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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, 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 October 18, 2019, 225,462,807 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 SEPTEMBER 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 (Loss)

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 (Loss)

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

48

ITEM 3.

Quantitative and Qualitative Disclosures About Market Risk

66

ITEM 4.

Controls and Procedures

67

PART II

OTHER INFORMATION

68

ITEM 1.

Legal Proceedings

68

ITEM 1A.

Risk Factors

68

ITEM 2.

Unregistered Sales of Equity Securities and Use of Proceeds

69

ITEM 6.

Exhibits

70

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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.

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PART I. FINANCIAL INFORMATION

ITEM 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

HUNTSMAN CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(In Millions, Except Share and Per Share Amounts)

September 30, 

December 31, 

    

2019

    

2018

ASSETS

Current assets:

Cash and cash equivalents(a)

$

418

$

340

Accounts and notes receivable (net of allowance for doubtful accounts of $20 and $21, respectively), ($325 and $341 pledged as collateral, respectively)(a)

1,078

1,165

Accounts receivable from affiliates

12

18

Inventories(a)

961

1,000

Prepaid expenses

53

58

Other current assets(a)

99

145

Current assets held for sale

1,108

232

Total current assets

3,729

2,958

Property, plant and equipment, net(a)

2,324

2,353

Investment in unconsolidated affiliates

454

526

Intangible assets, net(a)

202

213

Goodwill

274

275

Deferred income taxes

309

324

Notes receivable from affiliate

34

34

Operating lease right-of-use assets

356

Other noncurrent assets(a)

433

393

Noncurrent assets held for sale

877

Total assets

$

8,115

$

7,953

LIABILITIES AND EQUITY

Current liabilities:

Accounts payable(a)

$

715

$

761

Accounts payable to affiliates

29

32

Accrued liabilities(a)

406

497

Current portion of debt(a)

132

96

Current operating lease liabilities(a)

37

Current liabilities held for sale

586

225

Total current liabilities

1,905

1,611

Long-term debt(a)

2,204

2,224

Deferred income taxes

198

137

Noncurrent operating lease liabilities(a)

349

Other noncurrent liabilities(a)

821

949

Noncurrent liabilities held for sale

283

Total liabilities

5,477

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, 257,299,669 and 256,006,849 shares issued and 224,690,660 and 232,994,172 shares outstanding, respectively

3

3

Additional paid-in capital

4,009

3,984

Treasury stock, 32,609,012 and 23,012,680 shares, respectively

(623)

(427)

Unearned stock-based compensation

(21)

(16)

Retained earnings

424

292

Accumulated other comprehensive loss

(1,310)

(1,316)

Total Huntsman Corporation stockholders’ equity

2,482

2,520

Noncontrolling interests in subsidiaries

156

229

Total equity

2,638

2,749

Total liabilities and equity

$

8,115

$

7,953

(a)At September 30, 2019 and December 31, 2018, respectively, $4 and $7 of cash and cash equivalents, $11 and $30 of accounts and notes receivable (net), $36 and $49 of inventories, nil and $5 of other current assets, $199 and $265 of property, plant and equipment (net), nil and $10 of intangible assets (net), $20 and $52 of other noncurrent assets, $85 and $123 of accounts payable, $15 and $30 of accrued liabilities, $30 and $25 of current portion of debt, $5 and nil of current operating lease liabilities, $42 and $61 of long-term debt, $13 and nil of noncurrent operating lease liabilities and $88 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.

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HUNTSMAN CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In Millions, Except Per Share Amounts)

Three months

Nine months

    

ended

    

ended

September 30, 

September 30, 

2019

2018

2019

2018

Revenues:

Trade sales, services and fees, net

$

1,653

$

1,928

$

5,044

$

5,668

Related party sales

34

40

96

115

Total revenues

1,687

1,968

5,140

5,783

Cost of goods sold

1,347

1,501

4,068

4,371

Gross profit

340

467

1,072

1,412

Operating expenses:

Selling, general and administrative

193

203

585

578

Research and development

35

35

109

108

Restructuring, impairment and plant closing (credits) costs

(43)

5

(42)

8

Merger costs

1

2

Other operating expense, net

3

1

25

Total operating expenses

188

244

653

721

Operating income

152

223

419

691

Interest expense

(27)

(30)

(86)

(86)

Equity in income of investment in unconsolidated affiliates

19

14

41

45

Fair value adjustments to Venator investment

(148)

(90)

Loss on early extinguishment of debt

(23)

(3)

Other income, net

7

6

16

22

Income from continuing operations before income taxes

3

213

277

669

Income tax expense

(30)

(16)

(113)

(41)

(Loss) income from continuing operations

(27)

197

164

628

Income (loss) from discontinued operations, net of tax

68

(205)

126

337

Net income (loss)

41

(8)

290

965

Net income attributable to noncontrolling interests

(11)

(3)

(31)

(288)

Net income (loss) attributable to Huntsman Corporation

$

30

$

(11)

$

259

$

677

Basic (loss) income per share:

(Loss) income from continuing operations attributable to Huntsman Corporation common stockholders

$

(0.17)

$

0.72

$

0.58

$

2.35

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

0.30

(0.77)

0.54

0.48

Net income (loss) attributable to Huntsman Corporation common stockholders

$

0.13

$

(0.05)

$

1.12

$

2.83

Weighted average shares

227.4

237.9

230.3

239.1

Diluted (loss) income per share:

(Loss) income from continuing operations attributable to Huntsman Corporation common stockholders

$

(0.17)

$

0.72

$

0.58

$

2.31

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

0.30

(0.77)

0.54

0.48

Net income (loss) attributable to Huntsman Corporation common stockholders

$

0.13

$

(0.05)

$

1.12

$

2.79

Weighted average shares

227.4

240.8

232.0

243.0

Amounts attributable to Huntsman Corporation common stockholders:

(Loss) income from continuing operations

$

(38)

$

173

$

133

$

562

Income (loss) from discontinued operations, net of tax

68

(184)

126

115

Net income (loss)

$

30

$

(11)

$

259

$

677

See accompanying notes to condensed consolidated financial statements.

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HUNTSMAN CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(In Millions)

Three months

Nine months

ended

ended

September 30, 

September 30, 

    

2019

    

2018

    

2019

    

2018

Net income (loss)

$

41

$

(8)

$

290

$

965

Other comprehensive (loss) income, net of tax:

Foreign currency translations adjustments

(40)

(41)

(20)

(156)

Pension and other postretirement benefits adjustments

11

16

36

61

Other, net

(1)

(1)

(8)

Other comprehensive (loss) income, net of tax

(30)

(25)

15

(103)

Comprehensive income (loss)

11

(33)

305

862

Comprehensive income attributable to noncontrolling interests

(5)

(2)

(25)

(256)

Comprehensive income (loss) attributable to Huntsman Corporation

$

6

$

(35)

$

280

$

606

See accompanying notes to condensed consolidated financial statements.

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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