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, 2024

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

	*Defined benefit plans*												*Other postretirement benefit plans*
	*2024*						*2023*						*2024*					*2023*
	*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	$	728		$	1,542		$	691		$	1,436		$	—		$	—	$	—		$	—
Actual return on plan assets		61			52			86			67			—			—		—			—
Foreign currency exchange rate changes		—			(69	)		—			80			—			—		—			—
Participant contributions		—			5			—			5			1			—		2			—
Settlements/transfers/divestitures		—			(29	)		—			(16	)		—			—		—			—
Company contributions		5			24			18			26			6			—		6			—
Benefits paid		(67	)		(56	)		(67	)		(56	)		(7	)		—		(8	)		—
Fair value of plan assets at end of year	$	727		$	1,469		$	728		$	1,542		$	—		$	—	$	—		$	—

Change in benefit obligation:
Benefit obligation at beginning of year	$	784		$	1,563		$	770		$	1,354		$	40		$	—	$	47		$	—
Service cost		10			17			11			15			1			—		1			—
Interest cost		41			47			43			50			2			—		3			—
Participant contributions		—			5			—			5			1			—		2			—
Plan amendments		—			—			—			—			—			—		(1	)		—
Foreign currency exchange rate changes		—			(68	)		—			77			—			—		—			—
Settlements/curtailments/divestitures/special termination benefits		—			(26	)		—			(21	)		—			—		—			—
Actuarial (gain) loss		(8	)		(92	)		27			139			7			—		(4	)		—
Benefits paid		(67	)		(56	)		(67	)		(56	)		(7	)		—		(8	)		—
Benefit obligation at end of year	$	760		$	1,390		$	784		$	1,563		$	44		$	—	$	40		$	—

Funded status:
Fair value of plan assets	$	727		$	1,469		$	728		$	1,542		$	—		$	—	$	—		$	—
Benefit obligation		(760	)		(1,390	)		(784	)		(1,563	)		(44	)		—		(40	)		—
(Under) over funded status	$	(33	)	$	79		$	(56	)	$	(21	)	$	(44	)	$	—	$	(40	)	$	—

Amounts recognized in balance sheet:
Noncurrent asset	$	23		$	202		$	—		$	110		$	—		$	—	$	—		$	—
Current liability		(8	)		(4	)		(7	)		(3	)		(5	)		—		(5	)		—
Noncurrent liability		(48	)		(119	)		(49	)		(128	)		(39	)		—		(35	)		—
Net (liability) asset	$	(33	)	$	79		$	(56	)	$	(21	)	$	(44	)	$	—	$	(40	)	$	—

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

	*Defined benefit plans*												*Other postretirement benefit plans*
	*2024*						*2023*						*2024*					*2023*
	*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	$	181		$	439		$	199		$	547		$	13		$	—	$	7		$	—
Prior service credit		(2	)		(10	)		(4	)		(14	)		(9	)		—		(12	)		—
Total	$	179		$	429		$	195		$	533		$	4		$	—	$	(5	)	$	—

Schedule of Net Benefit Costs [Table Text Block]

	*Defined benefit plans*
	*U.S. plans*									*Non-U.S. plans*
	*2024*			*2023*			*2022*			*2024*			*2023*			*2022*
Service cost	$	10		$	11		$	19		$	17		$	15		$	26
Interest cost⁽¹⁾		41			43			32			47			50			23
Expected return on plan assets⁽¹⁾		(55	)		(56	)		(62	)		(71	)		(69	)		(87	)
Amortization of prior service credit⁽¹⁾		(2	)		(2	)		(2	)		(4	)		(4	)		(3	)
Amortization of actuarial loss⁽¹⁾		4			—			20			29			32			27
Special termination benefits		—			—			—			3			—			—
Settlement loss⁽¹⁾		—			—			5			6			6			—
Net periodic benefit cost (credit)	$	(2	)	$	(4	)	$	12		$	27		$	30		$	(14	)

	*Other postretirement benefit plans*
	*U.S. plans*									*Non-U.S. plans*
	*2024*			*2023*			*2022*			*2024*		*2023*		*2022*
Service cost	$	1		$	1		$	1		$	—	$	—	$	—
Interest cost⁽¹⁾		2			3			2			—		—		—
Amortization of prior service credit⁽¹⁾		(3	)		(5	)		(5	)		—		—		—
Amortization of actuarial loss⁽¹⁾		—			—			2			—		—		—
Net periodic benefit credit	$	—		$	(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*
	*2024*			*2023*			*2022*			*2024*			*2023*			*2022*
Current year actuarial (gain) loss	$	(14	)	$	(3	)	$	(28	)	$	(72	)	$	135		$	(115	)
Amortization of actuarial loss		(4	)		—			(20	)		(29	)		(32	)		(36	)
Current year prior service (credit) cost		—			—			—			—			—			(3	)
Amortization of prior service credit		2			2			2			4			4			5
Settlements		—			—			(5	)		(6	)		(5	)		—
Total recognized in other comprehensive income (loss)		(16	)		(1	)		(51	)		(103	)		102			(149	)
Amounts related to discontinued operations		—			(1	)		2			—			—			57
Total recognized in other comprehensive income (loss) in continuing operations		(16	)		(2	)		(49	)		(103	)		102			(92	)
Net periodic benefit (credit) cost		(2	)		(4	)		12			27			30			(14	)
Total recognized in net periodic benefit cost and other comprehensive income (loss)	$	(18	)	$	(6	)	$	(37	)	$	(76	)	$	132		$	(106	)

	*Other postretirement benefit plans*
	*U.S. plans*								*Non-U.S. plans*
	*2024*		*2023*			*2022*			*2024*		*2023*		*2022*
Current year actuarial gain	$	6	$	(4	)	$	(10	)	$	—	$	—	$	—
Amortization of actuarial loss		—		—			(2	)		—		—		—
Current year prior service credit		—		(1	)		—			—		—		—
Amortization of prior service credit		3		5			5			—		—		—
Total recognized in other comprehensive income (loss)		9		—			(7	)		—		—		—
Amounts related to discontinued operations		—		1			2			—		—		—
Total recognized in other comprehensive income (loss) in continuing operations		9		1			(5	)		—		—		—
Net periodic benefit (credit) cost		—		(1	)		—			—		—		—
Total recognized in net periodic benefit cost and other comprehensive income (loss)	$	9	$	—		$	(5	)	$	—	$	—	$	—

Defined Benefit Plan, Assumptions [Table Text Block]

	*Defined benefit plans*
	*U.S. plans*									*Non-U.S. plans*
	*2024*			*2023*			*2022*			*2024*			*2023*			*2022*
Projected benefit obligation:
Discount rate		5.80	%		5.46	%		5.75	%		3.33	%		3.11	%		3.67	%
Rate of compensation increase		4.14	%		4.14	%		4.24	%		3.26	%		2.87	%		2.93	%
Interest credit rate		5.15	%		5.15	%		5.15	%		2.19	%		2.14	%		2.35	%
Net periodic pension cost:
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	%
Expected return on plan assets		7.18	%		7.18	%		7.17	%		4.91	%		4.90	%		4.80	%
Interest credit rate		5.15	%		5.15	%		5.15	%		2.14	%		2.35	%		0.87	%

	*Other postretirement benefit plans*
	*U.S. plans*									*Non-U.S. plans*
	*2024*			*2023*			*2022*			*2024*			*2023*			*2022*
Projected benefit obligation:
Discount rate		5.80	%		5.54	%		5.80	%		4.60	%		4.60	%		5.10	%
Net periodic pension cost:
Discount rate		5.54	%		5.80	%		3.01	%		4.60	%		5.10	%		2.80	%

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

	*U.S. plans*				*Non-U.S. plans*
	*2024*		*2023*		*2024*		*2023*
Projected benefit obligation in excess of plan assets:
Projected benefit obligation	$	57	$	291	$	447	$	474
Fair value of plan assets		—		235		325		342

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

	*U.S. plans*				*Non-U.S. plans*
	*2024*		*2023*		*2024*		*2023*
Accumulated benefit obligation in excess of plan assets:
Projected benefit obligation	$	57	$	79	$	118	$	132
Accumulated benefit obligation		56		79		110		123
Fair value of plan assets		—		23		2		2

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*
2025 expected employer contributions	$	11	$	5	$	19	$	—

Expected benefit payments:
2025		77		5		71		—
2026		80		5		67		—
2027		75		5		73		—
2028		62		5		79		—
2029		63		4		79		—
2030 - 2034		296		18		414		—

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		*2024*		*assets (Level 1)*		*(Level 2)*		*(Level 3)*
U.S. pension plans:
Equities	$	333	$	178	$	155	$	—
Fixed income		360		144		216		—
Real estate/other		13		12		1		—
Cash		21		21		—		—
Total U.S. pension plan assets	$	727	$	355	$	372	$	—
Non-U.S. pension plans:
Equities	$	286	$	52	$	234	$	—
Fixed income		703		435		268		—
Real estate/other		348		43		234		71
Cash		132		132		—		—
Total non-U.S. pension plan assets	$	1,469	$	662	$	736	$	71

			*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

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

	*Real estate/other*
	*Year ended December 31,*
	*2024*			*2023*
Fair value measurements of plan assets using significant unobservable inputs (Level 3)
Balance at beginning of period	$	81		$	71
Return on pension plan assets		1			(2	)
Purchases, sales and settlements		(11	)		12
Transfers into (out of) Level 3		—			—
Balance at end of period	$	71		$	81

Schedule of Allocation of Plan Assets [Table Text Block]

	*Target*
	*allocation*			*Allocation at December 31,*
Asset category	*2025*			*2024*			*2023*
U.S. pension plans:
Equities		46	%		46	%		45	%
Fixed income		51	%		50	%		50	%
Real estate/other		2	%		2	%		2	%
Cash		1	%		2	%		3	%
Total U.S. pension plans		100	%		100	%		100	%
Non-U.S. pension plans:
Equities		20	%		19	%		22	%
Fixed income		58	%		48	%		47	%
Real estate/other		10	%		24	%		26	%
Cash		12	%		9	%		5	%
Total non-U.S. pension plans		100	%		100	%		100	%