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

Annual report pursuant to Section 13 and 15(d)

Note 18 - Employee Benefit Plans (Tables)

Note 18 - Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2021

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

	*Defined Benefit Plans*												*Other Postretirement Benefit Plans*
	*2021*						*2020*						*2021*					*2020*
	*U.S.*			*Non-U.S.*			*U.S.*			*Non-U.S.*			*U.S.*			*Non-U.S.*		*U.S.*			*Non-U.S.*
	*Plans*			*Plans*			*Plans*			*Plans*			*Plans*			*Plans*		*Plans*			*Plans*
Change in benefit obligation
Benefit obligation at beginning of year	$	1,091		$	2,671		$	1,024		$	2,377		$	65		$	—	$	60		$	—
Service cost		20			34			21			31			2			—		1			—
Interest cost		31			18			37			25			2			—		2			—
Participant contributions		—			6			—			6			2			—		2			—
Plan amendments		—			1			—			—			—			—		—			—
Foreign currency exchange rate changes		—			(119	)		—			200			—			—		—			—
Settlements/curtailments/divestitures		—			(1	)		(2	)		(10	)		—			—		—			—
Actuarial (gain) loss		(37	)		(109	)		87			116			(2	)		—		9			—
Benefits paid		(57	)		(82	)		(76	)		(74	)		(8	)		—		(9	)		—
Benefit obligation at end of year	$	1,048		$	2,419		$	1,091		$	2,671		$	61		$	—	$	65		$	—

Change in plan assets
Fair value of plan assets at beginning of year	$	866		$	2,225		$	790		$	1,960		$	—		$	—	$	—		$	—
Actual return on plan assets		103			144			99			143			—			—		—			—
Foreign currency exchange rate changes		—			(98	)		—			161			—			—		—			—
Participant contributions		—			6			—			6			2			—		2			—
Settlement/transfers/divestitures		—			(1	)		(1	)		(11	)		—			—		—			—
Company contributions		13			40			54			40			6			—		7			—
Benefits paid		(57	)		(82	)		(76	)		(74	)		(8	)		—		(9	)		—
Fair value of plan assets at end of year	$	925		$	2,234		$	866		$	2,225		$	—		$	—	$	—		$	—

Funded status
Fair value of plan assets	$	925		$	2,234		$	866		$	2,225		$	—		$	—	$	—		$	—
Benefit obligation		1,048			2,419			1,091			2,671			61			—		65			—
Accrued benefit cost	$	(123	)	$	(185	)	$	(225	)	$	(446	)	$	(61	)	$	—	$	(65	)	$	—

Amounts recognized in balance sheet:
Noncurrent asset	$	—		$	144		$	—		$	20		$	—		$	—	$	—		$	—
Current liability		(6	)		(6	)		(5	)		(6	)		(6	)		—		(6	)		—
Noncurrent liability		(117	)		(323	)		(220	)		(460	)		(55	)		—		(59	)		—
Total	$	(123	)	$	(185	)	$	(225	)	$	(446	)	$	(61	)	$	—	$	(65	)	$	—

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

	*Defined Benefit Plans*												*Other Postretirement Benefit Plans*
	*2021*						*2020*						*2021*					*2020*
	*U.S.*			*Non-U.S.*			*U.S.*			*Non-U.S.*			*U.S.*			*Non-U.S.*		*U.S.*			*Non-U.S.*
	*Plans*			*Plans*			*Plans*			*Plans*			*Plans*			*Plans*		*Plans*			*Plans*
Amounts recognized in accumulated other comprehensive loss:
Net actuarial loss	$	255		$	662		$	363		$	874		$	23		$	—	$	26		$	—
Prior service credit		(8	)		(20	)		(9	)		(27	)		(21	)		—		(25	)		—
Total	$	247		$	642		$	354		$	847		$	2		$	—	$	1		$	—

	*Defined Benefit Plans*												*Other Postretirement Benefit Plans*
	*2021*						*2020*						*2021*					*2020*
	*U.S.*			*Non-U.S.*			*U.S.*			*Non-U.S.*			*U.S.*			*Non-U.S.*		*U.S.*			*Non-U.S.*
	*Plans*			*Plans*			*Plans*			*Plans*			*Plans*			*Plans*		*Plans*			*Plans*
Amounts recognized in accumulated other comprehensive loss:
Net actuarial loss	$	255		$	662		$	363		$	877		$	23		$	—	$	26		$	—
Prior service credit		(8	)		(20	)		(9	)		(27	)		(21	)		—		(25	)		—
Total	$	247		$	642		$	354		$	850		$	2		$	—	$	1		$	—

Schedule of Net Benefit Costs [Table Text Block]

	*Defined Benefit Plans*
	*U.S. plans*									*Non-U.S. plans*
	*2021*			*2020*			*2019*			*2021*			*2020*			*2019*
Service cost	$	20		$	21		$	20		$	34		$	31		$	30
Interest cost(a)		31			37			41			18			25			37
Expected return on plan assets(a)		(62	)		(59	)		(53	)		(105	)		(114	)		(102	)
Amortization of prior service credit(a)		(2	)		(2	)		(2	)		(5	)		(5	)		(4	)
Amortization of actuarial loss(a)		31			28			23			59			53			45
Settlement loss(a)		—			—			—			3			—			1
Net periodic benefit cost (credit)	$	18		$	25		$	29		$	4		$	(10	)	$	7

	*Other Postretirement Benefit Plans*
	*U.S. plans*									*Non-U.S. plans*
	*2021*			*2020*			*2019*			*2021*		*2020*		*2019*
Service cost	$	2		$	1		$	1		$	—	$	—	$	—
Interest cost(a)		2			2			3			—		—		—
Amortization of prior service credit(a)		(5	)		(5	)		(5	)		—		—		—
Amortization of actuarial loss(a)		2			1			1			—		—		—
Net periodic benefit cost (credit)	$	1		$	(1	)	$	—		$	—	$	—	$	—

	*Defined Benefit Plans*
	*U.S. plans*									*Non-U.S. plans*
	*2021*			*2020*			*2019*			*2021*			*2020*			*2019*
Service cost	$	20		$	21		$	20		$	34		$	31		$	30
Interest cost(a)		31			37			41			18			25			37
Expected return on plan assets(a)		(62	)		(59	)		(53	)		(105	)		(114	)		(102	)
Amortization of prior service credit(a)		(2	)		(2	)		(2	)		(5	)		(5	)		(4	)
Amortization of actuarial loss(a)		31			28			23			62			57			48
Settlement loss(a)		—			—			—			3			—			1
Net periodic benefit cost (credit)	$	18		$	25		$	29		$	7		$	(6	)	$	10

	*Other Postretirement Benefit Plans*
	*U.S. plans*									*Non-U.S. plans*
	*2021*			*2020*			*2019*			*2021*		*2020*		*2019*
Service cost	$	2		$	1		$	1		$	—	$	—	$	—
Interest cost(a)		2			2			3			—		—		—
Amortization of prior service credit(a)		(5	)		(5	)		(5	)		—		—		—
Amortization of actuarial loss(a)		2			1			1			—		—		—
Net periodic benefit cost (credit)	$	1		$	(1	)	$	—		$	—	$	—	$	—

Schedule of Amount Recognized in Net Periodic Benefit Cost and Other Comprehensive Income (Loss) [Table Text Block]

	*Defined Benefit Plans*
	*U.S. plans*									*Non-U.S. plans*
	*2021*			*2020*			*2019*			*2021*			*2020*			*2019*
Current year actuarial (gain) loss	$	(78	)	$	40		$	19		$	(150	)	$	87		$	101
Amortization of actuarial loss		(31	)		(28	)		(26	)		(59	)		(53	)		(45	)
Current year prior service cost (credit)		—			—			—			1			—			(10	)
Amortization of prior service credit		2			2			2			5			5			4
Settlements		—			(42	)		—			(3	)		—			1
Total recognized in other comprehensive income (loss)		(107	)		(28	)		(5	)		(206	)		39			51
Amounts related to discontinued operations		18			17			9			—			—			—
Total recognized in other comprehensive income (loss) in continuing operations		(89	)		(11	)		4			(206	)		39			51
Net periodic benefit cost (credit)		18			25			29			4			(10	)		7
Total recognized in net periodic benefit cost and other comprehensive income (loss)	$	(71	)	$	14		$	33		$	(202	)	$	29		$	58

	*Other Postretirement Benefit Plans*
	*U.S. plans*									*Non-U.S. plans*
	*2021*			*2020*			*2019*			*2021*		*2020*		*2019*
Current year actuarial (gain) loss	$	(2	)	$	9		$	—		$	—	$	—	$	—
Amortization of actuarial loss		(2	)		(1	)		(1	)		—		—		—
Current year prior service credit		—			—			—			—		—		—
Amortization of prior service credit		5			5			5			—		—		—
Settlements		—			(1	)		—			—		—		—
Curtailment loss		—			2			—			—		—		—
Total recognized in other comprehensive income (loss)		1			14			4			—		—		—
Amounts related to discontinued operations		1			—			(6	)		—		—		—
Total recognized in other comprehensive income (loss) in continuing operations		2			14			(2	)		—		—		—
Net periodic benefit cost (credit)		1			(1	)		—			—		—		—
Total recognized in net periodic benefit cost and other comprehensive income (loss)	$	3		$	13		$	(2	)	$	—	$	—	$	—

	*Defined Benefit Plans*
	*U.S. plans*									*Non-U.S. plans*
	*2021*			*2020*			*2019*			*2021*			*2020*			*2019*
Current year actuarial (gain) loss	$	(78	)	$	40		$	19		$	(150	)	$	87		$	101
Amortization of actuarial loss		(31	)		(28	)		(26	)		(62	)		(57	)		(48	)
Current year prior service cost (credit)		—			—			—			1			—			(10	)
Amortization of prior service credit		2			2			2			5			5			4
Settlements		—			(42	)		—			(3	)		—			1
Total recognized in other comprehensive income (loss)		(107	)		(28	)		(5	)		(209	)		35			48
Amounts related to discontinued operations		18			17			9			—			—			—
Total recognized in other comprehensive income (loss) in continuing operations		(89	)		(11	)		4			(209	)		35			48
Net periodic benefit cost (credit)		18			25			29			7			(6	)		10
Total recognized in net periodic benefit cost and other comprehensive income (loss)	$	(71	)	$	14		$	33		$	(202	)	$	29		$	58

	*Other Postretirement Benefit Plans*
	*U.S. plans*									*Non-U.S. plans*
	*2021*			*2020*			*2019*			*2021*		*2020*		*2019*
Current year actuarial (gain) loss	$	(2	)	$	9		$	—		$	—	$	—	$	—
Amortization of actuarial loss		(2	)		(1	)		(1	)		—		—		—
Current year prior service credit		—			—			—			—		—		—
Amortization of prior service credit		5			5			5			—		—		—
Settlements		—			(1	)		—			—		—		—
Curtailment loss		—			2			—			—		—		—
Total recognized in other comprehensive income (loss)		1			14			4			—		—		—
Amounts related to discontinued operations		1			—			(6	)		—		—		—
Total recognized in other comprehensive income (loss) in continuing operations		2			14			(2	)		—		—		—
Net periodic benefit cost (credit)		1			(1	)		—			—		—		—
Total recognized in net periodic benefit cost and other comprehensive income (loss)	$	3		$	13		$	(2	)	$	—	$	—	$	—

Defined Benefit Plan, Assumptions [Table Text Block]

	*Defined Benefit Plans*
	*U.S. plans*									*Non-U.S. plans*
	*2021*			*2020*			*2019*			*2021*			*2020*			*2019*
Projected benefit obligation
Discount rate		3.11	%		2.82	%		3.59	%		1.10	%		0.69	%		1.07	%
Rate of compensation increase		4.09	%		4.09	%		4.09	%		2.77	%		2.59	%		2.65	%
Interest credit rate		5.15	%		5.15	%		5.15	%		0.74	%		0.33	%		0.49	%
Net periodic pension cost
Discount rate		2.82	%		3.59	%		4.39	%		0.69	%		1.07	%		1.75	%
Rate of compensation increase		4.09	%		4.09	%		4.07	%		2.59	%		2.65	%		2.64	%
Expected return on plan assets		7.52	%		7.52	%		7.52	%		4.89	%		5.89	%		5.89	%
Interest credit rate		5.15	%		5.15	%		5.15	%		0.33	%		0.49	%		1.04	%

	*Other Postretirement Benefit Plans*
	*U.S. plans*									*Non-U.S. plans*
	*2021*			*2020*			*2019*			*2021*			*2020*			*2019*
Projected benefit obligation
Discount rate		3.01	%		2.63	%		3.46	%		2.80	%		2.30	%		2.90	%
Net periodic pension cost
Discount rate		2.63	%		3.46	%		4.26	%		2.30	%		2.90	%		3.50	%

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

	*U.S. plans*				*Non-U.S. plans*
	*2021*		*2020*		*2021*		*2020*
Projected benefit obligation in excess of plan assets
Projected benefit obligation	$	1,048	$	1,091	$	1,098	$	2,017
Fair value of plan assets		925		866		769		1,551

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

	*U.S. plans*				*Non-U.S. plans*
	*2021*		*2020*		*2021*		*2020*
Accumulated benefit obligation in excess of plan assets
Projected benefit obligation	$	1,048	$	1,091	$	942	$	1,203
Accumulated benefit obligation		1,031		1,073		891		1,116
Fair value of plan assets		925		866		621		746

Schedule of Employer Future Contribution and Expected Benefit Payments [Table Text Block]

	*U.S. Plans*				*Non-U.S. Plans*
			*Other*				*Other*
	*Defined*		*Postretirement*		*Defined*		*Postretirement*
	*Benefit*		*Benefit*		*Benefit*		*Benefit*
	*Plans*		*Plans*		*Plans*		*Plans*
2022 expected employer contributions
To plan trusts	$	6	$	6	$	37	$	—
Expected benefit payments
2022		60		6		85		—
2023		66		5		86		—
2024		64		5		88		—
2025		66		5		87		—
2026		100		5		88		—
2027 - 2031		310		23		495		—

Defined Benefit Plan, Plan Assets, Category [Table Text Block]

			*Fair Value Amounts Using*
			*Quoted prices in active*		*Significant other*		*Significant*
	*December 31,*		*markets for identical*		*observable inputs*		*unobservable inputs*
Asset category	*2021*		*assets (Level 1)*		*(Level 2)*		*(Level 3)*
U.S. pension plans:
Equities	$	446	$	240	$	206	$	—
Fixed income		415		169		246		—
Real estate/other		33		20		1		12
Cash		31		31		—		—
Total U.S. pension plan assets	$	925	$	460	$	453	$	12
Non-U.S. pension plans:
Equities	$	611	$	204	$	407	$	—
Fixed income		924		580		344		—
Real estate/other		611		87		425		99
Cash		88		88		—		—
Total Non-U.S. pension plan assets	$	2,234	$	959	$	1,176	$	99

			*Fair Value Amounts Using*
			*Quoted prices in active*		*Significant other*		*Significant*
	*December 31,*		*Markets for identical*		*Observable inputs*		*Unobservable inputs*
Asset category	*2020*		*assets (Level 1)*		*(Level 2)*		*(Level 3)*
U.S. pension plans:
Equities	$	481	$	315	$	166	$	—
Fixed income		323		242		81		—
Real estate/other		62		—		—		62
Cash		—		—		—		—
Total U.S. pension plan assets	$	866	$	557	$	247	$	62
Non-U.S. pension plans:
Equities	$	564	$	229	$	335	$	—
Fixed income		971		610		361		—
Real estate/other		628		93		459		76
Cash		62		59		3		—
Total Non-U.S. pension plan assets	$	2,225	$	991	$	1,158	$	76

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

	*Real Estate/Other*
	*Year ended December 31,*
	*2021*			*2020*
Fair Value Measurements of Plan Assets Using Significant Unobservable Inputs (Level 3)
Balance at beginning of period	$	138		$	124
Return on pension plan assets		9			5
Purchases, sales and settlements		(36	)		(2	)
Transfers into (out of) Level 3		—			11
Balance at end of period	$	111		$	138

Schedule of Allocation of Plan Assets [Table Text Block]

	*Target*
	*Allocation*			*Allocation at December 31,*
Asset category	*2022*			*2021*			*2020*
U.S. pension plans:
Equities		48	%		48	%		56	%
Fixed income		46	%		45	%		37	%
Real estate/other		3	%		4	%		7	%
Cash		3	%		3	%		—	%
Total U.S. pension plans		100	%		100	%		100	%
Non-U.S. pension plans:
Equities		27	%		27	%		25	%
Fixed income		46	%		42	%		44	%
Real estate/other		25	%		27	%		28	%
Cash		2	%		4	%		3	%
Total non-U.S. pension plans		100	%		100	%		100	%