Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2021 | Oct. 20, 2021 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0001307954 | |
Entity Registrant Name | Huntsman Corporation | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2021 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2021 | |
Document Transition Report | false | |
Entity File Number | 001-32427 | |
Entity Address, Address Line One | 10003 Woodloch Forest Drive | |
Entity Address, City or Town | The Woodlands | |
Entity Address, State or Province | TX | |
Entity Address, Postal Zip Code | 77380 | |
City Area Code | 281 | |
Local Phone Number | 719-6000 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 42-1648585 | |
Title of 12(b) Security | Common Stock, par value $0.01 per share | |
Trading Symbol | HUN | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 218,030,754 | |
Huntsman International LLC [Member] | ||
Document Information [Line Items] | ||
Entity Central Index Key | 0001089748 | |
Entity Registrant Name | Huntsman International LLC | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2021 | |
Entity File Number | 333-85141 | |
Entity Address, Address Line One | 10003 Woodloch Forest Drive | |
Entity Address, City or Town | The Woodlands | |
Entity Address, State or Province | TX | |
Entity Address, Postal Zip Code | 77380 | |
City Area Code | 281 | |
Local Phone Number | 719-6000 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 87-0630358 | |
Title of 12(b) Security | NONE | |
Trading Symbol | NONE | |
Security Exchange Name | NONE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 | |
Current assets: | |||
Cash and cash equivalents | [1] | $ 505 | $ 1,593 |
Accounts and notes receivable | [1] | 1,216 | 902 |
Accounts receivable from affiliates | 23 | 8 | |
Inventories | [1] | 1,174 | 848 |
Other current assets | 196 | 217 | |
Total current assets | 3,114 | 3,568 | |
Property, plant and equipment, net | [1] | 2,540 | 2,505 |
Investment in unconsolidated affiliates | 466 | 373 | |
Intangible assets, net | 404 | 453 | |
Goodwill | 741 | 533 | |
Deferred income taxes | 281 | 288 | |
Operating lease right-of-use assets | 418 | 445 | |
Other noncurrent assets | [1] | 605 | 548 |
Total assets | 8,569 | 8,713 | |
Current liabilities: | |||
Accounts payable | [1] | 955 | 842 |
Accounts payable to affiliates | 30 | 34 | |
Accrued liabilities | [1] | 569 | 458 |
Current portion of debt | [1] | 16 | 593 |
Current operating lease liabilities | [1] | 54 | 52 |
Total current liabilities | 1,624 | 1,979 | |
Long-term debt | [1] | 1,567 | 1,528 |
Deferred income taxes | 201 | 212 | |
Noncurrent operating lease liabilities | [1] | 383 | 411 |
Other noncurrent liabilities | [1] | 840 | 910 |
Total liabilities | 4,615 | 5,040 | |
Commitments and contingencies (Notes 15 and 16) | |||
Common stock $0.01 par value, 1,200,000,000 shares authorized, 259,468,984 and 258,520,411 shares issued and 217,028,320 and 220,046,262 shares outstanding, respectively | 3 | 3 | |
Additional paid-in capital | 4,096 | 4,048 | |
Treasury stock, 42,448,875 and 38,477,091 shares, respectively | (833) | (731) | |
Unearned stock-based compensation | (30) | (19) | |
Retained earnings | 1,881 | 1,564 | |
Accumulated other comprehensive loss | (1,338) | (1,346) | |
Total Huntsman Corporation stockholders’ equity | 3,779 | 3,519 | |
Noncontrolling interests in subsidiaries | 175 | 154 | |
Total equity | 3,954 | 3,673 | |
Total liabilities and equity | 8,569 | 8,713 | |
Huntsman International LLC [Member] | |||
Current assets: | |||
Cash and cash equivalents | [1] | 505 | 1,591 |
Accounts and notes receivable | [1] | 1,216 | 902 |
Accounts receivable from affiliates | 167 | 47 | |
Inventories | [1] | 1,174 | 848 |
Other current assets | 194 | 223 | |
Total current assets | 3,256 | 3,611 | |
Property, plant and equipment, net | [1] | 2,540 | 2,505 |
Investment in unconsolidated affiliates | 466 | 373 | |
Intangible assets, net | 404 | 453 | |
Goodwill | 741 | 533 | |
Deferred income taxes | 281 | 288 | |
Operating lease right-of-use assets | 418 | 445 | |
Other noncurrent assets | [1] | 604 | 548 |
Total assets | 8,710 | 8,756 | |
Current liabilities: | |||
Accounts payable | [1] | 954 | 842 |
Accounts payable to affiliates | 32 | 36 | |
Accrued liabilities | [1] | 559 | 455 |
Current portion of debt | [1] | 16 | 593 |
Current operating lease liabilities | [1] | 54 | 52 |
Total current liabilities | 1,615 | 1,978 | |
Long-term debt | [1] | 1,567 | 1,528 |
Deferred income taxes | 203 | 214 | |
Noncurrent operating lease liabilities | [1] | 383 | 411 |
Other noncurrent liabilities | [1] | 831 | 900 |
Total liabilities | 4,599 | 5,031 | |
Retained earnings | 1,536 | 1,203 | |
Accumulated other comprehensive loss | (1,324) | (1,333) | |
Total equity | 4,111 | 3,725 | |
Total liabilities and equity | 8,710 | 8,756 | |
Members’ equity, 2,728 units issued and outstanding | 3,724 | 3,701 | |
Total Huntsman International LLC members’ equity | 3,936 | 3,571 | |
Noncontrolling interests in subsidiaries | 175 | 154 | |
Total equity | $ 4,111 | $ 3,725 | |
[1] | 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 $82 of other noncurrent liabilities from consolidated variable interest entities are included in the respective balance sheet captions above. See “Note 6. Variable Interest Entities." |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ 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 | |
[1] | 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 $82 of other noncurrent liabilities from consolidated variable interest entities are included in the respective balance sheet captions above. See “Note 6. Variable Interest Entities." |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) 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 | |
[1] | Geographic information for revenues is based upon countries into which product is sold. |
Condensed Consolidated Statem_2
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 Statem_3
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 Statem_4
Condensed Consolidated Statements of Equity (Unaudited) (Parentheticals) - $ / shares | 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 Statem_5
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 Statem_6
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
Note 1 - General | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Nature of Operations [Text Block] | 1. C ertain efinitions For convenience in this report, the terms “Company,” “Huntsman,” “our,” “us” or “we” may In this report, we may may I nterim inancial tatements Our unaudited interim condensed consolidated financial statements and Huntsman International’s unaudited interim condensed consolidated financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP” or “U.S. GAAP”) and in management’s opinion reflect all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of results of operations, comprehensive income (loss), financial position and cash flows for the periods presented. Results for interim periods are not 10 December 31, 2020 D escription of usinesses 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. H untsman orporation and untsman nternational inancial tatements Except where otherwise indicated, these notes relate to the condensed consolidated financial statements for both our Company and Huntsman International. The differences between our financial statements and Huntsman International’s financial statements relate primarily to the following: ● purchase accounting recorded at our Company for the 2003 2005; ● the different capital structures. P rinciples of onsolidation Our condensed consolidated financial statements include the accounts of our wholly-owned and majority-owned subsidiaries and any variable interest entities for which we are the primary beneficiary. Intercompany accounts and transactions have been eliminated. R ecent evelopments Amendments to Accounts Receivable Securitization Programs On July 1, 2021, April 2022 July 2024. 8. U se of E stimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Note 2 - Recently Issued Accoun
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. A ccounting ronouncements Dopted uring 2021 We adopted the following accounting pronouncement during 2021, not ● Financial Accounting Standards Board Accounting Standards Update No. 2021 01, Reference Rate Reform (Topic 848 |
Note 3 - Business Combinations
Note 3 - Business Combinations and Acquisitions | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | 3. A cquisition of g aBRIEL erformance roducts On January 15, 2021, nil three nine September 30, 2021 We accounted for the Gabriel Acquisition using the acquisition method. As such, we analyzed the fair value of tangible and intangible assets acquired and liabilities assumed. The 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 $ 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 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 A cquisition of hermoset pecialties On May 18, 2020, 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 $ 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 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. None A cquisition of cynene apolla On February 20, 2020, 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 $ 353 Cash $ 7 Accounts receivable 36 Inventories 32 Prepaid expenses and other current assets 2 Property, plant and equipment 9 Intangible assets 130 Goodwill 167 Other noncurrent assets 4 Accounts payable (14 ) Accrued liabilities (11 ) Deferred income taxes (9 ) Total fair value of net assets acquired $ 353 As a result of the final valuation of the assets and liabilities, reallocations were made during the first 2021 None P RO ORMA NFORMATION FOR CQUISITIONS If the Gabriel Acquisition, the CVC Thermoset Specialties Acquisition and the Icynene-Lapolla Acquisition were to have occurred on January 1, 2020 Three months Nine months ended ended September 30, September 30, 2020(1) 2021(1) 2020 Revenues $ 1,536 $ 6,150 $ 4,487 Net income 55 485 696 Net income attributable to Huntsman Corporation 46 436 681 Three months Nine months ended ended September 30, September 30, 2020(1) 2021(1) 2020 Revenues $ 1,536 $ 6,150 $ 4,487 Net income 56 488 696 Net income attributable to Huntsman International 47 439 681 ( 1 Includes pro forma information for the Gabriel Acquisition only. |
Note 4 - Discontinued Operation
Note 4 - Discontinued Operations and Business Dispositions | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | 4. S aLE of I based d o- i t- Y ourself c onsumer a dhesives b usiness On November 3, 2020, 2019 second 2021, second 2021, S aLE o f enator nterEST On December 23, 2020, no June 23, 2023 not For the three September 30, 2021 2020 nine September 30, 2021 2020 Summarized financial information of Venator for the three nine September 30, 2020 Three months Nine months ended ended September 30, September 30, 2020 2020 Revenues $ 474 $ 1,462 Gross profit 20 126 Loss from continuing operations (39 ) (48 ) Net loss (39 ) (48 ) Net loss attributable to Venator (42 ) (54 ) S ale of hemical ntermediates usinesses On January 3, 2020, first nine 2020. 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) $ — $ — $ — $ 7 Cost of goods sold (2) — — — 11 Gain on sale of the Chemical Intermediates Businesses — — — 978 Insurance proceeds — — — 48 Other (income) expense items, net — — (2 ) 1 Income from discontinued operations before income taxes — — 2 1,021 Income tax expense (5 ) — (5 ) (239 ) Net (loss) income attributable to discontinued operations $ (5 ) $ — $ (3 ) $ 782 ( 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. |
Note 5 - Inventories
Note 5 - Inventories | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | 5. We state our inventories at the lower of cost or market, with cost determined using last-in first first first September 30, December 31, 2021 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 $ 1,174 $ 848 For both September 30, 2021 December 31, 2020 |
Note 6 - Variable Interest Enti
Note 6 - Variable Interest Entities | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Variable Interest Entity Disclosure [Text Block] | 6. We evaluate our investments and transactions to identify variable interest entities for which we are the primary beneficiary. We hold a variable interest in the following joint ventures for which we are the primary beneficiary: ● Rubicon LLC is our 50%-owned joint venture with Lanxess that manufactures products for our Polyurethanes and Performance Products segments. ● Arabian Amines Company (“AAC”) is our 50%-owned joint venture with Zamil group that manufactures products for our Performance Products segment. During the nine September 30, 2021 no Creditors of these entities have no 8. September 30, 2021 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 December 31, 2020 September 30, December 31, 2021 2020 Current assets $ 97 $ 49 Property, plant and equipment, net 161 167 Operating lease right-of-use assets 28 22 Other noncurrent assets 147 138 Deferred income taxes 30 30 Total assets $ 463 $ 406 Current liabilities $ 175 $ 183 Long-term debt 53 3 Noncurrent operating lease liabilities 22 17 Other noncurrent liabilities 76 82 Deferred income taxes 1 1 Total liabilities $ 327 $ 286 The revenues, income from continuing operations before income taxes and net cash provided by operating activities for our variable interest entities for the three nine September 30, 2021 2020 Three months Nine months ended ended September 30, September 30, 2021 2020 2021 2020 Revenues $ — $ — $ — $ — Income from continuing operations before income taxes 4 — 11 1 Net cash provided by operating activities 6 3 14 17 |
Note 7 - Restructuring, Impairm
Note 7 - Restructuring, Impairment and Plant Closing Costs | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Restructuring and Related Activities Disclosure [Text Block] | 7. As of September 30, 2021 December 31, 2020 Workforce reductions Non-cancelable lease and contract termination costs Other restructuring costs Total Accrued liabilities as of January 1, 2021 $ 29 $ 2 $ — $ 31 2021 charges for 2020 and prior initiatives 13 — 5 18 2021 charges for 2021 initiatives 2 — — 2 2021 payments for 2020 and prior initiatives (12 ) — (4 ) (16 ) 2021 payments for 2021 initiatives (1 ) — — (1 ) Accrued liabilities as of September 30, 2021 $ 31 $ 2 $ 1 $ 34 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 $ 12 $ 2 $ 9 $ 8 $ — $ 31 2021 charges (credits) for 2020 and prior initiatives 5 1 (3 ) — 15 18 2021 charges for 2021 initiatives — — 2 — — 2 2021 payments for 2020 and prior initiatives (6 ) (2 ) (2 ) (3 ) (3 ) (16 ) 2021 payments for 2021 initiatives — — (1 ) — — (1 ) Accrued liabilities as of September 30, 2021 $ 11 $ 1 $ 5 $ 5 $ 12 $ 34 Current portion of restructuring reserves $ 11 $ 1 $ 4 $ 2 $ 5 $ 23 Long-term portion of restructuring reserves — — 1 3 7 11 Details with respect to cash and noncash restructuring charges from continuing operations for the three nine September 30, 2021 2020 Three months Nine months ended ended September 30, September 30, 2021 2020 2021 2020 Cash charges: 2021 charges for 2020 and prior initiatives $ — $ — $ 18 $ — 2021 charges for 2021 initiatives — — 2 — 2020 charges for 2019 and prior initiatives — — — 3 2020 charges for 2020 initiatives — 8 — 26 Noncash charges: 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 2021 R estructuring ctivities Beginning in the first 2021, nine September 30, 2021 2023. Beginning in the third 2020, nine September 30, 2021 first 2022. Beginning in the second 2020, nine September 30, 2021 2020 R estructuring ctivities Beginning in the second 2020, nine September 30, 2020 Beginning in the third 2020, third 2020. Beginning in the second 2020, nine September 30, 2020. Beginning in the second 2020, nine September 30, 2020. During 2020, nine September 30, 2020, |
Note 8 - Debt
Note 8 - Debt | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 8. 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 1,484 2,047 Variable interest entities 66 50 Other 33 24 Total debt $ 1,583 $ 2,121 Current portion of debt $ 16 $ 593 Long-term portion of debt 1,567 1,528 Total debt $ 1,583 $ 2,121 D irect and ubsidiary ebt 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 Certain of our subsidiaries have third third 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 December 31, 2020 Revolving Credit Facility As of September 30, 2021 Unamortized Discounts and Committed Principal Debt Issuance Carrying Facility Amount Outstanding Costs Value Interest Rate(2) Maturity Revolving Credit Facility $ 1,200 $ — (1) $ — (1) $ — (1) USD LIBOR plus 1.50% 2023 ( 1 On September 30, 2021 ( 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 Term Loan Credit Facility On September 24, 2019, 364 “2019 €92 2019 not September 22, 2020, 2019 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, April 2022 July 2024. Information regarding our A/R Programs as of September 30, 2021 Maximum Funding Amount Facility Maturity Availability(1) Outstanding Interest Rate (2) U.S. A/R Program July 2024 $ 150 $ — (3) Applicable rate plus 0.90% EU A/R Program July 2024 € 100 € — Applicable rate plus 1.30% (or approximately $117) ( 1 The amount of actual availability under our A/R Programs may ( 2 The applicable rate for our U.S. A/R Program is defined by the lender as USD LIBOR. The applicable rate for our EU A/R Program is either USD LIBOR or EURIBOR. ( 3 As of September 30, 2021 As of September 30, 2021 December 31, 2020 Senior Notes On January 15, 2021, € 445 2021 “2021 not first 2021 On May 26, 2021, 2031 June 23, 2021, 2022 second 2021. The 2031 June 15 December 15 June 15, 2031. may 2031 March 15, 2031 not may 2031 March 15, 2031 not Variable Interest Entity Debt On September 30, 2021, 104 $27 September 30, 2021. September 30, 2021. Note Payable from Huntsman International to Huntsman Corporation During the first 2020, C ompliance ith ovenants We believe that we are in compliance with the covenants contained in the agreements governing our material debt instruments, including our Revolving Credit Facility, our A/R Programs and our senior notes. |
Note 9 - Derivative Instruments
Note 9 - Derivative Instruments and Hedging Activities | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | 9. We are exposed to market risks, such as changes in interest rates, foreign exchange rates and commodity prices. From time to time, we enter into transactions, including transactions involving derivative instruments, to manage certain of these exposures. We also hedge our net investment in certain European operations. Our revenues and expenses are denominated in various foreign currencies, and our cash flows and earnings are thus subject to fluctuations due to exchange rate variations. From time to time, we may may one not September 30, 2021 From time to time, we may We review our non-U.S. dollar denominated debt and derivative instruments to determine the appropriate amounts designated as hedges. As of September 30, 2021 €120 nine September 30, 2021 September 30, 2020 |
Note 10 - Fair Value
Note 10 - Fair Value | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 10. 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 $ 22 $ 22 $ 26 $ 26 Investment in Venator 28 28 32 32 Option agreement for remaining Venator shares (10 ) (10 ) 11 11 Long-term debt (including current portion) (1,583 ) (1,755 ) (2,121 ) (2,334 ) 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 2 4. 1 1 September 30, 2021 December 31, 2020. not not September 30, 2021 may During the nine September 30, 2021 3 3 |
Note 11 - Revenue Recognition
Note 11 - Revenue Recognition | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 11. The following tables disaggregate our revenue from continuing operations by major source for the three September 30, 2021 2020 Performance Advanced Textile Corporate and 2021 Polyurethanes Products Materials Effects Eliminations Total Primary Geographic Markets(1) U.S. and Canada $ 537 $ 183 $ 90 $ 14 $ (6 ) $ 818 Europe 377 106 108 29 (3 ) 617 Asia Pacific 379 88 78 113 (1 ) 657 Rest of world 110 22 28 32 1 193 $ 1,403 $ 399 $ 304 $ 188 $ (9 ) $ 2,285 Major Product Groupings MDI urethanes $ 1,403 $ 1,403 Differentiated $ 399 399 Specialty $ 276 276 Non-specialty 28 28 Textile chemicals and dyes $ 188 188 Eliminations $ (9 ) (9 ) $ 1,403 $ 399 $ 304 $ 188 $ (9 ) $ 2,285 Performance Advanced Textile Corporate and 2020 Polyurethanes Products Materials Effects Eliminations Total Primary Geographic Markets(1) U.S. and Canada $ 350 $ 104 $ 52 $ 12 $ (5 ) $ 513 Europe 253 57 70 20 — 400 Asia Pacific 264 63 57 86 — 470 Rest of world 69 14 20 24 — 127 $ 936 $ 238 $ 199 $ 142 $ (5 ) $ 1,510 Major Product Groupings MDI urethanes $ 936 $ 936 Differentiated $ 238 238 Specialty $ 178 178 Non-specialty 21 21 Textile chemicals and dyes $ 142 142 Eliminations $ (5 ) (5 ) $ 936 $ 238 $ 199 $ 142 $ (5 ) $ 1,510 The following tables disaggregate our revenue from continuing operations by major source for the nine September 30, 2021 2020 Performance Advanced Textile Corporate and 2021 Polyurethanes Products Materials Effects Eliminations Total Primary Geographic Markets(1) U.S. and Canada $ 1,338 $ 460 $ 262 $ 39 $ (15 ) $ 2,084 Europe 949 283 317 95 (8 ) 1,636 Asia Pacific 1,055 276 223 362 (1 ) 1,915 Rest of world 284 56 79 92 — 511 $ 3,626 $ 1,075 $ 881 $ 588 $ (24 ) $ 6,146 Major Product Groupings MDI urethanes $ 3,626 $ 3,626 Differentiated $ 1,075 1,075 Specialty $ 795 795 Non-specialty 86 86 Textile chemicals and dyes $ 588 588 Eliminations $ (24 ) (24 ) $ 3,626 $ 1,075 $ 881 $ 588 $ (24 ) $ 6,146 Performance Advanced Textile Corporate and 2020 Polyurethanes Products Materials Effects Eliminations Total Primary Geographic Markets(1) U.S. and Canada $ 1,015 $ 333 $ 167 $ 36 $ (16 ) $ 1,535 Europe 681 184 243 71 (1 ) 1,178 Asia Pacific 673 194 164 251 — 1,282 Rest of world 185 47 58 66 (1 ) 355 $ 2,554 $ 758 $ 632 $ 424 $ (18 ) $ 4,350 Major Product Groupings MDI urethanes $ 2,554 $ 2,554 Differentiated $ 758 758 Specialty $ 561 561 Non-specialty 71 71 Textile chemicals and dyes $ 424 424 Eliminations $ (18 ) (18 ) $ 2,554 $ 758 $ 632 $ 424 $ (18 ) $ 4,350 ( 1 Geographic information for revenues is based upon countries into which product is sold. |
Note 12 - Employee Benefit Plan
Note 12 - Employee Benefit Plans | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Retirement Benefits [Text Block] | 12. Components of the net periodic benefit costs from continuing operations for the three nine September 30, 2021 2020 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 $ 13 $ 13 $ 1 $ — Interest cost 13 15 — 1 Expected return on assets (42 ) (44 ) — — Amortization of prior service benefit (2 ) (2 ) (1 ) (2 ) Amortization of actuarial loss 23 21 — 1 Net periodic benefit cost $ 5 $ 3 $ — $ — Other Postretirement Defined Benefit Plans Benefit Plans Nine months Nine months ended ended September 30, September 30, 2021 2020 2021 2020 Service cost $ 41 $ 39 $ 1 $ 1 Interest cost 37 46 1 2 Expected return on assets (126 ) (129 ) — — Amortization of prior service benefit (5 ) (5 ) (3 ) (4 ) Amortization of actuarial loss 69 60 1 1 Settlement loss 3 — — — Net periodic benefit cost $ 19 $ 11 $ — $ — 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 $ 13 $ 13 $ 1 $ — Interest cost 13 15 — 1 Expected return on assets (42 ) (44 ) — — Amortization of prior service benefit (2 ) (2 ) (1 ) (2 ) Amortization of actuarial loss 24 21 — 1 Net periodic benefit cost $ 6 $ 3 $ — $ — Other Postretirement Defined Benefit Plans Benefit Plans Nine months Nine months ended ended September 30, September 30, 2021 2020 2021 2020 Service cost $ 41 $ 39 $ 1 $ 1 Interest cost 37 46 1 2 Expected return on assets (126 ) (129 ) — — Amortization of prior service benefit (5 ) (5 ) (3 ) (4 ) Amortization of actuarial loss 71 62 1 1 Settlement loss 3 — — — Net periodic benefit cost $ 21 $ 13 $ — $ — During the nine September 30, 2021 2020 2021 |
Note 13 - Huntsman Corporation
Note 13 - Huntsman Corporation Stockholders' Equity | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 13. S hare epurchase rogram On February 7, 2018 May 3, 2018, may may first 2020, 19. third 2021, D ividends on ommon tock On April 28, 2021, September 30, 2021 September 30, 2020 June 30, 2021 June 30, 2020, March 31, 2021 March 31, 2020, |
Note 14 - Accumulated Other Com
Note 14 - Accumulated Other Comprehensive Loss | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | 14. 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 $ (328 ) $ (1,050 ) $ 8 $ 4 $ (1,366 ) $ 20 $ (1,346 ) Other comprehensive loss before reclassifications, gross (42 ) — — — (42 ) (2 ) (44 ) Tax expense — — — — — — — Amounts reclassified from accumulated other comprehensive loss, gross(c) — 65 — — 65 — 65 Tax expense — (13 ) — — (13 ) — (13 ) Net current-period other comprehensive (loss) income (42 ) 52 — — 10 (2 ) 8 Ending balance, September 30, 2021 $ (370 ) $ (998 ) $ 8 $ 4 $ (1,356 ) $ 18 $ (1,338 ) (a) Amounts are net of tax of $56 million as of both September 30, 2021 January 1, 2021 (b) Amounts are net of tax of $139 million and $153 million as of September 30, 2021 January 1, 2021 (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 $ (369 ) $ (1,031 ) $ 8 $ 4 $ (1,388 ) $ 26 $ (1,362 ) Other comprehensive (loss) income before reclassifications, gross (42 ) 8 — — (34 ) (3 ) (37 ) Tax expense — (2 ) — — (2 ) — (2 ) Amounts reclassified from accumulated other comprehensive loss, gross(c) — 93 — — 93 — 93 Tax expense — (21 ) — — (21 ) — (21 ) Net current-period other comprehensive (loss) income (42 ) 78 — — 36 (3 ) 33 Ending balance, September 30, 2020 $ (411 ) $ (953 ) $ 8 $ 4 $ (1,352 ) $ 23 $ (1,329 ) (a) Amounts are net of tax of $68 million as of both September 30, 2020 January 1, 2020 (b) Amounts are net of tax of $125 million and $148 million as of September 30, 2020 January 1, 2020 (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 $ (3 ) $ (3 ) (b) Actuarial loss 23 21 (b)(d) 20 18 Total before tax (3 ) (4 ) Income tax expense Total reclassifications for the period $ 17 $ 14 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 $ (8 ) $ (9 ) (b) Settlement loss 3 41 (c) Actuarial loss 70 61 (b)(d) 65 93 Total before tax (13 ) (21 ) Income tax expense Total reclassifications for the period $ 52 $ 72 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. (c) In connection with the sale of our Chemical Intermediates Businesses, we recognized $41 million of pension and other post-employment benefit settlement losses during the nine September 30, 2020. (d) Amounts include approximately $1 million of actuarial losses related to discontinued operations for both the three September 30, 2021 2020 nine September 30, 2021 2020 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 $ (333 ) $ (1,028 ) $ 8 $ — $ (1,353 ) $ 20 $ (1,333 ) Other comprehensive loss before reclassifications, gross (42 ) — — — (42 ) (2 ) (44 ) Tax expense — — — — — — — Amounts reclassified from accumulated other comprehensive loss, gross(c) — 67 — — 67 — 67 Tax expense — (14 ) — — (14 ) — (14 ) Net current-period other comprehensive (loss) income (42 ) 53 — — 11 (2 ) 9 Ending balance, September 30, 2021 $ (375 ) $ (975 ) $ 8 $ — $ (1,342 ) $ 18 $ (1,324 ) (a) Amounts are net of tax of $43 million for both September 30, 2021 January 1, 2021 (b) Amounts are net of tax of $164 million and $178 million as of September 30, 2021 January 1, 2021 (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 $ (374 ) $ (1,012 ) $ 8 $ — $ (1,378 ) $ 26 $ (1,352 ) Other comprehensive (loss) income before reclassifications, gross (42 ) 8 — — (34 ) (3 ) (37 ) Tax expense — (2 ) — — (2 ) — (2 ) Amounts reclassified from accumulated other comprehensive loss, gross(c) — 95 — — 95 — 95 Tax expense — (21 ) — — (21 ) — (21 ) Net current-period other comprehensive (loss) income (42 ) 80 — — 38 (3 ) 35 Ending balance, September 30, 2020 $ (416 ) $ (932 ) $ 8 $ — $ (1,340 ) $ 23 $ (1,317 ) (a) Amounts are net of tax of $55 million as of both September 30, 2020 January 1, 2020 (b) Amounts are net of tax of $150 million and $174 million as of September 30, 2020 January 1, 2020 (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 $ (3 ) $ (3 ) (b) Actuarial loss 24 22 (b)(d) 21 19 Total before tax (4 ) (4 ) Income tax expense Total reclassifications for the period $ 17 $ 15 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 $ (8 ) $ (9 ) (b) Settlement loss 3 41 (c) Actuarial loss 72 63 (b)(d) 67 95 Total before tax (14 ) (21 ) Income tax expense Total reclassifications for the period $ 53 $ 74 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. (c) In connection with the sale of our Chemical Intermediates Businesses, we recognized $41 million of pension and other post-employment benefit settlement losses during the nine September 30, 2020. (d) Amounts include approximately $1 million of actuarial losses related to discontinued operations for both the three September 30, 2021 2020 nine September 30, 2021 2020 |
Note 15 - Commitments and Conti
Note 15 - Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 15. L egal atters 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 |
Note 16 - Environmental, Health
Note 16 - Environmental, Health and Safety Matters | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Environmental Loss Contingency Disclosure [Text Block] | 16. EHS C apital xpenditures We may nine September 30, 2021 2020 may E nvironmental eserves We have accrued liabilities relating to anticipated environmental cleanup obligations, site reclamation and closure costs and known penalties. Liabilities are recorded when potential liabilities are either known or considered probable and can be reasonably estimated. Our liability estimates are calculated using present value techniques as appropriate and are based upon requirements placed upon us by regulators, available facts, existing technology and past experience. The environmental liabilities do not September 30, 2021 December 31, 2020 September 30, 2021 December 31, 2020 September 30, 2021 December 31, 2020 may may not E nvironmental atters Under the Comprehensive Environmental Response, Compensation, and Liability Act (“CERCLA”) and similar state laws, a current or former owner or operator of real property in the U.S. may may nine third not not third Under the Resource Conservation and Recovery Act (“RCRA”) in the U.S. and similar state laws, we may may North Maybe Canyon Mine Remediation The North Maybe Canyon Mine site is a CERCLA site and involves a former phosphorous mine near Soda Springs, Idaho, which is believed to have been operated by several companies, including a predecessor company to us. In 2004, February 2010, |
Note 17 - Stock-based Compensat
Note 17 - Stock-based Compensation Plans | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | 17. As of September 30, 2021 three 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 $ 8 $ 6 $ 24 $ 20 Huntsman International compensation cost 8 6 23 19 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 September 30, 2021 2020 S tock ptions The fair value of each stock option award is estimated on the date of grant using the Black-Scholes valuation model that uses the assumptions noted in the following table. Expected volatilities are based on the historical volatility of our common stock through the grant date. The expected term of options granted was estimated based on the contractual term of the instruments and employees’ expected exercise and post-vesting employment termination behavior. The risk-free rate for periods within the contractual life of the option was based on the U.S. Treasury yield curve in effect at the time of grant. The assumptions noted below represent the weighted average of the assumptions utilized for stock options granted during the periods. Three months Nine months ended ended September 30, September 30, 2021(1) 2020 2021 2020 Dividend yield NA 3.1 % 2.3 % 3.0 % Expected volatility NA 53.7 % 53.3 % 53.1 % Risk-free interest rate NA 0.4 % 0.7 % 1.4 % Expected life of stock options granted during the period (in years) NA 5.9 5.9 5.9 ( 1 During the three September 30, 2021 A summary of stock option activity under the stock-based compensation plans as of September 30, 2021 nine Weighted Weighted Average Average Remaining Aggregate Exercise Contractual Intrinsic Option Awards Shares Price Term Value (in thousands) (years) (in millions) Outstanding at January 1, 2021 4,815 $ 20.37 Granted 304 28.58 Exercised (697 ) 17.44 Forfeited (71 ) 24.29 Outstanding at September 30, 2021 4,351 21.35 5.8 $ 37 Exercisable at September 30, 2021 3,309 20.59 5.0 31 The weighted-average grant-date fair value of stock options granted during the nine September 30, 2021 September 30, 2021 The total intrinsic value of stock options exercised during the nine September 30, 2021 2020 nine September 30, 2021 2020 nine September 30, 2021 2020 N onvested hares Nonvested shares granted under the stock-based compensation plans consist of restricted stock and performance share unit awards, which are accounted for as equity awards, and phantom stock, which is accounted for as a liability award because it can be settled in either stock or cash. The fair value of each 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 September 30, 2021 2020 nine September 30, 2021 2020 three three A summary of the status of our nonvested shares as of September 30, 2021 nine Equity Awards Liability Awards Weighted Weighted Average Average Grant-Date Grant-Date Shares Fair Value Shares Fair Value (in thousands) (in thousands) Nonvested at January 1, 2021 1,867 $ 23.18 411 $ 23.08 Granted 856 31.06 184 28.58 Vested (521 ) (1)(2) 28.19 (189 ) 24.55 Forfeited (17 ) 23.96 (20 ) 24.18 Nonvested at September 30, 2021 2,185 25.07 386 24.92 ( 1 As of September 30, 2021 not nine September 30, 2021 not not ( 2 A total of 110,542 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, 2020 nine September 30, 2021 not As of September 30, 2021 nine September 30, 2021 2020 |
Note 18 - Income Taxes
Note 18 - Income Taxes | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 18. 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 During the nine September 30, 2021 2020 December 31, 2019, no 2020 2021. Huntsman Corporation We recorded income tax expense from continuing operations of $114 million and $9 million for the nine September 30, 2021 2020 Huntsman International Huntsman International recorded income tax expense from continuing operations of $115 million and $9 million for the nine September 30, 2021 2020 |
Note 19 - Earnings Per Share
Note 19 - Earnings Per Share | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 19. 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 $ 214 $ 48 $ 451 $ (91 ) Basic and diluted net income: Net income attributable to Huntsman Corporation $ 209 $ 48 $ 448 $ 691 Denominator: Weighted average shares outstanding 219.4 219.8 220.2 220.8 Dilutive shares: Stock-based awards 1.9 1.5 2.0 — Total weighted average shares outstanding, including dilutive shares 221.3 221.3 222.2 220.8 Additional stock-based awards of approximately 1.0 million and 3.8 million weighted average equivalent shares of stock were outstanding during the three September 30, 2021 2020 nine September 30, 2021 2020, not three nine September 30, 2021 2020 |
Note 20 - Operating Segment Inf
Note 20 - Operating Segment Information | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 20. 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: 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 $ 1,403 $ 936 $ 3,626 $ 2,554 Performance Products 399 238 1,075 758 Advanced Materials 304 199 881 632 Textile Effects 188 142 588 424 Corporate and eliminations (9 ) (5 ) (24 ) (18 ) Total $ 2,285 $ 1,510 $ 6,146 $ 4,350 Huntsman Corporation: Segment adjusted EBITDA(1): Polyurethanes $ 246 $ 156 $ 661 $ 271 Performance Products 103 36 254 123 Advanced Materials 48 25 150 103 Textile Effects 22 8 75 24 Corporate and other(2) (48 ) (37 ) (146 ) (114 ) Total 371 188 994 407 Reconciliation of adjusted EBITDA to net income (loss): Interest expense, net—continuing operations (15 ) (24 ) (52 ) (63 ) Income tax expense—continuing operations (38 ) (15 ) (114 ) (9 ) Income tax expense—discontinued operations (5 ) — (5 ) (239 ) Depreciation and amortization—continuing operations (72 ) (70 ) (219 ) (206 ) Net income attributable to noncontrolling interests 16 9 49 15 Other adjustments: Business acquisition and integration expenses and purchase accounting inventory adjustments (5 ) (9 ) (19 ) (30 ) EBITDA from discontinued operations(3) — — 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 ) Net income $ 225 $ 57 $ 497 $ 706 Three months Nine months ended ended September 30, September 30, 2021 2020 2021 2020 Huntsman International: Segment adjusted EBITDA(1): Polyurethanes $ 246 $ 156 $ 661 $ 271 Performance Products 103 36 254 123 Advanced Materials 48 25 150 103 Textile Effects 22 8 75 24 Corporate and other(2) (47 ) (36 ) (140 ) (110 ) Total 372 189 1,000 411 Reconciliation of adjusted EBITDA to net income (loss): Interest expense, net—continuing operations (15 ) (24 ) (52 ) (65 ) Income tax expense—continuing operations (39 ) (15 ) (115 ) (9 ) Income tax expense—discontinued operations (5 ) — (5 ) (239 ) Depreciation and amortization—continuing operations (72 ) (70 ) (219 ) (206 ) Net income attributable to noncontrolling interests 16 9 49 15 Other adjustments: Business acquisition and integration expenses and purchase accounting inventory adjustments (5 ) (9 ) (19 ) (30 ) EBITDA from discontinued operations(3) — — 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 ) Net income $ 225 $ 58 $ 500 $ 706 ( 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. |
Note 3 - Business Combination_2
Note 3 - Business Combinations and Acquisitions (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Fair value of assets acquired and liabilities assumed: Cash paid for the Gabriel Acquisition $ 251 Cash $ 9 Accounts receivable 13 Inventories 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 Fair value of assets acquired and liabilities assumed: Cash paid for the CVC Thermoset Specialties 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 Fair value of assets acquired and liabilities assumed: Cash paid for the Icynene-Lapolla Acquisition $ 353 Cash $ 7 Accounts receivable 36 Inventories 32 Prepaid expenses and other current assets 2 Property, plant and equipment 9 Intangible assets 130 Goodwill 167 Other noncurrent assets 4 Accounts payable (14 ) Accrued liabilities (11 ) Deferred income taxes (9 ) Total fair value of net assets acquired $ 353 |
Business Acquisition, Pro Forma Information [Table Text Block] | Three months Nine months ended ended September 30, September 30, 2020(1) 2021(1) 2020 Revenues $ 1,536 $ 6,150 $ 4,487 Net income 55 485 696 Net income attributable to Huntsman Corporation 46 436 681 Three months Nine months ended ended September 30, September 30, 2020(1) 2021(1) 2020 Revenues $ 1,536 $ 6,150 $ 4,487 Net income 56 488 696 Net income attributable to Huntsman International 47 439 681 |
Note 4 - Discontinued Operati_2
Note 4 - Discontinued Operations and Business Dispositions (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Equity Method Investments [Table Text Block] | Three months Nine months ended ended September 30, September 30, 2020 2020 Revenues $ 474 $ 1,462 Gross profit 20 126 Loss from continuing operations (39 ) (48 ) Net loss (39 ) (48 ) Net loss attributable to Venator (42 ) (54 ) |
Disposal Groups, Including Discontinued Operations [Table Text Block] | 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) $ — $ — $ — $ 7 Cost of goods sold (2) — — — 11 Gain on sale of the Chemical Intermediates Businesses — — — 978 Insurance proceeds — — — 48 Other (income) expense items, net — — (2 ) 1 Income from discontinued operations before income taxes — — 2 1,021 Income tax expense (5 ) — (5 ) (239 ) Net (loss) income attributable to discontinued operations $ (5 ) $ — $ (3 ) $ 782 |
Note 5 - Inventories (Tables)
Note 5 - Inventories (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | September 30, December 31, 2021 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 $ 1,174 $ 848 |
Note 6 - Variable Interest En_2
Note 6 - Variable Interest Entities (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Schedule of Variable Interest Entities [Table Text Block] | September 30, December 31, 2021 2020 Current assets $ 97 $ 49 Property, plant and equipment, net 161 167 Operating lease right-of-use assets 28 22 Other noncurrent assets 147 138 Deferred income taxes 30 30 Total assets $ 463 $ 406 Current liabilities $ 175 $ 183 Long-term debt 53 3 Noncurrent operating lease liabilities 22 17 Other noncurrent liabilities 76 82 Deferred income taxes 1 1 Total liabilities $ 327 $ 286 Three months Nine months ended ended September 30, September 30, 2021 2020 2021 2020 Revenues $ — $ — $ — $ — Income from continuing operations before income taxes 4 — 11 1 Net cash provided by operating activities 6 3 14 17 |
Note 7 - Restructuring, Impai_2
Note 7 - Restructuring, Impairment and Plant Closing Costs (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Schedule of Restructuring Reserve by Type of Cost [Table Text Block] | Workforce reductions Non-cancelable lease and contract termination costs Other restructuring costs Total Accrued liabilities as of January 1, 2021 $ 29 $ 2 $ — $ 31 2021 charges for 2020 and prior initiatives 13 — 5 18 2021 charges for 2021 initiatives 2 — — 2 2021 payments for 2020 and prior initiatives (12 ) — (4 ) (16 ) 2021 payments for 2021 initiatives (1 ) — — (1 ) Accrued liabilities as of September 30, 2021 $ 31 $ 2 $ 1 $ 34 |
Schedule of Restructuring Reserve By Type of Cost and Segment [Table Text Block] | Performance Advanced Textile Corporate Polyurethanes Products Materials Effects and Other Total Accrued liabilities as of January 1, 2021 $ 12 $ 2 $ 9 $ 8 $ — $ 31 2021 charges (credits) for 2020 and prior initiatives 5 1 (3 ) — 15 18 2021 charges for 2021 initiatives — — 2 — — 2 2021 payments for 2020 and prior initiatives (6 ) (2 ) (2 ) (3 ) (3 ) (16 ) 2021 payments for 2021 initiatives — — (1 ) — — (1 ) Accrued liabilities as of September 30, 2021 $ 11 $ 1 $ 5 $ 5 $ 12 $ 34 Current portion of restructuring reserves $ 11 $ 1 $ 4 $ 2 $ 5 $ 23 Long-term portion of restructuring reserves — — 1 3 7 11 |
Schedule of Cash and Noncash Restructuring Charges By Type of Initiative [Table Text Block] | Three months Nine months ended ended September 30, September 30, 2021 2020 2021 2020 Cash charges: 2021 charges for 2020 and prior initiatives $ — $ — $ 18 $ — 2021 charges for 2021 initiatives — — 2 — 2020 charges for 2019 and prior initiatives — — — 3 2020 charges for 2020 initiatives — 8 — 26 Noncash charges: 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 |
Note 8 - Debt (Tables)
Note 8 - Debt (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | September 30, December 31, 2021 2020 Senior Credit Facilities: Revolving facility $ — $ — Amounts outstanding under A/R programs — — Senior notes 1,484 2,047 Variable interest entities 66 50 Other 33 24 Total debt $ 1,583 $ 2,121 Current portion of debt $ 16 $ 593 Long-term portion of debt 1,567 1,528 Total debt $ 1,583 $ 2,121 |
Schedule of Line of Credit Facilities [Table Text Block] | Unamortized Discounts and Committed Principal Debt Issuance Carrying Facility Amount Outstanding Costs Value Interest Rate(2) Maturity Revolving Credit Facility $ 1,200 $ — (1) $ — (1) $ — (1) USD LIBOR plus 1.50% 2023 |
Schedule of Accounts Receivable Programs [Table Text Block] | Maximum Funding Amount Facility Maturity Availability(1) Outstanding Interest Rate (2) U.S. A/R Program July 2024 $ 150 $ — (3) Applicable rate plus 0.90% EU A/R Program July 2024 € 100 € — Applicable rate plus 1.30% (or approximately $117) |
Note 10 - Fair Value (Tables)
Note 10 - Fair Value (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Fair Value, by Balance Sheet Grouping [Table Text Block] | September 30, 2021 December 31, 2020 Carrying Estimated Carrying Estimated Value Fair Value Value Fair Value Non-qualified employee benefit plan investments $ 22 $ 22 $ 26 $ 26 Investment in Venator 28 28 32 32 Option agreement for remaining Venator shares (10 ) (10 ) 11 11 Long-term debt (including current portion) (1,583 ) (1,755 ) (2,121 ) (2,334 ) |
Note 11 - Revenue Recognition (
Note 11 - Revenue Recognition (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Performance Advanced Textile Corporate and 2021 Polyurethanes Products Materials Effects Eliminations Total Primary Geographic Markets(1) U.S. and Canada $ 537 $ 183 $ 90 $ 14 $ (6 ) $ 818 Europe 377 106 108 29 (3 ) 617 Asia Pacific 379 88 78 113 (1 ) 657 Rest of world 110 22 28 32 1 193 $ 1,403 $ 399 $ 304 $ 188 $ (9 ) $ 2,285 Major Product Groupings MDI urethanes $ 1,403 $ 1,403 Differentiated $ 399 399 Specialty $ 276 276 Non-specialty 28 28 Textile chemicals and dyes $ 188 188 Eliminations $ (9 ) (9 ) $ 1,403 $ 399 $ 304 $ 188 $ (9 ) $ 2,285 Performance Advanced Textile Corporate and 2020 Polyurethanes Products Materials Effects Eliminations Total Primary Geographic Markets(1) U.S. and Canada $ 350 $ 104 $ 52 $ 12 $ (5 ) $ 513 Europe 253 57 70 20 — 400 Asia Pacific 264 63 57 86 — 470 Rest of world 69 14 20 24 — 127 $ 936 $ 238 $ 199 $ 142 $ (5 ) $ 1,510 Major Product Groupings MDI urethanes $ 936 $ 936 Differentiated $ 238 238 Specialty $ 178 178 Non-specialty 21 21 Textile chemicals and dyes $ 142 142 Eliminations $ (5 ) (5 ) $ 936 $ 238 $ 199 $ 142 $ (5 ) $ 1,510 Performance Advanced Textile Corporate and 2021 Polyurethanes Products Materials Effects Eliminations Total Primary Geographic Markets(1) U.S. and Canada $ 1,338 $ 460 $ 262 $ 39 $ (15 ) $ 2,084 Europe 949 283 317 95 (8 ) 1,636 Asia Pacific 1,055 276 223 362 (1 ) 1,915 Rest of world 284 56 79 92 — 511 $ 3,626 $ 1,075 $ 881 $ 588 $ (24 ) $ 6,146 Major Product Groupings MDI urethanes $ 3,626 $ 3,626 Differentiated $ 1,075 1,075 Specialty $ 795 795 Non-specialty 86 86 Textile chemicals and dyes $ 588 588 Eliminations $ (24 ) (24 ) $ 3,626 $ 1,075 $ 881 $ 588 $ (24 ) $ 6,146 Performance Advanced Textile Corporate and 2020 Polyurethanes Products Materials Effects Eliminations Total Primary Geographic Markets(1) U.S. and Canada $ 1,015 $ 333 $ 167 $ 36 $ (16 ) $ 1,535 Europe 681 184 243 71 (1 ) 1,178 Asia Pacific 673 194 164 251 — 1,282 Rest of world 185 47 58 66 (1 ) 355 $ 2,554 $ 758 $ 632 $ 424 $ (18 ) $ 4,350 Major Product Groupings MDI urethanes $ 2,554 $ 2,554 Differentiated $ 758 758 Specialty $ 561 561 Non-specialty 71 71 Textile chemicals and dyes $ 424 424 Eliminations $ (18 ) (18 ) $ 2,554 $ 758 $ 632 $ 424 $ (18 ) $ 4,350 |
Note 12 - Employee Benefit Pl_2
Note 12 - Employee Benefit Plans (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Schedule of Net Benefit Costs [Table Text Block] | Other Postretirement Defined Benefit Plans Benefit Plans Three months Three months ended ended September 30, September 30, 2021 2020 2021 2020 Service cost $ 13 $ 13 $ 1 $ — Interest cost 13 15 — 1 Expected return on assets (42 ) (44 ) — — Amortization of prior service benefit (2 ) (2 ) (1 ) (2 ) Amortization of actuarial loss 23 21 — 1 Net periodic benefit cost $ 5 $ 3 $ — $ — Other Postretirement Defined Benefit Plans Benefit Plans Nine months Nine months ended ended September 30, September 30, 2021 2020 2021 2020 Service cost $ 41 $ 39 $ 1 $ 1 Interest cost 37 46 1 2 Expected return on assets (126 ) (129 ) — — Amortization of prior service benefit (5 ) (5 ) (3 ) (4 ) Amortization of actuarial loss 69 60 1 1 Settlement loss 3 — — — Net periodic benefit cost $ 19 $ 11 $ — $ — Other Postretirement Defined Benefit Plans Benefit Plans Three months Three months ended ended September 30, September 30, 2021 2020 2021 2020 Service cost $ 13 $ 13 $ 1 $ — Interest cost 13 15 — 1 Expected return on assets (42 ) (44 ) — — Amortization of prior service benefit (2 ) (2 ) (1 ) (2 ) Amortization of actuarial loss 24 21 — 1 Net periodic benefit cost $ 6 $ 3 $ — $ — Other Postretirement Defined Benefit Plans Benefit Plans Nine months Nine months ended ended September 30, September 30, 2021 2020 2021 2020 Service cost $ 41 $ 39 $ 1 $ 1 Interest cost 37 46 1 2 Expected return on assets (126 ) (129 ) — — Amortization of prior service benefit (5 ) (5 ) (3 ) (4 ) Amortization of actuarial loss 71 62 1 1 Settlement loss 3 — — — Net periodic benefit cost $ 21 $ 13 $ — $ — |
Note 14 - Accumulated Other C_2
Note 14 - Accumulated Other Comprehensive Loss (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Pension Other Foreign and other comprehensive Amounts Amounts currency postretirement income of attributable to attributable to translation benefits unconsolidated noncontrolling Huntsman adjustment(a) adjustments(b) affiliates Other, net Total interests Corporation Beginning balance, January 1, 2021 $ (328 ) $ (1,050 ) $ 8 $ 4 $ (1,366 ) $ 20 $ (1,346 ) Other comprehensive loss before reclassifications, gross (42 ) — — — (42 ) (2 ) (44 ) Tax expense — — — — — — — Amounts reclassified from accumulated other comprehensive loss, gross(c) — 65 — — 65 — 65 Tax expense — (13 ) — — (13 ) — (13 ) Net current-period other comprehensive (loss) income (42 ) 52 — — 10 (2 ) 8 Ending balance, September 30, 2021 $ (370 ) $ (998 ) $ 8 $ 4 $ (1,356 ) $ 18 $ (1,338 ) 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 $ (369 ) $ (1,031 ) $ 8 $ 4 $ (1,388 ) $ 26 $ (1,362 ) Other comprehensive (loss) income before reclassifications, gross (42 ) 8 — — (34 ) (3 ) (37 ) Tax expense — (2 ) — — (2 ) — (2 ) Amounts reclassified from accumulated other comprehensive loss, gross(c) — 93 — — 93 — 93 Tax expense — (21 ) — — (21 ) — (21 ) Net current-period other comprehensive (loss) income (42 ) 78 — — 36 (3 ) 33 Ending balance, September 30, 2020 $ (411 ) $ (953 ) $ 8 $ 4 $ (1,352 ) $ 23 $ (1,329 ) 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 $ (333 ) $ (1,028 ) $ 8 $ — $ (1,353 ) $ 20 $ (1,333 ) Other comprehensive loss before reclassifications, gross (42 ) — — — (42 ) (2 ) (44 ) Tax expense — — — — — — — Amounts reclassified from accumulated other comprehensive loss, gross(c) — 67 — — 67 — 67 Tax expense — (14 ) — — (14 ) — (14 ) Net current-period other comprehensive (loss) income (42 ) 53 — — 11 (2 ) 9 Ending balance, September 30, 2021 $ (375 ) $ (975 ) $ 8 $ — $ (1,342 ) $ 18 $ (1,324 ) 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 $ (374 ) $ (1,012 ) $ 8 $ — $ (1,378 ) $ 26 $ (1,352 ) Other comprehensive (loss) income before reclassifications, gross (42 ) 8 — — (34 ) (3 ) (37 ) Tax expense — (2 ) — — (2 ) — (2 ) Amounts reclassified from accumulated other comprehensive loss, gross(c) — 95 — — 95 — 95 Tax expense — (21 ) — — (21 ) — (21 ) Net current-period other comprehensive (loss) income (42 ) 80 — — 38 (3 ) 35 Ending balance, September 30, 2020 $ (416 ) $ (932 ) $ 8 $ — $ (1,340 ) $ 23 $ (1,317 ) |
Huntsman International LLC [Member] | |
Notes Tables | |
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | 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 $ (3 ) $ (3 ) (b) Actuarial loss 23 21 (b)(d) 20 18 Total before tax (3 ) (4 ) Income tax expense Total reclassifications for the period $ 17 $ 14 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 $ (8 ) $ (9 ) (b) Settlement loss 3 41 (c) Actuarial loss 70 61 (b)(d) 65 93 Total before tax (13 ) (21 ) Income tax expense Total reclassifications for the period $ 52 $ 72 Net of tax 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 $ (3 ) $ (3 ) (b) Actuarial loss 24 22 (b)(d) 21 19 Total before tax (4 ) (4 ) Income tax expense Total reclassifications for the period $ 17 $ 15 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 $ (8 ) $ (9 ) (b) Settlement loss 3 41 (c) Actuarial loss 72 63 (b)(d) 67 95 Total before tax (14 ) (21 ) Income tax expense Total reclassifications for the period $ 53 $ 74 Net of tax |
Note 17 - Stock-based Compens_2
Note 17 - Stock-based Compensation Plans (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Share-based Payment Arrangement, Cost by Plan [Table Text Block] | Three months Nine months ended ended September 30, September 30, 2021 2020 2021 2020 Huntsman Corporation compensation cost $ 8 $ 6 $ 24 $ 20 Huntsman International compensation cost 8 6 23 19 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Three months Nine months ended ended September 30, September 30, 2021(1) 2020 2021 2020 Dividend yield NA 3.1 % 2.3 % 3.0 % Expected volatility NA 53.7 % 53.3 % 53.1 % Risk-free interest rate NA 0.4 % 0.7 % 1.4 % Expected life of stock options granted during the period (in years) NA 5.9 5.9 5.9 |
Share-based Payment Arrangement, Option, Activity [Table Text Block] | Weighted Weighted Average Average Remaining Aggregate Exercise Contractual Intrinsic Option Awards Shares Price Term Value (in thousands) (years) (in millions) Outstanding at January 1, 2021 4,815 $ 20.37 Granted 304 28.58 Exercised (697 ) 17.44 Forfeited (71 ) 24.29 Outstanding at September 30, 2021 4,351 21.35 5.8 $ 37 Exercisable at September 30, 2021 3,309 20.59 5.0 31 |
Schedule of Nonvested Share Activity [Table Text Block] | Equity Awards Liability Awards Weighted Weighted Average Average Grant-Date Grant-Date Shares Fair Value Shares Fair Value (in thousands) (in thousands) Nonvested at January 1, 2021 1,867 $ 23.18 411 $ 23.08 Granted 856 31.06 184 28.58 Vested (521 ) (1)(2) 28.19 (189 ) 24.55 Forfeited (17 ) 23.96 (20 ) 24.18 Nonvested at September 30, 2021 2,185 25.07 386 24.92 |
Note 19 - Earnings Per Share (T
Note 19 - Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | 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 $ 214 $ 48 $ 451 $ (91 ) Basic and diluted net income: Net income attributable to Huntsman Corporation $ 209 $ 48 $ 448 $ 691 Denominator: Weighted average shares outstanding 219.4 219.8 220.2 220.8 Dilutive shares: Stock-based awards 1.9 1.5 2.0 — Total weighted average shares outstanding, including dilutive shares 221.3 221.3 222.2 220.8 |
Note 20 - Operating Segment I_2
Note 20 - Operating Segment Information (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three months Nine months ended ended September 30, September 30, 2021 2020 2021 2020 Revenues: Polyurethanes $ 1,403 $ 936 $ 3,626 $ 2,554 Performance Products 399 238 1,075 758 Advanced Materials 304 199 881 632 Textile Effects 188 142 588 424 Corporate and eliminations (9 ) (5 ) (24 ) (18 ) Total $ 2,285 $ 1,510 $ 6,146 $ 4,350 Huntsman Corporation: Segment adjusted EBITDA(1): Polyurethanes $ 246 $ 156 $ 661 $ 271 Performance Products 103 36 254 123 Advanced Materials 48 25 150 103 Textile Effects 22 8 75 24 Corporate and other(2) (48 ) (37 ) (146 ) (114 ) Total 371 188 994 407 Reconciliation of adjusted EBITDA to net income (loss): Interest expense, net—continuing operations (15 ) (24 ) (52 ) (63 ) Income tax expense—continuing operations (38 ) (15 ) (114 ) (9 ) Income tax expense—discontinued operations (5 ) — (5 ) (239 ) Depreciation and amortization—continuing operations (72 ) (70 ) (219 ) (206 ) Net income attributable to noncontrolling interests 16 9 49 15 Other adjustments: Business acquisition and integration expenses and purchase accounting inventory adjustments (5 ) (9 ) (19 ) (30 ) EBITDA from discontinued operations(3) — — 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 ) Net income $ 225 $ 57 $ 497 $ 706 Three months Nine months ended ended September 30, September 30, 2021 2020 2021 2020 Huntsman International: Segment adjusted EBITDA(1): Polyurethanes $ 246 $ 156 $ 661 $ 271 Performance Products 103 36 254 123 Advanced Materials 48 25 150 103 Textile Effects 22 8 75 24 Corporate and other(2) (47 ) (36 ) (140 ) (110 ) Total 372 189 1,000 411 Reconciliation of adjusted EBITDA to net income (loss): Interest expense, net—continuing operations (15 ) (24 ) (52 ) (65 ) Income tax expense—continuing operations (39 ) (15 ) (115 ) (9 ) Income tax expense—discontinued operations (5 ) — (5 ) (239 ) Depreciation and amortization—continuing operations (72 ) (70 ) (219 ) (206 ) Net income attributable to noncontrolling interests 16 9 49 15 Other adjustments: Business acquisition and integration expenses and purchase accounting inventory adjustments (5 ) (9 ) (19 ) (30 ) EBITDA from discontinued operations(3) — — 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 ) Net income $ 225 $ 58 $ 500 $ 706 |
Note 1 - General (Details Textu
Note 1 - General (Details Textual) | 9 Months Ended |
Sep. 30, 2021 | |
Number of Operating Segments | 4 |
Note 3 - Business Combination_3
Note 3 - Business Combinations and Acquisitions (Details Textual) - USD ($) $ in Thousands | Jan. 15, 2021 | May 18, 2020 | Feb. 20, 2020 | Sep. 30, 2021 | Sep. 30, 2021 | Sep. 30, 2021 |
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 Combination_4
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 Combination_5
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 | |
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 | ||
[1] | Includes pro forma information for the Gabriel Acquisition only. |
Note 4 - Discontinued Operati_3
Note 4 - Discontinued Operations and Business Dispositions (Details Textual) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | Dec. 23, 2020 | Nov. 03, 2020 | Jan. 03, 2020 | Sep. 30, 2021 | Jun. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 |
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 Operati_4
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 Operati_5
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 | |
[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. |
Note 5 - Inventories (Details T
Note 5 - Inventories (Details Textual) | Sep. 30, 2021 | Dec. 31, 2020 |
Percentage of LIFO Inventory | 7.00% | 7.00% |
Note 5 - Inventories - Inventor
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 |
[1] | 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 $82 of other noncurrent liabilities from consolidated variable interest entities are included in the respective balance sheet captions above. See “Note 6. Variable Interest Entities." |
Note 6 - Variable Interest En_3
Note 6 - Variable Interest Entities (Details Textual) | 9 Months Ended |
Sep. 30, 2021 | |
Rubicon LLC [Member] | |
Variable Interest Entity, Qualitative or Quantitative Information, Ownership Percentage | 50.00% |
Arabian Amines Company [Member] | |
Variable Interest Entity, Qualitative or Quantitative Information, Ownership Percentage | 50.00% |
Note 6 - Variable Interest En_4
Note 6 - Variable Interest Entities - Schedule of Financial Information of Variable Interest Entities (Details) - USD ($) $ 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 | ||
[1] | 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 $82 of other noncurrent liabilities from consolidated variable interest entities are included in the respective balance sheet captions above. See “Note 6. Variable Interest Entities." | |||||
[2] | Geographic information for revenues is based upon countries into which product is sold. |
Note 7 - Restructuring, Impai_3
Note 7 - Restructuring, Impairment and Plant Closing Costs (Details Textual) - USD ($) $ 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, Impai_4
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, Impai_5
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, Impai_6
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)
Note 8 - Debt (Details Textual) € in Millions, ر.س in Millions, $ in Millions | Jun. 23, 2021USD ($) | Jan. 15, 2021USD ($) | Jan. 15, 2021EUR (€) | Sep. 30, 2019 | Sep. 30, 2021USD ($) | Jun. 30, 2021USD ($) | Mar. 31, 2021USD ($) | Sep. 30, 2020USD ($) | Mar. 31, 2020USD ($) | Sep. 30, 2021USD ($) | Sep. 30, 2021SAR (ر.س) | Sep. 30, 2020USD ($) | Sep. 30, 2021SAR (ر.س) | May 26, 2021USD ($) | Dec. 31, 2020USD ($) | Sep. 24, 2019USD ($) | Sep. 24, 2019EUR (€) | |
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 | |||||||||||||||||
[1] | 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 1.50% above LIBOR. |
Note 8 - Debt - Outstanding Deb
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 | |
[1] | 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 $82 of other noncurrent liabilities from consolidated variable interest entities are included in the respective balance sheet captions above. See “Note 6. Variable Interest Entities." |
Note 8 - Debt - Revolving Credi
Note 8 - Debt - Revolving Credit Facility (Details) - USD ($) $ 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% | |
[1] | On September 30, 2021, we had an additional $10 million (U.S. dollar equivalents) of letters of credit and bank guarantees issued and outstanding under our Revolving Credit Facility. | ||
[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 1.50% above LIBOR. |
Note 8 - Debt - Accounts Receiv
Note 8 - Debt - Accounts Receivable Programs (Details) € in Millions, $ in Millions | 9 Months Ended | |||
Sep. 30, 2021USD ($) | Sep. 30, 2021EUR (€) | Dec. 31, 2020USD ($) | ||
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% | ||
[1] | The amount of actual availability under our A/R Programs may be lower based on the level of eligible receivables sold, changes in the credit ratings of our customers, customer concentration levels and certain characteristics of the accounts receivable being transferred, as defined in the applicable agreements. | |||
[2] | As of September 30, 2021, we had approximately $7 million (U.S. dollar equivalents) of letters of credit issued and outstanding under our U.S. A/R Program. | |||
[3] | The applicable rate for our U.S. A/R Program is defined by the lender as USD LIBOR. The applicable rate for our EU A/R Program is either USD LIBOR or EURIBOR. |
Note 9 - Derivative Instrumen_2
Note 9 - Derivative Instruments and Hedging Activities (Details Textual) € in Millions, $ in Millions | 9 Months Ended | ||
Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | Sep. 30, 2021EUR (€) | |
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 T
Note 10 - Fair Value (Details Textual) Pure in Thousands, $ in Thousands | 9 Months Ended |
Sep. 30, 2021USD ($) | |
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 Val
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 -
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) |
[1] | Geographic information for revenues is based upon countries into which product is sold. |
Note 12 - Employee Benefit Pl_3
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 Pl_4
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 Corporatio_2
Note 13 - Huntsman Corporation Stockholders' Equity (Details Textual) - USD ($) $ / shares in Units, $ in Millions | 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 C_3
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 C_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) | |||||||
[1] | Amounts are net of tax of $56 million as of both September 30, 2021 and January 1, 2021. | ||||||||||||||
[2] | Amounts are net of tax of $68 million as of both September 30, 2020 and January 1, 2020. | ||||||||||||||
[3] | See table below for details about these reclassifications. | ||||||||||||||
[4] | Amounts are net of tax of $43 million for both September 30, 2021 and January 1, 2021. | ||||||||||||||
[5] | Amounts are net of tax of $55 million as of both September 30, 2020 and January 1, 2020. | ||||||||||||||
[6] | Amounts are net of tax of $139 million and $153 million as of September 30, 2021 and January 1, 2021, respectively. | ||||||||||||||
[7] | Amounts are net of tax of $125 million and $148 million as of September 30, 2020 and January 1, 2020, respectively. | ||||||||||||||
[8] | Pension and other postretirement benefits amounts in parentheses indicate credits on our condensed consolidated statements of operations. | ||||||||||||||
[9] | Amounts are net of tax of $164 million and $178 million as of September 30, 2021 and January 1, 2021, respectively. | ||||||||||||||
[10] | Amounts are net of tax of $150 million and $174 million as of September 30, 2020 and January 1, 2020, respectively. |
Note 14 - Accumulated Other C_5
Note 14 - Accumulated Other Comprehensive Loss - Reclassification Details (Details) - USD ($) $ 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 | ||||
[1] | Pension and other postretirement benefits amounts in parentheses indicate credits on our condensed consolidated statements of operations. | ||||||||
[2] | These accumulated other comprehensive loss components are included in the computation of net periodic pension costs. See "Note 12. Employee Benefit Plans." | ||||||||
[3] | Amounts include approximately $1 million of actuarial losses related to discontinued operations for both the three months ended September 30, 2021 and 2020. Amounts include approximately $4 million of actuarial losses related to discontinued operations for both the nine months ended September 30, 2021 and 2020. | ||||||||
[4] | In connection with the sale of our Chemical Intermediates Businesses, we recognized $41 million of pension and other post-employment benefit settlement losses during the nine months ended September 30, 2020. | ||||||||
[5] | Amounts are net of tax of $139 million and $153 million as of September 30, 2021 and January 1, 2021, respectively. | ||||||||
[6] | See table below for details about these reclassifications. | ||||||||
[7] | Amounts are net of tax of $125 million and $148 million as of September 30, 2020 and January 1, 2020, respectively. | ||||||||
[8] | Amounts are net of tax of $164 million and $178 million as of September 30, 2021 and January 1, 2021, respectively. | ||||||||
[9] | Amounts are net of tax of $150 million and $174 million as of September 30, 2020 and January 1, 2020, respectively. |
Note 16 - Environmental, Heal_2
Note 16 - Environmental, Health and Safety Matters (Details Textual) $ in Millions | 9 Months Ended | ||
Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | Dec. 31, 2020USD ($) | |
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 Compens_3
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 Compens_4
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 Compens_5
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 Compens_6
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 Compens_7
Note 17 - Stock-based Compensation Plans - Summary of the Status of Nonvested Shares (Details) shares in Thousands | 9 Months Ended | |
Sep. 30, 2021$ / sharesshares | ||
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 | |
[1] | A total of 110,542 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, 2020. During the nine months ended September 30, 2021, only 76,055 performance share unit awards with a grant date fair value of $41.93 were issued related to this vest due to the target performance criteria not being met. | |
[2] | As of September 30, 2021, a total of 457,294 restricted stock units were vested but not yet issued, of which 30,438 vested during the nine months ended September 30, 2021. These shares have not been reflected as vested shares in this table because, in accordance with the restricted stock unit agreements, shares of common stock are not issued for vested restricted stock units until termination of employment. |
Note 18 - Income Taxes (Details
Note 18 - Income Taxes (Details Textual) - USD ($) $ 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 (D
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 | 3.8 | 1.5 | 6.1 |
Note 19 - Earnings Per Share -
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 |
Total weighted average shares outstanding, including dilutive shares (in shares) | 221.3 | 221.3 | 222.2 | 220.8 |
Note 20 - Operating Segment I_3
Note 20 - Operating Segment Information (Details Textual) | 9 Months Ended |
Sep. 30, 2021 | |
Number of Reportable Segments | 4 |
Note 20 - Operating Segment I_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 | ||||
[1] | Geographic information for revenues is based upon countries into which product is sold. | ||||||||
[2] | We use segment adjusted EBITDA as the measure of each segment’s profit or loss. We believe that segment adjusted EBITDA more accurately reflects what the chief operating decision maker uses to make decisions about resources to be allocated to the segments and assess their financial performance. Segment adjusted EBITDA is defined as net income of Huntsman Corporation or Huntsman International, as appropriate, before interest, income tax, depreciation and amortization, net income attributable to noncontrolling interests and certain Corporate and other items, as well as eliminating the following adjustments: (a) business acquisition and integration expenses and purchase accounting inventory adjustments; (b) 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. | ||||||||
[3] | Includes the gain on the sale of our Chemical Intermediates Businesses in 2020. | ||||||||
[4] | 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. |