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

Annual report pursuant to Section 13 and 15(d)

Note 19 - Employee Benefit Plans (Tables)

Note 19 - Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2020

Schedule of Net Funded Status and Amounts Recognized in Balance Sheet [Table Text Block]

	*Defined Benefit Plans*												*Other Postretirement Benefit Plans*
	*2020*						*2019*						*2020*					*2019*
	*U.S.*			*Non-U.S.*			*U.S.*			*Non-U.S.*			*U.S.*			*Non-U.S.*		*U.S.*			*Non-U.S.*
	*Plans*			*Plans*			*Plans*			*Plans*			*Plans*			*Plans*		*Plans*			*Plans*
Change in benefit obligation
Benefit obligation at beginning of year	$	1,024		$	2,377		$	956		$	2,157		$	60		$	—	$	59		$	—
Service cost		21			31			20			30			1			—		1			—
Interest cost		37			25			41			37			2			—		3			—
Participant contributions		—			6			—			6			2			—		2			—
Plan amendments		—			—			—			(9	)		—			—		—			—
Foreign currency exchange rate changes		—			200			—			7			—			—		—			—
Settlements/curtailments/divestitures		(2	)		(10	)		20			(2	)		—			—		1			—
Actuarial (gain) loss		87			116			65			224			9			—		—			—
Benefits paid		(76	)		(74	)		(78	)		(73	)		(9	)		—		(6	)		—
Benefit obligation at end of year	$	1,091		$	2,671		$	1,024		$	2,377		$	65		$	—	$	60		$	—

Change in plan assets
Fair value of plan assets at beginning of year	$	790		$	1,960		$	697		$	1,751		$	—		$	—	$	—		$	—
Actual return on plan assets		99			143			107			224			—			—		—			—
Foreign currency exchange rate changes		—			161			—			11			—			—		—			—
Participant contributions		—			6			—			6			2			—		2			—
Settlement/transfers/divestitures		(1	)		(11	)		19			(2	)		—			—		—			—
Company contributions		54			40			45			43			7			—		4			—
Benefits paid		(76	)		(74	)		(78	)		(73	)		(9	)		—		(6	)		—
Fair value of plan assets at end of year	$	866		$	2,225		$	790		$	1,960		$	—		$	—	$	—		$	—

Funded status
Fair value of plan assets	$	866		$	2,225		$	790		$	1,960		$	—		$	—	$	—		$	—
Benefit obligation		1,091			2,671			1,024			2,377			65			—		60			—
Accrued benefit cost	$	(225	)	$	(446	)	$	(234	)	$	(417	)	$	(65	)	$	—	$	(60	)	$	—

Amounts recognized in balance sheet:
Noncurrent asset	$	—		$	20		$	—		$	10		$	—		$	—	$	—		$	—
Current liability		(5	)		(6	)		(5	)		(6	)		(6	)		—		(5	)		—
Noncurrent liability		(220	)		(460	)		(229	)		(421	)		(59	)		—		(55	)		—
Total	$	(225	)	$	(446	)	$	(234	)	$	(417	)	$	(65	)	$	—	$	(60	)	$	—

Schedule of Net Periodic Benefit Cost Not yet Recognized [Table Text Block]

	*Defined Benefit Plans*												*Other Postretirement Benefit Plans*
	*2020*						*2019*						*2020*					*2019*
	*U.S.*			*Non-U.S.*			*U.S.*			*Non-U.S.*			*U.S.*			*Non-U.S.*		*U.S.*			*Non-U.S.*
	*Plans*			*Plans*			*Plans*			*Plans*			*Plans*			*Plans*		*Plans*			*Plans*
Amounts recognized in accumulated other comprehensive loss:
Net actuarial loss	$	363		$	874		$	394		$	840		$	26		$	—	$	20		$	—
Prior service credit		(9	)		(27	)		(11	)		(32	)		(25	)		—		(33	)		—
Total	$	354		$	847		$	383		$	808		$	1		$	—	$	(13	)	$	—

	*Defined Benefit Plans*												*Other Postretirement Benefit Plans*
	*2020*						*2019*						*2020*					*2019*
	*U.S.*			*Non-U.S.*			*U.S.*			*Non-U.S.*			*U.S.*			*Non-U.S.*		*U.S.*			*Non-U.S.*
	*Plans*			*Plans*			*Plans*			*Plans*			*Plans*			*Plans*		*Plans*			*Plans*
Amounts recognized in accumulated other comprehensive loss:
Net actuarial loss	$	363		$	877		$	395		$	846		$	26		$	—	$	20		$	—
Prior service credit		(9	)		(27	)		(11	)		(31	)		(25	)		—		(33	)		—
Total	$	354		$	850		$	384		$	815		$	1		$	—	$	(13	)	$	—

Schedule of Net Benefit Costs [Table Text Block]

	*Defined Benefit Plans*
	*U.S. plans*									*Non-U.S. plans*
	*2020*			*2019*			*2018*			*2020*			*2019*			*2018*
Service cost	$	21		$	20		$	23		$	31		$	30		$	32
Interest cost		37			41			39			25			37			37
Expected return on plan assets		(59	)		(53	)		(54	)		(114	)		(102	)		(109	)
Amortization of prior service credit		(2	)		(2	)		(2	)		(5	)		(4	)		(5	)
Amortization of actuarial loss		28			23			31			53			45			38
Settlement loss		—			—			2			—			1			—
Net periodic benefit cost (credit)	$	25		$	29		$	39		$	(10	)	$	7		$	(7	)

	*Other Postretirement Benefit Plans*
	*U.S. plans*									*Non-U.S. plans*
	*2020*			*2019*			*2018*			*2020*		*2019*		*2018*
Service cost	$	1		$	1		$	2		$	—	$	—	$	—
Interest cost		2			3			2			—		—		—
Amortization of prior service credit		(5	)		(5	)		(5	)		—		—		—
Amortization of actuarial loss		1			1			2			—		—		—
Net periodic benefit (credit) costs	$	(1	)	$	—		$	1		$	—	$	—	$	—

	*Defined Benefit Plans*
	*U.S. plans*									*Non-U.S. plans*
	*2020*			*2019*			*2018*			*2020*			*2019*			*2018*
Service cost	$	21		$	20		$	23		$	31		$	30		$	32
Interest cost		37			41			39			25			37			37
Expected return on plan assets		(59	)		(53	)		(54	)		(114	)		(102	)		(109	)
Amortization of prior service credit		(2	)		(2	)		(2	)		(5	)		(4	)		(5	)
Amortization of actuarial loss		28			23			31			57			48			41
Settlement loss		—			—			2			—			1			—
Net periodic benefit cost (credit)	$	25		$	29		$	39		$	(6	)	$	10		$	(4	)

	*Other Postretirement Benefit Plans*
	*U.S. plans*									*Non-U.S. plans*
	*2020*			*2019*			*2018*			*2020*		*2019*		*2018*
Service cost	$	1		$	1		$	2		$	—	$	—	$	—
Interest cost		2			3			2			—		—		—
Amortization of prior service credit		(5	)		(5	)		(5	)		—		—		—
Amortization of actuarial loss		1			1			2			—		—		—
Net periodic benefit (credit) costs	$	(1	)	$	—		$	1		$	—	$	—	$	—

Schedule of Amount Recognized in Net Periodic Benefit Cost and Other Comprehensive Income (Loss) [Table Text Block]

	*Defined Benefit Plans*
	*U.S. plans*									*Non-U.S. plans*
	*2020*			*2019*			*2018*			*2020*			*2019*			*2018*
Current year actuarial loss	$	40		$	19		$	18		$	87		$	101		$	117
Amortization of actuarial loss		(28	)		(26	)		(34	)		(53	)		(45	)		(38	)
Current year prior service (credits) cost		—			—			—			—			(10	)		4
Amortization of prior service credit		2			2			2			5			4			5
Settlements		(42	)		—			(2	)		—			1			—
Total recognized in other comprehensive income (loss)		(28	)		(5	)		(16	)		39			51			88
Amounts related to discontinued operations		17			9			(4	)		—			—			—
Total recognized in other comprehensive income (loss) in continuing operations		(11	)		4			(20	)		39			51			88
Net periodic benefit cost		25			29			39			(10	)		7			(7	)
Total recognized in net periodic benefit cost and other comprehensive income (loss)	$	14		$	33		$	19		$	29		$	58		$	81

	*Other Postretirement Benefit Plans*
	*U.S. plans*									*Non-U.S. plans*
	*2020*			*2019*			*2018*			*2020*		*2019*		*2018*
Current year actuarial loss (gain)	$	9		$	—		$	(10	)	$	—	$	—	$	—
Amortization of actuarial loss		(1	)		(1	)		(2	)		—		—		—
Current year prior service credit		—			—			—			—		—		—
Amortization of prior service credit		5			5			6			—		—		—
Settlements		(1	)		—			—			—		—		—
Curtailment (gain) loss		2			—			—			—		—		—
Total recognized in other comprehensive income (loss)		14			4			(6	)		—		—		—
Amounts related to discontinued operations		—			(6	)		—			—		—		—
Total recognized in other comprehensive income (loss) in continuing operations		14			(2	)		(6	)		—		—		—
Net periodic benefit cost		(1	)		—			1			—		—		—
Total recognized in net periodic benefit cost and other comprehensive income (loss)	$	13		$	(2	)	$	(5	)	$	—	$	—	$	—

	*Defined Benefit Plans*
	*U.S. plans*									*Non-U.S. plans*
	*2020*			*2019*			*2018*			*2020*			*2019*			*2018*
Current year actuarial loss	$	40		$	19		$	18		$	87		$	101		$	117
Amortization of actuarial loss		(28	)		(26	)		(34	)		(57	)		(48	)		(41	)
Current year prior service credit		—			—			—			—			(10	)		4
Amortization of prior service credit		2			2			2			5			4			5
Settlements		(42	)		—			(2	)		—			1			—
Curtailment (gain)/loss		—			—			—			—			—			—
Total recognized in other comprehensive income (loss)		(28	)		(5	)		(16	)		35			48			85
Amounts related to discontinued operations		17			9			(4	)		—			—			—
Total recognized in other comprehensive income (loss) in continuing operations		(11	)		4			(20	)		35			48			85
Net periodic benefit cost		25			29			39			(6	)		10			(4	)
Total recognized in net periodic benefit cost and other comprehensive income (loss)	$	14		$	33		$	19		$	29		$	58		$	81

	*Other Postretirement Benefit Plans*
	*U.S. plans*									*Non-U.S. plans*
	*2020*			*2019*			*2018*			*2020*		*2019*		*2018*
Current year actuarial loss	$	9		$	—		$	(10	)	$	—	$	—	$	—
Amortization of actuarial loss		(1	)		(1	)		(2	)		—		—		—
Current year prior service credit		—			—			—			—		—		—
Amortization of prior service credit		5			5			6			—		—		—
Settlements		(1	)		—			—			—		—		—
Curtailment (gain)/loss		2			—			—			—		—		—
Total recognized in other comprehensive income (loss)		14			4			(6	)		—		—		—
Amounts related to discontinued operations		—			(6	)		—			—		—		—
Total recognized in other comprehensive income (loss) in continuing operations		14			(2	)		(6	)		—		—		—
Net periodic benefit cost		(1	)		—			1			—		—		—
Total recognized in net periodic benefit cost and other comprehensive income (loss)	$	13		$	(2	)	$	(5	)	$	—	$	—	$	—

Defined Benefit Plan, Assumptions [Table Text Block]

	*Defined Benefit Plans*
	*U.S. plans*									*Non-U.S. plans*
	*2020*			*2019*			*2018*			*2020*			*2019*			*2018*
Projected benefit obligation
Discount rate		2.82	%		3.59	%		4.39	%		0.69	%		1.07	%		1.75	%
Rate of compensation increase		4.09	%		4.09	%		4.10	%		2.59	%		2.65	%		2.95	%
Interest credit rate		5.15	%		5.15	%		5.15	%		0.33	%		0.49	%		1.04	%
Net periodic pension cost
Discount rate		3.59	%		4.39	%		3.74	%		1.07	%		1.75	%		1.65	%
Rate of compensation increase		4.09	%		4.07	%		4.10	%		2.65	%		2.64	%		3.38	%
Expected return on plan assets		7.52	%		7.52	%		7.52	%		5.89	%		5.89	%		5.88	%
Interest credit rate		5.15	%		5.15	%		5.15	%		0.49	%		1.04	%		0.88	%

	*Other Postretirement Benefit Plans*
	*U.S. plans*									*Non-U.S. plans*
	*2020*			*2019*			*2018*			*2020*			*2019*			*2018*
Projected benefit obligation
Discount rate		2.63	%		3.46	%		4.26	%		2.30	%		2.90	%		3.50	%
Net periodic pension cost
Discount rate		3.46	%		4.26	%		3.58	%		2.90	%		3.50	%		3.30	%

Defined Benefit Plan, Plan with Projected Benefit Obligation in Excess of Plan Assets [Table Text Block]

	*U.S. plans*				*Non-U.S. plans*
	*2020*		*2019*		*2020*		*2019*
Projected benefit obligation in excess of plan assets
Projected benefit obligation	$	1,091	$	1,024	$	2,017	$	2,203
Fair value of plan assets		866		790		1,551		1,777

Defined Benefit Plan, Plan with Accumulated Benefit Obligation in Excess of Plan Assets [Table Text Block]

	*U.S. plans*				*Non-U.S. plans*
	*2020*		*2019*		*2020*		*2019*
Accumulated benefit obligation in excess of plan assets
Projected benefit obligation	$	1,091	$	1,024	$	1,203	$	1,066
Accumulated benefit obligation		1,073		1,019		1,116		991
Fair value of plan assets		866		790		746		664

Schedule of Employer Future Contribution and Expected Benefit Payments [Table Text Block]

	*U.S. Plans*				*Non-U.S. Plans*
			*Other*				*Other*
	*Defined*		*Postretirement*		*Defined*		*Postretirement*
	*Benefit*		*Benefit*		*Benefit*		*Benefit*
	*Plans*		*Plans*		*Plans*		*Plans*
2021 expected employer contributions
To plan trusts	$	14	$	6	$	40	$	—
Expected benefit payments
2021		59		6		86		—
2022		65		6		87		—
2023		70		5		92		—
2024		66		5		90		—
2025		100		5		92		—
2026 - 2030		316		24		493		—

Defined Benefit Plan, Plan Assets, Category [Table Text Block]

			*Fair Value Amounts Using*
			*Quoted prices in active*		*Significant other*		*Significant*
	*December 31,*		*markets for identical*		*observable inputs*		*unobservable inputs*
Asset category	*2020*		*assets (Level 1)*		*(Level 2)*		*(Level 3)*
U.S. pension plans:
Equities	$	481	$	315	$	166	$	—
Fixed income		323		242		81		—
Real estate/other		62		—		—		62
Cash		—		—		—		—
Total U.S. pension plan assets	$	866	$	557	$	247	$	62
Non-U.S. pension plans:
Equities	$	564	$	229	$	335	$	—
Fixed income		971		610		361		—
Real estate/other		628		93		459		76
Cash		62		59		3		—
Total Non-U.S. pension plan assets	$	2,225	$	991	$	1,158	$	76

			*Fair Value Amounts Using*
			*Quoted prices in active*		*Significant other*		*Significant*
	*December 31,*		*Markets for identical*		*Observable inputs*		*Unobservable inputs*
Asset category	*2019*		*assets (Level 1)*		*(Level 2)*		*(Level 3)*
U.S. pension plans:
Equities	$	422	$	283	$	139	$	—
Fixed income		301		220		81		—
Real estate/other		67		—		—		67
Cash		—		—		—		—
Total U.S. pension plan assets	$	790	$	503	$	220	$	67
Non-U.S. pension plans:
Equities	$	535	$	228	$	307	$	—
Fixed income		847		560		287		—
Real estate/other		505		99		349		57
Cash		73		72		1		—
Total Non-U.S. pension plan assets	$	1,960	$	959	$	944	$	57

Schedule of Effect of Significant Unobservable Inputs, Changes in Plan Assets [Table Text Block]

	*Real Estate/Other*
	*Year ended December 31,*
	*2020*			*2019*
Fair Value Measurements of Plan Assets Using Significant Unobservable Inputs (Level 3)
Balance at beginning of period	$	124		$	121
Return on pension plan assets		5			4
Purchases, sales and settlements		(2	)		(1	)
Transfers into (out of) Level 3		11			—
Balance at end of period	$	138		$	124

Schedule of Allocation of Plan Assets [Table Text Block]

	*Target*
	*Allocation*			*Allocation at December 31,*
Asset category	*2021*			*2020*			*2019*
U.S. pension plans:
Equities		54	%		56	%		54	%
Fixed income		39	%		37	%		38	%
Real estate/other		4	%		7	%		8	%
Cash		3	%		—	%		—	%
Total U.S. pension plans		100	%		100	%		100	%
Non-U.S. pension plans:
Equities		26	%		25	%		27	%
Fixed income		48	%		44	%		43	%
Real estate/other		14	%		28	%		26	%
Cash		12	%		3	%		4	%
Total non-U.S. pension plans		100	%		100	%		100	%