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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 six months June 30, 2023. 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). Details of amounts reclassified from accumulated other comprehensive loss relate only to pension and other postretirement benefits. Includes costs associated with transition activities related primarily to our Corporate program to optimize our global approach to managed services in various information technology functions and our program to realign our cost structure in Europe. See table below for details about these reclassifications. Amounts are net of tax of $58 million and $31 million as of June 30, 2023 and January 1, 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 $90 million and $91 million as of September 30, 2024 and January 1, 2024, respectively. As of September 30, 2024, a total of 136,370 restricted stock units were vested but not yet issued, of which 20,685 vested during the nine months ended September 30, 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. As of September 30, 2024, we had approximately $6 million (U.S. dollar equivalent) of letters of credit issued and outstanding under our U.S. A/R Program. Includes eliminations of trade sales, services and fees, net and cost of sales between continuing operations and discontinued operations. Amounts are net of tax of $44 million and $42 million for September 30, 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. At September 30, 2024 and December 31, 2023, respectively, $23 and $2 of cash and cash equivalents, $19 and $16 of accounts and notes receivable (net), $63 and $48 of inventories, $153 and $150 of property, plant and equipment (net), $32 each of other noncurrent assets, $93 and $84 of accounts payable, $15 and $20 of accrued liabilities, $9 each of current portion of debt, $6 and $8 of current operating lease liabilities, $10 and $17 of long-term debt, $16 and $21 of noncurrent operating lease liabilities and $15 each 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. 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. Amounts are net of tax of $57 million and $55 million as of September 30, 2023 and January 1, 2023, respectively. Geographic information for revenues is based upon countries into which product is sold. 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. Amounts are net of tax of $55 million and $56 million as of September 30, 2024 and January 1, 2024, 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 September 30, 2024 was 1.475% above Term SOFR. Amounts are net of tax of $42 million and $43 million as of September 30, 2024 and January 1, 2024, respectively. Amounts are net of tax of $58 million and $31 million as of September 30, 2023 and January 1, 2023, respectively. Pension and other postretirement benefits amounts in parentheses indicate credits on our condensed consolidated statements of operations. Amounts include approximately nil of actuarial losses and prior service credits related to discontinued operations for both of the three months ended September 30, 2024 and 2023. Amounts include approximately nil and $1 million for the nine months ended September 30, 2024 and 2023, respectively. Certain legal and other settlements and related expenses for the three and nine months ended September 30, 2024 includes approximately $10 million related to the settlement of a claim in connection with a commercial dispute. 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. On September 30, 2024, we had an additional $6 million (U.S. dollar equivalents) of letters of credit and bank guarantees issued and outstanding under our 2022 Revolving Credit Facility. 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 nine months ended September 30, 2023. Amounts are net of tax of $66 million and $67 million as of September 30, 2024 and January 1, 2024, respectively. 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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 September 30, 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 October 21, 2024, 172,992,221 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 September 30, 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 Income (Loss)

6

Unaudited Condensed Consolidated Statements of Equity

7

Unaudited Condensed Consolidated Statements of Cash Flows

9

Huntsman International LLC and Subsidiaries:

Unaudited Condensed Consolidated Balance Sheets

10

Unaudited Condensed Consolidated Statements of Operations

11

Unaudited Condensed Consolidated Statements of Comprehensive Income (Loss)

12

Unaudited Condensed Consolidated Statements of Equity

13

Unaudited Condensed Consolidated Statements of Cash Flows

14

Huntsman Corporation and Subsidiaries and Huntsman International LLC and Subsidiaries:

Notes to Unaudited Condensed Consolidated Financial Statements

15

ITEM 2.

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

35

ITEM 3.

Quantitative and Qualitative Disclosures About Market Risk

49

ITEM 4.

Controls and Procedures

49

PART II

OTHER INFORMATION

50

ITEM 1.

Legal Proceedings

50

ITEM 1A.

Risk Factors

50

ITEM 2.

Unregistered Sales of Equity Securities and Use of Proceeds

50

ITEM 6.

Exhibits

51

2

 

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.

 

3

 

 

 

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)

  

September 30,

  

December 31,

 
  

2024

  

2023

 

ASSETS

        

Current assets:

        

Cash and cash equivalents(1)

 $330  $540 

Accounts and notes receivable (net of allowance for doubtful accounts of $12 and $13, respectively), ($278 and $224 pledged as collateral, respectively)(1)

  822   747 

Accounts receivable from affiliates

  7   6 

Inventories(1)

  1,004   867 

Other current assets

  130   154 

Total current assets

  2,293   2,314 

Property, plant and equipment, net(1)

  2,580   2,376 

Investment in unconsolidated affiliates

  361   438 

Intangible assets, net

  358   387 

Goodwill

  643   644 

Deferred income taxes

  108   112 

Operating lease right-of-use assets

  400   366 

Other noncurrent assets(1)

  591   611 

Total assets

 $7,334  $7,248 
         

LIABILITIES AND EQUITY

        

Current liabilities:

        

Accounts payable(1)

 $726  $660 

Accounts payable to affiliates

  19   59 

Accrued liabilities(1)

  414   395 

Current portion of debt(1)

  346   12 

Current operating lease liabilities(1)

  55   46 

Total current liabilities

  1,560   1,172 

Long-term debt(1)

  1,513   1,676 

Deferred income taxes

  249   243 

Noncurrent operating lease liabilities(1)

  364   334 

Other noncurrent liabilities(1)

  303   345 

Total liabilities

  3,989   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, 262,747,715 and 262,190,459 shares issued and 172,140,587 and 171,583,331 shares outstanding, respectively

  3   3 

Additional paid-in capital

  4,232   4,202 

Treasury stock, 90,607,128 shares

  (2,290)  (2,290)

Unearned stock-based compensation

  (39)  (41)

Retained earnings

  2,430   2,622 

Accumulated other comprehensive loss

  (1,224)  (1,245)

Total Huntsman Corporation stockholders’ equity

  3,112   3,251 

Noncontrolling interests in subsidiaries

  233   227 

Total equity

  3,345   3,478 

Total liabilities and equity

 $7,334  $7,248 

  


(1)

At September 30, 2024 and December 31, 2023, respectively, $23 and $2 of cash and cash equivalents, $19 and $16 of accounts and notes receivable (net), $63 and $48 of inventories, $153 and $150 of property, plant and equipment (net), $32 each of other noncurrent assets, $93 and $84 of accounts payable, $15 and $20 of accrued liabilities, $9 each of current portion of debt, $6 and $8 of current operating lease liabilities, $10 and $17 of long-term debt, $16 and $21 of noncurrent operating lease liabilities and $15 each 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.

 

4

 

 

HUNTSMAN CORPORATION AND SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In Millions, Except Per Share Amounts)

 

   

Three months

   

Nine months

 
   

ended

   

ended

 
   

September 30,

   

September 30,

 
   

2024

   

2023

   

2024

   

2023

 

Revenues:

                               

Trade sales, services and fees, net

  $ 1,500     $ 1,477     $ 4,474     $ 4,611  

Related party sales

    40       29       110       97  

Total revenues

    1,540       1,506       4,584       4,708  

Cost of goods sold

    1,306       1,275       3,906       3,954  

Gross profit

    234       231       678       754  

Operating expenses:

                               

Selling, general and administrative

    153       165       505       520  

Research and development

    27       28       91       87  

Restructuring, impairment and plant closing costs

    5       6       20       7  

Gain on acquisition of assets, net

                (51 )      

Prepaid asset write-off

                71        

Other operating expense, net

    7       5       4       2  

Total operating expenses

    192       204       640       616  

Operating income

    42       27       38       138  

Interest expense, net

    (21 )     (15 )     (60 )     (48 )

Equity in income of investment in unconsolidated affiliates

    5       30       42       70  

Other income (expense), net

    8             22       (2 )

Income from continuing operations before income taxes

    34       42       42       158  

Income tax expense

    (39 )     (27 )     (32 )     (66 )

(Loss) income from continuing operations

    (5 )     15       10       92  

(Loss) income from discontinued operations, net of tax

    (12 )           (12 )     120  

Net (loss) income

    (17 )     15       (2 )     212  

Net income attributable to noncontrolling interests

    (16 )     (15 )     (46 )     (40 )

Net (loss) income attributable to Huntsman Corporation

  $ (33 )   $     $ (48 )   $ 172  
                                 

Basic (loss) income per share:

                               

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

  $ (0.12 )   $     $ (0.21 )   $ 0.29  

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

    (0.07 )           (0.07 )     0.67  

Net (loss) income attributable to Huntsman Corporation common stockholders

  $ (0.19 )   $     $ (0.28 )   $ 0.96  

Weighted average shares

    172.1       175.7       172.0       179.1  
                                 

Diluted (loss) income per share:

                               

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

  $ (0.12 )   $     $ (0.21 )   $ 0.29  

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

    (0.07 )           (0.07 )     0.66  

Net (loss) income attributable to Huntsman Corporation common stockholders

  $ (0.19 )   $     $ (0.28 )   $ 0.95  

Weighted average shares

    172.1       177.0       172.0       180.5  
                                 

Amounts attributable to Huntsman Corporation:

                               

(Loss) income from continuing operations

  $ (21 )   $     $ (36 )   $ 52  

(Loss) income from discontinued operations, net of tax

    (12 )           (12 )     120  

Net (loss) income

  $ (33 )   $     $ (48 )   $ 172  

   

See accompanying notes to condensed consolidated financial statements.

5

 

 

HUNTSMAN CORPORATION AND SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(In Millions) 

 

   

Three months

   

Nine months

 
   

ended

   

ended

 
   

September 30,

   

September 30,

 
   

2024

   

2023

   

2024

   

2023

 

Net (loss) income

  $ (17 )   $ 15     $ (2 )   $ 212  

Other comprehensive income (loss), net of tax:

                               

Foreign currency translations adjustments

    65       (46 )     1       (39 )

Pension and other postretirement benefits adjustments

    6       6       20       86  

Other, net

    1       (9 )     4       (9 )

Other comprehensive income (loss), net of tax

    72       (49 )     25       38  

Comprehensive income (loss)

    55       (34 )     23       250  

Comprehensive income attributable to noncontrolling interests

    (19 )     (16 )     (50 )     (35 )

Comprehensive income (loss) attributable to Huntsman Corporation

  $ 36     $ (50 )   $ (27 )   $ 215  

 

See accompanying notes to condensed consolidated financial statements.

 

6

 

 

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 

Net income

                 22      16   38 

Other comprehensive loss

                    (24)     (24)

Issuance of nonvested stock awards

        1      (1)            

Vesting of stock awards

  760                         

Recognition of stock-based compensation

              7            7 

Repurchase and cancellation of stock awards

  (5,690)                        

Stock options exercised

  13,701                         

Distributions to noncontrolling interests

                       (36)  (36)

Dividends declared on common stock ($0.25 per share)

                 (43)        (43)

Balance, June 30, 2024

  172,130,480   3   4,232   (2,290)  (45)  2,507   (1,293)  222   3,336 

Net (loss) income

                 (33)     16   (17)

Other comprehensive income

                    69   3   72 

Vesting of stock awards

  5,026                         

Recognition of stock-based compensation

              6            6 

Repurchase and cancellation of stock awards

  (1,224)                        

Stock options exercised

  6,305                         

Distributions to noncontrolling interests

                       (8)  (8)

Dividends declared on common stock ($0.25 per share)

                 (44)        (44)

Balance, September 30, 2024

  172,140,587  $3  $4,232  $(2,290) $(39) $2,430  $(1,224) $233  $3,345 

7

 

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, 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 

Net income

                 19      12   31 

Other comprehensive loss

                    (32)  (8)  (40)

Vesting of stock awards

  6,616                         

Recognition of stock-based compensation

              5            5 

Repurchase and cancellation of stock awards

  (1,957)                        

Stock options exercised

  1,444                         

Treasury stock repurchased

  (3,790,069)        (98)              (98)

Dividends declared on common stock ($0.2375 per share)

                 (42)        (42)

Balance, June 30, 2023

  177,110,274   3   4,195   (2,136)  (53)  2,781   (1,175)  231   3,846 

Net income

                       15   15 

Other comprehensive (loss) income

                    (50)  1   (49)

Vesting of stock awards

  4,977                         

Recognition of stock-based compensation

              6            6 

Repurchase and cancellation of stock awards

  (1,499)                        

Stock options exercised

  252,053      7         (3)        4 

Treasury stock repurchased, including excise taxes

  (3,757,789)        (103)              (103)

Distributions to noncontrolling interests

                       (20)  (20)

Dividends declared on common stock ($0.2375 per share)

                 (42)        (42)

Acquisition of noncontrolling interests, net of tax

        (1)              (2)  (3)

Balance, September 30, 2023

  173,608,016  $3  $4,201  $(2,239) $(47) $2,736  $(1,225) $225  $3,654 

 

See accompanying notes to condensed consolidated financial statements.

8

 

 

HUNTSMAN CORPORATION AND SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In Millions)

 

   

Nine months

 
   

ended

 
   

September 30,

 
   

2024

   

2023

 

Operating activities:

               

Net (loss) income

  $ (2 )   $ 212  

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

    12       (120 )

Income from continuing operations

    10       92  

Adjustments to reconcile income from continuing operations to net cash provided by operating activities from continuing operations:

               

Equity in income of investment in unconsolidated affiliates

    (42 )     (70 )

Cash received from return on investment in unconsolidated subsidiary

    90       30  

Depreciation and amortization

    214       208  

Noncash lease expense

    57       51  

Gain on acquisition of assets, net

    (51 )      

Noncash prepaid asset write-off

    71        

Deferred income taxes

    (4 )     8  

Noncash stock-based compensation

    23       22  

Other, net

    19       27  

Changes in operating assets and liabilities:

               

Accounts and notes receivable

    (72 )     17  

Inventories

    (137 )     33  

Other current assets

    (2 )     46  

Other noncurrent assets

    (25 )     (34 )

Accounts payable

    21       (209 )

Accrued liabilities

    21       (60 )

Other noncurrent liabilities

    (67 )     (76 )

Net cash provided by operating activities from continuing operations

    126       85  

Net cash used in operating activities from discontinued operations

    (16 )     (40 )

Net cash provided by operating activities

    110       45  
                 

Investing activities:

               

Capital expenditures

    (133 )     (147 )

Cash received from return of investment in unconsolidated subsidiary

    30        

Cash received from sale of businesses, net

    16       544  

Other

          (2 )

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

    (87 )     395  

Net cash used in investing activities from discontinued operations

          (4 )

Net cash (used in) provided by investing activities

    (87 )     391  
                 

Financing activities:

               

Net repayments on revolving loan facilities

    (169 )     (115 )

Proceeds from long-term debt

    349        

Repayments of long-term debt

    (8 )     (9 )

Principal payments on note payable

    (218 )      

Dividends paid to common stockholders

    (130 )     (129 )

Distributions paid to noncontrolling interests

    (44 )     (24 )

Repurchase and cancellation of awards

    (5 )     (9 )

Repurchase of common stock

    (1 )     (296 )

Proceeds from issuance of common stock

          4  

Other, net

    (5 )     (3 )

Net cash used in financing activities

    (231 )     (581 )

Effect of exchange rate changes on cash

    (2 )     (13 )

Decrease in cash and cash equivalents

    (210 )     (158 )

Cash and cash equivalents at beginning of period

    540       654  

Cash and cash equivalents at end of period

  $ 330     $ 496  
                 

Supplemental cash flow information:

               

Cash paid for interest

  $ 55     $ 43  

Cash paid for income taxes

    60       82  

For September 30, 2024 and 2023, the amount of capital expenditures in accounts payable was $25 million and $23 million, respectively. 

 

​See accompanying notes to condensed consolidated financial statements.

9

 

 

HUNTSMAN INTERNATIONAL LLC AND SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(In Millions, Except Unit Amounts)

  

September 30,

  

December 31,

 
  

2024

  

2023

 

ASSETS

        

Current assets:

        

Cash and cash equivalents(1)

 $330  $540 

Accounts and notes receivable (net of allowance for doubtful accounts of $12 and $13, respectively), ($278 and $224 pledged as collateral, respectively)(1)

  822   747 

Accounts receivable from affiliates

  7   6 

Inventories(1)

  1,004   867 

Other current assets

  135   159 

Total current assets

  2,298   2,319 

Property, plant and equipment, net(1)

  2,580   2,376 

Investment in unconsolidated affiliates

  361   438 

Intangible assets, net

  358   387 

Goodwill

  643   644 

Deferred income taxes

  108   112 

Operating lease right-of-use assets

  400   366 

Other noncurrent assets(1)

  591   611 

Total assets

 $7,339  $7,253 
         

LIABILITIES AND EQUITY

        

Current liabilities:

        

Accounts payable(1)

 $726  $659 

Accounts payable to affiliates

  19   59 

Accrued liabilities(1)

  409   390 

Current portion of debt(1)

  346   12 

Current operating lease liabilities(1)

  55   46 

Total current liabilities

  1,555   1,166 

Long-term debt(1)

  1,513   1,676 

Deferred income taxes

  252   247 

Noncurrent operating lease liabilities(1)

  364   334 

Other noncurrent liabilities(1)

  298   339 

Total liabilities

  3,982   3,762 

Commitments and contingencies (Notes 15 and 16)

          

Equity

        

Huntsman International LLC members’ equity:

        

Members’ equity, 2,728 units issued and outstanding

  3,807   3,785 

Retained earnings

  526   709 

Accumulated other comprehensive loss

  (1,209)  (1,230)

Total Huntsman International LLC members’ equity

  3,124   3,264 

Noncontrolling interests in subsidiaries

  233   227 

Total equity

  3,357   3,491 

Total liabilities and equity

 $7,339  $7,253 

   


(1)

At September 30, 2024 and December 31, 2023, respectively, $23 and $2 of cash and cash equivalents, $19 and $16 of accounts and notes receivable (net), $63 and $48 of inventories, $153 and $150 of property, plant and equipment (net), $32 each of other noncurrent assets, $93 and $84 of accounts payable, $15 and $20 of accrued liabilities, $9 each of current portion of debt, $6 and $8 of current operating lease liabilities, $10 and $17 of long-term debt, $16 and $21 of noncurrent operating lease liabilities and $15 each 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.

10

 

 

HUNTSMAN INTERNATIONAL LLC AND SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In Millions)

 

   

Three months

   

Nine months

 
   

ended

   

ended

 
   

September 30,

   

September 30,

 
   

2024

   

2023

   

2024

   

2023

 

Revenues:

                               

Trade sales, services and fees, net

  $ 1,500     $ 1,477     $ 4,474     $ 4,611  

Related party sales

    40       29       110       97  

Total revenues

    1,540       1,506       4,584       4,708  

Cost of goods sold

    1,306       1,275       3,906       3,954  

Gross profit

    234       231       678       754  

Operating expenses:

                               

Selling, general and administrative

    152       164       502       517  

Research and development

    27       28       91       87  

Restructuring, impairment and plant closing costs

    5       6       20       7  

Gain on acquisition of assets, net

                (51 )      

Prepaid asset write-off

                71        

Other operating expense, net

    7       5       4       2  

Total operating expenses

    191       203       637       613  

Operating income

    43       28       41       141  

Interest expense, net

    (21 )     (15 )     (60 )     (48 )

Equity in income of investment in unconsolidated affiliates

    5       30       42       70  

Other income (expense), net

    8             22       (2 )

Income from continuing operations before income taxes

    35       43       45       161  

Income tax expense

    (39 )     (27 )     (32 )     (66 )

(Loss) income from continuing operations

    (4 )     16       13       95  

(Loss) income from discontinued operations, net of tax

    (12 )           (12 )     120  

Net (loss) income

    (16 )     16       1       215  

Net income attributable to noncontrolling interests

    (16 )     (15 )     (46 )     (40 )

Net (loss) income attributable to Huntsman International LLC

  $ (32 )   $ 1     $ (45 )   $ 175  

See accompanying notes to condensed consolidated financial statements.

11

 

 

HUNTSMAN INTERNATIONAL LLC AND SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(In Millions)

 

   

Three months

   

Nine months

 
   

ended

   

ended

 
   

September 30,

   

September 30,

 
   

2024

   

2023

   

2024

   

2023

 

Net (loss) income

  $ (16 )   $ 16     $ 1     $ 215  

Other comprehensive income (loss), net of tax:

                               

Foreign currency translations adjustments

    65       (46 )     1       (39 )

Pension and other postretirement benefits adjustments

    6       6       20       86  

Other, net

    1       (9 )     4       (9 )

Other comprehensive income (loss), net of tax

    72       (49 )     25       38  

Comprehensive income (loss)

    56       (33 )     26       253  

Comprehensive income attributable to noncontrolling interests

    (19 )     (16 )     (50 )     (35 )

Comprehensive income (loss) attributable to Huntsman International LLC

  $ 37     $ (49 )   $ (24 )   $ 218  

​ ​

See accompanying notes to condensed consolidated financial statements.

12

 

 

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     $ 3,785     $ 709     $ (1,230 )   $ 227     $ 3,491  

Net (loss) income

                (35 )           14       (21 )

Other comprehensive (loss) income

                      (24 )     1       (23 )

Dividends paid to parent

                (43 )                 (43 )

Contribution from parent

          8                         8  

Distribution to parent

                (9 )                 (9 )

Balance, March 31, 2024

    2,728       3,793       622       (1,254 )     242       3,403  

Net income

                22             16       38  

Other comprehensive loss

                      (24 )           (24 )

Dividends paid to parent

                (43 )                 (43 )

Contribution from parent

          7                         7  

Distributions to noncontrolling interests

                            (36 )     (36 )

Balance, June 30, 2024

    2,728       3,800       601       (1,278 )     222       3,345  

Net (loss) income

                (32 )           16       (16 )

Other comprehensive income

                      69       3       72  

Dividends paid to parent

                (43 )                 (43 )

Contribution from parent

          7                         7  

Distributions to noncontrolling interests

                            (8 )     (8 )

Balance, September 30, 2024

    2,728     $ 3,807     $ 526     $ (1,209 )   $ 233     $ 3,357  

​   ​

   

Huntsman International LLC Members

                 
    Members'             Accumulated other     Noncontrolling          
   

equity

           

comprehensive

   

interests in

   

Total

 
   

Units

   

Amount

   

Retained earnings

   

loss

   

subsidiaries

   

equity

 

Balance, January 1, 2023

    2,728     $ 3,759     $ 1,130     $ (1,253 )   $ 216     $ 3,852  

Net income

                155             13       168  

Other comprehensive income

                      126       2       128  

Dividends paid to parent

                (43 )                 (43 )

Contribution from parent

          10                         10  

Distributions to noncontrolling interests

                            (4 )     (4 )

Distribution to parent

                (109 )                 (109 )

Balance, March 31, 2023

    2,728       3,769       1,133       (1,127 )     227       4,002  

Net income

                19             12       31  

Other comprehensive loss

                      (33 )     (8 )     (41 )

Dividends paid to parent

                (45 )                 (45 )

Contribution from parent

          4                         4  

Distribution to parent

                (95 )                 (95 )

Balance, June 30, 2023

    2,728       3,773       1,012       (1,160 )     231       3,856  

Net income

                1             15       16  

Other comprehensive (loss) income

                      (50 )     1       (49 )

Dividends paid to parent

                (43 )                 (43 )

Contribution from parent

          7                         7  

Distribution to parent

                (97 )                 (97 )

Distributions to noncontrolling interests

                            (20 )     (20 )

Acquisition of noncontrolling interests, net of tax

          (1 )                 (2 )     (3 )

Balance, September 30, 2023

    2,728     $ 3,779     $ 873     $ (1,210 )   $ 225     $ 3,667  

See accompanying notes to condensed consolidated financial statements.

13

 

 

HUNTSMAN INTERNATIONAL LLC AND SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In Millions)

 

   

Nine months

 
   

ended

 
   

September 30,

 
   

2024

   

2023

 

Operating activities:

               

Net income

  $ 1     $ 215  

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

    12       (120 )

Income from continuing operations

    13       95  

Adjustments to reconcile income from continuing operations to net cash provided by operating activities from continuing operations:

               

Equity in income of investment in unconsolidated affiliates

    (42 )     (70 )

Cash received from return on investment in unconsolidated subsidiary

    90       30  

Depreciation and amortization

    214       208  

Noncash lease expense

    57       51  

Gain on acquisition of assets, net

    (51 )      

Noncash prepaid asset write-off

    71        

Deferred income taxes

    (4 )     8  

Noncash stock-based compensation

    22       21  

Other, net

    18       25  

Changes in operating assets and liabilities:

               

Accounts and notes receivable

    (72 )     17  

Inventories

    (137 )     33  

Other current assets

    (2 )     52  

Other noncurrent assets

    (25 )     (34 )

Accounts payable

    21       (208 )

Accrued liabilities

    21       (65 )

Other noncurrent liabilities

    (67 )     (76 )

Net cash provided by operating activities from continuing operations

    127       87  

Net cash used in operating activities from discontinued operations

    (16 )     (40 )

Net cash provided by operating activities

    111       47  
                 

Investing activities:

               

Capital expenditures

    (133 )     (147 )

Cash received from return of investment in unconsolidated subsidiary

    30        

Cash received from sale of businesses, net

    16       544  

Increase in receivable from affiliate

    (9 )     (301 )

Other, net

          (2 )

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

    (96 )     94  

Net cash used in investing activities from discontinued operations

          (4 )

Net cash (used in) provided by investing activities

    (96 )     90  
                 

Financing activities:

               

Net repayments on revolving loan facilities

    (169 )     (115 )

Proceeds from long-term debt

    349        

Repayments of long-term debt

    (8 )     (9 )

Principal payments on note payable

    (218 )      

Dividends paid to parent

    (129 )     (131 )

Distributions paid to noncontrolling interests

    (44 )     (24 )

Other, net

    (4 )     (3 )

Net cash used in financing activities

    (223 )     (282 )

Effect of exchange rate changes on cash

    (2 )     (13 )

Decrease in cash and cash equivalents

    (210 )     (158 )

Cash and cash equivalents at beginning of period

    540       654  

Cash and cash equivalents at end of period

  $ 330     $ 496  
                 

Supplemental cash flow information:

               

Cash paid for interest

  $ 55     $ 43  

Cash paid for income taxes

    60       82  

For September 30, 2024 and 2023, the amount of capital expenditures in accounts payable was $25 million and $23 million, respectively.

 

​See accompanying notes to condensed consolidated financial statements.

14

 

HUNTSMAN CORPORATION AND SUBSIDIARIES

HUNTSMAN INTERNATIONAL LLC AND SUBSIDIARIES

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

 

1. GENERAL

Certain Definitions

For convenience in this report, the terms “Company,” “Huntsman,” “our,” “us” or “we” may be used to refer to Huntsman Corporation and, unless the context otherwise requires, its subsidiaries and predecessors. In this report, “Huntsman International” refers to Huntsman International LLC (our wholly-owned subsidiary).

In this report, we may use, without definition, the common names of competitors or other industry participants. We may also use the common names or abbreviations for certain chemicals or products.

Interim Financial Statements

Our unaudited interim condensed consolidated financial statements and Huntsman International’s unaudited interim condensed consolidated financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP” or “U.S. GAAP”) and in management’s opinion reflect all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of results of operations, comprehensive income (loss), financial position and cash flows for the periods presented. Results for interim periods are not necessarily indicative of those to be expected for the full year. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes to consolidated financial statements included in the Annual Report on Form 10-K for the year ended December 31, 2023 for our Company and Huntsman International.

Description of Businesses

We are a global manufacturer of diversified organic chemical products. We operate in three segments: Polyurethanes, Performance Products and Advanced Materials. Our products comprise many different chemicals and formulations, which we market globally to a wide range of consumers that consist primarily of industrial and building product manufacturers. Our products are used in a broad range of applications, including those in the adhesives, aerospace, automotive, coatings and construction, construction products, durable and non-durable consumer products, electronics, insulation, packaging, power generation and refining. Many of our products offer effects such as premium insulation in homes and buildings and the light weighting of airplanes and automobiles that help conserve energy. We are a leading global producer in many of our key product lines, including MDI, amines, maleic anhydride and epoxy-based polymer formulations. We operate all of our businesses through Huntsman International, our wholly-owned subsidiary. Huntsman International is a Delaware limited liability company and was formed in 1999.

 

Huntsman Corporation and Huntsman International Financial Statements

Except where otherwise indicated, these notes relate to the condensed consolidated financial statements for both our Company and Huntsman International. The differences between our condensed consolidated financial statements and Huntsman International’s condensed consolidated financial statements relate primarily to different capital structures and purchase accounting recorded at our Company for the 2003 step-acquisition of Huntsman International Holdings LLC, the former parent company of Huntsman International that was merged into Huntsman International in 2005.

​​

Principles of Consolidation

Our condensed consolidated financial statements include the accounts of our wholly-owned and majority-owned subsidiaries and any variable interest entities for which we are the primary beneficiary. Intercompany accounts and transactions have been eliminated.

 

Huntsman International declared and paid to us distributions in the form of certain affiliate accounts receivable during 2024 and 2023.

 

Use of Estimates

 

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

 

RECENT DeVElopments

 

Senior Notes Issuance

 

On September 26, 2024, Huntsman International completed a $350 million offering of its 5.70% senior notes due 2034 (“2034 Senior Notes”). Huntsman International used the net proceeds from the offering for general corporate purposes, including repayment of debt. For more information, see “Note 8. Debt—Direct and Subsidiary Debt—Senior Notes.”

 

 

15

 
 

2. ACCOUNTING STANDARDS 

 

RECENTLY ADOPTED ACCOUNTING STANDARDS

 

On January 1, 2024, we adopted Financial Accounting Standards Board (FASB) Accounting Standards Update (ASU) No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures; however, the required disclosures are effective for our 2024 annual reporting and interim periods within fiscal years beginning after December 15, 2024. We are currently evaluating the impact of the adoption of this accounting standard on the related disclosures.

 

ACCOUNTING STANDARDS PENDING ADOPTION IN FUTURE PERIODS

 

The following relevant accounting standard becomes effective subsequent to fiscal year 2024, and we are currently evaluating the impact of the future adoption of this accounting standard on the related disclosures:

 

 

FASB ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, effective for annual periods of fiscal years beginning after December 15, 2024 and interim periods within fiscal years beginning after December 15, 2025

 

 

3. BUSINESS COMBINATIONS AND ACQUISITIONS 

 

SEPARATION AND ACQUISITION OF ASSETS OF SLIC JOINT VENTURE 

 

On January 31, 2024, we completed the planned separation and acquisition of assets of Shanghai Lianheng Isocyanate Company Ltd. (“SLIC”), our joint venture with BASF and three Chinese chemical companies. The final purchase price of the acquired assets has been determined based on an asset valuation, which was completed in the second quarter of 2024. The acquisition of the assets was funded in part with Huntsman Polyurethanes Shanghai Ltd., our 70%-owned consolidated joint venture in China (“HPS”), issuing a U.S. dollar equivalent note payable at closing of approximately $218 million, which was repaid in full in the second quarter of 2024 using available funds at HPS. During the third quarter of 2024, we received approximately $64 million of cash from SLIC, of which $34 million was a dividend and $30 million was an interim liquidating distribution. Upon the full liquidation of the joint venture, all remaining cash of SLIC, primarily resulting from the proceeds received by SLIC, will be distributed back to the joint venture partners. We currently anticipate that full liquidation will be completed in 2025.

 

The acquisition has been integrated into our Polyurethanes segment. Transaction costs related to this acquisition were not material for the nine months ended September 30, 2024.

 

We have accounted for the acquisition using the acquisition method. As such, we analyzed the fair value of net assets acquired. The allocation of acquisition cost to the assets acquired is summarized as follows (dollars in millions):

 

Fair value of assets acquired:

    

Accounts receivable

 $20 

Inventories

  10 

Property, plant and equipment

  231 

Other long-term assets

  24 

Deferred income taxes

  1 

Operating lease right-of-use assets

  3 

Noncurrent operating lease liabilities

  (3)

Total

 $286 

 

The total fair value of the net assets acquired is in excess of the acquisition cost resulting in a net bargain purchase gain of approximately $51 million. Concurrent with the acquisition of net assets, we wrote off certain prepaid assets of approximately $71 million related to operating agreements with SLIC and other joint venture partners.

 

According to the operating agreement of the joint venture, SLIC sold all of its output to the joint venture partners with no external sales. After the separation and acquisition of assets, we use all of the output of the acquired assets for internal use. As such, the acquired business has no external revenues or net income.

 

16

 
 

4. DISCONTINUED OPERATIONS 

 

SaLE of tEXTILE eFFECTS bUSINESS

 

On February 28, 2023, we completed the sale of our textile chemicals and dyes business (“Textile Effects Business”) to Archroma, a portfolio company of SK Capital Partners (“Archroma”), and during the first quarter of 2024, we finalized the purchase price valued at $597 million, which includes adjustments to the purchase price for working capital, plus the assumption of underfunded pension liabilities. Additionally, during the nine months ended September 30, 2024, we recorded total net charges of approximately $20 million, primarily related to contingencies, for which we remain liable, and certain post-closing indemnification obligations of approximately $10 million and the release of foreign currency translation adjustments of approximately $9 million related to the liquidation of legal entities of the Textile Effects Business. During the nine months ended September 30, 2024, we paid cash taxes of approximately $10 million, and we expect to pay additional cash taxes of approximately $3 million in future periods related to the sale of our Textile Effects Business.

 

The following table reconciles major line items constituting pretax (loss) income of discontinued operations to after-tax (loss) income of discontinued operations, primarily related to our Textile Effects Business, as presented in our condensed consolidated statements of operations (dollars in millions): 

 

  

Three months

  

Nine months

 
  

ended

  

ended

 
  

September 30,

  

September 30,

 
  

2024

  

2023

  

2024

  

2023

 

Major line items constituting pretax (loss) income of discontinued operations:

                

Trade sales, services and fees, net

 $  $  $  $88 

Cost of goods sold

           (69)

(Loss) gain on sale of our Textile Effects Business, net

  (12)  1   (20)  154 

Other expense items, net

     (3)     (39)

(Loss) income from discontinued operations before income taxes

  (12)  (2)  (20)  134 

Income tax benefit (expense)

     2   8   (14)

Net (loss) income attributable to discontinued operations

 $(12) $  $(12) $120 

 

 

5. INVENTORIES

We state our inventories at the lower of cost or market, with cost determined using average cost, last-in first-out (“LIFO”) and first-in first-out methods for different components of inventory. Inventories consisted of the following (dollars in millions):

  September 30,  December 31, 
  

2024

  

2023

 

Raw materials and supplies

 $207  $191 

Work in progress

  37   39 

Finished goods

  800   673 

Total

  1,044   903 

LIFO reserves

  (40)  (36)

Net inventories

 $1,004  $867 

For  September 30, 2024 and December 31, 2023, approximately 9% and 8% of inventories were recorded using the LIFO cost method, respectively.

 

17

​ 
 

6. VARIABLE INTEREST ENTITIES

We evaluate our investments and transactions to identify variable interest entities for which we are the primary beneficiary. We hold a variable interest in the following joint ventures for which we are the primary beneficiary:

 

Rubicon LLC is our 50%-owned joint venture with Lanxess that manufactures products for our Polyurethanes and Performance Products segments.

 

Arabian Amines Company (“AAC”) is our 50%-owned joint venture with Zamil group that manufactures products for our Performance Products segment.

During the nine months ended September 30, 2024, there were no changes in our variable interest entities.

Creditors of our variable interest entities have no recourse to our general credit. See “Note 8. Debt—Direct and Subsidiary Debt.” As the primary beneficiary of these variable interest entities at  September 30, 2024, the joint ventures’ assets, liabilities and results of operations are included in our condensed consolidated financial statements.

The following table summarizes the carrying amounts of our variable interest entities’ assets and liabilities included in our condensed consolidated balance sheet as of  September 30, 2024 and our consolidated balance sheet as of  December 31, 2023 (dollars in millions):

  

September 30,

  

December 31,

 
  

2024

  

2023

 

Current assets

 $115  $67 

Property, plant and equipment, net

  153   150 

Operating lease right-of-use assets

  22   29 

Other noncurrent assets

  122   125 

Deferred income taxes

  13   13 

Total assets

 $425  $384 
         

Current liabilities

 $123  $121 

Long-term debt

  10   17 

Noncurrent operating lease liabilities

  16   21 

Other noncurrent liabilities

  15   15 

Deferred income taxes

  1   1 

Total liabilities

 $165  $175 

 

Certain operating activities for our variable interest entities for the three and nine months ended September 30, 2024 and 2023 are as follows (dollars in millions):

 

  

Three months

  

Nine months

 
  

ended

  

ended

 
  

September 30,

  

September 30,

 
  

2024

  

2023

  

2024

  

2023

 

Income from continuing operations before income taxes

 $19  $18  $54  $48 

Net cash provided by operating activities

  27   12   68   60 

  ​

18

 
 

7. RESTRUCTURING, IMPAIRMENT AND PLANT CLOSING COSTS 

 

As of  September 30, 2024 and December 31, 2023, accrued restructuring, impairment and plant closing costs by type of cost consisted of the following (dollars in millions):

 

  

Workforce reductions

  

Other restructuring costs

  

Total

 

Accrued liabilities as of January 1, 2024

 $27  $  $27 

Charges

  8   3   11 

Payments

  (23)  (3)  (26)

Accrued liabilities as of September 30, 2024

 $12  $  $12 

 

As of  September 30, 2024 and December 31, 2023, accrued restructuring, impairment and plant closing costs by segment consisted of the following (dollars in millions):

 

      

Performance

  

Advanced

  

Corporate

     
  

Polyurethanes

  

Products

  

Materials

  

and other

  

Total

 

Accrued liabilities as of January 1, 2024

 $8  $7  $4  $8  $27 

Charges

  5      6      11 

Payments

  (10)  (5)  (6)  (5)  (26)

Accrued liabilities as of September 30, 2024

 $3  $2  $4  $3  $12 
                     

Current portion of restructuring reserves

 $3  $2  $1  $3  $9 

Long-term portion of restructuring reserves

        3      3 

 

Details with respect to cash and noncash restructuring charges from continuing operations for the three and nine months ended September 30, 2024 and 2023 are provided below (dollars in millions):

 

  

Three months

  

Nine months

 
  

ended

  

ended

 
  

September 30,

  

September 30,

 
  

2024

  

2023

  

2024

  

2023

 

Cash charges

 $3  $  $11  $ 

Noncash charges:

                

Accelerated depreciation

  1   5   7   6 

Other noncash charges

  1   1   2   1 

Total restructuring, impairment and plant closing costs

 $5  $6  $20  $7 

 

Restructuring Activities

 

Beginning in the first quarter of 2024, our Advanced Materials segment implemented a restructuring program to optimize the segment’s manufacturing processes and cost structure in the U.S. to better align with future market opportunities. In connection with this restructuring program, we recorded net restructuring expense of approximately $12 million in the nine months ended September 30, 2024, primarily related to workforce reductions and accelerated depreciation. We expect to record further restructuring expenses of approximately $8 million through 2026, primarily related to accelerated depreciation.

 

Beginning in the fourth quarter of 2022, we implemented a restructuring program to further realign our cost structure with additional restructuring in Europe. This program is associated with all of our segments and includes exiting and consolidating certain facilities, workforce relocation to lower cost locations and further personnel rationalization. In connection with this restructuring program, we recorded net restructuring expense of approximately $4 million in the nine months ended September 30, 2024, primarily related to site closures. During the nine months ended  September 30, 2023, we recorded a net restructuring expense of approximately $2 million, primarily related to workforce reductions and accelerated depreciation, partially offset by adjustments to restructuring reserves that were no longer required for certain workforce reductions. We expect to record further restructuring expenses of approximately $1 million through the first half of 2025.

 

Beginning in the first quarter of 2021, our Corporate function implemented a restructuring program to optimize our global approach to leveraging shared services capabilities. During the second quarter of 2022, this program was further expanded to include additional geographies. During the nine months ended  September 30, 2023, we evaluated the then current developments of this program and related anticipated cash costs, and we recorded a net restructuring credit of approximately $6 million, primarily to adjust restructuring reserves that were no longer required for certain workforce reductions. We do not expect to record any further significant restructuring expenses.

 

Beginning in the second quarter of 2020, our Advanced Materials segment implemented restructuring programs in connection with our 2020 acquisition of CVC Thermoset Specialties, the alignment of the segment’s commercial organization and optimization of the segment’s manufacturing processes. In connection with these restructuring programs, we recorded net restructuring expense of approximately $4 million in the nine months ended  September 30, 2023, primarily related to a site closure and accelerated depreciation. 

 

Beginning in the third quarter of 2020, our Polyurethanes segment implemented a restructuring program to optimize its downstream footprint. During the second quarter of 2022, this optimization program was further expanded to include the entire Polyurethanes business. In connection with this restructuring program, we recorded net restructuring expense of approximately $5 million in the nine months ended  September 30, 2023, primarily related to workforce reductions. 

 

19

 
 

8. DEBT 

Our outstanding debt, net of debt issuance costs, consisted of the following (dollars in millions):

  

September 30,

  

December 31,

 
  

2024

  

2023

 

Senior credit facilities:

        

Revolving facility

 $  $ 

Senior notes

  1,820   1,471 

Amounts outstanding under A/R programs

     169 

Variable interest entities

  19   26 

Other

  20   22 

Total debt

 $1,859  $1,688 

Current portion of debt

 $346  $12 

Long-term portion of debt

  1,513   1,676 

Total debt

 $1,859  $1,688 

Direct and Subsidiary Debt

Substantially all of our debt, including the facilities described below, has been incurred by our subsidiaries (primarily Huntsman International). Huntsman Corporation is not a guarantor of such subsidiary debt.

Certain of our subsidiaries have third-party debt agreements that contain certain restrictions with regard to dividends, distributions, loans or advances. In certain circumstances, the consent of a third party would be required prior to the transfer of any cash or assets from these subsidiaries to us.

Revolving Credit Facility

 

On May 20, 2022, Huntsman International entered into a $1.2 billion senior unsecured revolving credit facility (the “2022 Revolving Credit Facility”). Borrowings bear interest at the rates specified in the 2022 Revolving Credit Facility, which vary based on the type of loan and Huntsman International’s debt ratings. Under the 2022 Revolving Credit Facility, the interest rate margin and the commitment fee rates are also subject to adjustments based on the Company’s performance on specified sustainability target thresholds with respect to annual percentage reduction in operational greenhouse gas emissions intensity and annual percentage reduction in water consumption intensity. Unless previously terminated in accordance with its terms, the 2022 Revolving Credit Facility will mature in May 2027. Huntsman International may increase the 2022 Revolving Credit Facility commitments up to an additional $500 million, subject to the satisfaction of certain conditions. 

The following table presents certain amounts under our 2022 Revolving Credit Facility as of  September 30, 2024 (monetary amounts in millions):

 

           

Unamortized

        
           

discounts and

        
  

Committed

  

Principal

   

debt issuance

  

Carrying

    

Facility

 

amount

  

outstanding

   

costs

  

value

 

Interest rate(2)

 

Maturity

2022 Revolving Credit Facility

 $1,200  $ 

(1)

 $  $ 

Term Secured Overnight Financing Rate (“SOFR”) plus 1.475%

 

May 2027

 


(1)

On September 30, 2024, we had an additional $6 million (U.S. dollar equivalents) of letters of credit and bank guarantees issued and outstanding under our 2022 Revolving Credit Facility.

(2)

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 September 30, 2024 was 1.475% above Term SOFR.

   

20

 

Senior Notes

 

On September 26, 2024, Huntsman International completed a $350 million offering of its 2034 Senior Notes. Huntsman International used the net proceeds from the offering for general corporate purposes, including repayment of debt. The 2034 Senior Notes bear interest at 5.70% per year, payable semi-annually on April 15 and October 15 of each year, and will mature on October 15, 2034. Huntsman International may redeem the 2034 Senior Notes in whole or in part at any time prior to July 15, 2034 at a price equal to 100% of the principal amount thereof plus a “make-whole” premium and accrued and unpaid interest. Huntsman International may redeem the 2034 Senior Notes in whole or in part at any time on or after July 15, 2034 at a price equal to 100% of the principal amount thereof plus accrued and unpaid interest.

 

As of September 30, 2024, our senior notes consisted of the following (monetary amounts in millions): 

 

          

Unamortized

 
          

premiums,

 
          

discounts

 
          

and debt

 

Notes

 

Maturity

 

Interest rate

  

Amount outstanding

 

issuance costs

 

2025 Senior notes

 

April 2025

  4.25% 

€300 (€300 carrying value ($334))

 $ 

2029 Senior notes

 

February 2029

  4.50% 

$750 ($743 carrying value)

  7 

2031 Senior notes

 

June 2031

  2.95% 

$400 ($398 carrying value)

  2 

2034 Senior notes

 

October 2034

  5.70% 

$350 ($345 carrying value)

  5 

 

A/R Programs

Our U.S. accounts receivable securitization program (“U.S. A/R Program”) and our European accounts receivable securitization program (“EU A/R Program” and collectively with the U.S. A/R Program, “A/R Programs”) are structured so that we transfer certain of our trade receivables to the U.S. special purpose entity (“U.S. SPE”) and the European special purpose entity (“EU SPE”) in transactions intended to be true sales or true contributions. The receivables collateralize debt incurred by the U.S. SPE and the EU SPE.

 

On January 22, 2024, we entered into an amendment to our U.S. A/R Program that extended the scheduled maturity date of our U.S. A/R Program from July 2024 to January 2027. In addition, on January 31, 2024, we entered into an amendment to our EU A/R Program, effective as of February 15, 2024, that extended the scheduled maturity date of our EU A/R Program from July 2024 to July 2027. Aside from the extended maturity dates, these amendments to our A/R Programs secured substantially similar terms as those in the prior agreements.

 

Information regarding our A/R Programs as of September 30, 2024 was as follows (monetary amounts in millions):

    

Maximum funding

  

Amount

   

Facility

 

Maturity

 

availability(1)

  

outstanding

  

Interest rate(2)

U.S. A/R Program

 

January 2027

 $150  $ 

(3)

Applicable rate plus 0.95%

EU A/R Program

 

July 2027

 100    

Applicable rate plus 1.45%

    (or approximately $112)      

 


(1)

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.

(2)

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). 

(3)

As of September 30, 2024, we had approximately $6 million (U.S. dollar equivalent) of letters of credit issued and outstanding under our U.S. A/R Program.

As of September 30, 2024 and December 31, 2023, $278 million and $224 million, respectively, of accounts receivable were pledged as collateral under our A/R Programs.

 

21

 

Variable Interest Entity Debt

 

 As of  September 30, 2024, AAC, our consolidated 50%-owned joint venture, had $19 million outstanding under its loan commitments and debt financing arrangements. As of September 30, 2024, we have $9 million classified as current debt and $10 million as long-term debt on our condensed consolidated balance sheets. We do not guarantee these loan commitments, and AAC is not a guarantor of any of our other debt obligations.

 

Note Payable

 

During the second quarter of 2024, HPS repaid the remainder of its outstanding note payable to SLIC denominated in Chinese renminbi, the equivalent of $190 million, related to the separation and acquisition of assets of SLIC. For more information, see “Note 3. Business Combinations and Acquisitions—Separation and Acquisition of Assets of SLIC Joint Venture.”

 

Debt Issuance Costs

We record debt issuance costs related to a debt liability on the balance sheets as a reduction to the face amount of that debt liability. As of  September 30, 2024 and December 31, 2023, the amount of debt issuance costs directly reducing the debt liability was $9 million and $7 million, respectively. We amortize debt issuance costs using either a straight line or effective interest method, depending on the debt agreement, and record them as interest expense.​

 

Compliance with Covenants

Our 2022 Revolving Credit Facility contains a financial covenant regarding the leverage ratio of Huntsman International and its subsidiaries. The 2022 Revolving Credit Facility also contains other customary covenants and events of default for credit facilities of this type. Upon an event of default that is not cured or waived within any applicable cure periods, in addition to other remedies that may be available to the lenders, the obligations under the 2022 Revolving Credit Facility may be accelerated.

 

The agreements governing our A/R Programs also contain certain receivable performance metrics. Any material failure to meet the applicable A/R Programs’ metrics could lead to an early termination event under the A/R Programs, which could require us to cease our use of such facilities, prohibiting us from additional borrowings against our receivables or, at the discretion of the lenders, requiring that we repay the A/R Programs in full. An early termination event under the A/R Programs would also constitute an event of default under our 2022 Revolving Credit Facility, which could require us to pay off the balance of the 2022 Revolving Credit Facility in full and could result in the loss of our 2022 Revolving Credit Facility. 

 

We believe that we are in compliance with the covenants contained in the agreements governing our material debt instruments, including our 2022 Revolving Credit Facility, our A/R Programs and our senior notes.​ 

 

 

9. DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES 

We are exposed to market risks, such as changes in interest rates, foreign exchange rates and commodity prices. From time to time, we enter into transactions, including transactions involving derivative instruments, to manage certain of these exposures. We also hedge our net investment in certain European operations. Changes in the fair value of the hedge in the net investment of certain European operations are recorded in other accumulated comprehensive loss.

Our revenues and expenses are denominated in various foreign currencies, and our cash flows and earnings are thus subject to fluctuations due to exchange rate variations. From time to time, we may enter into foreign currency derivative instruments to minimize the short-term impact of movements in foreign currency rates. Where practicable, we generally net multicurrency cash balances among our subsidiaries to help reduce exposure to foreign currency exchange rates. Certain other exposures may be managed from time to time through financial market transactions, principally through the purchase of spot or forward foreign exchange contracts (generally with maturities of one year or less). We do not hedge our foreign currency exposures in a manner that would eliminate the effect of changes in exchange rates on our cash flows and earnings. As of September 30, 2024 and 2023, we had approximately $81 million and $333 million, respectively, of notional amount (in U.S. dollar equivalents) outstanding in forward foreign currency contracts related to continuing operations.

From time to time, we may purchase interest rate swaps and/or other derivative instruments to reduce the impact of changes in interest rates on our floating-rate exposures. Under interest rate swaps, we agree with other parties to exchange, at specified intervals, the difference between fixed-rate and floating-rate interest amounts calculated by reference to an agreed notional principal amount. 

 

We review our non-U.S. dollar denominated debt and derivative instruments to determine the appropriate amounts designated as hedges. As of September 30, 2024, we have designated approximately €20 million (approximately $22 million) of euro-denominated debt as a hedge of our net investment. For the nine months ended September 30, 2024 and 2023, the amounts recognized on the hedge of our net investment were gains of approximately $2 million and nil, respectively, and were recorded in other comprehensive (loss) income in our condensed consolidated statements of comprehensive (loss) income.​ 

 

During the third quarter of 2024, we entered into three-year, cross-currency interest rate contracts to swap an aggregate notional amount $350 million for an approximate aggregate notional €315 million. These cross-currency swaps are designated as net investment hedges and designed to hedge the foreign currency exposure of our net investment in certain European operations. Changes in fair value are recorded in accumulated other comprehensive income to offset the foreign currency translation adjustments related to these investments. As of September 30, 2024, the fair value of these swaps was immaterial. 

 

22

 
 

10. FAIR VALUE

The fair values of financial instruments were as follows (dollars in millions):

  

September 30, 2024

  

December 31, 2023

 
  

Carrying

  

Estimated

  

Carrying

  

Estimated

 
  

value

  

fair value

  

value

  

fair value

 

Non-qualified employee benefit plan investments

 $11  $11  $15  $15 

Long-term debt (including current portion)

  (1,859)  (1,805)  (1,688)  (1,613)

The carrying amounts reported in the balance sheets of cash and cash equivalents, accounts receivable and accounts payable approximate fair value because of the immediate or short-term maturity of these financial instruments. The fair values of non-qualified employee benefit plan investments are obtained through market observable pricing using prevailing market prices (Level 1). The fair values of our senior notes are based on quoted market prices for the identical liability when traded in an active market (Level 1), and the fair values of all our other outstanding debt are based on observable inputs other than quoted prices (Level 2). The fair value estimates presented herein are based on pertinent information available to management as of  September 30, 2024 and December 31, 2023. Although we are not aware of any factors that would significantly affect the estimated fair value amounts, such amounts have not been comprehensively revalued for purposes of these financial statements since September 30, 2024, and current estimates of fair value may differ significantly from the amounts presented herein.

During the nine months ended September 30, 2024, we held no instruments measured at fair value on a recurring basis using significant unobservable inputs (Level 3), and there were no gains or losses (realized and unrealized) included in our earnings for instruments categorized as Level 3 within the fair value hierarchy.

 

11. REVENUE RECOGNITION​ 

 

The following tables disaggregate our revenue from continuing operations by major source for the three months ended September 30, 2024 and 2023 (dollars in millions):

 

           

Performance

   

Advanced

   

Corporate and

         

2024

 

Polyurethanes

   

Products

   

Materials

   

eliminations

   

Total

 

Primary geographic markets(1)

                                       

U.S. and Canada

  $ 391     $ 126     $ 76     $     $ 593  

Europe

    248       59       94       (3 )     398  

Asia Pacific

    276       72       72       (1 )     419  

Rest of world

    88       23       19             130  
    $ 1,003     $ 280     $ 261     $ (4 )   $ 1,540  
                                         

Major product groupings

                                       

Diversified

  $ 1,003     $ 280                     $ 1,283  

Specialty

                  $ 250               250  

Other

                    11               11  

Eliminations

                          $ (4 )     (4 )
    $ 1,003     $ 280     $ 261     $ (4 )   $ 1,540  

 

           

Performance

   

Advanced

   

Corporate and

         

2023

 

Polyurethanes

   

Products

   

Materials

   

eliminations

   

Total

 

Primary geographic markets(1)

                                       

U.S. and Canada

  $ 364     $ 132     $ 82     $ (4 )   $ 574  

Europe

    255       57       96       (2 )     406  

Asia Pacific

    276       65       68             409  

Rest of world

    72       23       22             117  
    $ 967     $ 277     $ 268     $ (6 )   $ 1,506  
                                         

Major product groupings

                                       

Diversified

  $ 967     $ 277                     $ 1,244  

Specialty

                  $ 256               256  

Other

                    12               12  

Eliminations

                          $ (6 )     (6 )
    $ 967     $ 277     $ 268     $ (6 )   $ 1,506  

 


(1)

Geographic information for revenues is based upon countries into which product is sold.

 

23

 

The following tables disaggregate our revenue from continuing operations by major source for the nine months ended September 30, 2024 and 2023 (dollars in millions):

 

           

Performance

   

Advanced

   

Corporate and

         

2024

 

Polyurethanes

   

Products

   

Materials

   

eliminations

   

Total

 

Primary geographic markets(1)

                                       

U.S. and Canada

  $ 1,155     $ 399     $ 228     $ (4 )   $ 1,778  

Europe

    737       180       306       (11 )     1,212  

Asia Pacific

    796       220       208       (2 )     1,222  

Rest of world

    242       71       59             372  
    $ 2,930     $ 870     $ 801     $ (17 )   $ 4,584  
                                         

Major product groupings

                                       

Diversified

  $ 2,930     $ 870                       3,800  

Specialty

                  $ 764               764  

Other

                    37               37  

Eliminations

                          $ (17 )     (17 )
    $ 2,930     $ 870     $ 801     $ (17 )   $ 4,584  

 

           

Performance

   

Advanced

   

Corporate and

         

2023

 

Polyurethanes

   

Products

   

Materials

   

eliminations

   

Total

 

Primary geographic markets(1)

                                       

U.S. and Canada

  $ 1,138     $ 429     $ 254     $ (9 )   $ 1,812  

Europe

    805       199       322       (11 )     1,315  

Asia Pacific

    794       218       199       (1 )     1,210  

Rest of world

    233       72       66             371  
    $ 2,970     $ 918     $ 841     $ (21 )   $ 4,708  
                                         

Major product groupings

                                       

Diversified

  $ 2,970     $ 918                       3,888  

Specialty

                  $ 791               791  

Other

                    50               50  

Eliminations

                          $ (21 )     (21 )
    $ 2,970     $ 918     $ 841     $ (21 )   $ 4,708  

 


(1)

Geographic information for revenues is based upon countries into which product is sold.

 

24

   
 

12. EMPLOYEE BENEFIT PLANS 

Components of the net periodic benefit cost from continuing operations for the three and nine months ended September 30, 2024 and 2023 were as follows (dollars in millions):

 

          

Other postretirement

 
  

Defined benefit plans

  

benefit plans

 
  

Three months

  

Three months

 
  

ended

  

ended

 
  

September 30,

  

September 30,

 
  

2024

  

2023

  

2024

  

2023

 

Service cost

 $7  $6  $  $1 

Interest cost

  23   24   1    

Expected return on assets

  (32)  (32)      

Amortization of prior service benefit

  (2)  (2)  (1)  (2)

Amortization of actuarial loss

  9   9       

Net periodic benefit cost

 $5  $5  $  $(1)

          

Other postretirement

 
  

Defined benefit plans

  

benefit plans

 
  

Nine months

  

Nine months

 
  

ended

  

ended

 
  

September 30,

  

September 30,

 
  

2024

  

2023

  

2024

  

2023

 

Service cost

 $20  $19  $  $1 

Interest cost

  67   70   2   2 

Expected return on assets

  (96)  (95)      

Amortization of prior service benefit

  (4)  (4)  (2)  (4)

Amortization of actuarial loss

  25   25       

Special termination benefits

  2          

Net periodic benefit cost

 $14  $15  $  $(1)

 

During the nine months ended September 30, 2024 and 2023, we made contributions to our pension and other postretirement benefit plans related to continuing operations of $26 million and $41 million, respectively. During the remainder of 2024, we expect to contribute an additional amount of approximately $8 million to these plans.

​ 

 

13. HUNTSMAN CORPORATION STOCKHOLDERS’ EQUITY

Share Repurchase Program

On October 26, 2021, our Board of Directors approved a share repurchase program of $1 billion. On March 25, 2022, our Board of Directors increased the authorization of our share repurchase program from $1 billion to $2 billion. The share repurchase program is supported by our free cash flow generation. Repurchases may be made in the open market, including through accelerated share repurchase programs, or in privately negotiated transactions, and repurchases may be commenced or suspended from time to time without prior notice. Shares of common stock acquired through the repurchase program are held in treasury at cost. During the nine months ended September 30, 2024, we did not repurchase any shares of our common stock under this program. As of  September 30, 2024, we have approximately $547 million remaining under the authorization of our existing share repurchase program. 

Dividends on Common Stock

During the three months ended September 30, 2024 and 2023, we declared dividends of $44 million and $42 million, respectively, or $0.25 and $0.2375 per share, respectively, to common stockholders. During the three months ended June 30, 2024 and 2023, we declared dividends of $43 million and $42 million, respectively, or $0.25 and $0.2375 per share, respectively, to common stockholders. During the three months ended March 31, 2024 and 2023, we declared dividends of $43 million and $44 million, respectively, or $0.25 and 0.2375 per share, respectively, to common stockholders.

 

25

 
 

14. ACCUMULATED OTHER COMPREHENSIVE LOSS

The components of other comprehensive (loss) income and changes in accumulated other comprehensive loss by component were as follows (dollars in millions):

Huntsman Corporation

      

Pension

                 
  

Foreign

  

and other

          

Amounts

  

Amounts

 
  

currency

  

postretirement

          

attributable to

  

attributable to

 
  

translation

  

benefits

          

noncontrolling

  

Huntsman

 
  

adjustments(1)

  

adjustments(2)

  

Other, net

  

Total

  

interests

  

Corporation

 

Beginning balance, January 1, 2024

 $(614) $(656) $(3) $(1,273) $28  $(1,245)

Other comprehensive income before reclassifications, gross

  (9)  2   4   (3)  (4)  (7)

Tax impact

  1         1      1 

Amounts reclassified from accumulated other comprehensive loss, gross(3)

  9   19      28      28 

Tax impact

     (1)     (1)     (1)

Net current-period other comprehensive income

  1   20   4   25   (4)  21 

Ending balance, September 30, 2024

 $(613) $(636) $1  $(1,248) $24  $(1,224)

 


(1)

Amounts are net of tax of $55 million and $56 million as of  September 30, 2024 and January 1, 2024, respectively.

(2)

Amounts are net of tax of $66 million and $67 million as of  September 30, 2024 and January 1, 2024, respectively.

(3)

See tables below for details about pension and other postretirement benefits reclassifications.

      

Pension

                 
  

Foreign

  

and other

          

Amounts

  

Amounts

 
  

currency

  

postretirement

          

attributable to

  

attributable to

 
  

translation

  

benefits

          

noncontrolling

  

Huntsman

 
  

adjustments(1)

  

adjustments(2)

  

Other, net

  

Total

  

interests

  

Corporation

 

Beginning balance, January 1, 2023

 $(648) $(652) $7  $(1,293) $25  $(1,268)

Other comprehensive loss before reclassifications, gross

  (65)  (24)  (9)  (98)  5   (93)

Tax impact

  (1)  2      1      1 

Amounts reclassified from accumulated other comprehensive loss, gross(3)

  28   83      111      111 

Tax impact

  (1)  25      24      24 

Net current-period other comprehensive (loss) income

  (39)  86   (9)  38   5   43 

Ending balance, September 30, 2023

 $(687) $(566) $(2) $(1,255) $30  $(1,225)

 


(1)

Amounts are net of tax of $57 million and $55 million as of September 30, 2023 and January 1, 2023, respectively.

(2)

Amounts are net of tax of $58 million and $31 million as of September 30, 2023 and January 1, 2023, respectively.

(3)

See tables below for details about pension and other postretirement benefits reclassifications.

26

 
  

Three months ended September 30,

   
  

2024

  

2023

   
  

Amounts reclassified

  

Amounts reclassified

  

Affected line item in

  

from accumulated

  

from accumulated

  

the statement

Details about accumulated other

 

other

  

other

  

where net income

comprehensive loss components(1)(2):

 

comprehensive loss

  

comprehensive loss

  

is presented

Amortization of pension and other postretirement benefits:

          

Prior service credit

 $(3) $(5)

(3)(4)

Other income (expense), net

Actuarial loss

  9   17 

(3)(4)

Other income (expense), net

   6   12  

Total before tax

        

Income tax expense

Total reclassifications for the period

 $6  $12  

Net of tax

 

  

Nine Months Ended September 30,

    
  

2024

  

2023

    
  

Amounts reclassified

  

Amounts reclassified

   

Affected line item in

  

from accumulated

  

from accumulated

   

the statement

Details about accumulated other

 

other

  

other

   

where net income

comprehensive loss components(1)(2):

 

comprehensive loss

  

comprehensive loss

   

is presented

Amortization of pension and other postretirement benefits:

           

Prior service credit

 $(6) $(8) 

(3)(4)

Other income (expense), net

Actuarial loss

  25   25  

(3)(4)

Other income (expense), net

Curtailment gains

     (1) 

(5)

Other income (expense), net

Settlement losses

     67  

(5)

Other income (expense), net

   19   83   

Total before tax

   (1)  25   

Income tax expense

Total reclassifications for the period

 $18  $108   

Net of tax

 


(1)Details of amounts reclassified from accumulated other comprehensive loss relate only to pension and other postretirement benefits.

 

(2)

Pension and other postretirement benefits amounts in parentheses indicate credits on our condensed consolidated statements of operations.

(3)

These accumulated other comprehensive loss components are included in the computation of net periodic pension costs. See “Note 12. Employee Benefit Plans.”

(4)

Amounts include approximately nil of actuarial losses and prior service credits related to discontinued operations for both of the three months ended September 30, 2024 and 2023. Amounts include approximately nil and $1 million for the nine months ended September 30, 2024 and 2023, respectively.

  
(5)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 nine months ended  September 30, 2023.

 

Huntsman International

      

Pension

                 
  

Foreign

  

and other

          

Amounts

  

Amounts

 
  

currency

  

postretirement

          

attributable to

  

attributable to

 
  

translation

  

benefits

          

noncontrolling

  

Huntsman

 
  

adjustments(1)

  

adjustments(2)

  

Other, net

  

Total

  

interests

  

International

 

Beginning balance, January 1, 2024

 $(619) $(632) $(7) $(1,258) $28  $(1,230)

Other comprehensive income before reclassifications, gross

  (9)  2   4   (3)  (4)  (7)

Tax impact

  1         1      1 

Amounts reclassified from accumulated other comprehensive loss, gross(3)

  9   19      28      28 

Tax impact

     (1)     (1)     (1)

Net current-period other comprehensive income

  1   20   4   25   (4)  21 

Ending balance, September 30, 2024

 $(618) $(612) $(3) $(1,233) $24  $(1,209)

 


(1)

Amounts are net of tax of $42 million and $43 million as of  September 30, 2024 and January 1, 2024, respectively.

 

(2)

Amounts are net of tax of $90 million and $91 million as of  September 30, 2024 and January 1, 2024, respectively.

(3)

See tables below for details about pension and other postretirement benefits reclassifications.

27

 
      

Pension

                 
  

Foreign

  

and other

          

Amounts

  

Amounts

 
  

currency

  

postretirement

          

attributable to

  

attributable to

 
  

translation

  

benefits

          

noncontrolling

  

Huntsman

 
  

adjustments(1)

  

adjustments(2)

  

Other, net

  

Total

  

interests

  

International

 

Beginning balance, January 1, 2023

 $(653) $(628) $3  $(1,278) $25  $(1,253)

Other comprehensive loss before reclassifications, gross

  (65)  (24)  (9)  (98)  5   (93)

Tax impact

  (1)  2      1      1 

Amounts reclassified from accumulated other comprehensive loss, gross(3)

  28   83      111      111 

Tax impact

  (1)  25      24      24 

Net current-period other comprehensive (loss) income

  (39)  86   (9)  38   5   43 

Ending balance, September 30, 2023

 $(692) $(542) $(6) $(1,240) $30  $(1,210)

 


(1)

Amounts are net of tax of $44 million and $42 million for September 30, 2023 and January 1, 2023, respectively.

(2)

Amounts are net of tax of $82 million and $55 million as of September 30, 2023 and January 1, 2023, respectively.

(3)

See tables below for details about pension and other postretirement benefits reclassifications.

 

  

Three months ended September 30,

   
  

2024

  

2023

   
  

Amounts reclassified

  

Amounts reclassified

  

Affected line item in

  

from accumulated

  

from accumulated

  

the statement

Details about accumulated other

 

other

  

other

  

where net income

comprehensive loss components(1)(2):

 

comprehensive loss

  

comprehensive loss

  

is presented

Amortization of pension and other postretirement benefits:

          

Prior service credit

 $(3) $(5)

(3)(4)

Other income (expense), net

Actuarial loss

  9   17 

(3)(4)

Other income (expense), net

   6   12  

Total before tax

        

Income tax expense

Total reclassifications for the period

 $6  $12  

Net of tax

  

Nine Months Ended September 30,

    
  

2024

  

2023

    
  

Amounts reclassified

  

Amounts reclassified

   

Affected line item in

  

from accumulated

  

from accumulated

   

the statement

Details about accumulated other

 

other

  

other

   

where net income

comprehensive loss components(1)(2):

 

comprehensive loss

  

comprehensive loss

   

is presented

Amortization of pension and other postretirement benefits:

           

Prior service credit

 $(6) $(8) (3)(4)

Other income (expense), net

Actuarial loss

  25   25  (3)(4)

Other income (expense), net

Curtailment gains

     (1) (5)

Other income (expense), net

Settlement losses

     67  (5)

Other income (expense), net

   19   83   

Total before tax

   (1)  25   

Income tax expense

Total reclassifications for the period

 $18  $108   

Net of tax

 


(1)Details of amounts reclassified from accumulated other comprehensive loss relate only to pension and other postretirement benefits.

 

(2)

Pension and other postretirement benefits amounts in parentheses indicate credits on our condensed consolidated statements of operations.

(3)

These accumulated other comprehensive loss components are included in the computation of net periodic pension costs. See “Note 12. Employee Benefit Plans.”

(4)

Amounts include approximately nil of actuarial losses and prior service credits related to discontinued operations for both of the three months ended September 30, 2024 and 2023. Amounts include approximately nil and $1 million for the nine months ended September 30, 2024 and 2023, respectively.
  
(5)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 nine months September 30, 2023.

 

28

 
 

15. COMMITMENTS AND CONTINGENCIES

Legal Matters

On April 19, 2024, the Louisiana Fourth Circuit Court of Appeal affirmed the $93.1 million jury verdict and district court judgment in our favor in our long-running court battle against Praxair/Linde, one of the industrial gas suppliers to our Geismar, Louisiana MDI manufacturing site. The case was filed after Praxair refused to maintain properly its own Geismar facility and then repeatedly failed to supply our requirements for industrial gases needed to manufacture MDI under long-term supply contracts that expired in 2013. After adding mandatory pre-judgment and post-judgment interest to the award, we expect damages to exceed $135 million before deducting for taxes and legal contingency fees. The award is presently subject to review by the Louisiana Supreme Court but, if affirmed, we would expect to receive net proceeds of approximately $50 million to $60 million. We have not yet recognized the award in our condensed consolidated statements of operations and the timing of the resolution of this matter is uncertain. 

 

We are a party to various other proceedings instituted by private plaintiffs, governmental authorities and others arising under provisions of applicable laws, including various environmental, products liability and other laws. We do not believe that the outcome of any of these matters will have a material effect on our financial condition, results of operations or liquidity.

 

 

16. ENVIRONMENTAL, HEALTH AND SAFETY MATTERS

EHS Capital Expenditures

 

We may incur future costs for capital improvements and general compliance under environmental, health and safety (“EHS”) laws, including costs to acquire, maintain and repair pollution control equipment. For the nine months ended September 30, 2024 and 2023, our capital expenditures from continuing operations for EHS matters totaled $18 million and $20 million, respectively. Because capital expenditures for these matters are subject to evolving regulatory requirements and depend, in part, on the timing, promulgation and enforcement of specific requirements, our capital expenditures for EHS matters have varied significantly from year to year and we cannot provide assurance that our recent expenditures are indicative of future amounts we may spend related to EHS and other applicable laws.

 

Environmental Reserves

We have accrued liabilities relating to anticipated environmental cleanup obligations, site reclamation and closure costs and known penalties. Liabilities are recorded when potential liabilities are either known or considered probable and can be reasonably estimated. Our liability estimates are calculated using present value techniques as appropriate and are based upon requirements placed upon us by regulators, available facts, existing technology and past experience. The environmental liabilities do not include amounts recorded as asset retirement obligations. We had accrued $16 million and $5 million for environmental liabilities as of  September 30, 2024 and December 31, 2023, respectively. Of these amounts, $7 million and $2 million were classified as accrued liabilities as of  September 30, 2024 and December 31, 2023, respectively, and $9 million and $3 million were classified as other noncurrent liabilities as of  September 30, 2024 and December 31, 2023, respectively. In certain cases, our remediation liabilities may be payable over periods of up to 30 years. We may incur losses for environmental remediation in excess of the amounts accrued; however, we are not able to estimate the amount or range of such potential excess.

 

Environmental Matters

Under the Comprehensive Environmental Response, Compensation, and Liability Act (“CERCLA”) and similar state laws, a current or former owner or operator of real property in the U.S. may be liable for remediation costs regardless of whether the release or disposal of hazardous substances was in compliance with law at the time it occurred, and a current owner or operator may be liable regardless of whether it owned or operated the facility at the time of the release. Outside the U.S., analogous contaminated property laws can hold past owners and/or operators liable for remediation at former facilities. Currently, there are approximately six former facilities or third-party sites in the U.S. for which we have been notified of potential claims against us for cleanup liabilities, including, but not limited to, sites listed under CERCLA. Based on current information and past experiences at other CERCLA sites, we do not expect these third-party claims to have a material impact on our condensed consolidated financial statements.

Under the Resource Conservation and Recovery Act (“RCRA”) in the U.S. and similar state laws, we may be required to remediate contamination originating from our properties. Similar laws exist in a number of non-U.S. locations in which we currently operate, or previously operated, manufacturing facilities. Some of our manufacturing sites have an extended history of industrial chemical manufacturing and use, including on-site waste disposal. We are aware of soil, groundwater or surface contamination from past operations at some of our sites, and we may find contamination at other sites in the future. For example, our Geismar, Louisiana facility is the subject of ongoing remediation requirements imposed under RCRA.

   ​ 

29

 
 

17. STOCK-BASED COMPENSATION PLANS

As of September 30, 2024, we had approximately 5 million shares remaining under the stock-based compensation plans available for grant. Option awards have a maximum contractual term of 10 years and generally must have an exercise price at least equal to the market price of our common stock on the date the option award is granted. Outstanding stock-based awards generally vest annually over a three-year period or in total at the end of a three-year period. 

 

The compensation cost from continuing operations under the stock-based compensation plans for our Company and Huntsman International were as follows (dollars in millions):

 

  

Three months

  

Nine months

 
  

ended

  

ended

 
  

September 30,

  

September 30,

 
  

2024

  

2023

  

2024

  

2023

 

Huntsman Corporation compensation cost

 $7  $7  $23  $22 

Huntsman International compensation cost

  7   7   22   21 

 

The total income tax benefit recognized in the condensed consolidated statements of operations for us and Huntsman International for stock-based compensation arrangements was $1 million and $2 million for the nine months ended September 30, 2024 and 2023, respectively.

Stock Options

The fair value of each stock option award was estimated on the date of grant using the Black-Scholes valuation model. Expected volatilities were based on the historical volatility of our common stock through the grant date. The expected term of options granted was estimated based on the contractual term of the instruments and employees’ expected exercise and post-vesting employment termination behavior. The risk-free rate for periods within the contractual life of the option was based on the U.S. Treasury yield curve in effect at the time of grant. 

 

During each of the nine months ended September 30, 2024 and 2023, no stock options were granted.

 

A summary of stock option activity under the stock-based compensation plans as of September 30, 2024 and changes during the nine months then ended is presented below:

          

Weighted

     
      

Weighted

  

average

     
      

average

  

remaining

  

Aggregate

 
      

exercise

  

contractual

  

intrinsic

 

Option awards

 

Shares

  

price

  

term

  

value

 
  

(in thousands)

      

(years)

  

(in millions)

 

Outstanding at January 1, 2024

  2,890  $22.06         

Exercised

  (409)  20.59         

Forfeited

  (32)  32.05         

Outstanding and exercisable at September 30, 2024

  2,449   22.18   3.4  $8 

30

 

As of  September 30, 2024, there was no unrecognized compensation cost related to nonvested stock option arrangements granted under the stock-based compensation plans. 

 

The total intrinsic value of stock options exercised during the nine months ended September 30, 2024 and 2023 was approximately $1 million and $3 million, respectively. Cash received from stock options exercised during the nine months ended September 30, 2024 and 2023 was approximately nil and $4 million, respectively. The cash tax benefit from stock options exercised during both of the nine months ended September 30, 2024 and 2023 was approximately nil.

 

Nonvested Shares

Nonvested shares granted under the stock-based compensation plans consist of restricted stock and performance share unit awards, which are accounted for as equity awards, and phantom stock, which is accounted for as a liability award because it can be settled in either stock or cash. The fair value of each restricted stock and phantom stock award is estimated to be the closing stock price of Huntsman’s stock on the date of grant.

For our performance share unit awards, the performance criteria are total stockholder return of our common stock relative to the total stockholder return of a specified industry peer group for the three-year performance periods. The fair value of each performance share unit award is estimated using a Monte Carlo simulation model that uses various assumptions, including an expected volatility rate and a risk-free interest rate. For the nine months ended September 30, 2024 and 2023, the weighted-average expected volatility rate was 31.8% and 37.6%, respectively, and the weighted average risk-free interest rate was 4.39% and 4.38%, respectively. For the performance share unit awards granted during the nine months ended September 30, 2024 and 2023, the number of shares earned varies based upon the Company achieving certain performance criteria over a three-year performance period.

 

A summary of the status of our nonvested shares as of September 30, 2024 and changes during the nine months then ended is presented below:

  

Equity awards

  

Liability awards

 
       

Weighted

      

Weighted

 
       

average

      

average

 
       

grant-date

      

grant-date

 
  

Shares

   

fair value

  

Shares

  

fair value

 
  

(in thousands)

       

(in thousands)

     

Nonvested at January 1, 2024

  1,923   $38.71   181  $32.75 

Granted

  1,264    26.57   143   23.93 

Vested

  (641)

(1)

  32.97   (87)  32.49 

Forfeited

  (258)

(2)

  42.50   (9)  31.40 

Nonvested at September 30, 2024

  2,288    33.19   228   27.39 

 


(1)

As of September 30, 2024, a total of 136,370 restricted stock units were vested but not yet issued, of which 20,685 vested during the nine months ended September 30, 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.

 

(2)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 first quarter of 2024.

As of September 30, 2024, there was approximately $42 million of total unrecognized compensation cost related to nonvested share compensation arrangements granted under the stock-based compensation plans. That cost is expected to be recognized over a weighted-average period of approximately 1.9 years. The value of share awards that vested during the nine months ended September 30, 2024 and 2023 was approximately $24 million and $28 million, respectively.

​ 

31

 
 

18. INCOME TAXES 

We use the asset and liability method of accounting for income taxes. Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial and tax reporting purposes. We evaluate deferred tax assets to determine whether it is more likely than not that they will be realized. Valuation allowances are reviewed on an individual tax jurisdiction basis to analyze whether there is sufficient positive or negative evidence to support a change in judgment about the realizability of the related deferred tax assets. These conclusions require significant judgment. In evaluating the objective evidence that historical results provide, we consider the cyclicality of our businesses and cumulative income or losses during the applicable period. Cumulative losses incurred over the applicable period limits our ability to consider other subjective evidence such as our projections for the future. Changes in expected future income in applicable jurisdictions could affect the realization of deferred tax assets in those jurisdictions.

 

Huntsman Corporation

We recorded income tax expense from continuing operations of $32 million and $66 million for the nine months ended September 30, 2024 and 2023, respectively. During the first quarter of 2024, we recorded a discrete tax benefit of $18 million resulting from the write-off of certain prepaid assets related to operating agreements with SLIC and other joint venture partners concurrent with the separation and acquisition of assets of SLIC. Our tax expense is significantly affected by the mix of income and losses in the tax jurisdictions in which we operate, as impacted by the presence of valuation allowances in certain tax jurisdictions. 

 

Huntsman International

Huntsman International recorded income tax expense from continuing operations of $32 million and $66 million for the nine months ended September 30, 2024 and 2023, respectively. During the first quarter of 2024, we recorded a discrete tax benefit of $18 million resulting from the write-off of certain prepaid assets related to operating agreements with SLIC and other joint venture partners concurrent with the separation and acquisition of assets of SLIC. Our tax expense is significantly affected by the mix of income and losses in the tax jurisdictions in which we operate, as impacted by the presence of valuation allowances in certain tax jurisdictions.

 

 

19. EARNINGS PER SHARE

Basic income per share excludes dilution and is computed by dividing net income attributable to Huntsman Corporation by the weighted average number of shares outstanding during the period. Diluted income per share reflects all potential dilutive common shares outstanding during the period and is computed by dividing net income attributable to Huntsman Corporation by the weighted average number of shares outstanding during the period increased by the number of additional shares that would have been outstanding as potential dilutive securities. Diluted income per share is computed using the treasury stock method for all stock-based awards. In periods with reported loss from continuing operations attributable to Huntsman Corporation, all stock-based awards are generally deemed anti-dilutive and would be excluded from the calculation of diluted income per share from continuing operations, discontinued operations and net income regardless of whether there is income or loss from discontinued operations and net income.

Basic and diluted (loss) income per share is determined using the following information (in millions):

 

  

Three months

  

Nine months

 
  

ended

  

ended

 
  

September 30,

  

September 30,

 
  

2024

  

2023

  

2024

  

2023

 

Numerator:

                

(Loss) income from continuing operations attributable to Huntsman Corporation

 $(21) $  $(36) $52 

Net (loss) income attributable to Huntsman Corporation

 $(33) $  $(48) $172 
                 

Denominator:

                

Weighted average shares outstanding

  172.1   175.7   172.0   179.1 

Dilutive shares:

                

Stock-based awards

     1.3      1.4 

Total weighted average shares outstanding, including dilutive shares

  172.1   177.0   172.0   180.5 

​  ​

Additional stock-based awards of approximately 2.9 million and 1.4 million weighted average equivalent shares of stock were outstanding during the three months ended September 30, 2024 and 2023, respectively, and approximately 2.7 million and 1.8 million weighted average equivalent shares of stock were outstanding during the nine months ended September 30, 2024 and 2023, respectively. However, these stock-based awards were not included in the computation of diluted income per share for the respective periods mentioned above because the effect would be anti-dilutive. There were 0.6 million and 0.7 million weighted average equivalent shares of stock included in the total anti-dilutive weighted average equivalent shares of stock outstanding during the three and nine months ended September 30, 2024 noted above, respectively, as a result of the reported loss from continuing operations attributable to Huntsman Corporation for the nine months ended  September 30, 2024.

32

 
 

20. OPERATING SEGMENT INFORMATION 

We derive our revenues, earnings and cash flows from the manufacture and sale of a wide variety of diversified organic chemical products. We have three operating segments, which are also our reportable segments: Polyurethanes, Performance Products and Advanced Materials. We have organized our business and derived our operating segments around differences in product lines. 

 

The major products of each reportable operating segment are as follows:

Segment

    

Products

Polyurethanes

MDI, polyols, TPU and other polyurethane-related products

Performance Products

Performance amines, ethyleneamines and maleic anhydride

Advanced Materials

Technologically-advanced epoxy, phenoxy, acrylic, polyurethane and acrylonitrile-butadiene-based polymer formulations; high performance thermoset resins, curing agents, toughening agents, and carbon nanomaterials

 

Sales between segments are generally recognized at external market prices and are eliminated in consolidation. We use adjusted EBITDA to measure the financial performance of our global business units and for reporting the results of our operating segments. This measure includes all operating items relating to the businesses. The adjusted EBITDA of operating segments excludes items that principally apply to our Company as a whole. The following schedule includes revenues and adjusted EBITDA for each of our reportable operating segments (dollars in millions). 

 

  

Three months

  

Nine months

 
  

ended

  

ended

 
  

September 30,

  

September 30,

 
  

2024

  

2023

  

2024

  

2023

 

Revenues:

                

Polyurethanes

 $1,003  $967  $2,930  $2,970 

Performance Products

  280   277   870   918 

Advanced Materials

  261   268   801   841 

Total reportable segments’ revenues

  1,544   1,512   4,601   4,729 

Intersegment eliminations

  (4)  (6)  (17)  (21)

Total

 $1,540  $1,506  $4,584  $4,708 
                 

Huntsman Corporation:

                

Segment adjusted EBITDA(1):

                

Polyurethanes

 $76  $81  $195  $235 

Performance Products

  42   47   130   173 

Advanced Materials

  47   49   142   148 

Total reportable segments’ adjusted EBITDA

  165   177   467   556 
                 

Reconciliation of total reportable segments’ adjusted EBITDA to income from continuing operations before income taxes:

                

Interest expense, net—continuing operations

  (21)  (15)  (60)  (48)

Depreciation and amortization—continuing operations

  (70)  (69)  (214)  (208)

Corporate and other costs, net(2)

  (34)  (41)  (124)  (128)

Net income attributable to noncontrolling interests

  16   15   46   40 

Other adjustments:

                

Business acquisition and integration expenses and purchase accounting inventory adjustments, net

        (21)  (3)

Fair value adjustments to Venator investment, net and other tax matter adjustments

  5      12   (5)

Certain legal and other settlements and related expenses(3)

  (11)  (2)  (13)  (4)

(Loss) gain on sale of business/assets

  (1)     (1)  1 

Certain nonrecurring information technology project implementation costs

     (2)     (5)

Amortization of pension and postretirement actuarial losses

  (9)  (10)  (25)  (25)

Restructuring, impairment and plant closing and transition costs(4)

  (6)  (11)  (25)  (13)

Income from continuing operations before income taxes

  34   42   42   158 
                 

Income tax expense—continuing operations

  (39)  (27)  (32)  (66)

(Loss) income from discontinued operations, net of tax

  (12)     (12)  120 

Net (loss) income

 $(17) $15  $(2) $212 

  ​

33

 
  

Three months

  

Nine months

 
  

ended

  

ended

 
  

September 30,

  

September 30,

 
  

2024

  

2023

  

2024

  

2023

 

Huntsman International:

                

Segment adjusted EBITDA(1):

                

Polyurethanes

 $76  $81  $195  $235 

Performance Products

  42   47   130   173 

Advanced Materials

  47   49   142   148 

Total reportable segments’ adjusted EBITDA

  165   177   467   556 
                 

Reconciliation of total reportable segments’ adjusted EBITDA to income from continuing operations before income taxes:

                

Interest expense, net—continuing operations

  (21)  (15)  (60)  (48)

Depreciation and amortization—continuing operations

  (70)  (69)  (214)  (208)

Corporate and other costs, net(2)

  (33)  (40)  (121)  (125)

Net income attributable to noncontrolling interests

  16   15   46   40 

Other adjustments:

                

Business acquisition and integration expenses and purchase accounting inventory adjustments, net

        (21)  (3)

Fair value adjustments to Venator investment, net and other tax matter adjustments

  5      12   (5)

Certain legal and other settlements and related expenses(3)

  (11)  (2)  (13)  (4)

(Loss) gain on sale of business/assets

  (1)     (1)  1 

Certain nonrecurring information technology project implementation costs

     (2)     (5)

Amortization of pension and postretirement actuarial losses

  (9)  (10)  (25)  (25)

Restructuring, impairment and plant closing and transition costs(4)

  (6)  (11)  (25)  (13)

Income from continuing operations before income taxes

  35   43   45   161 
                 

Income tax expense—continuing operations

  (39)  (27)  (32)  (66)

(Loss) income from discontinued operations, net of tax

  (12)     (12)  120 

Net (loss) income

 $(16) $16  $1  $215 

   


(1)

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, net; (b) fair value adjustments to Venator investment, net and other tax matter adjustments; (c) certain legal and other settlements and related expenses; (d) (loss) gain on sale of business/assets; (e) certain nonrecurring information technology project implementation costs; (f) amortization of pension and postretirement actuarial losses; (g) restructuring, impairment and plant closing and transition costs; and (h) (loss) income from discontinued operations, net of tax.

(2)Corporate and other costs, net includes unallocated corporate overhead, unallocated foreign currency exchange gains and losses, LIFO inventory valuation reserve adjustments, nonoperating income and expense and gains and losses on the disposition of corporate assets.

 

(3)Certain legal and other settlements and related expenses for the three and nine months ended September 30, 2024 includes approximately $10 million related to the settlement of a claim in connection with a commercial dispute.

 

(4)

Includes costs associated with transition activities related primarily to our Corporate program to optimize our global approach to managed services in various information technology functions and our program to realign our cost structure in Europe.

    ​

34

 
 

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 

Results of Operations 

As discussed in “Note 4. Discontinued Operations—Sale of Textile Effects Business” to our condensed consolidated financial statements, the results from continuing operations primarily exclude the results of our Textile Effects Business for all periods presented. For each of our Company and Huntsman International, the following tables set forth the condensed consolidated results of operations (dollars in millions, except per share amounts):

Huntsman Corporation 

 

   

Three months

           

Nine months

         
   

ended

           

ended

         
   

September 30,

   

Percent

   

September 30,

   

Percent

 
   

2024

   

2023

   

change

   

2024

   

2023

   

change

 

Revenues

  $ 1,540     $ 1,506       2 %   $ 4,584     $ 4,708       (3 )%

Cost of goods sold

    1,306       1,275       2 %     3,906       3,954       (1 )%

Gross profit

    234       231       1 %     678       754       (10 )%

Operating expenses, net

    187       198       (6 )%     600       609       (1 )%

Restructuring, impairment and plant closing costs

    5       6       (17 )%     20       7       186 %

Gain on acquisition of assets, net

                      (51 )           NM  

Prepaid asset write-off

                      71             NM  

Operating income

    42       27       56 %     38       138       (72 )%

Interest expense, net

    (21 )     (15 )     40 %     (60 )     (48 )     25 %

Equity in income of investment in unconsolidated affiliates

    5       30       (83 )%     42       70       (40 )%

Other income (expense), net

    8             NM       22       (2 )     NM  

Income from continuing operations before income taxes

    34       42       (19 )%     42       158       (73 )%

Income tax expense

    (39 )     (27 )     44 %     (32 )     (66 )     (52 )%

(Loss) income from continuing operations

    (5 )     15       NM       10       92       (89 )%

(Loss) income from discontinued operations, net of tax(1)

    (12 )           NM       (12 )     120       NM  

Net (loss) income

    (17 )     15       NM       (2 )     212       NM  

Reconciliation of net (loss) income to adjusted EBITDA:

                                               

Net income attributable to noncontrolling interests

    (16 )     (15 )     7 %     (46 )     (40 )     15 %

Interest expense, net from continuing operations

    21       15       40 %     60       48       25 %

Income tax expense from continuing operations

    39       27       44 %     32       66       (52 )%

Income tax (benefit) expense from discontinued operations

          (2 )     (100 )%     (8 )     14       NM  

Depreciation and amortization from continuing operations

    70       69       1 %     214       208       3 %

Other adjustments:

                                               

Business acquisition and integration expenses and purchase accounting inventory adjustments, net

                        21       3          

EBITDA from discontinued operations(1)

    12       2               20       (134 )        

Fair value adjustments to Venator investment, net and other tax matter adjustments

    (5 )                   (12 )     5          

Certain legal and other settlements and related expenses(2)

    11       2               13       4          

(Loss) gain on sale of business/assets

    1                     1       (1 )        

Certain nonrecurring information technology project implementation costs

          2                     5          

Amortization of pension and postretirement actuarial losses

    9       10               25       25          

Restructuring, impairment and plant closing and transition costs(3)

    6       11               25       13          

Adjusted EBITDA(4)

  $ 131     $ 136       (4 )%   $ 343     $ 428       (20 )%
                                                 

Net cash provided by operating activities from continuing operations

                          $ 126     $ 85       48 %

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

                            (87 )     395       NM  

Net cash used in financing activities

                            (231 )     (581 )     (60 )%

Capital expenditures from continuing operations

                            (133 )     (147 )     (10 )%

  ​

35

 

Huntsman International 

 

   

Three months

           

Nine months

         
   

ended

           

ended

         
   

September 30,

   

Percent

   

September 30,

   

Percent

 
   

2024

   

2023

   

change

   

2024

   

2023

   

change

 

Revenues

  $ 1,540     $ 1,506       2 %   $ 4,584     $ 4,708       (3 )%

Cost of goods sold

    1,306       1,275       2 %     3,906       3,954       (1 )%

Gross profit

    234       231       1 %     678       754       (10 )%

Operating expenses, net

    186       197       (6 )%     597       606       (1 )%

Restructuring, impairment and plant closing costs

    5       6       (17 )%     20       7       186 %

Gain on acquisition of assets, net

                      (51 )           NM  

Prepaid asset write-off

                      71             NM  

Operating income

    43       28       54 %     41       141       (71 )%

Interest expense, net

    (21 )     (15 )     40 %     (60 )     (48 )     25 %

Equity in income of investment in unconsolidated affiliates

    5       30       (83 )%     42       70       (40 )%

Other income (expense), net

    8             NM       22       (2 )     NM  

Income from continuing operations before income taxes

    35       43       (19 )%     45       161       (72 )%

Income tax expense

    (39 )     (27 )     44 %     (32 )     (66 )     (52 )%

(Loss) income from continuing operations

    (4 )     16       NM       13       95       (86 )%

(Loss) income from discontinued operations, net of tax(1)

    (12 )           NM       (12 )     120       NM  

Net (loss) income

    (16 )     16       NM       1       215       (100 )%

Reconciliation of net (loss) income to adjusted EBITDA:

                                               

Net income attributable to noncontrolling interests

    (16 )     (15 )     7 %     (46 )     (40 )     15 %

Interest expense, net from continuing operations

    21       15       40 %     60       48       25 %

Income tax expense from continuing operations

    39       27       44 %     32       66       (52 )%

Income tax (benefit) expense from discontinued operations

          (2 )     (100 )%     (8 )     14       NM  

Depreciation and amortization from continuing operations

    70       69       1 %     214       208       3 %

Other adjustments:

                                               

Business acquisition and integration expenses and purchase accounting inventory adjustments, net

                        21       3          

EBITDA from discontinued operations(1)

    12       2               20       (134 )        

Fair value adjustments to Venator investment, net and other tax matter adjustments

    (5 )                   (12 )     5          

Certain legal and other settlements and related expenses(2)

    11       2               13       4          

(Loss) gain on sale of business/assets

    1                     1       (1 )        

Certain nonrecurring information technology project implementation costs

          2                     5          

Amortization of pension and postretirement actuarial losses

    9       10               25       25          

Restructuring, impairment and plant closing and transition costs(3)

    6       11               25       13          

Adjusted EBITDA(4)

  $ 132     $ 137       (4 )%   $ 346     $ 431       (20 )%
                                                 

Net cash provided by operating activities from continuing operations

                          $ 127     $ 87       46 %

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

                            (96 )     94       NM  

Net cash used in financing activities

                            (223 )     (282 )     (21 )%

Capital expenditures from continuing operations

                            (133 )     (147 )     (10 )%

​  ​

36

 

Huntsman Corporation

  ​

   

Three months

   

Three months

 
   

ended

   

ended

 
   

September 30, 2024

   

September 30, 2023

 
           

Tax and

                   

Tax and

         
   

Gross

   

other(5)

   

Net

   

Gross

   

other(5)

   

Net

 

Reconciliation of net (loss) income to adjusted net income

                                               

Net (loss) income

                  $ (17 )                   $ 15  

Net income attributable to noncontrolling interests

                    (16 )                     (15 )

Business acquisition and integration expenses and purchase accounting inventory adjustments, net

  $     $ 1       1     $     $ 1       1  

Loss from discontinued operations(1)(6)

    12             12       2       (2 )      

Fair value adjustments to Venator investment, net and other tax matter adjustments

    (5 )           (5 )                  

Certain legal and other settlements and related expenses(2)

    11       2       13       2             2  

Loss on sale of business/assets

    1       3       4                    

Certain nonrecurring information technology project implementation costs

                      2       1       3  

Amortization of pension and postretirement actuarial losses

    9       2       11       10             10  

Income tax settlement related to U.S. Tax Reform Act

          5       5                    

Restructuring, impairment and plant closing and transition costs(3)

    6       3       9       11             11  

Adjusted net income(4)

                  $ 17                     $ 27  
                                                 

Weighted average shares-basic

                    172.1                       175.7  

Weighted average shares-diluted

                    172.1                       177.0  
                                                 

Basic net loss attributable to Huntsman Corporation per share:

                                               

Loss from continuing operations

                  $ (0.12 )                   $  

Loss from discontinued operations

                    (0.07 )                      

Net loss

                  $ (0.19 )                   $  
                                                 

Diluted net loss attributable to Huntsman Corporation per share:

                                               

Loss from continuing operations

                  $ (0.12 )                   $  

Loss from discontinued operations

                    (0.07 )                      

Net loss

                  $ (0.19 )                   $  
                                                 

Other non-GAAP measures:

                                               

Diluted adjusted net income per share(4)

                  $ 0.10                     $ 0.15  

 

37

 

   

Nine months

   

Nine months

 
   

ended

   

ended

 
   

September 30, 2024

   

September 30, 2023

 
           

Tax and

                   

Tax and

         
   

Gross

   

other(5)

   

Net

   

Gross

   

other(5)

   

Net

 

Reconciliation of net (loss) income to adjusted net income

                                               

Net (loss) income

                  $ (2 )                   $ 212  

Net income attributable to noncontrolling interests

                    (46 )                     (40 )

Business acquisition and integration expenses and purchase accounting inventory adjustments, net

  $ 21     $ (16 )     5     $ 3     $       3  

Loss (income) from discontinued operations(1)(6)

    20       (8 )     12       (134 )     14       (120 )

Fair value adjustments to Venator investment, net and other tax matter adjustments

    (12 )     2       (10 )     5             5  

Certain legal and other settlements and related expenses(2)

    13       1       14       4             4  

Loss (gain) on sale of business/assets

    1       3       4       (1 )           (1 )

Certain nonrecurring information technology project implementation costs

                      5             5  

Amortization of pension and postretirement actuarial losses

    25       1       26       25       (2 )     23  

Income tax settlement related to U.S. Tax Reform Act

          5       5                    

Restructuring, impairment and plant closing and transition costs(3)

    25       (3 )     22       13       (1 )     12  

Adjusted net income(4)

                  $ 30                     $ 103  
                                                 

Weighted average shares-basic

                    172.0                       179.1  

Weighted average shares-diluted

                    172.0                       180.5  
                                                 

Basic net (loss) income attributable to Huntsman Corporation per share:

                                               

(Loss) income from continuing operations

                  $ (0.21 )                   $ 0.29  

(Loss) income from discontinued operations

                    (0.07 )                     0.67  

Net (loss) income

                  $ (0.28 )                   $ 0.96  
                                                 

Diluted net (loss) income attributable to Huntsman Corporation per share:

                                               

(Loss) income from continuing operations

                  $ (0.21 )                   $ 0.29  

(Loss) income from discontinued operations

                    (0.07 )                     0.66  

Net (loss) income

                  $ (0.28 )                   $ 0.95  
                                                 

Other non-GAAP measures:

                                               

Diluted adjusted net income per share(4)

                  $ 0.17                     $ 0.57  
                                                 

Net cash provided by operating activities from continuing operations

                  $ 126                     $ 85  

Capital expenditures from continuing operations

                    (133 )                     (147 )

Free cash flow from continuing operations(4)

                  $ (7 )                   $ (62 )
                                                 

Effective tax rate

                    76 %                     42 %

Impact of non-GAAP adjustments, net(7)

                    (42 )%                     (9 )%

Adjusted effective tax rate

                    34 %                     33 %

 


NM—Not meaningful

(1)

Includes the net loss (gain) on the sale of our Textile Effects Business.

 ​

(2) Certain legal and other settlements and related expenses for the three and nine months ended September 30, 2024 includes approximately $10 million related to the settlement of a claim in connection with a commercial dispute.

 

(3)

Includes costs associated with transition activities related primarily to our Corporate program to optimize our global approach to managed services in various information technology functions and our program to realign our cost structure in Europe.

 

​(4)

See “—Non-GAAP Financial Measures.”

 

(5)

The income tax impacts, if any, are computed on the pre-tax adjustments using a with and without approach.

(6)

In addition to income tax impacts, this adjusting item is also impacted by depreciation and amortization expense and interest expense.

 

(7) For details regarding the tax impacts of our non-GAAP adjustments, please see the reconciliation of our net (loss) income to adjusted net income noted above.

 

 

 

38

 

Non-GAAP Financial Measures

 

Our condensed consolidated financial statements are prepared in accordance with GAAP, which we supplement with certain non-GAAP financial information. These non-GAAP measures should not be considered in isolation or as a substitute for the related GAAP measures, and other companies may define such measures differently. We encourage investors to review our financial statements and the reconciliation of the non-GAAP financial measures to the most directly comparable GAAP financial measures in their entirety and not to rely on any single financial measure. These non-GAAP measures exclude the impact of certain income and expenses that we do not believe are indicative of our core operating results.

 

Adjusted EBITDA

 

Our management uses adjusted EBITDA to assess financial performance. 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, net; (b) EBITDA from discontinued operations; (c) fair value adjustments to Venator investment, net and other tax matter adjustments; (d) certain legal and other settlements and related expenses; (e) loss (gain) on sale of business/assets; (f) certain nonrecurring information technology project implementation costs; (g) amortization of pension and postretirement actuarial losses; and (h) restructuring, impairment and plant closing and transition costs. We believe that net income of Huntsman Corporation or Huntsman International, as appropriate, is the performance measure calculated and presented in accordance with U.S. GAAP that is most directly comparable to adjusted EBITDA.

 

We believe adjusted EBITDA is useful to investors in assessing the businesses’ ongoing financial performance and provides improved comparability between periods through the exclusion of certain items that management believes are not indicative of the businesses’ operational profitability and that may obscure underlying business results and trends. However, this measure should not be considered in isolation or viewed as a substitute for net income of Huntsman Corporation or Huntsman International, as appropriate, or other measures of performance determined in accordance with U.S. GAAP. Moreover, adjusted EBITDA as used herein is not necessarily comparable to other similarly titled measures of other companies due to potential inconsistencies in the methods of calculation. Our management believes this measure is useful to compare general operating performance from period to period and to make certain related management decisions. Adjusted EBITDA is also used by securities analysts, lenders and others in their evaluation of different companies because it excludes certain items that can vary widely across different industries or among companies within the same industry. For example, interest expense can be highly dependent on a company’s capital structure, debt levels and credit ratings. Therefore, the impact of interest expense on earnings can vary significantly among companies. In addition, the tax positions of companies can vary because of their differing abilities to take advantage of tax benefits and because of the tax policies of the various jurisdictions in which they operate. As a result, effective tax rates and tax expense can vary considerably among companies. Finally, companies employ productive assets of different ages and utilize different methods of acquiring and depreciating such assets. This can result in considerable variability in the relative costs of productive assets and the depreciation and amortization expense among companies.

 

Nevertheless, our management recognizes that there are material limitations associated with the use of adjusted EBITDA in the evaluation of our Company as compared to net income of Huntsman Corporation or Huntsman International, as appropriate, which reflects overall financial performance. For example, we have borrowed money in order to finance our operations and interest expense is a necessary element of our costs and ability to generate revenue. Our management compensates for the limitations of using adjusted EBITDA by using this measure to supplement U.S. GAAP results to provide a more complete understanding of the factors and trends affecting the business rather than U.S. GAAP results alone.

Adjusted Net Income

 

Adjusted net income is computed by eliminating the after-tax amounts related to the following from net income attributable to Huntsman Corporation: (a) business acquisition and integration expenses and purchase accounting inventory adjustments, net; (b) loss (income) from discontinued operations; (c) fair value adjustments to Venator investment, net and other tax matter adjustments; (d) certain legal and other settlements and related expenses; (e) loss (gain) on sale of business/assets; (f) certain nonrecurring information technology project implementation costs; (g) amortization of pension and postretirement actuarial losses; (h) income tax settlement related to U.S. Tax Reform Act; and (i) restructuring, impairment and plant closing and transition costs. Basic adjusted net income per share excludes dilution and is computed by dividing adjusted net income by the weighted average number of shares outstanding during the period. Adjusted diluted net income per share reflects all potential dilutive common shares outstanding during the period and is computed by dividing adjusted net income by the weighted average number of shares outstanding during the period increased by the number of additional shares that would have been outstanding as dilutive securities. Adjusted net income and adjusted net income per share amounts are presented solely as supplemental information.

 

We believe adjusted net income is useful to investors in assessing the businesses’ ongoing financial performance and provides improved comparability between periods through the exclusion of certain items that management believes are not indicative of the businesses’ operational profitability and that may obscure underlying business results and trends.

 

Free Cash Flow

 

We believe free cash flow is an important indicator of our liquidity as it measures the amount of cash we generate. Management internally uses a free cash flow measure: (a) to evaluate our liquidity, (b) evaluate strategic investments, (c) plan stock buyback and dividend levels and (d) evaluate our ability to incur and service debt. 

39

 

Adjusted Effective Tax Rate

 

We believe that the effective tax rate of Huntsman Corporation or Huntsman International, as appropriate, is the performance measure calculated and presented in accordance with U.S. GAAP that is most directly comparable to adjusted effective tax rate. We believe our adjusted effective tax rate provides improved comparability between periods through the exclusion of certain items, such as, business acquisition and integration expenses and purchase accounting inventory adjustments, certain legal and other settlements and related expenses, gains on sale of businesses/assets and certain tax only items, including tax law changes not yet enacted, that we believe are not indicative of the businesses’ operational profitability and that may obscure underlying business results and trends.

 

Our forward-looking adjusted effective tax rate is calculated based on our forecast effective tax rate, and the range of our forward-looking adjusted effective tax rate equals the range of our forecast effective tax rate. We disclose forward-looking adjusted effective tax rate because we cannot adequately forecast certain items and events that may or may not impact us in the near future, such as business acquisition and integration expenses and purchase accounting inventory adjustments, certain legal and other settlements and related expenses, gains on sale of businesses/assets and certain tax only items, including tax law changes not yet enacted. Each of such adjustment has not yet occurred, is out of our control and/or cannot be reasonably predicted. In our view, our forward-looking adjusted effective tax rate represents the forecast effective tax rate on our underlying business operations but does not reflect any adjustments related to the items noted above that may occur and can cause our effective tax rate to differ.

 

Three Months Ended September 30, 2024 Compared with Three Months Ended September 30, 2023 

For the three months ended September 30, 2024, loss from continuing operations attributable to Huntsman Corporation was $21 million, a decrease of $21 million from income of nil in the 2023 period. For the three months ended September 30, 2024, loss from continuing operations attributable to Huntsman International was $20 million a decrease of $21 million from income of $1 million in the 2023 period. The decreases noted above were the result of the following items:

 

 

Revenues for the three months ended September 30, 2024 increased by $34 million, or 2%, as compared with the 2023 period. The increase was primarily due to higher sales volumes in all our segments, partially offset by lower average selling prices in all our segments. See “—Segment Analysis” below.

 

Gross profit for the three months ended September 30, 2024 increased by $3 million, or 1%, as compared with the 2023 period. The increase resulted from higher gross profits in our Polyurethanes and Performance Products segments. See “—Segment Analysis” below.

 

  Operating expenses, net for the three months ended September 30, 2024 decreased by $11 million, or 6%, as compared with the 2023 period primarily related to decreases in selling, general and administrative expenses and research and development costs as well as the positive impact of translating foreign currency amounts to the U.S. dollar, partially offset by an increase in other operating expenses.

 

  Interest expense, net for the three months ended September 30, 2024 increased by $6 million, or 40%, as compared with the 2023 period. The increase resulted primarily from higher borrowings under our 2022 Revolving Credit Facility.

  Equity in income of investment in unconsolidated affiliates for the three months ended September 30, 2024 decreased to $5 million from $30 million in the 2023 period primarily related to a decrease in income at our PO/MTBE joint venture in China, in which we hold at 49% interest.

 

Other income (expense), net was income of $8 million for the three months ended September 30, 2024 as compared with nil in the 2023 period. The increase in income was primarily due to income recognized during the third quarter of 2024 for the resolution of certain matters related to the 2017 separation of our titanium dioxide and performance additives business.

 

 

Our income tax expense and the income tax expense of Huntsman International for the three months ended September 30, 2024 increased to $39 million as compared with $27 million in the 2023 period. The increase in income tax expense was primarily due to our mix of income and losses in the tax jurisdictions in which we operate, including decreased income (more losses) in jurisdictions in which we have tax benefits that are subject to valuation allowances, and therefore, we do not record a tax benefit for those losses. The cumulative effect of these valuation allowances is an increase to our estimated annual effective tax rate applied to the year-to-date income. For further information, see “Note 18. Income Taxes” to our condensed consolidated financial statements.

40

 

Segment Analysis

 

   

Three months

   

Percent

 
   

ended

   

change

 
   

September 30,

   

favorable

 

(Dollars in millions)

 

2024

   

2023

   

(unfavorable)

 

Revenues

                       

Polyurethanes

  $ 1,003     $ 967       4 %

Performance Products

    280       277       1 %

Advanced Materials

    261       268       (3 )%

Total reportable segments’ revenues

    1,544       1,512       2 %

Intersegment eliminations

    (4 )     (6 )     NM  

Total

  $ 1,540     $ 1,506       2 %
                         

Huntsman Corporation

                       

Segment adjusted EBITDA(1)

                       

Polyurethanes

  $ 76     $ 81       (6 )%

Performance Products

    42       47       (11 )%

Advanced Materials

    47       49       (4 )%

Total reportable segments’ adjusted EBITDA

    165       177       (7 )%

Corporate and other

    (34 )     (41 )     17 %

Total

  $ 131     $ 136       (4 )%
                         

Huntsman International

                       

Segment adjusted EBITDA(1)

                       

Polyurethanes

  $ 76     $ 81       (6 )%

Performance Products

    42       47       (11 )%

Advanced Materials

    47       49       (4 )%

Total reportable segments’ adjusted EBITDA

    165       177       (7 )%

Corporate and other

    (33 )     (40 )     18 %

Total

  $ 132     $ 137       (4 )%

 


NM—Not meaningful

(1)

For further information, including reconciliation of total reportable segments’ adjusted EBITDA to income from continuing operations before income taxes of Huntsman Corporation or Huntsman International, as appropriate, see “Note 20. Operating Segment Information” to our condensed consolidated financial statements.

   

Three months ended September 30, 2024 vs 2023

 
   

Average selling price(1)

         
   

Local

   

Foreign currency

   

Sales

 
   

currency and mix

   

translation impact

   

volumes(2)

 

Period-over-period (decrease) increase

                       

Polyurethanes

    (1 )%           5 %

Performance Products

    (3 )%           4 %

Advanced Materials

    (7 )%     (1 )%     5 %


(1)

Excludes revenues from tolling arrangements, byproducts and raw materials.

(2)

Excludes sales volumes of byproducts and raw materials.

 

41

 

Polyurethanes 

 

The increase in revenues in our Polyurethanes segment for the three months ended September 30, 2024 compared to the same period of 2023 was primarily due to higher sales volumes, partially offset by lower MDI average selling prices. Sales volumes increased primarily due to improved demand and share gains in certain markets. MDI average selling prices decreased primarily due to less favorable supply and demand dynamics. The decrease in segment adjusted EBITDA was primarily due to lower MDI average selling prices and lower equity earnings from our minority-owned joint venture in China, partially offset by lower fixed costs and higher sales volumes.

 

Performance Products 

 

The increase in revenues in our Performance Products segment for the three months ended September 30, 2024 compared to the same period of 2023 was primarily due to higher sales volumes, partially offset by lower average selling prices. Sales volumes increased primarily due to improved demand in fuels and lubes and coatings and adhesives markets. Average selling prices decreased primarily due to competitive pressure. The decrease in segment adjusted EBITDA was primarily due to lower average selling prices and unfavorable sales mix, partially offset by higher sales volumes and lower fixed costs.

 

Advanced Materials 

 

The decrease in revenues in our Advanced Materials segment for the three months ended September 30, 2024 compared to the same period of 2023 was primarily due to lower average selling prices, partially offset by higher sales volumes. Average selling prices decreased primarily due to unfavorable sales mix. Sales volumes increased in our aerospace and coatings markets driven by market recovery, partially offset by lower demand in our industrial market. The decrease in segment adjusted EBITDA was primarily due to higher fixed costs.

 

Corporate and other 

Corporate and other includes unallocated corporate overhead, unallocated foreign currency 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. For the three months ended September 30, 2024, adjusted EBITDA from Corporate and other for Huntsman Corporation was a loss of $34 million as compared to a loss of $41 million for the same period of 2023. For the three months ended September 30, 2024, adjusted EBITDA from Corporate and other for Huntsman International was a loss of $33 as compared to a loss of $40 million for the same period of 2023. The increase in adjusted EBITDA from Corporate and other resulted primarily from decreases in corporate overhead costs and unallocated foreign currency exchange losses, partially offset by an increase in LIFO valuation losses. 

 

42

 

 

Nine Months Ended September 30, 2024 Compared with Nine Months Ended September 30, 2023 

For the nine months ended September 30, 2024, loss from continuing operations attributable to Huntsman Corporation was $36 million, a decrease of $88 million from income of $52 million in the 2023 period. For the nine months ended September 30, 2024, loss from continuing operations attributable to Huntsman International was $33 million, a decrease of $88 million from income of $55 million in the 2023 period. The decreases noted above were the result of the following items:

 

 

Revenues for the nine months ended September 30, 2024 decreased by $124 million, or 3%, as compared with the 2023 period. The decrease was primarily due to lower average selling prices in all our segments, partially offset by higher sales volumes in all our segments. See “—Segment Analysis” below.

 

Gross profit for the nine months ended September 30, 2024 decreased by $76 million, or 10%, as compared with the 2023 period. The decrease resulted from lower gross profits in our Polyurethanes and Performance Products segments. See “—Segment Analysis” below.

 

Restructuring, impairment and plant closing costs were $20 million for the nine months ended September 30, 2024 as compared with $7 million in the 2023 period. For further information, see “Note 7. Restructuring, Impairment and Plant Closing Costs” to our condensed consolidated financial statements.

 

 

Gain on acquisition of assets, net was approximately $51 million for the nine months ended September 30, 2024 related to a net bargain purchase gain related to the separation and acquisition of assets of SLIC. For further information, see “Note 3. Business Combinations and Acquisitions—Separation and Acquisition of Assets of SLIC Joint Venture” to our condensed consolidated financial statements.

 

  Prepaid asset write-off was approximately $71 million for the nine months ended September 30, 2024. Concurrent with the acquisition of assets of SLIC, we wrote off certain prepaid assets related to operating agreements with SLIC and other joint venture partners. For further information, see “Note 3. Business Combinations and Acquisitions—Separation and Acquisition of Assets of SLIC Joint Venture” to our condensed consolidated financial statements.

 

  Interest expense, net for the nine months ended September 30, 2024 increased by $12 million, or 25%, as compared with the 2023 period. The increase resulted primarily from higher borrowings under our 2022 Revolving Credit Facility.

 

  Equity in income of investment in unconsolidated affiliates for the nine months ended September 30, 2024 decreased to $42 million from $70 million in the 2023 period primarily related to a decrease in income at our PO/MTBE joint venture in China, in which we hold a 49% interest.

  Other income (expense), net was income of $22 million for the nine months ended September 30, 2024 as compared with expense of $2 million in the 2023 period. The increase in income was primarily due to a decrease in losses related to the fair value adjustments to our investment in Venator as well as income recognized during the nine months ended September 30, 2024 for the resolution of certain matters related to the 2017 separation of our titanium dioxide and performance additives business.

 

 

Our income tax expense and the income tax expense of Huntsman International for the nine months ended September 30, 2024 was $32 million as compared with $66 million in the 2023 period. The decrease in income tax expense was primarily due to the decrease in income from continuing operations before income taxes as well as a discrete tax benefit of $18 million resulting from the write-off of certain prepaid assets related to operating agreements with SLIC and other joint venture partners concurrent with the separation and acquisition of assets of SLIC. For further information, see “Note 3. Business Combinations and Acquisitions—Separation and Acquisition of Assets of SLIC Joint Venture” to our condensed consolidated financial statements. Our income tax expense is significantly affected by the mix of income and losses in the tax jurisdictions in which we operate along with the impact of valuation allowances in certain tax jurisdictions. For further information, see “Note 18. Income Taxes” to our condensed consolidated financial statements.

43

 

Segment Analysis

 

   

Nine months

   

Percent

 
   

ended

   

change

 
   

September 30,

   

(unfavorable)

 

(Dollars in millions)

 

2024

   

2023

   

favorable

 

Revenues

                       

Polyurethanes

  $ 2,930     $ 2,970       (1 )%

Performance Products

    870       918       (5 )%

Advanced Materials

    801       841       (5 )%

Total reportable segments’ revenue

    4,601       4,729       (3 )%

Intersegment eliminations

    (17 )     (21 )     NM  

Total

  $ 4,584     $ 4,708       (3 )%
                         

Huntsman Corporation

                       

Segment adjusted EBITDA(1)

                       

Polyurethanes

  $ 195     $ 235       (17 )%

Performance Products

    130       173       (25 )%

Advanced Materials

    142       148       (4 )%

Total reportable segments’ adjusted EBITDA

    467       556       (16 )%

Corporate and other

    (124 )     (128 )     3 %

Total

  $ 343     $ 428       (20 )%
                         

Huntsman International

                       

Segment adjusted EBITDA(1)

                       

Polyurethanes

  $ 195     $ 235       (17 )%

Performance Products

    130       173       (25 )%

Advanced Materials

    142       148       (4 )%

Total reportable segments’ adjusted EBITDA

    467       556       (16 )%

Corporate and other

    (121 )     (125 )     3 %

Total

  $ 346     $ 431       (20 )%

 


NM—Not meaningful

(1)

For further information, including reconciliation of total reportable segments’ adjusted EBITDA to income from continuing operations before income taxes of Huntsman Corporation or Huntsman International, as appropriate, see “Note 20. Operating Segment Information” to our condensed consolidated financial statements.

   

Nine months ended September 30, 2024 vs September 30, 2023

 
   

Average selling price(1)

         
   

Local

   

Foreign currency

   

Sales

 
   

currency and mix

   

translation impact

   

volumes(2)

 

Period-over-period (decrease) increase

                       

Polyurethanes

    (9 )%           8 %

Performance Products

    (10 )%           5 %

Advanced Materials

    (9 )%           4 %


(1)

Excludes revenues from tolling arrangements, byproducts and raw materials.

(2)

Excludes sales volumes of byproducts and raw materials.

 

44

 

Polyurethanes

 

The decrease in revenues in our Polyurethanes segment for the nine months ended September 30, 2024 compared to the same period of 2023 was primarily due to lower MDI average selling prices, partially offset by higher sales volumes. MDI average selling prices decreased primarily due to less favorable supply and demand dynamics. Sales volumes increased primarily due to improved demand and share gains in certain markets. The decrease in segment adjusted EBITDA was primarily due to lower MDI average selling prices and lower equity earnings from our minority-owned joint venture in China, partially offset by lower raw materials costs, lower fixed costs and higher sales volumes.

 

Performance Products 

 

The decrease in revenues in our Performance Products segment for the nine months ended September 30, 2024 compared to the same period of 2023 was primarily due to lower average selling prices and unfavorable sales mix, partially offset by higher sales volumes. Average selling prices decreased primarily due to competitive pressure. Sales volumes increased primarily due to improved demand in fuels and lubes and coatings and adhesives markets. The decrease in segment adjusted EBITDA was primarily due to lower average selling prices and higher fixed costs, partially offset by higher sales volumes and lower raw materials costs.

 

Advanced Materials 

 

The decrease in revenues in our Advanced Materials segment for the nine months ended September 30, 2024 compared to the same period of 2023 was primarily due to lower average selling prices, partially offset by higher sales volumes. Average selling prices decreased primarily due to unfavorable sales mix. Sales volumes increased in our aerospace and infrastructure markets driven by market recovery. The decrease in segment adjusted EBITDA was primarily due to higher fixed costs.

 

Corporate and other 

 

Corporate and other includes unallocated corporate overhead, unallocated foreign currency 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. For the nine months ended September 30, 2024, adjusted EBITDA from Corporate and other for Huntsman Corporation was a loss of $124 million as compared to a loss of $128 million for the same period of 2023. For the nine months ended September 30, 2024, adjusted EBITDA from Corporate and other for Huntsman International was a loss of $121 million as compared to a loss of $125 million for the same period of 2023. The increase in adjusted EBITDA from Corporate and other resulted primarily from decreases in corporate overhead costs and unallocated foreign currency exchange losses, partially offset by an increase in LIFO valuation losses.

 

Liquidity and Capital Resources

The following is a discussion of our liquidity and capital resources and generally does not include separate information with respect to Huntsman International in accordance with General Instructions H(1)(a) and (b) of Form 10-Q.

Cash Flows for the Nine Months Ended September 30, 2024 Compared with the Nine Months Ended September 30, 2023

Net cash provided by operating activities from continuing operations for the nine months ended September 30, 2024 and 2023 was $126 million and $85 million, respectively. The increase in net cash provided by operating activities from continuing operations was primarily attributable to an increase in dividends received from unconsolidated subsidiaries and a net cash inflow of $22 million related to changes in operating assets and liabilities, partially offset by decreased operating income as described in “—Results of Operations” above for the nine months ended September 30, 2024 as compared with the same period of 2023.

Net cash (used in) provided by investing activities from continuing operations for the nine months ended September 30, 2024 and 2023 was $(87) million and $395 million, respectively. During the nine months ended September 30, 2024 and 2023, we paid $133 million and $147 million for capital expenditures, respectively. During the nine months ended September 30, 2024, we received approximately $30 million as an interim liquidating distribution from SLIC, and we received $16 million for the sale of businesses, net, primarily related to the resolution of net working capital of $12 million from the sale of our Textile Effects Business. During the nine months ended September 30, 2023, we received $544 million for the sale of businesses, net, primarily related to net proceeds of $530 million from the sale of our Textile Effects Business. See “Note 4. Discontinued Operations—Sale of Textile Effects Business” to our condensed consolidated financial statements.

Net cash used in financing activities for the nine months ended September 30, 2024 and 2023 was $231 million and $581 million, respectively. During the nine months ended September 30, 2024 and 2023, we made repayments against our 2022 Revolving Credit Facility and our A/R Programs of $169 million and $115 million, respectively. During the nine months ended September 30, 2024, we received proceeds of approximately $350 million related to the issuance of our 2034 Senior Notes. See “Note 8. Debt—Direct and Subsidiary Debt—Senior Notes” to our condensed consolidated financial statements. During the nine months ended September 30, 2024, HPS paid approximately $218 million against the note payable with SLIC for the acquisition of assets. See “Note 3. Business Combinations and Acquisitions—Separation and Acquisition of Assets of SLIC Joint Venture” to our condensed consolidated financial statements. During the nine months ended September 30, 2023, we paid $296 million for repurchases of our common stock. 

 

​Free cash flow from continuing operations for the nine months ended September 30, 2024 and 2023 was a use of cash of $7 million and $62 million, respectively. The increase in free cash flow from continuing operations was primarily attributable to an increase in cash provided by operating activities from continuing operations and a decrease in cash used for capital expenditures during the nine months ended September 30, 2024 as compared with the same period of 2023.

45

 

Changes in Financial Condition

The following information summarizes our working capital position (dollars in millions):

   

September 30,

   

December 31,

   

Decrease

   

Percent

 
   

2024

   

2023

   

(increase)

   

change

 

Cash and cash equivalents

  $ 330     $ 540     $ (210 )     (39 )%

Accounts and notes receivable, net

    829       753       76       10 %

Inventories

    1,004       867       137       16 %

Other current assets

    130       154       (24 )     (16 )%

Total current assets

    2,293       2,314       (21 )     (1 )%
                                 

Accounts payable

    745       719       26       4 %

Accrued liabilities

    414       395       19       5 %

Current portion of debt

    346       12       334       NM  

Current operating lease liabilities

    55       46       9       20 %

Total current liabilities

    1,560       1,172       388       33 %

Working capital

  $ 733     $ 1,142     $ (409 )     (36 )%

 

​Our working capital decreased by $409 million as a result of the net impact of the following significant changes:

 

The decrease in cash and cash equivalents of $210 million resulted from the matters identified on our condensed consolidated statements of cash flows. See also “—Cash Flows for the Nine Months Ended September 30, 2024 Compared with the Nine Months Ended September 30, 2023.”

  Accounts and notes receivable, net increased by $76 million primarily due to higher revenues in the third quarter of 2024 compared to the fourth quarter of 2023.

 

  Inventories increased by $137 million primarily due to seasonally higher inventory volumes.

 

  Other current assets decreased by $24 million primarily due to decreases in certain prepaid expenses.

​​

  Accounts payable increased by $26 million primarily due to higher inventory purchases.

 

  Accrued liabilities increased by $19 million primarily due to increases in accrued taxes, accrued interest, accrued rebates and accrued environmental liabilities, partially offset by a decrease in accrued restructuring costs.

 

  Current portion of debt increased by $334 million primarily due to the outstanding balance on our 4.25% senior notes due April 2025 (“2025 Senior Notes”) that are now classified as current debt.

 

46

 

Liquidity

 

We depend upon our cash, our 2022 Revolving Credit Facility, A/R Programs and other debt instruments to provide liquidity for our operations and working capital needs. As of September 30, 2024, we had $1,733 million of combined cash and unused borrowing capacity, consisting of $330 million in cash, $1,194 million in availability under our 2022 Revolving Credit Facility and $209 million in availability under our A/R Programs. Our liquidity can be significantly impacted by various factors. The following matters are expected to have a significant impact on our liquidity:

 

Short-Term Liquidity

 

 

During 2024, we expect to spend between approximately $180 million to $190 million on capital expenditures. Our future expenditures include certain environmental, health and safety upgrades; expansions and upgrades of our existing manufacturing and other facilities; construction of new facilities; certain cost reduction projects, including those described below; and certain information technology expenditures. We expect to fund capital expenditures with cash provided by operations. 

 

 

 

During the remainder of 2024, we expect to make additional contributions to our pension and other postretirement benefit plans of approximately $8 million.

 

    On January 31, 2024, we completed the planned separation and acquisition of assets of SLIC, our joint venture with BASF and three Chinese chemical companies. The final purchase price of the acquired assets has been determined based on an asset valuation, which was completed in the second quarter of 2024. The acquisition of the assets was funded in part with HPS issuing a U.S. dollar equivalent note payable at closing of approximately $218 million, which has been repaid in full as of September 30, 2024 using available funds at HPS. During the third quarter of 2024, we received approximately $64 million of cash from SLIC, of which $34 million was a dividend and $30 million was an interim liquidating distribution. Upon the full liquidation of the joint venture, all remaining cash of SLIC, primarily resulting from the proceeds received by SLIC, will be distributed back to the joint venture partners. We currently anticipate that approximately RMB 300 million will be distributed as a liquidating distribution and return of investment upon full liquidation, which we anticipate will be completed in 2025.

 

    On February 28, 2023, we completed the sale of our Textile Effects Business to Archroma, and during the first quarter of 2024, we finalized the purchase price valued at $597 million, which includes adjustments to the purchase price for working capital, plus the assumption of underfunded pension liabilities. During the nine months ended September 30, 2024, we paid cash taxes of approximately $10 million, and we expect to pay additional cash taxes of approximately $3 million and expect to pay cash for contingencies and post-closing indemnifications in future periods related to the sale of our Textile Effects Business. See “Note 4. Discontinued Operations—Sale of Textile Effects Business” to our condensed consolidated financial statements.

 

    During 2020 and 2021, management implemented cost realignment and synergy plans and, in November 2022, committed to further plans to realign our cost structure with additional restructuring in Europe, including exiting and consolidating certain facilities, workforce relocation to lower cost locations and further personnel rationalization. In connection with these plans, we have achieved combined annualized cost savings and synergy benefits in excess of $280 million. Associated with these plans, we expect total cash costs of approximately $302 million (including approximately $59 million of capital expenditures) through 2026, of which we have spent approximately $272 million through the third quarter of 2024 (including approximately $43 million of capital expenditures). Of the remaining cash costs, the majority will be payments related to our restructuring in Europe, primarily for personnel who have exited as of the end of 2023 as well as capital expenditures related to our research and development footprint, which is included in our overall future capital expenditures projections.

 

  As of September 30, 2024, we have approximately $547 million remaining under the authorization of our existing share repurchase program. Repurchases may be commenced or suspended from time to time without prior notice.  

 

47

 

Long-Term Liquidity

 

  On September 26, 2024, Huntsman International completed a $350 million offering of its 2034 Senior Notes. Huntsman International used the net proceeds from the offering for general corporate purposes, including repayment of debt. The 2034 Senior Notes bear interest at 5.70% per year, payable semi-annually on April 15 and October 15 of each year, and will mature on October 15, 2034. For more information, see “Note 8. Debt—Direct and Subsidiary Debt—Senior Notes” to our condensed consolidated financial statements.

 

  On January 22, 2024, we entered into an amendment to our U.S. A/R Program that extended the scheduled maturity date of our U.S. A/R Program from July 2024 to January 2027. In addition, on January 31, 2024, we entered into an amendment to our EU A/R Program, effective as of February 15, 2024, that extended the scheduled maturity date of our EU A/R Program from July 2024 to July 2027. Aside from the extended maturity dates, these amendments to our A/R Programs secured substantially similar terms as those in the prior agreements.

 

 

On April 19, 2024, the Louisiana Fourth Circuit Court of Appeal affirmed the $93.1 million jury verdict and district court judgment in our favor in our long-running court battle against Praxair/Linde, one of the industrial gas suppliers to our Geismar, Louisiana MDI manufacturing site. The case was filed after Praxair refused to maintain properly its own Geismar facility and then repeatedly failed to supply our requirements for industrial gases needed to manufacture MDI under long-term supply contracts that expired in 2013. After adding mandatory pre-judgment and post-judgment interest to the award, we expect damages to exceed $135 million before deducting for taxes and legal contingency fees. The award is presently subject to review by the Louisiana Supreme Court but, if affirmed, we would expect to receive net proceeds of approximately $50 million to $60 million. We have not yet recognized the award in our condensed consolidated statements of operations and the timing of the resolution of this matter is uncertain. 

 

As of September 30, 2024, we had $346 million classified as current portion of debt, including $334 million outstanding under our 2025 Senior Notes, debt at our variable interest entities of $9 million and certain other short-term facilities and scheduled amortization payments totaling $3 million. We intend to renew, repay or extend the majority of these short-term facilities in the next twelve months.

 

As of September 30, 2024, we had approximately $305 million of cash and cash equivalents held by our foreign subsidiaries, including our variable interest entities. With the exception of certain amounts that we expect to repatriate in the foreseeable future, we intend to use cash held in our foreign subsidiaries to fund our local operations. Nevertheless, we could repatriate additional cash as dividends, and the repatriation of cash as a dividend would generally not be subject to U.S. taxation. However, such repatriation may potentially be subject to limited foreign withholding taxes. ​

 

For more information regarding our debt, see “Note 8. Debt” to our condensed consolidated financial statements.

   

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ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

We are exposed to market risks, such as changes in interest rates, foreign exchange rates and commodity prices. From time to time, we enter into transactions, including transactions involving derivative instruments, to manage certain of these exposures. We also hedge our net investment in certain European operations. See “Note 9. Derivative Instruments and Hedging Activities” to our condensed consolidated financial statements.

ITEM 4. CONTROLS AND PROCEDURES

Our management, with the participation of our chief executive officer and chief financial officer, has evaluated the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) as of September 30, 2024. Based on this evaluation, our chief executive officer and chief financial officer have concluded that, as of September 30, 2024, our disclosure controls and procedures were effective, in that they ensure that information required to be disclosed by us in the reports that we file or submit under the Exchange Act is (1) recorded, processed, summarized and reported within the time periods specified in the Commission’s rules and forms and (2) accumulated and communicated to our management, including our chief executive officer and chief financial officer, as appropriate to allow timely decisions regarding required disclosure.

No changes to our internal control over financial reporting occurred during the quarter ended September 30, 2024 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act). However, we can only give reasonable assurance that our internal controls over financial reporting will prevent or detect material misstatements on a timely basis.

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PART II. OTHER INFORMATION

 

ITEM 1. LEGAL PROCEEDINGS 

 

There have been no material developments with respect to the legal proceedings referenced in Part I, Item 3 of our Annual Report on Form 10-K for the year ended December 31, 2023.

 

ITEM 1A. RISK FACTORS

For information regarding risk factors, see “Part I. Item 1A. Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2023. 

 

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

The following table provides information with respect to shares of our common stock that we repurchased as part of our share repurchase program and shares of restricted stock granted under our stock incentive plans that we withheld upon vesting to satisfy our tax withholding obligations during the three months ended September 30, 2024.

                   

Total number of

   

Approximate dollar

 
                   

shares purchased

   

value of shares that

 
   

Total number

   

Average

   

as part of publicly

   

may yet be purchased

 
   

of shares

   

price paid

   

announced plans

   

under the plans or

 
   

purchased

   

per share(1)

   

or programs(2)

   

programs(2)

 

July 1 - July 31

    932     $ 22.38           $ 547,000,000  

August 1 - August 31

    292       21.95             547,000,000  

September 1 - September 30

                      547,000,000  

Total

    1,224       22.28                

(1) Represents net purchase price per share, exclusive of any fees or commissions.

(2)

On October 26, 2021, our Board of Directors approved a share repurchase program of $1 billion. On March 25, 2022, our Board of Directors increased the authorization of our share repurchase program from $1 billion to $2 billion. The share repurchase program is supported by our free cash flow generation. Repurchases may be made in the open market, including through accelerated share repurchase programs, or in privately negotiated transactions, and repurchases may be commenced or suspended from time to time without prior notice. Shares of common stock acquired through the repurchase program are held in treasury at cost. During the nine months ended September 30, 2024, we did not repurchase any shares of our common stock under this program.

50

 

ITEM 6. EXHIBITS

 

 

EXHIBIT INDEX

 

Incorporated by reference

Exhibit number

Exhibit description

Form

Exhibit

Filing date

1.1   Underwriting Agreement, dated as of September 24, 2024, among Huntsman International LLC and BofA Securities, Inc., Citigroup Global Markets Inc. and J.P. Morgan Securities LLC, as representatives of the several underwriters named in Schedule A thereto. 8-K 1.1 September 26, 2024
4.1   Indenture, dated as of September 26, 2024, by and between Huntsman International LLC and U.S. Bank Trust Company, National Association, as trustee. 8-K 4.1 September 26, 2024
4.2   First Supplemental Indenture, dated as of September 24, 2024, by and between Huntsman International LLC and U.S. Bank Trust Company, National Association, as trustee 8-K 4.2 September 26, 2024

4.3

  Form of 5.700% Senior Notes due 2034 (included as Exhibit A to Exhibit 4.2). 8-K 4.31 September 26, 2024

31.1

*

Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

31.2

*

Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

32.1

*

Certification of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

32.2

*

Certification of Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

101.INS

*

Inline XBRL Instance Document - The instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document

101.SCH

*

Inline XBRL Taxonomy Extension Schema

101.CAL

*

Inline XBRL Taxonomy Extension Calculation Linkbase

101.LAB

*

Inline XBRL Taxonomy Extension Label Linkbase

101.PRE

*

Inline XBRL Taxonomy Extension Presentation Linkbase

101.DEF

*

Inline XBRL Taxonomy Extension Definition Linkbase

104

 

The cover page from this Quarterly Report on Form 10-Q, formatted in Inline XBRL and contained in Exhibit 101

 

*

Filed herewith

51

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrants have duly caused this report to be signed on their behalf by the undersigned thereunto duly authorized.

 

Dated: November 5, 2024

HUNTSMAN CORPORATION

HUNTSMAN INTERNATIONAL LLC

By:

/s/ PHILIP M. LISTER

Philip M. Lister

Executive Vice President and Chief Financial Officer

and Manager (Principal Financial Officer)

By:

/s/ STEVEN C. JORGENSEN

Steven C. Jorgensen

Vice President and Controller (Authorized Signatory and

Principal Accounting Officer)

52