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0001307954 0001089748 false --12-31 Q3 2022 --12-31 Q3 2022 11 12 348 324 0.01 0.01 1,200,000,000 1,200,000,000 261,142,535 259,701,770 192,757,360 214,170,287 68,385,175 45,531,489 0.2125 0.2125 0.2125 0.1625 0.1875 0.1875 11 12 348 324 2,728 2,728 2,728 2,728 3 8 1.475 July 31, 2024 0.90 July 31, 2024 1.30 445 1 175 0 56 56 43 43 1 3 2 6 2 3 3 2 2 0 The applicable rate for our U.S. A/R Program is defined by the lender as USD LIBOR. The applicable rate for our EU A/R Program is either USD LIBOR, EURIBOR or SONIA (Sterling Overnight Interbank Average Rate). In anticipation of the transition away from USD LIBOR, the amendments we made in July 2021 to our A/R Programs incorporated replacement rates for the USD LIBOR. Corporate and other costs, net includes unallocated corporate overhead, unallocated foreign exchange gains and losses, LIFO inventory valuation reserve adjustments, loss on early extinguishment of debt, unallocated restructuring, impairment and plant closing costs, nonoperating income and expense and gains and losses on the disposition of corporate assets. Includes costs associated with transition activities related primarily to our Corporate program to optimize our global approach to leverage shared services capabilities. Pension and other postretirement benefits amounts in parentheses indicate credits on our condensed consolidated statements of operations. At September 30, 2022 and December 31, 2021, respectively, $22 and $1 of cash and cash equivalents, $4 and $12 of accounts and notes receivable (net), $60 and $64 of inventories, $161 each of property, plant and equipment (net), $29 and $23 of other noncurrent assets, $126 and $146 of accounts payable, $11 and $13 of accrued liabilities, $10 each of current portion of debt, $10 and $6 of current operating lease liabilities, $28 and $35 of long-term debt, $21 and $20 of noncurrent operating lease liabilities and $45 and $46 of other noncurrent liabilities from consolidated variable interest entities are included in the respective balance sheet captions above. See "Note 6. Variable Interest Entities." Amounts are net of tax of $56 million as of both September 30, 2022 and January 1, 2022, respectively. A total of 193,623 performance share unit awards are reflected in the vested shares in this table, which represents the target number of performance share unit awards for this grant and were included in the balance at December 31, 2021. During the nine months ended September 30, 2022, an additional 96,814 performance share unit awards with a grant date fair value of $29.68 were issued due to the target performance criteria being exceeded. Total assets and liabilities held for sale as of September 30, 2022 are classified as current because it is probable that the sale of our Textile Effects Business will close within a year. As of September 30, 2022, a total of 106,285 restricted stock units were vested but not yet issued, of which 7,066 vested during the nine months ended September 30, 2022. 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. Amounts are net of tax of $139 million and $153 million as of September 30, 2021 and January 1, 2021, 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, certain Corporate and other items and income from discontinued operations, 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) loss on early extinguishment of debt; (d) certain legal and other settlements and related expenses; (e) costs associated with the Albemarle Settlement, net; (f) (loss) gain on sale of business/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 credits (costs); and (k) restructuring, impairment, plant closing and transition costs. As of September 30, 2022, we had approximately $8 million (U.S. dollar equivalents) of letters of credit issued and outstanding under our U.S. A/R Program. On September 30, 2022, we had an additional $11 million (U.S. dollar equivalents) of letters of credit and bank guarantees issued and outstanding under our 2022 Revolving Credit Facility. 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, 2022 was 1.475% above term SOFR. Amounts are net of tax of $43 million as of both September 30, 2021 and January 1, 2021. Amounts are net of tax of $97 million and $105 million as of September 30, 2022 and January 1, 2022, respectively. Amounts are net of tax of $164 million and $178 million as of September 30, 2021 and January 1, 2021, respectively. During the nine months ended September 30, 2021, stock options were only granted during the first quarter. 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. See table below for details about these reclassifications. Amounts include approximately $4 million of actuarial losses related to discontinued operations for both of the three months ended September 30, 2022 and 2021. Amounts contain approximately $12 million and $13 million of actuarial losses related to discontinued operations for the nine months ended September 30, 2022 and 2021, respectively. Amounts are net of tax of $43 million as of September 30, 2022 and January 1, 2022, respectively. Geographic information for revenues is based upon countries into which product is sold. These accumulated other comprehensive loss components are included in the computation of net periodic pension costs. See “Note 12. 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Table of Contents

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​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, 2022
​
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 25, 2022, 192,099,455 shares of common stock of Huntsman Corporation were outstanding and 2,728 units of membership interests of Huntsman International LLC were outstanding. There is no trading market for Huntsman International LLC’s units of membership interests. All of Huntsman International LLC’s units of membership interests 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, 2022

​

TABLE OF CONTENTS

​

​	​	Page
PART I	FINANCIAL INFORMATION	4
ITEM 1.	Condensed Consolidated Financial Statements (Unaudited)	4
​	Huntsman Corporation and Subsidiaries:	​
​	Unaudited Condensed Consolidated Balance Sheets	4
​	Unaudited Condensed Consolidated Statements of Operations	5
​	Unaudited Condensed Consolidated Statements of Comprehensive (Loss) Income	6
​	Unaudited Condensed Consolidated Statements of Equity	7
​	Unaudited Condensed Consolidated Statements of Cash Flows	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 (Loss) Income	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	36
ITEM 3.	Quantitative and Qualitative Disclosures About Market Risk	54
ITEM 4.	Controls and Procedures	54
PART II	OTHER INFORMATION	55
ITEM 1.	Legal Proceedings	55
ITEM 1A.	Risk Factors	55
ITEM 2.	Unregistered Sales of Equity Securities and Use of Proceeds	55
ITEM 6.	Exhibits	56

​

​

 

 

		September 30,				December 31,
		2022				2021
ASSETS
Current assets:
Cash and cash equivalents(a)		$	515			$	1,041
Accounts and notes receivable (net of allowance for doubtful accounts of $11 and $12, respectively), ($348 and $324 pledged as collateral, respectively)(a)			981				988
Accounts receivable from affiliates			23				27
Inventories(a)			1,079				1,038
Receivable associated with the Albemarle Settlement			—				333
Other current assets			115				155
Current assets held for sale			483				346
Total current assets			3,196				3,928
Property, plant and equipment, net(a)			2,288				2,443
Investment in unconsolidated affiliates			430				470
Intangible assets, net			433				469
Goodwill			636				650
Deferred income taxes			167				180
Operating lease right-of-use assets			359				381
Other noncurrent assets(a)			623				689
Noncurrent assets held for sale			—				182
Total assets		$	8,132			$	9,392
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable(a)		$	865			$	1,054
Accounts payable to affiliates			33				60
Accrued liabilities(a)			393				713
Current portion of debt(a)			12				12
Current operating lease liabilities(a)			50				49
Current liabilities held for sale			242				163
Total current liabilities			1,595				2,051
Long-term debt(a)			1,476				1,538
Deferred income taxes			249				161
Noncurrent operating lease liabilities(a)			326				346
Other noncurrent liabilities(a)			502				586
Noncurrent liabilities held for sale			—				151
Total liabilities			4,148				4,833
Commitments and contingencies (Notes 15 and 16)
Equity
Huntsman Corporation stockholders’ equity:
Common stock $0.01 par value, 1,200,000,000 shares authorized, 261,142,535 and 259,701,770 shares issued and 192,757,360 and 214,170,287 shares outstanding, respectively			3				3
Additional paid-in capital			4,155				4,102
Treasury stock, 68,385,175 and 45,531,489 shares, respectively			(1,686	)			(934	)
Unearned stock-based compensation			(37	)			(25	)
Retained earnings			2,836				2,435
Accumulated other comprehensive loss			(1,497	)			(1,203	)
Total Huntsman Corporation stockholders’ equity			3,774				4,378
Noncontrolling interests in subsidiaries			210				181
Total equity			3,984				4,559
Total liabilities and equity		$	8,132			$	9,392

 

		Three months								Nine months
		ended								ended
		September 30,								September 30,
		2022				2021				2022				2021
Revenues:
Trade sales, services and fees, net		$	1,946			$	2,042			$	6,189			$	5,418
Related party sales			65				55				184				140
Total revenues			2,011				2,097				6,373				5,558
Cost of goods sold			1,662				1,660				5,017				4,397
Gross profit			349				437				1,356				1,161
Operating expenses:
Selling, general and administrative			165				176				532				536
Research and development			31				35				97				102
Restructuring, impairment and plant closing costs (credits)			12				(1	)			36				34
Gain on sale of India-based DIY business			—				—				—				(28	)
Other operating expense (income), net			3				(3	)			(8	)			(13	)
Total operating expenses			211				207				657				631
Operating income			138				230				699				530
Interest expense, net			(16	)			(15	)			(46	)			(52	)
Equity in income of investment in unconsolidated affiliates			21				34				55				118
Fair value adjustments to Venator investment, net			(7	)			(3	)			(9	)			(28	)
Loss on early extinguishment of debt			—				—				—				(27	)
Other income, net			10				7				23				21
Income from continuing operations before income taxes			146				253				722				562
Income tax expense			(30	)			(34	)			(155	)			(101	)
Income from continuing operations			116				219				567				461
(Loss) income from discontinued operations, net of tax			(1	)			6				30				36
Net income			115				225				597				497
Net income attributable to noncontrolling interests			(15	)			(16	)			(46	)			(49	)
Net income attributable to Huntsman Corporation		$	100			$	209			$	551			$	448
Basic income per share:
Income from continuing operations attributable to Huntsman Corporation common stockholders		$	0.52			$	0.93			$	2.54			$	1.87
(Loss) income from discontinued operations attributable to Huntsman Corporation common stockholders, net of tax			(0.01	)			0.02				0.15				0.16
Net income attributable to Huntsman Corporation common stockholders		$	0.51			$	0.95			$	2.69			$	2.03
Weighted average shares			197.7				219.4				205.2				220.2
Diluted income per share:
Income from continuing operations attributable to Huntsman Corporation common stockholders		$	0.51			$	0.92			$	2.52			$	1.86
(Loss) income from discontinued operations attributable to Huntsman Corporation common stockholders, net of tax			(0.01	)			0.02				0.14				0.16
Net income attributable to Huntsman Corporation common stockholders		$	0.50			$	0.94			$	2.66			$	2.02
Weighted average shares			199.2				221.3				207.2				222.2
Amounts attributable to Huntsman Corporation:
Income from continuing operations		$	101			$	203			$	521			$	412
(Loss) income from discontinued operations, net of tax			(1	)			6				30				36
Net income		$	100			$	209			$	551			$	448

 

		Three months								Nine months
		ended								ended
		September 30,								September 30,
		2022				2021				2022				2021
Net income		$	115			$	225			$	597			$	497
Other comprehensive (loss) income, net of tax:
Foreign currency translations adjustments			(204	)			(36	)			(338	)			(42	)
Pension and other postretirement benefits adjustments			10				17				28				52
Other, net			—				—				(1	)			—
Other comprehensive (loss) income, net of tax			(194	)			(19	)			(311	)			10
Comprehensive (loss) income			(79	)			206				286				507
Comprehensive loss (income) attributable to noncontrolling interests			(6	)			(17	)			(29	)			(51	)
Comprehensive (loss) income attributable to Huntsman Corporation		$	(85	)		$	189			$	257			$	456

 

		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, 2022			214,170,287			$	3			$	4,102			$	(934	)		$	(25	)		$	2,435			$	(1,203	)		$	181			$	4,559
Net income			—				—				—				—				—				223				—				17				240
Other comprehensive loss			—				—				—				—				—				—				(11	)			(1	)			(12	)
Issuance of nonvested stock awards			—				—				32				—				(32	)			—				—				—				—
Vesting of stock awards			1,327,568				—				7				—				—				—				—				—				7
Recognition of stock-based compensation			—				—				1				—				8				—				—				—				9
Repurchase and cancellation of stock awards			(361,250	)			—				—				—				—				(13	)			—				—				(13	)
Stock options exercised			387,899				—				10				—				—				(5	)			—				—				5
Treasury stock repurchased			(5,549,348	)			—				—				(210	)			—				—				—				—				(210	)
Dividends declared on common stock ($0.2125 per share)			—				—				—				—				—				(45	)			—				—				(45	)
Balance, March 31, 2022			209,975,156				3				4,152				(1,144	)			(49	)			2,595				(1,214	)			197				4,540
Net income			—				—				—				—				—				228				—				14				242
Other comprehensive loss			—				—				—				—				—				—				(98	)			(7	)			(105	)
Vesting of stock awards			4,045				—				—				—				—				—				—				—				—
Recognition of stock-based compensation			—				—				1				—				8				—				—				—				9
Repurchase and cancellation of stock awards			(2,416	)			—				—				—				—				(1	)			—				—				(1	)
Stock options exercised			66,840				—				1				—				—				—				—				—				1
Treasury stock repurchased			(8,371,423	)			—				—				(291	)			—				—				—				—				(291	)
Dividends declared on common stock ($0.2125 per share)			—				—				—				—				—				(44	)			—				—				(44	)
Balance, June 30, 2022			201,672,202				3				4,154				(1,435	)			(41	)			2,778				(1,312	)			204				4,351
Net income			—				—				—				—				—				100				—				15				115
Other comprehensive loss			—				—				—				—				—				—				(185	)			(9	)			(194	)
Vesting of stock awards			10,174				—				—				—				—				—				—				—				—
Recognition of stock-based compensation			—				—				1				—				4				—				—				—				5
Repurchase and cancellation of stock awards			(2,533	)			—				—				—				—				—				—				—				—
Stock options exercised			10,432				—				—				—				—				—				—				—				—
Treasury stock repurchased			(8,932,915	)			—				—				(251	)			—				—				—				—				(251	)
Dividends declared on common stock ($0.2125 per share)			—				—				—				—				—				(42	)			—				—				(42	)
Balance, September 30, 2022			192,757,360			$	3			$	4,155			$	(1,686	)		$	(37	)		$	2,836			$	(1,497	)		$	210			$	3,984

		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, 2021			220,046,262			$	3			$	4,048			$	(731	)		$	(19	)		$	1,564			$	(1,346	)		$	154			$	3,673
Net income			—				—				—				—				—				83				—				17				100
Other comprehensive loss			—				—				—				—				—				—				(13	)			—				(13	)
Issuance of nonvested stock awards			—				—				25				—				(25	)			—				—				—				—
Vesting of stock awards			664,818				—				5				—				—				—				—				—				5
Recognition of stock-based compensation			—				—				2				—				6				—				—				—				8
Repurchase and cancellation of stock awards			(202,961	)			—				—				—				—				(6	)			—				—				(6	)
Stock options exercised			204,005				—				5				—				—				(2	)			—				—				3
Dividends declared on common stock ($0.1625 per share)			—				—				—				—				—				(36	)			—				—				(36	)
Balance, March 31, 2021			220,712,124				3				4,085				(731	)			(38	)			1,603				(1,359	)			171				3,734
Net income			—				—				—				—				—				156				—				16				172
Other comprehensive income			—				—				—				—				—				—				41				1				42
Vesting of stock awards			3,732				—				—				—				—				—				—				—				—
Recognition of stock-based compensation			—				—				2				—				4				—				—				—				6
Repurchase and cancellation of stock awards			(19,912	)			—				—				—				—				(1	)			—				—				(1	)
Stock options exercised			263,962				—				6				—				—				(3	)			—				—				3
Dividends declared to noncontrolling interests			—				—				—				—				—				—				—				(30	)			(30	)
Dividends declared on common stock ($0.1875 per share)			—				—				—				—				—				(41	)			—				—				(41	)
Balance, June 30, 2021			220,959,906				3				4,093				(731	)			(34	)			1,714				(1,318	)			158				3,885
Net income			—				—				—				—				—				209				—				16				225
Other comprehensive (loss) income			—				—				—				—				—				—				(20	)			1				(19	)
Issuance of nonvested stock awards			—				—				1				—				(1	)			—				—				—				—
Vesting of stock awards			7,695				—				—				—				—				—				—				—				—
Recognition of stock-based compensation			—				—				1				—				5				—				—				—				6
Repurchase and cancellation of stock awards			(1,869	)			—				—				—				—				—				—				—				—
Stock options exercised			34,372				—				1				—				—				—				—				—				1
Treasury stock repurchased			(3,971,784	)			—				—				(102	)			—				—				—				—				(102	)
Dividends declared on common stock ($0.1875 per share)			—				—				—				—				—				(42	)			—				—				(42	)
Balance, September 30, 2021			217,028,320			$	3			$	4,096			$	(833	)		$	(30	)		$	1,881			$	(1,338	)		$	175			$	3,954

 

		Nine months
		ended
		September 30,
		2022				2021
Operating Activities:
Net income		$	597			$	497
Less: Income from discontinued operations, net of tax			(30	)			(36	)
Income from continuing operations			567				461
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			(55	)			(118	)
Unrealized net losses on fair value adjustments to Venator investment			9				28
Cash received from return on investment in unconsolidated subsidiary			61				31
Depreciation and amortization			207				205
Noncash lease expense			47				42
Gain on disposal of businesses/assets			—				(28	)
Loss on early extinguishment of debt			—				27
Noncash restructuring and impairment charges			(1	)			14
Deferred income taxes			81				(22	)
Stock-based compensation			26				23
Other, net			(15	)			(6	)
Changes in operating assets and liabilities:
Accounts and notes receivable			(60	)			(335	)
Inventories			(128	)			(270	)
Other current assets			357				20
Other noncurrent assets			(14	)			(84	)
Accounts payable			(113	)			134
Accrued liabilities			(292	)			88
Other noncurrent liabilities			(82	)			(28	)
Net cash provided by operating activities from continuing operations			595				182
Net cash provided by (used in) operating activities from discontinued operations			9				(20	)
Net cash provided by operating activities			604				162
Investing Activities:
Capital expenditures			(186	)			(241	)
Cash received from sale of business			—				43
Acquisition of business, net of cash acquired			—				(245	)
Insurance proceeds for recovery of property damage			5				3
Other, net			5				10
Net cash used in investing activities from continuing operations			(176	)			(430	)
Net cash used in investing activities from discontinued operations			(12	)			(9	)
Net cash used in investing activities			(188	)			(439	)
Financing Activities:
Net borrowings on revolving loan facilities			—				8
Proceeds from issuance of long-term debt			—				427
Repayments of long-term debt			(8	)			(965	)
Debt issuance costs paid			—				(4	)
Dividends paid to noncontrolling interests			—				(30	)
Dividends paid to common stockholders			(132	)			(119	)
Repurchase and cancellation of awards			(14	)			(7	)
Repurchase of common stock			(755	)			(102	)
Proceeds from issuance of common stock			6				7
Costs of early extinguishment of debt			—				(26	)
Other, net			(2	)			2
Net cash used in financing activities			(905	)			(809	)
Effect of exchange rate changes on cash			(37	)			(2	)
Decrease in cash and cash equivalents			(526	)			(1,088	)
Cash and cash equivalents at beginning of period			1,041				1,593
Cash and cash equivalents at end of period		$	515			$	505
Supplemental cash flow information:
Cash paid for interest		$	41			$	57
Cash paid for income taxes			171				83

 

		September 30,				December 31,
		2022				2021
ASSETS
Current assets:
Cash and cash equivalents(a)		$	515			$	1,039
Accounts and notes receivable (net of allowance for doubtful accounts of $11 and $12, respectively), ($348 and $324 pledged as collateral, respectively)(a)			981				988
Accounts receivable from affiliates			1,035				269
Inventories(a)			1,079				1,038
Receivable associated with the Albemarle Settlement			—				333
Other current assets			115				153
Current assets held for sale			483				346
Total current assets			4,208				4,166
Property, plant and equipment, net(a)			2,288				2,443
Investment in unconsolidated affiliates			430				470
Intangible assets, net			433				469
Goodwill			636				650
Deferred income taxes			167				180
Operating lease right-of-use assets			359				381
Other noncurrent assets(a)			623				690
Noncurrent assets held for sale			—				182
Total assets		$	9,144			$	9,631
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable(a)		$	865			$	1,051
Accounts payable to affiliates			40				62
Accrued liabilities(a)			386				704
Current portion of debt(a)			12				12
Current operating lease liabilities(a)			50				49
Current liabilities held for sale			242				163
Total current liabilities			1,595				2,041
Long-term debt(a)			1,476				1,538
Deferred income taxes			251				163
Noncurrent operating lease liabilities(a)			326				346
Other noncurrent liabilities(a)			494				573
Noncurrent liabilities held for sale			—				151
Total liabilities			4,142				4,812
Commitments and contingencies (Notes 15 and 16)
Equity
Huntsman International LLC members’ equity:
Members’ equity, 2,728 units issued and outstanding			3,756				3,732
Retained earnings			2,518				2,093
Accumulated other comprehensive loss			(1,482	)			(1,187	)
Total Huntsman International LLC members’ equity			4,792				4,638
Noncontrolling interests in subsidiaries			210				181
Total equity			5,002				4,819
Total liabilities and equity		$	9,144			$	9,631

 

		Three months								Nine months
		ended								ended
		September 30,								September 30,
		2022				2021				2022				2021
Revenues:
Trade sales, services and fees, net		$	1,946			$	2,042			$	6,189			$	5,418
Related party sales			65				55				184				140
Total revenues			2,011				2,097				6,373				5,558
Cost of goods sold			1,662				1,660				5,017				4,397
Gross profit			349				437				1,356				1,161
Operating expenses:
Selling, general and administrative			166				175				528				530
Research and development			31				35				97				102
Restructuring, impairment and plant closing costs (credits)			12				(1	)			36				34
Gain on sale of India-based DIY business			—				—				—				(28	)
Other operating expense (income), net			3				(3	)			(8	)			(13	)
Total operating expenses			212				206				653				625
Operating income			137				231				703				536
Interest expense, net			(16	)			(15	)			(46	)			(52	)
Equity in income of investment in unconsolidated affiliates			21				34				55				118
Fair value adjustments to Venator investment, net			(7	)			(3	)			(9	)			(28	)
Loss on early extinguishment of debt			—				—				—				(27	)
Other income, net			10				7				23				19
Income from continuing operations before income taxes			145				254				726				566
Income tax expense			(30	)			(35	)			(156	)			(102	)
Income from continuing operations			115				219				570				464
(Loss) income from discontinued operations, net of tax			(1	)			6				30				36
Net income			114				225				600				500
Net income attributable to noncontrolling interests			(15	)			(16	)			(46	)			(49	)
Net income attributable to Huntsman International LLC		$	99			$	209			$	554			$	451

 

		Three months								Nine months
		ended								ended
		September 30,								September 30,
		2022				2021				2022				2021
Net income		$	114			$	225			$	600			$	500
Other comprehensive (loss) income, net of tax:
Foreign currency translations adjustment			(204	)			(36	)			(339	)			(42	)
Pension and other postretirement benefits adjustments			10				17				28				53
Other, net			—				—				(1	)			—
Other comprehensive (loss) income, net of tax			(194	)			(19	)			(312	)			11
Comprehensive (loss) income			(80	)			206				288				511
Comprehensive loss (income) attributable to noncontrolling interests			(6	)			(17	)			(29	)			(51	)
Comprehensive (loss) income attributable to Huntsman International LLC		$	(86	)		$	189			$	259			$	460

 

		Huntsman International LLC Members
		Members'												Accumulated other				Noncontrolling
		equity												comprehensive				interests in				Total
		Units				Amount				Retained earnings				loss				subsidiaries				equity
Balance, January 1, 2022			2,728			$	3,732			$	2,093			$	(1,187	)		$	181			$	4,819
Net income			—				—				226				—				17				243
Dividends paid to parent			—				—				(45	)			—				—				(45	)
Other comprehensive loss			—				—				—				(11	)			(1	)			(12	)
Contribution from parent			—				9				—				—				—				9
Balance, March 31, 2022			2,728				3,741				2,274				(1,198	)			197				5,014
Net income			—				—				229				—				14				243
Dividends paid to parent			—				—				(42	)			—				—				(42	)
Other comprehensive loss			—				—				—				(99	)			(7	)			(106	)
Contribution from parent			—				10				—				—				—				10
Balance, June 30, 2022			2,728				3,751				2,461				(1,297	)			204				5,119
Net income			—				—				99				—				15				114
Dividends paid to parent			—				—				(42	)			—				—				(42	)
Other comprehensive loss			—				—