2023 Q4 Form 10-Q Financial Statement

#000143774923029731 Filed on November 01, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3
Revenue $1.403B $1.506B
YoY Change -14.97% -25.11%
Cost Of Revenue $1.251B $1.275B
YoY Change -14.32% -23.29%
Gross Profit $152.0M $231.0M
YoY Change -20.0% -33.81%
Gross Profit Margin 10.83% 15.34%
Selling, General & Admin $169.0M $165.0M
YoY Change -5.59% 0.0%
% of Gross Profit 111.18% 71.43%
Research & Development $28.00M $28.00M
YoY Change 0.0% -9.68%
% of Gross Profit 18.42% 12.12%
Depreciation & Amortization $70.00M $69.00M
YoY Change -5.41% -4.17%
% of Gross Profit 46.05% 29.87%
Operating Expenses $195.0M $204.0M
YoY Change 16.77% -3.32%
Operating Profit -$43.00M $27.00M
YoY Change -286.96% -80.43%
Interest Expense -$9.000M -$15.00M
YoY Change 28.57% -6.25%
% of Operating Profit -55.56%
Other Income/Expense, Net $4.000M $0.00
YoY Change -66.67% -100.0%
Pretax Income -$59.00M $42.00M
YoY Change 136.0% -71.23%
Income Tax -$2.000M $27.00M
% Of Pretax Income 64.29%
Net Earnings -$71.00M $0.00
YoY Change -21.98% -100.0%
Net Earnings / Revenue -5.06% 0.0%
Basic Earnings Per Share $0.00
Diluted Earnings Per Share -$0.40 $0.00
COMMON SHARES
Basic Shares Outstanding 174.3M 177.9M
Diluted Shares Outstanding 177.0M

Balance Sheet

Concept 2023 Q4 2023 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $540.0M $496.0M
YoY Change -17.43% -3.69%
Cash & Equivalents $540.0M $496.0M
Short-Term Investments
Other Short-Term Assets $154.0M $130.0M
YoY Change -18.95% 13.04%
Inventory $867.0M $941.0M
Prepaid Expenses
Receivables $747.0M $822.0M
Other Receivables $6.000M $5.000M
Total Short-Term Assets $2.314B $2.394B
YoY Change -26.42% -25.09%
LONG-TERM ASSETS
Property, Plant & Equipment $2.376B $2.313B
YoY Change -0.04% 1.09%
Goodwill $644.0M $639.0M
YoY Change 0.47% 0.47%
Intangibles $387.0M $395.0M
YoY Change -8.94% -8.78%
Long-Term Investments $438.0M $450.0M
YoY Change 3.06% 4.65%
Other Assets $611.0M $693.0M
YoY Change -10.93% 11.24%
Total Long-Term Assets $4.934B $4.975B
YoY Change -2.78% 0.79%
TOTAL ASSETS
Total Short-Term Assets $2.314B $2.394B
Total Long-Term Assets $4.934B $4.975B
Total Assets $7.248B $7.369B
YoY Change -11.82% -9.38%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $719.0M $726.0M
YoY Change -20.73% -16.07%
Accrued Expenses $395.0M $386.0M
YoY Change -7.93% -1.78%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $12.00M $113.0M
YoY Change -81.82% 841.67%
Total Short-Term Liabilities $1.172B $1.271B
YoY Change -31.1% -20.31%
LONG-TERM LIABILITIES
Long-Term Debt $1.676B $1.493B
YoY Change 0.3% 1.15%
Other Long-Term Liabilities $345.0M $367.0M
YoY Change -18.25% -26.89%
Total Long-Term Liabilities $2.021B $1.860B
YoY Change -3.44% -5.97%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.172B $1.271B
Total Long-Term Liabilities $2.021B $1.860B
Total Liabilities $3.770B $3.715B
YoY Change -13.93% -10.44%
SHAREHOLDERS EQUITY
Retained Earnings $2.622B $2.736B
YoY Change -3.07% -3.53%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $3.251B $3.429B
YoY Change
Total Liabilities & Shareholders Equity $7.248B $7.369B
YoY Change -11.82% -9.38%

Cashflow Statement

Concept 2023 Q4 2023 Q3
OPERATING ACTIVITIES
Net Income -$71.00M $0.00
YoY Change -21.98% -100.0%
Depreciation, Depletion And Amortization $70.00M $69.00M
YoY Change -5.41% -4.17%
Cash From Operating Activities $164.0M $163.0M
YoY Change -47.1% -43.4%
INVESTING ACTIVITIES
Capital Expenditures $83.00M $50.00M
YoY Change -3.49% -204.17%
Acquisitions
YoY Change
Other Investing Activities -$3.000M $1.000M
YoY Change -40.0% -109.09%
Cash From Investing Activities -$86.00M -$49.00M
YoY Change -5.49% -16.95%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -39.00M -117.0M
YoY Change -56.18% -60.47%
NET CHANGE
Cash From Operating Activities 164.0M 163.0M
Cash From Investing Activities -86.00M -49.00M
Cash From Financing Activities -39.00M -117.0M
Net Change In Cash 39.00M -3.000M
YoY Change -70.0% -95.52%
FREE CASH FLOW
Cash From Operating Activities $164.0M $163.0M
Capital Expenditures $83.00M $50.00M
Free Cash Flow $81.00M $113.0M
YoY Change -63.84% -66.37%

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><b><em style="font: inherit;">1.</em> GENERAL</b></p> <p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><b>​</b></p> <p style="font-family:'Times New Roman', Times, serif;font-size:10pt;font-variant:small-caps;margin:0pt;text-align:left;"><span style="text-transform:uppercase;"><b>C<span style="font-family:Times New Roman;font-size:7pt;">ertain</span> D<span style="font-family:Times New Roman;font-size:7pt;">efinitions</span></b></span></p> <p style="font-family:'Times New Roman', Times, serif;font-size:10pt;font-variant:small-caps;margin:0pt;text-align:left;"><b>​</b></p> <p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:36pt;">For convenience in this report, the terms “Company,” “Huntsman,” “our,” “us” or “we” <em style="font: inherit;"> may </em>be used to refer to Huntsman Corporation and, unless the context otherwise requires, its subsidiaries and predecessors. In this report, “Huntsman International” refers to Huntsman International LLC (our wholly-owned subsidiary).</p> <p style="font-family:'Times New Roman', Times, serif;font-size:10pt;font-variant:small-caps;margin:0pt;text-align:left;text-indent:36pt;"><b>​</b></p> <p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:36pt;">In this report, we <em style="font: inherit;"> may </em>use, without definition, the common names of competitors or other industry participants. We <em style="font: inherit;"> may </em>also use the common names or abbreviations for certain chemicals or products.</p> <p style="font-family:'Times New Roman', Times, serif;font-size:10pt;font-variant:small-caps;margin:0pt;text-align:left;text-indent:36pt;"><b>​</b></p> <p style="font-family:'Times New Roman', Times, serif;font-size:10pt;font-variant:small-caps;margin:0pt;text-align:left;"><span style="text-transform:uppercase;"><b>I<span style="font-family:Times New Roman;font-size:7pt;">nterim</span> F<span style="font-family:Times New Roman;font-size:7pt;">inancial</span> S<span style="font-family:Times New Roman;font-size:7pt;">tatements</span></b></span></p> <p style="font-family:'Times New Roman', Times, serif;font-size:10pt;font-variant:small-caps;margin:0pt;text-align:left;"><b>​</b></p> <p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:36pt;">Our unaudited interim condensed consolidated financial statements and Huntsman International’s unaudited interim condensed consolidated financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP” or “U.S. GAAP”) and in management’s opinion reflect all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of results of operations, comprehensive (loss) income, financial position and cash flows for the periods presented. Results for interim periods are <em style="font: inherit;">not</em> necessarily indicative of those to be expected for the full year. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes to consolidated financial statements included in the Annual Report on Form <em style="font: inherit;">10</em>-K for the year ended <em style="font: inherit;"> December 31, 2022</em> for our Company and Huntsman International.</p> <p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:36pt;">​</p> <p style="font-family:'Times New Roman', Times, serif;font-size:10pt;font-variant:small-caps;margin:0pt;text-align:left;"><span style="text-transform:uppercase;"><b>D<span style="font-family:Times New Roman;font-size:7pt;">escription</span> <span style="font-family:Times New Roman;font-size:7pt;">of</span> B<span style="font-family:Times New Roman;font-size:7pt;">usinesses</span></b></span></p> <p style="font-family:'Times New Roman', Times, serif;font-size:10pt;font-variant:small-caps;margin:0pt;text-align:left;"><b>​</b></p> <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-indent: 36pt; text-align: left;">We are a global manufacturer of diversified organic chemical products. We operate in three segments: Polyurethanes, Performance Products and Advanced Materials. Our products comprise many different chemicals and formulations, which we market globally to a wide range of consumers that consist primarily of industrial and building product manufacturers. Our products are used in a broad range of applications, including those in the adhesives, aerospace, automotive, coatings and construction, construction products, durable and non-durable consumer products, electronics, insulation, packaging, power generation and refining. Many of our products offer effects such as premium insulation in homes and buildings and the light weighting of airplanes and automobiles that help conserve energy. We are a leading global producer in many of our key product lines, including MDI, amines, maleic anhydride and epoxy-based polymer formulations. We operate all of our businesses through Huntsman International, our wholly-owned subsidiary. Huntsman International is a Delaware limited liability company and was formed in <em style="font: inherit;">1999.</em></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left"><b style="text-transform: uppercase; font-size: 10pt;">H<span style="font-family:Times New Roman;font-size:7pt;">untsman</span> C<span style="font-family:Times New Roman;font-size:7pt;">orporation and </span>H<span style="font-family:Times New Roman;font-size:7pt;">untsman</span> I<span style="font-family:Times New Roman;font-size:7pt;">nternational</span> F<span style="font-family:Times New Roman;font-size:7pt;">inancial</span> S<span style="font-family:Times New Roman;font-size:7pt;">tatements</span></b></p> <p style="font-family:'Times New Roman', Times, serif;font-size:10pt;font-variant:small-caps;margin:0pt;text-align:left;"><b>​</b></p> <p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:36pt;">Except where otherwise indicated, these notes relate to the condensed consolidated financial statements for both our Company and Huntsman International. The differences between our condensed consolidated financial statements and Huntsman International’s condensed consolidated financial statements relate primarily to different capital structures and purchase accounting recorded at our Company for the <em style="font: inherit;">2003</em> step-acquisition of Huntsman International Holdings LLC, the former parent company of Huntsman International that was merged into Huntsman International in <em style="font: inherit;">2005.</em></p> <p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:36pt;">​​</p> <p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">​<span style="text-transform:uppercase;"><b>P<span style="font-family:Times New Roman;font-size:7pt;">rinciples of</span> C<span style="font-family:Times New Roman;font-size:7pt;">onsolidation</span></b></span></p> <p style="font-family:'Times New Roman', Times, serif;font-size:10pt;font-variant:small-caps;margin:0pt;text-align:left;"><b>​</b></p> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-indent: 36pt; text-align: left;">Our condensed consolidated financial statements include the accounts of our wholly-owned and majority-owned subsidiaries and any variable interest entities for which we are the primary beneficiary. Intercompany accounts and transactions have been eliminated.</p> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-indent: 36pt; text-align: left;"> </p> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-indent: 36pt; text-align: left;">Huntsman International declared and paid to us distributions in the form of certain affiliate accounts receivable during <em style="font: inherit;">2023.</em></p> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-indent: 45pt;"> </p> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left;"><b style="text-transform:uppercase; font-size:10pt; font-variant-caps:small-caps">U<span style="font-family:Times New Roman; font-size:7pt">se of</span> </b><b style="text-transform:uppercase; font-size:10pt; font-variant-caps:small-caps">E<span style="font-family:Times New Roman; font-size:7pt">stimates</span></b></p> <p style="margin: 0pt; text-align: left; text-indent: 36pt; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> </p> <p style="margin: 0pt; text-align: left; text-indent: 36pt; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.</p> <p style="margin: 0pt; text-align: left; text-indent: 36pt; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> </p> <p style="margin: 0pt; text-align: left; text-indent: 0pt; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif;"><b style="text-transform: uppercase; font-variant-caps: small-caps;">R<span style="font-family: &quot;Times New Roman&quot;; font-size: 7pt;">e</span></b><span style="text-transform:uppercase"><b><span style="font-family:Times New Roman; font-size:7pt">c</span></b></span><b style="text-transform: uppercase; font-variant-caps: small-caps;"><span style="font-family: &quot;Times New Roman&quot;; font-size: 7pt;">e</span></b><span style="text-transform:uppercase"><b><span style="font-family:Times New Roman; font-size:7pt">nt  </span>D</b></span><b style="font-family:&quot;Times New Roman&quot;, Times, serif; font-size:10pt; text-transform:uppercase; font-variant-caps:small-caps"><span style="font-family:Times New Roman; font-size:7pt">evelopments</span></b></p> <p style="margin: 0pt; text-align: left; text-indent: 0pt; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> </p> <p style="margin: 0pt; text-align: left; text-indent: 0pt; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Potential Russian Business Sale</b></p> <p style="margin: 0pt; text-align: left; text-indent: 0pt; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> </p> <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-indent: 36pt; text-align: left;">On <em style="font: inherit;"> September 19, 2023, </em>we entered into a share purchase agreement to sell our polyurethanes business in Russia and Belarus. The transaction is subject to government approvals in several jurisdictions in addition to regulatory approvals and the satisfaction of customary closing conditions. The timing and final completion of the transaction are uncertain as the requirements to obtain approval of the transaction have been evolving, and we expect the approval process will continue to be subject to unanticipated changes and delays. </p> <p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> </p>
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dei Current Fiscal Year End Date
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dei Document Fiscal Year Focus
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dei Document Type
DocumentType
10-Q
dei Document Quarterly Report
DocumentQuarterlyReport
true
dei Amendment Flag
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false
dei Document Period End Date
DocumentPeriodEndDate
2023-09-30
dei Document Transition Report
DocumentTransitionReport
false
dei Entity File Number
EntityFileNumber
001-32427
dei Entity Registrant Name
EntityRegistrantName
Huntsman Corporation
dei Entity Address Address Line1
EntityAddressAddressLine1
10003 Woodloch Forest Drive
dei Entity Address City Or Town
EntityAddressCityOrTown
The Woodlands
dei Entity Address State Or Province
EntityAddressStateOrProvince
TX
dei Entity Address Postal Zip Code
EntityAddressPostalZipCode
77380
dei City Area Code
CityAreaCode
281
dei Local Phone Number
LocalPhoneNumber
719-6000
dei Entity Incorporation State Country Code
EntityIncorporationStateCountryCode
DE
dei Entity Tax Identification Number
EntityTaxIdentificationNumber
42-1648585
dei Security12b Title
Security12bTitle
Common Stock, par value $0.01 per share
dei Trading Symbol
TradingSymbol
HUN
dei Security Exchange Name
SecurityExchangeName
NYSE
dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
dei Entity Interactive Data Current
EntityInteractiveDataCurrent
Yes
dei Entity Filer Category
EntityFilerCategory
Large Accelerated Filer
dei Entity Small Business
EntitySmallBusiness
false
dei Entity Emerging Growth Company
EntityEmergingGrowthCompany
false
dei Entity Shell Company
EntityShellCompany
false
CY2023Q4 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
174287403

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