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, 2023

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

	*Year ended December 31,*
	*2023*			*2022*			*2021*
Revenues:
Polyurethanes	$	3,865		$	5,067		$	5,019
Performance Products		1,178			1,713			1,485
Advanced Materials		1,092			1,277			1,198
Total reportable segments’ revenues		6,135			8,057			7,702
Intersegment eliminations		(24	)		(34	)		(32	)
Total	$	6,111		$	8,023		$	7,670

Huntsman Corporation:
Segment adjusted EBITDA⁽¹⁾:
Polyurethanes	$	248		$	628		$	879
Performance Products		201			469			359
Advanced Materials		186			233			204
Total reportable segments’ adjusted EBITDA		635			1,330			1,442

Reconciliation of total reportable segments’ adjusted EBITDA to income from continuing operations before income taxes:
Interest expense, net—continuing operations		(65	)		(62	)		(67	)
Depreciation and amortization—continuing operations		(278	)		(281	)		(278	)
Corporate and other costs, net⁽²⁾		(163	)		(175	)		(196	)
Net income attributable to noncontrolling interests		52			63			59
Other adjustments:
Business acquisition and integration expenses and purchase accounting inventory adjustments		(4	)		(12	)		(22	)
Fair value adjustments to Venator investment, net		(5	)		(12	)		(28	)
Loss on early extinguishment of debt		—			—			(27	)
Certain legal and other settlements and related expenses		(6	)		(7	)		(13	)
(Costs) income associated with the Albemarle Settlement, net		—			(3	)		465
Gain on sale of businesses/assets		—			—			30
Income from transition services arrangements		—			2			8
Certain nonrecurring information technology project implementation costs		(5	)		(5	)		(8	)
Amortization of pension and postretirement actuarial losses		(37	)		(49	)		(74	)
Plant incident remediation credits		—			4			—
Restructuring, impairment and plant closing and transition costs⁽³⁾		(25	)		(96	)		(45	)
Income from continuing operations before income taxes		99			697			1,246

Income tax expense—continuing operations		(64	)		(186	)		(191	)
Income from discontinued operations, net of tax		118			12			49
Net income	$	153		$	523		$	1,104

	*Year ended December 31,*
	*2023*		*2022*		*2021*
Depreciation and amortization:
Polyurethanes	$	141	$	136	$	131
Performance Products		72		72		74
Advanced Materials		53		57		60
Total reportable segments’ depreciation and amortization		266		265		265
Corporate and other		12		16		13
Total	$	278	$	281	$	278

	*Year ended December 31,*
	*2023*		*2022*		*2021*
Capital expenditures:
Polyurethanes	$	98	$	142	$	243
Performance Products		100		92		42
Advanced Materials		25		26		25
Total reportable segments’ capital expenditures		223		260		310
Corporate and other		7		12		16
Total	$	230	$	272	$	326

	*December 31,*
	*2023*		*2022*
Total assets:
Polyurethanes	$	4,261	$	4,286
Performance Products		1,170		1,155
Advanced Materials		1,143		1,246
Total reportable segments’ total assets		6,574		6,687
Corporate and other		674		1,061
Total	$	7,248	$	7,748

	*December 31,*
	*2023*		*2022*
Goodwill:
Polyurethanes	$	338	$	336
Performance Products		16		15
Advanced Materials		290		290
Total	$	644	$	641

	*Year ended December 31,*
	*2023*			*2022*			*2021*
Huntsman International:
Segment adjusted EBITDA⁽¹⁾:
Polyurethanes	$	248		$	628		$	879
Performance Products		201			469			359
Advanced Materials		186			233			204
Total reportable segments’ adjusted EBITDA		635			1,330			1,442

Reconciliation of total reportable segments’ adjusted EBITDA to income from continuing operations before income taxes:
Interest expense, net—continuing operations		(65	)		(62	)		(67	)
Depreciation and amortization—continuing operations		(278	)		(281	)		(278	)
Corporate and other costs, net(2)		(160	)		(172	)		(190	)
Net income attributable to noncontrolling interests		52			63			59
Other adjustments:
Business acquisition and integration expenses and purchase accounting inventory adjustments		(4	)		(12	)		(22	)
Fair value adjustments to Venator investment, net		(5	)		(12	)		(28	)
Loss on early extinguishment of debt		—			—			(27	)
Certain legal and other settlements and related expenses		(6	)		(7	)		(13	)
(Costs) income associated with the Albemarle Settlement, net		—			(3	)		465
Gain on sale of businesses/assets		—			—			30
Income from transition services arrangements		—			2			8
Certain nonrecurring information technology project implementation costs		(5	)		(5	)		(8	)
Amortization of pension and postretirement actuarial losses		(37	)		(49	)		(76	)
Plant incident remediation credits		—			4			—
Restructuring, impairment and plant closing and transition costs(3)		(25	)		(96	)		(45	)
Income from continuing operations before income taxes		102			700			1,250

Income tax expense—continuing operations		(65	)		(188	)		(192	)
Income from discontinued operations, net of tax		118			12			49
Net income	$	155		$	524		$	1,107

	*Year ended December 31,*
	*2023*		*2022*		*2021*
Depreciation and amortization:
Polyurethanes	$	141	$	136	$	131
Performance Products		72		72		74
Advanced Materials		53		57		60
Total reportable segments’ depreciation and amortization		266		265		265
Corporate and other		12		16		13
Total	$	278	$	281	$	278

	*Year ended December 31,*
	*2023*		*2022*		*2021*
Capital expenditures:
Polyurethanes	$	98	$	142	$	243
Performance Products		100		92		42
Advanced Materials		25		26		25
Total reportable segments’ capital expenditures		223		260		310
Corporate and other		7		12		16
Total	$	230	$	272	$	326

	*December 31,*
	*2023*		*2022*
Total assets:
Polyurethanes	$	4,261	$	4,286
Performance Products		1,170		1,155
Advanced Materials		1,143		1,246
Total reportable segments’ total assets		6,574		6,687
Corporate and other		679		1,067
Total	$	7,253	$	7,754

	*December 31,*
	*2023*		*2022*
Goodwill:
Polyurethanes	$	338	$	336
Performance Products		16		15
Advanced Materials		290		290
Total	$	644	$	641

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

	*Year ended December 31,*
	*2023*		*2022*		*2021*
Revenues by geographic area⁽¹⁾:
United States	$	2,140	$	3,089	$	2,649
China		1,084		1,305		1,395
Germany		423		522		524
Italy		216		249		280
Canada		211		242		231
India		164		196		183
United Kingdom		155		193		175
Other nations		1,718		2,227		2,233
Total	$	6,111	$	8,023	$	7,670

	*December 31,*
	*2023*		*2022*
Long-lived assets⁽²⁾:
United States	$	1,216	$	1,211
The Netherlands		321		313
China		200		213
Saudi Arabia		112		121
Hungary		108		77
Germany		92		95
Switzerland		76		76
Singapore		66		71
United Kingdom		64		62
Other nations		121		138
Total	$	2,376	$	2,377