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Amounts are net of tax of $164 million and $178 million as of September 30, 2021 and January 1, 2021, respectively.
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.
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.
Includes pro forma information for the Gabriel Acquisition only.
See table below for details about these reclassifications.
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.
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.
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.
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.
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.
Amounts are net of tax of $125 million and $148 million as of September 30, 2020 and January 1, 2020, respectively.
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."
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.
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."
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.
Amounts are net of tax of $139 million and $153 million as of September 30, 2021 and January 1, 2021, respectively.
Amounts are net of tax of $68 million as of both September 30, 2020 and January 1, 2020.
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.
Amounts are net of tax of $56 million as of both September 30, 2021 and January 1, 2021.
Amounts are net of tax of $150 million and $174 million as of September 30, 2020 and January 1, 2020, respectively.
Amounts are net of tax of $43 million for both September 30, 2021 and January 1, 2021.
Includes the gain on the sale of our Chemical Intermediates Businesses in 2020.
Amounts are net of tax of $55 million as of both September 30, 2020 and January 1, 2020.
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.
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.
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0001307954hun:CorporateAndReconcilingItemsMemberhun:HuntsmanInternationalLLCMember2021-01-012021-09-30
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0001307954hun:IndiaBasedDoItYourselfConsumerAdhesivesBusinessMemberhun:HuntsmanInternationalLLCMember2021-01-012021-09-30
Table of Contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
Form 10-Q
(Mark One) | |
☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|
For the quarterly period ended September 30, 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 October 20, 2021, 218,030,754 shares of common stock of Huntsman Corporation were outstanding and 2,728 units of membership interests of Huntsman International LLC were outstanding. There is no trading market for Huntsman International LLC’s units of membership interests. All of Huntsman International LLC’s units of membership interests are held by Huntsman Corporation.
This Quarterly Report on Form 10-Q presents information for two registrants: Huntsman Corporation and Huntsman International LLC. Huntsman International LLC is a wholly-owned subsidiary of Huntsman Corporation and is the principal operating company of Huntsman Corporation. The information reflected in this Quarterly Report on Form 10-Q is equally applicable to both Huntsman Corporation and Huntsman International LLC, except where otherwise indicated. Huntsman International LLC meets the conditions set forth in General Instructions H(1)(a) and (b) of Form 10-Q and, to the extent applicable, is therefore filing this form with a reduced disclosure format.
HUNTSMAN CORPORATION AND SUBSIDIARIES
HUNTSMAN INTERNATIONAL LLC AND SUBSIDIARIES
QUARTERLY REPORT ON FORM 10-Q FOR THE QUARTERLY PERIOD
ENDED September 30, 2021
TABLE OF CONTENTS
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.
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)
| | September 30, | | | December 31, | |
| | 2021 | | | 2020 | |
ASSETS | | | | | | | | |
Current assets: | | | | | | | | |
Cash and cash equivalents(a) | | $ | 505 | | | $ | 1,593 | |
Accounts and notes receivable (net of allowance for doubtful accounts of $25 and $26, respectively), ($336 and $198 pledged as collateral, respectively)(a) | | | 1,216 | | | | 902 | |
Accounts receivable from affiliates | | | 23 | | | | 8 | |
Inventories(a) | | | 1,174 | | | | 848 | |
Other current assets | | | 196 | | | | 217 | |
Total current assets | | | 3,114 | | | | 3,568 | |
Property, plant and equipment, net(a) | | | 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(a) | | | 605 | | | | 548 | |
Total assets | | $ | 8,569 | | | $ | 8,713 | |
| | | | | | | | |
LIABILITIES AND EQUITY | | | | | | | | |
Current liabilities: | | | | | | | | |
Accounts payable(a) | | $ | 955 | | | $ | 842 | |
Accounts payable to affiliates | | | 30 | | | | 34 | |
Accrued liabilities(a) | | | 569 | | | | 458 | |
Current portion of debt(a) | | | 16 | | | | 593 | |
Current operating lease liabilities(a) | | | 54 | | | | 52 | |
Total current liabilities | | | 1,624 | | | | 1,979 | |
Long-term debt(a) | | | 1,567 | | | | 1,528 | |
Deferred income taxes | | | 201 | | | | 212 | |
Noncurrent operating lease liabilities(a) | | | 383 | | | | 411 | |
Other noncurrent liabilities(a) | | | 840 | | | | 910 | |
Total liabilities | | | 4,615 | | | | 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, 259,468,984 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 | |
(a) |
At September 30, 2021 and December 31, 2020, respectively, $31 and $2 of cash and cash equivalents, $10 and $6 of accounts and notes receivable (net), $52 and $38 of inventories, $161 and $167 of property, plant and equipment (net), $23 each of other noncurrent assets, $144 and $119 of accounts payable, $13 each of accrued liabilities, $13 and $47 of current portion of debt, $6 and $5 of current operating lease liabilities, $53 and $3 of long-term debt, $22 and $17 of noncurrent operating lease liabilities and $76 and $82 of other noncurrent liabilities from consolidated variable interest entities are included in the respective balance sheet captions above. See “Note 6. Variable Interest Entities.” |
See accompanying notes to condensed consolidated financial statements.
HUNTSMAN CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In Millions, Except Per Share Amounts)
|
|
Three months |
|
|
Nine months |
|
|
|
ended |
|
|
ended |
|
|
|
September 30, |
|
|
September 30, |
|
|
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trade sales, services and fees, net |
|
$ |
2,230 |
|
|
$ |
1,487 |
|
|
$ |
6,006 |
|
|
$ |
4,262 |
|
Related party sales |
|
|
55 |
|
|
|
23 |
|
|
|
140 |
|
|
|
88 |
|
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 |
|
|
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 |
|
|
— |
|
|
|
— |
|
|
|
(28 |
) |
|
|
— |
|
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 |
|
|
— |
|
|
|
— |
|
|
|
(27 |
) |
|
|
— |
|
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 |
) |
|
|
— |
|
|
|
(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 |
|
$ |
0.97 |
|
|
$ |
0.22 |
|
|
$ |
2.04 |
|
|
$ |
(0.41 |
) |
(Loss) income from discontinued operations attributable to Huntsman Corporation common stockholders, net of tax |
|
|
(0.02 |
) |
|
|
— |
|
|
|
(0.01 |
) |
|
|
3.54 |
|
Net income attributable to Huntsman Corporation common stockholders |
|
$ |
0.95 |
|
|
$ |
0.22 |
|
|
$ |
2.03 |
|
|
$ |
3.13 |
|
Weighted average 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 |
|
$ |
0.96 |
|
|
$ |
0.22 |
|
|
$ |
2.03 |
|
|
$ |
(0.41 |
) |
(Loss) income from discontinued operations attributable to Huntsman Corporation common stockholders, net of tax |
|
|
(0.02 |
) |
|
|
— |
|
|
|
(0.01 |
) |
|
|
3.54 |
|
Net income attributable to Huntsman Corporation common stockholders |
|
$ |
0.94 |
|
|
$ |
0.22 |
|
|
$ |
2.02 |
|
|
$ |
3.13 |
|
Weighted average 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 |
) |
|
|
— |
|
|
|
(3 |
) |
|
|
782 |
|
Net income |
|
$ |
209 |
|
|
$ |
48 |
|
|
$ |
448 |
|
|
$ |
691 |
|
See accompanying notes to condensed consolidated financial statements.
HUNTSMAN CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In Millions)
|
|
Three months |
|
|
Nine months |
|
|
|
ended |
|
|
ended |
|
|
|
September 30, |
|
|
September 30, |
|
|
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
Net income |
|
$ |
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 |
|
See accompanying notes to condensed consolidated financial statements.
HUNTSMAN CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY
(In Millions, Except Share Amounts)
| | Huntsman Corporation Stockholders' Equity | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | Accumulated | | | | | | | | | |
| | Shares | | | | | | | Additional | | | | | | | Unearned | | | | | | | other | | | Noncontrolling | | | | | |
| | common | | | Common | | | paid-in | | | Treasury | | | stock-based | | | Retained | | | comprehensive | | | interests in | | | Total | |
| | stock | | | stock | | | capital | | | stock | | | compensation | | | earnings | | | loss | | | subsidiaries | | | equity | |
Balance, January 1, 2021 | | | 220,046,262 | | | $ | 3 | | | $ | 4,048 | | | $ | (731 | ) | | $ | (19 | ) | | $ | 1,564 | | | $ | (1,346 | ) | | $ | 154 | | | $ | 3,673 | |
Net income | | | — | | | | — | | | | — | | | | — | | | | — | | | | 83 | | | | — | | | | 17 | | | | 100 | |
Other comprehensive loss | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | (13 | ) | | | — | | | | (13 | ) |
Issuance of nonvested stock awards | | | — | | | | — | | | | 25 | | | | — | | | | (25 | ) | | | — | | | | — | | | | — | | | | — | |
Vesting of stock awards | | | 664,818 | | | | — | | | | 5 | | | | — | | | | — | | | | — | | | | — | | | | — | | | | 5 | |
Recognition of stock-based compensation | | | — | | | | — | | | | 2 | | | | — | | | | 6 | | | | — | | | | — | | | | — | | | | 8 | |
Repurchase and cancellation of stock awards | | | (202,961 | ) | | | — | | | | — | | | | — | | | | — | | | | (6 | ) | | | — | | | | — | | | | (6 | ) |
Stock options exercised | | | 204,005 | | | | — | | | | 5 | | | | — | | | | — | | | | (2 | ) | | | — | | | | — | | | | 3 | |
Dividends declared on common stock ($0.1625 per share) | | | — | | | | — | | | | — | | | | — | | | | — | | | | (36 | ) | | | — | | | | — | | | | (36 | ) |
Balance, March 31, 2021 | | | 220,712,124 | | | $ | 3 | | | $ | 4,085 | | | $ | (731 | ) | | $ | (38 | ) | | $ | 1,603 | | | $ | (1,359 | ) | | $ | 171 | | | $ | 3,734 | |
Net income | | | — | | | | — | | | | — | | | | — | | | | — | | | | 156 | | | | — | | | | 16 | | | | 172 | |
Other comprehensive income | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | 41 | | | | 1 | | | | 42 | |
Vesting of stock awards | | | 3,732 | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
Recognition of stock-based compensation | | | — | | | | — | | | | 2 | | | | — | | | | 4 | | | | — | | | | — | | | | — | | | | 6 | |
Repurchase and cancellation of stock awards | | | (19,912 | ) | | | — | | | | — | | | | — | | | | — | | | | (1 | ) | | | — | | | | — | | | | (1 | ) |
Stock options exercised | | | 263,962 | | | | — | | | | 6 | | | | — | | | | — | | | | (3 | ) | | | — | | | | — | | | | 3 | |
Dividends declared to noncontrolling interests | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | (30 | ) | | | (30 | ) |
Dividends declared on common stock ($0.1875 per share) | | | — | | | | — | | | | — | | | | — | | | | — | | | | (41 | ) | | | — | | | | — | | | | (41 | ) |
Balance, June 30, 2021 | | | 220,959,906 | | | $ | 3 | | | $ | 4,093 | | | $ | (731 | ) | | $ | (34 | ) | | $ | 1,714 | | | $ | (1,318 | ) | | $ | 158 | | | $ | 3,885 | |
Net income | | | — | | | | — | | | | — | | | | — | | | | — | | | | 209 | | | | — | | | | 16 | | | | 225 | |
Other comprehensive (loss) income | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | (20 | ) | | | 1 | | | | (19 | ) |
Issuance of nonvested stock awards | | | — | | | | — | | | | 1 | | | | — | | | | (1 | ) | | | — | | | | — | | | | — | | | | — | |
Vesting of stock awards | | | 7,695 | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
Recognition of stock-based compensation | | | — | | | | — | | | | 1 | | | | — | | | | 5 | | | | — | | | | — | | | | — | | | | 6 | |
Repurchase and cancellation of stock awards | | | (1,869 | ) | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
Stock options exercised | | | 34,372 | | | | — | | | | 1 | | | | — | | | | — | | | | — | | | | — | | | | — | | | | 1 | |
Treasury stock repurchased | | | (3,971,784 | ) | | | — | | | | — | | | | (102 | ) | | | — | | | | — | | | | — | | | | — | | | | (102 | ) |
Dividends declared on common stock ($0.1875 per share) | | | — | | | | — | | | | — | | | | — | | | | — | | | | (42 | ) | | | — | | | | — | | | | (42 | ) |
Balance, September 30, 2021 | | | 217,028,320 | | | $ | 3 | | | $ | 4,096 | | | $ | (833 | ) | | $ | (30 | ) | | $ | 1,881 | | | $ | (1,338 | ) | | $ | 175 | | | $ | 3,954 | |
HUNTSMAN CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY
(In Millions, Except Share Amounts)
| | Huntsman Corporation Stockholders' Equity | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | Accumulated | | | | | | | | | |
| | Shares | | | | | | | Additional | | | | | | | Unearned | | | | | | | other | | | Noncontrolling | | | | | |
| | Common | | | Common | | | paid-in | | | Treasury | | | stock-based | | | Retained | | | comprehensive | | | interests in | | | Total | |
| | stock | | | stock | | | capital | | | stock | | | compensation | | | earnings | | | loss | | | subsidiaries | | | equity | |
Balance, January 1, 2020 | | | 224,295,868 | | | $ | 3 | | | $ | 4,008 | | | $ | (635 | ) | | $ | (17 | ) | | $ | 690 | | | $ | (1,362 | ) | | $ | |