SEC Info - Huntsman Corp., et al. - ‘10-Q’ for 9/30/22

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		Alternative Formats (Word, et al.) Condensed Consolidated Financial Statements (Unaudited) Controls and Procedures Exhibits Financial Information Item 1 Item 1A Item 2 Item 3 Item 4 Item 6 Legal Proceedings Management's Discussion and Analysis of Financial Condition and Results of Operations Notes to Unaudited Condensed Consolidated Financial Statements Other Information Part I Part Ii Quantitative and Qualitative Disclosures About Market Risk Risk Factors Table of Contents Unaudited Condensed Consolidated Balance Sheets Unaudited Condensed Consolidated Statements of Cash Flows Unaudited Condensed Consolidated Statements of Comprehensive (Loss) Income Unaudited Condensed Consolidated Statements of Equity Unaudited Condensed Consolidated Statements of Operations Unregistered Sales of Equity Securities and Use of Proceeds
1	1st Page – Filing Submission
"	Table of Contents
"	Part I
"	Financial Information
"	Item 1
"	Condensed Consolidated Financial Statements (Unaudited)
"	Unaudited Condensed Consolidated Balance Sheets
"	Unaudited Condensed Consolidated Statements of Operations
"	Unaudited Condensed Consolidated Statements of Comprehensive (Loss) Income
"	Unaudited Condensed Consolidated Statements of Equity
"	Unaudited Condensed Consolidated Statements of Cash Flows
"	Notes to Unaudited Condensed Consolidated Financial Statements
"	Item 2
"	Management's Discussion and Analysis of Financial Condition and Results of Operations
"	Item 3
"	Quantitative and Qualitative Disclosures About Market Risk
"	Item 4
"	Controls and Procedures
"	Part Ii
"	Other Information
"	Legal Proceedings
"	Item 1A
"	Risk Factors
"	Unregistered Sales of Equity Securities and Use of Proceeds
"	Item 6
"	Exhibits

i 0001307954 i 0001089748 i false i --12-31 i Q3 i 2022 i --12-31 i Q3 i 2022 i 11 i 12 i 348 i 324 i i i 0.01 i 0.01 i 1,200,000,000 i 1,200,000,000 i 261,142,535 i 259,701,770 i 192,757,360 i 214,170,287 i 68,385,175 i 45,531,489 i 0.2125 i 0.2125 i 0.2125 i 0.1625 i 0.1875 i 0.1875 i 11 i 12 i 348 i 324 i i i 2,728 i 2,728 i 2,728 i 2,728 i 3 i 8 i 1.475 i July 31, 2024 i 0.90 i July 31, 2024 i 1.30 i 445 i 1 i 175 i 0 i 56 i 56 i 43 i 43 i 1 i 3 i 2 i 6 i 2 i 3 i 3 i 2 i 2 i 0 The applicable rate for our U.S. A/R Program is defined by the lender as USD LIBOR. The applicable rate for our EU A/R Program is either USD LIBOR, EURIBOR or SONIA (Sterling Overnight Interbank Average Rate). In anticipation of the transition away from USD LIBOR, the amendments we made in July 2021 to our A/R Programs incorporated replacement rates for the USD LIBOR. Corporate and other costs, net includes unallocated corporate overhead, unallocated foreign exchange gains and losses, LIFO inventory valuation reserve adjustments, loss on early extinguishment of debt, unallocated restructuring, impairment and plant closing costs, nonoperating income and expense and gains and losses on the disposition of corporate assets. Includes costs associated with transition activities related primarily to our Corporate program to optimize our global approach to leverage shared services capabilities. Pension and other postretirement benefits amounts in parentheses indicate credits on our condensed consolidated statements of operations. At September 30, 2022 and December 31, 2021, respectively, $22 and $1 of cash and cash equivalents, $4 and $12 of accounts and notes receivable (net), $60 and $64 of inventories, $161 each of property, plant and equipment (net), $29 and $23 of other noncurrent assets, $126 and $146 of accounts payable, $11 and $13 of accrued liabilities, $10 each of current portion of debt, $10 and $6 of current operating lease liabilities, $28 and $35 of long-term debt, $21 and $20 of noncurrent operating lease liabilities and $45 and $46 of other noncurrent liabilities from consolidated variable interest entities are included in the respective balance sheet captions above. See "Note 6. Variable Interest Entities." Amounts are net of tax of $56 million as of both September 30, 2022 and January 1, 2022, respectively. A total of 193,623 performance share unit awards are reflected in the vested shares in this table, which represents the target number of performance share unit awards for this grant and were included in the balance at December 31, 2021. During the nine months ended September 30, 2022, an additional 96,814 performance share unit awards with a grant date fair value of $29.68 were issued due to the target performance criteria being exceeded. Total assets and liabilities held for sale as of September 30, 2022 are classified as current because it is probable that the sale of our Textile Effects Business will close within a year. As of September 30, 2022, a total of 106,285 restricted stock units were vested but not yet issued, of which 7,066 vested during the nine months ended September 30, 2022. These shares have not been reflected as vested shares in this table because, in accordance with the restricted stock unit agreements, shares of common stock are not issued for vested restricted stock units until termination of employment. Amounts are net of tax of $139 million and $153 million as of September 30, 2021 and January 1, 2021, respectively. We use segment adjusted EBITDA as the measure of each segment’s profit or loss. We believe that segment adjusted EBITDA more accurately reflects what the chief operating decision maker uses to make decisions about resources to be allocated to the segments and assess their financial performance. Segment adjusted EBITDA is defined as net income of Huntsman Corporation or Huntsman International, as appropriate, before interest, income tax, depreciation and amortization, net income attributable to noncontrolling interests, certain Corporate and other items and income from discontinued operations, as well as eliminating the following adjustments: (a) business acquisition and integration expenses and purchase accounting inventory adjustments; (b) fair value adjustments to Venator investment, net; (c) loss on early extinguishment of debt; (d) certain legal and other settlements and related expenses; (e) costs associated with the Albemarle Settlement, net; (f) (loss) gain on sale of business/assets; (g) income from transition services arrangements related to the sale of our Chemical Intermediates Businesses to Indorama; (h) certain nonrecurring information technology project implementation costs; (i) amortization of pension and postretirement actuarial losses; (j) plant incident remediation credits (costs); and (k) restructuring, impairment, plant closing and transition costs. As of September 30, 2022, we had approximately $8 million (U.S. dollar equivalents) of letters of credit issued and outstanding under our U.S. A/R Program. On September 30, 2022, we had an additional $11 million (U.S. dollar equivalents) of letters of credit and bank guarantees issued and outstanding under our 2022 Revolving Credit Facility. Interest rates on borrowings under the 2022 Revolving Credit Facility vary based on the type of loan and Huntsman International’s debt ratings. The representative interest rate for U.S. dollar borrowings as of September 30, 2022 was 1.475% above term SOFR. Amounts are net of tax of $43 million as of both September 30, 2021 and January 1, 2021. Amounts are net of tax of $97 million and $105 million as of September 30, 2022 and January 1, 2022, respectively. Amounts are net of tax of $164 million and $178 million as of September 30, 2021 and January 1, 2021, respectively. During the nine months ended September 30, 2021, stock options were only granted during the first quarter. The amount of actual availability under our A/R Programs may be lower based on the level of eligible receivables sold, changes in the credit ratings of our customers, customer concentration levels and certain characteristics of the accounts receivable being transferred, as defined in the applicable agreements. See table below for details about these reclassifications. Amounts include approximately $4 million of actuarial losses related to discontinued operations for both of the three months ended September 30, 2022 and 2021. Amounts contain approximately $12 million and $13 million of actuarial losses related to discontinued operations for the nine months ended September 30, 2022 and 2021, respectively. Amounts are net of tax of $43 million as of September 30, 2022 and January 1, 2022, respectively. Geographic information for revenues is based upon countries into which product is sold. These accumulated other comprehensive loss components are included in the computation of net periodic pension costs. See “Note 12. 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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; projected impact of the potential expansion of the Russia-Ukraine conflict 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, 2021.

As of September 30, 2022 and 2021, the amount of capital expenditures in accounts payable was $27 million and $52 million, respectively. For the nine months ended September 30, 2021, the amount of cash paid for taxes in connection with the earnout provision achieved under the terms of the sales agreement of the India-based do-it-yourself (“DIY”) business was $3 million. See “Note 4. Discontinued Operations and Business Dispositions— Sale of India-Based Do-It-Yourself Consumer Adhesives Business.”

For September 30, 2022 and 2021, the amount of capital expenditures in accounts payable was $27 million and $52 million, respectively. For the nine months ended September 30, 2021, the amount of cash paid for taxes in connection with the earnout provision achieved under the terms of the sales agreement of the India-based DIY business was $3 million. See “Note 4. Discontinued Operations and Business Dispositions—Sale of India-Based Do-It-Yourself Consumer Adhesives Business.”

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

We operate in three segments: Polyurethanes, Performance Products and Advanced Materials. Our products comprise a broad range of chemicals and formulations, which we market globally to a diversified group of consumer and industrial customers. Our products are used in a wide range of applications, including those in the adhesives, aerospace, automotive, construction products, durable and non-durable consumer products, electronics, insulation, medical, packaging, coatings and construction, power generation, refining and synthetic fiber industries. We are a leading global producer in many of our key product lines, including MDI, amines, maleic anhydride and epoxy-based polymer formulations. Our revenues from continuing operations for the three months ended September 30, 2022 and 2021 were $2,011 million and $2,097 million, respectively, and for the nine months ended September 30, 2022 and 2021 were $6,373 million and $5,558 million, respectively.

In early November 2022, we announced our commitment and specific plans to further realign our cost structure beyond the current in-progress cost optimization programs with additional restructuring in Europe. The new program will include exiting and consolidating certain facilities, workforce relocation to lower cost locations and further personnel rationalization. In connection with this program, we expect to record restructuring expenses of approximately $50 million through 2023.

On August 9, 2022, we entered into a definitive agreement to sell our Textile Effects Business to Archroma for a total enterprise value of $718 million, which includes the assumption of approximately $125 million in net underfunded pension liabilities as of December 31, 2021. We anticipate the transaction will close no later than the first half of 2023. Beginning in the third quarter of 2022, the results of our Textile Effects Business are reported as discontinued operations for all periods presented. For more information, see “Note 4. Discontinued Operations and Business Dispositions—Sale of Textile Effects Business” to our condensed consolidated financial statements.

In the third quarter of 2022, both our effective tax rate and our adjusted effective tax rate were 21%. For 2022, our adjusted effective tax rate is expected to be approximately 22% to 24%. For further information, see “—Non-GAAP Financial Measures” and “Note 18. Income Taxes” to our condensed consolidated financial statements.

Refer to “Forward-Looking Statements” for a discussion of our use of forward-looking statements in this Quarterly Report on Form 10-Q.

For each of our Company and Huntsman International, the following tables set forth the condensed consolidated results of operations from continuing operations (dollars in millions, except per share amounts):

Our condensed consolidated financial statements are prepared in accordance with GAAP, which we supplement with certain non-GAAP financial information. These non-GAAP measures should not be considered in isolation or as a substitute for the related GAAP measures, and other companies may define such measures differently. We encourage investors to review our financial statements and the reconciliation of the non-GAAP financial measures to the most directly comparable GAAP financial measures in their entirety and not to rely on any single financial measure. These non-GAAP measures exclude the impact of certain income and expenses that we do not believe are indicative of our core operating results.

Our management uses adjusted EBITDA to assess financial performance. Adjusted EBITDA is defined as net income of Huntsman Corporation or Huntsman International, as appropriate, before interest, income tax, depreciation and amortization, net income attributable to noncontrolling interests and certain Corporate and other items, as well as eliminating the following adjustments: (a) business acquisition and integration expenses and purchase accounting inventory adjustments; (b) EBITDA from discontinued operations; (c) fair value adjustments to Venator investment, net; (d) loss on early extinguishment of debt; (e) certain legal and other settlements and related expenses; (f) costs associated with the Albemarle Settlement, net; (g) loss (gain) on sale of business/assets; (h) income from transition services arrangements related to the sale of our Chemical Intermediates Businesses to Indorama; (i) certain nonrecurring information technology project implementation costs; (j) amortization of pension and postretirement actuarial losses; (k) plant incident remediation (credits) costs; and (l) restructuring, impairment and plant closing and transition costs. We believe that net income of Huntsman Corporation or Huntsman International, as appropriate, is the performance measure calculated and presented in accordance with U.S. GAAP that is most directly comparable to adjusted EBITDA.

We believe adjusted EBITDA is useful to investors in assessing the businesses’ ongoing financial performance and provides improved comparability between periods through the exclusion of certain items that management believes are not indicative of the businesses’ operational profitability and that may obscure underlying business results and trends. However, this measure should not be considered in isolation or viewed as a substitute for net income of Huntsman Corporation or Huntsman International, as appropriate, or other measures of performance determined in accordance with U.S. GAAP. Moreover, adjusted EBITDA as used herein is not necessarily comparable to other similarly titled measures of other companies due to potential inconsistencies in the methods of calculation. Our management believes this measure is useful to compare general operating performance from period to period and to make certain related management decisions. Adjusted EBITDA is also used by securities analysts, lenders and others in their evaluation of different companies because it excludes certain items that can vary widely across different industries or among companies within the same industry. For example, interest expense can be highly dependent on a company’s capital structure, debt levels and credit ratings. Therefore, the impact of interest expense on earnings can vary significantly among companies. In addition, the tax positions of companies can vary because of their differing abilities to take advantage of tax benefits and because of the tax policies of the various jurisdictions in which they operate. As a result, effective tax rates and tax expense can vary considerably among companies. Finally, companies employ productive assets of different ages and utilize different methods of acquiring and depreciating such assets. This can result in considerable variability in the relative costs of productive assets and the depreciation and amortization expense among companies.

Nevertheless, our management recognizes that there are material limitations associated with the use of adjusted EBITDA in the evaluation of our Company as compared to net income of Huntsman Corporation or Huntsman International, as appropriate, which reflects overall financial performance. For example, we have borrowed money in order to finance our operations and interest expense is a necessary element of our costs and ability to generate revenue. Our management compensates for the limitations of using adjusted EBITDA by using this measure to supplement U.S. GAAP results to provide a more complete understanding of the factors and trends affecting the business rather than U.S. GAAP results alone.

Adjusted net income is computed by eliminating the after-tax amounts related to the following from net income attributable to Huntsman Corporation: (a) business acquisition and integration expenses and purchase accounting inventory adjustments; (b) income from discontinued operations; (c) fair value adjustments to Venator investment, net; (d) loss on early extinguishment of debt; (e) certain legal and other settlements and related expenses; (f) costs associated with the Albemarle Settlement, net; (g) gain on sale of business/assets; (h) income from transition services arrangements related to the sale of our Chemical Intermediates Businesses to Indorama; (i) certain nonrecurring information technology project implementation costs; (j) amortization of pension and postretirement actuarial losses; (k) plant incident remediation (credits) costs; and (l) restructuring, impairment and plant closing and transition costs. Basic adjusted net income per share excludes dilution and is computed by dividing adjusted net income by the weighted average number of shares outstanding during the period. Adjusted diluted net income per share reflects all potential dilutive common shares outstanding during the period and is computed by dividing adjusted net income by the weighted average number of shares outstanding during the period increased by the number of additional shares that would have been outstanding as dilutive securities. Adjusted net income and adjusted net income per share amounts are presented solely as supplemental information.

We believe adjusted net income is useful to investors in assessing the businesses’ ongoing financial performance and provides improved comparability between periods through the exclusion of certain items that management believes are not indicative of the businesses’ operational profitability and that may obscure underlying business results and trends.

We believe free cash flow is an important indicator of our liquidity as it measures the amount of cash we generate. Management internally uses a free cash flow measure: (a) to evaluate our liquidity, (b) evaluate strategic investments, (c) plan stock buyback and dividend levels and (d) evaluate our ability to incur and service debt.

We believe that the effective tax rate of Huntsman Corporation or Huntsman International, as appropriate, is the performance measure calculated and presented in accordance with U.S. GAAP that is most directly comparable to adjusted effective tax rate. We believe our adjusted effective tax rate provides improved comparability between periods through the exclusion of certain items, such as, business acquisition and integration expenses and purchase accounting inventory adjustments, certain legal and other settlements and related expenses, gains on sale of businesses/assets and certain tax only items, including tax law changes not yet enacted, that we believe are not indicative of the businesses’ operational profitability and that may obscure underlying business results and trends.

Our forward-looking adjusted effective tax rate is calculated based on our forecast effective tax rate, and the range of our forward-looking adjusted effective tax rate equals the range of our forecast effective tax rate. We disclose forward-looking adjusted effective tax rate because we cannot adequately forecast certain items and events that may or may not impact us in the near future, such as business acquisition and integration expenses and purchase accounting inventory adjustments, certain legal and other settlements and related expenses, gains on sale of businesses/assets and certain tax only items, including tax law changes not yet enacted. Each of such adjustment has not yet occurred, is out of our control and/or cannot be reasonably predicted. In our view, our forward-looking adjusted effective tax rate represents the forecast effective tax rate on our underlying business operations but does not reflect any adjustments related to the items noted above that may occur and can cause our effective tax rate to differ.

As discussed in “Note 4. Discontinued Operations and Business Dispositions—Sale of Textile Effects Business” to our condensed consolidated financial statements, the results from continuing operations primarily exclude the results of our Textile Effects Business for all periods presented. For the three months ended September 30, 2022, income from continuing operations attributable to Huntsman Corporation was $101 million, a decrease of $102 million from $203 million in the 2021 period. For the three months ended September 30, 2022, income from continuing operations attributable to Huntsman International was $100 million, a decrease of $103 million from $203 million in the 2021 period. The decreases noted above were the result of the following items:

The decrease in revenues in our Polyurethanes segment for the three months ended September 30, 2022 compared to the same period of 2021 was primarily due to lower sales volumes and the negative impact of weaker major international currencies against the U.S. dollar, partially offset by higher MDI average selling prices. Sales volumes decreased primarily due to lower demand, particularly in our European and construction markets. The decrease in segment adjusted EBITDA was primarily due to lower sales volumes, lower MDI margins in Europe and Asia, the negative impact of weaker major international currencies against the U.S. dollar and lower equity earnings from our minority-owned joint venture in China, partially offset by higher MDI margins in the Americas and lower fixed costs.

The increase in revenues in our Performance Products segment for the three months ended September 30, 2022 compared to the same period of 2021 was primarily due to higher average selling prices, partially offset by lower sales volumes. Average selling prices increased primarily due to commercial excellence programs and in response to an increase in raw material costs. Sales volumes decreased primarily due to a shift in business strategy as well as lower demand, particularly in Europe. The increase in segment adjusted EBITDA was primarily due to increased revenues and margins, partially offset by higher costs.

The increase in revenues in our Advanced Materials segment for the three months ended September 30, 2022 compared to the same period of 2021 was primarily due to higher average selling prices, partially offset by lower sales volumes. Average selling prices increased largely in response to higher raw material, energy and logistics costs as well as improved sales mix. Sales volumes decreased primarily due to deselection of lower margin business. The increase in segment adjusted EBITDA was primarily due to higher sales prices and improved sales mix.

Corporate and other includes unallocated corporate overhead, unallocated foreign currency exchange gains and losses, LIFO inventory valuation reserve adjustments, loss on early extinguishment of debt, unallocated restructuring, impairment and plant closing costs, nonoperating income and expense and gains and losses on the disposition of corporate assets. For the three months ended September 30, 2022, adjusted EBITDA from Corporate and other for Huntsman Corporation was a loss of $35 million as compared to a loss of $48 million for the same period of 2021. For the three months ended September 30, 2022, adjusted EBITDA from Corporate and other for Huntsman International was a loss of $36 million as compared to a loss of $47 million for the same period of 2021. The increase in adjusted EBITDA from Corporate and other resulted primarily from an increase in unallocated foreign currency exchange gains and a decrease in corporate overhead costs and LIFO valuation losses.

As discussed in “Note 4. Discontinued Operations and Business Dispositions—Sale of Textile Effects Business” to our condensed consolidated financial statements, the results from continuing operations primarily exclude the results of our Textile Effects Business for all periods presented. For the nine months ended September 30, 2022, income from continuing operations attributable to Huntsman Corporation was $521 million, an increase of $109 million from $412 million in the 2021 period. For the nine months ended September 30, 2022, income from continuing operations attributable to Huntsman International was $524 million, an increase of $109 million from $415 million in the 2021 period. The increases noted above were the result of the following items:

The increase in revenues in our Polyurethanes segment for the nine months ended September 30, 2022 compared to the same period of 2021 was primarily due to higher MDI average selling prices, partially offset by lower sales volumes and the negative impact of weaker major international currencies against the U.S. dollar. Sales volumes decreased primarily due to lower demand, particularly in our European and construction markets. The decrease in segment adjusted EBITDA was primarily due to lower equity earnings from our minority-owned joint venture in China, lower sales volumes and the negative impact of weaker major international currencies against the U.S. dollar, partially offset by higher margins and lower fixed costs.

The increase in revenues in our Performance Products segment for the nine months ended September 30, 2022 compared to the same period of 2021 was primarily due to higher average selling prices, partially offset by lower sales volumes. Average selling prices increased primarily due to commercial excellence programs and in response to an increase in raw material costs. Sales volumes decreased primarily due to a shift in business strategy as well as lower demand, particularly in Europe. The increase in segment adjusted EBITDA was primarily due to increased revenues and margins, partially offset by higher costs.

The increase in revenues in our Advanced Materials segment for the nine months ended September 30, 2022 compared to the same period of 2021 was primarily due to higher average selling prices, partially offset by lower sales volumes. Average selling prices increased largely in response to higher raw material, energy and logistics costs as well as improved sales mix. Sales volumes decreased primarily due to deselection of lower margin business. The increase in segment adjusted EBITDA was primarily due to higher sales prices and improved sales mix.

Corporate and other includes unallocated corporate overhead, unallocated foreign currency exchange gains and losses, LIFO inventory valuation reserve adjustments, loss on early extinguishment of debt, unallocated restructuring, impairment and plant closing costs, nonoperating income and expense and gains and losses on the disposition of corporate assets. For the nine months ended September 30, 2022, adjusted EBITDA from Corporate and other for Huntsman Corporation was a loss of $123 million as compared to a loss of $146 million for the same period of 2021. For the nine months ended September 30, 2022, adjusted EBITDA from Corporate and other for Huntsman International was a loss of $119 million as compared to a loss of $140 million for the same period of 2021. The increase in adjusted EBITDA from Corporate and other resulted primarily from an increase in unallocated foreign currency exchange gains and a decrease in corporate overhead costs and LIFO valuation losses.

The following is a discussion of our liquidity and capital resources and does not include separate information with respect to Huntsman International in accordance with General Instructions H(1)(a) and (b) of Form 10-Q.

Net cash provided by operating activities from continuing operations for the nine months ended September 30, 2022 and 2021 was $595 million and $182 million, respectively. The increase in net cash provided by operating activities from continuing operations during the nine months ended September 30, 2022 compared with the same period in 2021 was primarily attributable to increased operating income as described in “—Results of Operations” above for the nine months ended September 30, 2022 as compared with the same period of 2021 as well as a net cash inflow of $143 million related to changes in operating assets and liabilities.

Net cash used in investing activities from continuing operations for the nine months ended September 30, 2022 and 2021 was $176 million and $430 million, respectively. During the nine months ended September 30, 2022 and 2021, we paid $186 million and $241 million for capital expenditures, respectively. During the nine months ended September 30, 2021, we received $43 million for the sale of businesses, primarily due to the receipt of $28 million pursuant to an earnout provision in connection with the sale of the India-based DIY business, and we paid $245 million for the acquisition of businesses, primarily related to approximately $242 million paid for the Gabriel Acquisition, net of cash acquired.

Net cash used in financing activities for the nine months ended September 30, 2022 and 2021 was $905 million and $809 million, respectively. During the nine months ended September 30, 2022 and 2021, we paid $755 million and $102 million for repurchases of our common stock, respectively. During the nine months ended September 30, 2021, we redeemed in full €445 million (approximately $541 million) in aggregate principal amount of our 2021 Senior Notes, and we redeemed in full $400 million in aggregate principal amount of our 2022 Senior Notes. Additionally, during the nine months ended September 30, 2021, we issued $400 million in aggregate principal amount of our 2031 Senior Notes and received borrowings of approximately 104 million SAR (approximately $27 million) related to funding on a new term loan facility of our consolidated 50%-owned joint venture, AAC. See “Note 8. Debt—Direct and Subsidiary Debt—Variable Interest Entity Debt” to our condensed consolidated financial statements.

Free cash flow from continuing operations for the nine months ended September 30, 2022 and 2021 was a source of cash of $409 million and a use of cash of $59 million, respectively. The increase in free cash flow was primarily attributable to the increase in cash provided by operating activities from continuing operations as well as a decrease in cash used for capital expenditures during the nine months ended September 30, 2022 as compared with the same period in 2021.

The following information summarizes our working capital position (dollars in millions):

Our working capital decreased by $276 million as a result of the net impact of the following significant changes:

See “Note 8. Debt—Direct and Subsidiary Debt” to our condensed consolidated financial statements.

See “Note 8. Debt—Direct and Subsidiary Debt—Debt Issuance Costs” to our condensed consolidated financial statements.

See “Note 8. Debt—Direct and Subsidiary Debt—Revolving Credit Facility” to our condensed consolidated financial statements.

See “Note 8. Debt—Direct and Subsidiary Debt—A/R Programs” to our condensed consolidated financial statements.

See “Note 8. Debt—Direct and Subsidiary Debt—Senior Notes” to our condensed consolidated financial statements.

See “Note 8. Debt—Direct and Subsidiary Debt—Variable Interest Entity Debt” to our condensed consolidated financial statements.

See “Note 8. Debt—Compliance with Covenants” to our condensed consolidated financial statements.

We depend upon our cash, Revolving Credit Facility, A/R Programs and other debt instruments to provide liquidity for our operations and working capital needs. As of September 30, 2022, we had $1,946 million of combined cash and unused borrowing capacity, consisting of $515 million in cash, $1,189 million in availability under our Revolving Credit Facility and $242 million in availability under our A/R Programs. Our liquidity can be significantly impacted by various factors. The following matters are expected to have a significant impact on our liquidity:

As of September 30, 2022, we had $12 million classified as current portion of debt, including debt at our variable interest entities of $10 million and certain other short-term facilities and scheduled amortization payments totaling $2 million. We intend to renew, repay or extend the majority of these short-term facilities in the next twelve months.

As of September 30, 2022, we had approximately $462 million of cash and cash equivalents held by our foreign subsidiaries, including our variable interest entities. We intend to use cash held in our foreign subsidiaries to fund our local operations. Nevertheless, we could repatriate cash as dividends, which dividends would generally not be subject to U.S. taxation as a result of the U.S. Tax Reform Act. However, such repatriation may potentially be subject to certain foreign withholding taxes.

We are exposed to market risks, such as changes in interest rates, foreign exchange rates and commodity prices. From time to time, we enter into transactions, including transactions involving derivative instruments, to manage certain of these exposures. We also hedge our net investment in certain European operations. See “Note 9. Derivative Instruments and Hedging Activities” to our condensed consolidated financial statements.

Our management, with the participation of our chief executive officer and chief financial officer, has evaluated the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) as of September 30, 2022. Based on this evaluation, our chief executive officer and chief financial officer have concluded that, as of September 30, 2022, our disclosure controls and procedures were effective, in that they ensure that information required to be disclosed by us in the reports that we file or submit under the Exchange Act is (1) recorded, processed, summarized and reported within the time periods specified in the Commission’s rules and forms and (2) accumulated and communicated to our management, including our chief executive officer and chief financial officer, as appropriate to allow timely decisions regarding required disclosure.

No changes to our internal control over financial reporting occurred during the quarter ended September 30, 2022 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act). However, we can only give reasonable assurance that our internal controls over financial reporting will prevent or detect material misstatements on a timely basis.

There have been no material developments with respect to the legal proceedings referenced in Part I, Item 3 of our Annual Report on Form 10-K for the year ended December 31, 2021.

For information regarding risk factors, see “Part I. Item 1A. Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2021. In addition to the risk factors noted in the Annual Report on Form 10-K, the following risk factor is applicable to us.

The proposed sale of our Textile Effects Business is contingent upon the satisfaction of a number of conditions, will require significant time and attention of our management and may have an adverse effect on us if not completed.

On August 9, 2022, we entered into a definitive agreement to sell our Textile Effects Business to Archroma for a total enterprise value of $718 million, which includes the assumption of approximately $125 million in net underfunded pension liabilities as of December 31, 2021. Completion of the proposed sale is subject to the satisfaction of various closing conditions, including but not limited to regulatory approvals. There can be no assurance that any of such conditions will be satisfied and that the proposed sale will be successfully completed. These or other unanticipated developments could delay or prevent the transaction from closing or cause it to occur on terms or conditions that are less favorable than anticipated, which could cause our common stock to experience negative reactions from the financial markets.

In pursuing the proposed sale, our ongoing businesses may be adversely affected, and we may be subject to certain risks and consequences, including, but not limited to, the following:

• execution of the proposed sale has required, and will continue to require, significant time and attention from management, which may postpone the execution of other initiatives that may have been beneficial to us;

• completion of the proposed sale will require strategic, structural and process realignment and restructuring actions within our operations, which could lead to a disruption of our operations, as well as the loss of, or inability to recruit, key personnel needed to operate and grow our businesses;

• completion of the proposed sale may require certain management and procedural redundancies as we prepare for closing, which may result in operating inefficiencies; and

• whether or not the proposed sale is completed, we may be responsible for certain costs and expenses, such as legal, accounting and other professional fees, which may be significant.

Any of these factors could have a material adverse effect on our financial condition, results of operations, cash flows and the price of our common stock.

The following table provides information with respect to shares of our common stock that we repurchased as part of our share repurchase program and shares of restricted stock granted under our stock incentive plans that we withheld upon vesting to satisfy our tax withholding obligations during the three months ended September 30, 2022.

See the Exhibit Index at the end of this Quarterly Report on Form 10-Q for exhibits filed with this report.

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrants have duly caused this report to be signed on their behalf by the undersigned thereunto duly authorized.

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

For the quarterly period ended i September 30, 2022

OR

i ☐	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.
i 001-32427	i Huntsman Corporation i 10003 Woodloch Forest Drive i The Woodlands, i Texas i 77380 ( i 281) i 719-6000	i Delaware	i 42-1648585
i 333-85141	i Huntsman International LLC i 10003 Woodloch Forest Drive i The Woodlands, i Texas i 77380 ( i 281) i 719-6000	i Delaware	i 87-0630358

Registrant	Title of each class	Trading Symbol	Name of each exchange on which registered
Huntsman Corporation	i Common Stock, par value $0.01 per share	i HUN	i New York Stock Exchange
Huntsman International LLC	NONE	NONE	NONE

Huntsman Corporation	i Yes ☒	No ☐
Huntsman International LLC	i Yes ☒	No ☐

Huntsman Corporation	i Yes ☒	No ☐
Huntsman International LLC	i Yes ☒	No ☐

Huntsman Corp., et al. – ‘10-Q’ for 9/30/22

On: Friday, 11/4/22, at 1:03pm ET · For: 9/30/22 · Accession #: 1437749-22-25971 · File #s: 1-32427, 333-85141

Previous ‘10-Q’: ‘10-Q’ on 8/2/22 for 6/30/22 · Next: ‘10-Q’ on 5/5/23 for 3/31/23 · Latest: ‘10-Q’ on 11/1/23 for 9/30/23 · 1 Reference: To: Huntsman Corp. – ‘8-K’ on / for 8/9/22

Quarterly Report — Form 10-Q

Filing Table of Contents

‘10-Q’ — Quarterly Report

Document Table of Contents

This is an HTML Document rendered as filed. [ Alternative Formats ]

Dates Referenced Herein and Documents Incorporated by Reference

1 Previous Filing that this Filing References

Huntsman Corporation	i Large accelerated filer ☒	Accelerated filer ☐	Non-accelerated filer ☐	Smaller reporting company i ☐	Emerging growth company i ☐
Huntsman International LLC	Large accelerated filer ☐	Accelerated filer ☐	i Non-accelerated filer ☒	Smaller reporting company i ☐	Emerging Growth company i ☐

Huntsman Corporation	Yes i ☐	No ☒
Huntsman International LLC	Yes i ☐	No ☒

	*September 30,*			*December 31,*
	*2022*			*2021*
ASSETS
Current assets:
Cash and cash equivalents(a)	$	i 515		$	i 1,041
Accounts and notes receivable (net of allowance for doubtful accounts of $11 and $12, respectively), ($348 and $324 pledged as collateral, respectively)(a)		i 981			i 988
Accounts receivable from affiliates		i 23			i 27
Inventories(a)		i 1,079			i 1,038
Receivable associated with the Albemarle Settlement		i —			i 333
Other current assets		i 115			i 155
Current assets held for sale		i 483			i 346
Total current assets		i 3,196			i 3,928
Property, plant and equipment, net(a)		i 2,288			i 2,443
Investment in unconsolidated affiliates		i 430			i 470
Intangible assets, net		i 433			i 469
Goodwill		i 636			i 650
Deferred income taxes		i 167			i 180
Operating lease right-of-use assets		i 359			i 381
Other noncurrent assets(a)		i 623			i 689
Noncurrent assets held for sale		i —			i 182
Total assets	$	i 8,132		$	i 9,392

LIABILITIES AND EQUITY
Current liabilities:
Accounts payable(a)	$	i 865		$	i 1,054
Accounts payable to affiliates		i 33			i 60
Accrued liabilities(a)		i 393			i 713
Current portion of debt(a)		i 12			i 12
Current operating lease liabilities(a)		i 50			i 49
Current liabilities held for sale		i 242			i 163
Total current liabilities		i 1,595			i 2,051
Long-term debt(a)		i 1,476			i 1,538
Deferred income taxes		i 249			i 161
Noncurrent operating lease liabilities(a)		i 326			i 346
Other noncurrent liabilities(a)		i 502			i 586
Noncurrent liabilities held for sale		i —			i 151
Total liabilities		i 4,148			i 4,833
Commitments and contingencies (Notes 15 and 16)
Equity
Huntsman Corporation stockholders’ equity:
Common stock $0.01 par value, 1,200,000,000 shares authorized, 261,142,535 and 259,701,770 shares issued and 192,757,360 and 214,170,287 shares outstanding, respectively		i 3			i 3
Additional paid-in capital		i 4,155			i 4,102
Treasury stock, 68,385,175 and 45,531,489 shares, respectively		( i 1,686	)		( i 934	)
Unearned stock-based compensation		( i 37	)		( i 25	)
Retained earnings		i 2,836			i 2,435
Accumulated other comprehensive loss		( i 1,497	)		( i 1,203	)
Total Huntsman Corporation stockholders’ equity		i 3,774			i 4,378
Noncontrolling interests in subsidiaries		i 210			i 181
Total equity		i 3,984			i 4,559
Total liabilities and equity	$	i 8,132		$	i 9,392

	*Nine months*
	*ended*
	*September 30,*
	*2022*			*2021*
Operating Activities:
Net income	$	i 597		$	i 497
Less: Income from discontinued operations, net of tax		( i 30	)		( i 36	)
Income from continuing operations		i 567			i 461
Adjustments to reconcile income from continuing operations to net cash provided by operating activities from continuing operations:
Equity in income of investment in unconsolidated affiliates		( i 55	)		( i 118	)
Unrealized net losses on fair value adjustments to Venator investment		i 9			i 28
Cash received from return on investment in unconsolidated subsidiary		i 61			i 31
Depreciation and amortization		i 207			i 205
Noncash lease expense		i 47			i 42
Gain on disposal of businesses/assets		i —			( i 28	)
Loss on early extinguishment of debt		i —			i 27
Noncash restructuring and impairment charges		( i 1	)		i 14
Deferred income taxes		i 81			( i 22	)
Stock-based compensation		i 26			i 23
Other, net		( i 15	)		( i 6	)
Changes in operating assets and liabilities:
Accounts and notes receivable		( i 60	)		( i 335	)
Inventories		( i 128	)		( i 270	)
Other current assets		i 357			i 20
Other noncurrent assets		( i 14	)		( i 84	)
Accounts payable		( i 113	)		i 134
Accrued liabilities		( i 292	)		i 88
Other noncurrent liabilities		( i 82	)		( i 28	)
Net cash provided by operating activities from continuing operations		i 595			i 182
Net cash provided by (used in) operating activities from discontinued operations		i 9			( i 20	)
Net cash provided by operating activities		i 604			i 162

Investing Activities:
Capital expenditures		( i 186	)		( i 241	)
Cash received from sale of business		i —			i 43
Acquisition of business, net of cash acquired		i —			( i 245	)
Insurance proceeds for recovery of property damage		i 5			i 3
Other, net		i 5			i 10
Net cash used in investing activities from continuing operations		( i 176	)		( i 430	)
Net cash used in investing activities from discontinued operations		( i 12	)		( i 9	)
Net cash used in investing activities		( i 188	)		( i 439	)

Financing Activities:
Net borrowings on revolving loan facilities		i —			i 8
Proceeds from issuance of long-term debt		i —			i 427
Repayments of long-term debt		( i 8	)		( i 965	)
Debt issuance costs paid		i —			( i 4	)
Dividends paid to noncontrolling interests		i —			( i 30	)
Dividends paid to common stockholders		( i 132	)		( i 119	)
Repurchase and cancellation of awards		( i 14	)		( i 7	)
Repurchase of common stock		( i 755	)		( i 102	)
Proceeds from issuance of common stock		i 6			i 7
Costs of early extinguishment of debt		i —			( i 26	)
Other, net		( i 2	)		i 2
Net cash used in financing activities		( i 905	)		( i 809	)
Effect of exchange rate changes on cash		( i 37	)		( i 2	)
Decrease in cash and cash equivalents		( i 526	)		( i 1,088	)
Cash and cash equivalents at beginning of period		i 1,041			i 1,593
Cash and cash equivalents at end of period	$	i 515		$	i 505

Supplemental cash flow information:
Cash paid for interest	$	i 41		$	i 57
Cash paid for income taxes		i 171			i 83

Fair value of assets acquired and liabilities assumed:
Cash paid for the Gabriel Acquisition	$	i 251

Cash	$	i 9
Accounts receivable		i 13
Inventories		i 23
Property, plant and equipment		i 50
Intangible assets		i 96
Goodwill		i 87
Accounts payable		( i 7	)
Accrued liabilities		( i 3	)
Deferred income taxes		( i 17	)
Total fair value of net assets acquired	$	i 251

	*Nine months*
	*ended*
	*September 30, 2021*
Revenues	$	i 5,562
Net income		i 485
Net income attributable to Huntsman Corporation		i 436

	*Three Months Ended September 30,*
	*2022*			*2021*
	*Amounts reclassified*			*Amounts reclassified*				*Affected line item in*
	*from accumulated*			*from accumulated*				*the statement*
Details about accumulated other	*other*			*other*				*where net income*
comprehensive loss components(a):	*comprehensive loss*			*comprehensive loss*				*is presented*
Amortization of pension and other postretirement benefits:
Prior service credit	$	( i 3	)	$	( i 3	)	(b)(c)	Other income, net
Actuarial loss		i 15			i 23		(b)(c)	Other income, net
		i 12			i 20			Total before tax
		( i 2	)		( i 3	)		Income tax expense
Total reclassifications for the period	$	i 10		$	i 17			Net of tax

	*Nine Months Ended September 30,*
	*2022*			*2021*
	*Amounts reclassified*			*Amounts reclassified*				*Affected line item in*
	*from accumulated*			*from accumulated*				*the statement*
Details about accumulated other	*other*			*other*				*where net income*
comprehensive loss components(a):	*comprehensive loss*			*comprehensive loss*				*is presented*
Amortization of pension and other postretirement benefits:
Prior service credit	$	( i 8	)	$	( i 8	)	(b)(c)	Other income, net
Settlement loss		i —			i 3		(b)	Other income, net
Actuarial loss		i 44			i 70		(b)(c)	Other income, net
		i 36			i 65			Total before tax
		( i 8	)		( i 13	)		Income tax expense
Total reclassifications for the period	$	i 28		$	i 52			Net of tax

(1)	During the nine months ended September 30, 2022, i no stock options were granted.
(2)	During the nine months ended September 30, 2021, stock options were only granted during the first quarter.

Segment		Products
Polyurethanes		MDI, polyols, TPU and other polyurethane-related products
Performance Products		Specialty amines, ethyleneamines, maleic anhydride and technology licenses
Advanced Materials		Specialty resin compounds; cross-linking, matting, and curing and toughening agents; epoxy, acrylic and polyurethane-based formulations; specialty nitrile latex, alkyd resins and carbon nano materials

	*September 30,*			*December 31,*
	*2022*			*2021*
Raw materials and supplies	$	i 263		$	i 248
Work in progress		i 44			i 33
Finished goods		i 822			i 799
Total		i 1,129			i 1,080
LIFO reserves		( i 50	)		( i 42	)
Net inventories	$	i 1,079		$	i 1,038

	●	Modest increase in automotive market sales volumes year-over-year
	●	Lower production rates to reduce inventory and match lower demand

	Three months									Nine months
	ended									ended
	September 30,						Percent			September 30,						Percent
	2022			2021			change			2022			2021			change
Revenues	$	2,011		$	2,097			(4	)%	$	6,373		$	5,558			15	%
Cost of goods sold		1,662			1,660			—			5,017			4,397			14	%
Gross profit		349			437			(20	)%		1,356			1,161			17	%
Operating expenses, net		199			208			(4	)%		621			597			4	%
Restructuring, impairment and plant closing costs (credits)		12			(1	)		NM			36			34			6	%
Operating income		138			230			(40	)%		699			530			32	%
Interest expense, net		(16	)		(15	)		7	%		(46	)		(52	)		(12	)%
Equity in income of investment in unconsolidated affiliates		21			34			(38	)%		55			118			(53	)%
Fair value adjustments to Venator investment, net		(7	)		(3	)		133	%		(9	)		(28	)		(68	)%
Loss on early extinguishment of debt		—			—			—			—			(27	)		(100	)%
Other income, net		10			7			43	%		23			21			10	%
Income from continuing operations before income taxes		146			253			(42	)%		722			562			28	%
Income tax expense		(30	)		(34	)		(12	)%		(155	)		(101	)		53	%
Income from continuing operations		116			219			(47	)%		567			461			23	%
(Loss) income from discontinued operations, net of tax		(1	)		6			NM			30			36			(17	)%
Net income		115			225			(49	)%		597			497			20	%
Reconciliation of net income to adjusted EBITDA:
Net income attributable to noncontrolling interests		(15	)		(16	)		(6	)%		(46	)		(49	)		(6	)%
Interest expense, net from continuing operations		16			15			7	%		46			52			(12	)%
Income tax expense from continuing operations		30			34			(12	)%		155			101			53	%
Income tax expense from discontinued operations		7			9			(22	)%		14			18			(22	)%
Depreciation and amortization from continuing operations		72			68			6	%		207			205			1	%
Depreciation and amortization from discontinued operations		3			4			(25	)%		11			14			(21	)%
Other adjustments:
Business acquisition and integration expenses and purchase accounting inventory adjustments		1			5						11			19
EBITDA from discontinued operations		(9	)		(19	)					(55	)		(68	)
Fair value adjustments to Venator investment, net		7			3						9			28
Loss on early extinguishment of debt		—			—						—			27
Certain legal and other settlements and related expenses		1			—						15			10
Costs associated with the Albemarle Settlement, net		1			—						3			—
Loss (gain) on sale of business/assets		16			—						27			(30	)
Income from transition services arrangements		—			(2	)					(2	)		(6	)
Certain nonrecurring information technology project implementation costs		1			2						4			6
Amortization of pension and postretirement actuarial losses		10			19						32			56
Plant incident remediation costs (credits)		1			2						(4	)		3
Restructuring, impairment and plant closing and transition costs(2)		14			—						44			36
Adjusted EBITDA(1)	$	271		$	349			(22	)%	$	1,068		$	919			16	%

Net cash provided by operating activities from continuing operations										$	595		$	182			227	%
Net cash used in investing activities from continuing operations											(176	)		(430	)		(59	)%
Net cash used in financing activities											(905	)		(809	)		12	%
Capital expenditures from continuing operations											(186	)		(241	)		(23	)%

	Three months ended September 30, 2022 vs 2021
	Average selling price(1)
	Local			Foreign currency			Mix &			Sales
	currency			translation impact			other			volumes(2)
Period-over-period increase (decrease)
Polyurethanes		12	%		(5	)%		(1	)%		(16	)%
Performance Products		23	%		(4	)%		3	%		(13	)%
Advanced Materials		16	%		(7	)%		15	%		(16	)%

	Nine months ended September 30, 2022 vs September 30, 2021
	Average Selling Price(1)
	Local			Foreign Currency			Mix &			Sales
	Currency			Translation Impact			Other			Volumes(2)
Period-Over-Period (Decrease) Increase
Polyurethanes		21	%		(4	)%		(1	)%		(6	)%
Performance Products		34	%		(3	)%		4	%		(4	)%
Advanced Materials		19	%		(5	)%		16	%		(17	)%

	September 30,		December 31,		(Decrease)			Percent
	2022		2021		Increase			Change
Cash and cash equivalents	$	515	$	1,041	$	(526	)		(51	)%
Accounts and notes receivable, net		1,004		1,015		(11	)		(1	)%
Inventories		1,079		1,038		41			4	%
Receivable associated with the Albemarle Settlement		—		333		(333	)		(100	)%
Other current assets		115		155		(40	)		(26	)%
Current assets held for sale(1)		483		346		137			40	%
Total current assets		3,196		3,928		(732	)		(19	)%

Accounts payable		898		1,114		(216	)		(19	)%
Accrued liabilities		393		713		(320	)		(45	)%
Current portion of debt		12		12		—			—
Current operating lease liabilities		50		49		1			2	%
Current liabilities held for sale(1)		242		163		79			48	%
Total current liabilities		1,595		2,051		(456	)		(22	)%
Working capital	$	1,601	$	1,877	$	(276	)		(15	)%

					Total number of		Approximate dollar
					shares purchased		value of shares that
	Total number		Average		as part of publicly		may yet be purchased
	of shares		price paid		announced plans		under the plans or
	purchased		per share(1)		or programs(2)		programs(2)
July 1 - July 31		1,944,359	$	28.86		1,943,177	$	1,342,000,000
August 1 - August 31		3,815,850		29.37		3,814,930		1,230,000,000
September 1 - September 30		3,175,239		26.16		3,174,808		1,147,000,000
Total		8,935,448		28.12		8,932,915

			Incorporated by Reference
Exhibit Number		Exhibit Description	Form	Exhibit	Filing Date
2.1	*	Equity and Asset Purchase Agreement, dated as of August 9, 2022, by and among Huntsman, Archroma, Archroma Germany and solely for purposes set forth in the Purchase Agreement, the Archroma Financing Party.	8-K	2.1	August 9, 2022
31.1	**	Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
31.2	**	Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32.1	**	Certification of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
32.2	**	Certification of Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
101.INS	**	Inline XBRL Instance Document - The instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document
101.SCH	**	Inline XBRL Taxonomy Extension Schema
101.CAL	**	Inline XBRL Taxonomy Extension Calculation Linkbase
101.LAB	**	Inline XBRL Taxonomy Extension Label Linkbase
101.PRE	**	Inline XBRL Taxonomy Extension Presentation Linkbase
101.DEF	**	Inline XBRL Taxonomy Extension Definition Linkbase
104		The cover page from this Quarterly Report on Form 10-Q, formatted in Inline XBRL and contained in Exhibit 101

^*	Schedules have been omitted pursuant to Item 601(b)(2) of Regulation S-K. Huntsman agrees to furnish supplementally to the SEC a copy of any omitted schedule upon request by the SEC.
**	Filed herewith

Dated: November 4, 2022	HUNTSMAN CORPORATION
	HUNTSMAN INTERNATIONAL LLC

	By:	/s/ *PHILIP M. LISTER*
		Philip M. Lister
		Executive Vice President and Chief Financial Officer
		and Manager (Principal Financial Officer)

	By:	/s/ *STEVEN C. JORGENSEN*
		Steven C. Jorgensen
		Vice President and Controller (Authorized Signatory and
		Principal Accounting Officer)

This ‘10-Q’ Filing	Date	Other Filings

	7/31/24
	6/23/23
	12/31/22
Filed on:	11/4/22	8-K
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For Period end:	9/30/22
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	7/1/21	3, 4
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	6/23/21
	5/26/21	424B2, 8-K
	3/31/21	10-Q
	1/15/21
	1/1/21
	12/23/20	4
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