10-Q 1 hun20240331_10q.htm FORM 10-Q hun20240331_10q.htm
0001307954 0001089748 false --12-31 Q1 2024 --12-31 Q1 2024 13 13 290 224 0.01 0.01 1,200,000,000 1,200,000,000 262,728,837 262,190,459 172,121,709 171,583,331 90,607,128 90,607,128 0 8 0 0 1.525 http://fasb.org/us-gaap/2024#SecuredOvernightFinancingRateSofrMember 300 750 400 January 31, 2027 0.95 July 31, 2027 1.45 108 61 1 90 0 56 67 0 43 91 0 6 3 3 0 0 0 0 0 0 0 3 3 3 false false false false Amounts are net of tax of $67 million for both March 31, 2024 and January 1, 2024. Amounts are net of tax of $43 million for both March 31, 2024 and January 1, 2024. Corporate and other costs, net includes unallocated corporate overhead, unallocated foreign exchange gains and losses, LIFO inventory valuation reserve adjustments, loss on early extinguishment of debt, unallocated restructuring, impairment and plant closing costs, nonoperating income and expense and gains and losses on the disposition of corporate assets. In connection with the sale of our Textile Effects Business, we recognized $67 million of pension settlement losses and $1 million of pension curtailment gains for the three months March 31, 2023. As of March 31, 2024, a total of 136,370 restricted stock units were vested but not yet issued, of which 20,685 vested during the three months ended March 31, 2024. These shares have not been reflected as vested shares in this table because, in accordance with the restricted stock unit agreements, shares of common stock are not issued for vested restricted stock units until termination of employment. The applicable rate for our U.S. A/R Program is defined by the lender as Term SOFR. The applicable rate for our EU A/R Program is either Term SOFR, EURIBOR or SONIA (Sterling Overnight Interbank Average Rate). Pension and other postretirement benefits amounts in parentheses indicate credits on our condensed consolidated statements of operations. See table below for details about these reclassifications. On March 31, 2024, we had an additional $4 million (U.S. dollar equivalents) of letters of credit and bank guarantees issued and outstanding under our 2022 Revolving Credit Facility. Amounts include approximately nil and $1 million of actuarial losses and prior service credits related to discontinued operations for the three months ended March 31, 2024 and 2023, respectively. A total of 191,959 performance share unit awards with a grant date fair value of $45.04 that were included in the December 31, 2023 nonvested balance did not meet the minimum performance criteria of these awards and were effectively forfeited during the three months ended March 31, 2024. Amounts are net of tax of $43 million and $42 million for March 31, 2023 and January 1, 2023, respectively. Includes eliminations of trade sales, services and fees, net and cost of sales between continuing operations and discontinued operations. In connection with the sale of our Textile Effects Business, we recognized $67 million of pension settlement losses and $1 million of pension curtailment gains for the three months ended March 31, 2023. Amounts are net of tax of $81 million and $55 million as of March 31, 2023 and January 1, 2023, respectively. We use segment adjusted EBITDA as the measure of each segment’s profit or loss. We believe that segment adjusted EBITDA more accurately reflects what the chief operating decision maker uses to make decisions about resources to be allocated to the segments and assess their financial performance. Segment adjusted EBITDA is defined as net income of Huntsman Corporation or Huntsman International, as appropriate, before interest, income tax, depreciation and amortization, net income attributable to noncontrolling interests and certain Corporate and other items, as well as eliminating the following adjustments: (a) business acquisition and integration expenses and purchase accounting inventory adjustments; (b) fair value adjustments to Venator investment and related loss on disposal; (c) loss on early extinguishment of debt; (d) certain legal and other settlements and related expenses; (e) income (expenses) associated with the Albemarle Settlement, net; (f) gain (loss) on sale of businesses/assets; (g) income from transition services arrangements related to the sale of our Chemical Intermediates Businesses to Indorama; (h) certain nonrecurring information technology project implementation costs; (i) amortization of pension and postretirement actuarial losses; (j) plant incident remediation costs; (k) restructuring, impairment, plant closing and transition (costs) credits; and (l) (loss) income from discontinued operations, net of tax. Amounts are net of tax of $91 million for both March 31, 2024 and January 1, 2024. The amount of actual availability under our A/R Programs may be lower based on the level of eligible receivables sold, changes in the credit ratings of our customers, customer concentration levels and certain characteristics of the accounts receivable being transferred, as defined in the applicable agreements. Geographic information for revenues is based upon countries into which product is sold. As of March 31, 2024, we had approximately $4 million (U.S. dollar equivalents) of letters of credit issued and outstanding under our U.S. A/R Program. Amounts are net of tax of $56 million and $55 as of March 31, 2023 and January 1, 2023, respectively. We use segment adjusted EBITDA as the measure of each segment’s profit or loss. We believe that segment adjusted EBITDA more accurately reflects what the chief operating decision maker uses to make decisions about resources to be allocated to the segments and assess their financial performance. Segment adjusted EBITDA is defined as net income of Huntsman Corporation or Huntsman International, as appropriate, before interest, income tax, depreciation and amortization, net income attributable to noncontrolling interests and certain Corporate and other items, as well as eliminating the following adjustments: (a) business acquisition and integration expenses and purchase accounting inventory adjustments; (b) fair value adjustments to Venator investment, net; (c) certain legal and other settlements and related expenses; (d) certain nonrecurring information technology project implementation costs; (e) amortization of pension and postretirement actuarial losses; (f) restructuring, impairment, plant closing and transition (costs) credits; and (g) (loss) income from discontinued operations, net of tax. Includes costs associated with transition activities related primarily to our Corporate program to optimize our global approach to leverage shared services capabilities. Corporate and other costs, net includes unallocated corporate overhead, unallocated foreign exchange gains and losses, LIFO inventory valuation reserve adjustments, nonoperating income and expense and gains and losses on the disposition of corporate assets. At March 31, 2024 and December 31, 2023, respectively, $15 and $2 of cash and cash equivalents, $18 and $16 of accounts and notes receivable (net), $52 and $48 of inventories, $151 and $150 of property, plant and equipment (net), $33 and $32 of other noncurrent assets, $89 and $84 of accounts payable, $21 and $20 of accrued liabilities, $9 each of current portion of debt, $7 and $8 of current operating lease liabilities, $15 and $17 of long-term debt, $19 and $21 of noncurrent operating lease liabilities and $16 and $15 of other noncurrent liabilities from consolidated variable interest entities are included in the respective balance sheet captions above. See “Note 6. Variable Interest Entities.” These assets can only be used to settle obligations of the variable interest entities, and creditors of these liabilities do not have recourse to our general credit. Amounts are net of tax of $57 million and $31 million as of March 31, 2023 and January 1, 2023, respectively. Interest rates on borrowings under the 2022 Revolving Credit Facility vary based on the type of loan and Huntsman International’s debt ratings. The representative interest rate for U.S. dollar borrowings as of March 31, 2024 was 1.525% above Term SOFR. Pension and other postretirement benefits amounts in parentheses indicate credits on our consolidated statements of operations. Amounts are net of tax of $56 million for both March 31, 2024 and January 1, 2024. Amounts are presented in other income, net. These accumulated other comprehensive loss components are included in the computation of net periodic pension costs. See “Note 12. 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Table of Contents



UNITED STATES 

SECURITIES AND EXCHANGE COMMISSION 

WASHINGTON, D.C. 20549

 

Form 10-Q

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2024

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                          to                         

Commission
File Number

    

Exact Name of Registrant as Specified in its Charter,
Principal Office Address and Telephone Number

    

State of
Incorporation
or Organization

    

I.R.S. Employer
Identification No.

001-32427

Huntsman Corporation
10003 Woodloch Forest Drive
The Woodlands, Texas 77380
(281) 719-6000

Delaware

42-1648585

333-85141

Huntsman International LLC
10003 Woodloch Forest Drive
The Woodlands, Texas 77380
(281) 719-6000

Delaware

87-0630358

 


Securities registered pursuant to Section 12(b) of the Act:

Registrant

 

Title of each class

 

Trading Symbol

Name of each exchange on which registered

Huntsman Corporation

 

Common Stock, par value $0.01 per share

 

HUN

New York Stock Exchange

Huntsman International LLC

 

NONE

 

NONE

NONE

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Huntsman Corporation

Yes ☒

No ☐

Huntsman International LLC

Yes

No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Huntsman Corporation

Yes

No ☐

Huntsman International LLC

Yes

No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):

Huntsman Corporation

Large accelerated filer

Accelerated filer ☐

Non-accelerated filer ☐

Smaller reporting company

Emerging growth company

Huntsman International LLC

Large accelerated filer ☐

Accelerated filer ☐

Non-accelerated filer

Smaller reporting company

Emerging Growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Huntsman Corporation

Huntsman International LLC

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Huntsman Corporation

Yes

No ☒

Huntsman International LLC

Yes

No ☒

On April 22, 2024, 172,996,286 shares of common stock of Huntsman Corporation were outstanding and 2,728 units of membership interest of Huntsman International LLC were outstanding. There is no trading market for Huntsman International LLC’s units of membership interest. All of Huntsman International LLC’s units of membership interest are held by Huntsman Corporation.


This Quarterly Report on Form 10-Q presents information for two registrants: Huntsman Corporation and Huntsman International LLC. Huntsman International LLC is a wholly-owned subsidiary of Huntsman Corporation and is the principal operating company of Huntsman Corporation. The information reflected in this Quarterly Report on Form 10-Q is equally applicable to both Huntsman Corporation and Huntsman International LLC, except where otherwise indicated. Huntsman International LLC meets the conditions set forth in General Instructions H(1)(a) and (b) of Form 10-Q and, to the extent applicable, is therefore filing this form with a reduced disclosure format.



 

 
 

HUNTSMAN CORPORATION AND SUBSIDIARIES

HUNTSMAN INTERNATIONAL LLC AND SUBSIDIARIES

QUARTERLY REPORT ON FORM 10-Q FOR THE QUARTERLY PERIOD

ENDED March 31, 2024

TABLE OF CONTENTS

Page

PART I

FINANCIAL INFORMATION

4

ITEM 1.

Condensed Consolidated Financial Statements (Unaudited)

4

Huntsman Corporation and Subsidiaries:

Unaudited Condensed Consolidated Balance Sheets

4

Unaudited Condensed Consolidated Statements of Operations

5

Unaudited Condensed Consolidated Statements of Comprehensive (Loss) Income

6

Unaudited Condensed Consolidated Statements of Equity

7

Unaudited Condensed Consolidated Statements of Cash Flows

8

Huntsman International LLC and Subsidiaries:

Unaudited Condensed Consolidated Balance Sheets

9

Unaudited Condensed Consolidated Statements of Operations

10

Unaudited Condensed Consolidated Statements of Comprehensive (Loss) Income

11

Unaudited Condensed Consolidated Statements of Equity

12

Unaudited Condensed Consolidated Statements of Cash Flows

13

Huntsman Corporation and Subsidiaries and Huntsman International LLC and Subsidiaries:

Notes to Unaudited Condensed Consolidated Financial Statements

14

ITEM 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

34

ITEM 3.

Quantitative and Qualitative Disclosures About Market Risk

46

ITEM 4.

Controls and Procedures

46

PART II

OTHER INFORMATION

47

ITEM 1.

Legal Proceedings

47

ITEM 1A.

Risk Factors

47

ITEM 2.

Unregistered Sales of Equity Securities and Use of Proceeds

47

ITEM 6.

Exhibits

48

 

FORWARD-LOOKING STATEMENTS

Certain information set forth in this report contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements other than historical factual information are forward-looking statements, including without limitation statements regarding: projections of revenue, expenses, profit, profit margins, tax rates, tax provisions, cash flows, pension and benefit obligations and funding requirements, our liquidity position or other projected financial measures; management’s plans and strategies for future operations, including statements relating to anticipated operating performance, cost reductions, restructuring activities, new product and service developments, competitive strengths or market position, acquisitions, divestitures, spin-offs or other distributions, strategic opportunities, financing activities, stock repurchases, dividends and executive compensation; growth, declines and other trends in markets we sell into; new or modified laws, regulations and accounting pronouncements; outstanding claims, legal proceedings, or the potential outcomes thereof, tax audits and assessments and other contingent liabilities; foreign currency exchange rates and fluctuations in those rates; general economic and capital markets conditions; the timing of any of the foregoing; assumptions underlying any of the foregoing; and any other statements that address events or developments that we intend or believe will or may occur in the future. In some cases, forward-looking statements can be identified by terminology such as “believes,” “expects,” “may,” “will,” “should,” “anticipates” or “intends” or the negative of such terms or other comparable terminology, or by discussions of strategy. We may also make additional forward-looking statements from time to time. All such subsequent forward-looking statements, whether written or oral, by us or on our behalf, are also expressly qualified by these cautionary statements.

All forward-looking statements, including without limitation any projections derived from management’s examination of historical operating trends, are based upon our current expectations and various assumptions. Our expectations, beliefs and projections are expressed in good faith and we believe there is a reasonable basis for them, but there can be no assurance that management’s expectations, beliefs and projections will be achieved. All forward-looking statements apply only as of the date made. We undertake no obligation to publicly update or revise forward-looking statements whether because of new information, future events or otherwise, except as required by securities and other applicable law.

There are a number of risks and uncertainties that could cause our actual results to differ materially from the forward-looking statements contained in or contemplated by this report. Any forward-looking statements should be considered in light of the risks set forth in “Part II. Item 1A. Risk Factors” below and “Part I. Item 1A. Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2023.

 

 

 

 

PART I. FINANCIAL INFORMATION

ITEM 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

HUNTSMAN CORPORATION AND SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(In Millions, Except Share and Per Share Amounts)

  

March 31,

  

December 31,

 
  

2024

  

2023

 

ASSETS

        

Current assets:

        

Cash and cash equivalents(1)

 $552  $540 

Accounts and notes receivable (net of allowance for doubtful accounts of $13), ($290 and $224 pledged as collateral, respectively)(1)

  831   747 

Accounts receivable from affiliates

  6   6 

Inventories(1)

  896   867 

Other current assets

  158   154 

Total current assets

  2,443   2,314 

Property, plant and equipment, net(1)

  2,571   2,376 

Investment in unconsolidated affiliates

  457   438 

Intangible assets, net

  378   387 

Goodwill

  640   644 

Deferred income taxes

  109   112 

Operating lease right-of-use assets

  411   366 

Other noncurrent assets(1)

  563   611 

Total assets

 $7,572  $7,248 
         

LIABILITIES AND EQUITY

        

Current liabilities:

        

Accounts payable(1)

 $723  $660 

Accounts payable to affiliates

  22   59 

Accrued liabilities(1)

  386   395 

Current portion of debt(1)

  396   12 

Current operating lease liabilities(1)

  52   46 

Total current liabilities

  1,579   1,172 

Long-term debt(1)

  1,660   1,676 

Deferred income taxes

  225   243 

Noncurrent operating lease liabilities(1)

  378   334 

Other noncurrent liabilities(1)

  336   345 

Total liabilities

  4,178   3,770 

Commitments and contingencies (Notes 15 and 16)

          

Equity

        

Huntsman Corporation stockholders’ equity:

        

Common stock $0.01 par value, 1,200,000,000 shares authorized, 262,728,837 and 262,190,459 shares issued and 172,121,709 and 171,583,331 shares outstanding, respectively

  3   3 

Additional paid-in capital

  4,231   4,202 

Treasury stock, 90,607,128 shares

  (2,290)  (2,290)

Unearned stock-based compensation

  (51)  (41)

Retained earnings

  2,528   2,622 

Accumulated other comprehensive loss

  (1,269)  (1,245)

Total Huntsman Corporation stockholders’ equity

  3,152   3,251 

Noncontrolling interests in subsidiaries

  242   227 

Total equity

  3,394   3,478 

Total liabilities and equity

 $7,572  $7,248 

  


(1)

At March 31, 2024 and December 31, 2023, respectively, $15 and $2 of cash and cash equivalents, $18 and $16 of accounts and notes receivable (net), $52 and $48 of inventories, $151 and $150 of property, plant and equipment (net), $33 and $32 of other noncurrent assets, $89 and $84 of accounts payable, $21 and $20 of accrued liabilities, $9 each of current portion of debt, $7 and $8 of current operating lease liabilities, $15 and $17 of long-term debt, $19 and $21 of noncurrent operating lease liabilities and $16 and $15 of other noncurrent liabilities from consolidated variable interest entities are included in the respective balance sheet captions above. See “Note 6. Variable Interest Entities.” These assets can only be used to settle obligations of the variable interest entities, and creditors of these liabilities do not have recourse to our general credit.

See accompanying notes to condensed consolidated financial statements.

 

 

 

HUNTSMAN CORPORATION AND SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In Millions, Except Per Share Amounts)

 

  

Three months

 
  

ended

 
  

March 31,

 
  

2024

  

2023

 

Revenues:

        

Trade sales, services and fees, net

 $1,436  $1,573 

Related party sales

  34   33 

Total revenues

  1,470   1,606 

Cost of goods sold

  1,269   1,337 

Gross profit

  201   269 

Operating expenses:

        

Selling, general and administrative

  176   188 

Research and development

  31   30 

Restructuring, impairment and plant closing costs (credits)

  11   (7)

Gain on acquisition of assets, net

  (52)   

Prepaid asset write-off

  71    

Other operating loss (income), net

  2   (3)

Total operating expenses

  239   208 

Operating (loss) income

  (38)  61 

Interest expense, net

  (19)  (18)

Equity in income of investment in unconsolidated affiliates

  19   12 

Other income, net

  2    

(Loss) income from continuing operations before income taxes

  (36)  55 

Income tax benefit (expense)

  20   (11)

(Loss) income from continuing operations

  (16)  44 

(Loss) income from discontinued operations, net of tax

  (7)  122 

Net (loss) income

  (23)  166 

Net income attributable to noncontrolling interests

  (14)  (13)

Net (loss) income attributable to Huntsman Corporation

 $(37) $153 
         

Basic (loss) income per share:

        

(Loss) income from continuing operations attributable to Huntsman Corporation common stockholders

 $(0.18) $0.17 

(Loss) income from discontinued operations attributable to Huntsman Corporation common stockholders, net of tax

  (0.04)  0.67 

Net (loss) income attributable to Huntsman Corporation common stockholders

 $(0.22) $0.84 

Weighted average shares

  171.8   182.7 
         

Diluted (loss) income per share:

        

(Loss) income from continuing operations attributable to Huntsman Corporation common stockholders

 $(0.18) $0.17 

(Loss) income from discontinued operations attributable to Huntsman Corporation common stockholders, net of tax

  (0.04)  0.66 

Net (loss) income attributable to Huntsman Corporation common stockholders

 $(0.22) $0.83 

Weighted average shares

  171.8   184.4 
         

Amounts attributable to Huntsman Corporation:

        

(Loss) income from continuing operations

 $(30) $31 

(Loss) income from discontinued operations, net of tax

  (7)  122 

Net (loss) income

 $(37) $153 

   

See accompanying notes to condensed consolidated financial statements.

 

 

HUNTSMAN CORPORATION AND SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME

(In Millions) 

 

   

Three months

 
   

ended

 
   

March 31,

 
   

2024

   

2023

 

Net (loss) income

  $ (23 )   $ 166  

Other comprehensive (loss) income, net of tax:

               

Foreign currency translations adjustments

    (36 )     54  

Pension and other postretirement benefits adjustments

    8       74  

Other, net

    5       (1 )

Other comprehensive (loss) income, net of tax

    (23 )     127  

Comprehensive (loss) income

    (46 )     293  

Comprehensive income attributable to noncontrolling interests

    (15 )     (15 )

Comprehensive (loss) income attributable to Huntsman Corporation

  $ (61 )   $ 278  

 

See accompanying notes to condensed consolidated financial statements.

 

 

 

HUNTSMAN CORPORATION AND SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF EQUITY

(In Millions, Except Share Amounts)

   

Huntsman Corporation Stockholders' Equity

                 
                                                   

Accumulated

                 
   

Shares

           

Additional

           

Unearned

           

other

   

Noncontrolling

         
   

common

   

Common

   

paid-in

   

Treasury

   

stock-based

   

Retained

   

comprehensive

   

interests in

   

Total

 
   

stock

   

stock

   

capital

   

stock

   

compensation

   

earnings

   

loss

   

subsidiaries

   

equity

 

Balance, January 1, 2024

    171,583,331     $ 3     $ 4,202     $ (2,290 )   $ (41 )   $ 2,622     $ (1,245 )   $ 227     $ 3,478  

Net (loss) income

                                  (37 )           14       (23 )

Other comprehensive (loss) income

                                        (24 )     1       (23 )

Issuance of nonvested stock awards

                19             (19 )                        

Vesting of stock awards

    722,117             2                                     2  

Recognition of stock-based compensation

                            9                         9  

Repurchase and cancellation of stock awards

    (225,895 )                             (5 )                 (5 )

Stock options exercised

    42,156             8                   (8 )                  

Dividends declared on common stock ($0.25 per share)

                                  (44 )                 (44 )

Balance, March 31, 2024

    172,121,709     $ 3     $ 4,231     $ (2,290 )   $ (51 )   $ 2,528     $ (1,269 )   $ 242     $ 3,394  

   

Huntsman Corporation Stockholders' Equity

                 
                                                   

Accumulated

                 
   

Shares

           

Additional

           

Unearned

           

other

   

Noncontrolling

         
   

common

   

Common

   

paid-in

   

Treasury

   

stock-based

   

Retained

   

comprehensive

   

interests in

   

Total

 
   

stock

   

stock

   

capital

   

stock

   

compensation

   

earnings

   

loss

   

subsidiaries

   

equity

 

Balance, January 1, 2023

    183,634,464     $ 3     $ 4,156     $ (1,937 )   $ (35 )   $ 2,705     $ (1,268 )   $ 216     $ 3,840  

Net income

                                  153             13       166  

Other comprehensive income

                                        125       2       127  

Issuance of nonvested stock awards

                32             (32 )                        

Vesting of stock awards

    1,016,782             5                                     5  

Recognition of stock-based compensation

                1             9                         10  

Repurchase and cancellation of stock awards

    (301,231 )                             (9 )                 (9 )

Stock options exercised

    16,245             1                   (1 )                  

Treasury stock repurchased

    (3,472,020 )                 (101 )                             (101 )

Distributions to noncontrolling interests

                                              (4 )     (4 )

Dividends declared on common stock ($0.2375 per share)

                                  (44 )                 (44 )

Balance, March 31, 2023

    180,894,240     $ 3     $ 4,195     $ (2,038 )   $ (58 )   $ 2,804     $ (1,143 )   $ 227     $ 3,990  

 

See accompanying notes to condensed consolidated financial statements.

 

 

HUNTSMAN CORPORATION AND SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In Millions)

 

   

Three months

 
   

ended

 
   

March 31,

 
   

2024

   

2023

 

Operating activities:

               

Net (loss) income

  $ (23 )   $ 166  

Less: Loss (income) from discontinued operations, net of tax

    7       (122 )

(Loss) income from continuing operations

    (16 )     44  

Adjustments to reconcile (loss) income from continuing operations to net cash used in operating activities from continuing operations:

               

Equity in income of investment in unconsolidated affiliates

    (19 )     (12 )

Depreciation and amortization

    69       69  

Noncash lease expense

    19       17  

Gain on acquisition of assets, net

    (52 )      

Noncash prepaid asset write-off

    71        

Deferred income taxes

    (33 )     (20 )

Noncash stock-based compensation

    9       9  

Other, net

    6        

Changes in operating assets and liabilities:

               

Accounts and notes receivable

    (87 )     (23 )

Inventories

    (38 )     (50 )

Other current assets

    (1 )     23  

Other noncurrent assets

    (2 )     (17 )

Accounts payable

    30       (75 )

Accrued liabilities

    (9 )     (70 )

Other noncurrent liabilities

    (10 )     (17 )

Net cash used in operating activities from continuing operations

    (63 )     (122 )

Net cash used in operating activities from discontinued operations

    (2 )     (32 )

Net cash used in operating activities

    (65 )     (154 )
                 

Investing activities:

               

Capital expenditures

    (42 )     (46 )

Cash received from sale of businesses, net

    12       541  

Other, net

          (2 )

Net cash (used in) provided by investing activities from continuing operations

    (30 )     493  

Net cash used in investing activities from discontinued operations

          (4 )

Net cash (used in) provided by investing activities

    (30 )     489  
                 

Financing activities:

               

Net borrowings (repayments) on revolving loan facilities

    191       (220 )

Repayments of long-term debt

    (3 )     (4 )

Principal payments on note payable

    (28 )      

Dividends paid to common stockholders

    (44 )     (44 )

Distributions paid to noncontrolling interests

          (4 )

Repurchase and cancellation of awards

    (5 )     (9 )

Repurchase of common stock

    (1 )     (97 )

Other, net

    (2 )     (1 )

Net cash provided by (used in) financing activities

    108       (379 )

Effect of exchange rate changes on cash

    (1 )     5  

Increase (decrease) in cash and cash equivalents

    12       (39 )

Cash and cash equivalents at beginning of period

    540       654  

Cash and cash equivalents at end of period

  $ 552     $ 615  
                 

Supplemental cash flow information:

               

Cash paid for interest

  $ 12     $ 10  

Cash paid for income taxes

    15       29  

For both March 31, 2024 and 2023, the amount of capital expenditures in accounts payable was $21 million. 

 

​See accompanying notes to condensed consolidated financial statements.

 

 

HUNTSMAN INTERNATIONAL LLC AND SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(In Millions, Except Unit Amounts)

   

March 31,

   

December 31,

 
   

2024

   

2023

 

ASSETS

               

Current assets:

               

Cash and cash equivalents(1)

  $ 552     $ 540  

Accounts and notes receivable (net of allowance for doubtful accounts of $13), ($290 and $224 pledged as collateral, respectively)(1)

    831       747  

Accounts receivable from affiliates

    6       6  

Inventories(1)

    896       867  

Other current assets

    163       159  

Total current assets

    2,448       2,319  

Property, plant and equipment, net(1)

    2,571       2,376  

Investment in unconsolidated affiliates

    457       438  

Intangible assets, net

    378       387  

Goodwill

    640       644  

Deferred income taxes

    109       112  

Operating lease right-of-use assets

    411       366  

Other noncurrent assets(1)

    563       611  

Total assets

  $ 7,577     $ 7,253  
                 

LIABILITIES AND EQUITY

               

Current liabilities:

               

Accounts payable(1)

  $ 723     $ 659  

Accounts payable to affiliates

    22       59  

Accrued liabilities(1)

    381       390  

Current portion of debt(1)

    396       12  

Current operating lease liabilities(1)

    52       46  

Total current liabilities

    1,574       1,166  

Long-term debt(1)

    1,660       1,676  

Deferred income taxes

    230       247  

Noncurrent operating lease liabilities(1)

    378       334  

Other noncurrent liabilities(1)

    332       339  

Total liabilities

    4,174       3,762  

Commitments and contingencies (Notes 15 and 16)

               

Equity

               

Huntsman International LLC members’ equity:

               

Members’ equity, 2,728 units issued and outstanding

    3,793       3,785  

Retained earnings

    622       709  

Accumulated other comprehensive loss

    (1,254 )     (1,230 )

Total Huntsman International LLC members’ equity

    3,161       3,264  

Noncontrolling interests in subsidiaries

    242       227  

Total equity

    3,403       3,491  

Total liabilities and equity

  $ 7,577     $ 7,253  

   


(1)

At March 31, 2024 and December 31, 2023, respectively, $15 and $2 of cash and cash equivalents, $18 and $16 of accounts and notes receivable (net), $52 and $48 of inventories, $151 and $150 of property, plant and equipment (net), $33 and $32 of other noncurrent assets, $89 and $84 of accounts payable, $21 and $20 of accrued liabilities, $9 each of current portion of debt, $7 and $8 of current operating lease liabilities, $15 and $17 of long-term debt, $19 and $21 of noncurrent operating lease liabilities and $16 and $15 of other noncurrent liabilities from consolidated variable interest entities are included in the respective balance sheet captions above. See “Note 6. Variable Interest Entities.” These assets can only be used to settle obligations of the variable interest entities, and creditors of these liabilities do not have recourse to our general credit.

See accompanying notes to condensed consolidated financial statements.

 

 

HUNTSMAN INTERNATIONAL LLC AND SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In Millions)

 

  

Three months

 
  

ended

 
  

March 31,

 
  

2024

  

2023

 

Revenues:

        

Trade sales, services and fees, net

 $1,436  $1,573 

Related party sales

  34   33 

Total revenues

  1,470   1,606 

Cost of goods sold

  1,269   1,337 

Gross profit

  201   269 

Operating expenses:

        

Selling, general and administrative

  174   186 

Research and development

  31   30 

Restructuring, impairment and plant closing costs (credits)

  11   (7)

Gain on acquisition of assets, net

  (52)   

Prepaid asset write-off

  71    

Other operating loss (income), net

  2   (3)

Total operating expenses

  237   206 

Operating (loss) income

  (36)  63 

Interest expense, net

  (19)  (18)

Equity in income of investment in unconsolidated affiliates

  19   12 

Other income, net

  2    

(Loss) income from continuing operations before income taxes

  (34)  57 

Income tax benefit (expense)

  20   (11)

(Loss) income from continuing operations

  (14)  46 

(Loss) income from discontinued operations, net of tax

  (7)  122 

Net (loss) income

  (21)  168 

Net income attributable to noncontrolling interests

  (14)  (13)

Net (loss) income attributable to Huntsman International LLC

 $(35) $155 

See accompanying notes to condensed consolidated financial statements.

 

 

HUNTSMAN INTERNATIONAL LLC AND SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME 

(In Millions)

 

   

Three months

 
   

ended

 
   

March 31,

 
   

2024

   

2023

 

Net (loss) income

  $ (21 )   $ 168  

Other comprehensive (loss) income, net of tax:

               

Foreign currency translations adjustments

    (36 )     54  

Pension and other postretirement benefits adjustments

    8       74  

Other, net

    5        

Other comprehensive (loss) income, net of tax

    (23 )     128  

Comprehensive (loss) income

    (44 )     296  

Comprehensive income attributable to noncontrolling interests

    (15 )     (15 )

Comprehensive (loss) income attributable to Huntsman International LLC

  $ (59 )   $ 281  

​ ​

See accompanying notes to condensed consolidated financial statements.

 

 

HUNTSMAN INTERNATIONAL LLC AND SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF EQUITY

(In Millions, Except Unit Amounts)

 

   

Huntsman International LLC Members

                 
   

Members'

           

Accumulated other

   

Noncontrolling

         
   

equity

           

comprehensive

   

interests in

   

Total

 
   

Units

   

Amount

   

Retained earnings

   

loss

   

subsidiaries

   

equity

 

Balance, January 1, 2024

    2,728     $