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

Annual report pursuant to Section 13 and 15(d)

Note 26 - Operating Segment Information (Tables)

Note 26 - Operating Segment Information (Tables)

12 Months Ended

Dec. 31, 2022

Schedule of Segment Reporting Information, by Segment [Table Text Block]

	*Year ended December 31,*
	*2022*			*2021*			*2020*
Revenues:
Polyurethanes	$	5,067		$	5,019		$	3,584
Performance Products		1,713			1,485			1,023
Advanced Materials		1,277			1,198			839
Total reportable segments’ revenues		8,057			7,702			5,446
Intersegment eliminations		(34	)		(32	)		(25	)
Total	$	8,023		$	7,670		$	5,421

Huntsman Corporation:
Segment adjusted EBITDA⁽¹⁾:
Polyurethanes	$	628		$	879		$	472
Performance Products		469			359			164
Advanced Materials		233			204			130
Total reportable segments’ adjusted EBITDA		1,330			1,442			766

Reconciliation of total reportable segments’ adjusted EBITDA to income from continuing operations before income taxes:
Interest expense, net—continuing operations		(62	)		(67	)		(86	)
Depreciation and amortization—continuing operations		(281	)		(278	)		(267	)
Corporate and other costs, net⁽²⁾		(175	)		(196	)		(161	)
Net income attributable to noncontrolling interests		63			59			32
Other adjustments:
Business acquisition and integration expenses and purchase accounting inventory adjustments		(12	)		(22	)		(31	)
Fair value adjustments to Venator investment, net and related loss on disposal		(12	)		(28	)		(88	)
Loss on early extinguishment of debt		—			(27	)		—
Certain legal and other settlements and related expenses		(7	)		(13	)		(5	)
(Costs) income associated with the Albemarle Settlement, net		(3	)		465			—
Gain on sale of businesses/assets		—			30			280
Income from transition services arrangements		2			8			7
Certain nonrecurring information technology project implementation costs		(5	)		(8	)		(6	)
Amortization of pension and postretirement actuarial losses		(49	)		(74	)		(64	)
Plant incident remediation credits (costs)		4			—			(2	)
Restructuring, impairment and plant closing and transition costs⁽³⁾		(96	)		(45	)		(44	)
Income from continuing operations before income taxes		697			1,246			331

Income tax expense—continuing operations		(186	)		(191	)		(42	)
Income from discontinued operations, net of tax		12			49			777
Net income	$	523		$	1,104		$	1,066

	*Year ended December 31,*
	*2022*		*2021*		*2020*
Depreciation and amortization:
Polyurethanes	$	136	$	131	$	130
Performance Products		72		74		79
Advanced Materials		57		60		45
Total reportable segments’ depreciation and amortization		265		265		254
Corporate and other		16		13		13
Total	$	281	$	278	$	267

	*Year ended December 31,*
	*2022*		*2021*		*2020*
Capital expenditures:
Polyurethanes	$	142	$	243	$	172
Performance Products		92		42		32
Advanced Materials		26		25		21
Total reportable segments’ capital expenditures		260		310		225
Corporate and other		12		16		12
Total	$	272	$	326	$	237

	*December 31,*
	*2022*		*2021*
Total assets:
Polyurethanes	$	4,286	$	4,624
Performance Products		1,155		1,207
Advanced Materials		1,246		1,324
Total reportable segments’ total assets		6,687		7,155
Corporate and other		1,061		1,709
Total	$	7,748	$	8,864

	*December 31,*
	*2022*		*2021*
Goodwill:
Polyurethanes	$	336	$	344
Performance Products		15		16
Advanced Materials		290		290
Total	$	641	$	650

	*Year ended December 31,*
	*2022*			*2021*			*2020*
Huntsman International:
Segment adjusted EBITDA(1):
Polyurethanes	$	628		$	879		$	472
Performance Products		469			359			164
Advanced Materials		233			204			130
Total reportable segments’ adjusted EBITDA		1,330			1,442			766

Reconciliation of total reportable segments’ adjusted EBITDA to income from continuing operations before income taxes:
Interest expense, net—continuing operations		(62	)		(67	)		(88	)
Depreciation and amortization—continuing operations		(281	)		(278	)		(267	)
Corporate and other costs, net(2)		(172	)		(190	)		(155	)
Net income attributable to noncontrolling interests		63			59			32
Other adjustments:
Business acquisition and integration expenses and purchase accounting inventory adjustments		(12	)		(22	)		(31	)
Fair value adjustments to Venator investment, net and related loss on disposal		(12	)		(28	)		(88	)
Loss on early extinguishment of debt		—			(27	)		—
Certain legal and other settlements and related expenses		(7	)		(13	)		(5	)
(Costs) income associated with the Albemarle Settlement, net		(3	)		465			—
Gain on sale of businesses/assets		—			30			280
Income from transition services arrangements		2			8			7
Certain nonrecurring information technology project implementation costs		(5	)		(8	)		(6	)
Amortization of pension and postretirement actuarial losses		(49	)		(76	)		(67	)
Plant incident remediation credits (costs)		4			—			(2	)
Restructuring, impairment and plant closing and transition costs(3)		(96	)		(45	)		(44	)
Income from continuing operations before income taxes		700			1,250			332

Income tax expense—continuing operations		(188	)		(192	)		(42	)
Income from discontinued operations, net of tax		12			49			777
Net income	$	524		$	1,107		$	1,067

	*Year ended December 31,*
	*2022*		*2021*		*2020*
Depreciation and amortization:
Polyurethanes	$	136	$	131	$	130
Performance Products		72		74		79
Advanced Materials		57		60		45
Total reportable segments’ depreciation and amortization		265		265		254
Corporate and other		16		13		13
Total	$	281	$	278	$	267

	*Year ended December 31,*
	*2022*		*2021*		*2020*
Capital expenditures:
Polyurethanes	$	142	$	243	$	172
Performance Products		92		42		32
Advanced Materials		26		25		21
Total reportable segments’ capital expenditures		260		310		225
Corporate and other		12		16		12
Total	$	272	$	326	$	237

	*December 31,*
	*2022*		*2021*
Total assets:
Polyurethanes	$	4,286	$	4,624
Performance Products		1,155		1,207
Advanced Materials		1,246		1,324
Total reportable segments’ total assets		6,687		7,155
Corporate and other		1,067		1,948
Total	$	7,754	$	9,103

	*December 31,*
	*2022*		*2021*
Goodwill:
Polyurethanes	$	336	$	344
Performance Products		15		16
Advanced Materials		290		290
Total	$	641	$	650

Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block]

	*Year ended December 31,*
	*2022*		*2021*		*2020*
Revenues by geographic area⁽¹⁾:
United States	$	3,089	$	2,649	$	1,796
China		1,305		1,395		995
Germany		522		524		368
Italy		249		280		185
Canada		242		231		201
India		196		183		142
Other nations		2,420		2,408		1,734
Total	$	8,023	$	7,670	$	5,421

	*December 31,*
	*2022*		*2021*
Long-lived assets⁽²⁾:
United States	$	1,211	$	1,211
The Netherlands		313		337
China		213		248
Saudi Arabia		121		133
Germany		95		106
Hungary		77		41
Switzerland		76		76
Singapore		71		77
Other nations		200		214
Total	$	2,377	$	2,443