Annual report pursuant to Section 13 and 15(d)

Note 18 - Employee Benefit Plans

v3.22.0.1
Note 18 - Employee Benefit Plans
12 Months Ended
Dec. 31, 2021
Notes to Financial Statements  
Retirement Benefits [Text Block]

18. EMPLOYEE BENEFIT PLANS 

 

Defined Benefit and Other Postretirement Benefit

 

We provide a trusteed, non-contributory defined benefit pension plan (the “Plan”) that covers the majority of our U.S. employees. Effective July 1, 2004, the Plan formula for employees not covered by a collective bargaining agreement was converted to a cash balance design. For represented employees, participation in the cash balance design was subject to the terms of negotiated contracts. For participating employees, benefits accrued under the prior formula were converted to opening cash balance accounts. The cash balance benefit formula provides annual pay credits from 6% to 12% of eligible pay, depending on age and service, plus accrued interest. The conversion to the cash balance plan did not have a significant impact on the accrued benefit liability, the funded status or ongoing pension expense.

 

Beginning July 1, 2014, the Huntsman Defined Benefit Pension Plan was closed to new non-union entrants and as of April 1, 2015, it was closed to new union entrants. In addition, as of January 1, 2015, Rubicon closed its defined benefit plan to new entrants. Following the closure of these plans, new hires have been provided with a defined contribution plan with a non-discretionary employer contribution of 6% of pay and a company match of up to 4% of pay, for a total company contribution of up to 10% of pay. We also sponsor unfunded postretirement benefit plans other than pensions, which provide medical and life insurance benefits. Effective August 1, 2015, the post retirement benefit plans were closed to new entrants.

 

Our postretirement benefit plans provide access to two fully insured Medicare Part D plans including prescription drug benefits affected by the Medicare Prescription Drug, Improvement and Modernization Act of 2003 (the “Act”). We cannot determine whether the medical benefits provided by our postretirement benefit plans are actuarially equivalent to those provided by the Act. We do not collect a subsidy and our net periodic postretirement benefits cost, and related benefit obligation, do not reflect an amount associated with the subsidy. We do not subsidize the premium cost of these plans; the premiums are entirely paid by the retirees.

 

We sponsor defined benefit plans in a number of countries outside of the U.S. The availability of these plans, and their specific design provisions, are consistent with local competitive practices and regulations.

 

The following table sets forth the funded status of the plans for us and Huntsman International and the amounts recognized in our consolidated balance sheets at December 31, 2021 and 2020 (dollars in millions):

 

   

Defined Benefit Plans

   

Other Postretirement Benefit Plans

 
   

2021

   

2020

   

2021

   

2020

 
   

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

  $ 1,091     $ 2,671     $ 1,024     $ 2,377     $ 65     $     $ 60     $  

Service cost

    20       34       21       31       2             1        

Interest cost

    31       18       37       25       2             2        

Participant contributions

          6             6       2             2        

Plan amendments

          1                                      

Foreign currency exchange rate changes

          (119 )           200                          

Settlements/curtailments/divestitures

          (1 )     (2 )     (10 )                        

Actuarial (gain) loss

    (37 )     (109 )     87       116       (2 )           9        

Benefits paid

    (57 )     (82 )     (76 )     (74 )     (8 )           (9 )      

Benefit obligation at end of year

  $ 1,048     $ 2,419     $ 1,091     $ 2,671     $ 61     $     $ 65     $  
                                                                 

Change in plan assets

                                                               

Fair value of plan assets at beginning of year

  $ 866     $ 2,225     $ 790     $ 1,960     $     $     $     $  

Actual return on plan assets

    103       144       99       143                          

Foreign currency exchange rate changes

          (98 )           161                          

Participant contributions

          6             6       2             2        

Settlement/transfers/divestitures

          (1 )     (1 )     (11 )                        

Company contributions

    13       40       54       40       6             7        

Benefits paid

    (57 )     (82 )     (76 )     (74 )     (8 )           (9 )      

Fair value of plan assets at end of year

  $ 925     $ 2,234     $ 866     $ 2,225     $     $     $     $  
                                                                 

Funded status

                                                               

Fair value of plan assets

  $ 925     $ 2,234     $ 866     $ 2,225     $     $     $     $  

Benefit obligation

    1,048       2,419       1,091       2,671       61             65        

Accrued benefit cost

  $ (123 )   $ (185 )   $ (225 )   $ (446 )   $ (61 )   $     $ (65 )   $  
                                                                 

Amounts recognized in balance sheet:

                                                               

Noncurrent asset

  $     $ 144     $     $ 20     $     $     $     $  

Current liability

    (6 )     (6 )     (5 )     (6 )     (6 )           (6 )      

Noncurrent liability

    (117 )     (323 )     (220 )     (460 )     (55 )           (59 )      

Total

  $ (123 )   $ (185 )   $ (225 )   $ (446 )   $ (61 )   $     $ (65 )   $  

 

Huntsman Corporation

 

   

Defined Benefit Plans

   

Other Postretirement Benefit Plans

 
   

2021

   

2020

   

2021

   

2020

 
   

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

  $ 255     $ 662     $ 363     $ 874     $ 23     $     $ 26     $  

Prior service credit

    (8 )     (20 )     (9 )     (27 )     (21 )           (25 )      

Total

  $ 247     $ 642     $ 354     $ 847     $ 2     $     $ 1     $  

 

Huntsman International

 

   

Defined Benefit Plans

   

Other Postretirement Benefit Plans

 
   

2021

   

2020

   

2021

   

2020

 
   

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

  $ 255     $ 662     $ 363     $ 877     $ 23     $     $ 26     $  

Prior service credit

    (8 )     (20 )     (9 )     (27 )     (21 )           (25 )      

Total

  $ 247     $ 642     $ 354     $ 850     $ 2     $     $ 1     $  

 

During 2021, the overall decreases in our U.S. pension and other postretirement benefit plan obligations were primarily due to increases in discount rates. The overall decrease in our non-U.S. pension plan obligation was primarily due to the increases in discount rates in most countries with significant impacts from Switzerland, the U.K. and other European countries, as well as strong investment returns compared to expectations, primarily from Belgium, Switzerland and the U.K., offset with asset losses in The Netherlands due to exchange rate movements.

 

During 2020, the overall increases in our U.S. pension and other postretirement benefit plan obligations were primarily due to decreases in discount rates. The overall increase in our non-U.S. pension plan obligation was primarily due to decreases in discount rates in Switzerland, Germany, The Netherlands and the U.K., as well as foreign currency exchange rate changes in Switzerland, The Netherlands, Germany and Belgium.

 

Components of net periodic benefit costs of continuing operations for the years ended December 31, 2021, 2020 and 2019 were as follows (dollars in millions):

 

Huntsman Corporation

 

   

Defined Benefit Plans

 
   

U.S. plans

   

Non-U.S. plans

 
   

2021

   

2020

   

2019

   

2021

   

2020

   

2019

 

Service cost

  $ 20     $ 21     $ 20     $ 34     $ 31     $ 30  

Interest cost(a)

    31       37       41       18       25       37  

Expected return on plan assets(a)

    (62 )     (59 )     (53 )     (105 )     (114 )     (102 )

Amortization of prior service credit(a)

    (2 )     (2 )     (2 )     (5 )     (5 )     (4 )

Amortization of actuarial loss(a)

    31       28       23       59       53       45  

Settlement loss(a)

                      3             1  

Net periodic benefit cost (credit)

  $ 18     $ 25     $ 29     $ 4     $ (10 )   $ 7  

 

   

Other Postretirement Benefit Plans

 
   

U.S. plans

   

Non-U.S. plans

 
   

2021

   

2020

   

2019

   

2021

   

2020

   

2019

 

Service cost

  $ 2     $ 1     $ 1     $     $     $  

Interest cost(a)

    2       2       3                    

Amortization of prior service credit(a)

    (5 )     (5 )     (5 )                  

Amortization of actuarial loss(a)

    2       1       1                    

Net periodic benefit cost (credit)

  $ 1     $ (1 )   $     $     $     $  

 

Huntsman International

 

   

Defined Benefit Plans

 
   

U.S. plans

   

Non-U.S. plans

 
   

2021

   

2020

   

2019

   

2021

   

2020

   

2019

 

Service cost

  $ 20     $ 21     $ 20     $ 34     $ 31     $ 30  

Interest cost(a)

    31       37       41       18       25       37  

Expected return on plan assets(a)

    (62 )     (59 )     (53 )     (105 )     (114 )     (102 )

Amortization of prior service credit(a)

    (2 )     (2 )     (2 )     (5 )     (5 )     (4 )

Amortization of actuarial loss(a)

    31       28       23       62       57       48  

Settlement loss(a)

                      3             1  

Net periodic benefit cost (credit)

  $ 18     $ 25     $ 29     $ 7     $ (6 )   $ 10  

 

   

Other Postretirement Benefit Plans

 
   

U.S. plans

   

Non-U.S. plans

 
   

2021

   

2020

   

2019

   

2021

   

2020

   

2019

 

Service cost

  $ 2     $ 1     $ 1     $     $     $  

Interest cost(a)

    2       2       3                    

Amortization of prior service credit(a)

    (5 )     (5 )     (5 )                  

Amortization of actuarial loss(a)

    2       1       1                    

Net periodic benefit cost (credit)

  $ 1     $ (1 )   $     $     $     $  

(a)

Amounts are presented in other income, net.

 

The amounts recognized in net periodic benefit cost and other comprehensive income (loss) as of December 31, 2021, 2020 and 2019 were as follows (dollars in millions):

 

Huntsman Corporation

 

   

Defined Benefit Plans

 
   

U.S. plans

   

Non-U.S. plans

 
   

2021

   

2020

   

2019

   

2021

   

2020

   

2019

 

Current year actuarial (gain) loss

  $ (78 )   $ 40     $ 19     $ (150 )   $ 87     $ 101  

Amortization of actuarial loss

    (31 )     (28 )     (26 )     (59 )     (53 )     (45 )

Current year prior service cost (credit)

                      1             (10 )

Amortization of prior service credit

    2       2       2       5       5       4  

Settlements

          (42 )           (3 )           1  

Total recognized in other comprehensive income (loss)

    (107 )     (28 )     (5 )     (206 )     39       51  

Amounts related to discontinued operations

    18       17       9                    

Total recognized in other comprehensive income (loss) in continuing operations

    (89 )     (11 )     4       (206 )     39       51  

Net periodic benefit cost (credit)

    18       25       29       4       (10 )     7  

Total recognized in net periodic benefit cost and other comprehensive income (loss)

  $ (71 )   $ 14     $ 33     $ (202 )   $ 29     $ 58  

 

   

Other Postretirement Benefit Plans

 
   

U.S. plans

   

Non-U.S. plans

 
   

2021

   

2020

   

2019

   

2021

   

2020

   

2019

 

Current year actuarial (gain) loss

  $ (2 )   $ 9     $     $     $     $  

Amortization of actuarial loss

    (2 )     (1 )     (1 )                  

Current year prior service credit

                                   

Amortization of prior service credit

    5       5       5                    

Settlements

          (1 )                        

Curtailment loss

          2                          

Total recognized in other comprehensive income (loss)

    1       14       4                    

Amounts related to discontinued operations

    1             (6 )                  

Total recognized in other comprehensive income (loss) in continuing operations

    2       14       (2 )                  

Net periodic benefit cost (credit)

    1       (1 )                        

Total recognized in net periodic benefit cost and other comprehensive income (loss)

  $ 3     $ 13     $ (2 )   $     $     $  

 

 

Huntsman International

 

   

Defined Benefit Plans

 
   

U.S. plans

   

Non-U.S. plans

 
   

2021

   

2020

   

2019

   

2021

   

2020

   

2019

 

Current year actuarial (gain) loss

  $ (78 )   $ 40     $ 19     $ (150 )   $ 87     $ 101  

Amortization of actuarial loss

    (31 )     (28 )     (26 )     (62 )     (57 )     (48 )

Current year prior service cost (credit)

                      1             (10 )

Amortization of prior service credit

    2       2       2       5       5       4  

Settlements

          (42 )           (3 )           1  

Total recognized in other comprehensive income (loss)

    (107 )     (28 )     (5 )     (209 )     35       48  

Amounts related to discontinued operations

    18       17       9                    

Total recognized in other comprehensive income (loss) in continuing operations

    (89 )     (11 )     4       (209 )     35       48  

Net periodic benefit cost (credit)

    18       25       29       7       (6 )     10  

Total recognized in net periodic benefit cost and other comprehensive income (loss)

  $ (71 )   $ 14     $ 33     $ (202 )   $ 29     $ 58  

 

   

Other Postretirement Benefit Plans

 
   

U.S. plans

   

Non-U.S. plans

 
   

2021

   

2020

   

2019

   

2021

   

2020

   

2019

 

Current year actuarial (gain) loss

  $ (2 )   $ 9     $     $     $     $  

Amortization of actuarial loss

    (2 )     (1 )     (1 )                  

Current year prior service credit

                                   

Amortization of prior service credit

    5       5       5                    

Settlements

          (1 )                        

Curtailment loss

          2                          

Total recognized in other comprehensive income (loss)

    1       14       4                    

Amounts related to discontinued operations

    1             (6 )                  

Total recognized in other comprehensive income (loss) in continuing operations

    2       14       (2 )                  

Net periodic benefit cost (credit)

    1       (1 )                        

Total recognized in net periodic benefit cost and other comprehensive income (loss)

  $ 3     $ 13     $ (2 )   $     $     $  

 

The following weighted-average assumptions were used to determine the projected benefit obligation at the measurement date and the net periodic pension cost for the year:

 

   

Defined Benefit Plans

 
   

U.S. plans

   

Non-U.S. plans

 
   

2021

   

2020

   

2019

   

2021

   

2020

   

2019

 

Projected benefit obligation

                                               

Discount rate

    3.11 %     2.82 %     3.59 %     1.10 %     0.69 %     1.07 %

Rate of compensation increase

    4.09 %     4.09 %     4.09 %     2.77 %     2.59 %     2.65 %

Interest credit rate

    5.15 %     5.15 %     5.15 %     0.74 %     0.33 %     0.49 %

Net periodic pension cost

                                               

Discount rate

    2.82 %     3.59 %     4.39 %     0.69 %     1.07 %     1.75 %

Rate of compensation increase

    4.09 %     4.09 %     4.07 %     2.59 %     2.65 %     2.64 %

Expected return on plan assets

    7.52 %     7.52 %     7.52 %     4.89 %     5.89 %     5.89 %

Interest credit rate

    5.15 %     5.15 %     5.15 %     0.33 %     0.49 %     1.04 %

 

   

Other Postretirement Benefit Plans

 
   

U.S. plans

   

Non-U.S. plans

 
   

2021

   

2020

   

2019

   

2021

   

2020

   

2019

 

Projected benefit obligation

                                               

Discount rate

    3.01 %     2.63 %     3.46 %     2.80 %     2.30 %     2.90 %

Net periodic pension cost

                                               

Discount rate

    2.63 %     3.46 %     4.26 %     2.30 %     2.90 %     3.50 %

 

At December 31, 2021 and 2020, the health care trend rate used to measure the expected increase of the cost of benefits was assumed to be 6% and 6.25%, respectively, decreasing to 5% in 2025 and thereafter.

 

The projected benefit obligation and fair value of plan assets for the defined benefit plans with projected benefit obligations in excess of plan assets as of December 31, 2021 and 2020 were as follows (dollars in millions):

 

   

U.S. plans

   

Non-U.S. plans

 
   

2021

   

2020

   

2021

   

2020

 

Projected benefit obligation in excess of plan assets

                               

Projected benefit obligation

  $ 1,048     $ 1,091     $ 1,098     $ 2,017  

Fair value of plan assets

    925       866       769       1,551  

 

 

The projected benefit obligation, accumulated benefit obligation and fair value of plan assets for the defined benefit plans with an accumulated benefit obligation in excess of plan assets as of December 31, 2021 and 2020 were as follows (dollars in millions):

 

   

U.S. plans

   

Non-U.S. plans

 
   

2021

   

2020

   

2021

   

2020

 

Accumulated benefit obligation in excess of plan assets

                               

Projected benefit obligation

  $ 1,048     $ 1,091     $ 942     $ 1,203  

Accumulated benefit obligation

    1,031       1,073       891       1,116  

Fair value of plan assets

    925       866       621       746  

 

The accumulated benefit obligation of our defined pension plans as of December 31, 2021 and 2020 was $3,314 million and $3,585 million, respectively.

 

Expected future contributions and benefit payments related to continuing operations are as follows (dollars in millions):

 

     

U.S. Plans

   

Non-U.S. Plans

 
             

Other

           

Other

 
     

Defined

   

Postretirement

   

Defined

   

Postretirement

 
     

Benefit

   

Benefit

   

Benefit

   

Benefit

 
     

Plans

   

Plans

   

Plans

   

Plans

 

2022 expected employer contributions

                                 

To plan trusts

    $ 6     $ 6     $ 37     $  

Expected benefit payments

                                 

2022

      60       6       85        

2023

      66       5       86        

2024

      64       5       88        

2025

      66       5       87        

2026

      100       5       88        
2027 - 2031       310       23       495        

 

Our investment strategy with respect to pension assets is to pursue an investment plan that, over the long term, is expected to protect the funded status of the plan, enhance the real purchasing power of plan assets, and not threaten the plan’s ability to meet currently committed obligations. Additionally, our investment strategy is to achieve returns on plan assets, subject to a prudent level of portfolio risk. Plan assets are invested in a broad range of investments. These investments are diversified in terms of domestic and international equities, both growth and value funds, including small, mid and large capitalization equities; short-term and long-term debt securities; real estate; and cash and cash equivalents. The investments are further diversified within each asset category. The portfolio diversification provides protection against a single investment or asset category having a disproportionate impact on the aggregate performance of the plan assets.

 

Our pension plan assets are managed by outside investment managers. The investment managers value our plan assets using quoted market prices, other observable inputs or unobservable inputs. For certain assets, the investment managers obtain third-party appraisals at least annually, which use valuation techniques and inputs specific to the applicable property, market, or geographic location. During 2021, there were no transfers into or out of Level 3 assets.

 

We have established target allocations for each asset category. Our pension plan assets are periodically rebalanced based upon our target allocations.

 

The fair value of plan assets for the pension plans was $3.2 billion and $3.1 billion at December 31, 2021 and 2020, respectively. The following plan assets are measured at fair value on a recurring basis (dollars in millions):

 

           

Fair Value Amounts Using

 
           

Quoted prices in active

   

Significant other

   

Significant

 
   

December 31,

   

markets for identical

   

observable inputs

   

unobservable inputs

 

Asset category

 

2021

   

assets (Level 1)

   

(Level 2)

   

(Level 3)

 

U.S. pension plans:

                               

Equities

  $ 446     $ 240     $ 206     $  

Fixed income

    415       169       246        

Real estate/other

    33       20       1       12  

Cash

    31       31              

Total U.S. pension plan assets

  $ 925     $ 460     $ 453     $ 12  

Non-U.S. pension plans:

                               

Equities

  $ 611     $ 204     $ 407     $  

Fixed income

    924       580       344        

Real estate/other

    611       87       425       99  

Cash

    88       88              

Total Non-U.S. pension plan assets

  $ 2,234     $ 959     $ 1,176     $ 99  

 

           

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  

 

The following table reconciles the beginning and ending balances of plan assets measured at fair value using unobservable inputs (Level 3) (dollars in millions):

 

   

Real Estate/Other

 
   

Year ended December 31,

 
   

2021

   

2020

 

Fair Value Measurements of Plan Assets Using Significant Unobservable Inputs (Level 3)

               

Balance at beginning of period

  $ 138     $ 124  

Return on pension plan assets

    9       5  

Purchases, sales and settlements

    (36 )     (2 )

Transfers into (out of) Level 3

          11  

Balance at end of period

  $ 111     $ 138  

 

Based upon historical returns, the expectations of our investment committee and outside advisors, the expected long-term rate of return on the pension assets is estimated to be between 4.89% and 7.52%. The asset allocation for our pension plans at December 31, 2021 and 2020 and the target allocation for 2021, by asset category are as follows:

 

   

Target

                 
   

Allocation

   

Allocation at December 31,

 

Asset category

 

2022

   

2021

   

2020

 

U.S. pension plans:

                       

Equities

    48 %     48 %     56 %

Fixed income

    46 %     45 %     37 %

Real estate/other

    3 %     4 %     7 %

Cash

    3 %     3 %     %

Total U.S. pension plans

    100 %     100 %     100 %

Non-U.S. pension plans:

                       

Equities

    27 %     27 %     25 %

Fixed income

    46 %     42 %     44 %

Real estate/other

    25 %     27 %     28 %

Cash

    2 %     4 %     3 %

Total non-U.S. pension plans

    100 %     100 %     100 %

 

Equity securities in our pension plans did not include any direct investments in equity securities of our Company or our affiliates at the end of 2021.

 

Defined Contribution Plans

 

We have defined contribution plans in a variety of global locations. Our total combined expense for our defined contribution plans for the years ended December 31, 2021, 2020 and 2019 was $26 million, $20 million and $21 million, respectively, primarily related to our U.S. plans.

 

In the U.S., we had a money purchase pension plan that covered substantially all of our domestic employees who were hired prior to January 1, 2004. Employer contributions were made based on a percentage of employees’ earnings (ranging up to 8%). During 2014, we closed this plan to non-union participants, and in 2015, we closed this plan to union associates. We continue to provide equivalent benefits to those who were covered under this plan into their salary deferral account.

 

We have a salary deferral plan covering substantially all U.S. employees. Plan participants may elect to make voluntary contributions to this plan up to a specified amount of their compensation. We contribute an amount equal to the participant’s contribution, not to exceed 4% of the participant’s compensation. For new hires who are not eligible for the cash balance plan, and associates who were covered by the money purchase pension plan prior to its closure, we contribute an additional amount into their salary deferral accounts, not to exceed 6% of the participant’s compensation.

 

SUPPLEMENTAL SALARY DEFFERAL PLAN AND SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN

 

The Huntsman Supplemental Savings Plan (the “SSP”) is a non-qualified plan covering key management employees and allows participants to defer amounts that would otherwise be paid as compensation. The participant can defer up to 75% of their salary and bonus each year. This plan also provides benefits that would be provided under the Huntsman Salary Deferral Plan if that plan were not subject to legal limits on the amount of contributions that can be allocated to an individual in a single year. The SSP was amended and restated effective as of January 1, 2005 to allow eligible executive employees to comply with Section 409A of the Internal Revenue Code of 1986.

 

The Huntsman Supplemental Executive Retirement Plan (the “SERP”) is an unfunded non-qualified pension plan established to provide certain executive employees with benefits that could not be provided, due to legal limitations, under the Huntsman Defined Benefit Pension Plan, a qualified defined benefit pension plan, and the Huntsman Money Purchase Pension Plan, a qualified money purchase pension plan.

 

Assets of these plans are included in other noncurrent assets and as of December 31, 2021 and 2020 were $48 million and $44 million, respectively. During each of the years ended December 31, 2021, 2020 and 2019, we expensed a total of $1 million as contributions to the SSP and the SERP.

 

Stock-Based Incentive Plan

 

On May 5, 2016, our stockholders approved a new Huntsman Corporation 2016 Stock Incentive Plan (the “2016 Stock Incentive Plan”), which reserved 8.2 million shares for issuance. The Huntsman Corporation Stock Incentive Plan, as amended and restated (the “Prior Plan”), remains in effect for outstanding awards granted pursuant to the Prior Plan, but no further awards may be granted under the Prior Plan. Under the 2016 Stock Incentive Plan, we may grant nonqualified stock options, incentive stock options, stock appreciation rights, restricted stock, phantom stock, performance share units and other stock-based awards to our employees, directors and consultants and to employees and consultants of our subsidiaries, provided that incentive stock options may be granted solely to employees. The terms of the grants under both the 2016 Stock Incentive Plan and the Prior Plan are fixed at the grant date. As of December 31, 2021, we had approximately 7 million shares remaining under the 2016 Stock Incentive Plan available for grant. See “Note 23. Stock-Based Compensation Plan.”

 

International Plans

 

International employees are covered by various post-employment arrangements consistent with local practices and regulations. Such obligations are included in other long-term liabilities in our consolidated balance sheets.