Quarterly report pursuant to Section 13 or 15(d)

Note 11 - Employee Benefit Plans

v3.23.2
Note 11 - Employee Benefit Plans
6 Months Ended
Jun. 30, 2023
Notes to Financial Statements  
Retirement Benefits [Text Block]

11. EMPLOYEE BENEFIT PLANS 

Components of the net periodic benefit cost (credit) from continuing operations for the three and six months ended June 30, 2023 and 2022 were as follows (dollars in millions):

Huntsman Corporation

                   

Other postretirement

 
   

Defined benefit plans

   

benefit plans

 
   

Three months

   

Three months

 
   

ended

   

ended

 
   

June 30,

   

June 30,

 
   

2023

   

2022

   

2023

   

2022

 

Service cost

  $ 7     $ 12     $     $  

Interest cost

    23       15       1       1  

Expected return on assets

    (32 )     (38 )            

Amortization of prior service benefit

    (1 )     (1 )     (1 )     (1 )

Amortization of actuarial loss

    8       11              

Net periodic benefit cost (credit)

  $ 5     $ (1 )   $     $  

​ 

                   

Other postretirement

 
   

Defined benefit plans

   

benefit plans

 
   

Six months

   

Six months

 
   

ended

   

ended

 
   

June 30,

   

June 30,

 
   

2023

   

2022

   

2023

   

2022

 

Service cost

  $ 13     $ 23     $     $  

Interest cost

    46       28       2       1  

Expected return on assets

    (63 )     (76 )            

Amortization of prior service benefit

    (2 )     (2 )     (2 )     (2 )

Amortization of actuarial loss

    16       23             1  

Net periodic benefit cost (credit)

  $ 10     $ (4 )   $     $  

 

Huntsman International

                   

Other postretirement

 
   

Defined benefit plans

   

benefit plans

 
   

Three months

   

Three months

 
   

ended

   

ended

 
   

June 30,

   

June 30,

 
   

2023

   

2022

   

2023

   

2022

 

Service cost

  $ 7     $ 12     $     $  

Interest cost

    23       15       1       1  

Expected return on assets

    (32 )     (38 )            

Amortization of prior service benefit

    (1 )     (1 )     (1 )     (1 )

Amortization of actuarial loss

    8       11              

Net periodic benefit cost (credit)

  $ 5     $ (1 )   $     $  

​ 

                   

Other postretirement

 
   

Defined benefit plans

   

benefit plans

 
   

Six months

   

Six months

 
   

ended

   

ended

 
   

June 30,

   

June 30,

 
   

2023

   

2022

   

2023

   

2022

 

Service cost

  $ 13     $ 23     $     $  

Interest cost

    46       28       2       1  

Expected return on assets

    (63 )     (76 )            

Amortization of prior service benefit

    (2 )     (2 )     (2 )     (2 )

Amortization of actuarial loss

    16       23             1  

Net periodic benefit cost (credit)

  $ 10     $ (4 )   $     $  

 

During the six months ended June 30, 2023 and 2022, we made contributions to our pension and other postretirement benefit plans related to continuing operations of $20 million and $24 million, respectively. During the remainder of 2023, we expect to contribute an additional amount of approximately $19 million to these plans.

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