0001307954 0001089748 false --12-31 Q1 2022 --12-31 FY 2021 23 25 372 324 0.01 0.01 1,200,000,000 1,200,000,000 261,055,993 259,701,770 209,975,156 214,170,287 51,080,837 45,531,489 0.2125 0.1625 23 25 372 324 2,728 2,728 2,728 2,728 7 14 2 1 2 0 6 1.50 May 21, 2023 July 31, 2024 0.90 July 31, 2024 1.30 111 445 1 130 906,000 32 56 56 43 43 7 5 1 4 3 2 4 1 3 3 2 2 0 These accumulated other comprehensive loss components are included in the computation of net periodic pension costs. See “Note 18. Employee Benefit Plans.” Amounts are net of tax of $43 million for both March 31, 2022 and January 1, 2022. See table below for details about these reclassifications. 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 costs, (net) includes unallocated corporate overhead, unallocated foreign exchange gains and losses, LIFO inventory valuation reserve adjustments, loss on early extinguishment of debt, unallocated restructuring, impairment and plant closing costs, nonoperating income and expense and gains and losses on the disposition of corporate assets. Includes costs associated with transition activities relating primarily to our Corporate program to optimize our global approach to leverage shared services capabilities. Amounts are net of tax of $77 million and $81 million as of March 31, 2022 and January 1, 2022, respectively. As of March 31, 2022, we had approximately $8 million (U.S. dollar equivalents) of letters of credit issued and outstanding under our U.S. A/R Program. Amounts include approximately $1 million and $2 million, respectively, of actuarial losses related to discontinued operations for both the three months ended March 31, 2022 and 2021. 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. 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 March 31, 2022 was 1.50% above LIBOR. Geographic information for revenues is based upon countries into which product is sold. On March 31, 2022, we had an additional $3 million (U.S. dollar equivalents) of letters of credit and bank guarantees issued and outstanding under our Revolving Credit Facility. Pension and other postretirement benefits amounts in parentheses indicate credits on our consolidated statements of operations. Amounts are net of tax of $43 million as of both March 31, 2021 and January 1, 2021. A total of 193,623 performance share unit awards are reflected in the vested shares in this table, which represents the target number of performance share unit awards for this grant and were included in the balance at December 31, 2021. During the three months ended March 31, 2022, an additional 96,814 performance share unit awards with a grant date fair value of $29.68 were issued related to this vest due to the target performance criteria being exceeded. The applicable rate for our U.S. A/R Program is defined by the lender as USD LIBOR. The applicable rate for our EU A/R Program is either USD LIBOR, EURIBOR or SONIA (Sterling Overnight Interbank Average Rate). In anticipation of the transition away from USD LIBOR, the amendments we made in July 2021 to our A/R Programs incorporated replacement rates for the USD LIBOR. At March 31, 2022 and December 31, 2021, respectively, $9 and $1 of cash and cash equivalents, $9 and $12 of accounts and notes receivable (net), $66 and $64 of inventories, $156 and $161 of property, plant and equipment (net), $25 and $23 of other noncurrent assets, $145 and $146 of accounts payable, $8 and $13 of accrued liabilities, $17 and $10 of current portion of debt, $6 each of current operating lease liabilities, $33 and $35 of long-term debt, $19 and $20 of noncurrent operating lease liabilities and $46 each of other noncurrent liabilities from consolidated variable interest entities are included in the respective balance sheet captions above. See “Note 6. Variable Interest Entities.” As of March 31, 2022, a total of 106,285 restricted stock units were vested but not yet issued, of which 7,066 vested during the three months ended March 31, 2022. These shares have not been reflected as vested shares in this table because, in accordance with the restricted stock unit agreements, shares of common stock are not issued for vested restricted stock units until termination of employment. Amounts are net of tax of $56 million for both March 31, 2022 and January 1, 2022. Amounts are net of tax of $172 million and $178 million as of March 31, 2021 and January 1, 2021, respectively. Amounts include approximately $1 million and $2 million of actuarial losses related to discontinued operations for the three months ended March 31, 2022 and 2021, respectively. Pension and other postretirement benefits amounts in parentheses indicate credits on our consolidated statements of operations. Amounts are net of tax of $56 million for both March 31, 2021 and January 1, 2021. Amounts are net of tax of $148 million and $153 million as of March 31, 2021 and January 1, 2021, respectively. We use segment adjusted EBITDA as the measure of each segment’s profit or loss. We believe that segment adjusted EBITDA more accurately reflects what the chief operating decision maker uses to make decisions about resources to be allocated to the segments and assess their financial performance. Segment adjusted EBITDA is defined as net income of Huntsman Corporation or Huntsman International, as appropriate, before interest, income tax, depreciation and amortization, net income attributable to noncontrolling interests 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) fair value adjustments to Venator investment and related loss on disposal; (c) certain legal and other settlements and related income (expenses); (d) costs associated with the Albemarle Settlement, net; (e) loss on sale of business/assets; (f) income from transition services arrangements related to the sale of our Chemical Intermediates Businesses to Indorama; (g) certain nonrecurring information technology project implementation costs; (h) amortization of pension and postretirement actuarial losses; (i) plant incident remediation costs; and (j) restructuring, impairment, plant closing and transition costs. 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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 March 31, 2022

OR

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

For the transition period from                          to                         

Commission
File Number

    

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

    

State of
Incorporation
or Organization

    

I.R.S. Employer
Identification No.

001-32427

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

Delaware

42-1648585

333-85141

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

Delaware

87-0630358

 


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

Registrant

 

Title of each class

 

Trading Symbol

Name of each exchange on which registered

Huntsman Corporation

 

Common Stock, par value $0.01 per share

 

HUN

New York Stock Exchange

Huntsman International LLC

 

NONE

 

NONE

NONE

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

Huntsman Corporation

Yes ☒

No ☐

Huntsman International LLC

Yes

No ☐

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

Huntsman Corporation

Yes

No ☐

Huntsman International LLC

Yes

No ☐

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

Huntsman Corporation

Large accelerated filer

Accelerated filer ☐

Non-accelerated filer ☐

Smaller reporting company

Emerging growth company

Huntsman International LLC

Large accelerated filer ☐

Accelerated filer ☐

Non-accelerated filer

Smaller reporting company

Emerging Growth company

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

Huntsman Corporation

Huntsman International LLC

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

Huntsman Corporation

Yes

No ☒

Huntsman International LLC

Yes

No ☒

On April 20, 2022, 209,798,078 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 March 31, 2022

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

6

Condensed Consolidated Statements of Equity

6

Condensed Consolidated Statements of Cash Flows

8

Huntsman International LLC and Subsidiaries:

Condensed Consolidated Balance Sheets

9

Condensed Consolidated Statements of Operations

10

Condensed Consolidated Statements of Comprehensive Income

11

Condensed Consolidated Statements of Equity

12

Condensed Consolidated Statements of Cash Flows

13

Huntsman Corporation and Subsidiaries and Huntsman International LLC and Subsidiaries:

Notes to Condensed Consolidated Financial Statements

14

ITEM 2.

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

33

ITEM 3.

Quantitative and Qualitative Disclosures About Market Risk

46

ITEM 4.

Controls and Procedures

46

PART II

OTHER INFORMATION

47

ITEM 1.

Legal Proceedings

47

ITEM 1A.

Risk Factors

47

ITEM 2.

Unregistered Sales of Equity Securities and Use of Proceeds

47

ITEM 6.

Exhibits

48

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; projected impact of the potential expansion of the Russia-Ukraine conflict on our operations and future financial results; management’s plans and strategies for future operations, including statements relating to anticipated operating performance, cost reductions, restructuring activities, new product and service developments, competitive strengths or market position, acquisitions, divestitures, business separations, spin-offs, or other distributions, strategic opportunities, securities offerings, stock repurchases, dividends and executive compensation; growth, declines and other trends in markets we sell into; new or modified laws, regulations and accounting pronouncements; outstanding claims, legal proceedings, tax audits and assessments and other contingent liabilities; foreign currency exchange rates and fluctuations in those rates; general economic and capital markets conditions; the timing of any of the foregoing; assumptions underlying any of the foregoing; and any other statements that address events or developments that we intend or believe will or may occur in the future. In some cases, forward-looking statements can be identified by terminology such as “believes,” “expects,” “may,” “will,” “should,” “anticipates” or “intends” or the negative of such terms or other comparable terminology, or by discussions of strategy. We may also make additional forward-looking statements from time to time. All such subsequent forward-looking statements, whether written or oral, by us or on our behalf, are also expressly qualified by these cautionary statements.

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

There are a number of risks and uncertainties that could cause our actual results to differ materially from the forward-looking statements contained in or contemplated by this report. Any forward-looking statements should be considered in light of the risks set forth in “Part II. Item 1A. Risk Factors” below and “Part I. Item 1A. Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2021.

 

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)

  

March 31,

  

December 31,

 
  

2022

  

2021

 

ASSETS

        

Current assets:

        

Cash and cash equivalents(a)

 $807  $1,041 

Accounts and notes receivable (net of allowance for doubtful accounts of $23 and $25, respectively), ($372 and $324 pledged as collateral, respectively)(a)

  1,285   1,159 

Accounts receivable from affiliates

  25   27 

Inventories(a)

  1,382   1,201 

Receivable associated with the Albemarle Settlement

  333   333 

Other current assets

  156   167 

Total current assets

  3,988   3,928 

Property, plant and equipment, net(a)

  2,551   2,576 

Investment in unconsolidated affiliates

  485   470 

Intangible assets, net

  461   469 

Goodwill

  650   650 

Deferred income taxes

  204   206 

Operating lease right-of-use assets

  390   403 

Other noncurrent assets(a)

  673   690 

Total assets

 $9,402  $9,392 
         

LIABILITIES AND EQUITY

        

Current liabilities:

        

Accounts payable(a)

 $1,252  $1,148 

Accounts payable to affiliates

  63   60 

Accrued liabilities(a)

  732   780 

Current portion of debt(a)

  21   12 

Current operating lease liabilities(a)

  50   51 

Total current liabilities

  2,118   2,051 

Long-term debt(a)

  1,529   1,538 

Deferred income taxes

  178   161 

Noncurrent operating lease liabilities(a)

  358   370 

Other noncurrent liabilities(a)

  679   713 

Total liabilities

  4,862   4,833 

Commitments and contingencies (Notes 15 and 16)

          

Equity

        

Huntsman Corporation stockholders’ equity:

        

Common stock $0.01 par value, 1,200,000,000 shares authorized, 261,055,993 and 259,701,770 shares issued and 209,975,156 and 214,170,287 shares outstanding, respectively

  3   3 

Additional paid-in capital

  4,152   4,102 

Treasury stock, 51,080,837 and 45,531,489 shares, respectively

  (1,144)  (934)

Unearned stock-based compensation

  (49)  (25)

Retained earnings

  2,595   2,435 

Accumulated other comprehensive loss

  (1,214)  (1,203)

Total Huntsman Corporation stockholders’ equity

  4,343   4,378 

Noncontrolling interests in subsidiaries

  197   181 

Total equity

  4,540   4,559 

Total liabilities and equity

 $9,402  $9,392 

 


(a)

At March 31, 2022 and December 31, 2021, respectively, $9 and $1 of cash and cash equivalents, $9 and $12 of accounts and notes receivable (net), $66 and $64 of inventories, $156 and $161 of property, plant and equipment (net), $25 and $23 of other noncurrent assets, $145 and $146 of accounts payable, $8 and $13 of accrued liabilities, $17 and $10 of current portion of debt, $6 each of current operating lease liabilities, $33 and $35 of long-term debt, $19 and $20 of noncurrent operating lease liabilities and $46 each 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

 
  

ended

 
  

March 31,

 
  

2022

  

2021

 

Revenues:

        

Trade sales, services and fees, net

 $2,329  $1,802 

Related party sales

  60   35 

Total revenues

  2,389   1,837 

Cost of goods sold

  1,824   1,445 

Gross profit

  565   392 

Operating expenses:

        

Selling, general and administrative

  216   207 

Research and development

  38   38 

Restructuring, impairment and plant closing costs

     24 

Other operating expenses (income), net

  7   (3)

Total operating expenses

  261   266 

Operating income

  304   126 

Interest expense, net

  (14)  (19)

Equity in income of investment in unconsolidated affiliates

  15   38 

Fair value adjustments to Venator investment

  (2)  (19)

Other income, net

  1   7 

Income from continuing operations before income taxes

  304   133 

Income tax expense

  (65)  (34)

Income from continuing operations

  239   99 

Income from discontinued operations, net of tax

  1   1 

Net income

  240   100 

Net income attributable to noncontrolling interests

  (17)  (17)

Net income attributable to Huntsman Corporation

 $223  $83 
         

Basic income per share:

        

Income from continuing operations attributable to Huntsman Corporation common stockholders

 $1.04  $0.38 

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

  0.01    

Net income attributable to Huntsman Corporation common stockholders

 $1.05  $0.38 

Weighted average shares

  212.7   220.4 
         

Diluted income per share:

        

Income from continuing operations attributable to Huntsman Corporation common stockholders

 $1.03  $0.37 

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

  0.01    

Net income attributable to Huntsman Corporation common stockholders

 $1.04  $0.37 

Weighted average shares

  215.4   222.6 
         

Amounts attributable to Huntsman Corporation:

        

Income from continuing operations

 $222  $82 

Income from discontinued operations, net of tax

  1   1 

Net income

 $223  $83 

See accompanying notes to condensed consolidated financial statements.

5

 

 

HUNTSMAN CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(In Millions)

  

Three months

 
  

ended

 
  

March 31,

 
  

2022

  

2021

 

Net income

 $240  $100 

Other comprehensive loss, net of tax:

        

Foreign currency translations adjustments

  (20)  (32)

Pension and other postretirement benefits adjustments

  9   19 

Other, net

  (1)   

Other comprehensive loss, net of tax

  (12)  (13)

Comprehensive income

  228   87 

Comprehensive income attributable to noncontrolling interests

  (16)  (17)

Comprehensive income attributable to Huntsman Corporation

 $212  $70 

 

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, 2022

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

Net income

                 223      17   240 

Other comprehensive loss

                    (11)  (1)  (12)

Issuance of nonvested stock awards

        32      (32)            

Vesting of stock awards

  1,327,568      7                  7 

Recognition of stock-based compensation

        1      8            9 

Repurchase and cancellation of stock awards

  (361,250)              (13)        (13)

Stock options exercised

  387,899      10         (5)        5 

Treasury stock repurchased

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

Dividends declared on common stock ($0.2125 per share)

                 (45)        (45)

Balance, March 31, 2022

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

  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 

 

See accompanying notes to condensed consolidated financial statements.

7

 

 

HUNTSMAN CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In Millions)

   

Three months

 
   

ended

 
   

March 31,

 
   

2022

   

2021

 

Operating Activities:

               

Net income

  $ 240     $ 100  

Less: Income from discontinued operations, net of tax

    (1 )     (1 )

Income from continuing operations

    239       99  

Adjustments to reconcile income from continuing operations to net cash provided by (used in) operating activities from continuing operations:

               

Equity in income of investment in unconsolidated affiliates

    (15 )     (38 )

Unrealized losses on fair value adjustments to Venator investment

    2       19  

Depreciation and amortization

    71       74  

Noncash lease expense

    16       17  

Noncash restructuring and impairment charges

          8  

Deferred income taxes

    13        

Stock-based compensation

    11       9  

Other, net

    1       2  

Changes in operating assets and liabilities:

               

Accounts and notes receivable

    (134 )     (117 )

Inventories

    (187 )     (156 )

Other current assets

    16       (10 )

Other noncurrent assets

    (1 )     (30 )

Accounts payable

    120       94  

Accrued liabilities

    (41 )     20  

Other noncurrent liabilities

    (26 )     (7 )

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

    85       (16 )

Net cash used in operating activities from discontinued operations

          (1 )

Net cash provided by (used in) operating activities

    85       (17 )
                 

Investing Activities:

               

Capital expenditures

    (69 )     (98 )

Acquisition of business, net of cash acquired

          (240 )

Cash received from sale of business

          15  

Other, net

    4        

Net cash used in investing activities

    (65 )     (323 )
                 

Financing Activities:

               

Net borrowings on revolving loan facilities

    8       9  

Repayments of long-term debt

    (3 )     (548 )

Dividends paid to common stockholders

    (46 )     (37 )

Repurchase and cancellation of awards

    (13 )     (6 )

Repurchase of common stock

    (203 )      

Proceeds from issuance of common stock

    5       3  

Net cash used in financing activities

    (252 )     (579 )

Effect of exchange rate changes on cash

    (2 )     (1 )

Decrease in cash and cash equivalents

    (234 )     (920 )

Cash and cash equivalents at beginning of period

    1,041       1,593  

Cash and cash equivalents at end of period

  $ 807     $ 673  
                 

Supplemental cash flow information:

               

Cash paid for interest

  $ 9     $ 16  

Cash paid for income taxes

    32       8  

As of March 31, 2022 and 2021, the amount of capital expenditures in accounts payable was $44 million and $54 million, respectively. 

See accompanying notes to condensed consolidated financial statements.

8

 

 

HUNTSMAN INTERNATIONAL LLC AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(In Millions, Except Unit Amounts)

  

March 31,

  

December 31,

 
  

2022

  

2021

 

ASSETS

        

Current assets:

        

Cash and cash equivalents(a)

 $806  $1,039 

Accounts and notes receivable (net of allowance for doubtful accounts of $23 and $25, respectively), ($372 and $324 pledged as collateral, respectively)(a)

  1,285   1,159 

Accounts receivable from affiliates

  479   269 

Inventories(a)

  1,382   1,201 

Receivable associated with the Albemarle Settlement

  333   333 

Other current assets

  155   165 

Total current assets

  4,440   4,166 

Property, plant and equipment, net(a)

  2,551   2,576 

Investment in unconsolidated affiliates

  485   470 

Intangible assets, net

  461   469 

Goodwill

  650   650 

Deferred income taxes

  204   206 

Operating lease right-of-use assets

  390   403 

Other noncurrent assets(a)

  673   691 

Total assets

 $9,854  $9,631 
         

LIABILITIES AND EQUITY

        

Current liabilities:

        

Accounts payable(a)

 $1,242  $1,145 

Accounts payable to affiliates

  65   62 

Accrued liabilities(a)

  723   771 

Current portion of debt(a)

  21   12 

Current operating lease liabilities(a)

  50   51 

Total current liabilities

  2,101   2,041 

Long-term debt(a)

  1,529   1,538 

Deferred income taxes

  181   163 

Noncurrent operating lease liabilities(a)

  358   370 

Other noncurrent liabilities(a)

  671   700 

Total liabilities

  4,840   4,812 

Commitments and contingencies (Notes 15 and 16)

          

Equity

        

Huntsman International LLC members’ equity:

        

Members’ equity, 2,728 units issued and outstanding

  3,741   3,732 

Retained earnings

  2,274   2,093 

Accumulated other comprehensive loss

  (1,198)  (1,187)

Total Huntsman International LLC members’ equity

  4,817   4,638 

Noncontrolling interests in subsidiaries

  197   181 

Total equity

  5,014   4,819 

Total liabilities and equity

 $9,854  $9,631 

 


(a)

At March 31, 2022 and December 31, 2021, respectively, $9 and $1 of cash and cash equivalents, $9 and $12 of accounts and notes receivable (net), $66 and $64 of inventories, $156 and $161 of property, plant and equipment (net), $25 and $23 of other noncurrent assets, $145 and $146 of accounts payable, $8 and $13 of accrued liabilities, $17 and $10 of current portion of debt, $6 each of current operating lease liabilities, $33 and $35 of long-term debt, $19 and $20 of noncurrent operating lease liabilities and $46 each 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.

9

 

 

HUNTSMAN INTERNATIONAL LLC AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In Millions)

   

Three months

 
   

ended

 
   

March 31,

 
   

2022

   

2021

 

Revenues:

               

Trade sales, services and fees, net

  $ 2,329     $ 1,802  

Related party sales

    60       35  

Total revenues

    2,389       1,837  

Cost of goods sold

    1,824       1,445  

Gross profit

    565       392  

Operating expenses:

               

Selling, general and administrative

    213       204  

Research and development

    38       38  

Restructuring, impairment and plant closing costs

          24  

Other operating expenses (income), net

    7       (3 )

Total operating expenses

    258       263  

Operating income

    307       129  

Interest expense, net

    (14 )     (19 )

Equity in income of investment in unconsolidated affiliates

    15       38  

Fair value adjustments to Venator investment

    (2 )     (19 )

Other income, net

    1       7  

Income from continuing operations before income taxes

    307       136  

Income tax expense

    (65 )     (35 )

Income from continuing operations

    242       101  

Income from discontinued operations, net of tax

    1       1  

Net income

    243       102  

Net income attributable to noncontrolling interests

    (17 )     (17 )

Net income attributable to Huntsman International LLC

  $ 226     $ 85  

See accompanying notes to condensed consolidated financial statements.

10

 

 

HUNTSMAN INTERNATIONAL LLC AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME 

(In Millions)

  

Three months

 
  

ended

 
  

March 31,

 
  

2022

  

2021

 

Net income

 $243  $102 

Other comprehensive loss, net of tax:

        

Foreign currency translations adjustment

  (20)  (31)

Pension and other postretirement benefits adjustments

  9   19 

Other, net

  (1)   

Other comprehensive loss, net of tax

  (12)  (12)

Comprehensive income

  231   90 

Comprehensive income attributable to noncontrolling interests

  (16)  (17)

Comprehensive income attributable to Huntsman International LLC

 $215  $73 

See accompanying notes to condensed consolidated financial statements.

11

 

 

HUNTSMAN INTERNATIONAL LLC AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY

(In Millions, Except Unit Amounts)

  

Huntsman International LLC Members

         
  

Members'

      

Accumulated other

  

Noncontrolling

     
  

equity

      

comprehensive

  

interests in

  

Total

 
  

Units

  

Amount

  

Retained earnings

  

loss

  

subsidiaries

  

equity

 

Balance, January 1, 2022

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

Net income

        226      17   243 

Dividends paid to parent

        (45)        (45)

Other comprehensive loss

           (11)  (1)  (12)

Contribution from parent

     9            9 

Balance, March 31, 2022

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

  

Huntsman International LLC Members

         
  

Members'

     

Accumulated other

  

Noncontrolling

     
  

equity

     

comprehensive

  

interests in

  

Total

 
  

Units

  

Amount

  

Retained earnings

  

loss

  

subsidiaries

  

equity

 

Balance, January 1, 2021

  2,728  $3,701  $1,203  $(1,333) $154  $3,725 

Net income

        85      17   102 

Dividends paid to parent

        (36)        (36)

Other comprehensive loss

           (12)