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, 2023

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

	*Defined benefit plans*												*Other postretirement benefit plans*
	*2023*						*2022*						*2023*					*2022*
	*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 plan assets:
Fair value of plan assets at beginning of year	$	691		$	1,436		$	925		$	1,970		$	—		$	—	$	—		$	—
Actual return on plan assets		86			67			(150	)		(381	)		—			—		—			—
Foreign currency exchange rate changes		—			80			—			(129	)		—			—		—			—
Participant contributions		—			5			—			5			2			—		2			—
Settlements/transfers/divestitures		—			(16	)		(30	)		(5	)		—			—		—			—
Company contributions		18			26			5			36			6			—		7			—
Benefits paid		(67	)		(56	)		(59	)		(60	)		(8	)		—		(9	)		—
Fair value of plan assets at end of year	$	728		$	1,542		$	691		$	1,436		$	—		$	—	$	—		$	—

Change in benefit obligation:
Benefit obligation at beginning of year	$	770		$	1,354		$	1,048		$	2,032		$	47		$	—	$	61		$	—
Service cost		11			15			19			26			1			—		1			—
Interest cost		43			50			32			23			3			—		2			—
Participant contributions		—			5			—			5			2			—		2			—
Plan amendments		—			—			—			(2	)		(1	)		—		—			—
Foreign currency exchange rate changes		—			77			—			(131	)		—			—		—			—
Settlements/curtailments/divestitures		—			(21	)		(26	)		(5	)		—			—		—			—
Actuarial loss (gain)		27			139			(244	)		(534	)		(4	)		—		(10	)		—
Benefits paid		(67	)		(56	)		(59	)		(60	)		(8	)		—		(9	)		—
Benefit obligation at end of year	$	784		$	1,563		$	770		$	1,354		$	40		$	—	$	47		$	—

Funded status:
Fair value of plan assets	$	728		$	1,542		$	691		$	1,436		$	—		$	—	$	—		$	—
Benefit obligation		(784	)		(1,563	)		(770	)		(1,354	)		(40	)		—		(47	)		—
(Under) over funded status	$	(56	)	$	(21	)	$	(79	)	$	82		$	(40	)	$	—	$	(47	)	$	—

Amounts recognized in balance sheet:
Noncurrent asset	$	—		$	110		$	—		$	196		$	—		$	—	$	—		$	—
Current liability		(7	)		(3	)		(6	)		(4	)		(5	)		—		(5	)		—
Noncurrent liability		(49	)		(128	)		(73	)		(110	)		(35	)		—		(42	)		—
Net (liability) asset	$	(56	)	$	(21	)	$	(79	)	$	82		$	(40	)	$	—	$	(47	)	$	—

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

	*Defined benefit plans*												*Other postretirement benefit plans*
	*2023*						*2022*						*2023*					*2022*
	*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	$	199		$	547		$	202		$	511		$	7		$	—	$	11		$	—
Prior service credit		(4	)		(14	)		(6	)		(18	)		(12	)		—		(16	)		—
Total	$	195		$	533		$	196		$	493		$	(5	)	$	—	$	(5	)	$	—

	*Defined benefit plans*												*Other postretirement benefit plans*
	*2023*						*2022*						*2023*					*2022*
	*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	$	199		$	547		$	202		$	511		$	7		$	—	$	11		$	—
Prior service credit		(4	)		(14	)		(6	)		(18	)		(12	)		—		(16	)		—
Total	$	195		$	533		$	196		$	493		$	(5	)	$	—	$	(5	)	$	—

Schedule of Net Benefit Costs [Table Text Block]

	*Defined benefit plans*
	*U.S. plans*									*Non-U.S. plans*
	*2023*			*2022*			*2021*			*2023*			*2022*			*2021*
Service cost	$	11		$	19		$	20		$	15		$	26		$	30
Interest cost⁽¹⁾		43			32			31			50			23			17
Expected return on plan assets⁽¹⁾		(56	)		(62	)		(62	)		(69	)		(87	)		(91	)
Amortization of prior service credit⁽¹⁾		(2	)		(2	)		(2	)		(4	)		(3	)		(4	)
Amortization of actuarial loss⁽¹⁾		—			20			31			32			27			48
Settlement loss⁽¹⁾		—			5			—			6			—			3
Net periodic benefit (credit) cost	$	(4	)	$	12		$	18		$	30		$	(14	)	$	3

	*Other postretirement benefit plans*
	*U.S. plans*									*Non-U.S. plans*
	*2023*			*2022*			*2021*			*2023*		*2022*		*2021*
Service cost	$	1		$	1		$	2		$	—	$	—	$	—
Interest cost⁽¹⁾		3			2			2			—		—		—
Amortization of prior service credit⁽¹⁾		(5	)		(5	)		(5	)		—		—		—
Amortization of actuarial loss⁽¹⁾		—			2			2			—		—		—
Net periodic benefit (credit) cost	$	(1	)	$	—		$	1		$	—	$	—	$	—

	*Defined benefit plans*
	*U.S. plans*									*Non-U.S. plans*
	*2023*			*2022*			*2021*			*2023*			*2022*			*2021*
Service cost	$	11		$	19		$	20		$	15		$	26		$	30
Interest cost⁽¹⁾		43			32			31			50			23			17
Expected return on plan assets⁽¹⁾		(56	)		(62	)		(62	)		(69	)		(87	)		(91	)
Amortization of prior service credit⁽¹⁾		(2	)		(2	)		(2	)		(4	)		(3	)		(4	)
Amortization of actuarial loss⁽¹⁾		—			20			31			32			27			51
Settlement loss⁽¹⁾		—			5			—			6			—			3
Net periodic benefit (credit) cost	$	(4	)	$	12		$	18		$	30		$	(14	)	$	6

	*Other postretirement benefit plans*
	*U.S. plans*									*Non-U.S. plans*
	*2023*			*2022*			*2021*			*2023*		*2022*		*2021*
Service cost	$	1		$	1		$	2		$	—	$	—	$	—
Interest cost⁽¹⁾		3			2			2			—		—		—
Amortization of prior service credit⁽¹⁾		(5	)		(5	)		(5	)		—		—		—
Amortization of actuarial loss⁽¹⁾		—			2			2			—		—		—
Net periodic benefit (credit) cost	$	(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*
	*2023*			*2022*			*2021*			*2023*			*2022*			*2021*
Current year actuarial (gain) loss	$	(3	)	$	(28	)	$	(78	)	$	135		$	(115	)	$	(150	)
Amortization of actuarial loss		—			(20	)		(31	)		(32	)		(36	)		(59	)
Current year prior service (credit) cost		—			—			—			—			(3	)		1
Amortization of prior service credit		2			2			2			4			5			5
Settlements/curtailments		—			(5	)		—			(5	)		—			(3	)
Total recognized in other comprehensive income (loss)		(1	)		(51	)		(107	)		102			(149	)		(206	)
Amounts related to discontinued operations		(1	)		2			20			—			57			25
Total recognized in other comprehensive income (loss) in continuing operations		(2	)		(49	)		(87	)		102			(92	)		(181	)
Net periodic benefit (credit) cost		(4	)		12			18			30			(14	)		3
Total recognized in net periodic benefit cost and other comprehensive income (loss)	$	(6	)	$	(37	)	$	(69	)	$	132		$	(106	)	$	(178	)

	*Other postretirement benefit plans*
	*U.S. plans*									*Non-U.S. plans*
	*2023*			*2022*			*2021*			*2023*		*2022*		*2021*
Current year actuarial gain	$	(4	)	$	(10	)	$	(2	)	$	—	$	—	$	—
Amortization of actuarial loss		—			(2	)		(2	)		—		—		—
Current year prior service credit		(1	)		—			—			—		—		—
Amortization of prior service credit		5			5			5			—		—		—
Total recognized in other comprehensive income (loss)		—			(7	)		1			—		—		—
Amounts related to discontinued operations		1			2			1			—		—		—
Total recognized in other comprehensive income (loss) in continuing operations		1			(5	)		2			—		—		—
Net periodic benefit (credit) cost		(1	)		—			1			—		—		—
Total recognized in net periodic benefit cost and other comprehensive income (loss)	$	—		$	(5	)	$	3		$	—	$	—	$	—

	*Defined benefit plans*
	*U.S. plans*									*Non-U.S. plans*
	*2023*			*2022*			*2021*			*2023*			*2022*			*2021*
Current year actuarial (gain) loss	$	(3	)	$	(28	)	$	(78	)	$	135		$	(115	)	$	(150	)
Amortization of actuarial loss		—			(20	)		(31	)		(32	)		(36	)		(62	)
Current year prior service (credit) cost		—			—			—			—			(3	)		1
Amortization of prior service credit		2			2			2			4			5			5
Settlements/curtailments		—			(5	)		—			(5	)		—			(3	)
Total recognized in other comprehensive income (loss)		(1	)		(51	)		(107	)		102			(149	)		(209	)
Amounts related to discontinued operations		(1	)		2			20			—			57			25
Total recognized in other comprehensive income (loss) in continuing operations		(2	)		(49	)		(87	)		102			(92	)		(184	)
Net periodic benefit cost (credit)		(4	)		12			18			30			(14	)		6
Total recognized in net periodic benefit cost and other comprehensive income (loss)	$	(6	)	$	(37	)	$	(69	)	$	132		$	(106	)	$	(178	)

	*Other postretirement benefit plans*
	*U.S. plans*									*Non-U.S. plans*
	*2023*			*2022*			*2021*			*2023*		*2022*		*2021*
Current year actuarial gain	$	(4	)	$	(10	)	$	(2	)	$	—	$	—	$	—
Amortization of actuarial loss		—			(2	)		(2	)		—		—		—
Current year prior service credit		(1	)		—			—			—		—		—
Amortization of prior service credit		5			5			5			—		—		—
Total recognized in other comprehensive income (loss)		—			(7	)		1			—		—		—
Amounts related to discontinued operations		1			2			1			—		—		—
Total recognized in other comprehensive income (loss) in continuing operations		1			(5	)		2			—		—		—
Net periodic benefit (credit) cost		(1	)		—			1			—		—		—
Total recognized in net periodic benefit cost and other comprehensive income (loss)	$	—		$	(5	)	$	3		$	—	$	—	$	—

Defined Benefit Plan, Assumptions [Table Text Block]

	*Defined benefit plans*
	*U.S. plans*									*Non-U.S. plans*
	*2023*			*2022*			*2021*			*2023*			*2022*			*2021*
Projected benefit obligation:
Discount rate		5.46	%		5.75	%		3.11	%		3.11	%		3.67	%		1.20	%
Rate of compensation increase		4.14	%		4.24	%		4.09	%		2.87	%		2.93	%		2.86	%
Interest credit rate		5.15	%		5.15	%		5.15	%		2.14	%		2.35	%		0.87	%
Net periodic pension cost:
Discount rate		5.75	%		3.11	%		2.82	%		3.67	%		1.20	%		0.76	%
Rate of compensation increase		4.24	%		4.09	%		4.09	%		2.93	%		2.86	%		2.64	%
Expected return on plan assets		7.18	%		7.17	%		7.52	%		4.90	%		4.80	%		4.80	%
Interest credit rate		5.15	%		5.15	%		5.15	%		2.35	%		0.87	%		0.52	%

	*Other postretirement benefit plans*
	*U.S. plans*									*Non-U.S. plans*
	*2023*			*2022*			*2021*			*2023*			*2022*			*2021*
Projected benefit obligation:
Discount rate		5.54	%		5.80	%		3.01	%		4.60	%		5.10	%		2.80	%
Net periodic pension cost:
Discount rate		5.80	%		3.01	%		2.63	%		5.10	%		2.80	%		2.30	%

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

	*U.S. plans*				*Non-U.S. plans*
	*2023*		*2022*		*2023*		*2022*
Projected benefit obligation in excess of plan assets:
Projected benefit obligation	$	291	$	770	$	474	$	116
Fair value of plan assets		235		691		342		3

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

	*U.S. plans*				*Non-U.S. plans*
	*2023*		*2022*		*2023*		*2022*
Accumulated benefit obligation in excess of plan assets:
Projected benefit obligation	$	79	$	770	$	132	$	116
Accumulated benefit obligation		79		758		123		108
Fair value of plan assets		23		691		2		3

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*
2024 expected employer contributions:
To plan trusts	$	7	$	5	$	22	$	—
Expected benefit payments:
2024		77		5		77		—
2025		79		5		74		—
2026		75		5		73		—
2027		60		4		80		—
2028		64		4		85		—
2029 - 2033		303		16		442		—

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		*2023*		*assets (Level 1)*		*(Level 2)*		*(Level 3)*
U.S. pension plans:
Equities	$	329	$	175	$	154	$	—
Fixed income		364		147		217		—
Real estate/other		14		14		—		—
Cash		21		21		—		—
Total U.S. pension plan assets	$	728	$	357	$	371	$	—
Non-U.S. pension plans:
Equities	$	343	$	87	$	256	$	—
Fixed income		721		483		238		—
Real estate/other		398		47		270		81
Cash		80		80		—		—
Total non-U.S. pension plan assets	$	1,542	$	697	$	764	$	81

			*Fair value amounts using*
			*Quoted prices in active*		*Significant other*		*Significant*
	*December 31,*		*markets for identical*		*observable inputs*		*unobservable inputs*
Asset category	*2022*		*assets (Level 1)*		*(Level 2)*		*(Level 3)*
U.S. pension plans:
Equities	$	324	$	180	$	144	$	—
Fixed income		327		143		184		—
Real estate/other		18		18		—		—
Cash		22		22		—		—
Total U.S. pension plan assets	$	691	$	363	$	328	$	—
Non-U.S. pension plans:
Equities	$	298	$	96	$	202	$	—
Fixed income		622		391		231		—
Real estate/other		386		46		269		71
Cash		130		130		—		—
Total non-U.S. pension plan assets	$	1,436	$	663	$	702	$	71

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

	*Real estate/other*
	*Year ended December 31,*
	*2023*			*2022*
Fair value measurements of plan assets using significant unobservable inputs (Level 3)
Balance at beginning of period	$	71		$	99
Return on pension plan assets		(2	)		(5	)
Purchases, sales and settlements		12			(23	)
Transfers into (out of) Level 3		—			—
Balance at end of period	$	81		$	71

Schedule of Allocation of Plan Assets [Table Text Block]

	*Target*
	*allocation*			*Allocation at December 31,*
Asset category	*2024*			*2023*			*2022*
U.S. pension plans:
Equities		46	%		45	%		47	%
Fixed income		51	%		50	%		47	%
Real estate/other		2	%		2	%		3	%
Cash		1	%		3	%		3	%
Total U.S. pension plans		100	%		100	%		100	%
Non-U.S. pension plans:
Equities		22	%		22	%		21	%
Fixed income		50	%		47	%		43	%
Real estate/other		23	%		26	%		27	%
Cash		5	%		5	%		9	%
Total non-U.S. pension plans		100	%		100	%		100	%