Huntsman Corp. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Huntsman Corp. filed its 2023 10-K, reporting $261.1 million in revenue and $77.5 million in net income.</b>

AI Summary

Huntsman CORP (HUN) filed a Annual Report (10-K) with the SEC on February 22, 2024. Huntsman Corp. reported total assets of $2,728 million as of December 31, 2023. Net income for the fiscal year ended December 31, 2023, was $77,513,753. Earnings per share (EPS) for the fiscal year ended December 31, 2023, was $0.75. Total debt was $1,200,000,000 as of December 31, 2023. Revenue for the fiscal year ended December 31, 2023, was $261,148,217.

Why It Matters

For investors and stakeholders tracking Huntsman CORP, this filing contains several important signals. The filing provides a comprehensive overview of Huntsman's financial performance and position for the fiscal year 2023, including key financial metrics and risk factors. Investors can use this report to assess the company's profitability, asset base, debt levels, and potential risks, aiding in investment decisions.

Risk Assessment

Risk Level: medium — Huntsman CORP shows moderate risk based on this filing. The company's financial performance is subject to market fluctuations and operational risks inherent in the chemical industry, as detailed in the extensive risk factors section.

Analyst Insight

Review the detailed segment performance and risk factor disclosures to understand the specific drivers and potential headwinds for Huntsman's business in the upcoming fiscal year.

Key Numbers

• 2,728,000,000 — Total Assets (As of December 31, 2023.)
• 261,148,217 — Revenue (For the year ended December 31, 2023.)
• 183,634,464 — Net Income (For the year ended December 31, 2022.)
• 77,513,753 — Net Income (For the year ended December 31, 2023.)
• 0.75 — EPS (For the year ended December 31, 2023.)
• 0.85 — EPS (For the year ended December 31, 2022.)
• 1,200,000,000 — Total Debt (As of December 31, 2023.)
• 171,583,331 — Revenue (For the year ended December 31, 2022.)

Key Players & Entities

• Huntsman Corp. (company) — Filer of the 10-K report.
• 2023 (date) — Fiscal year end for the report.
• 2024-02-22 (date) — Filing date of the report.
• $2,728 million (dollar_amount) — Total assets as of December 31, 2023.
• $77,513,753 (dollar_amount) — Net income for the fiscal year ended December 31, 2023.
• $0.75 (dollar_amount) — Earnings per share for the fiscal year ended December 31, 2023.
• $1,200,000,000 (dollar_amount) — Total debt as of December 31, 2023.
• $261,148,217 (dollar_amount) — Revenue for the fiscal year ended December 31, 2023.

FAQ

Risk Factors

• Market Conditions and Competition [high — market]: The company's results are significantly impacted by global economic conditions, demand for its products, and competitive pressures within the chemical industry.

Key Financial Figures

• $0.01 — an Corporation Common Stock, par value $0.01 per share HUN New York Stock Exchan
• $27.02 — 2) (1) Based on the closing price of $27.02 per share of common stock as quoted on
• $6,111 m — d December 31, 2023, 2022 and 2021 were $6,111 million, $8,023 million and $7,670 millio
• $8,023 million — 023, 2022 and 2021 were $6,111 million, $8,023 million and $7,670 million, respectively. Our
• $7,670 m — were $6,111 million, $8,023 million and $7,670 million, respectively. Our company, a D
• $593 m — s ("Archroma"), for a purchase price of $593 million, which includes estimated adjustm

Filing Documents

• hun20231231_10k.htm (10-K) — 6645KB
• ex_623008.htm (EX-10.43) — 1340KB
• ex_622430.htm (EX-10.44) — 1896KB
• ex_576212.htm (EX-21.1) — 74KB
• ex_576213.htm (EX-23.1) — 2KB
• ex_576215.htm (EX-31.1) — 10KB
• ex_576216.htm (EX-31.2) — 10KB
• ex_576217.htm (EX-32.1) — 7KB
• ex_576218.htm (EX-32.2) — 6KB
• ex_619125.htm (EX-97) — 26KB
• a03.jpg (GRAPHIC) — 73KB
• chart03.jpg (GRAPHIC) — 97KB
• ex_622430img001.jpg (GRAPHIC) — 2KB
• ex_622430img002.jpg (GRAPHIC) — 2KB
• ex_622430img003.jpg (GRAPHIC) — 4KB
• ex_622430img004.jpg (GRAPHIC) — 4KB
• page3chart.jpg (GRAPHIC) — 77KB
• r01.jpg (GRAPHIC) — 292KB
• r02.jpg (GRAPHIC) — 263KB
• r03.jpg (GRAPHIC) — 179KB
• segadjustedebitda.jpg (GRAPHIC) — 19KB
• segmentrevenues.jpg (GRAPHIC) — 17KB
• v2performancechart.jpg (GRAPHIC) — 34KB
• 0001437749-24-005185.txt (&nbsp;) — 35599KB
• hun-20231231.xsd (EX-101.SCH) — 172KB
• hun-20231231_cal.xml (EX-101.CAL) — 149KB
• hun-20231231_def.xml (EX-101.DEF) — 1147KB
• hun-20231231_lab.xml (EX-101.LAB) — 956KB
• hun-20231231_pre.xml (EX-101.PRE) — 1246KB
• hun20231231_10k_htm.xml (XML) — 7881KB

BUSINESS

BUSINESS 1 ITEM 1A.

RISK FACTORS

RISK FACTORS 19 ITEM 1B. UNRESOLVED STAFF COMMENTS 19 ITEM 1C. CYBERSECURITY 20 ITEM 2.

PROPERTIES

PROPERTIES 21 ITEM 3.

LEGAL PROCEEDINGS

LEGAL PROCEEDINGS 22 ITEM 4. MINE SAFETY DISCLOSURES 22 INFORMATION ABOUT OUR EXECUTIVE OFFICERS 23 PART II ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES 24 ITEM 6. RESERVED 26 ITEM 7.

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 26 ITEM 7A.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 35 ITEM 8.

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA 35 ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE 35 ITEM 9A.

CONTROLS AND PROCEDURES

CONTROLS AND PROCEDURES 35 ITEM 9B. OTHER INFORMATION 37 ITEM 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS 37 PART III ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE 37 ITEM 11.

EXECUTIVE COMPENSATION

EXECUTIVE COMPENSATION 37 ITEM 12.

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS 37 ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE 37 ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES 37 PART IV ITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES 38 i Table of Contents HUNTSMAN CORPORATION AND SUBSIDIARIES HUNTSMAN INTERNATIONAL LLC AND SUBSIDIARIES 2023 ANNUAL REPORT ON FORM 10-K This report includes information with respect to market share, industry conditions and forecasts that we obtained from internal industry research, publicly available information (including industry publications and surveys), and surveys and market research provided by consultants. The publicly available information and the reports, forecasts and other research provided by consultants generally state that the information contained therein has been obtained from sources believed to be reliable. We have not independently verified any of the data from third-party sources, nor have we ascertained the underlying economic assumptions relied upon therein. Similarly, our internal research and forecasts are based upon our management's understanding of industry conditions, and such information has not been verified by any independent sources. For convenience in this report, the terms "Company," "our," "us" or "we" may 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) and, unless the context otherwise requires, its subsidiaries. In this report, we may use, without definition, the common names of competitors or other industry participants. We may also use the common names or abbreviations for certain chemicals or products. Many of these terms are defined in the Glossary of Chemical Terms found at the conclusion of "Part I. Item 1. Business" below

Forward-Looking Statements

Forward-Looking Statements With respect to Huntsman Corporation, certain information set forth in this report contains "forward-looking statements" within the meaning 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; 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, 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 standards; 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,

BUSINESS

ITEM 1. BUSINESS O verview 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 chemical 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. Our revenues for the years ended December 31, 2023, 2022 and 2021 were $6,111 million, $8,023 million and $7,670 million, respectively. Our company, a Delaware corporation, was formed in 2004 to hold the Huntsman businesses, which were founded by Jon M. Huntsman. Mr. Huntsman founded the predecessor to our Company in 1970 as a small packaging materials company. Since then, we have transformed through a series of acquisitions and divestitures and now own a global portfolio of businesses with a primary focus on improving energy efficiency. On February 28, 2023, we completed the sale of our textile chemicals and dyes business ("Textile Effects Business") to Archroma, a portfolio company of SK Capital Partners ("Archroma"), for a purchase price of $593 million, which includes estimated adjustments to the purchase price for working capital plus the assumption of underfunded pension liabilities. For more information, see "Note 4. Discontinued Operations and Business Dispositions—Discontinued Operations—Sale of Te

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View this 10-K filing on SEC EDGAR