0001307954 0001089748 false --12-31 Q1 2023 --12-31 FY 2022 13 14 306 272 0.01 0.01 1,200,000,000 1,200,000,000 261,880,013 261,148,217 180,894,240 183,634,464 80,985,773 77,513,753 0.2375 0.2125 13 14 306 272 2,728 2,728 2,728 2,728 8 8 1.475 July 31, 2024 0.90 July 31, 2024 1.30 109 300 299 325 750 740 400 397 1 175 0 0 56 1 43 1 5 1 4 6 3 2 0 0 0 0 3 3 3 2 2 3 Interest rates on borrowings under the 2022 Revolving Credit Facility vary based on the type of loan and Huntsman International’s debt ratings. The representative interest rate for U.S. dollar borrowings as of March 31, 2023 was 1.475% above term SOFR. 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. In connection with the sale of our Textile Effects Business, we recognized $48 million of pension settlement losses and $2 million of pension curtailment gains for the three months ended March 31, 2023. Amounts are net of tax of $105 million and $178 million as of December 31, 2021 and January 1, 2021, respectively. Includes costs associated with transition activities related primarily to our Corporate program to optimize our global approach to leverage shared services capabilities. Pension and other postretirement benefits amounts in parentheses indicate credits on our condensed consolidated statements of operations. At March 31, 2023 and December 31, 2022, respectively, $12 and $5 of cash and cash equivalents, $6 and $4 of accounts and notes receivable (net), $57 and $59 of inventories, $147 and $149 of property, plant and equipment (net), $29 each of other noncurrent assets, $97 and $114 of accounts payable, $13 and $12 of accrued liabilities, $9 each of current portion of debt, $10 and $9 of current operating lease liabilities, $24 and $26 of long-term debt, $18 and $19 of noncurrent operating lease liabilities and $24 and $25 of other noncurrent liabilities from consolidated variable interest entities are included in the respective balance sheet captions above. See “Note 5. Variable Interest Entities.” These assets can only be used to settle obligations of the variable interest entities, and creditors of these liabilities do not have recourse to our general credit. 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, net; (c) certain legal and other settlements and related expenses; (d) costs associated with the Albemarle Settlement, net; (e) loss on sale of business/assets; (f) income from transition services arrangements; (g) certain nonrecurring information technology project implementation costs; (h) amortization of pension and postretirement actuarial losses; (i) restructuring, impairment, plant closing and transition credits (costs); and (j) income from discontinued operations, net of tax. Amounts are net of tax of $43 million as of both December 31, 2021 and January 1, 2021. See table below for details about these reclassifications. Amounts are net of tax of $43 million and $42 million as of March 31, 2023 and January 1, 2023, respectively. As of March 31, 2023, we had approximately $8 million (U.S. dollar equivalents) of letters of credit issued and outstanding under our U.S. A/R Program. Amounts are net of tax of $77 million and $81 million as of March 31, 2022 and January 1, 2022, respectively. Amounts are net of tax of $56 million for both March 31, 2022 and January 1, 2022. These accumulated other comprehensive loss components are included in the computation of net periodic pension costs. See “Note 11. Employee Benefit Plans.” On March 31, 2023, we had an additional $13 million (U.S. dollar equivalents) of letters of credit and bank guarantees issued and outstanding under our 2022 Revolving Credit Facility. Amounts are net of tax of $81 million and $55 million as of March 31, 2023 and January 1, 2023, respectively. Total assets and liabilities held for sale as of December 31, 2022 are classified as current because we completed the sale of our Textile Effects Business on February 28, 2023. 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 March 31, 2023, a total of 115,685 restricted stock units were vested but not yet issued, of which 9,400 vested during the three months ended March 31, 2023. 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. A total of 264,624 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, 2022. During the three months ended March 31, 2023, an additional 132,314 performance share unit awards with a grant date fair value of $22.85 were issued due to the target performance criteria being exceeded. Amounts include approximately $1 million of actuarial losses and prior service credits related to discontinued operations for both of the three months ended March 31, 2023 and 2022. 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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, 2023

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 25, 2023, 181,183,489 shares of common stock of Huntsman Corporation were outstanding and 2,728 units of membership interest of Huntsman International LLC were outstanding. There is no trading market for Huntsman International LLC’s units of membership interest. All of Huntsman International LLC’s units of membership interest 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, 2023

TABLE OF CONTENTS

Page

PART I

FINANCIAL INFORMATION

4

ITEM 1.

Condensed Consolidated Financial Statements (Unaudited)

4

Huntsman Corporation and Subsidiaries:

Unaudited Condensed Consolidated Balance Sheets

4

Unaudited Condensed Consolidated Statements of Operations

5

Unaudited Condensed Consolidated Statements of Comprehensive Income

6

Unaudited Condensed Consolidated Statements of Equity

7

Unaudited Condensed Consolidated Statements of Cash Flows

8

Huntsman International LLC and Subsidiaries:

Unaudited Condensed Consolidated Balance Sheets

9

Unaudited Condensed Consolidated Statements of Operations

10

Unaudited Condensed Consolidated Statements of Comprehensive Income

11

Unaudited Condensed Consolidated Statements of Equity

12

Unaudited Condensed Consolidated Statements of Cash Flows

13

Huntsman Corporation and Subsidiaries and Huntsman International LLC and Subsidiaries:

Notes to Unaudited 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

44

ITEM 4.

Controls and Procedures

44

PART II

OTHER INFORMATION

45

ITEM 1.

Legal Proceedings

45

ITEM 1A.

Risk Factors

45

ITEM 2.

Unregistered Sales of Equity Securities and Use of Proceeds

45

ITEM 6.

Exhibits

46

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; 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, 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, 2022.

 

3

 
 

 

PART I. FINANCIAL INFORMATION

ITEM 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

HUNTSMAN CORPORATION AND SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(In Millions, Except Share and Per Share Amounts)

  

March 31,

  

December 31,

 
  

2023

  

2022

 

ASSETS

        

Current assets:

        

Cash and cash equivalents(a)

 $615  $654 

Accounts and notes receivable (net of allowance for doubtful accounts of $13 and $14, respectively), ($306 and $272 pledged as collateral, respectively)(a)

  878   813 

Accounts receivable from affiliates

  9   21 

Inventories(a)

  1,048   995 

Other current assets

  150   190 

Current assets held for sale

     472 

Total current assets

  2,700   3,145 

Property, plant and equipment, net(a)

  2,366   2,377 

Investment in unconsolidated affiliates

  441   425 

Intangible assets, net

  415   425 

Goodwill

  642   641 

Deferred income taxes

  136   147 

Operating lease right-of-use assets

  367   374 

Other noncurrent assets(a)

  696   686 

Total assets

 $7,763  $8,220 
         

LIABILITIES AND EQUITY

        

Current liabilities:

        

Accounts payable(a)

 $791  $907 

Accounts payable to affiliates

  66   54 

Accrued liabilities(a)

  381   429 

Current portion of debt(a)

  11   66 

Current operating lease liabilities(a)

  48   51 

Current liabilities held for sale

     194 

Total current liabilities

  1,297   1,701 

Long-term debt(a)

  1,509   1,671 

Deferred income taxes

  238   250 

Noncurrent operating lease liabilities(a)

  334   336 

Other noncurrent liabilities(a)

  395   422 

Total liabilities

  3,773   4,380 

Commitments and contingencies (Notes 14 and 15)

          

Equity

        

Huntsman Corporation stockholders’ equity:

        

Common stock $0.01 par value, 1,200,000,000 shares authorized, 261,880,013 and 261,148,217 shares issued and 180,894,240 and 183,634,464 shares outstanding, respectively

  3   3 

Additional paid-in capital

  4,195   4,156 

Treasury stock, 80,985,773 and 77,513,753 shares, respectively

  (2,038)  (1,937)

Unearned stock-based compensation

  (58)  (35)

Retained earnings

  2,804   2,705 

Accumulated other comprehensive loss

  (1,143)  (1,268)

Total Huntsman Corporation stockholders’ equity

  3,763   3,624 

Noncontrolling interests in subsidiaries

  227   216 

Total equity

  3,990   3,840 

Total liabilities and equity

 $7,763  $8,220 

  


(a)

At March 31, 2023 and December 31, 2022, respectively, $12 and $5 of cash and cash equivalents, $6 and $4 of accounts and notes receivable (net), $57 and $59 of inventories, $147 and $149 of property, plant and equipment (net), $29 each of other noncurrent assets, $97 and $114 of accounts payable, $13 and $12 of accrued liabilities, $9 each of current portion of debt, $10 and $9 of current operating lease liabilities, $24 and $26 of long-term debt, $18 and $19 of noncurrent operating lease liabilities and $24 and $25 of other noncurrent liabilities from consolidated variable interest entities are included in the respective balance sheet captions above. See “Note 5. Variable Interest Entities.” These assets can only be used to settle obligations of the variable interest entities, and creditors of these liabilities do not have recourse to our general credit.

See accompanying notes to condensed consolidated financial statements.

 

4

 

 

HUNTSMAN CORPORATION AND SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In Millions, Except Per Share Amounts)

 

   

Three months

 
   

ended

 
   

March 31,

 
   

2023

   

2022

 

Revenues:

               

Trade sales, services and fees, net

  $ 1,573     $ 2,132  

Related party sales

    33       60  

Total revenues

    1,606       2,192  

Cost of goods sold

    1,337       1,677  

Gross profit

    269       515  

Operating expenses:

               

Selling, general and administrative

    188       190  

Research and development

    30       34  

Restructuring, impairment and plant closing credits

    (7 )      

Other operating (income) expense, net

    (3 )     8  

Total operating expenses

    208       232  

Operating income

    61       283  

Interest expense, net

    (18 )     (14 )

Equity in income of investment in unconsolidated affiliates

    12       15  

Fair value adjustments to Venator investment, net

    (1 )     (2 )

Other income, net

    1        

Income from continuing operations before income taxes

    55       282  

Income tax expense

    (11 )     (60 )

Income from continuing operations

    44       222  

Income from discontinued operations, net of tax

    122       18  

Net income

    166       240  

Net income attributable to noncontrolling interests

    (13 )     (17 )

Net income attributable to Huntsman Corporation

  $ 153     $ 223  
                 

Basic income per share:

               

Income from continuing operations attributable to Huntsman Corporation common stockholders

  $ 0.17     $ 0.96  

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

    0.67       0.09  

Net income attributable to Huntsman Corporation common stockholders

  $ 0.84     $ 1.05  

Weighted average shares

    182.7       212.7  
                 

Diluted income per share:

               

Income from continuing operations attributable to Huntsman Corporation common stockholders

  $ 0.17     $ 0.95  

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

    0.66       0.09  

Net income attributable to Huntsman Corporation common stockholders

  $ 0.83     $ 1.04  

Weighted average shares

    184.4       215.4  
                 

Amounts attributable to Huntsman Corporation:

               

Income from continuing operations

  $ 31     $ 205  

Income from discontinued operations, net of tax

    122       18  

Net income

  $ 153     $ 223  

   

See accompanying notes to condensed consolidated financial statements.

5

 

 

HUNTSMAN CORPORATION AND SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(In Millions) 

 

   

Three months

 
   

ended

 
   

March 31,

 
   

2023

   

2022

 

Net income

  $ 166     $ 240  

Other comprehensive income (loss), net of tax:

               

Foreign currency translations adjustments

    54       (20 )

Pension and other postretirement benefits adjustments

    74       9  

Other, net

    (1 )     (1 )

Other comprehensive income (loss), net of tax

    127       (12 )

Comprehensive income

    293       228  

Comprehensive income attributable to noncontrolling interests

    (15 )     (16 )

Comprehensive income attributable to Huntsman Corporation

  $ 278     $ 212  

​  

6

 

 

HUNTSMAN CORPORATION AND SUBSIDIARIES

UNAUDITED 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, 2023

  183,634,464  $3  $4,156  $(1,937) $(35) $2,705  $(1,268) $216  $3,840 

Net income

                 153      13   166 

Other comprehensive income

                    125   2   127 

Issuance of nonvested stock awards

        32      (32)            

Vesting of stock awards

  1,016,782      5                  5 

Recognition of stock-based compensation

        1      9            10 

Repurchase and cancellation of stock awards

  (301,231)              (9)        (9)

Stock options exercised

  16,245      1         (1)         

Treasury stock repurchased

  (3,472,020)        (101)              (101)

Distributions to noncontrolling interests

                       (4)  (4)

Dividends declared on common stock ($0.2375 per share)

                 (44)        (44)

Balance, March 31, 2023

  180,894,240  $3  $4,195  $(2,038) $(58) $2,804  $(1,143) $227  $3,990 

 

  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 

 

See accompanying notes to condensed consolidated financial statements.

7

 

 

HUNTSMAN CORPORATION AND SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In Millions)

 

   

Three months

 
   

ended

 
   

March 31,

 
   

2023

   

2022

 

Operating Activities:

               

Net income

  $ 166     $ 240  

Less: Income from discontinued operations, net of tax

    (122 )     (18 )

Income from continuing operations

    44       222  

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

               

Equity in income of investment in unconsolidated affiliates

    (12 )     (15 )

Unrealized net losses on fair value adjustments to Venator investment, net

    1       2  

Depreciation and amortization

    69       67  

Noncash lease expense

    17       15  

Deferred income taxes

    (20 )     12  

Noncash stock-based compensation

    9       10  

Other, net

    (1 )     1  

Changes in operating assets and liabilities:

               

Accounts and notes receivable

    (23 )     (119 )

Inventories

    (50 )     (158 )

Other current assets

    23       13  

Other noncurrent assets

    (17 )     (1 )

Accounts payable

    (75 )     77  

Accrued liabilities

    (70 )     (31 )

Other noncurrent liabilities

    (17 )     (28 )

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

    (122 )     67  

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

    (32 )     18  

Net cash (used in) provided by operating activities

    (154 )     85  
                 

Investing Activities:

               

Capital expenditures

    (46 )     (64 )

Cash received from sale of businesses, net

    541        

Other, net

    (2 )     4  

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

    493       (60 )

Net cash used in investing activities from discontinued operations

    (4 )     (5 )

Net cash provided by (used in) investing activities

    489       (65 )
                 

Financing Activities:

               

Net (repayments) borrowings on revolving loan facilities

    (220 )     8  

Repayments of long-term debt

    (4 )     (3 )

Dividends paid to common stockholders

    (44 )     (46 )

Distributions paid to noncontrolling interests

    (4 )      

Repurchase and cancellation of awards

    (9 )     (13 )

Repurchase of common stock

    (97 )     (203 )

Proceeds from issuance of common stock

          5  

Other, net

    (1 )      

Net cash used in financing activities

    (379 )     (252 )

Effect of exchange rate changes on cash

    5       (2 )

Decrease in cash and cash equivalents

    (39 )     (234 )

Cash and cash equivalents at beginning of period

    654       1,041  

Cash and cash equivalents at end of period

  $ 615     $ 807  
                 

Supplemental cash flow information:

               

Cash paid for interest

  $ 10     $ 9  

Cash paid for income taxes

    29       32  

As of March 31, 2023 and 2022, the amount of capital expenditures in accounts payable was $21 million and $41 million, respectively.

 

​See accompanying notes to condensed consolidated financial statements.

8

 

 

HUNTSMAN INTERNATIONAL LLC AND SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(In Millions, Except Unit Amounts)

  

March 31,

  

December 31,

 
  

2023

  

2022

 

ASSETS

        

Current assets:

        

Cash and cash equivalents(a)

 $615  $654 

Accounts and notes receivable (net of allowance for doubtful accounts of $13 and $14, respectively), ($306 and $272 pledged as collateral, respectively)(a)

  878   813 

Accounts receivable from affiliates

  9   21 

Inventories(a)

  1,048   995 

Other current assets

  150   196 

Current assets held for sale

     472 

Total current assets

  2,700   3,151 

Property, plant and equipment, net(a)

  2,366   2,377 

Investment in unconsolidated affiliates

  441   425 

Intangible assets, net

  415   425 

Goodwill

  642   641 

Deferred income taxes

  136   147 

Operating lease right-of-use assets

  367   374 

Other noncurrent assets(a)

  696   686 

Total assets

 $7,763  $8,226 
         

LIABILITIES AND EQUITY

        

Current liabilities:

        

Accounts payable(a)

 $787  $907 

Accounts payable to affiliates

  66   54 

Accrued liabilities(a)

  374   427 

Current portion of debt(a)

  11   66 

Current operating lease liabilities(a)

  48   51 

Current liabilities held for sale

     194 

Total current liabilities

  1,286   1,699 

Long-term debt(a)

  1,509   1,671 

Deferred income taxes

  242   254 

Noncurrent operating lease liabilities(a)

  334   336 

Other noncurrent liabilities(a)

  390   414 

Total liabilities

  3,761   4,374 

Commitments and contingencies (Notes 14 and 15)

          

Equity

        

Huntsman International LLC members’ equity:

        

Members’ equity, 2,728 units issued and outstanding

  3,769   3,759 

Retained earnings

  1,133   1,130 

Accumulated other comprehensive loss

  (1,127)  (1,253)

Total Huntsman International LLC members’ equity

  3,775   3,636 

Noncontrolling interests in subsidiaries

  227   216 

Total equity

  4,002   3,852 

Total liabilities and equity

 $7,763  $8,226 

   


(a)

At March 31, 2023 and December 31, 2022, respectively, $12 and $5 of cash and cash equivalents, $6 and $4 of accounts and notes receivable (net), $57 and $59 of inventories, $147 and $149 of property, plant and equipment (net), $29 each of other noncurrent assets, $97 and $114 of accounts payable, $13 and $12 of accrued liabilities, $9 each of current portion of debt, $10 and $9 of current operating lease liabilities, $24 and $26 of long-term debt, $18 and $19 of noncurrent operating lease liabilities and $24 and $25 of other noncurrent liabilities from consolidated variable interest entities are included in the respective balance sheet captions above. See “Note 5. Variable Interest Entities.” These assets can only be used to settle obligations of the variable interest entities, and creditors of these liabilities do not have recourse to our general credit.

See accompanying notes to condensed consolidated financial statements.

9

 

 

HUNTSMAN INTERNATIONAL LLC AND SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In Millions)

 

   

Three months

 
   

ended

 
   

March 31,

 
   

2023

   

2022

 

Revenues:

               

Trade sales, services and fees, net

  $ 1,573     $ 2,132  

Related party sales

    33       60  

Total revenues

    1,606       2,192  

Cost of goods sold

    1,337       1,677  

Gross profit

    269       515  

Operating expenses:

               

Selling, general and administrative

    186       187  

Research and development

    30       34  

Restructuring, impairment and plant closing credits

    (7 )      

Other operating (income) expense, net

    (3 )     8  

Total operating expenses

    206       229  

Operating income

    63       286  

Interest expense, net

    (18 )     (14 )

Equity in income of investment in unconsolidated affiliates

    12       15  

Fair value adjustments to Venator investment, net

    (1 )     (2 )

Other income, net

    1        

Income from continuing operations before income taxes

    57       285  

Income tax expense

    (11 )     (60 )

Income from continuing operations

    46       225  

Income from discontinued operations, net of tax

    122       18  

Net income

    168       243  

Net income attributable to noncontrolling interests

    (13 )     (17 )

Net income attributable to Huntsman International LLC

  $ 155     $ 226  

See accompanying notes to condensed consolidated financial statements.

10

 

 

HUNTSMAN INTERNATIONAL LLC AND SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME 

(In Millions)

 

   

Three months

 
   

ended

 
   

March 31,

 
   

2023

   

2022

 

Net income

  $ 168     $ 243  

Other comprehensive income (loss), net of tax:

               

Foreign currency translations adjustments

    54       (20 )

Pension and other postretirement benefits adjustments

    74       9  

Other, net

          (1 )

Other comprehensive income (loss), net of tax

    128       (12 )

Comprehensive income

    296       231  

Comprehensive income attributable to noncontrolling interests

    (15 )     (16 )

Comprehensive income attributable to Huntsman International LLC

  $ 281     $ 215  

​ ​

See accompanying notes to condensed consolidated financial statements.

11

 

 

HUNTSMAN INTERNATIONAL LLC AND SUBSIDIARIES

UNAUDITED 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, 2023

    2,728     $ 3,759     $ 1,130     $ (1,253 )   $ 216     $ 3,852  

Net income

                155             13       168  

Dividends paid to parent

                (43 )                 (43 )

Other comprehensive income

                      126       2       128  

Contribution from parent

          10                         10  

Distribution to parent

                (109 )                 (109 )

Distributions to noncontrolling interests

                            (4 )     (4 )

Balance, March 31, 2023

    2,728       3,769       1,133       (1,127 )     227       4,002  

​   ​

   

Huntsman International LLC Members

                 
   

Members'