| Schedule I - Condensed Financial Information of Registrant |
HUNTSMAN CORPORATION (PARENT ONLY)
Schedule I—Condensed Financial Information of Registrant
HUNTSMAN CORPORATION (Parent Only)
BALANCE SHEETS
(In Millions, Except Share and Per Share Amounts)
|
|
|
|
|
|
|
|
|
December 31, |
|
|
2019 |
|
2018 |
ASSETS |
|
|
|
|
|
|
Prepaid assets |
|
$ |
1 |
|
$ |
1 |
Receivable from affiliate |
|
|
86 |
|
|
72 |
Note receivable from affiliate |
|
|
100 |
|
|
100 |
Total current assets |
|
|
187 |
|
|
173 |
Note receivable from affiliate-noncurrent |
|
|
280 |
|
|
488 |
Investment in and advances to affiliates |
|
|
2,626 |
|
|
2,251 |
Total assets |
|
$ |
3,093 |
|
$ |
2,912 |
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
Payable to affiliate |
|
$ |
396 |
|
$ |
381 |
Accrued liabilities |
|
|
3 |
|
|
3 |
Total current liabilities |
|
|
399 |
|
|
384 |
Other noncurrent liabilities |
|
|
7 |
|
|
8 |
Total liabilities |
|
|
406 |
|
|
392 |
STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
Common stock $0.01 par value, 1,200,000,000 shares authorized, 257,405,496 and 256,006,849 shares issued and 224,295,868 and 232,994,172 shares outstanding, respectively |
|
|
3 |
|
|
3 |
Additional paid-in capital |
|
|
4,008 |
|
|
3,984 |
Treasury stock, 33,112,572 and 23,012,680 shares, respectively |
|
|
(635) |
|
|
(427) |
Unearned stock-based compensation |
|
|
(17) |
|
|
(16) |
Retained earnings |
|
|
690 |
|
|
292 |
Accumulated other comprehensive loss |
|
|
(1,362) |
|
|
(1,316) |
Total stockholders’ equity |
|
|
2,687 |
|
|
2,520 |
Total liabilities and stockholders’ equity |
|
$ |
3,093 |
|
$ |
2,912 |
This statement should be read in conjunction with the notes to the consolidated financial statements.
HUNTSMAN CORPORATION (Parent Only)
STATEMENTS OF OPERATIONS
(In Millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year ended December 31, |
|
|
2019 |
|
2018 |
|
2017 |
Selling, general and administrative expenses |
|
$ |
(5) |
|
$ |
(4) |
|
$ |
(4) |
Interest income |
|
|
15 |
|
|
21 |
|
|
16 |
Equity in income of subsidiaries |
|
|
401 |
|
|
163 |
|
|
501 |
Dividend income—affiliate |
|
|
148 |
|
|
154 |
|
|
120 |
Other income |
|
|
3 |
|
|
3 |
|
|
3 |
Net income |
|
$ |
562 |
|
$ |
337 |
|
$ |
636 |
This statement should be read in conjunction with the notes to the consolidated financial statements.
HUNTSMAN CORPORATION (Parent Only)
STATEMENTS OF COMPREHENSIVE INCOME
(In Millions)
|
|
|
|
|
|
|
|
|
|
|
|
Year ended December 31, |
|
|
2019 |
|
2018 |
|
2017 |
Net income |
|
$ |
562 |
|
$ |
337 |
|
$ |
636 |
Other comprehensive income, net of tax: |
|
|
|
|
|
|
|
|
|
Foreign currency translations adjustments |
|
|
2 |
|
|
(192) |
|
|
210 |
Pension and other postretirement benefits adjustments |
|
|
(37) |
|
|
(39) |
|
|
86 |
Other, net |
|
|
35 |
|
|
304 |
|
|
105 |
Other comprehensive income, net of tax |
|
|
— |
|
|
73 |
|
|
401 |
Comprehensive income |
|
|
562 |
|
|
410 |
|
|
1,037 |
Comprehensive income attributable to noncontrolling interests |
|
|
(31) |
|
|
(266) |
|
|
(127) |
Comprehensive income attributable to Huntsman Corporation |
|
$ |
531 |
|
$ |
144 |
|
$ |
910 |
This statement should be read in conjunction with the notes to the consolidated financial statements.
HUNTSMAN CORPORATION (Parent Only)
STATEMENTS OF STOCKHOLDERS’ EQUITY
(In Millions, Except Share Amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Huntsman Corporation Stockholders’ Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Accumulated |
|
Accumulated |
|
|
|
|
|
Shares |
|
|
|
|
Additional |
|
|
|
|
Unearned |
|
deficit) |
|
other |
|
|
|
|
|
Common |
|
Common |
|
paid-in |
|
Treasury |
|
stock-based |
|
retained |
|
comprehensive |
|
Total |
|
|
stock |
|
stock |
|
capital |
|
stock |
|
compensation |
|
earnings |
|
loss |
|
equity |
Beginning balance, January 1, 2017 |
|
236,370,347 |
|
$ |
3 |
|
$ |
3,447 |
|
$ |
(150) |
|
$ |
(17) |
|
$ |
(325) |
|
$ |
(1,671) |
|
$ |
1,287 |
Net income |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
636 |
|
|
— |
|
|
636 |
Other comprehensive income |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
403 |
|
|
403 |
Issuance of nonvested stock awards |
|
— |
|
|
— |
|
|
18 |
|
|
— |
|
|
(18) |
|
|
— |
|
|
— |
|
|
— |
Vesting of stock awards |
|
1,316,975 |
|
|
— |
|
|
8 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
8 |
Recognition of stock-based compensation |
|
— |
|
|
— |
|
|
10 |
|
|
— |
|
|
18 |
|
|
— |
|
|
— |
|
|
28 |
Repurchase and cancellation of stock awards |
|
(402,978) |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(12) |
|
|
— |
|
|
(12) |
Stock options exercised |
|
2,929,262 |
|
|
— |
|
|
53 |
|
|
— |
|
|
— |
|
|
(18) |
|
|
— |
|
|
35 |
Disposition of a portion of Venator |
|
— |
|
|
— |
|
|
413 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
413 |
Costs of the IPO and secondary offering of Venator |
|
— |
|
|
— |
|
|
(58) |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(58) |
Conversion of restricted awards to Venator awards |
|
— |
|
|
— |
|
|
(2) |
|
|
— |
|
|
2 |
|
|
— |
|
|
— |
|
|
— |
Dividends declared on common stock |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(120) |
|
|
— |
|
|
(120) |
Balance, December 31, 2017 |
|
240,213,606 |
|
|
3 |
|
|
3,889 |
|
|
(150) |
|
|
(15) |
|
|
161 |
|
|
(1,268) |
|
|
2,620 |
Cumulative effect of changes in fair value of equity investments |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
10 |
|
|
(10) |
|
|
— |
Net income |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
337 |
|
|
— |
|
|
337 |
Other comprehensive loss |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(198) |
|
|
(198) |
Issuance of nonvested stock awards |
|
— |
|
|
— |
|
|
14 |
|
|
— |
|
|
(14) |
|
|
— |
|
|
— |
|
|
— |
Vesting of stock awards |
|
1,135,003 |
|
|
— |
|
|
11 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
11 |
Recognition of stock-based compensation |
|
— |
|
|
— |
|
|
8 |
|
|
— |
|
|
13 |
|
|
— |
|
|
— |
|
|
21 |
Repurchase and cancellation of stock awards |
|
(259,643) |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(30) |
|
|
— |
|
|
(30) |
Stock options exercised |
|
2,310,663 |
|
|
— |
|
|
46 |
|
|
— |
|
|
— |
|
|
(29) |
|
|
— |
|
|
17 |
Treasury stock repurchased |
|
(10,405,457) |
|
|
— |
|
|
— |
|
|
(277) |
|
|
— |
|
|
— |
|
|
— |
|
|
(277) |
Disposition of a portion of Venator |
|
— |
|
|
— |
|
|
18 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
18 |
Costs of the secondary offering of Venator |
|
— |
|
|
— |
|
|
(2) |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(2) |
Deconsolidation of Venator |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
160 |
|
|
160 |
Accrued and unpaid dividends |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(1) |
|
|
— |
|
|
(1) |
Dividends declared on common stock |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(156) |
|
|
— |
|
|
(156) |
Balance, December 31, 2018 |
|
232,994,172 |
|
|
3 |
|
|
3,984 |
|
|
(427) |
|
|
(16) |
|
|
292 |
|
|
(1,316) |
|
|
2,520 |
Net income |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
562 |
|
|
— |
|
|
562 |
Other comprehensive loss |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(46) |
|
|
(46) |
Issuance of nonvested stock awards |
|
— |
|
|
— |
|
|
17 |
|
|
— |
|
|
(17) |
|
|
— |
|
|
— |
|
|
— |
Vesting of stock awards |
|
1,643,368 |
|
|
— |
|
|
7 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
7 |
Recognition of stock-based compensation |
|
— |
|
|
— |
|
|
7 |
|
|
— |
|
|
16 |
|
|
— |
|
|
— |
|
|
23 |
Repurchase and cancellation of stock awards |
|
(488,441) |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(12) |
|
|
— |
|
|
(12) |
Stock options exercised |
|
246,661 |
|
|
— |
|
|
4 |
|
|
— |
|
|
— |
|
|
(2) |
|
|
— |
|
|
2 |
Treasury stock repurchased |
|
(10,099,892) |
|
|
— |
|
|
— |
|
|
(208) |
|
|
— |
|
|
— |
|
|
— |
|
|
(208) |
Acquisition of noncontrolling interests, net of tax |
|
— |
|
|
— |
|
|
(11) |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(11) |
Dividends declared on common stock |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(150) |
|
|
— |
|
|
(150) |
Balance, December 31, 2019 |
|
224,295,868 |
|
$ |
3 |
|
$ |
4,008 |
|
$ |
(635) |
|
$ |
(17) |
|
$ |
690 |
|
$ |
(1,362) |
|
$ |
2,687 |
This statement should be read in conjunction with the notes to the consolidated financial statements.
HUNTSMAN CORPORATION (Parent Only)
STATEMENTS OF CASH FLOWS
(In Millions)
|
|
|
|
|
|
|
|
|
|
|
|
Year ended December 31, |
|
|
2019 |
|
2018 |
|
2017 |
Operating Activities: |
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
562 |
|
$ |
337 |
|
$ |
636 |
Equity in income of subsidiaries |
|
|
(401) |
|
|
(163) |
|
|
(501) |
Stock-based compensation |
|
|
1 |
|
|
1 |
|
|
1 |
Noncash interest income |
|
|
(15) |
|
|
(21) |
|
|
(16) |
Changes in operating assets and liabilities |
|
|
13 |
|
|
19 |
|
|
10 |
Net cash provided by operating activities |
|
|
160 |
|
|
173 |
|
|
130 |
Investing Activities: |
|
|
|
|
|
|
|
|
|
Loan to affiliate |
|
|
— |
|
|
— |
|
|
(47) |
Repayments of loan by affiliate |
|
|
207 |
|
|
255 |
|
|
— |
Net cash provided by (used in) investing activities |
|
|
207 |
|
|
255 |
|
|
(47) |
Financing Activities: |
|
|
|
|
|
|
|
|
|
Dividends paid to common stockholders |
|
|
(150) |
|
|
(156) |
|
|
(120) |
Repurchase and cancellation of stock awards |
|
|
(12) |
|
|
(30) |
|
|
(12) |
Proceeds from issuance of common stock |
|
|
2 |
|
|
17 |
|
|
35 |
Repurchase of common stock |
|
|
(208) |
|
|
(277) |
|
|
— |
Increase in payable to affiliates |
|
|
1 |
|
|
16 |
|
|
15 |
Net cash used in financing activities |
|
|
(367) |
|
|
(430) |
|
|
(82) |
(Decrease) increase in cash and cash equivalents |
|
|
— |
|
|
(2) |
|
|
1 |
Cash and cash equivalents at beginning of period |
|
|
— |
|
|
2 |
|
|
1 |
Cash and cash equivalents at end of period |
|
$ |
— |
|
$ |
— |
|
$ |
2 |
This statement should be read in conjunction with the notes to the consolidated financial statements.
|