise after the date made or to reflect the occurrence of unanticipated events.
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