Definitive proxy statements

Pay vs Performance Disclosure

v3.24.1
Pay vs Performance Disclosure - USD ($)
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Pay vs Performance Disclosure        
Pay vs Performance Disclosure, Table
PAY VERSUS PERFORMANCE
PAY VERSUS PERFORMANCE TABLE
Year
Summary
Compensation
Total for CEO
CEO
Compensation
Actually Paid
(1)
Average
Summary
Compensation
Total for
other NEOs
(2)
Average
Compensation
Actually
Paid to other
NEOs
(2)(3)
Value of initial fixed $100
investment based on:
Net
income
(in millions)
Adjusted
EBITDA
(in millions)
TSR
Peer group
TSR(4)
(a)
(b)
(c)
(d)
(e)
(f)
(g)
(h)
(i)
2023 $ 15,243,328 $ 5,700,841 $ 2,877,156 $ 1,596,394 $ 117.64 $ 111.79 $ 153 $ 472
2022 $ 13,380,023 $ 9,694,726 $ 3,226,669 $ 2,607,079 $ 123.98 $ 95.56 $ 523 $ 1,155
2021 $ 14,066,141 $ 28,417,602 $ 3,332,561 $ 5,007,452 $ 153.01 $ 118.16 $ 1,104 $ 1,246
2020 $ 13,529,958 $ 12,339,966 $ 3,015,150 $ 2,779,972 $ 107.53 $ 108.11 $ 1,066 $ 605
(1)
The 2023 Summary Compensation Table (“SCT”) totals reported for the CEO for each year were subject to the following adjustments per Item 402(v)(2)(iii) of Regulation S-K to calculate compensation actually paid (“CAP”):
CEO
Year
Summary
Compensation
Total for CEO
Reported Grant
Date Fair Value of
Equity Awards
(a)
Equity Award
Adjustments
(b)
Reported
Change in the
Actuarial
Present Value
of Pension
Benefits
(c)
Pension
Benefit
Adjustments
(d)
CEO Compensation
Actually Paid
2023 $ 15,243,328 $ (9,880,021) $ 3,338,434 $ (3,322,662) $ 321,762 $ 5,700,841
2022 $ 13,380,023 $ (8,300,053) $ 3,877,209 $ 737,547 $ 9,694,726
2021 $ 14,066,141 $ (8,000,000) $ 21,936,024 $ 415,437 $ 28,417,602
2022 $ 13,529,958 $ (7,600,011) $ 8,284,677 $ (2,623,213) $ 748,555 $ 12,339,966
(a)
Represents a deduction for the amounts reported in the “Stock Awards” and “Option Awards” columns of the SCT.
(b)
Represents the increases or deductions as applicable for the inclusion of Item 402(v) adjusted equity award values as follows:
Equity
Type
Fair Value
of Current
Year Equity
Awards
at Year End
Change in
Value of
Prior Equity
Awards
Unvested at
Year End
Change in
Value of
Prior Awards
Vested
Current Year
Prior Year
Fair Value of
Awards
Forfeited
in Current Year
Dividend
Adjustments
Equity Value
Included
in Compensation
Actually Paid
(a)
(b)
(c)
(d)
(e)
(f) = (a) + (b) + (c) + (d) + (e)
2023 $ 7,836,762 $ (1,100,828) $ (1,936,652) $ (2,009,586) $ 548,738 $ 3,338,434
2022 $ 6,031,897 $ (2,480,511) $ (340,531) $ 666,354 $ 3,877,209
2021 $ 12,039,187 $ 5,432,009 $ 3,989,028 $ 475,800 $ 21,936,024
2020 $ 8,901,061 $ 9,567 $ (862,885) $ 236,934 $ 8,284,677
(c)
Represents a deduction for the amounts reported in the “Change in Pension Value & Nonqualified Deferred Compensation Earnings” column of the SCT.
(d)
Represents the increase for actuarially determined service cost for services rendered in the applicable year. Prior service cost is not included as the Company’s did not have a prior service cost base for the applicable periods.
(2)
The SCT average of the other NEOs for each year were subject to the following adjustments per Item 402(v)(2)(iii) of Regulation S-K to calculate CAP:
Other NEOs
Year
Summary
Compensation
Total for
other NEOs
Reported Grant
Date Fair
Value of Equity
Awards
(a)
Equity Award
Adjustments
(b)
Reported Change
in the Actuarial
Present Value of
Pension Benefits
(c)
Pension
Benefit
Adjustments
(d)
Other NEOs
Compensation
Actually Paid
2023 $ 2,877,156 $ (1,488,250) $ 414,122 $ (261,380) $ 54,746 $ 1,596,394
2022 $ 3,226,669 $ (1,438,267) $ 732,342 $ 86,335 $ 2,607,079
2021 $ 3,332,561 $ (1,401,403) $ 3,453,398 $ (427,847) $ 50,743 $ 5,007,452
2020 $ 3,015,150 $ (1,412,500) $ 1,574,959 $ (452,331) $ 54,694 $ 2,779,972
(a)
Represents a deduction for the amounts reported in the “Stock Awards” and “Option Awards” columns of the SCT.
(b)
Represents the increases or deductions as applicable for the inclusion of Item 402(v) adjusted equity award values as follows:
Equity
Type
Fair Value
of Current
Year Equity
Awards
at Year End
Change in
Value of
Prior Equity
Awards
Unvested at
Year End
Change in
Value of
Prior Awards
Vested
Current Year
Prior Year
Fair Value of
Awards
Forfeited
in Current Year
Dividend
Adjustments
Equity Value
Included
in Compensation
Actually Paid
(a)
(b)
(c)
(d)
(e)
(f) = (a) + (b) + (c) + (d) + (e)
2023 $ 1,180,469 $ (193,974) $ (309,436) $ (348,232) $ 85,295 $ 414,122
2022 $ 1,045,233 $ (401,727) $ (34,856) $ 123,692 $ 732,342
2021 $ 2,100,801 $ 805,720 $ 489,357 $ 57,520 $ 3,453,398
2020 $ 1,654,307 $ 382 $ (108,485) $ 28,755 $ 1,574,959
(c)
Represents a deduction for the amounts reported in the “Change in Pension Value & Nonqualified Deferred Compensation Earnings” column of the SCT.
(d)
Represents the increase for actuarially determined service cost for services rendered in the applicable year. Prior service cost is not included as the Company did not have a prior service cost base for the applicable periods.
(3)
The other NEOs reflected in columns (d) and (e) represent the following individuals for each of the years shown:
a.
2023—Messrs. Lister, Hankins, Stryker and Rogers
b.
2022—Messrs. Lister, Hankins, Stryker and Rogers
c.
2021—Messrs. Lister, Hankins, Stryker, Rogers and Sean Douglas
d.
2020—Messrs. Douglas, Hankins, Stryker and Rogers
(4)
The 2023 Performance Peers consist of the following companies: Ashland Global Holdings Inc., BASF Corp, Celanese Corporation, Clariant AG, Covestro AG, Dow Inc., Eastman Chemical Company, Evonik, H.B. Fuller Company, Lanxess AG, Trinseo S.A. and Westlake Chemical Corp. For information on how we use the 2023 Performance Peers, see “Compensation Discussion and Analysis—2023 Executive Compensation Decisions—Long-Term Equity Compensation”.
     
Company Selected Measure Name Adjusted EBITDA      
Named Executive Officers, Footnote
(1)
Peter Huntsman, Jr. is Vice President of EAME for our Performance Products division. He is the son of Peter R. Huntsman, our CEO.
     
Peer Group Issuers, Footnote
(4)
The 2023 Performance Peers consist of the following companies: Ashland Global Holdings Inc., BASF Corp, Celanese Corporation, Clariant AG, Covestro AG, Dow Inc., Eastman Chemical Company, Evonik, H.B. Fuller Company, Lanxess AG, Trinseo S.A. and Westlake Chemical Corp. For information on how we use the 2023 Performance Peers, see “Compensation Discussion and Analysis—2023 Executive Compensation Decisions—Long-Term Equity Compensation”.
     
PEO Total Compensation Amount $ 15,243,328 $ 13,380,023 $ 14,066,141 $ 13,529,958
PEO Actually Paid Compensation Amount $ 5,700,841 9,694,726 28,417,602 12,339,966
Adjustment To PEO Compensation, Footnote
(1)
The 2023 Summary Compensation Table (“SCT”) totals reported for the CEO for each year were subject to the following adjustments per Item 402(v)(2)(iii) of Regulation S-K to calculate compensation actually paid (“CAP”):
CEO
Year
Summary
Compensation
Total for CEO
Reported Grant
Date Fair Value of
Equity Awards
(a)
Equity Award
Adjustments
(b)
Reported
Change in the
Actuarial
Present Value
of Pension
Benefits
(c)
Pension
Benefit
Adjustments
(d)
CEO Compensation
Actually Paid
2023 $ 15,243,328 $ (9,880,021) $ 3,338,434 $ (3,322,662) $ 321,762 $ 5,700,841
2022 $ 13,380,023 $ (8,300,053) $ 3,877,209 $ 737,547 $ 9,694,726
2021 $ 14,066,141 $ (8,000,000) $ 21,936,024 $ 415,437 $ 28,417,602
2022 $ 13,529,958 $ (7,600,011) $ 8,284,677 $ (2,623,213) $ 748,555 $ 12,339,966
(a)
Represents a deduction for the amounts reported in the “Stock Awards” and “Option Awards” columns of the SCT.
(b)
Represents the increases or deductions as applicable for the inclusion of Item 402(v) adjusted equity award values as follows:
Equity
Type
Fair Value
of Current
Year Equity
Awards
at Year End
Change in
Value of
Prior Equity
Awards
Unvested at
Year End
Change in
Value of
Prior Awards
Vested
Current Year
Prior Year
Fair Value of
Awards
Forfeited
in Current Year
Dividend
Adjustments
Equity Value
Included
in Compensation
Actually Paid
(a)
(b)
(c)
(d)
(e)
(f) = (a) + (b) + (c) + (d) + (e)
2023 $ 7,836,762 $ (1,100,828) $ (1,936,652) $ (2,009,586) $ 548,738 $ 3,338,434
2022 $ 6,031,897 $ (2,480,511) $ (340,531) $ 666,354 $ 3,877,209
2021 $ 12,039,187 $ 5,432,009 $ 3,989,028 $ 475,800 $ 21,936,024
2020 $ 8,901,061 $ 9,567 $ (862,885) $ 236,934 $ 8,284,677
(c)
Represents a deduction for the amounts reported in the “Change in Pension Value & Nonqualified Deferred Compensation Earnings” column of the SCT.
(d)
Represents the increase for actuarially determined service cost for services rendered in the applicable year. Prior service cost is not included as the Company’s did not have a prior service cost base for the applicable periods.
     
Non-PEO NEO Average Total Compensation Amount $ 2,877,156 3,226,669 3,332,561 3,015,150
Non-PEO NEO Average Compensation Actually Paid Amount $ 1,596,394 2,607,079 5,007,452 2,779,972
Adjustment to Non-PEO NEO Compensation Footnote
(2)
The SCT average of the other NEOs for each year were subject to the following adjustments per Item 402(v)(2)(iii) of Regulation S-K to calculate CAP:
Other NEOs
Year
Summary
Compensation
Total for
other NEOs
Reported Grant
Date Fair
Value of Equity
Awards
(a)
Equity Award
Adjustments
(b)
Reported Change
in the Actuarial
Present Value of
Pension Benefits
(c)
Pension
Benefit
Adjustments
(d)
Other NEOs
Compensation
Actually Paid
2023 $ 2,877,156 $ (1,488,250) $ 414,122 $ (261,380) $ 54,746 $ 1,596,394
2022 $ 3,226,669 $ (1,438,267) $ 732,342 $ 86,335 $ 2,607,079
2021 $ 3,332,561 $ (1,401,403) $ 3,453,398 $ (427,847) $ 50,743 $ 5,007,452
2020 $ 3,015,150 $ (1,412,500) $ 1,574,959 $ (452,331) $ 54,694 $ 2,779,972
(a)
Represents a deduction for the amounts reported in the “Stock Awards” and “Option Awards” columns of the SCT.
(b)
Represents the increases or deductions as applicable for the inclusion of Item 402(v) adjusted equity award values as follows:
Equity
Type
Fair Value
of Current
Year Equity
Awards
at Year End
Change in
Value of
Prior Equity
Awards
Unvested at
Year End
Change in
Value of
Prior Awards
Vested
Current Year
Prior Year
Fair Value of
Awards
Forfeited
in Current Year
Dividend
Adjustments
Equity Value
Included
in Compensation
Actually Paid
(a)
(b)
(c)
(d)
(e)
(f) = (a) + (b) + (c) + (d) + (e)
2023 $ 1,180,469 $ (193,974) $ (309,436) $ (348,232) $ 85,295 $ 414,122
2022 $ 1,045,233 $ (401,727) $ (34,856) $ 123,692 $ 732,342
2021 $ 2,100,801 $ 805,720 $ 489,357 $ 57,520 $ 3,453,398
2020 $ 1,654,307 $ 382 $ (108,485) $ 28,755 $ 1,574,959
(c)
Represents a deduction for the amounts reported in the “Change in Pension Value & Nonqualified Deferred Compensation Earnings” column of the SCT.
(d)
Represents the increase for actuarially determined service cost for services rendered in the applicable year. Prior service cost is not included as the Company did not have a prior service cost base for the applicable periods.
     
Compensation Actually Paid vs. Total Shareholder Return
CAP versus TSR.   As shown in the chart below, the CEO and other NEOs’ CAP values are aligned with the Company’s TSR. This is due primarily to the Company’s use of long-term equity incentive awards, which are tied directly to our stock price in addition to our financial performance. The chart also compares the Company’s cumulative TSR and the 2023 Performance Peer’s TSR.
[MISSING IMAGE: bc_capvstsr-pn.jpg]
     
Compensation Actually Paid vs. Net Income
CAP versus Net Income.   As shown in the chart below, the Company’s net income decreased meaningfully in 2023 and the CEO and other NEOs’ CAP values decreased as well. This is due in large part to the significant emphasis the Company places on long-term equity incentive awards, which are sensitive to changes in stock price. These measures do not align as closely as TSR because the Company does not use net income to determine compensation levels or annual cash performance award payouts.
[MISSING IMAGE: bc_netincome-pn.jpg]
     
Compensation Actually Paid vs. Company Selected Measure
CAP versus adjusted EBITDA.    The chart below compares the CEO and other NEOs’ CAP values to our adjusted EBITDA, which indicates there is a very strong relationship between adjusted EBITDA and CAP.
Historically, adjusted EBITDA determined the largest portion of our annual cash performance awards. Because the Company used adjusted EBITDA margin in 2022, this portion of the annual cash performance award was not earned, thus showing a lower correlation in 2022. In 2023, the Company again used adjusted EBITDA, thus increasing the correlation.
[MISSING IMAGE: bc_adjustebitda-pn.jpg]
     
Total Shareholder Return Vs Peer Group
CAP versus TSR.   As shown in the chart below, the CEO and other NEOs’ CAP values are aligned with the Company’s TSR. This is due primarily to the Company’s use of long-term equity incentive awards, which are tied directly to our stock price in addition to our financial performance. The chart also compares the Company’s cumulative TSR and the 2023 Performance Peer’s TSR.
[MISSING IMAGE: bc_capvstsr-pn.jpg]
     
Tabular List, Table
PERFORMANCE MEASURES
The following tabular list provides information on the most important financial performance measures used by the registrant to link compensation actually paid to the Company’s named executive officers, for the most recently completed fiscal year, to the Company’s performance:
Performance Measure
Relative TSR
Adjusted EBITDA
Free cash flow
Optimization Program
EH&S compliance
     
Total Shareholder Return Amount $ 117.64 123.98 153.01 107.53
Peer Group Total Shareholder Return Amount $ 111.79 $ 95.56 $ 118.16 $ 108.11
Company Selected Measure Amount 472,000,000 1,155,000,000 1,246,000,000 605,000,000
PEO Name Peter R. Huntsman      
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest $ 153,000,000 $ 523,000,000 $ 1,104,000,000 $ 1,066,000,000
Measure:: 1        
Pay vs Performance Disclosure        
Name Relative TSR      
Measure:: 2        
Pay vs Performance Disclosure        
Name Adjusted EBITDA      
Measure:: 3        
Pay vs Performance Disclosure        
Name Free cash flow      
Measure:: 4        
Pay vs Performance Disclosure        
Name Optimization Program      
Measure:: 5        
Pay vs Performance Disclosure        
Name EH&S compliance      
PETER R. HUNTSMAN [Member] | Equity Awards Value In Summary Compensation Table (Grant Date Value)        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount $ (9,880,021) (8,300,053) (8,000,000) (7,600,011)
PETER R. HUNTSMAN [Member] | Total Equity Awards Adjustments [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 3,338,434 3,877,209 21,936,024 8,284,677
PETER R. HUNTSMAN [Member] | Reported Change in the Actuarial Present Value of Pension Benefits [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount (3,322,662) (2,623,213)
PETER R. HUNTSMAN [Member] | Total Net Adjustments For Pension [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 321,762 737,547 415,437 748,555
PETER R. HUNTSMAN [Member] | Year-end Fair Value Of Awards Granted In The Current Fiscal Year [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 7,836,762 6,031,897 12,039,187 8,901,061
PETER R. HUNTSMAN [Member] | Change In Fair Value Of Outstanding And Unvested Awards Granted In Prior Fiscal Years [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount (1,100,828) (2,480,511) 5,432,009 9,567
PETER R. HUNTSMAN [Member] | Change In Fair Value As Of Vesting Date Of Prior Year Awards Vested During Current Year [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount (1,936,652) (340,531) 3,989,028 (862,885)
PETER R. HUNTSMAN [Member] | Prior Year Fair Value Of Awards Forfeited in Current Year [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount (2,009,586)
PETER R. HUNTSMAN [Member] | Dividends Or Other Earnings Paid On Equity Awards Not Otherwise Reflected In Fair Value [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 548,738 666,354 475,800 236,934
Non-PEO NEO | Equity Awards Value In Summary Compensation Table (Grant Date Value)        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount (1,488,250) (1,438,267) (1,401,403) (1,412,500)
Non-PEO NEO | Total Equity Awards Adjustments [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 414,122 732,342 3,453,398 1,574,959
Non-PEO NEO | Reported Change in the Actuarial Present Value of Pension Benefits [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount (261,380) (427,847) (452,331)
Non-PEO NEO | Total Net Adjustments For Pension [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 54,746 86,335 50,743 54,694
Non-PEO NEO | Year-end Fair Value Of Awards Granted In The Current Fiscal Year [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 1,180,469 1,045,233 2,100,801 1,654,307
Non-PEO NEO | Change In Fair Value Of Outstanding And Unvested Awards Granted In Prior Fiscal Years [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount (193,974) (401,727) 805,720 382
Non-PEO NEO | Change In Fair Value As Of Vesting Date Of Prior Year Awards Vested During Current Year [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount (309,436) (34,856) 489,357 (108,485)
Non-PEO NEO | Prior Year Fair Value Of Awards Forfeited in Current Year [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount (348,232)
Non-PEO NEO | Dividends Or Other Earnings Paid On Equity Awards Not Otherwise Reflected In Fair Value [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount $ 85,295 $ 123,692 $ 57,520 $ 28,755