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

Annual report pursuant to Section 13 and 15(d)

Note 18 - Employee Benefit Plans (Tables)

Note 18 - Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2022

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

	*Defined benefit plans*												*Other postretirement benefit plans*
	*2022*						*2021*						*2022*					*2021*
	*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	$	1,048		$	2,032		$	1,091		$	2,240		$	61		$	—	$	65		$	—
Service cost		19			26			20			30			1			—		2			—
Interest cost		32			23			31			17			2			—		2			—
Participant contributions		—			5			—			5			2			—		2			—
Plan amendments		—			(2	)		—			1			—			—		—			—
Foreign currency exchange rate changes		—			(131	)		—			(100	)		—			—		—			—
Settlements/curtailments/divestitures		(26	)		(5	)		—			(1	)		—			—		—			—
Actuarial gain		(244	)		(534	)		(37	)		(99	)		(10	)		—		(2	)		—
Benefits paid		(59	)		(60	)		(57	)		(61	)		(9	)		—		(8	)		—
Benefit obligation at end of year	$	770		$	1,354		$	1,048		$	2,032		$	47		$	—	$	61		$	—

Change in plan assets
Fair value of plan assets at beginning of year	$	925		$	1,970		$	866		$	1,956		$	—		$	—	$	—		$	—
Actual return on plan assets		(150	)		(381	)		103			125			—			—		—			—
Foreign currency exchange rate changes		—			(129	)		—			(89	)		—			—		—			—
Participant contributions		—			5			—			5			2			—		2			—
Settlement/transfers/divestitures		(30	)		(5	)		—			—			—			—		—			—
Company contributions		5			36			13			34			7			—		6			—
Benefits paid		(59	)		(60	)		(57	)		(61	)		(9	)		—		(8	)		—
Fair value of plan assets at end of year	$	691		$	1,436		$	925		$	1,970		$	—		$	—	$	—		$	—

Funded status
Fair value of plan assets	$	691		$	1,436		$	925		$	1,970		$	—		$	—	$	—		$	—
Benefit obligation		770			1,354			1,048			2,032			47			—		61			—
(Under) over funded status	$	(79	)	$	82		$	(123	)	$	(62	)	$	(47	)	$	—	$	(61	)	$	—

Amounts recognized in balance sheet:
Noncurrent asset	$	—		$	196		$	—		$	144		$	—		$	—	$	—		$	—
Current liability		(6	)		(4	)		(6	)		(3	)		(5	)		—		(6	)		—
Noncurrent liability		(73	)		(110	)		(117	)		(203	)		(42	)		—		(55	)		—
Net (liability) asset	$	(79	)	$	82		$	(123	)	$	(62	)	$	(47	)	$	—	$	(61	)	$	—

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

	*Defined benefit plans*												*Other postretirement benefit plans*
	*2022*						*2021*						*2022*					*2021*
	*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	$	202		$	511		$	255		$	662		$	11		$	—	$	23		$	—
Prior service credit		(6	)		(18	)		(8	)		(20	)		(16	)		—		(21	)		—
Total	$	196		$	493		$	247		$	642		$	(5	)	$	—	$	2		$	—

	*Defined benefit plans*												*Other postretirement benefit plans*
	*2022*						*2021*						*2022*					*2021*
	*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	$	202		$	511		$	255		$	662		$	11		$	—	$	23		$	—
Prior service credit		(6	)		(18	)		(8	)		(20	)		(16	)		—		(21	)		—
Total	$	196		$	493		$	247		$	642		$	(5	)	$	—	$	2		$	—

Schedule of Net Benefit Costs [Table Text Block]

	*Defined benefit plans*
	*U.S. plans*									*Non-U.S. plans*
	*2022*			*2021*			*2020*			*2022*			*2021*			*2020*
Service cost	$	19		$	20		$	21		$	26		$	30		$	28
Interest cost(a)		32			31			37			23			17			23
Expected return on plan assets(a)		(62	)		(62	)		(59	)		(87	)		(91	)		(97	)
Amortization of prior service credit(a)		(2	)		(2	)		(2	)		(3	)		(4	)		(3	)
Amortization of actuarial loss(a)		20			31			28			27			48			41
Settlement loss(a)		5			—			—			—			3			—
Net periodic benefit cost (credit)	$	12		$	18		$	25		$	(14	)	$	3		$	(8	)

	*Other postretirement benefit plans*
	*U.S. plans*									*Non-U.S. plans*
	*2022*			*2021*			*2020*			*2022*		*2021*		*2020*
Service cost	$	1		$	2		$	1		$	—	$	—	$	—
Interest cost(a)		2			2			2			—		—		—
Amortization of prior service credit(a)		(5	)		(5	)		(5	)		—		—		—
Amortization of actuarial loss(a)		2			2			1			—		—		—
Net periodic benefit cost (credit)	$	—		$	1		$	(1	)	$	—	$	—	$	—

	*Defined benefit plans*
	*U.S. plans*									*Non-U.S. plans*
	*2022*			*2021*			*2020*			*2022*			*2021*			*2020*
Service cost	$	19		$	20		$	21		$	26		$	30		$	28
Interest cost(a)		32			31			37			23			17			23
Expected return on plan assets(a)		(62	)		(62	)		(59	)		(87	)		(91	)		(97	)
Amortization of prior service credit(a)		(2	)		(2	)		(2	)		(3	)		(4	)		(3	)
Amortization of actuarial loss(a)		20			31			28			27			51			44
Settlement loss(a)		5			—			—			—			3			—
Net periodic benefit cost (credit)	$	12		$	18		$	25		$	(14	)	$	6		$	(5	)

	*Other postretirement benefit plans*
	*U.S. plans*									*Non-U.S. plans*
	*2022*			*2021*			*2020*			*2022*		*2021*		*2020*
Service cost	$	1		$	2		$	1		$	—	$	—	$	—
Interest cost(a)		2			2			2			—		—		—
Amortization of prior service credit(a)		(5	)		(5	)		(5	)		—		—		—
Amortization of actuarial loss(a)		2			2			1			—		—		—
Net periodic benefit cost (credit)	$	—		$	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*
	*2022*			*2021*			*2020*			*2022*			*2021*			*2020*
Current year actuarial (gain) loss	$	(28	)	$	(78	)	$	40		$	(115	)	$	(150	)	$	87
Amortization of actuarial loss		(20	)		(31	)		(28	)		(36	)		(59	)		(53	)
Current year prior service (credit) cost		—			—			—			(3	)		1			—
Amortization of prior service credit		2			2			2			5			5			5
Settlements		(5	)		—			(42	)		—			(3	)		—
Total recognized in other comprehensive income (loss)		(51	)		(107	)		(28	)		(149	)		(206	)		39
Amounts related to discontinued operations		2			20			17			57			25			(9	)
Total recognized in other comprehensive income (loss) in continuing operations		(49	)		(87	)		(11	)		(92	)		(181	)		30
Net periodic benefit cost (credit)		12			18			25			(14	)		3			(8	)
Total recognized in net periodic benefit cost and other comprehensive (loss) income	$	(37	)	$	(69	)	$	14		$	(106	)	$	(178	)	$	22

	*Other postretirement benefit plans*
	*U.S. plans*									*Non-U.S. plans*
	*2022*			*2021*			*2020*			*2022*		*2021*		*2020*
Current year actuarial (gain) loss	$	(10	)	$	(2	)	$	9		$	—	$	—	$	—
Amortization of actuarial loss		(2	)		(2	)		(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)		(7	)		1			14			—		—		—
Amounts related to discontinued operations		2			1			(1	)		—		—		—
Total recognized in other comprehensive income (loss) in continuing operations		(5	)		2			13			—		—		—
Net periodic benefit cost (credit)		—			1			(1	)		—		—		—
Total recognized in net periodic benefit cost and other comprehensive (loss) income	$	(5	)	$	3		$	12		$	—	$	—	$	—

	*Defined benefit plans*
	*U.S. plans*									*Non-U.S. plans*
	*2022*			*2021*			*2020*			*2022*			*2021*			*2020*
Current year actuarial (gain) loss	$	(28	)	$	(78	)	$	40		$	(115	)	$	(150	)	$	87
Amortization of actuarial loss		(20	)		(31	)		(28	)		(36	)		(62	)		(56	)
Current year prior service (credit) cost		—			—			—			(3	)		1			—
Amortization of prior service credit		2			2			2			5			5			5
Settlements		(5	)		—			(42	)		—			(3	)		—
Total recognized in other comprehensive income (loss)		(51	)		(107	)		(28	)		(149	)		(209	)		36
Amounts related to discontinued operations		2			20			17			57			25			(9	)
Total recognized in other comprehensive income (loss) in continuing operations		(49	)		(87	)		(11	)		(92	)		(184	)		27
Net periodic benefit cost (credit)		12			18			25			(14	)		6			(5	)
Total recognized in net periodic benefit cost and other comprehensive (loss) income	$	(37	)	$	(69	)	$	14		$	(106	)	$	(178	)	$	22

	*Other postretirement benefit plans*
	*U.S. plans*									*Non-U.S. plans*
	*2022*			*2021*			*2020*			*2022*		*2021*		*2020*
Current year actuarial (gain) loss	$	(10	)	$	(2	)	$	9		$	—	$	—	$	—
Amortization of actuarial loss		(2	)		(2	)		(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)		(7	)		1			14			—		—		—
Amounts related to discontinued operations		2			1			(1	)		—		—		—
Total recognized in other comprehensive income (loss) in continuing operations		(5	)		2			13			—		—		—
Net periodic benefit cost (credit)		—			1			(1	)		—		—		—
Total recognized in net periodic benefit cost and other comprehensive (loss) income	$	(5	)	$	3		$	12		$	—	$	—	$	—

Defined Benefit Plan, Assumptions [Table Text Block]

	*Defined benefit plans*
	*U.S. plans*									*Non-U.S. plans*
	*2022*			*2021*			*2020*			*2022*			*2021*			*2020*
Projected benefit obligation
Discount rate		5.75	%		3.11	%		2.82	%		3.67	%		1.20	%		0.76	%
Rate of compensation increase		4.24	%		4.09	%		4.09	%		2.93	%		2.86	%		2.64	%
Interest credit rate		5.15	%		5.15	%		5.15	%		2.35	%		0.87	%		0.52	%
Net periodic pension cost
Discount rate		3.11	%		2.82	%		3.59	%		1.20	%		0.76	%		1.17	%
Rate of compensation increase		4.09	%		4.09	%		4.09	%		2.86	%		2.64	%		2.71	%
Expected return on plan assets		7.17	%		7.52	%		7.52	%		4.80	%		4.80	%		5.79	%
Interest credit rate		5.15	%		5.15	%		5.15	%		0.87	%		0.52	%		0.65	%

	*Other postretirement benefit plans*
	*U.S. plans*									*Non-U.S. plans*
	*2022*			*2021*			*2020*			*2022*			*2021*			*2020*
Projected benefit obligation
Discount rate		5.80	%		3.01	%		2.63	%		5.10	%		2.80	%		2.30	%
Net periodic pension cost
Discount rate		3.01	%		2.63	%		3.46	%		2.80	%		2.30	%		2.90	%

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

	*U.S. plans*				*Non-U.S. plans*
	*2022*		*2021*		*2022*		*2021*
Projected benefit obligation in excess of plan assets
Projected benefit obligation	$	770	$	1,048	$	116	$	710
Fair value of plan assets		691		925		3		505

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

	*U.S. plans*				*Non-U.S. plans*
	*2022*		*2021*		*2022*		*2021*
Accumulated benefit obligation in excess of plan assets
Projected benefit obligation	$	770	$	1,048	$	116	$	554
Accumulated benefit obligation		758		1,031		108		515
Fair value of plan assets		691		925		3		357

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*
2023 expected employer contributions
To plan trusts	$	6	$	5	$	26	$	—
Expected benefit payments
2023		62		5		82		—
2024		65		5		67		—
2025		66		5		67		—
2026		67		5		67		—
2027		98		5		73		—
2028 - 2032		308		20		403		—

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	*2022*		*assets (Level 1)*		*(Level 2)*		*(Level 3)*
U.S. pension plans:
Equities	$	324	$	180	$	144	$	—
Fixed income		327		143		184		—
Real estate/other		18		18		—		—
Cash		22		22		—		—
Total U.S. pension plan assets	$	691	$	363	$	328	$	—
Non-U.S. pension plans:
Equities	$	298	$	96	$	202	$	—
Fixed income		622		391		231		—
Real estate/other		386		46		269		71
Cash		130		130		—		—
Total Non-U.S. pension plan assets	$	1,436	$	663	$	702	$	71

			*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	$	543	$	204	$	339	$	—
Fixed income		894		579		315		—
Real estate/other		451		86		278		87
Cash		82		82		—		—
Total Non-U.S. pension plan assets	$	1,970	$	951	$	932	$	87

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

	*Real Estate/Other*
	*Year ended December 31,*
	*2022*			*2021*
Fair value measurements of plan assets using significant unobservable inputs (Level 3)
Balance at beginning of period	$	99		$	134
Return on pension plan assets		(5	)		9
Purchases, sales and settlements		(23	)		(44	)
Transfers into (out of) Level 3		—			—
Balance at end of period	$	71		$	99

Schedule of Allocation of Plan Assets [Table Text Block]

	*Target*
	*allocation*			*Allocation at December 31,*
Asset category	*2023*			*2022*			*2021*
U.S. pension plans:
Equities		48	%		47	%		48	%
Fixed income		46	%		47	%		45	%
Real estate/other		3	%		3	%		4	%
Cash		3	%		3	%		3	%
Total U.S. pension plans		100	%		100	%		100	%
Non-U.S. pension plans:
Equities		21	%		21	%		28	%
Fixed income		42	%		43	%		45	%
Real estate/other		30	%		27	%		23	%
Cash		7	%		9	%		4	%
Total non-U.S. pension plans		100	%		100	%		100	%