Huntsman Corporation Annual report pursuant to Section 13 and 15(d)

Annual report pursuant to Section 13 and 15(d)

Schedule I - Condensed Financial Information of Registrant

Schedule I - Condensed Financial Information of Registrant

12 Months Ended

Dec. 31, 2020

Notes to Financial Statements

Condensed Financial Information of Parent Company Only Disclosure [Text Block]

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,*
	*2020*			*2019*
ASSETS
Cash and cash equivalents	$	2		$	—
Prepaid assets		2			1
Receivable from affiliate		3			86
Note receivable from affiliate		—			100
Total current assets		7			187
Note receivable from affiliate-noncurrent		—			280
Investment in and advances to affiliates		3,561			2,626
Total assets	$	3,568		$	3,093
LIABILITIES AND STOCKHOLDERS’ EQUITY
Payable to affiliate	$	39		$	396
Accrued liabilities		3			3
Total current liabilities		42			399
Other noncurrent liabilities		7			7
Total liabilities		49			406
STOCKHOLDERS’ EQUITY
Common stock $0.01 par value, 1,200,000,000 shares authorized, 258,520,411 and 257,405,496 shares issued and 220,046,262 and 224,295,868 shares outstanding, respectively		3			3
Additional paid-in capital		4,048			4,008
Treasury stock, 38,477,091 and 33,112,572 shares, respectively		(731	)		(635	)
Unearned stock-based compensation		(19	)		(17	)
Retained earnings		1,564			690
Accumulated other comprehensive loss		(1,346	)		(1,362	)
Total stockholders’ equity		3,519			2,687
Total liabilities and stockholders’ equity	$	3,568		$	3,093

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,*
	*2020*			*2019*			*2018*
Selling, general and administrative expenses	$	(6	)	$	(5	)	$	(4	)
Interest income		2			15			21
Equity in income of subsidiaries		892			401			163
Dividend income—affiliate		144			148			154
Other income		2			3			3
Net income	$	1,034		$	562		$	337

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,*
	*2020*			*2019*			*2018*
Net income	$	1,034		$	562		$	337
Other comprehensive income, net of tax:
Foreign currency translations adjustments		41			2			(192	)
Pension and other postretirement benefits adjustments		(19	)		(37	)		(39	)
Other, net		32			35			304
Other comprehensive income, net of tax		54			—			73
Comprehensive income		1,088			562			410
Comprehensive income attributable to noncontrolling interests		(38	)		(31	)		(266	)
Comprehensive income attributable to Huntsman Corporation	$	1,050		$	531		$	144

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*
	*Shares*					*Additional*						*Unearned*						*other*
	*Common*			*Common*		*paid-in*			*Treasury*			*stock-based*			*Retained*			*comprehensive*			*Total*
	*stock*			*stock*		*capital*			*stock*			*compensation*			*earnings*			*loss*			*equity*
Beginning balance, January 1, 2018		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
Net income		—			—		—			—			—			1,034			—			1,034
Other comprehensive loss		—			—		—			—			—			—			16			16
Issuance of nonvested stock awards		—			—		18			—			(18	)		—			—			—
Vesting of stock awards		960,406			—		5			—			—			—			—			5
Recognition of stock-based compensation		—			—		7			—			16			—			—			23
Repurchase and cancellation of stock awards		(287,247	)		—		—			—			—			(8	)		—			(8	)
Stock options exercised		441,754			—		10			—			—			(7	)		—			3
Treasury stock repurchased		(5,364,519	)		—		—			(96	)		—			—			—			(96	)
Dividends declared on common stock		—			—		—			—			—			(145	)		—			(145	)
Balance, December 31, 2020		220,046,262		$	3	$	4,048		$	(731	)	$	(19	)	$	1,564		$	(1,346	)	$	3,519

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,*
	*2020*			*2019*			*2018*
Operating Activities:
Net income	$	1,034		$	562		$	337
Equity in income of subsidiaries		(892	)		(401	)		(163	)
Stock-based compensation		1			1			1
Noncash interest income		(2	)		(15	)		(21	)
Changes in operating assets and liabilities		(1	)		13			19
Net cash provided by operating activities		140			160			173
Investing Activities:
Repayments of loan by affiliate		380			207			255
Net cash provided by investing activities		380			207			255
Financing Activities:
Dividends paid to common stockholders		(144	)		(150	)		(156	)
Repurchase and cancellation of stock awards		(8	)		(12	)		(30	)
Proceeds from issuance of common stock		3			2			17
Repurchase of common stock		(96	)		(208	)		(277	)
(Decrease) increase in payable to affiliates		(273	)		1			16
Net cash used in financing activities		(518	)		(367	)		(430	)
Increase (decrease) in cash and cash equivalents		2			—			(2	)
Cash and cash equivalents at beginning of period		—			—			2
Cash and cash equivalents at end of period	$	2		$	—		$	—

This statement should be read in conjunction with the notes to the consolidated financial statements.