0001307954 0001089748 false --12-31 Q3 2023 --12-31 Q2 2023 11 14 282 272 0.01 0.01 1,200,000,000 1,200,000,000 262,141,647 261,148,217 173,608,016 183,634,464 88,533,631 77,513,753 0.2375 0.2375 0.2375 0.2125 0.2125 0.2125 11 14 282 272 2,728 2,728 2,728 2,728 8 0 1.525 July 31, 2024 0.90 July 31, 2024 1.30 105 63 300 300 316 750 741 400 397 1 150 0 56 0 43 0 5 1 4 30 6 3 2 0 0 3 3 2 2 3 Amounts are net of tax of $73 million and $81 million as of September 30, 2022 and January 1, 2022, respectively. 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. Amounts are net of tax of $43 million for both September 30, 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 11. Employee Benefit Plans.” On September 30, 2023, we had an additional $12 million (U.S. dollar equivalents) of letters of credit and bank guarantees issued and outstanding under our 2022 Revolving Credit Facility. 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. Amounts are net of tax of $82 million and $55 million as of September 30, 2023 and January 1, 2023, respectively. 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. Amounts are net of tax of $57 million and $55 million as of September 30, 2023 and January 1, 2023, respectively. Geographic information for revenues is based upon countries into which product is sold. As of June 30, 2023, we had approximately $6 million (U.S. dollar equivalents) of letters of credit issued and outstanding under our U.S. A/R Program. In connection with the sale of our Textile Effects Business, we recognized $67 million of pension settlement losses and $1 million of pension curtailment gains for the six months ended June 30, 2023. 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, which effective July 1, 2023 will be Term SOFR. Amounts are net of tax of $58 million and $31 million as of September 30, 2023 and January 1, 2023, 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. As of September 30, 2023, a total of 115,685 restricted stock units were vested but not yet issued, of which 9,400 vested during the nine months ended September 30, 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. 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 September 30, 2023 was 1.525% above Term SOFR. Amounts are net of tax of $97 million and $105 million as of September 30, 2022 and January 1, 2022, respectively. Amounts are net of tax of $44 million and $42 million as of September 30, 2023 and January 1, 2023, respectively. Amounts include approximately nil and $3 million of actuarial losses and prior service credits related to discontinued operations for the three months ended September 30, 2023 and 2022, respectively. Amounts include approximately $1 million and $8 million of actuarial losses and prior service credits related to discontinued operations for the nine months ended September 30, 2023 and 2022, respectively. 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 nine months ended September 30, 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. At September 30, 2023 and December 31, 2022, respectively, $12 and $5 of cash and cash equivalents, $12 and $4 of accounts and notes receivable (net), $50 and $59 of inventories, $145 and $149 of property, plant and equipment (net), $31 and $29 of other noncurrent assets, $76 and $114 of accounts payable, $13 and $12 of accrued liabilities, $9 each of current portion of debt, $9 each of current operating lease liabilities, $19 and $26 of long-term debt, $20 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. Amounts are net of tax of $56 million as of both September 30, 2022 and January 1, 2022. 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) gain (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) plant incident remediation credits (j) restructuring, impairment, plant closing and transition costs; and (k) (loss) income from discontinued operations, net of tax. 12 5 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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 September 30, 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 October 18, 2023, 174,287,403 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 September 30, 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 (Loss) Income

6

Unaudited Condensed Consolidated Statements of Equity

7

Unaudited Condensed Consolidated Statements of Cash Flows

9

Huntsman International LLC and Subsidiaries:

Unaudited Condensed Consolidated Balance Sheets

10

Unaudited Condensed Consolidated Statements of Operations

11

Unaudited Condensed Consolidated Statements of Comprehensive (Loss) Income

12

Unaudited Condensed Consolidated Statements of Equity

13

Unaudited Condensed Consolidated Statements of Cash Flows

14

Huntsman Corporation and Subsidiaries and Huntsman International LLC and Subsidiaries:

Notes to Unaudited Condensed Consolidated Financial Statements

15

ITEM 2.

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

34

ITEM 3.

Quantitative and Qualitative Disclosures About Market Risk

47

ITEM 4.

Controls and Procedures

47

PART II

OTHER INFORMATION

48

ITEM 1.

Legal Proceedings

48

ITEM 1A.

Risk Factors

48

ITEM 2.

Unregistered Sales of Equity Securities and Use of Proceeds

48

ITEM 6.

Exhibits

49

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)

  

September 30,

  

December 31,

 
  

2023

  

2022

 

ASSETS

        

Current assets:

        

Cash and cash equivalents(a)

 $496  $654 

Accounts and notes receivable (net of allowance for doubtful accounts of $11 and $14, respectively), ($282 and $272 pledged as collateral, respectively)(a)

  822   813 

Accounts receivable from affiliates

  5   21 

Inventories(a)

  941   995 

Other current assets

  130   190 

Current assets held for sale

     472 

Total current assets

  2,394   3,145 

Property, plant and equipment, net(a)

  2,313   2,377 

Investment in unconsolidated affiliates

  450   425 

Intangible assets, net

  395   425 

Goodwill

  639   641 

Deferred income taxes

  126   147 

Operating lease right-of-use assets

  359   374 

Other noncurrent assets(a)

  693   686 

Total assets

 $7,369  $8,220 
         

LIABILITIES AND EQUITY

        

Current liabilities:

        

Accounts payable(a)

 $684  $907 

Accounts payable to affiliates

  42   54 

Accrued liabilities(a)

  386   429 

Current portion of debt(a)

  113   66 

Current operating lease liabilities(a)

  46   51 

Current liabilities held for sale

     194 

Total current liabilities

  1,271   1,701 

Long-term debt(a)

  1,493   1,671 

Deferred income taxes

  255   250 

Noncurrent operating lease liabilities(a)

  329   336 

Other noncurrent liabilities(a)

  367   422 

Total liabilities

  3,715   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, 262,141,647 and 261,148,217 shares issued and 173,608,016 and 183,634,464 shares outstanding, respectively

  3   3 

Additional paid-in capital

  4,201   4,156 

Treasury stock, 88,533,631 and 77,513,753 shares, respectively

  (2,239)  (1,937)

Unearned stock-based compensation

  (47)  (35)

Retained earnings

  2,736   2,705 

Accumulated other comprehensive loss

  (1,225)  (1,268)

Total Huntsman Corporation stockholders’ equity

  3,429   3,624 

Noncontrolling interests in subsidiaries

  225   216 

Total equity

  3,654   3,840 

Total liabilities and equity

 $7,369  $8,220 

  


(a)

At September 30, 2023 and December 31, 2022, respectively, $12 and $5 of cash and cash equivalents, $12 and $4 of accounts and notes receivable (net), $50 and $59 of inventories, $145 and $149 of property, plant and equipment (net), $31 and $29 of other noncurrent assets, $76 and $114 of accounts payable, $13 and $12 of accrued liabilities, $9 each of current portion of debt, $9 each of current operating lease liabilities, $19 and $26 of long-term debt, $20 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

   

Nine months

 
   

ended

   

ended

 
   

September 30,

   

September 30,

 
   

2023

   

2022

   

2023

   

2022

 

Revenues:

                               

Trade sales, services and fees, net

  $ 1,477     $ 1,946     $ 4,611     $ 6,189  

Related party sales

    29       65       97       184  

Total revenues

    1,506       2,011       4,708       6,373  

Cost of goods sold

    1,275       1,662       3,954       5,017  

Gross profit

    231       349       754       1,356  

Operating expenses:

                               

Selling, general and administrative

    165       165       520       532  

Research and development

    28       31       87       97  

Restructuring, impairment and plant closing costs

    6       12       7       36  

Other operating loss (income), net

    5       3       2       (8 )

Total operating expenses

    204       211       616       657  

Operating income

    27       138       138       699  

Interest expense, net

    (15 )     (16 )     (48 )     (46 )

Equity in income of investment in unconsolidated affiliates

    30       21       70       55  

Other income (expense), net

          3       (2 )     14  

Income from continuing operations before income taxes

    42       146       158       722  

Income tax expense

    (27 )     (30 )     (66 )     (155 )

Income from continuing operations

    15       116       92       567  

(Loss) income from discontinued operations, net of tax

          (1 )     120       30  

Net income

    15       115       212       597  

Net income attributable to noncontrolling interests

    (15 )     (15 )     (40 )     (46 )

Net income attributable to Huntsman Corporation

  $     $ 100     $ 172     $ 551  
                                 

Basic income per share:

                               

Income from continuing operations attributable to Huntsman Corporation common stockholders

  $     $ 0.52     $ 0.29     $ 2.54  

(Loss) income from discontinued operations attributable to Huntsman Corporation common stockholders, net of tax

          (0.01 )     0.67       0.15  

Net income attributable to Huntsman Corporation common stockholders

  $     $ 0.51     $ 0.96     $ 2.69  

Weighted average shares

    175.7       197.7       179.1       205.2  
                                 

Diluted income per share:

                               

Income from continuing operations attributable to Huntsman Corporation common stockholders

  $     $ 0.51     $ 0.29     $ 2.52  

(Loss) income from discontinued operations attributable to Huntsman Corporation common stockholders, net of tax

          (0.01 )     0.66       0.14  

Net income attributable to Huntsman Corporation common stockholders

  $     $ 0.50     $ 0.95     $ 2.66  

Weighted average shares

    177.0       199.2       180.5       207.2  
                                 

Amounts attributable to Huntsman Corporation:

                               

Income from continuing operations

  $     $ 101     $ 52     $ 521  

(Loss) income from discontinued operations, net of tax

          (1 )     120       30  

Net income

  $     $ 100     $ 172     $ 551  

   

See accompanying notes to condensed consolidated financial statements.

5

 

 

HUNTSMAN CORPORATION AND SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME

(In Millions) 

 

   

Three months

   

Nine months

 
   

ended

   

ended

 
   

September 30,

   

September 30,

 
   

2023

   

2022

   

2023

   

2022

 

Net income

  $ 15     $ 115     $ 212     $ 597  

Other comprehensive (loss) income, net of tax:

                               

Foreign currency translations adjustments

    (46 )     (204 )     (39 )     (338 )

Pension and other postretirement benefits adjustments

    6       10       86       28  

Other, net

    (9 )           (9 )     (1 )

Other comprehensive (loss) income, net of tax

    (49 )     (194 )     38       (311 )

Comprehensive (loss) income

    (34 )     (79 )     250       286  

Comprehensive income attributable to noncontrolling interests

    (16 )     (6 )     (35 )     (29 )

Comprehensive (loss) income attributable to Huntsman Corporation

  $ (50 )   $ (85 )   $ 215     $ 257  

​  

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 

Net income

                 19      12   31 

Other comprehensive loss

                    (32)  (8)  (40)

Vesting of stock awards

  6,616                         

Recognition of stock-based compensation

              5            5 

Repurchase and cancellation of stock awards

  (1,957)                        

Stock options exercised

  1,444                         

Treasury stock repurchased

  (3,790,069)        (98)              (98)

Dividends declared on common stock ($0.2375 per share)

                 (42)        (42)

Balance, June 30, 2023

  177,110,274   3   4,195   (2,136)  (53)  2,781   (1,175)  231   3,846 

Net income

                       15   15 

Other comprehensive (loss) income

                    (50)  1   (49)

Vesting of stock awards

  4,977                         

Recognition of stock-based compensation

              6            6 

Repurchase and cancellation of stock awards

  (1,499)                        

Stock options exercised

  252,053      7         (3)        4 

Treasury stock repurchased, including excise taxes

  (3,757,789)        (103)              (103)

Distributions to noncontrolling interests

                       (20)  (20)

Dividends declared on common stock ($0.2375 per share)

                 (42)        (42)

Acquisition of noncontrolling interests, net of tax

        (1)              (2)  (3)

Balance, September 30, 2023

  173,608,016  $3  $4,201  $(2,239) $(47) $2,736  $(1,225) $225  $3,654 

 

7

 

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, 2022

  214,170,287  $3  $