0001307954 0001089748 false --12-31 --12-31 Q2 Q2 2021 2021 28 26 278 198 0.01 0.01 1,200,000,000 1,200,000,000 259,431,920 258,520,411 220,959,906 220,046,262 38,477,091 38,477,091 0.1625 0.1875 0.1625 0.1625 28 26 278 198 2,728 2,728 2,728 2,728 4 2 0 0 15 2 12 14 1.50 May 21, 2023 April 18, 2022 0.90 April 18, 2022 1.30 119 85 0 0 1 0.1875 0.1625 0.1625 56 3 43 3 4 1 3 9 3 1 0 3 3 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 expenses; (f) gain (loss) on sale of businesses/assets; (g) income from transition services arrangements related to the sale of our Chemical Intermediates Businesses to Indorama; (h) certain nonrecurring information technology project implementation costs; (i) amortization of pension and postretirement actuarial losses; (j) plant incident remediation credits (costs); and (k) restructuring, impairment, plant closing and transition costs. Amounts are net of tax of $43 for both June 30, 2021 and January 1, 2021. Includes pro forma information for the Gabriel Acquisition only On June 30, 2021, we had an additional $4 million (U.S. dollar equivalents) of letters of credit and bank guarantees issued and outstanding under our Revolving Credit Facility. Amounts are net of tax of $168 and $178 as of June 30, 2021 and January 1, 2021, respectively. As of June 30, 2021 , a total of 457,294 restricted stock units were vested but not yet issued, of which 30,438 vested during the six months ended June 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. Amounts are net of tax of $72 and $68 as of June 30, 2020 and January 1, 2020, respectively. 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 GBP LIBOR, USD LIBOR or EURIBOR. See table below for details about these reclassifications. Amounts are net of tax of $155 and $174 as of June 30, 2020 and January 1, 2020, respectively. Discontinued operations include our Chemical Intermediates Businesses, our Australian styrenics operations and our North American polymers and base chemicals operations for all periods presented. Includes eliminations of trade sales, services and fees, net and cost of sales between continuing operations and discontinued operations. Interest rates on borrowings under the Revolving Credit Facility vary based on the type of loan and Huntsman International’s debt ratings. The then applicable interest rate as of June 30, 2021 was 1.50% above LIBOR. 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. Geographic information for revenues is based upon countries into which product is sold. At June 30, 2021 and December 31, 2020 , respectively, $2 each of cash and cash equivalents, $13 and $6 of accounts andnotes receivable (net), $55 and $38 of inventories, $164 and $167 of property, plant and equipment (net), $22 and $23 of othernoncurrent assets, $142 and $119 of accounts payable, $9 and $13 of accrued liabilities, $41 and $47 of current portion ofdebt, $6 and $5 of current operating lease liabilities, nil and $3 of long-term debt, $23 and $17 of noncurrent operating leaseliabilities and $79 and $82 of other noncurrent liabilities from consolidated variable interest entities are included in therespective balance sheet captions above. See “Note 6. Variable Interest Entities.” Pension and other postretirement benefits amounts in parentheses indicate credits on our condensed consolidated statements of operations. These accumulated other comprehensive loss components are included in the computation of net periodic pension costs. See "Note 12. Employee Benefit Plans." In connection with the sale of our Chemical Intermediates Businesses, we recognized $41 of pension and other post-employment benefit settlement losses during the six months ended June 30, 2020. 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. Amounts are net of tax of $143 and $153 as of June 30, 2021 and January 1, 2021, respectively. Amounts are net of tax of $56 as of both June 30, 2021 and January 1, 2021. Amounts are net of tax of $59 and $55 as of June 30, 2020 and January 1, 2020, respectively. 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 six months ended June 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. Amounts are net of tax of $129 and $148 as of June 30, 2020 and January 1, 2020, respectively. As of June 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. Amounts contain approximately $1 and $2 of actuarial losses related to discontinued operations for the three monthsended June 30, 2021 and 2020 , respectively. 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Table of Contents



UNITED STATES 

SECURITIES AND EXCHANGE COMMISSION 

WASHINGTON, D.C. 20549

 

Form 10-Q

(Mark One)

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

For the quarterly period ended June 30, 2021

OR

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

For the transition period from                          to                         

Commission
File Number

    

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

    

State of
Incorporation
or Organization

    

I.R.S. Employer
Identification No.

001-32427

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

Delaware

42-1648585

333-85141

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

Delaware

87-0630358

 


Securities registered pursuant to Section 12(b) of the Act:

Registrant

 

Title of each class

 

Trading Symbol

Name of each exchange on which registered

Huntsman Corporation

 

Common Stock, par value $0.01 per share

 

HUN

New York Stock Exchange

Huntsman International LLC

 

NONE

 

NONE

NONE

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Huntsman Corporation

Yes ☒

No ☐

Huntsman International LLC

Yes

No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Huntsman Corporation

Yes

No ☐

Huntsman International LLC

Yes

No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):

Huntsman Corporation

Large accelerated filer

Accelerated filer ☐

Non-accelerated filer ☐

Smaller reporting company

Emerging growth company

Huntsman International LLC

Large accelerated filer ☐

Accelerated filer ☐

Non-accelerated filer

Smaller reporting company

Emerging Growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Huntsman Corporation

Huntsman International LLC

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Huntsman Corporation

Yes

No ☒

Huntsman International LLC

Yes

No ☒

On July 21, 2021, 221,929,899 shares of common stock of Huntsman Corporation were outstanding and 2,728 units of membership interests of Huntsman International LLC were outstanding. There is no trading market for Huntsman International LLC’s units of membership interests. All of Huntsman International LLC’s units of membership interests are held by Huntsman Corporation.


This Quarterly Report on Form 10-Q presents information for two registrants: Huntsman Corporation and Huntsman International LLC. Huntsman International LLC is a wholly-owned subsidiary of Huntsman Corporation and is the principal operating company of Huntsman Corporation. The information reflected in this Quarterly Report on Form 10-Q is equally applicable to both Huntsman Corporation and Huntsman International LLC, except where otherwise indicated. Huntsman International LLC meets the conditions set forth in General Instructions H(1)(a) and (b) of Form 10-Q and, to the extent applicable, is therefore filing this form with a reduced disclosure format.



 

 

 

 

HUNTSMAN CORPORATION AND SUBSIDIARIES

HUNTSMAN INTERNATIONAL LLC AND SUBSIDIARIES

QUARTERLY REPORT ON FORM 10-Q FOR THE QUARTERLY PERIOD

ENDED June 30, 2021

TABLE OF CONTENTS

Page

PART I

FINANCIAL INFORMATION

4

ITEM 1.

Condensed Consolidated Financial Statements (Unaudited)

4

Huntsman Corporation and Subsidiaries:

Condensed Consolidated Balance Sheets

4

Condensed Consolidated Statements of Operations

5

Condensed Consolidated Statements of Comprehensive Income (Loss)

6

Condensed Consolidated Statements of Equity

7

Condensed Consolidated Statements of Cash Flows

8

Huntsman International LLC and Subsidiaries:

Condensed Consolidated Balance Sheets

10

Condensed Consolidated Statements of Operations

11

Condensed Consolidated Statements of Comprehensive Income (Loss)

12

Condensed Consolidated Statements of Equity

13

Condensed Consolidated Statements of Cash Flows

14

Huntsman Corporation and Subsidiaries and Huntsman International LLC and Subsidiaries:

Notes to Condensed Consolidated Financial Statements

16

ITEM 2.

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

38

ITEM 3.

Quantitative and Qualitative Disclosures About Market Risk

55

ITEM 4.

Controls and Procedures

55

PART II

OTHER INFORMATION

56

ITEM 1.

Legal Proceedings

56

ITEM 1A.

Risk Factors

56

ITEM 2.

Unregistered Sales of Equity Securities and Use of Proceeds

56

ITEM 6.

Exhibits

57

2

 

FORWARD-LOOKING STATEMENTS

Certain information set forth in this report contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements other than historical factual information are forward-looking statements, including without limitation statements regarding: projections of revenue, expenses, profit, profit margins, tax rates, tax provisions, cash flows, pension and benefit obligations and funding requirements, our liquidity position or other projected financial measures; projected impact of COVID-19 on our operations and future financial results; management’s plans and strategies for future operations, including statements relating to anticipated operating performance, cost reductions, restructuring activities, new product and service developments, competitive strengths or market position, acquisitions, divestitures, business separations, spin-offs, or other distributions, strategic opportunities, securities offerings, stock repurchases, dividends and executive compensation; growth, declines and other trends in markets we sell into; new or modified laws, regulations and accounting pronouncements; outstanding claims, legal proceedings, tax audits and assessments and other contingent liabilities; foreign currency exchange rates and fluctuations in those rates; general economic and capital markets conditions; the timing of any of the foregoing; assumptions underlying any of the foregoing; and any other statements that address events or developments that we intend or believe will or may occur in the future. In some cases, forward-looking statements can be identified by terminology such as “believes,” “expects,” “may,” “will,” “should,” “anticipates” or “intends” or the negative of such terms or other comparable terminology, or by discussions of strategy. We may also make additional forward-looking statements from time to time. All such subsequent forward-looking statements, whether written or oral, by us or on our behalf, are also expressly qualified by these cautionary statements.

All forward-looking statements, including without limitation any projections derived from management’s examination of historical operating trends, are based upon our current expectations and various assumptions. Our expectations, beliefs and projections are expressed in good faith and we believe there is a reasonable basis for them, but there can be no assurance that management’s expectations, beliefs and projections will be achieved. All forward-looking statements apply only as of the date made. We undertake no obligation to publicly update or revise forward-looking statements whether because of new information, future events or otherwise, except as required by securities and other applicable law.

There are a number of risks and uncertainties that could cause our actual results to differ materially from the forward-looking statements contained in or contemplated by this report. Any forward-looking statements should be considered in light of the risks set forth in “Part II. Item 1A. Risk Factors” below and “Part I. Item 1A. Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2020.

 

3

 

 

PART I. FINANCIAL INFORMATION

ITEM 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

HUNTSMAN CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(In Millions, Except Share and Per Share Amounts)

  

June 30,

  

December 31,

 
  

2021

  

2020

 

ASSETS

        

Current assets:

        

Cash and cash equivalents(a)

 $510  $1,593 

Accounts and notes receivable (net of allowance for doubtful accounts of $28 and $26, respectively), ($278 and $198 pledged as collateral, respectively)(a)

  1,110   902 

Accounts receivable from affiliates

  12   8 

Inventories(a)

  1,193   848 

Other current assets

  209   217 

Total current assets

  3,034   3,568 

Property, plant and equipment, net(a)

  2,551   2,505 

Investment in unconsolidated affiliates

  433   373 

Intangible assets, net

  415   453 

Goodwill

  744   533 

Deferred income taxes

  285   288 

Operating lease right-of-use assets

  426   445 

Other noncurrent assets(a)

  618   548 

Total assets

 $8,506  $8,713 
         

LIABILITIES AND EQUITY

        

Current liabilities:

        

Accounts payable(a)

 $995  $842 

Accounts payable to affiliates

  46   34 

Accrued liabilities(a)

  480   458 

Current portion of debt(a)

  44   593 

Current operating lease liabilities(a)

  49   52 

Total current liabilities

  1,614   1,979 

Long-term debt(a)

  1,521   1,528 

Deferred income taxes

  222   212 

Noncurrent operating lease liabilities(a)

  394   411 

Other noncurrent liabilities(a)

  870   910 

Total liabilities

  4,621   5,040 

Commitments and contingencies (Notes 15 and 16)

          

Equity

        

Huntsman Corporation stockholders’ equity:

        

Common stock $0.01 par value, 1,200,000,000 shares authorized, 259,431,920 and 258,520,411 shares issued and 220,959,906 and 220,046,262 shares outstanding, respectively

  3   3 

Additional paid-in capital

  4,093   4,048 

Treasury stock, 38,477,091 shares

  (731)  (731)

Unearned stock-based compensation

  (34)  (19)

Retained earnings

  1,714   1,564 

Accumulated other comprehensive loss

  (1,318)  (1,346)

Total Huntsman Corporation stockholders’ equity

  3,727   3,519 

Noncontrolling interests in subsidiaries

  158   154 

Total equity

  3,885   3,673 

Total liabilities and equity

 $8,506  $8,713 

 


(a)

At June 30, 2021 and December 31, 2020, respectively, $2 each of cash and cash equivalents, $13 and $6 of accounts and notes receivable (net), $55 and $38 of inventories, $164 and $167 of property, plant and equipment (net), $22 and $23 of other noncurrent assets, $142 and $119 of accounts payable, $9 and $13 of accrued liabilities, $41 and $47 of current portion of debt, $6 and $5 of current operating lease liabilities, nil and $3 of long-term debt, $23 and $17 of noncurrent operating lease liabilities and $79 and $82 of other noncurrent liabilities from consolidated variable interest entities are included in the respective balance sheet captions above. See “Note 6. Variable Interest Entities.” 

See accompanying notes to condensed consolidated financial statements.

 

4

 

 

HUNTSMAN CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In Millions, Except Per Share Amounts)

  

Three months

  

Six months

 
  

ended

  

ended

 
  

June 30,

  

June 30,

 
  

2021

  

2020

  

2021

  

2020

 

Revenues:

                

Trade sales, services and fees, net

 $1,974  $1,226  $3,776  $2,775 

Related party sales

  50   21   85   65 

Total revenues

  2,024   1,247   3,861   2,840 

Cost of goods sold

  1,593   1,085   3,038   2,381 

Gross profit

  431   162   823   459 

Operating expenses:

                

Selling, general and administrative

  209   186   416   385 

Research and development

  37   32   75   68 

Restructuring, impairment and plant closing costs

  11   19   35   22 

Gain on sale of India-based DIY business

  (28)     (28)   

Other operating income, net

  (7)  (6)  (10)  (1)

Total operating expenses

  222   231   488   474 

Operating income (loss)

  209   (69)  335   (15)

Interest expense, net

  (18)  (21)  (37)  (39)

Equity in income of investment in unconsolidated affiliates

  46   2   84   4 

Fair value adjustments to Venator investment

  (6)  4   (25)  (106)

Loss on early extinguishment of debt

  (27)     (27)   

Other income, net

  9   7   16   17 

Income (loss) from continuing operations before income taxes

  213   (77)  346   (139)

Income tax (expense) benefit

  (42)  13   (76)  6 

Income (loss) from continuing operations

  171   (64)  270   (133)

Income from discontinued operations, net of tax

  1   5   2   782 

Net income (loss)

  172   (59)  272   649 

Net income attributable to noncontrolling interests

  (16)  (3)  (33)  (6)

Net income (loss) attributable to Huntsman Corporation

 $156  $(62) $239  $643 
                 

Basic income (loss) per share:

                

Income (loss) from continuing operations attributable to Huntsman Corporation common stockholders

 $0.71  $(0.30) $1.07  $(0.63)

Income from discontinued operations attributable to Huntsman Corporation common stockholders, net of tax

     0.02   0.01   3.53 

Net income (loss) attributable to Huntsman Corporation common stockholders

 $0.71  $(0.28) $1.08  $2.90 

Weighted average shares

  220.9   219.7   220.6   221.4 
                 

Diluted (loss) income per share:

                

Income (loss) from continuing operations attributable to Huntsman Corporation common stockholders

 $0.70  $(0.30) $1.06  $(0.63)

Income from discontinued operations attributable to Huntsman Corporation common stockholders, net of tax

     0.02   0.01   3.53 

Net income (loss) attributable to Huntsman Corporation common stockholders

 $0.70  $(0.28) $1.07  $2.90 

Weighted average shares

  222.9   219.7   222.7   221.4 
                 

Amounts attributable to Huntsman Corporation common stockholders:

                

Income (loss) from continuing operations

 $155  $(67) $237  $(139)

Income from discontinued operations, net of tax

  1   5   2   782 

Net income (loss)

 $156  $(62) $239  $643 

See accompanying notes to condensed consolidated financial statements.

5

 

 

HUNTSMAN CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(In Millions)

  

Three months

  

Six months

 
  

ended

  

ended

 
  

June 30,

  

June 30,

 
  

2021

  

2020

  

2021

  

2020

 

Net income (loss)

 $172  $(59) $272  $649 

Other comprehensive income, net of tax:

                

Foreign currency translations adjustments

  26   17   (6)  (56)

Pension and other postretirement benefits adjustments

  16   12   35   64 

Other comprehensive income, net of tax

  42   29   29   8 

Comprehensive income (loss)

  214   (30)  301   657 

Comprehensive income attributable to noncontrolling interests

  (17)  (3)  (34)  (6)

Comprehensive income (loss) attributable to Huntsman Corporation

 $197  $(33) $267  $651 

See accompanying notes to condensed consolidated financial statements.

6

 

 

HUNTSMAN CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY

(In Millions, Except Share Amounts)

  

Huntsman Corporation Stockholders' Equity

         
                          

Accumulated

         
  

Shares

      

Additional

      

Unearned

      

other

  

Noncontrolling

     
  

common

  

Common

  

paid-in

  

Treasury

  

stock-based

  

Retained

  

comprehensive

  

interests in

  

Total

 
  

stock

  

stock

  

capital

  

stock

  

compensation

  

earnings

  

loss

  

subsidiaries

  

equity

 

Balance, January 1, 2021

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

Net income

                 83      17   100 

Other comprehensive loss

                    (13)     (13)

Issuance of nonvested stock awards

        25      (25)            

Vesting of stock awards

  664,818      5                  5 

Recognition of stock-based compensation

        2      6            8 

Repurchase and cancellation of awards

  (202,961)              (6)        (6)

Stock options exercised

  204,005      5         (2)        3 

Dividends declared on common stock ($0.1625 per share)

                 (36)        (36)

Balance, March 31, 2021

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

Net income

                 156      16   172 

Other comprehensive income

                    41   1   42 

Vesting of stock awards

  3,732                         

Recognition of stock-based compensation

        2      4            6 

Repurchase and cancellation of awards

  (19,912)              (1)        (1)

Stock options exercised

  263,962      6         (3)        3 

Dividends declared to noncontrolling interests

                       (30)  (30)

Dividends declared on common stock ($0.1875 per share)

                 (41)        (41)

Balance, June 30, 2021

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

  Huntsman Corporation Stockholders' Equity         
                          

Accumulated

         
  

Shares

      

Additional

      

Unearned

      

other

  

Noncontrolling

     
  

Common

  

Common

  

paid-in

  

Treasury

  

stock-based

  

Retained

  

comprehensive

  

interests in

  

Total

 
  

stock

  

stock

  

capital

  

stock

  

compensation

  

earnings

  

loss

  

subsidiaries

  

equity

 

Balance, January 1, 2020

  224,295,868  $3  $4,008  $(635) $(17) $690  $(1,362) $137  $2,824 

Net income

                 705      3   708 

Other comprehensive loss

                    (21)     (21)

Issuance of nonvested stock awards

        18      (18)            

Vesting of stock awards

  943,026      4                  4 

Recognition of stock-based compensation

        2      5            7 

Repurchase and cancellation of awards

  (283,975)              (6)        (6)

Stock options exercised

  57,209      2         (2)         

Treasury stock repurchased

  (5,364,519)        (96)              (96)

Dividends declared on common stock ($0.1625 per share)

                 (37)        (37)

Balance, March 31, 2020

  219,647,609  $3  $4,034  $(731) $(30) $1,350  $(1,383) $140  $3,383 

Net (loss) income

                 (62)     3   (59)

Other comprehensive income

                    29      29 

Vesting of stock awards

  8,448                         

Recognition of stock-based compensation

        2      4            6 

Repurchase and cancellation of awards

  (1,093)                        

Stock options exercised

  92,057      1                  1 

Dividends declared on common stock ($0.1625 per share)

                 (36)        (36)

Balance, June 30, 2020

  219,747,021