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Table of Contents

`

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

Form 10-Q

Mark One)

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

For the quarterly period ended June 30, 2019

OR

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

For the transition period from                          to                         

Commission
File Number

    

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

    

State of
Incorporation
or Organization

    

I.R.S. Employer
Identification No.

001-32427

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

Delaware

42-1648585

333-85141

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

Delaware

87-0630358

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

Registrant

 

Title of each class

 

Trading Symbol

Name of each exchange on which registered

Huntsman Corporation

 

Common Stock, par value $0.01 per share

 

HUN

New York Stock Exchange

Huntsman International LLC

 

NONE

 

NONE

NONE

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

Huntsman Corporation

Yes

No

Huntsman International LLC

Yes

No

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

Huntsman Corporation

Yes

No

Huntsman International LLC

Yes

No

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

Huntsman Corporation

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

Emerging growth company

Huntsman International LLC

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

Emerging Growth company

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

Huntsman Corporation

Huntsman International LLC

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

Huntsman Corporation

Yes

No

Huntsman International LLC

Yes

No

On July 22, 2019, 229,470,229 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.

Table of Contents

HUNTSMAN CORPORATION AND SUBSIDIARIES

HUNTSMAN INTERNATIONAL LLC AND SUBSIDIARIES

QUARTERLY REPORT ON FORM 10-Q FOR THE QUARTERLY PERIOD

ENDED JUNE 30, 2019

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

7

Condensed Consolidated Statements of Cash Flows

9

Huntsman International LLC and Subsidiaries:

Condensed Consolidated Balance Sheets

11

Condensed Consolidated Statements of Operations

12

Condensed Consolidated Statements of Comprehensive Income

13

Condensed Consolidated Statements of Equity

14

Condensed Consolidated Statements of Cash Flows

16

Huntsman Corporation and Subsidiaries and Huntsman International LLC and Subsidiaries:

Notes to Condensed Consolidated Financial Statements

18

ITEM 2.

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

45

ITEM 3.

Quantitative and Qualitative Disclosures About Market Risk

62

ITEM 4.

Controls and Procedures

63

PART II

OTHER INFORMATION

64

ITEM 1.

Legal Proceedings

64

ITEM 1A.

Risk Factors

64

ITEM 2.

Unregistered Sales of Equity Securities and Use of Proceeds

64

ITEM 6.

Exhibits

65

2

Table of Contents

FORWARD-LOOKING STATEMENTS

Certain information set forth in this report contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements other than historical factual information are forward-looking statements, including without limitation statements regarding: projections of revenue, expenses, profit, profit margins, tax rates, tax provisions, cash flows, pension and benefit obligations and funding requirements, our liquidity position or other projected financial measures; 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, 2018.

3

Table of Contents

PART I. FINANCIAL INFORMATION

ITEM 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

HUNTSMAN CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(In Millions, Except Share and Per Share Amounts)

June 30, 

December 31, 

    

2019

    

2018

ASSETS

Current assets:

Cash and cash equivalents(a)

$

449

$

340

Accounts and notes receivable (net of allowance for doubtful accounts of $21 and $22, respectively), ($372 and $341 pledged as collateral, respectively)(a)

1,296

1,254

Accounts receivable from affiliates

14

18

Inventories(a)

1,094

1,134

Prepaid expenses

59

66

Other current assets(a)

101

146

Total current assets

3,013

2,958

Property, plant and equipment, net(a)

3,047

3,064

Investment in unconsolidated affiliates

596

526

Intangible assets, net(a)

212

219

Goodwill

275

275

Deferred income taxes

293

324

Notes receivable from affiliate

34

34

Operating lease right-of-use assets

445

Other noncurrent assets(a)

585

553

Total assets

$

8,500

$

7,953

LIABILITIES AND EQUITY

Current liabilities:

Accounts payable(a)

$

898

$

929

Accounts payable to affiliates

27

32

Accrued liabilities(a)

437

554

Current portion of debt(a)

228

96

Current operating lease liabilities(a)

60

Total current liabilities

1,650

1,611

Long-term debt(a)

2,277

2,224

Deferred income taxes

324

296

Noncurrent operating lease liabilities(a)

419

Other noncurrent liabilities(a)

1,010

1,073

Total liabilities

5,680

5,204

Commitments and contingencies (Notes 15 and 16)

Equity

Huntsman Corporation stockholders’ equity:

Common stock $0.01 par value, 1,200,000,000 shares authorized, 257,253,501 and 256,006,849 shares issued and 228,700,570 and 232,994,172 shares outstanding, respectively

3

3

Additional paid-in capital

4,013

3,984

Treasury stock, 28,552,934 and 23,012,680 shares, respectively

(542)

(427)

Unearned stock-based compensation

(24)

(16)

Retained earnings

432

292

Accumulated other comprehensive loss

(1,271)

(1,316)

Total Huntsman Corporation stockholders’ equity

2,611

2,520

Noncontrolling interests in subsidiaries

209

229

Total equity

2,820

2,749

Total liabilities and equity

$

8,500

$

7,953

(a)At June 30, 2019 and December 31, 2018, respectively, $19 and $7 of cash and cash equivalents, $29 and $30 of accounts and notes receivable (net), $38 and $49 of inventories, $5 each of other current assets, $263 and $265 of property, plant and equipment (net), $10 each of intangible assets (net), $44 and $52 of other noncurrent assets, $97 and $123 of accounts payable, $25 and $30 of accrued liabilities, $36 and $25 of current portion of debt, $5 and nil of current operating lease liabilities, $45 and $61 of long-term debt, $14 and nil of noncurrent operating lease liabilities and $95 and $97 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

Table of Contents

HUNTSMAN CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In Millions, Except Per Share Amounts)

Three months

Six months

    

ended

    

ended

June 30, 

June 30, 

2019

2018

2019

2018

Revenues:

Trade sales, services and fees, net

$

2,160

$

2,367

$

4,164

$

4,622

Related party sales

34

37

64

77

Total revenues

2,194

2,404

4,228

4,699

Cost of goods sold

1,761

1,849

3,398

3,604

Gross profit

433

555

830

1,095

Operating expenses:

Selling, general and administrative

196

207

412

399

Research and development

39

38

76

76

Restructuring, impairment and plant closing costs

1

1

3

Merger costs

1

1

Other operating (income) expense, net

(5)

9

(7)

21

Total operating expenses

230

256

482

500

Operating income

203

299

348

595

Interest expense

(29)

(29)

(59)

(56)

Equity in income of investment in unconsolidated affiliates

12

18

22

31

Fair value adjustments to Venator investment

(18)

58

Loss on early extinguishment of debt

(3)

(23)

(3)

Other income, net

2

8

6

15

Income from continuing operations before income taxes

170

293

352

582

Income tax expense

(50)

(4)

(102)

(57)

Income from continuing operations

120

289

250

525

(Loss) income from discontinued operations, net of tax

(2)

334

(1)

448

Net income

118

623

249

973

Net income attributable to noncontrolling interests

(8)

(209)

(20)

(285)

Net income attributable to Huntsman Corporation

$

110

$

414

$

229

$

688

Basic income (loss) per share:

Income from continuing operations attributable to Huntsman Corporation common stockholders

$

0.49

$

1.12

$

0.99

$

2.01

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

(0.01)

0.61

0.86

Net income attributable to Huntsman Corporation common stockholders

$

0.48

$

1.73

$

0.99

$

2.87

Weighted average shares

230.6

238.7

231.9

239.8

Diluted income (loss) per share:

Income from continuing operations attributable to Huntsman Corporation common stockholders

$

0.48

$

1.11

$

0.98

$

1.98

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

(0.01)

0.60

0.84

Net income attributable to Huntsman Corporation common stockholders

$

0.47

$

1.71

$

0.98

$

2.82

Weighted average shares

232.1

242.7

233.6

244.2

Amounts attributable to Huntsman Corporation common stockholders:

Income from continuing operations

$

112

$

268

$

230

$

483

(Loss) income from discontinued operations, net of tax

(2)

146

(1)

205

Net income

$

110

$

414

$

229

$

688

See accompanying notes to condensed consolidated financial statements.

5

Table of Contents

HUNTSMAN CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(In Millions)

Three months

Six months

ended

ended

June 30, 

June 30, 

    

2019

    

2018

    

2019

    

2018

Net income

$

118

$

623

$

249

$

973

Other comprehensive (loss) income, net of tax:

Foreign currency translations adjustments

(22)

(202)

20

(115)

Pension and other postretirement benefits adjustments

13

20

25

45

Other, net

1

(8)

Other comprehensive (loss) income, net of tax

(9)

(181)

45

(78)

Comprehensive income

109

442

294

895

Comprehensive income attributable to noncontrolling interests

(6)

(171)

(20)

(254)

Comprehensive income attributable to Huntsman Corporation

$

103

$

271

$

274

$

641

See accompanying notes to condensed consolidated financial statements.

6

Table of Contents

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, 2019

232,994,172

    

$

3

    

$

3,984

    

$

(427)

    

$

(16)

    

$

292

    

$

(1,316)

    

$

229

    

$

2,749

Net income

119

12

131

Other comprehensive income

52

2

54

Issuance of nonvested stock awards

16

(16)

Vesting of stock awards

1,619,502

7

7

Recognition of stock-based compensation

2

4

6

Repurchase and cancellation of stock awards

(483,053)

(12)

(12)

Stock options exercised

78,054

1

1

Treasury stock repurchased

(1,525,767)

(34)

(34)

Dividends declared on common stock ($0.1625 per share)

(39)

(39)

Balance, March 31, 2019

232,682,908

3

4,010

(461)

(28)

360

(1,264)

243

2,863

Net income

110

8

118

Other comprehensive loss

(7)

(2)

(9)

Vesting of stock awards

6,701

Recognition of stock-based compensation

2

4

6

Repurchase and cancellation of stock awards

(1,732)

Dividends declared to noncontrolling interests

(40)

(40)

Stock options exercised

27,180

1

1

Treasury stock repurchased

(4,014,487)

(81)

(81)

Dividends declared on common stock ($0.1625 per share)