Annual report pursuant to Section 13 and 15(d)

Schedule I - Condensed Financial Information of Registrant

v3.24.0.1
Schedule I - Condensed Financial Information of Registrant
12 Months Ended
Dec. 31, 2023
Notes to Financial Statements  
Condensed Financial Information of Parent Company Only Disclosure [Text Block]

HUNTSMAN CORPORATION (PARENT ONLY)

Schedule I—Condensed Financial Information of Registrant

HUNTSMAN CORPORATION (Parent Only)

BALANCE SHEETS

(In Millions, Except Share and Per Share Amounts)

 

   

December 31,

 
   

2023

   

2022

 

ASSETS

               

Investment in and advances to affiliates

  $ 3,261     $ 3,631  

Total assets

  $ 3,261     $ 3,631  
                 

LIABILITIES AND STOCKHOLDERS’ EQUITY

               

Current liabilities:

               

Accounts payable

  $ 1     $  

Accrued liabilities

    5       2  

Total current liabilities

    6       2  

Other noncurrent liabilities

    4       5  

Total liabilities

    10       7  

STOCKHOLDERS’ EQUITY

               

Common stock $0.01 par value, 1,200,000,000 shares authorized, 262,190,459 and 261,148,217 shares issued and 171,583,331 and 183,634,464 shares outstanding, respectively

    3       3  

Additional paid-in capital

    4,202       4,156  

Treasury stock, 90,607,128 and 77,513,753 shares, respectively

    (2,290 )     (1,937 )

Unearned stock-based compensation

    (41 )     (35 )

Retained earnings

    2,622       2,705  

Accumulated other comprehensive loss

    (1,245 )     (1,268 )

Total stockholders’ equity

    3,251       3,624  

Total liabilities and stockholders’ equity

  $ 3,261     $ 3,631  

 

The accompanying notes are an integral part of the condensed financial information.

 

HUNTSMAN CORPORATION (Parent Only)

STATEMENTS OF OPERATIONS

(In Millions)

 

   

Year ended December 31,

 
   

2023

   

2022

   

2021

 

Selling, general and administrative expenses

  $ (3 )   $ (4 )   $ (7 )

Equity in (loss) income of subsidiaries

    (68 )     295       891  

Dividend income—affiliate

    172       169       158  

Other income

                3  

Net income

  $ 101     $ 460     $ 1,045  

 

The accompanying notes are an integral part of the condensed financial information.

 

HUNTSMAN CORPORATION (Parent Only)

STATEMENTS OF COMPREHENSIVE INCOME

(In Millions)

 

   

Year ended December 31,

 
   

2023

   

2022

   

2021

 

Net income

  $ 101     $ 460     $ 1,045  

Other comprehensive income (loss), net of tax:

                       

Foreign currency translations adjustments

    34       (228 )     (92 )

Pension and other postretirement benefits adjustments

    (4 )     158       240  

Other, net

    42       56       61  

Other comprehensive income (loss), net of tax

    72       (14 )     209  

Comprehensive income

    173       446       1,254  

Comprehensive income attributable to noncontrolling interests

    (49 )     (51 )     (66 )

Comprehensive income attributable to Huntsman Corporation

  $ 124     $ 395     $ 1,188  

 

The accompanying notes are an integral part of the condensed financial information.

 

HUNTSMAN CORPORATION (Parent Only)

STATEMENTS OF STOCKHOLDERS’ EQUITY

(In Millions, Except Share Amounts)

 

   

Huntsman Corporation Stockholders’ Equity

         
                                                 

Accumulated

         
   

Shares

           

Additional

           

Unearned

         

other

         
   

Common

   

Common

   

paid-in

   

Treasury

   

stock-based

   

Retained

   

comprehensive

   

Total

 
   

stock

   

stock

   

capital

   

stock

   

compensation

   

earnings

   

loss

   

equity

 

Beginning balance, January 1, 2021

    220,046,262     $ 3     $ 4,048     $ (731 )   $ (19 )   $ 1,564     $ (1,346 )   $ 3,519  

Net income

                                  1,045             1,045  

Other comprehensive income

                                        143       143  

Issuance of nonvested stock awards

                26             (26 )                  

Vesting of stock awards

    678,400             5                               5  

Recognition of stock-based compensation

                6             20                   26  

Repurchase and cancellation of stock awards

    (238,339 )                             (7 )           (7 )

Stock options exercised

    738,362             17                   (7 )           10  

Treasury stock repurchased

    (7,054,398 )                 (203 )                       (203 )

Dividends declared on common stock

                                  (160 )           (160 )

Balance, December 31, 2021

    214,170,287       3       4,102       (934 )     (25 )     2,435       (1,203 )     4,378  

Net income

                                  460             460  

Other comprehensive loss

                                        (65 )     (65 )

Issuance of nonvested stock awards

                32             (32 )                  

Vesting of stock awards

    1,341,787             7                               7  

Recognition of stock-based compensation

                3             22                   25  

Repurchase and cancellation of stock awards

    (366,199 )                             (14 )           (14 )

Stock options exercised

    470,853             12                   (6 )           6  

Treasury stock repurchased

    (31,982,264 )                 (1,003 )                       (1,003 )

Dividends declared on common stock

                                  (170 )           (170 )

Balance, December 31, 2022

    183,634,464       3       4,156       (1,937 )     (35 )     2,705       (1,268 )     3,624  

Net income

                                  101             101  

Other comprehensive income

                                        23       23  

Issuance of nonvested stock awards

                32             (32 )                  

Vesting of stock awards

    1,028,971             5                               5  

Recognition of stock-based compensation

                1             26                   27  

Repurchase and cancellation of stock awards

    (307,093 )                             (10 )           (10 )

Stock options exercised

    320,364             9                   (4 )           5  

Treasury stock repurchased

    (13,093,375 )                 (353 )                       (353 )

Dividends declared on common stock

                                  (170 )           (170 )

Acquisition of noncontrolling interests, net of tax

                (1 )                             (1 )

Balance, December 31, 2023

    171,583,331     $ 3     $ 4,202     $ (2,290 )   $ (41 )   $ 2,622     $ (1,245 )   $ 3,251  

 

The accompanying notes are an integral part of the condensed financial information.

 

HUNTSMAN CORPORATION (Parent Only)

STATEMENTS OF CASH FLOWS

(In Millions)

 

   

Year ended December 31,

 
   

2023

   

2022

   

2021

 

Operating activities:

                       

Net income

  $ 101     $ 460     $ 1,045  

Equity in loss (income) of subsidiaries

    68       (295 )     (891 )

Stock-based compensation

    1       2       1  

Changes in operating assets and liabilities

          (2 )     (2 )

Net cash provided by operating activities

    170       165       153  
                         

Investing activities:

                       

Net cash provided by investing activities

                 
                         

Financing activities:

                       

Dividends paid to common stockholders

    (169 )     (171 )     (159 )

Repurchase and cancellation of stock awards

    (10 )     (14 )     (7 )

Proceeds from issuance of common stock

    5       6       10  

Repurchase of common stock

    (349 )     (1,005 )     (200 )

Increase in payable to affiliates

    352       1,017       203  

Other, net

    1              

Net cash used in financing activities

    (170 )     (167 )     (153 )

Decrease in cash and cash equivalents

          (2 )      

Cash and cash equivalents at beginning of period

          2       2  

Cash and cash equivalents at end of period

  $     $     $ 2  

 

The accompanying notes are an integral part of the condensed financial information.