| Schedule of major products by reportable operating segment |
|
|
|
Segment |
|
Products |
Polyurethanes |
|
MDI, polyols, TPU and other polyurethane-related products |
Performance Products |
|
Specialty amines, ethyleneamines, maleic anhydride and technology licenses |
Advanced Materials |
|
Basic liquid and solid epoxy resins; specialty resin compounds; cross-linking, matting, curing and toughening agents; epoxy, acrylic and polyurethane-based formulations |
Textile Effects |
|
Textile chemicals, dyes and digital inks |
|
| Schedule of EBITDA, Assets, Goodwill and Depreciation for each of the entity's reportable operating segments |
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months |
|
Six months |
|
ended |
|
ended |
|
June 30, |
|
June 30, |
|
2020 |
|
2019 |
|
2020 |
|
2019 |
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
Polyurethanes |
$ |
730 |
|
$ |
1,014 |
|
$ |
1,618 |
|
$ |
1,938 |
Performance Products |
|
228 |
|
|
299 |
|
|
520 |
|
|
599 |
Advanced Materials |
|
192 |
|
|
275 |
|
|
433 |
|
|
547 |
Textile Effects |
|
102 |
|
|
215 |
|
|
282 |
|
|
404 |
Corporate and eliminations |
|
(5) |
|
|
(19) |
|
|
(13) |
|
|
(35) |
Total |
$ |
1,247 |
|
$ |
1,784 |
|
$ |
2,840 |
|
$ |
3,453 |
|
|
|
|
|
|
|
|
|
|
|
|
Huntsman Corporation: |
|
|
|
|
|
|
|
|
|
|
|
Segment adjusted EBITDA(1): |
|
|
|
|
|
|
|
|
|
|
|
Polyurethanes |
$ |
31 |
|
$ |
156 |
|
$ |
115 |
|
$ |
280 |
Performance Products |
|
29 |
|
|
42 |
|
|
87 |
|
|
87 |
Advanced Materials |
|
30 |
|
|
55 |
|
|
78 |
|
|
108 |
Textile Effects |
|
(4) |
|
|
28 |
|
|
16 |
|
|
50 |
Corporate and other(2) |
|
(32) |
|
|
(36) |
|
|
(77) |
|
|
(76) |
Total |
|
54 |
|
|
245 |
|
|
219 |
|
|
449 |
Reconciliation of adjusted EBITDA to net (loss) income: |
|
|
|
|
|
|
|
|
|
|
|
Interest expense, net—continuing operations |
|
(21) |
|
|
(29) |
|
|
(39) |
|
|
(59) |
Income tax benefit (expense)—continuing operations |
|
13 |
|
|
(38) |
|
|
6 |
|
|
(83) |
Income tax expense—discontinued operations |
|
(1) |
|
|
(14) |
|
|
(239) |
|
|
(19) |
Depreciation and amortization—continuing operations |
|
(69) |
|
|
(69) |
|
|
(136) |
|
|
(136) |
Depreciation and amortization—discontinued operations |
|
— |
|
|
(23) |
|
|
— |
|
|
(46) |
Net income attributable to noncontrolling interests |
|
3 |
|
|
8 |
|
|
6 |
|
|
20 |
Other adjustments: |
|
|
|
|
|
|
|
|
|
|
|
Business acquisition and integration expenses and purchase accounting inventory adjustments |
|
(8) |
|
|
— |
|
|
(21) |
|
|
(1) |
EBITDA from discontinued operations(3) |
|
6 |
|
|
72 |
|
|
1,021 |
|
|
123 |
Fair value adjustments to Venator investment |
|
4 |
|
|
(18) |
|
|
(106) |
|
|
58 |
Loss on early extinguishment of debt |
|
— |
|
|
— |
|
|
— |
|
|
(23) |
Certain legal settlements and related expenses |
|
(4) |
|
|
— |
|
|
(6) |
|
|
— |
(Loss) gain on sale of businesses/assets |
|
(1) |
|
|
|
|
|
1 |
|
|
— |
Income from transition services arrangements |
|
5 |
|
|
— |
|
|
5 |
|
|
— |
Certain nonrecurring information technology project implementation costs |
|
(1) |
|
|
— |
|
|
(2) |
|
|
— |
Amortization of pension and postretirement actuarial losses |
|
(19) |
|
|
(16) |
|
|
(37) |
|
|
(33) |
Plant incident remediation costs |
|
(1) |
|
|
— |
|
|
(1) |
|
|
— |
Restructuring, impairment and plant closing and transition costs |
|
(19) |
|
|
— |
|
|
(22) |
|
|
(1) |
Net (loss) income |
$ |
(59) |
|
$ |
118 |
|
$ |
649 |
|
$ |
249 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months |
|
Six months |
|
ended |
|
ended |
|
June 30, |
|
June 30, |
|
2020 |
|
2019 |
|
2020 |
|
2019 |
Huntsman International: |
|
|
|
|
|
|
|
|
|
|
|
Segment adjusted EBITDA(1): |
|
|
|
|
|
|
|
|
|
|
|
Polyurethanes |
$ |
31 |
|
$ |
156 |
|
$ |
115 |
|
$ |
280 |
Performance Products |
|
29 |
|
|
42 |
|
|
87 |
|
|
87 |
Advanced Materials |
|
30 |
|
|
55 |
|
|
78 |
|
|
108 |
Textile Effects |
|
(4) |
|
|
28 |
|
|
16 |
|
|
50 |
Corporate and other(2) |
|
(30) |
|
|
(35) |
|
|
(74) |
|
|
(73) |
Total |
|
56 |
|
|
246 |
|
|
222 |
|
|
452 |
Reconciliation of adjusted EBITDA to net (loss) income: |
|
|
|
|
|
|
|
|
|
|
|
Interest expense, net—continuing operations |
|
(21) |
|
|
(33) |
|
|
(41) |
|
|
(68) |
Income tax benefit (expense)—continuing operations |
|
13 |
|
|
(37) |
|
|
6 |
|
|
(81) |
Income tax expense—discontinued operations |
|
(1) |
|
|
(14) |
|
|
(239) |
|
|
(19) |
Depreciation and amortization—continuing operations |
|
(69) |
|
|
(69) |
|
|
(136) |
|
|
(136) |
Depreciation and amortization—discontinued operations |
|
— |
|
|
(23) |
|
|
— |
|
|
(46) |
Net income attributable to noncontrolling interests |
|
3 |
|
|
8 |
|
|
6 |
|
|
20 |
Other adjustments: |
|
|
|
|
|
|
|
|
|
|
|
Business acquisition and integration expenses and purchase accounting inventory adjustments |
|
(8) |
|
|
— |
|
|
(21) |
|
|
(1) |
EBITDA from discontinued operations(3) |
|
6 |
|
|
72 |
|
|
1,021 |
|
|
123 |
Fair value adjustments to Venator investment |
|
4 |
|
|
(18) |
|
|
(106) |
|
|
58 |
Loss on early extinguishment of debt |
|
— |
|
|
— |
|
|
— |
|
|
(23) |
Certain legal settlements and related expenses |
|
(4) |
|
|
— |
|
|
(6) |
|
|
— |
(Loss) gain on sale of businesses/assets |
|
(1) |
|
|
— |
|
|
1 |
|
|
— |
Income from transition services arrangements |
|
5 |
|
|
— |
|
|
5 |
|
|
— |
Certain nonrecurring information technology project implementation costs |
|
(1) |
|
|
— |
|
|
(2) |
|
|
— |
Amortization of pension and postretirement actuarial losses |
|
(21) |
|
|
(17) |
|
|
(39) |
|
|
(35) |
Plant incident remediation costs |
|
(1) |
|
|
— |
|
|
(1) |
|
|
— |
Restructuring, impairment and plant closing and transition costs |
|
(19) |
|
|
— |
|
|
(22) |
|
|
(1) |
Net (loss) income |
$ |
(59) |
|
$ |
115 |
|
$ |
648 |
|
$ |
243 |
| (1) |
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 (loss) 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) EBITDA from discontinued operations; (c) fair value adjustments to Venator investment; (d) loss on early extinguishment of debt; (e) certain legal settlements and related expenses; (f) (loss) gain on sale of businesses/assets; (g) income from transition services arrangements related to the sale of our Chemical Intermediates Businesses to Indorama; (h) certain nonrecurring information technology project implementation costs; (i) amortization of pension and postretirement actuarial losses; (j) plant incident remediation costs; and (k) restructuring, impairment, plant closing and transition costs. |
| (2) |
Corporate and other 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. |
| (3) |
Includes the gain on the sale of our Chemical Intermediates Businesses in 2020.
|
|