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Table of Contents

`

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

Form 10-Q

Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2020

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                          to                         

Commission
File Number

    

Exact Name of Registrant as Specified in its Charter,
Principal Office Address and Telephone Number

    

State of
Incorporation
or Organization

    

I.R.S. Employer
Identification No.

001-32427

Huntsman Corporation
10003 Woodloch Forest Drive
The Woodlands, Texas 77380
(281) 719-6000

Delaware

42-1648585

333-85141

Huntsman International LLC
10003 Woodloch Forest Drive
The Woodlands, Texas 77380
(281) 719-6000

Delaware

87-0630358

Securities registered pursuant to Section 12(b) of the Act:

Registrant

 

Title of each class

 

Trading Symbol

Name of each exchange on which registered

Huntsman Corporation

 

Common Stock, par value $0.01 per share

 

HUN

New York Stock Exchange

Huntsman International LLC

 

NONE

 

NONE

NONE

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Huntsman Corporation

Yes

No

Huntsman International LLC

Yes

No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Huntsman Corporation

Yes

No

Huntsman International LLC

Yes

No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):

Huntsman Corporation

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

Emerging growth company

Huntsman International LLC

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

Emerging Growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Huntsman Corporation

Huntsman International LLC

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Huntsman Corporation

Yes

No

Huntsman International LLC

Yes

No

On April 22, 2020, 220,533,935 shares of common stock of Huntsman Corporation were outstanding and 2,728 units of membership interests of Huntsman International LLC were outstanding. There is no trading market for Huntsman International LLC’s units of membership interests. All of Huntsman International LLC’s units of membership interests are held by Huntsman Corporation.

This Quarterly Report on Form 10-Q presents information for two registrants: Huntsman Corporation and Huntsman International LLC. Huntsman International LLC is a wholly-owned subsidiary of Huntsman Corporation and is the principal operating company of Huntsman Corporation. The information reflected in this Quarterly Report on Form 10-Q is equally applicable to both Huntsman Corporation and Huntsman International LLC, except where otherwise indicated. Huntsman International LLC meets the conditions set forth in General Instructions H(1)(a) and (b) of Form 10-Q and, to the extent applicable, is therefore filing this form with a reduced disclosure format.

Table of Contents

HUNTSMAN CORPORATION AND SUBSIDIARIES

HUNTSMAN INTERNATIONAL LLC AND SUBSIDIARIES

QUARTERLY REPORT ON FORM 10-Q FOR THE QUARTERLY PERIOD

ENDED MARCH 31, 2020

TABLE OF CONTENTS

    

Page

PART I

FINANCIAL INFORMATION

4

ITEM 1.

Condensed Consolidated Financial Statements (Unaudited)

4

Huntsman Corporation and Subsidiaries:

Condensed Consolidated Balance Sheets

4

Condensed Consolidated Statements of Operations

5

Condensed Consolidated Statements of Comprehensive Income

6

Condensed Consolidated Statements of Equity

7

Condensed Consolidated Statements of Cash Flows

8

Huntsman International LLC and Subsidiaries:

Condensed Consolidated Balance Sheets

10

Condensed Consolidated Statements of Operations

11

Condensed Consolidated Statements of Comprehensive Income

12

Condensed Consolidated Statements of Equity

13

Condensed Consolidated Statements of Cash Flows

14

Huntsman Corporation and Subsidiaries and Huntsman International LLC and Subsidiaries:

Notes to Condensed Consolidated Financial Statements

16

ITEM 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

38

ITEM 3.

Quantitative and Qualitative Disclosures About Market Risk

50

ITEM 4.

Controls and Procedures

51

PART II

OTHER INFORMATION

52

ITEM 1.

Legal Proceedings

52

ITEM 1A.

Risk Factors

52

ITEM 2.

Unregistered Sales of Equity Securities and Use of Proceeds

53

ITEM 6.

Exhibits

54

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FORWARD-LOOKING STATEMENTS

Certain information set forth in this report contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements other than historical factual information are forward-looking statements, including without limitation statements regarding: projections of revenue, expenses, profit, profit margins, tax rates, tax provisions, cash flows, pension and benefit obligations and funding requirements, our liquidity position or other projected financial measures; projected impact of COVID-19 on our operations and future financial results; management’s plans and strategies for future operations, including statements relating to anticipated operating performance, cost reductions, restructuring activities, new product and service developments, competitive strengths or market position, acquisitions, divestitures, business separations, spin-offs, or other distributions, strategic opportunities, securities offerings, stock repurchases, dividends and executive compensation; growth, declines and other trends in markets we sell into; new or modified laws, regulations and accounting pronouncements; outstanding claims, legal proceedings, tax audits and assessments and other contingent liabilities; foreign currency exchange rates and fluctuations in those rates; general economic and capital markets conditions; the timing of any of the foregoing; assumptions underlying any of the foregoing; and any other statements that address events or developments that we intend or believe will or may occur in the future. In some cases, forward-looking statements can be identified by terminology such as “believes,” “expects,” “may,” “will,” “should,” “anticipates” or “intends” or the negative of such terms or other comparable terminology, or by discussions of strategy. We may also make additional forward-looking statements from time to time. All such subsequent forward-looking statements, whether written or oral, by us or on our behalf, are also expressly qualified by these cautionary statements.

All forward-looking statements, including without limitation any projections derived from management’s examination of historical operating trends, are based upon our current expectations and various assumptions. Our expectations, beliefs and projections are expressed in good faith and we believe there is a reasonable basis for them, but there can be no assurance that management’s expectations, beliefs and projections will be achieved. All forward-looking statements apply only as of the date made. We undertake no obligation to publicly update or revise forward-looking statements whether because of new information, future events or otherwise, except as required by securities and other applicable law.

There are a number of risks and uncertainties that could cause our actual results to differ materially from the forward-looking statements contained in or contemplated by this report. Any forward-looking statements should be considered in light of the risks set forth in “Part II. Item 1A. Risk Factors” below and “Part I. Item 1A. Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2019.

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PART I. FINANCIAL INFORMATION

ITEM 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

HUNTSMAN CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(In Millions, Except Share and Per Share Amounts)

March 31,

December 31, 

    

2020

    

2019

ASSETS

Current assets:

Cash and cash equivalents(a)

$

1,594

$

525

Accounts and notes receivable (net of allowance for doubtful accounts of $22 and $19, respectively), ($252 and $221 pledged as collateral, respectively)(a)

1,013

940

Accounts receivable from affiliates

14

13

Inventories(a)

1,008

914

Other current assets(a)

145

155

Current assets held for sale

1,208

Total current assets

3,774

3,755

Property, plant and equipment, net(a)

2,357

2,383

Investment in unconsolidated affiliates

426

535

Intangible assets, net(a)

351

197

Goodwill

396

276

Deferred income taxes

287

292

Notes receivable from affiliate

34

34

Operating lease right-of-use assets

380

396

Other noncurrent assets(a)

453

452

Total assets

$

8,458

$

8,320

LIABILITIES AND EQUITY

Current liabilities:

Accounts payable(a)

$

825

$

765

Accounts payable to affiliates

31

57

Accrued liabilities(a)

739

420

Current portion of debt(a)

134

212

Current operating lease liabilities(a)

45

42

Current liabilities held for sale

512

Total current liabilities

1,774

2,008

Long-term debt(a)

2,049

2,177

Deferred income taxes

54

29

Noncurrent operating lease liabilities(a)

365

384

Other noncurrent liabilities(a)

833

898

Total liabilities

5,075

5,496

Commitments and contingencies (Notes 14 and 15)

Equity

Huntsman Corporation stockholders’ equity:

Common stock $0.01 par value, 1,200,000,000 shares authorized, 258,124,697 and 257,405,496 shares issued and 219,647,609 and 224,295,868 shares outstanding, respectively

3

3

Additional paid-in capital

4,034

4,008

Treasury stock, 38,477,091 and 33,112,572 shares, respectively

(731)

(635)

Unearned stock-based compensation

(30)

(17)

Retained earnings

1,350

690

Accumulated other comprehensive loss

(1,383)

(1,362)

Total Huntsman Corporation stockholders’ equity

3,243

2,687

Noncontrolling interests in subsidiaries

140

137

Total equity

3,383

2,824

Total liabilities and equity

$

8,458

$

8,320

(a)At March 31, 2020 and December 31, 2019, respectively, $3 and nil of cash and cash equivalents, $5 and $13 of accounts and notes receivable (net), $46 and $35 of inventories, $178 and $180 of property, plant and equipment (net), $21 and $20 of other noncurrent assets, $111 and $100 of accounts payable, $11 and $10 of accrued liabilities, $32 and $36 of current portion of debt, $4 each of current operating lease liabilities, $26 and $29 of long-term debt, $12 and $11 of noncurrent operating lease liabilities and $85 and $87 of other noncurrent liabilities from consolidated variable interest entities are included in the respective balance sheet captions above. See “Note 6. Variable Interest Entities.”

See accompanying notes to condensed consolidated financial statements.

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HUNTSMAN CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In Millions, Except Per Share Amounts)

Three months

    

ended

March 31,

2020

2019

Revenues:

Trade sales, services and fees, net

$

1,549

$

1,640

Related party sales

44

29

Total revenues

1,593

1,669

Cost of goods sold

1,296

1,310

Gross profit

297

359

Operating expenses:

Selling, general and administrative

199

207

Research and development

36

36

Restructuring, impairment and plant closing costs

3

1

Other operating expenses, net

5

Total operating expenses

243

244

Operating income

54

115

Interest expense, net

(18)

(30)

Equity in income of investment in unconsolidated affiliates

2

10

Fair value adjustments to Venator investment

(110)

76

Loss on early extinguishment of debt

(23)

Other income, net

10

5

(Loss) income from continuing operations before income taxes

(62)

153

Income tax expense

(7)

(45)

(Loss) income from continuing operations

(69)

108

Income from discontinued operations, net of tax

777

23

Net income

708

131

Net income attributable to noncontrolling interests

(3)

(12)

Net income attributable to Huntsman Corporation

$

705

$

119

Basic income per share:

(Loss) income from continuing operations attributable to Huntsman Corporation common stockholders

$

(0.32)

$

0.41

Income from discontinued operations attributable to Huntsman Corporation common stockholders, net of tax

3.48

0.10

Net income attributable to Huntsman Corporation common stockholders

$

3.16

$

0.51

Weighted average shares

223.2

233.1

Diluted income per share:

(Loss) income from continuing operations attributable to Huntsman Corporation common stockholders

$

(0.32)

$

0.41

Income from discontinued operations attributable to Huntsman Corporation common stockholders, net of tax

3.48

0.10

Net income attributable to Huntsman Corporation common stockholders

$

3.16

$

0.51

Weighted average shares

223.2

235.1

Amounts attributable to Huntsman Corporation common stockholders:

(Loss) income from continuing operations

$

(72)

$

96

Income from discontinued operations, net of tax

777

23

Net income

$

705

$

119

See accompanying notes to condensed consolidated financial statements.

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HUNTSMAN CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(In Millions)

Three months

ended

March 31,

2020

    

2019

Net income

$

708

$

131

Other comprehensive (loss) income, net of tax:

Foreign currency translations adjustments

(73)

42

Pension and other postretirement benefits adjustments

52

12

Other comprehensive (loss) income, net of tax

(21)

54

Comprehensive income

687

185

Comprehensive income attributable to noncontrolling interests

(3)

(14)

Comprehensive income attributable to Huntsman Corporation

$

684

$

171

See accompanying notes to condensed consolidated financial statements.

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HUNTSMAN CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY

(In Millions, Except Share Amounts)

Huntsman Corporation Stockholders' Equity

Accumulated

Shares

Additional

Unearned

other

Noncontrolling

common

Common

paid-in

Treasury

stock-based

Retained

comprehensive

interests in

Total

    

stock

    

stock

    

capital

    

stock

    

compensation

    

earnings

    

loss

    

subsidiaries

    

equity

Balance, January 1, 2020

224,295,868

    

$

3

    

$

4,008

    

$

(635)

    

$

(17)

    

$

690

    

$

(1,362)

    

$

137

    

$

2,824

Net income

705

3

708

Other comprehensive loss

(21)

(21)

Issuance of nonvested stock awards

18

(18)

Vesting of stock awards

943,026

4

4

Recognition of stock-based compensation

2

5

7

Repurchase and cancellation of stock awards

(283,975)

(6)

(6)

Stock options exercised

57,209

2

(2)

Treasury stock repurchased

(5,364,519)

(96)

(96)

Dividends declared on common stock ($0.1625 per share)

(37)

(37)

Balance, March 31, 2020

219,647,609

$

3

$

4,034

$

(731)

$

(30)

$

1,350

$

(1,383)

$

140

$

3,383

Balance, January 1, 2019

232,994,172

    

$

3

    

$

3,984

    

$

(427)

    

$

(16)

    

$

292

    

$

(1,316)

    

$

229

    

$

2,749

Net income

119

12

131

Other comprehensive income

52

2

54

Issuance of nonvested stock awards

16

(16)

Vesting of stock awards

1,619,502

7

7

Recognition of stock-based compensation

2

4

6

Repurchase and cancellation of stock awards

(483,053)

(12)

(12)

Stock options exercised

78,054

1

1

Treasury stock repurchased

(1,525,767)

(34)

(34)

Dividends declared on common stock ($0.1625 per share)

(39)

(39)

Balance, March 31, 2019

232,682,908

$

3

$

4,010

$

(461)

$

(28)

$

360

$

(1,264)

$

243

$

2,863

See accompanying notes to condensed consolidated financial statements.

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HUNTSMAN CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In Millions)

Three months

ended

March 31, 

    

2020

    

2019

Operating Activities:

Net income

$

708

$

131

Less: Income from discontinued operations, net of tax

(777)

(23)

(Loss) income from continuing operations

(69)

108

Adjustments to reconcile (loss) income from continuing operations to net cash used in operating activities from continuing operations:

Equity in income of investment in unconsolidated affiliates

(2)

(10)

Unrealized losses (gains) on fair value adjustments to Venator investment

110

(76)

Depreciation and amortization

67

67

Loss on early extinguishment of debt

23

Deferred income taxes

(2)

10

Stock-based compensation

7

8

Taxes paid on sale of business

(2)

Other, net

14

13

Changes in operating assets and liabilities:

Accounts and notes receivable

(34)

(15)

Inventories

(92)

(82)

Prepaid expenses

6

(4)

Other current assets

1

22

Other noncurrent assets

(7)

(26)

Accounts payable

61

(10)

Accrued liabilities

(44)

(43)

Other noncurrent liabilities

(54)

(25)

Net cash used in operating activities from continuing operations

(40)

(40)

Net cash (used in) provided by operating activities from discontinued operations

(35)

9

Net cash used in operating activities

(75)

(31)

Investing Activities:

Capital expenditures

(61)

(61)

Cash received from sale of business

1,915

Acquisition of a business, net of cash acquired

(346)

Cash received from forward swap contract related to the sale of investment in Venator

16

Reimbursements of capital expenditures

3

Net cash provided by (used in) investing activities from continuing operations

1,511

(45)

Net cash used in investing activities from discontinued operations

(9)

Net cash provided by (used in) investing activities

1,511

(54)

(Continued)

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HUNTSMAN CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued)

(In Millions)

Three months

ended

March 31, 

    

2020

    

2019

Financing Activities:

Net (repayments) borrowings on revolving loan facilities

$

(158)

$

211

Repayments of long-term debt

(652)

Proceeds from issuance of long-term debt

742

Repayments of notes payable

(32)

(7)

Debt issuance costs paid

(6)

Dividends paid to noncontrolling interests

(23)

Dividends paid to common stockholders

(37)

(39)

Repurchase and cancellation of stock awards

(6)

(12)

Proceeds from issuance of common stock

1

Repurchase of common stock

(96)

(33)

Costs of early extinguishment of debt

(21)

Other, net

(2)

(1)

Net cash (used in) provided by financing activities

(354)

183

Effect of exchange rate changes on cash

(13)

6

Increase in cash, cash equivalents and restricted cash

1,069

104

Cash, cash equivalents and restricted cash at beginning of period

525

340

Cash, cash equivalents and restricted cash at end of period

$

1,594

$

444

Supplemental cash flow information:

Cash paid for interest

$

5

$

26

Cash paid for income taxes

36

14

As of March 31, 2020 and 2019, the amount of capital expenditures in accounts payable was $59 million and $50 million, respectively.

See accompanying notes to condensed consolidated financial statements.

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HUNTSMAN INTERNATIONAL LLC AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(In Millions)

March 31,

December 31, 

2020

    

2019

ASSETS

Current assets:

Cash and cash equivalents(a)

    

$

1,594

  

$

525

Accounts and notes receivable (net of allowance for doubtful accounts of $22 and $19, respectively), ($252 and $221 pledged as collateral, respectively)(a)

1,013

940

Accounts receivable from affiliates

48

410

Inventories(a)

1,008

914

Other current assets(a)

151

161

Current assets held for sale

1,208

Total current assets

3,814

4,158

Property, plant and equipment, net(a)

2,357

2,383

Investment in unconsolidated affiliates

426

535

Intangible assets, net(a)

351

197

Goodwill

396

276

Deferred income taxes

287

292

Notes receivable from affiliate

34

34

Operating lease right-of-use assets

380

396

Other noncurrent assets(a)

453

452

Total assets

$

8,498

$

8,723

LIABILITIES AND EQUITY

Current liabilities:

Accounts payable(a)

$

825

$

765

Accounts payable to affiliates

33

143

Accrued liabilities(a)

736

417

Notes payable to affiliates

100

Current portion of debt(a)

134

212

Current operating lease liabilities(a)

45

42

Current liabilities held for sale

512

Total current liabilities

1,773

2,191

Long-term debt(a)

2,049

2,177

Notes payable to affiliates

280

Deferred income taxes

54

29

Noncurrent operating lease liabilities(a)

365