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What changed in Huntsman CORP's 10-K — 2023 vs 2024

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Paragraph-level year-over-year comparison of Huntsman CORP's 2023 and 2024 10-K annual filings, covering the Business, Risk Factors, Legal Proceedings, Cybersecurity, MD&A and Market Risk sections. Every new, removed and edited paragraph is highlighted side-by-side so you can see exactly what management changed in the 2024 report.

+218 added−212 removedSource: 10-K (2025-02-18) vs 10-K (2024-02-22)

Top changes in Huntsman CORP's 2024 10-K

218 paragraphs added · 212 removed · 183 edited across 6 sections

Item 1. Business

Business — how the company describes what it does

60 edited+6 added−8 removed123 unchanged
Biggest changeOur global production capacity of amines is approximately 0.9 billion pounds and our North America and EAME production capacity of maleic anhydride is approximately 0.6 billion pounds. Our amines facilities are located globally. These facilities have a competitive cost base and use modern manufacturing units that allow for flexibility in production capabilities and technical innovation.
Biggest changeManufacturing and Operations Our Performance Products segment has the capacity to produce a variety of products at 10 manufacturing locations in North America, EAME and APAC. Our global production capacity of amines is approximately 0.9 billion pounds and our North America and EAME production capacity of maleic anhydride is approximately 0.6 billion pounds. Our amines facilities are located globally.
Environmental Protection Agency’s (the “EPA”) GHG regulations and similar programs of certain states. To the extent that our domestic operations are subject to the EPA’s GHG regulations, we may face increased capital and operating costs associated with new or expanded facilities.
Environmental Protection Agency’s (“EPA”) GHG regulations and similar programs of certain states. To the extent that our domestic operations are subject to EPA’s GHG regulations, we may face increased capital and operating costs associated with new or expanded facilities.
ABB, BMW, Bodo Moeller, Boeing, Bosch, GMZ, Isola, Motic (Xiamen), Schneider, Siemens, Speed Fair and TTM BLR, epichlorohydrin, amines, polyols, isocyanates, acrylic materials, hardeners, fillers, butadiene and acrylonitrile 3M, Henkel, Westlake and Xiongrun High performance thermoset resins, curing and toughening agents and carbon nanotubes additives High performance chemical building blocks sold to formulators who develop formulations for aerospace, automotive, oil and gas, coatings, construction, electronics and electrical insulation applications. 3M, Azelis, Azko, Henkel, Hexcel, Hilti, Omya, Parker Hannifin, Sherwin-Williams, Solvay and Syngenta Epichlorohydrin, amines, phenols, aminophenols, fatty acids, butadiene and acrylonitrile Evonik, Kaneka, Sumitomo and Westlake 2 Table of Contents Polyurethanes General We are a leading global manufacturer and marketer of a broad range of polyurethane chemicals, including MDI products, polyols and TPU (each discussed in more detail below under “Products and Markets”).
ABB, BMW, Bodo Moeller, Boeing, Bosch, GMZ, Isola, Motic (Xiamen), Schneider, Siemens, Speed Fair and TTM BLR, epichlorohydrin, amines, polyols, isocyanates, acrylic materials, hardeners, fillers, butadiene and acrylonitrile 3M, Henkel, Westlake and Xiongrun High performance thermoset resins, curing and toughening agents and carbon nanotubes additives High performance chemical building blocks sold to formulators who develop formulations for aerospace, automotive, oil and gas, coatings, construction, electronics and electrical insulation applications. 3M, Azelis, Azko, Henkel, Hexcel, Hilti, Omya, Parker Hannifin, Sherwin-Williams, Syensqo and Syngenta Epichlorohydrin, amines, phenols, aminophenols, fatty acids, butadiene, acrylonitrile and carbon nanotubes Evonik, Kaneka, Sumitomo and Westlake 2 Table of Contents Polyurethanes General We are a leading global manufacturer and marketer of a broad range of polyurethane chemicals, including MDI products, polyols and TPU (each discussed in more detail below under “Products and Markets”).
The products formulated by our Advanced Materials segment are designed to provide the electrical equipment an extended service life and meet specific industry requirements for electrical insulation in indoor and outdoor environments. Coatings Infrastructure. We offer expertise in curing and toughening technologies and a portfolio of specialized resins and additives to the manufacturers of paints and construction materials.
The products formulated by our Advanced Materials segment are designed to provide the electrical equipment with an extended service life and meet specific industry requirements for electrical insulation in indoor and outdoor environments. Coatings Infrastructure. We offer expertise in curing and toughening technologies and a portfolio of specialized resins and additives to the manufacturers of paints and construction materials.
We have successfully exercised our rights under these contractual covenants for a number of sites and, where applicable, mitigated our ultimate remediation liabilities. We cannot assure you, however, that the liabilities for all such matters subject to indemnity will be honored by prior owners or that our existing indemnities will be sufficient to cover our liabilities for such matters.
We have successfully exercised our rights under these contractual covenants for a number of sites and, where applicable, mitigated our ultimate remediation liabilities. We cannot assure, however, that the liabilities for all such matters subject to indemnity will be honored by prior owners or that our existing indemnities will be sufficient to cover our liabilities for such matters.
Although the Paris Agreement does not create any binding obligations for nations to limit their GHG emissions, it does include pledges to voluntarily limit or reduce future emissions. The U.S. rejoined the Paris Agreement on February 19, 2021. In addition, in September 2021, U.S.
Although the Paris Agreement does not create any binding obligations for nations to limit their GHG emissions, it does include pledges to voluntarily limit or reduce future emissions. The U.S. rejoined the Paris Agreement on February 19, 2021. In addition, in September 2021, former U.S.
In addition, there can be no assurance that others will not obtain knowledge of these trade secrets through independent development or other access by legal means. 10 Table of Contents In addition to our own patents and patent applications and proprietary trade secrets and know-how, we are a party to certain licensing arrangements and other agreements authorizing us to use trade secrets, know-how and related technology and/or operate within the scope of certain patents owned by other entities.
In addition, there can be no assurance that others will not obtain knowledge of these trade secrets through independent development or other access by legal means. 9 Table of Contents In addition to our own patents and patent applications and proprietary trade secrets and know-how, we are a party to certain licensing arrangements and other agreements authorizing us to use trade secrets, know-how and related technology and/or operate within the scope of certain patents owned by other entities.
Environmental Health and Safety Matters” to our consolidated financial statements. 11 Table of Contents Environmental, Health and Safety Systems We are committed to achieving and maintaining compliance with all applicable EHS legal requirements, and we have developed policies and management systems that are designed to identify the myriad EHS legal requirements applicable to our operations, enhance compliance with applicable legal requirements, improve the safety of our employees, contractors, community neighbors and customers and minimize the production and emission of wastes and other pollutants.
Environmental Health and Safety Matters” to our consolidated financial statements. 10 Table of Contents Environmental, Health and Safety Systems We are committed to achieving and maintaining compliance with all applicable EHS legal requirements, and we have developed policies and management systems that are designed to identify the myriad EHS legal requirements applicable to our operations, enhance compliance with applicable legal requirements, improve the safety of our employees, contractors, community neighbors and customers and minimize the production and emission of wastes and other pollutants.
Our customers produce polyurethane-based products through the combination of an isocyanate, such as MDI, with polyols, which are derived largely from PO. We are able to produce over 2,500 distinct MDI-based polyurethane products by modifying the MDI molecule through varying the proportion and type of polyol used and by introducing other chemical additives to our MDI formulations.
Our customers produce polyurethane-based products through the combination of an isocyanate, such as MDI, with polyols, which are derived largely from PO. We are able to produce over 2,400 distinct MDI-based polyurethane products by modifying the MDI molecule through varying the proportion and type of polyol used and by introducing other chemical additives to our MDI formulations.
The diagram below provides an overview of how we leverage our technology and experience with the MDI splitter by transforming crude MDI into differentiated higher value systems and markets. 4 Table of Contents Sales and Marketing We market our polyurethane chemicals to over 6,300 customers in more than 90 countries.
The diagram below provides an overview of how we leverage our technology and experience with the MDI splitter by transforming crude MDI into differentiated higher value systems and markets. 4 Table of Contents Sales and Marketing We market our polyurethane chemicals to over 6,200 customers in more than 90 countries.
Approximately 2,000 of these employees are located in the U.S., while approximately 4,000 are located in other countries. We believe our employees are the foundation of our success.
Approximately 2,000 of these employees are located in the U.S., while approximately 4,300 are located in other countries. We believe our employees are the foundation of our success.
We offer a wide range of materials to the aerospace market under the ARALDITE ® , EPIBOND ® , EPOCAST ®, URALANE ® and MIRALON ® brands. Many of these products are qualified under the specification of major aerospace original equipment manufacturers (“OEMs”), complying with appropriate regulations governing large civil aircraft. 8 Table of Contents Automotive.
We offer a wide range of materials to the aerospace market under the ARALDITE ® , EPIBOND ® , EPOCAST ®, URALANE ® and MIRALON ® brands. Many of these products are qualified under the specification of major aerospace original equipment manufacturers (“OEMs”), complying with appropriate regulations governing large civil aircraft. 7 Table of Contents Automotive.
This technology contributes to our position as a low-cost MDI producer. Our global production capacity of MDI, polyols and TPU is approximately 2.8 billion pounds, 0.7 billion pounds and 0.1 billion pounds, respectively. Key Joint Ventures Rubicon Joint Venture.
This technology contributes to our position as a low-cost MDI producer. Our global production capacity of MDI, polyols and TPU is approximately 2.9 billion pounds, 0.7 billion pounds and 0.1 billion pounds, respectively. Key Joint Ventures Rubicon Joint Venture.
We believe our use of multiple routes to market enables us to reach a broader customer base at an efficient cost. We conduct sales activities through dedicated regional sales teams in EMEAI, Asia and the Americas. Our global customers are covered by key account managers who are familiar with the specific requirements of these customers.
We believe our use of multiple routes to market enables us to reach a broader customer base at an efficient cost. We conduct sales activities through dedicated regional sales teams in Europe and India, Asia and the Americas. Our global customers are covered by key account managers who are familiar with the specific requirements of these customers.
We believe we are the largest producer of maleic anhydride outside of China and the second largest globally with three production facilities in North America and Europe. 6 Table of Contents Products and Markets Amines. Amines are a family of intermediate chemicals that are produced by reacting ammonia, or an alkylamine, with various ethylene and propylene derivatives.
We believe we are the largest producer of maleic anhydride outside of China and the second largest globally with three production facilities in North America and Europe. Products and Markets Amines. Amines are a family of intermediate chemicals that are produced by reacting ammonia, or an alkylamine, with various ethylene and propylene derivatives.
Moreover, we do not believe that the termination of intellectual property rights expected to occur over the next several years, either individually or in the aggregate, will materially adversely affect our business, financial condition or results of operations. HUMAN CAPITAL MANAGEMENT As of December 31, 2023, we employed approximately 6,000 associates in our operations around the world.
Moreover, we do not believe that the termination of intellectual property rights expected to occur over the next several years, either individually or in the aggregate, will materially adversely affect our business, financial condition or results of operations. HUMAN CAPITAL MANAGEMENT As of December 31, 2024, we employed approximately 6,300 associates in our operations around the world.
Discontinued Operations and Business Dispositions—Discontinued Operations—Sale of Textile Effects Business” to our consolidated financial statements. 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 1999. For information regarding significant recent developments, see “Note 1. General—Recent Developments” to our consolidated financial statements.
For more information, see “Note 4. Discontinued Operations—Sale of Textile Effects Business” to our consolidated financial statements. 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 1999. For information regarding significant recent developments, see “Note 1. General—Recent Developments” to our consolidated financial statements.
Afton, BASF, Chevron Oronite, Infineum, Ingevity, Primient and Solenis Normal butane AOC, Bartek, INEOS, Lanxess and Polynt-Reichhold Advanced Materials Technologically- advanced epoxy, phenoxy, acrylic, polyurethane and acrylonitrile-butadiene-based polymer formulations Aerospace and industrial adhesives; composites for aerospace, automotive, sport equipment and infrastructures; electrical power transmission and electric vehicles; automotive industrial and consumer electronics.
Afton, AOC, BASF, Chevron, Ineos, Infineum, Polynt-Reichhold, Primient, Reacciones Quimicas and Solenis Normal butane AOC, Bartek, Ineos, Lanxess and Polynt-Reichhold Advanced Materials Technologically- advanced epoxy, phenoxy, acrylic, polyurethane and acrylonitrile-butadiene-based polymer formulations Aerospace and industrial adhesives; composites for aerospace, automotive, sport equipment and infrastructures; electrical power transmission and electric vehicles; automotive industrial and consumer electronics.
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.
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, power generation and refining. Many of our products offer effects such as premium insulation in homes and buildings and the lightweighting of airplanes and automobiles that help conserve energy.
We also have licensed or sub-licensed intellectual property rights to third parties. We have associated brand names with a number of our products, and we have approximately 2,915 trademark registrations and 132 pending trademark applications globally. These registrations and applications include extensions of protection under the Madrid system for the international registration of marks.
We also have licensed or sub-licensed intellectual property rights to third parties. We have associated brand names with a number of our products, and we have approximately 2,925 trademark registrations and 135 pending trademark applications globally. These registrations and applications include extensions of protection under the Madrid system for the international registration of marks.
The management of long-standing customer relationships is critical to the sales and marketing process. Manufacturing and Operations We are a global business serving customers in three principal geographic regions: EAMEI, Asia and the Americas.
The management of long-standing customer relationships is critical to the sales and marketing process. Manufacturing and Operations We are a global business serving customers in three principal geographic regions: Europe and India, Asia and the Americas.
We own approximately 2,610 unexpired patents and have approximately 970 patent applications (including provisionals) currently pending. While a presumption of validity exists with respect to issued U.S. patents, we cannot assure that any of our patents will not be challenged, invalidated, circumvented or rendered unenforceable.
We own approximately 2,225 unexpired patents and have approximately 965 patent applications (including provisionals) currently pending. While a presumption of validity exists with respect to issued U.S. patents, we cannot assure that any of our patents will not be challenged, invalidated, circumvented or rendered unenforceable.
Under the joint venture agreement, we hold a 49% interest in the joint venture and Sinopec holds a 51% interest. We account for this investment under the equity method. 5 Table of Contents Raw Materials The primary raw materials for MDI-based polyurethane chemicals are benzene, chlorine, caustic, carbon monoxide, nitric acid and formaldehyde.
Under the joint venture agreement, we hold a 49% interest in the joint venture and Sinopec holds a 51% interest. We account for this investment under the equity method. Raw Materials The primary raw materials for MDI-based polyurethane chemicals are benzene, chlorine, caustic, carbon monoxide, nitric acid and formaldehyde.
Our amines are used in a wide variety of mainly industrial applications, including composites, paints and coatings, fuel and lubricant additives, agrochemicals, gas treating, oilfield chemicals, polyurethane insulation and flexible foams, semiconductor manufacturing and solvents. Our amines customers include Afton, Bayer, Chevron Oronite, DuPont, Evonik, Infineum, Lubrizol, Olin, PPG and Quadra Chemicals. Maleic Anhydride.
Our amines are used in a wide variety of mainly industrial applications, including composites, paints and coatings, fuel and lubricant additives, agrochemicals, gas treating, oilfield chemicals, polyurethane insulation and flexible foams, semiconductor manufacturing and solvents. Our amines customers include Afton, Bayer, Chevron, DuPont, Evonik, Hipower, Infineum, Lubrizol, Quadra Chemicals and Univar. Maleic Anhydride.
Afton, Bayer, Chevron Oronite, DuPont, Evonik, Infineum, Lubrizol, Olin, PPG and Quadra Chemicals EO, PO, glycols, ethylene dichloride, caustic soda, ammonia, hydrogen, methylamines and acrylonitrile BASF, Delamine, Dow, Evonik, Nouryon and Tosoh Maleic anhydride Maleic anhydride is an intermediate chemical used primarily to produce unsaturated polyester resins (UPRs).
Afton, Bayer, Chevron, DuPont, Evonik, Hipower, Infineum, Lubrizol, Quadra Chemicals and Univar EO, PO, glycols, ethylene dichloride, caustic soda, ammonia, hydrogen, methylamines and acrylonitrile BASF, Delamine, Dow, Evonik, Nouryon and Tosoh Maleic anhydride Maleic anhydride is an intermediate chemical used primarily to produce unsaturated polyester resins (UPRs).
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.
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, 2024, 2023 and 2022 were $6,036 million, $6,111 million and $8,023 million, respectively.
A key metric used to assess the safety performance of our operations is the ASTM 2920 Level 1 injury rate, which follows a uniform international method for recording occupational injuries and illnesses. In the years ended December 31, 2023 and 2022, we had injury rates of 0.13 and 0.21, respectively.
A key metric used to assess the safety performance of our operations is the ASTM 2920 Level 1 injury rate, which follows a uniform international method for recording occupational injuries and illnesses. For both years ended December 31, 2024 and 2023, we had injury rates of 0.13.
Additionally, we entered into an agreement with Sinopec to form a joint venture to build and operate a world-scale PO/MTBE plant in Nanjing, China utilizing proprietary PO/MTBE manufacturing technology. PO is used in the manufacturing of polyurethane systems and MTBE is an oxygenate used in gasoline.
Additionally, we formed a joint venture with Sinopec to build and operate a world-scale PO/MTBE plant in Nanjing, China utilizing proprietary PO/MTBE manufacturing technology. PO is used in the manufacturing of polyurethane systems and MTBE is an oxygenate used in gasoline.
General—Recent Developments—Separation and Acquisition of Assets of SLIC Joint Venture” to our consolidated financial statements. Chinese PO/MTBE Joint Venture. In November 2012, we entered into an agreement to form a joint venture with Sinopec. The joint venture involved the construction and operation of a PO/MTBE facility in China.
Business Combinations and Acquisitions—Separation and Acquisition of Assets of SLIC Joint Venture” to our consolidated financial statements. Chinese PO/MTBE Joint Venture. In November 2012, we entered into an agreement to form a joint venture with Sinopec. The joint venture involved the construction and operation of a PO/MTBE facility in China.
This facility is part of our existing Huntsman Polyurethanes Shanghai Ltd. (“HPS”), site, which is our splitting joint venture with Shanghai Chlor-Alkali Chemical Company, Ltd that also manufactures pure MDI, polymeric MDI, MDI variants and formulated MDI systems. We own 70% of HPS and it is consolidated in our financial statements. For more information, see “Note 1.
(“HPS”), site, which is our splitting joint venture with Shanghai Chlor-Alkali Chemical Company, Ltd that also manufactures pure MDI, polymeric MDI, MDI variants and formulated MDI systems. We own 70% of HPS and it is consolidated in our financial statements. For more information, see “Note 3.
We compete primarily based on product performance, new product innovation and price. In our maleic anhydride market, we compete primarily based on price, customer service, technical support, reliability of supply and logistics management. Our competitors include AOC, Bartek, INEOS, Lanxess and Polynt-Reichhold. In our maleic anhydride technology licensing market, our primary competitor is Conser.
We compete primarily based on product performance, new product innovation and price. In our maleic anhydride market, we compete primarily based on price, customer service, technical support, reliability of supply and logistics management. Our competitors include AOC, Bartek, Ineos, Lanxess and Polynt-Reichhold. We compete primarily based on technological performance and service.
For the years ended December 31, 2023, 2022 and 2021, our capital expenditures for EHS matters totaled $30 million, $44 million and $36 million, respectively, and our estimated capital expenditures for EHS matters for 2024 is expected to be approximately $40 million.
For the years ended December 31, 2024, 2023 and 2022, our capital expenditures for EHS matters totaled $27 million, $30 million and $44 million, respectively, and our estimated capital expenditures for EHS matters for 2025 is expected to be approximately $56 million.
For a reconciliation of total adjusted EBITDA to net income attributable to Huntsman Corporation and cash provided by operating activities from continuing operations, see “Part II. Item 7.
For a reconciliation of net (loss) income to total adjusted EBITDA and further details of cash provided by operating activities from continuing operations, see “Part II. Item 7.
Regulatory Matters Greenhouse Gas Regulation and Climate Change Globally, our operations are increasingly subject to regulations that seek to reduce emissions of greenhouse gases (“GHGs”), such as carbon dioxide and methane, which may be contributing to changes in the earth’s climate.
Regulatory Matters Greenhouse Gas Regulation and Climate Change Globally, our operations are increasingly subject to regulations that seek to reduce emissions of greenhouse gases (“GHGs”), such as carbon dioxide (“CO2”) and methane.
As a result, the growth in demand for BDO supports growing demand for our maleic anhydride technology. Generally, changes in price have resulted from a combination of changes in industry capacity utilization and underlying raw material costs. Our maleic anhydride customers include Afton, BASF, Chevron Oronite, Infineum, Ingevity, Primient and Solenis.
As a result, the growth in demand for BDO supports growing demand for our maleic anhydride technology. Generally, changes in price have resulted from a combination of changes in industry capacity utilization and underlying raw material costs.
Phased-in disclosure requirements (and assurance) begin in 2026, covering the prior year. In addition, separate California legislation (S.B. 253) requires biennial climate risk reporting in accordance with the Task Force for Climate-related Financial Disclosure (“TCFD”) recommendations by public and private companies with over $500 million in annual revenue that are doing business in California.
Phased-in disclosure requirements (and assurance) begin in 2026, covering emissions during 2025. In addition, separate California legislation (S.B. 261) requires biennial climate risk reporting, in accordance with the Task Force on Climate-Related Financial Disclosures recommendations, by public and private companies with over $500 million in annual revenues that are doing business in California.
This reactor design will form the basis of a larger kiloton (carbon) scale commercial reactor, which will address the needs of markets such as battery additives and provide a commercial scale source of hydrogen for applications in chemical production and other process industries. 9 Table of Contents Raw Materials The principal raw materials we purchase for the manufacture of basic and advanced epoxy resins are epichlorohydrin, bisphenol A, MDA, phenol and aminophenols.
This reactor design will form the basis of a larger kiloton scale commercial reactor, which will address the needs of markets such as thermoplastics and battery additives as well as providing a commercial scale source of hydrogen for applications in markets such as chemicals, steel, energy and transportation. 8 Table of Contents Raw Materials The principal raw materials we purchase for the manufacture of basic and advanced epoxy resins are epichlorohydrin, bisphenol A, MDA, phenol and aminophenols.
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.
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”), and during the first quarter of 2024, we finalized the purchase price valued at $597 million, which includes adjustments to the purchase price for working capital, plus the assumption of underfunded pension liabilities.
President Biden publicly announced the Global Methane Pledge, a pact that aims to reduce global methane emissions at least 30% below 2020 levels by 2030. Since its formal launch at the United Nations Climate Change Conference (“COP26”), over 100 countries have joined the Global Methane Pledge. Domestic efforts to curb GHG emissions are being driven by the U.S.
President Biden publicly announced the Global Methane Pledge, a pact that aims to reduce global methane emissions at least 30% below 2020 levels by 2030. Since its formal launch at the United Nations Climate Change Conference (“COP26”), over 100 countries have joined the Global Methane Pledge. On January 20, 2025, the new U.S. presidential administration under U.S.
Several of our facilities are located within large integrated petrochemical manufacturing complexes. We believe this results in greater scale and lower costs for our products than we would be able to obtain if these facilities were standalone operations.
These facilities have a competitive cost base and use modern manufacturing units that allow for flexibility in production capabilities and technical innovation. Several of our facilities are located within large integrated petrochemical manufacturing complexes. We believe this results in greater scale and lower costs for our products than we would be able to obtain if these facilities were standalone operations.
As a result of this joint venture, we are able to achieve greater scale and lower costs for our products than we would otherwise have been able to obtain. Rubicon is consolidated in our financial statements. Chinese MDI Joint Venture.
As a result of this joint venture, we are able to achieve greater scale and lower costs for our products than we would otherwise have been able to obtain. Rubicon is consolidated in our financial statements. Chinese MDI Joint Venture. On January 31, 2024, we completed the planned separation and acquisition of assets of Shanghai Liengheng Isocyanate Company Ltd.
Our polyurethane chemicals business competes in two basic ways: (1) where price is the dominant element of competition, our polyurethane chemicals business differentiates itself by its high level of customer support, including cooperation on technical and safety matters; and (2) elsewhere, we compete on the basis of product performance, our ability to react quickly to changing customer needs and providing customers with innovative solutions to their needs.
Our polyurethane chemicals business competes in two basic ways: (1) where price is the dominant element of competition, our polyurethane chemicals business differentiates itself by its high level of customer support, including cooperation on technical and safety matters; and (2) elsewhere, we compete on the basis of product performance, our ability to react quickly to changing customer needs and providing customers with innovative solutions to their needs. 5 Table of Contents Performance Products General Our Performance Products segment has leading global positions in the manufacture and sale of amines and maleic anhydride and serves a wide variety of consumer and industrial end markets.
Finally, most scientists have concluded that increasing concentrations of GHGs in the earth’s atmosphere may produce climate changes that have significant physical effects, such as increased frequency and severity of storms, droughts, and floods and other climatic events.
Finally, most scientists have concluded that increasing concentrations of GHGs in the earth’s atmosphere may produce climate changes that have significant physical effects, such as increased frequency and severity of storms, droughts, floods and other climatic events. If any of those effects were to occur, they could have an adverse effect on our assets and operations.
Customers will use either polyurethane component molecules produced for mass sales or polyurethane systems tailored to specific requirements. By varying the blend, additives and specifications of the polyurethane chemicals, manufacturers are able to develop and produce a breadth and variety of polyurethane-based products. MDI. MDI is an aromatic diisocyanate molecule used in the manufacture of polyurethane-based products.
By varying the blend, additives and specifications of the polyurethane chemicals, manufacturers are able to develop and produce a breadth and variety of polyurethane-based products. MDI. MDI is an aromatic diisocyanate molecule used in the manufacture of polyurethane-based products.
Significant expansions of our existing facilities or construction of new facilities may be subject to the federal Clean Air Act’s (the “CAA”) requirements for pollutants regulated under the Prevention of Significant Deterioration and Title V programs.
Significant expansions of our existing facilities or construction of new facilities may be subject to the federal Clean Air Act’s (the “CAA”) requirements for pollutants regulated under the Prevention of Significant Deterioration and Title V programs. Some of our facilities are also subject to EPA’s Mandatory Reporting of Greenhouse Gases Rule, and any further regulation may increase our operational costs.
Our annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and amendments to these reports are available free of charge through our website as soon as reasonably practicable after we file these materials with the SEC. We also provide electronic or paper copies of our SEC filings free of charge upon request.
AVAILABLE INFORMATION We maintain an internet website at http://www.huntsman.com. Our annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and amendments to these reports are available free of charge through our website as soon as reasonably practicable after we file these materials with the SEC.
For example, structural adhesives are used to replace metal rivets and advanced composites are used to replace traditional aluminum panels and other steel materials to lighten structures in aerospace, automotive and other transportation.
Our products are used either as replacements for traditional materials or in applications where traditional materials do not meet demanding engineering specifications. For example, structural adhesives are used to replace metal rivets and advanced composites are used to replace traditional aluminum panels and other steel materials to lighten structures in aerospace, automotive and other transportation.
The following chart illustrates the range of product types and end uses for polyurethane chemicals. We produce MDI, polyols and TPU products and do not produce TDI products. 3 Table of Contents Polyurethane chemicals are sold to customers who combine the chemicals to produce polyurethane-based products.
Polyurethane chemicals produce a range of product types and end uses. We produce MDI, polyols and TPU products and do not produce TDI products. 3 Table of Contents Polyurethane chemicals are sold to customers who combine the chemicals to produce polyurethane-based products. Customers will use either polyurethane component molecules produced for mass sales or polyurethane systems tailored to specific requirements.
Furthermore, in October 2023, the state of California enacted significant corporate climate disclosure legislation (S.B. 261) that will require annual reporting of GHG emissions (Scope 1, 2 and 3 in accordance with the Greenhouse Gas Protocol) for public and private companies with over $1 billion in gross annual revenue that are doing business in California.
Court of Appeals for the Eighth Circuit was selected to consolidate the lawsuits, and on April 4, 2024, the SEC voluntarily stayed the rules pending the outcome of the litigation. 11 Table of Contents Furthermore, in October 2023, the state of California enacted significant corporate climate disclosure legislation (S.B. 253) that will require annual reporting of GHG emissions (Scope 1, 2 and 3 in accordance with the Greenhouse Gas Protocol) for public and private companies with over $1 billion in gross annual revenue that are doing business in California.
This pilot plant will demonstrate improved production capability and production of carbon at significantly higher volumes than has historically been produced at our Merrimack, New Hampshire research and development site.
The pilot plant operations are being optimized to demonstrate improved production capability for MIRALON ® carbon nanomaterials at significantly higher volumes than have historically been produced at our Merrimack, New Hampshire research and development site.
On January 31, 2024, we completed the planned separation and acquisition of assets of Shanghai Liengheng Isocyanate Investment BV (“SLIC”), our manufacturing joint venture with BASF and three Chinese chemical companies. Following the separation, we now operate an independent manufacturing facility at our site in Caojing, China producing crude MDI.
(“SLIC”), our manufacturing joint venture with BASF and three Chinese chemical companies. Following the separation, we now operate an independent manufacturing facility at our site in Caojing, China producing crude MDI. This facility is part of our existing Huntsman Polyurethanes Shanghai Ltd.
We are currently completing the build and commissioning of a pilot plant in San Antonio, Texas specifically designed to produce high-value MIRALON® carbon nanomaterials, as well as clean hydrogen for sale into the hydrogen market.
We have commissioned a pilot plant in San Antonio, Texas, specifically designed to convert methane into high-value MIRALON ® carbon nanomaterials, as well as clean hydrogen for sale into the energy, materials and chemicals markets.
Sales and Marketing We sell approximately 250 products to over 850 customers globally through our regional sales and marketing organizations, which have extensive market knowledge, considerable chemical industry experience and well-established customer relationships.
Our maleic anhydride customers include Afton, AOC, BASF, Chevron, Ineos, Infineum, Polynt-Reichhold, Primient, Reacciones Quimicas and Solenis. 6 Sales and Marketing We sell approximately 200 products to over 800 customers globally through our regional sales and marketing organizations, which have extensive market knowledge, considerable chemical industry experience and well-established customer relationships.
GLOSSARY OF CHEMICAL TERMS BDO—butane diol BLR—base liquid resin DGA ® Agent—DIGLYCOLAMINE ® agent DPA—diphenylamine EDC—ethylene dichloride EO—ethylene oxide MDA—methylene dioxy amphetamine MDI—methyl diphenyl diisocyanate MTBE—methyl tertiary-butyl ether PO—propylene oxide Polyols—a substance containing several hydroxyl groups. A diol, triol and tetrol contain two, three and four hydroxyl groups, respectively. TDI—toluene diisocyanate TPU—thermoplastic polyurethane UPR—unsaturated polyester resin
We also provide electronic or paper copies of our SEC filings free of charge upon request. GLOSSARY OF CHEMICAL TERMS BDO—butane diol BLR—base liquid resin DGA ® Agent—DIGLYCOLAMINE ® agent DPA—diphenylamine EDC—ethylene dichloride EO—ethylene oxide MDA—methylene dioxy amphetamine MDI—methyl diphenyl diisocyanate MTBE—methyl tertiary-butyl ether PO—propylene oxide Polyols—a substance containing several hydroxyl groups.
In addition to our focused direct sales efforts, we maintain an extensive global network of distributors and agents that also sell our products.
In addition to our focused direct sales efforts, we maintain an extensive global network of distributors and agents that also sell our products. These distributors and agents typically promote our products to smaller end-use customers who cannot be served as cost effectively by our direct sales forces.
We also operate 26 strategically located downstream facilities, of which 17 are polyurethane formulation facilities, commonly referred to in the chemical industry as “systems houses”. Our systems houses are located in close proximity to our customers worldwide, which enables us to focus on customer support, technical service and a differentiated product offering.
Our systems houses are located in close proximity to our customers worldwide, which enables us to focus on customer support, technical service and a differentiated product offering.
We compete primarily based on technological performance and service. Advanced Materials General Our Advanced Materials segment is a leading global manufacturer and marketer of technologically-advanced epoxy, phenoxy, acrylic, polyurethane, mercaptan and acrylonitrile butadiene-based polymer products as well as carbon nanomaterials.
Advanced Materials General Our Advanced Materials segment is a leading global manufacturer and marketer of technologically-advanced epoxy, phenoxy, acrylic, polyurethane, mercaptan and acrylonitrile butadiene-based polymer products as well as carbon nanomaterials. We focus on chemical compounds and formulations that are used to address customer-specific needs in a wide variety of industrial and consumer applications.
We produce a wide range of amines in seven manufacturing facilities in North America, Europe, the Middle East and Asia.
Our Performance Products segment is organized by region and product family: amines (both performance amines and ethyleneamines) as well as maleic anhydride. We produce a wide range of amines in seven manufacturing facilities in North America, Europe, the Middle East and Asia.
Polyurethane chemicals are used to produce rigid and flexible foams, as well as coatings, adhesives, sealants and elastomers. We focus on the higher-margin, higher-growth markets for differentiated MDI-based polyurethane systems and polyurethane component molecules.
Polyurethane chemicals are used to produce rigid and flexible foams, as well as coatings, adhesives, sealants and elastomers. We focus on differentiated MDI-based polyurethane systems and polyurethane component molecules. Volume growth in our Polyurethanes segment has been driven primarily by global economic activity and the continued substitution of MDI-based products for other materials across a broad range of applications.
First reports will need to be published on or before January 1, 2026. These California laws are currently subject to legal challenge, and the outcome and effect of this litigation is uncertain. However, if these laws ultimately withstand legal challenge, they could result in additional costs to prepare and comply with required regulatory reporting and additional liability.
However, the litigation is ongoing, and the ultimate outcome remains uncertain. If the laws are upheld, they could result in additional costs associated with regulatory reporting requirements and potential liability.
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Volume growth in our Polyurethanes segment has been driven primarily by global economic activity and the continued substitution of MDI-based products for other materials across a broad range of applications. We operate three major polyurethane manufacturing facilities in the United States (“U.S.”), Europe and China.
Added
We operate three major polyurethane manufacturing facilities in the United States (“U.S.”), Europe and China. We also operate 26 strategically located downstream facilities, of which 17 are polyurethane formulation facilities, commonly referred to in the chemical industry as “systems houses”.
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Performance Products General Our Performance Products segment has leading global positions in the manufacture and sale of amines and maleic anhydride and serves a wide variety of consumer and industrial end markets. Our Performance Products segment is organized by region and product family: amines (both performance amines and ethyleneamines) as well as maleic anhydride.
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President Trump (the “Trump Administration”) directed the U.S. Ambassador to the United Nations to immediately submit formal written notification of the U.S.’s withdrawal from the Paris Agreement. Until new policy directives are fully implemented, however, the full scope and effect of such changes remain uncertain. Domestic efforts to curb GHG emissions are being driven by the U.S.
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These distributors and agents typically promote our products to smaller end-use customers who cannot be served as cost effectively by our direct sales forces. 7 Table of Contents Manufacturing and Operations Our Performance Products segment has the capacity to produce a variety of products at 10 manufacturing locations in North America, EAME and APAC.
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On March 6, 2024, the U.S. Securities and Exchange Commission (“SEC”) adopted final rules requiring, among other things, disclosure of material climate-related risks and related governance practices, Scope 1 and 2 GHG emissions reports and financial impacts of severe weather events and other natural conditions (the “Climate Rule”). Several lawsuits have been filed challenging the Climate Rule. The U.S.
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We focus on chemical compounds and formulations that are used to address customer-specific needs in a wide variety of industrial and consumer applications. Our products are used either as replacements for traditional materials or in applications where traditional materials do not meet demanding engineering specifications.
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First reports will need to be published on or before January 1, 2026. The climate-related laws in California are currently under legal challenge in the U.S. District Court for the Central District of California. On November 5, 2024, the court denied the plaintiffs' motion for partial summary judgment, allowing the laws to remain in effect for the time being.
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Some of our facilities are also subject to the EPA’s Mandatory Reporting of Greenhouse Gases Rule, and any further regulation may increase our operational costs. In April of 2022, the U.S.
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Further, on April 9, 2024, EPA updated the Hazardous Organic National Emission Standards for Hazardous Air Pollutants under the CAA, also known as the HON rule, imposing more stringent emissions regulations and additional air monitoring requirements for approximately 200 chemical plants across the U.S. If implemented, we anticipate that these regulations may result in material changes to Huntsman.
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Securities and Exchange Commission (“SEC”) proposed new rules regarding the reporting of GHG emissions and impacts of such emissions and climate change generally on businesses subject to SEC reporting requirements. These rules, if adopted, could result in additional costs to prepare financial statements and additional liability.
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A diol, triol and tetrol contain two, three and four hydroxyl groups, respectively. TDI—toluene diisocyanate TPU—thermoplastic polyurethane UPR—unsaturated polyester resin 12 Table of Contents
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It is uncertain at this time whether the rules, as proposed, will be adopted and go into effect.
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If any of those effects were to occur, they could have an adverse effect on our assets and operations. 12 Table of Contents AVAILABLE INFORMATION We maintain an internet website at http://www.huntsman.com.

Item 1A. Risk Factors

Risk Factors — what could go wrong, per management

38 edited+9 added−5 removed109 unchanged
Biggest changeIn addition, certain of our competitors in various countries in which we do business, including China, may be owned by or affiliated with members of local governments and political entities. 15 Table of Contents These competitors may get special treatment with respect to regulatory compliance and product registration, while certain of our products, including those based on new technologies, may be delayed or even prevented from entering into the local market.
Biggest changeThese competitors may get special treatment with respect to regulatory compliance and product registration, while certain of our products, including those based on new technologies, may be delayed or even prevented from entering into the local market. Certain of our businesses use technology that is widely available.
Our inability to mitigate these risks or other problems encountered in connection with our strategies for growth and change could have a material adverse effect on our business, results of operations and financial condition.
Our inability to mitigate these risks or other problems encountered in connection with our strategies for growth and change could have a material adverse effect on our business, results of operations and/or financial condition.
In this type of litigation, the plaintiffs generally seek injunctive relief, treble damages or the maximum damages allowed by state law, costs of suit and attorneys’ fees, which may result in significant liabilities. An adverse outcome in any antitrust claim could be material and significantly impact our operations, financial condition, liquidity and business reputation.
In this type of litigation, the plaintiffs generally seek injunctive relief, treble damages or the maximum damages allowed by state law, costs of suit and attorneys’ fees, which may result in significant liabilities. An adverse outcome in any antitrust claim could be material and significantly impact our operations, financial condition, liquidity and/or business reputation.
Our inability to address these risks could cause us to fail to realize the anticipated benefits of such acquisitions or joint ventures and could have a material adverse effect on our business, results of operations and financial condition.
Our inability to address these risks could cause us to fail to realize the anticipated benefits of such acquisitions or joint ventures and could have a material adverse effect on our business, results of operations and/or financial condition.
Additionally, our competitors or other third parties may obtain patents that restrict or preclude our ability to lawfully produce or sell our products in a competitive manner, which could have a material adverse effect on our business, results of operations, financial condition and liquidity.
Additionally, our competitors or other third parties may obtain patents that restrict or preclude our ability to lawfully produce or sell our products in a competitive manner, which could have a material adverse effect on our business, results of operations, financial condition and/or liquidity.
Accordingly, any conflict, military action or terrorist attack that impacts us or any of our suppliers or customers, could have a material adverse effect on our business, results of operations, financial condition and liquidity. Furthermore, instability and turmoil, particularly in energy-producing nations, may result in raw material cost increases.
Accordingly, any conflict, military action or terrorist attack that impacts us or any of our suppliers or customers, could have a material adverse effect on our business, results of operations, financial condition and/or liquidity. Furthermore, instability and turmoil, particularly in energy-producing nations, may result in raw material cost increases.
For example, TSCA reform legislation was enacted in June 2016, and the EPA has begun the process of issuing new chemical control regulations.
For example, TSCA reform legislation was enacted in June 2016, and EPA has begun the process of issuing new chemical control regulations.
In April 2020, EPA finalized revisions to its Chemical Data Reporting rule under TSCA, which changes reporting requirements. The EPA has also released its framework for approving new chemicals and new uses of existing chemicals. Under the framework, a new chemical or use presents an unreasonable risk if it exceeds established standards.
In April 2020, EPA finalized revisions to its Chemical Data Reporting rule under TSCA, which changes reporting requirements. EPA has also released its framework for approving new chemicals and new uses of existing chemicals. Under the framework, a new chemical or use presents an unreasonable risk if it exceeds established standards.
Such transactions could negatively affect our liquidity. We may fail to meet our publicly announced guidance or other expectations about our business, which could cause our stock price to have unanticipated movements. We provide from time to time guidance regarding our expected financial performance.
Such transactions could negatively affect our liquidity. We may fail to meet our publicly announced guidance or other expectations about our business, which could cause our stock price to have unanticipated movements. From time to time, we provide guidance regarding our expected financial performance.
Any cost increase that we are not able to pass on to our customers could have a material adverse effect on our business, results of operations, financial condition and liquidity. In general, the feedstocks and other raw materials we consume are organic chemical commodity products that are readily available at market prices.
Any cost increase that we are not able to pass on to our customers could have a material adverse effect on our business, results of operations, financial condition and/or liquidity. In general, the feedstocks and other raw materials we consume are organic chemical commodity products that are readily available at market prices.
If we were to incur a significant liability for which we were not fully insured, it could have a material adverse effect on our business, results of operations, financial condition and liquidity. In addition, we are subject to various claims and litigation in the ordinary course of business. We are a party to various pending lawsuits and proceedings.
If we were to incur a significant liability for which we were not fully insured, it could have a material adverse effect on our business, results of operations, financial condition and/or liquidity. In addition, we are subject to various claims and litigation in the ordinary course of business. We are a party to various pending lawsuits and proceedings.
Furthermore, certain foreign jurisdictions may take actions to delay our ability to collect value-added tax refunds. Significant price volatility or interruptions in supply of our raw materials and energy may result in increased costs that we may be unable to pass on to our customers, which could reduce our profitability.
Furthermore, certain foreign jurisdictions may take actions to delay our ability to collect value-added tax refunds. 14 Significant price volatility or interruptions in supply of our raw materials and energy may result in increased costs that we may be unable to pass on to our customers, which could reduce our profitability.
The cyclicality and volatility of our industry results in significant fluctuations in profits and cash flow from period to period and over the business cycle. Our results of operations may be adversely affected by international business risks, including fluctuations in currency exchange rates, legal restrictions and taxes.
The cyclicality and volatility of our industry results in significant fluctuations in profits and cash flow from period to period and over the business cycle. Our results of operations may be adversely affected by international business risks, including fluctuations in currency exchange rates, legal restrictions and/or taxes.
In addition, most scientists have concluded that increasing concentrations of GHGs in the Earth’s atmosphere may produce climate changes, such as increased frequency and severity of storms, droughts, floods and other climatic events. If any such effects were to occur in areas where we or our clients operate, they could have an adverse effect on our assets and operations.
Finally, most scientists have concluded that increasing concentrations of GHGs in the Earth’s atmosphere may produce climate changes, such as increased frequency and severity of storms, droughts, floods and other climatic events. If any such effects were to occur in areas where we or our clients operate, they could have an adverse effect on our assets and operations.
If our guidance varies from actual results, the market value of our common stock could have unanticipated movements.
If our guidance varies from actual results, the market value of our common stock could have unanticipated movements. 19
Furthermore, some potential climate-driven losses, particularly inundation due to sea-level rise, may pose long-term risks to our physical facilities such that operations cannot be restored in their current locations. 13 Table of Contents The markets for many of our products are cyclical and volatile, and we may experience depressed market conditions for such products.
Furthermore, some potential climate-driven losses, particularly inundation due to sea-level rise, may pose long-term risks to our physical facilities such that operations cannot be restored in their current locations. The markets for many of our products are cyclical and volatile, and we may experience depressed market conditions for such products.
For example, a number of governments have proposed or instituted regulations attempting to increase the security of chemical plants and the transportation of hazardous chemicals, and in certain regions, putting pressure on manufacturing industries, which could result in higher operating costs and could have a material adverse effect on our financial condition and liquidity. 17 Table of Contents Our pension and postretirement benefit plan obligations are currently underfunded, and under certain circumstances we may have to significantly increase the level of cash funding to some or all of these plans, which would reduce the cash available for our business.
For example, a number of governments have proposed or instituted regulations attempting to increase the security of chemical plants and the transportation of hazardous chemicals, and in certain regions, putting pressure on manufacturing industries, which could result in higher operating costs and could have a material adverse effect on our financial condition and liquidity. 17 Table of Contents Our pension and postretirement benefit plan obligations have historically been underfunded, and, under certain circumstances, we may have to increase the level of cash funding to some or all of these plans, which would reduce the cash available for our business.
We continuously evaluate opportunities for growth and change. These initiatives may involve making acquisitions, entering into partnerships and joint ventures, divesting assets, restructuring our existing operations and assets, creating new financial structures and building new facilities—any of which could require a significant investment and subject us to new kinds of risks. We may incur additional indebtedness to finance these opportunities.
These initiatives may involve making acquisitions, entering into partnerships and joint ventures, divesting assets, restructuring our existing operations and assets, creating new financial structures and building new facilities—any of which could require a significant investment and subject us to new kinds of risks. We may incur additional indebtedness to finance these opportunities.
Certain of our businesses use technology that is widely available. Accordingly, barriers to entry, apart from capital availability, may be low in certain product segments of our business. The entrance of new competitors into any of our businesses may reduce our ability to maintain margins or capture improving margins in circumstances where capacity utilization in the industry is increasing.
Accordingly, barriers to entry, apart from capital availability, may be low in certain product segments of our business. The entrance of new competitors into any of our businesses may reduce our ability to maintain margins or capture improving margins in circumstances where capacity utilization in the industry is increasing.
For example, in the U.K. and Germany semi-public pension protection programs have the authority in certain circumstances to assume responsibility for underfunded pension schemes, including the right to recover the amount of the underfunding from us.
For example, in the United Kingdom (“U.K.”) and Germany semi-public pension protection programs have the authority in certain circumstances to assume responsibility for underfunded pension schemes, including the right to recover the amount of the underfunding from us.
We transact business in many foreign currencies, including euros, Swiss francs, Chinese renminbi, Indian rupees, Brazilian reals and Thai bahts. We translate our local currency financial results into U.S. dollars based on average exchange rates prevailing during the reporting period or the exchange rate at the end of that period.
We transact business in many foreign currencies, including euros, Swiss francs, Chinese renminbi, Indian rupees, Saudi riyals and Turkish liras. We translate our local currency financial results into U.S. dollars based on average exchange rates prevailing during the reporting period or the exchange rate at the end of that period.
Our ability to effectively manage our business depends on the security, reliability and capacity of these systems. Our technology systems or the technology systems of third parties on which we rely, are vulnerable to disruption from circumstances beyond our control including fire, natural disasters, power outages, system failures, security breaches, espionage, viruses, theft and inadvertent release of information.
Our technology systems or the technology systems of third parties on which we rely, are vulnerable to disruption from circumstances beyond our control including fire, natural disasters, power outages, system failures, security breaches, espionage, viruses, theft and inadvertent release of information.
The industries in which we compete are highly competitive, and we may not be able to compete effectively with our competitors that have greater financial resources, which could have a material adverse effect on our business, results of operations and financial condition. The industries in which we operate are highly competitive.
The industries in which we compete are highly competitive, and we may not be able to compete effectively with our competitors, including those that have greater financial resources and sovereign and other state-owned or affiliated entities, which could have a material adverse effect on our business, results of operations and financial condition.
We have unfunded and underfunded obligations under some of our domestic and foreign pension and postretirement benefit plans. The funded status of our pension plans is dependent upon many factors, including returns on invested assets, the level of certain market interest rates and the discount rates used to determine pension obligations.
The funded status of our pension plans is dependent upon many factors, including returns on invested assets, the level of certain market interest rates and the discount rates used to determine pension obligations.
In addition, we rely on a number of vendors, suppliers, and in some cases sole-source suppliers, service providers, toll manufacturers and collaborations with other industry participants to provide us with chemicals, feedstocks and other raw materials, along with energy sources and, in certain cases, facilities that we need to operate our business.
Any significant production disruption could have a material impact on our operations, operating results and financial condition. 13 Table of Contents In addition, we rely on a number of vendors, suppliers, and in some cases sole-source suppliers, service providers, toll manufacturers and collaborations with other industry participants to provide us with chemicals, feedstocks and other raw materials, along with energy sources and, in certain cases, facilities that we need to operate our business.
Among our competitors are some of the world’s largest chemical companies. Changes in the competitive landscape could make it difficult for us to retain our competitive position in various products and markets throughout the world. Some of the companies with whom we compete may be able to produce products more economically than we can.
The industries in which we operate are highly competitive. Among our competitors are some of the world’s largest chemical companies. Changes in the competitive landscape could make it difficult for us to retain our competitive position in various products and markets throughout the world.
Unplanned production disruptions may occur for external reasons including natural disasters, weather, disease, strikes, transportation interruption, government regulation, political unrest or terrorism, or internal reasons, such as fire, unplanned maintenance or other manufacturing problems. Any significant production disruption could have a material impact on our operations, operating results and financial condition.
Unplanned production disruptions may occur for external reasons including natural disasters, weather, disease, strikes, transportation interruption, government regulation, political unrest or terrorism, or internal reasons, such as fire, unplanned maintenance or other manufacturing problems.
Furthermore, some of our competitors have greater financial resources, which may enable them to invest significant capital into their businesses, including expenditures for research and development.
Some of the companies with whom we compete may be able to produce products more economically than we can. Furthermore, some of our competitors have greater financial resources, which may enable them to invest significant capital into their businesses, including expenditures for research and development.
RISKS RELATED TO OUR BUSINESS AND OPERATIONS Our industry is affected by global economic factors, including risks associated with volatile economic conditions, and the economic environment, inflation, elevated interest rates, recessions or prolonged periods of slow economic growth and global instability have had, and may continue to have, significant effects on our customers and suppliers and have had, and may in the future continue to have, a material adverse effect on our business, operating results, financial condition and stock price.
Prolonged periods of slow economic growth and global instability have had, and may continue to have, significant effects on our customers and suppliers and have had, and may in the future continue to have, a material adverse effect on our business, operating results, financial condition and/or stock price.
Manufacturing facilities in our industry are subject to planned and unplanned production shutdowns, turnarounds, outages and other disruptions. Any serious disruption at any of our facilities could impair our ability to use our facilities and have a material adverse impact on our revenues and increase our costs and expenses.
Any serious disruption at any of our facilities could impair our ability to use our facilities and have a material adverse impact on our revenues and increase our costs and expenses.
In addition, we may fail to fully achieve the savings or growth projected for current or future initiatives notwithstanding the expenditure of substantial resources in pursuit thereof.
In addition, we may fail to fully achieve the savings or growth projected for current or future initiatives notwithstanding the expenditure of substantial resources in pursuit thereof. 15 We are subject to risks relating to our information technology systems, and any technology disruption or cyberattack could negatively affect our operations.
We may not always be able to increase our selling prices to offset the impact of any higher production costs or reduced production levels, which could reduce our earnings and decrease our liquidity. 14 Table of Contents Our efforts to grow and transform our businesses may require significant investments; if our strategies are unsuccessful, our business, results of operations and/or financial condition may be materially adversely affected.
We may not always be able to increase our selling prices to offset the impact of any higher production costs or reduced production levels, which could reduce our earnings and decrease our liquidity.
We can give no assurances as to the timing, extent or duration of the current or future economic cycles impacting the industries in which we operate. Disruptions in production at our manufacturing facilities may have a material adverse impact on our business, results of operations and/or financial condition.
We can give no assurances as to the timing, extent or duration of the current or future economic cycles impacting the industries in which we operate.
ITEM 1A. RISK FACTORS Any of the following risks could materially and adversely affect our business, results of operations, financial condition and liquidity.
ITEM 1A. RISK FACTORS Any of the following risks could materially and adversely affect our business, results of operations, financial condition and liquidity. RISKS RELATED TO OUR BUSINESS AND OPERATIONS Our industry is affected by global economic factors, including risks associated with volatile economic conditions, and the economic environment, inflation, elevated interest rates and recessions.
We are subject to risks relating to our information technology systems, and any technology disruption or cyberattack could negatively affect our operations. We rely on information technology systems across our operations, including for management, supply chain and financial information and various other processes and transactions.
We rely on information technology systems across our operations, including for management, supply chain and financial information and various other processes and transactions. Our ability to effectively manage our business depends on the security, reliability and capacity of these systems.
These various regulations and agreements also may result in increased costs to purchase energy, additional capital costs for installation or modification of associated equipment, and additional costs associated directly with such emissions (such as cap and trade systems or carbon taxes), which are primarily related to energy use.
Additionally, they could result in higher energy costs, additional capital expenditures for equipment installation or modification, and costs directly associated with emissions, such as cap and trade systems or carbon taxes. Efforts to address other environmental risks, including emissions of different substances, could have similar effects.
These rules and agreements may affect the long-term price and supply of electricity and natural gas and demand for products that contribute to energy efficiency and renewable energy.
If implemented, we anticipate that these regulations may result in material changes to Huntsman. Regardless of the outcome of ongoing regulatory actions or legal challenges, regulations, international agreements and initiatives aimed at reducing GHG emissions could affect the long-term price and supply of electricity and natural gas, and also drive greater demand for energy efficient products and renewable energy.
Our operations are increasingly subject to regulations that seek to reduce emissions of GHGs, such as carbon dioxide, methane and ethylene oxide, among others, which may be contributing to changes in the Earth’s climate or potentially impacting health and welfare. There are existing efforts to address such emissions at the international, national, and regional levels.
Our operations are increasingly subject to regulations aimed at reducing GHG emissions, including CO2, methane, and ethylene oxide. Efforts to address these emissions are underway at the international, national, and regional levels.
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For example, the Paris Agreement, which entered into force in November 2016, resulted in voluntary commitments by numerous countries to reduce their GHG emissions. The U.S. rejoined the Paris Agreement on February 19, 2021. In addition, in September 2021, U.S.
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In addition, certain of our competitors in various countries in which we do business, including China, may be sovereign and other state-owned or affiliated entities.
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President Biden publicly announced the Global Methane Pledge, a pact that aims to reduce global methane emissions at least 30% below 2020 levels by 2030. Since its formal launch at the United Nations Climate Change Conference (COP26), over 100 countries have joined the Global Methane Pledge.
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Disruptions in production at our manufacturing facilities may have a material adverse impact on our business, results of operations and/or financial condition. Manufacturing facilities in our industry are subject to planned and unplanned production shutdowns, turnarounds, outages and other disruptions.
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The EU also regulates GHGs under the EU ETS and China has established its own nationwide GHG cap and trade program. In the U.S., the Biden Administration has proposed new rules to address power plant GHG emissions pursuant to the CAA.
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Our efforts to grow and transform our businesses may require significant investments; if our strategies are unsuccessful, our business, results of operations and/or financial condition may be materially adversely affected. We continuously evaluate opportunities for growth and change.
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These rules, if adopted, would impose stringent performance standards on new power plants fueled by natural gas and strict limits on GHG emissions from existing fossil fuel-fired generators, including those powered by natural gas, coal, and oil. Unless and until this proposal is finalized, however, the final scope of any U.S. regulation of GHG emissions will be uncertain.
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While our pension and postretirement benefit plan obligations are currently adequately funded, we have historically experienced unfunded and underfunded obligations under some of our domestic and foreign pension and postretirement benefit plans.
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Likewise, there are efforts aimed at curbing other risks associated with emissions or exposures to other substances, which could have similar impacts. Compliance with these regulations and any more stringent restrictions in the future may increase our operational costs.
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In the U.S., on April 25, 2024, the Biden Administration and EPA issued a final rule under Section 111 of the Clean Air Act (“CAA”) to regulate CO2 and other GHG emissions from fossil-fueled electric generating units.
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The final rule (i) establishes emission guidelines for states to set CO2 performance standards for existing coal-fired generating and other fossil-fueled steam generating units; and (ii) revise the new source performance standards for CO2 emissions for new and reconstructed stationary combustion turbines. Several industry groups, electric generators, and states have challenged the final rule.
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In addition, on April 9, 2024, EPA updated the Hazardous Organic National Emission Standards for Hazardous Air Pollutants under the CAA, also known as the HON rule, imposing more stringent emissions regulations and additional air monitoring requirements for approximately 200 chemical plants across the U.S. Huntsman, along with several industry groups and states, has challenged the final rule.
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Compliance with these regulations, or with potentially more stringent restrictions in the future, may increase our operational costs. Additionally, the capital improvements required to meet environmental standards often involve developing and installing new technologies within existing plant operations.
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There is a risk that these technologies may not perform as expected, leading to potential delays in project timelines and affecting our ability to comply with regulatory requirements on schedule.

Item 2. Properties

Properties — owned and leased real estate

4 edited+0 added−0 removed6 unchanged
Biggest changeAdvanced Materials Formulating and Synthesis Facility McIntosh, Alabama Advanced Materials Formulating and Synthesis Facility Monthey, Switzerland Advanced Materials Formulating and Synthesis Facility Panyu, China (6) Advanced Materials Formulating and Synthesis Facility Rock Hill, South Carolina Advanced Materials Formulating and Synthesis Facility Bad Saeckingen, Germany Advanced Materials Formulating Facility East Lansing, Michigan Advanced Materials Formulating Facility Harrison City, Pennsylvania Advanced Materials Formulating Facility Los Angeles, California Advanced Materials Formulating Facility Taboão da Serra, Brazil Advanced Materials Formulating Facility Akron, Ohio Advanced Materials Synthesis Facility Bergkamen, Germany Advanced Materials Synthesis Facility Pamplona, Spain Advanced Materials Synthesis Facility Merrimack, New Hampshire (1) Advanced Materials Research Facility Basel, Switzerland (1) Advanced Materials Advanced Materials Regional Headquarters and Technology Center (1) Leased land and/or building.
Biggest changeAdvanced Materials Formulating and Synthesis Facility McIntosh, Alabama Advanced Materials Formulating and Synthesis Facility Monthey, Switzerland Advanced Materials Formulating and Synthesis Facility Panyu, China (6) Advanced Materials Formulating and Synthesis Facility Rock Hill, South Carolina Advanced Materials Formulating and Synthesis Facility Bad Saeckingen, Germany Advanced Materials Formulating Facility East Lansing, Michigan Advanced Materials Formulating Facility Los Angeles, California Advanced Materials Formulating Facility Taboão da Serra, Brazil Advanced Materials Formulating Facility Akron, Ohio Advanced Materials Synthesis Facility Bergkamen, Germany Advanced Materials Synthesis Facility Pamplona, Spain Advanced Materials Synthesis Facility Merrimack, New Hampshire (1) Advanced Materials Research Facility Basel, Switzerland (1) Advanced Materials Technology Center (1) Leased land and/or building.
Polyurethanes Aniline and Nitrobenzene Manufacturing Facilities Rotterdam, The Netherlands (1) Polyurethanes MDI Manufacturing Facility, Polyols Manufacturing Facilities, Polyurethane Systems House and Shared Services Center Geismar, Louisiana (4) Polyurethanes and Performance Products MDI, Nitrobenzene (5) , Aniline (5) , Polyols and Maleic Anhydride Manufacturing Facilities, Polyurethane Systems House Frankfurt, Germany (1) Polyurethanes, Performance Products and Advanced Materials Polyurethanes, Performance Products and Advanced Materials Regional Headquarters Tienen, Belgium (1) Polyurethanes and Performance Products Global Technology Center Shanghai, China (1) Polyurethanes, Performance Products and Advanced Materials Polyurethanes, Performance Products and Advanced Materials Regional Headquarters, Global Technology Center, Shared Services Center and Polyurethane Systems House Conroe, Texas Performance Products Amines Manufacturing Facility Freeport, Texas (1) Performance Products Amines Manufacturing Facility Jubail, Saudi Arabia (5) Performance Products Amines Manufacturing Facility Jurong Island, Singapore (1) Performance Products Amines Manufacturing Facility Llanelli, U.K.
Polyurethanes Aniline and Nitrobenzene Manufacturing Facilities Rotterdam, The Netherlands (1) Polyurethanes MDI Manufacturing Facility, Polyols Manufacturing Facilities, Polyurethane Systems House and Shared Services Center Geismar, Louisiana (4) Polyurethanes and Performance Products MDI, Nitrobenzene (4) , Aniline (4) , Polyols and Maleic Anhydride Manufacturing Facilities, Polyurethane Systems House Frankfurt, Germany (1) Polyurethanes, Performance Products and Advanced Materials Polyurethanes, Performance Products and Advanced Materials Regional Headquarters Tienen, Belgium (1) Polyurethanes and Performance Products Global Technology Center Shanghai, China (1) Polyurethanes, Performance Products and Advanced Materials Polyurethanes, Performance Products and Advanced Materials Regional Headquarters, Global Technology Center, Shared Services Center and Polyurethane Systems House Conroe, Texas Performance Products Amines Manufacturing Facility Freeport, Texas (1) Performance Products Amines Manufacturing Facility Jubail, Saudi Arabia (5) Performance Products Amines Manufacturing Facility Jurong Island, Singapore (1) Performance Products Amines Manufacturing Facility Llanelli, U.K.
Location Business segment Description of facility The Woodlands, Texas (1) Various Executive Offices, Operating Headquarters, Global Technology Center and Shared Services Center Kraków, Poland (1) Various Global Business Services Center Kuala Lumpur, Malaysia (1) Various Global Business Services Center San Jose, Costa Rica (1) Various Global Business Services Center Mumbai, India (1) Various Technology Center, Administrative Offices, Labs and Shared Services Center Caojing, China Polyurethanes MDI Finishing Facilities Caojing, China Polyurethanes Precursor MDI Manufacturing Facility Auburn Hills, Michigan (1) Polyurethanes Polyurethane Research Facility Arlington, Texas Polyurethanes Polyurethane Systems House Azeglio, Italy Polyurethanes Polyurethane Systems House Boisbriand, Canada Polyurethanes Polyurethane Systems House Cartagena, Colombia Polyurethanes Polyurethane Systems House Castelfranco Emilia, Italy Polyurethanes Polyurethane Systems House Dammam, Saudi Arabia (2) Polyurethanes Polyurethane Systems House Deer Park, Australia (1) Polyurethanes Polyurethane Systems House Dubai, United Arab Emirates Polyurethanes Polyurethane Systems House Georgsmarienhütte, Germany Polyurethanes Polyurethane Systems House Istanbul, Turkey Polyurethanes Polyurethane Systems House King’s Lynn, U.K.
Location Business segment Description of facility The Woodlands, Texas (1) Various Executive Offices, Operating Headquarters, Global Technology Center and Shared Services Center Kraków, Poland (1) Various Global Business Services Center Kuala Lumpur, Malaysia (1) Various Global Business Services Center San Jose, Costa Rica (1) Various Global Business Services Center Mumbai, India (1) Various Administrative Offices, Labs and Shared Services Center Caojing, China Polyurethanes MDI Manufacturing Facility Auburn Hills, Michigan (1) Polyurethanes Polyurethane Research Facility Arlington, Texas Polyurethanes Polyurethane Systems House Azeglio, Italy Polyurethanes Polyurethane Systems House Boisbriand, Canada Polyurethanes Polyurethane Systems House Cartagena, Colombia Polyurethanes Polyurethane Systems House Castelfranco Emilia, Italy Polyurethanes Polyurethane Systems House Dammam, Saudi Arabia (2) Polyurethanes Polyurethane Systems House Deer Park, Australia (1) Polyurethanes Polyurethane Systems House Dubai, United Arab Emirates Polyurethanes Polyurethane Systems House Georgsmarienhütte, Germany Polyurethanes Polyurethane Systems House Istanbul, Turkey Polyurethanes Polyurethane Systems House King’s Lynn, U.K.
(2) 51%-owned consolidated manufacturing joint venture with Basic Chemicals Industries Ltd. (3) 49% interest in Nanjing Jinling Huntsman New Material Co., Ltd., our unconsolidated manufacturing joint venture with Sinopec.
(2) 51%-owned consolidated manufacturing joint venture with Basic Chemical Industries Ltd. (3) 49% interest in Nanjing Jinling Huntsman New Material Co., Ltd., our unconsolidated manufacturing joint venture with Sinopec.

Item 4. Mine Safety Disclosures

Mine Safety Disclosures — required of mining issuers

16 edited+2 added−1 removed12 unchanged
Biggest changeHirsch held numerous positions with International Textile Group, Ciba Specialty Chemicals and Milliken & Company. Scott J. Wright , age 52, is Division President, Advanced Materials. Mr. Wright was appointed to this position in June 2016. Prior to that time, Mr. Wright served as Vice President of Huntsman Advanced Materials—Europe, Middle East & Africa since 2011.
Biggest changeBuberl holds a master’s degree in international marketing and a master’s degree in business administration. Scott J. Wright , age 53, is Division President, Advanced Materials. Mr. Wright was appointed to this position in June 2016. Prior to that time, Mr. Wright served as Vice President of Huntsman Advanced Materials—Europe, Middle East & Africa since 2011.
Stryker started his legal career as a judicial clerk to the Honorable Robert H. Bork on the U.S. Court of Appeals for the D.C. Circuit. Anthony P. Hankins , age 66, is Division President, Polyurethanes and Chief Executive Officer, Asia Pacific. Mr. Hankins was appointed to these positions in March 2004 and February 2011, respectively.
Stryker started his legal career as a judicial clerk to the Honorable Robert H. Bork on the U.S. Court of Appeals for the D.C. Circuit. Anthony P. Hankins , age 67, is Division President, Polyurethanes and Chief Executive Officer, Asia Pacific. Mr. Hankins was appointed to these positions in March 2004 and February 2011, respectively.
Benko served in a variety of EHS roles with increasing responsibility at several companies including Anadarko Petroleum Corporation, Chesapeake Energy Corporation and BP. R. Wade Rogers , age 58, is Senior Vice President, Global Human Resources and Chief Compliance Officer. Mr. Rogers has held the position of Senior Vice President, Global Human Resources since August 2009.
Benko served in a variety of EHS roles with increasing responsibility at several companies including Anadarko Petroleum Corporation, Chesapeake Energy Corporation and BP. R. Wade Rogers , age 59, is Senior Vice President, Global Human Resources and Chief Compliance Officer. Mr. Rogers has held the position of Senior Vice President, Global Human Resources since August 2009.
Jorgensen served as an Internal Audit Manager at General Electric Consumer Finance and a Senior Audit Manager at Deloitte & Touche LLP. Mr. Jorgensen is a Certified Public Accountant. Twila Day , age 62, is Vice President and Chief Information Officer. Ms. Day was appointed to this position upon joining Huntsman in November 2018. Prior to joining Huntsman, Ms.
Jorgensen served as an Internal Audit Manager at General Electric Consumer Finance and a Senior Audit Manager at Deloitte & Touche LLP. Mr. Jorgensen is a Certified Public Accountant. Twila Day , age 63, is Vice President and Chief Information Officer. Ms. Day was appointed to this position upon joining Huntsman in November 2018. Prior to joining Huntsman, Ms.
Mei holds a master’s degree in business administration. Rachel Muir , age 50, is Vice President, Deputy General Counsel and Assistant Secretary. Ms. Muir was appointed to this position in May 2022. Ms. Muir joined Huntsman in 2007 and has held multiple positions of increasing responsibility in the legal department. Prior to joining Huntsman, Ms.
Mei holds a master’s degree in business administration. Rachel Muir , age 51, is Vice President, Deputy General Counsel and Assistant Secretary. Ms. Muir was appointed to this position in May 2022. Ms. Muir joined Huntsman in 2007 and has held multiple positions of increasing responsibility in the legal department. Prior to joining Huntsman, Ms.
Hardman , age 60, is Vice President, Tax. Mr. Hardman served as Chief Tax Officer from 1999 until he was appointed to his current position in 2002. Prior to joining Huntsman in 1999, Mr. Hardman was a tax Senior Manager with the accounting firm of Deloitte & Touche LLP, where he worked for 10 years. Mr.
Hardman , age 61, is Vice President, Tax. Mr. Hardman served as Chief Tax Officer from 1999 until he was appointed to his current position in 2002. Prior to joining Huntsman in 1999, Mr. Hardman was a tax Senior Manager with the accounting firm of Deloitte & Touche LLP, where he worked for 10 years. Mr.
Previously, he was Vice President, Equity Research, Building Products and Materials, for Northcoast Research. Mr. Marcuse is a CFA charterholder and holds a master’s degree in business administration. Claire Mei , age 49, is Vice President and Treasurer. Ms. Mei was appointed to this role upon joining Huntsman in August of 2018. Prior to joining Huntsman, Ms.
Previously, he was Vice President, Equity Research, Building Products and Materials, for Northcoast Research. Mr. Marcuse is a CFA charterholder and holds a master’s degree in business administration. Claire Mei , age 50, is Vice President and Treasurer. Ms. Mei was appointed to this role upon joining Huntsman in August of 2018. Prior to joining Huntsman, Ms.
Huntsman is a director or manager, as applicable, of Huntsman International and certain of our other subsidiaries. Phil Lister , age 51, is Executive Vice President and Chief Financial Officer. Mr. Lister was appointed to this position in July 2021. From May 2019 to June 2021, Mr. Lister served as Vice President, Corporate Development.
Huntsman is a director or manager, as applicable, of Huntsman International and certain of our other subsidiaries. Phil Lister , age 52, is Executive Vice President and Chief Financial Officer. Mr. Lister was appointed to this position in July 2021. From May 2019 to June 2021, Mr. Lister served as Vice President, Corporate Development.
Rogers served as Area Manager, Human Resources—Jefferson County Operations. Prior to joining Huntsman, Mr. Rogers held a variety of positions with Texaco Chemical Company. Steven C. Jorgensen , age 55, is Vice President and Controller. Prior to his appointment to this position in August 2021, Mr.
Rogers served as Area Manager, Human Resources—Jefferson County Operations. Prior to joining Huntsman, Mr. Rogers held a variety of positions with Texaco Chemical Company. Steven C. Jorgensen , age 56, is Vice President and Controller. Prior to his appointment to this position in August 2021, Mr.
Muir was an associate attorney at the law firm of Ballard Spahr LLP. Ms. Muir started her legal career at Gibson, Dunn & Crutcher LLP. Pierre Poukens , age 61, is Vice President, Internal Audit, a position he has held since February 2012. Mr.
Muir was an associate attorney at the law firm of Ballard Spahr LLP. Ms. Muir started her legal career at Gibson, Dunn & Crutcher LLP. Pierre Poukens , age 62, is Vice President, Internal Audit, a position he has held since February 2012. Mr.
ITEM 4. MINE SAFETY DISCLOSURES Not applicable. 22 Table of Contents INFORMATION ABOUT OUR EXECUTIVE OFFICERS The following is information concerning our executive officers and significant employees as of the date of this report. Peter R. Huntsman , age 60, is Chairman of the Board, President and Chief Executive Officer of our Company. Peter R.
ITEM 4. MINE SAFETY DISCLOSURES Not applicable. 22 Table of Contents INFORMATION ABOUT OUR EXECUTIVE OFFICERS The following is information concerning our executive officers and significant employees as of the date of this report. Peter R. Huntsman , age 61, is Chairman of the Board, President and Chief Executive Officer of our Company. Peter R.
Lister joined Huntsman in July 1999 with the ICI acquisition. Mr. Lister is a U.K. Chartered Management Accountant. David Stryker, age 65, is Executive Vice President, General Counsel and Secretary. Mr. Stryker was appointed to this position in June 2013. Prior to joining Huntsman, Mr.
Lister joined Huntsman in July 1999 with the ICI acquisition. Mr. Lister is a U.K. Chartered Management Accountant. David Stryker, age 66, is Executive Vice President, General Counsel and Secretary. Mr. Stryker was appointed to this position in June 2013. Prior to joining Huntsman, Mr.
Vaughn worked for the accounting firm of Deloitte & Touche LLP. Ms. Vaughn is a Certified Public Accountant. PART II
Vaughn worked for the accounting firm of Deloitte & Touche LLP. Ms. Vaughn is a Certified Public Accountant. 23 PART II
Brittany Benko , age 49, is Senior Vice President, Environmental, Health & Safety and Manufacturing Excellence and Corporate Sustainability Officer. Prior to joining Huntsman in August 2020, Ms. Benko served as Vice President, Health, Safety, Environment and Regulatory at Southwestern Energy Company. Previously, Ms.
Brittany Benko , age 50, is Senior Vice President, Environmental, Health & Safety and Manufacturing Excellence and Corporate Sustainability Officer. Prior to joining Huntsman in August 2020, Ms. Benko served as Vice President, Health, Safety, Environment and Regulatory at Southwestern Energy Company. Previously, Ms.
Hardman is a Certified Public Accountant and holds a master’s degree in tax accounting. 23 Table of Contents Ivan Marcuse , age 47, is Vice President, Investor Relations and Corporate Development. Prior to joining Huntsman in April 2017, Mr. Marcuse served as Director, Equity Research, Specialty Chemicals for KeyBanc Capital Markets Inc. from August 2011 to February 2017.
Hardman is a Certified Public Accountant and holds a master’s degree in tax accounting. Ivan Marcuse , age 48, is Vice President, Investor Relations and Corporate Development. Prior to joining Huntsman in April 2017, Mr. Marcuse served as Director, Equity Research, Specialty Chemicals for KeyBanc Capital Markets Inc. from August 2011 to February 2017.
Hankins worked for ICI from 1980 to February 1998, when he joined our Company. At ICI, Mr. Hankins held numerous management positions in the plastics, fibers and polyurethanes businesses. He has extensive international experience, having held senior management positions in Europe, Asia and the U.S. Chuck Hirsch , age 56, is Division President, Performance Products.
Hankins worked for ICI from 1980 to February 1998, when he joined our Company. At ICI, Mr. Hankins held numerous management positions in the plastics, fibers and polyurethanes businesses. He has extensive international experience, having held senior management positions in Europe, Asia and the U.S. Jan Buberl , age 49, is Division President, Performance Products. Mr.
Removed
Prior to his appointment to this position in July 2020, Mr. Hirsch served as Vice President–Commercial, Textile Effects based in Singapore since April 2014. Mr. Hirsch joined Huntsman in July 2009 and has served in multiple roles of increasing responsibility in the Textile Effects division. Prior to joining Huntsman, Mr.
Added
Buberl was appointed to this position in August 2024. Prior to that time, Mr. Buberl served as Vice President—Americas for our Polyurethanes segment and as a director of our Chinese PO/MTBE joint venture with Sinopec since January 2019. From June 2017 through December 2018, Mr.
Added
Buberl served as Vice President, Color Pigments at Venator Materials PLC, and from October 2014 to June 2017, he served as Vice President, Color Pigments of our former pigments and additives business. Prior to joining Huntsman in October 2014, Mr. Buberl spent eighteen years with BASF in various global roles. Mr.

Item 5. Market for Registrant's Common Equity

Market for Common Equity — stock, dividends, buybacks

9 edited+1 added−1 removed3 unchanged
Biggest changeSimilar to our prior share repurchase program, the share repurchase program will be supported by our free cash flow generation. Repurchases may be made in the open market, including through accelerated share repurchase programs, or in privately negotiated transactions, and repurchases may be commenced or suspended from time to time without prior notice.
Biggest changeRepurchases may be made in the open market, including through accelerated share repurchase programs, or in privately negotiated transactions, and repurchases may be commenced or suspended from time to time without prior notice. Shares of common stock acquired through the repurchase program are held in treasury at cost.
P urchases Of E quity S ecurities By The C ompany 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 December 31, 2023.
P urchases Of E quity S ecurities By The C ompany 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 December 31, 2024.
The 2023 Performance Peers consist of the following companies: Ashland Global Holdings Inc., BASF Corp, Celanese Corporation, Clariant AG, Covestro AG, Dow Inc., Eastman Chemical Company, Evonik, H.B. Fuller Company, Lanxess AG, Trinseo S.A. and Westlake Chemical Corp.
The 2024 Performance Peers consist of the following companies: Ashland Global Holdings Inc., BASF Corp, Celanese Corporation, Clariant AG, Covestro AG, Dow Inc., Eastman Chemical Company, Evonik, H.B. Fuller Company, Lanxess AG, Trinseo S.A. and Westlake Chemical Corp.
The comparison assumes $100 was invested on December 31, 2018 in our common stock as well as in the S&P 500 Index and the 2023 Performance Peers and assumes reinvestment of dividends, as applicable. The figures in the graph below are rounded to the nearest dollar. All data in the graph have been provided by S&P Global.
The comparison assumes $100 was invested on December 31, 2019 in our common stock as well as in the S&P 500 Index and the 2024 Performance Peers and assumes reinvestment of dividends, as applicable. The figures in the graph below are rounded to the nearest dollar. All data in the graph have been provided by S&P Global.
MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES M arket I nformation And H olders Our common stock is listed on the New York Stock Exchange under the symbol “HUN.” As of February 7, 2024, there were approximately 98 stockholders of record and the closing price of our common stock on the New York Stock Exchange was $23.92 per share.
MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES M arket I nformation And H olders Our common stock is listed on the New York Stock Exchange under the symbol “HUN.” As of February 4, 2025, there were approximately 100 stockholders of record and the closing price of our common stock on the New York Stock Exchange was $16.51 per share.
During the fourth quarter of 2023, we repurchased 2,073,497 shares of our common stock for approximately $50 million, including commissions, under this share repurchase program. 24 Table of Contents P erformance g raph The following performance graph compares the cumulative total return (including dividends) to the holders of our common stock from December 31, 2018 through December 31, 2023, with the cumulative total returns of (i) the S&P 500 Index and (ii) our 2023 performance peers, which consists of 12 chemical companies whose valuations are influenced by similar financial measures and against whom we compete for market share and investor capital (the “2023 Performance Peers”).
During the year ended December 31, 2024, we did not repurchase any shares of our common stock under this program. 24 Table of Contents P erformance g raph The following performance graph compares the cumulative total return (including dividends) to the holders of our common stock from December 31, 2019 through December 31, 2024, with the cumulative total returns of (i) the S&P 500 Index and (ii) our 2024 performance peers, which consists of 12 chemical companies whose valuations are influenced by similar financial measures and against whom we compete for market share and investor capital (the “2024 Performance Peers”).
The 2023 Performance Peers are used to evaluate our total stockholder return relative to them and pay performance share units based on our performance. More information about how the 2023 Performance Peers is used to pay performance share units will be disclosed in the definitive Proxy Statement for our 2024 Annual Meeting of Stockholders. 25 Table of Contents ITEM 6.
More information about how the 2024 Performance Peers is used to pay performance share units will be disclosed in the definitive Proxy Statement for our 2025 Annual Meeting of Stockholders (the “Proxy Statement”). 25 Table of Contents ITEM 6. RESERVED
(2) On October 26, 2021, our Board of Directors announced a new share repurchase program of $1 billion. In conjunction with the inception of this program, we retired our prior share repurchase program. On March 25, 2022, our Board of Directors increased the authorization of our existing share repurchase program from $1 billion of repurchases to $2 billion.
(2) On October 26, 2021, our Board of Directors announced a new share repurchase program of $1 billion. On March 25, 2022, our Board of Directors increased the authorization of our existing share repurchase program from $1 billion of repurchases to $2 billion. The share repurchase program is supported by our free cash flow generation.
Total number of Approximate shares purchased dollar value of Total number Average as part of publicly shares that may yet of shares price paid announced plans be purchased under purchased per share (1) or programs (2) the plans or programs (2) October 1 - October 31 1,006,124 $ 23.38 1,006,053 $ 574,000,000 November 1 - November 30 560,539 24.40 560,539 560,000,000 December 1 - December 31 506,978 25.26 506,905 547,000,000 Total 2,073,641 24.11 2,073,497 (1) Represents net purchase price per share, exclusive of any fees or commissions.
Total number of Approximate shares purchased dollar value of Total number Average as part of publicly shares that may yet of shares price paid announced plans be purchased under purchased per share (1) or programs (2) the plans or programs (2) October 1 - October 31 74 $ 22.45 — $ 547,000,000 November 1 - November 30 — — — 547,000,000 December 1 - December 31 73 19.88 — 547,000,000 Total 147 21.17 — (1) Represents net purchase price per share, exclusive of any fees or commissions.
Removed
Shares of common stock acquired through the repurchase program are held in treasury at cost.
Added
The 2024 Performance Peers are used to evaluate our total stockholder return relative to them and pay performance share units based on our performance.

Item 7. Management's Discussion & Analysis

Management's Discussion & Analysis (MD&A) — revenue / margin commentary

56 edited+17 added−14 removed37 unchanged
Biggest changeHuntsman Corporation December 31, Percent change 2023 2022 2021 2023 vs 2022 2022 vs 2021 Revenues $ 6,111 $ 8,023 $ 7,670 (24 )% 5 % Cost of goods sold 5,205 6,477 6,086 (20 )% 6 % Gross profit 906 1,546 1,584 (41 )% (2 )% Operating expenses 804 788 813 2 % (3 )% Restructuring, impairment and plant closing costs 18 86 40 (79 )% 115 % Operating income 84 672 731 (88 )% (8 )% Interest expense, net (65 ) (62 ) (67 ) 5 % (7 )% Equity in income of investment in unconsolidated affiliates 83 67 143 24 % (53 )% Fair value adjustments to Venator investment, net (5 ) (12 ) (28 ) (58 )% (57 )% Loss on early extinguishment of debt — — (27 ) — (100 )% (Costs) income associated with the Albemarle Settlement, net — (3 ) 465 (100 )% NM Other income, net 2 35 29 (94 )% 21 % Income from continuing operations before income taxes 99 697 1,246 (86 )% (44 )% Income tax expense (64 ) (186 ) (191 ) (66 )% (3 )% Income from continuing operations 35 511 1,055 (93 )% (52 )% Income from discontinued operations, net of tax 118 12 49 883 % (76 )% Net income 153 523 1,104 (71 )% (53 )% Reconciliation of net income to adjusted EBITDA: Net income attributable to noncontrolling interests (52 ) (63 ) (59 ) (17 )% 7 % Interest expense, net from continuing operations 65 62 67 5 % (7 )% Income tax expense from continuing operations 64 186 191 (66 )% (3 )% Income tax expense from discontinued operations 17 19 21 (11 )% (10 )% Depreciation and amortization of continuing operations 278 281 278 (1 )% 1 % Depreciation and amortization of discontinued operations — 12 18 (100 )% (33 )% Other adjustments: Business acquisition and integration expenses and purchase accounting inventory adjustments 4 12 22 EBITDA from discontinued operations (2) (135 ) (43 ) (88 ) Fair value adjustments to Venator investment, net 5 12 28 Loss on early extinguishment of debt — — 27 Certain legal and other settlements and related expenses 6 7 13 Costs (income) associated with the Albemarle Settlement, net — 3 (465 ) Gain on sale of businesses/assets — — (30 ) Income from transition services arrangements — (2 ) (8 ) Certain nonrecurring information technology project implementation costs 5 5 8 Amortization of pension and postretirement actuarial losses 37 49 74 Plant incident remediation credits — (4 ) — Restructuring, impairment and plant closing and transition costs (3) 25 96 45 Adjusted EBITDA (1) $ 472 $ 1,155 $ 1,246 (59 )% (7 )% Net cash provided by operating activities from continuing operations $ 251 $ 892 $ 915 (72 )% (3 )% Net cash provided by (used in) investing activities from continuing operations 309 (260 ) (508 ) NM (49 )% Net cash used in financing activities (620 ) (994 ) (977 ) (38 )% 2 % Capital expenditures from continuing operations (230 ) (272 ) (326 ) (15 )% (17 )% 26 Table of Contents Huntsman International December 31, Percent change 2023 2022 2021 2023 vs 2022 2022 vs 2021 Revenues $ 6,111 $ 8,023 $ 7,670 (24 )% 5 % Cost of goods sold 5,205 6,477 6,086 (20 )% 6 % Gross profit 906 1,546 1,584 (41 )% (2 )% Operating expenses 801 784 806 2 % (3 )% Restructuring, impairment and plant closing costs 18 86 40 (79 )% 115 % Operating income 87 676 738 (87 )% (8 )% Interest expense, net (65 ) (62 ) (67 ) 5 % (7 )% Equity in income of investment in unconsolidated affiliates 83 67 143 24 % (53 )% Fair value adjustments to Venator investment, net (5 ) (12 ) (28 ) (58 )% (57 )% Loss on early extinguishment of debt — — (27 ) — (100 )% (Costs) income associated with the Albemarle Settlement, net — (3 ) 465 (100 )% NM Other income, net 2 34 26 (94 )% 31 % Income from continuing operations before income taxes 102 700 1,250 (85 )% (44 )% Income tax expense (65 ) (188 ) (192 ) (65 )% (2 )% Income from continuing operations 37 512 1,058 (93 )% (52 )% Income from discontinued operations, net of tax 118 12 49 883 % (76 )% Net income 155 524 1,107 (70 )% (53 )% Reconciliation of net income to adjusted EBITDA: Net income attributable to noncontrolling interests (52 ) (63 ) (59 ) (17 )% 7 % Interest expense, net from continuing operations 65 62 67 5 % (7 )% Income tax expense from continuing operations 65 188 192 (65 )% (2 )% Income tax expense from discontinued operations 17 19 21 (11 )% (10 )% Depreciation and amortization of continuing operations 278 281 278 (1 )% 1 % Depreciation and amortization of discontinued operations — 12 18 (100 )% (33 )% Other adjustments: Business acquisition and integration expenses and purchase accounting inventory adjustments 4 12 22 EBITDA from discontinued operations (2) (135 ) (43 ) (88 ) Fair value adjustments to Venator investment, net 5 12 28 Loss on early extinguishment of debt — — 27 Certain legal and other settlements and related expenses 6 7 13 Costs (income) associated with the Albemarle Settlement, net — 3 (465 ) Gain on sale of businesses/assets — — (30 ) Income from transition services arrangements — (2 ) (8 ) Certain nonrecurring information technology project implementation costs 5 5 8 Amortization of pension and postretirement actuarial losses 37 49 76 Plant incident remediation credits — (4 ) — Restructuring, impairment and plant closing and transition costs (3) 25 96 45 Adjusted EBITDA (1) $ 475 $ 1,158 $ 1,252 (59 )% (8 )% Net cash provided by operating activities from continuing operations $ 253 $ 895 $ 918 (72 )% (3 )% Net cash used in investing activities from continuing operations (42 ) (1,277 ) (710 ) (97 )% 80 % Net cash (used in) provided by financing activities (271 ) 22 (778 ) NM NM Capital expenditures from continuing operations (230 ) (272 ) (326 ) (15 )% (17 )% 27 Table of Contents Huntsman Corporation Year ended Year ended Year ended December 31, 2023 December 31, 2022 December 31, 2021 Tax Tax Tax Gross and other (4) Net Gross and other (4) Net Gross and other (4) Net Reconciliation of net income to adjusted net income Net income $ 153 $ 523 $ 1,104 Net income attributable to noncontrolling interests (52 ) (63 ) (59 ) Business acquisition and integration expenses and purchase accounting inventory adjustments $ 4 $ (1 ) 3 $ 12 $ (2 ) 10 $ 22 $ (6 ) 16 Income from discontinued operations (2)(5) (135 ) 17 (118 ) (43 ) 31 (12 ) (88 ) 39 (49 ) Fair value adjustments to Venator investment, net 5 — 5 12 — 12 28 — 28 Loss on early extinguishment of debt — — — — — — 27 (6 ) 21 Certain legal and other settlements and related expenses 6 (1 ) 5 7 (2 ) 5 13 (3 ) 10 Costs (income) associated with the Albemarle Settlement, net — — — 3 (1 ) 2 (465 ) 55 (410 ) Gain on sale of businesses/assets — — — — — — (30 ) 3 (27 ) Income from transition services arrangements — — — (2 ) — (2 ) (8 ) 2 (6 ) Certain nonrecurring information technology project implementation costs 5 (1 ) 4 5 (1 ) 4 8 (2 ) 6 Amortization of pension and postretirement actuarial losses 37 (6 ) 31 49 (11 ) 38 74 (16 ) 58 Plant incident remediation credits — — — (4 ) 1 (3 ) — — — Establishment of significant deferred tax asset valuation allowance (6) — 14 14 — 49 49 — — — Restructuring, impairment and plant closing and transition costs (3) 25 (3 ) 22 96 (23 ) 73 45 (11 ) 34 Adjusted net income (1) $ 67 $ 636 $ 726 Weighted average shares-basic 177.4 201.0 219.2 Weighted average shares-diluted 177.4 203.0 221.4 Basic net income attributable to Huntsman Corporation per share: Income from continuing operations $ (0.10 ) $ 2.23 $ 4.55 Income from discontinued operations 0.67 0.06 0.22 Net income $ 0.57 $ 2.29 $ 4.77 Diluted net income attributable to Huntsman Corporation per share: Income from continuing operations $ (0.10 ) $ 2.21 $ 4.50 Income from discontinued operations 0.67 0.06 0.22 Net income $ 0.57 $ 2.27 $ 4.72 Other non-GAAP measures: Diluted adjusted net income per share (1) $ 0.37 $ 3.13 $ 3.28 Net cash provided by operating activities from continuing operations $ 251 $ 892 $ 915 Capital expenditures from continuing operations (230 ) (272 ) (326 ) Free cash flow from continuing operations (1) $ 21 $ 620 $ 589 Effective tax rate 65 % 27 % 15 % Impact of non-GAAP adjustments (7) (31 )% (7 )% 3 % Adjusted effective tax rate (1) 34 % 20 % 18 % NM—Not meaningful (1) See “—Non-GAAP Financial Measures.” (2) Includes the gain on the sale of our Textile Effects Business in 2023.
Biggest changeHuntsman Corporation December 31, Percent change 2024 2023 2022 2024 vs 2023 2023 vs 2022 Revenues $ 6,036 $ 6,111 $ 8,023 (1 )% (24 )% Cost of goods sold 5,170 5,205 6,477 (1 )% (20 )% Gross profit 866 906 1,546 (4 )% (41 )% Operating expenses 793 804 788 (1 )% 2 % Restructuring, impairment and plant closing costs 39 18 86 117 % (79 )% Gain on acquisition of assets, net (51 ) — — NM — Prepaid asset write-off 71 — — NM — Loss on dissolution of subsidiaries (4) 39 — — NM — Operating (loss) income (25 ) 84 672 NM (88 )% Interest expense, net (79 ) (65 ) (62 ) 22 % 5 % Equity in income of investment in unconsolidated affiliates 44 83 67 (47 )% 24 % Other income (expense), net 21 (3 ) 20 NM NM (Loss) income from continuing operations before income taxes (39 ) 99 697 NM (86 )% Income tax expense (61 ) (64 ) (186 ) (5 )% (66 )% (Loss) income from continuing operations (100 ) 35 511 NM (93 )% (Loss) income from discontinued operations, net of tax (27 ) 118 12 NM 883 % Net (loss) income (127 ) 153 523 NM (71 )% Reconciliation of net (loss) income to adjusted EBITDA (1) : Net income attributable to noncontrolling interests (62 ) (52 ) (63 ) 19 % (17 )% Interest expense, net from continuing operations 79 65 62 22 % 5 % Income tax expense from continuing operations 61 64 186 (5 )% (66 )% Income tax (benefit) expense from discontinued operations (11 ) 17 19 NM (11 )% Depreciation and amortization of continuing operations 289 278 281 4 % (1 )% Depreciation and amortization of discontinued operations — — 12 — (100 )% Other adjustments: Business acquisition and integration expenses and purchase accounting inventory adjustments, net 21 4 12 EBITDA from discontinued operations (2) 38 (135 ) (43 ) Fair value adjustments to Venator investment, net and other tax matter adjustments (12 ) 5 12 Certain legal and other settlements and related expenses (3) 13 6 7 Costs associated with the Albemarle Settlement, net — — 3 Loss on sale of business/assets 1 — — Loss on dissolution of subsidiaries (4) 39 — — Income from transition services arrangements — — (2 ) Certain nonrecurring information technology project implementation costs — 5 5 Amortization of pension and postretirement actuarial losses 39 37 49 Plant incident remediation credits — — (4 ) Restructuring, impairment and plant closing and transition costs (5) 46 25 96 Adjusted EBITDA (1) $ 414 $ 472 $ 1,155 (12 )% (59 )% Net cash provided by operating activities from continuing operations $ 285 $ 251 $ 892 14 % (72 )% Net cash (used in) provided by investing activities from continuing operations (126 ) 309 (260 ) NM NM Net cash used in financing activities (326 ) (620 ) (994 ) (47 )% (38 )% Capital expenditures from continuing operations (184 ) (230 ) (272 ) (20 )% (15 )% Amounts attributable to Huntsman Corporation: (Loss) income from continuing operations $ (162 ) $ (17 ) $ 448 (Loss) income from discontinued operations, net of tax (27 ) 118 12 Net (loss) income $ (189 ) $ 101 $ 460 26 Table of Contents Huntsman International December 31, Percent change 2024 2023 2022 2024 vs 2023 2023 vs 2022 Revenues $ 6,036 $ 6,111 $ 8,023 (1 )% (24 )% Cost of goods sold 5,170 5,205 6,477 (1 )% (20 )% Gross profit 866 906 1,546 (4 )% (41 )% Operating expenses 790 801 784 (1 )% 2 % Restructuring, impairment and plant closing costs 39 18 86 117 % (79 )% Gain on acquisition of assets, net (51 ) — — NM — Prepaid asset write-off 71 — — NM — Loss on dissolution of subsidiaries (4) 39 — — NM — Operating (loss) income (22 ) 87 676 NM (87 )% Interest expense, net (79 ) (65 ) (62 ) 22 % 5 % Equity in income of investment in unconsolidated affiliates 44 83 67 (47 )% 24 % Other income (expense), net 21 (3 ) 19 NM NM (Loss) income from continuing operations before income taxes (36 ) 102 700 NM (85 )% Income tax expense (62 ) (65 ) (188 ) (5 )% (65 )% (Loss) income from continuing operations (98 ) 37 512 NM (93 )% (Loss) income from discontinued operations, net of tax (27 ) 118 12 NM 883 % Net (loss) income (125 ) 155 524 NM (70 )% Reconciliation of net (loss) income to adjusted EBITDA (1) : Net income attributable to noncontrolling interests (62 ) (52 ) (63 ) 19 % (17 )% Interest expense, net from continuing operations 79 65 62 22 % 5 % Income tax expense from continuing operations 62 65 188 (5 )% (65 )% Income tax (benefit) expense from discontinued operations (11 ) 17 19 NM (11 )% Depreciation and amortization of continuing operations 289 278 281 4 % (1 )% Depreciation and amortization of discontinued operations — — 12 — (100 )% Other adjustments: Business acquisition and integration expenses and purchase accounting inventory adjustments, net 21 4 12 EBITDA from discontinued operations (2) 38 (135 ) (43 ) Fair value adjustments to Venator investment, net and other tax matter adjustments (12 ) 5 12 Certain legal and other settlements and related expenses (3) 13 6 7 Costs associated with the Albemarle Settlement, net — — 3 Loss on sale of business/assets 1 — — Loss on dissolution of subsidiaries (4) 39 — — Income from transition services arrangements — — (2 ) Certain nonrecurring information technology project implementation costs — 5 5 Amortization of pension and postretirement actuarial losses 39 37 49 Plant incident remediation credits — — (4 ) Restructuring, impairment and plant closing and transition costs (5) 46 25 96 Adjusted EBITDA (1) $ 417 $ 475 $ 1,158 (12 )% (59 )% Net cash provided by operating activities from continuing operations $ 285 $ 253 $ 895 13 % (72 )% Net cash used in investing activities from continuing operations (138 ) (42 ) (1,277 ) 229 % (97 )% Net cash (used in) provided by financing activities (314 ) (271 ) 22 16 % NM Capital expenditures from continuing operations (184 ) (230 ) (272 ) (20 )% (15 )% Amounts attributable to Huntsman International: (Loss) income from continuing operations $ (160 ) $ (15 ) $ 449 (Loss) income from discontinued operations, net of tax (27 ) 118 12 Net (loss) income $ (187 ) $ 103 $ 461 27 Table of Contents Huntsman Corporation Year ended Year ended Year ended December 31, 2024 December 31, 2023 December 31, 2022 Tax Tax Tax Gross and other (6) Net Gross and other (6) Net Gross and other (6) Net Reconciliation of net (loss) income to adjusted net (loss) income (1) : Net (loss) income $ (127 ) $ 153 $ 523 Net income attributable to noncontrolling interests (62 ) (52 ) (63 ) Business acquisition and integration expenses and purchase accounting inventory adjustments, net $ 21 $ (17 ) 4 $ 4 $ (1 ) 3 $ 12 $ (2 ) 10 Loss (income) from discontinued operations (2) 38 (11 ) 27 (135 ) 17 (118 ) (43 ) 31 (12 ) Fair value adjustments to Venator investment, net and other tax matter adjustments (12 ) 3 (9 ) 5 — 5 12 — 12 Certain legal and other settlements and related expenses (3) 13 (3 ) 10 6 (1 ) 5 7 (2 ) 5 Costs associated with the Albemarle Settlement, net — — — — — — 3 (1 ) 2 Loss on sale of business/assets 1 — 1 — — — — — — Loss on dissolution of subsidiaries (4) 39 — 39 — — — — — — Income from transition services arrangements — — — — — — (2 ) — (2 ) Certain nonrecurring information technology project implementation costs — — — 5 (1 ) 4 5 (1 ) 4 Amortization of pension and postretirement actuarial losses 39 (3 ) 36 37 (6 ) 31 49 (11 ) 38 Plant incident remediation credits — — — — — — (4 ) 1 (3 ) Establishment of significant deferred tax asset valuation allowances (7) — 23 23 — 14 14 — 49 49 Income tax settlement related to U.S.
ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS R eSULTS OF O PERATIONS As discussed in “Note 4. Discontinued Operations and Business Dispositions—Discontinued Operations—Sale of Textile Effects Business” to our consolidated financial statements, the results from continuing operations primarily exclude the results of our Textile Effects Business for all periods presented.
ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS R eSULTS OF O PERATIONS As discussed in “Note 4. Discontinued Operations—Sale of Textile Effects Business” to our consolidated financial statements, the results from continuing operations primarily exclude the results of our Textile Effects Business for all periods presented.
We also sponsor unfunded postretirement plans which provide medical and, in some cases, life insurance benefits covering certain employees in the U.S. and Canada. Amounts recorded in our consolidated financial statements are recorded based upon actuarial valuations performed by various independent actuaries.
We also sponsor unfunded postretirement plans which provide medical and, in some cases, life insurance benefits covering certain employees in the U.S. Amounts recorded in our consolidated financial statements are recorded based upon actuarial valuations performed by various independent actuaries.
Discontinued Operations and Business Dispositions—Discontinued Operations—Sale of Textile Effects Business” to our consolidated financial statements. ● During 2020 and 2021, management implemented cost realignment and synergy plans and, in November 2022, committed to further plans to realign our cost structure with additional restructuring in Europe, including exiting and consolidating certain facilities, workforce relocation to lower cost locations and further personnel rationalization.
Discontinued Operations—Sale of Textile Effects Business” to our consolidated financial statements. ● During 2020 and 2021, management implemented cost realignment and synergy plans and, in November 2022, committed to further plans to realign our cost structure with additional restructuring in Europe, including exiting and consolidating certain facilities, workforce relocation to lower cost locations and further personnel rationalization.
The case was filed after Praxair refused to properly maintain its own Geismar facility and then repeatedly failed to supply our requirements for industrial gas needed to manufacture MDI under long-term supply contracts that expired in 2013.
The case was filed after Praxair refused to maintain properly its own Geismar facility and then repeatedly failed to supply our requirements for industrial gases needed to manufacture MDI under long-term supply contracts that expired in 2013.
In addition, on January 31, 2024, we entered into an amendment to our EU A/R Program, effective as of February 15, 2024, that extended the scheduled maturity date of our EU A/R Program from July 2024 to July 2027.
A/R Program that extended the scheduled maturity date of our U.S. A/R Program from July 2024 to January 2027. In addition, on January 31, 2024, we entered into an amendment to our EU A/R Program, effective as of February 15, 2024, that extended the scheduled maturity date of our EU A/R Program from July 2024 to July 2027.
(7) For details regarding the tax impacts of our non-GAAP adjustments, please see the reconciliation of our net income to adjusted net income noted above. 28 Table of Contents Non-GAAP Financial Measures Our consolidated financial statements are prepared in accordance with U.S. GAAP, which we supplement with certain non-GAAP financial information.
(8) For details regarding the tax impacts of our non-GAAP adjustments, please see the reconciliation of our net (loss) income to adjusted net (loss) income noted above. 28 Table of Contents Non-GAAP Financial Measures Our consolidated financial statements are prepared in accordance with U.S. GAAP, which we supplement with certain non-GAAP financial information.
Cash Flows For Year Ended December 31, 2022 Compared with Year Ended December 31, 2021 For a comparison of our cash flows for the fiscal years ended December 31, 2022 and 2021, see “Part II. Item 7.
Cash Flows For Year Ended December 31, 2023 Compared with Year Ended December 31, 2022 For a comparison of our cash flows for the fiscal years ended December 31, 2023 and 2022, see “Part II. Item 7.
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 (income) associated with the Albemarle Settlement, net; (g) gain on sale of businesses/assets; (h) income from transition services arrangements; (i) certain nonrecurring information technology project implementation costs; (j) amortization of pension and postretirement actuarial losses; (k) plant incident remediation credits; and (l) restructuring, impairment and plant closing and transition costs.
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, net; (b) EBITDA from discontinued operations; (c) fair value adjustments to Venator investment, net and other tax matter adjustments; (d) certain legal and other settlements and related expenses; (e) costs associated with the Albemarle settlement, net; (f) loss on sale of business/assets; (g) loss on dissolution of subsidiaries; (h) income from transition services arrangements; (i) certain nonrecurring information technology project implementation costs; (j) amortization of pension and postretirement actuarial losses; (k) plant incident remediation credits; and (l) restructuring, impairment and plant closing and transition costs.
As of December 31, 2023, we had approximately $529 million of cash and cash equivalents, including restricted cash, held by our foreign subsidiaries, including our variable interest entities. With the exception of certain amounts that we expect to repatriate in the foreseeable future, we intend to use cash held in our foreign subsidiaries to fund our local operations.
As of December 31, 2024, we had approximately $280 million of cash and cash equivalents, including restricted cash, held by our foreign subsidiaries, including our variable interest entities. With the exception of certain amounts that we expect to repatriate in the foreseeable future, we intend to use cash held in our foreign subsidiaries to fund our local operations.
For each of our Company and Huntsman International, the following tables set forth our consolidated results of operations for the years ended December 31, 2023, 2022 and 2021 (dollars in millions, except per share amounts).
For each of our Company and Huntsman International, the following tables set forth our consolidated results of operations for the years ended December 31, 2024, 2023 and 2022 (in millions, except per share amounts).
Valuation allowances are reviewed each period on a tax jurisdiction basis to analyze whether there is sufficient positive or negative evidence to support a change in judgment about the realizability of the related deferred tax assets. These conclusions require significant judgment.
Valuation allowances are reviewed each period on a tax jurisdiction basis and analyzed to determine whether there is sufficient positive or negative evidence to support a change in judgment about the realizability of the related deferred tax assets. These conclusions require significant judgment.
During 2023, we received $544 million for the sale of businesses, net, primarily related to net proceeds of $530 million from the sale of our Textile Effects Business. See “See “Note 4. Discontinued Operations—Sale of Textile Effects Business” to our consolidated financial statements. Net cash used in financing activities for 2023 and 2022 was $620 million and $994 million, respectively.
During 2023, we received $544 million for the sale of businesses, net, primarily related to net proceeds of $530 million from the sale of our Textile Effects Business. See “Note 4. Discontinued Operations—Sale of Textile Effects Business” to our consolidated financial statements. Net cash used in financing activities for 2024 and 2023 was $326 million and $620 million, respectively.
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” of our Annual Report on Form 10-K for the fiscal year ended December 31, 2022 filed with the SEC on February 21, 2023.
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” of our Annual Report on Form 10-K for the fiscal year ended December 31, 2023 filed with the SEC on February 22, 2024.
Management’s Discussion and Analysis of Financial Condition and Results of Operations” of our Annual Report on Form 10-K for the fiscal year ended December 31, 2022 filed with the SEC on February 21, 2023.
Management’s Discussion and Analysis of Financial Condition and Results of Operations” of our Annual Report on Form 10-K for the fiscal year ended December 31, 2023 filed with the SEC on February 22, 2024.
Cash Flows For Year Ended December 31, 2023 Compared with Year Ended December 31, 2022 Net cash provided by operating activities from continuing operations for 2023 and 2022 was $251 million and $892 million, respectively.
Cash Flows For Year Ended December 31, 2024 Compared with Year Ended December 31, 2023 Net cash provided by operating activities from continuing operations for 2024 and 2023 was $285 million and $251 million, respectively.
As of December 31, 2023, we had total valuation allowances of $221 million, which represents an increase of $52 million from the prior year, and we have a recognized a net deferred tax liability of $131 million. See “Note 19. Income Taxes” to our consolidated financial statements for more information regarding our deferred tax assets and valuation allowances.
As of December 31, 2024, we had total valuation allowances of $255 million, which represents an increase of $34 million from the prior year, and we have recognized a net deferred tax liability of $135 million. See “Note 19. Income Taxes” to our consolidated financial statements for more information regarding our deferred tax assets and valuation allowances.
Adjusted Net Income 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 (income) associated with the Albemarle Settlement, net; (g) gain on sale of businesses/assets; (h) income from transition services arrangements associated with 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; (l) establishment of significant deferred tax asset valuation allowance; and (m) restructuring, impairment and plant closing and transition costs.
Adjusted Net Income 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, net; (b) (loss) income from discontinued operations; (c) fair value adjustments to Venator investment, net and other tax matter adjustments; (d) certain legal and other settlements and related expenses; (e) costs associated with the Albemarle settlement, net; (f) loss on sale of business/assets; (g) loss on dissolution of subsidiaries; (h) income from transition services arrangements; (i) certain nonrecurring information technology project implementation costs; (j) amortization of pension and postretirement actuarial losses; (k) plant incident remediation credits; (l) establishment of significant deferred tax asset valuation allowances; (m) income tax settlement related to U.S.
Year ended December 31, 2023 vs 2022 Average selling prices (1) Local Foreign currency Sales Mix and currency translation impact volumes(2) other Period-over-period increase (decrease) Polyurethanes (10 )% (1 )% (10 )% (3 )% Performance Products (8 )% — (24 )% 1 % Advanced Materials 1 % — (18 )% 3 % (1) Excludes revenues from tolling arrangements, byproducts and raw materials.
Year ended December 31, 2024 vs 2023 Average selling prices (1) Local Foreign currency Sales currency and mix translation impact volumes (2) Period-over-period (decrease) increase Polyurethanes (7 )% — 8 % Performance Products (7 )% — 1 % Advanced Materials (8 )% — 5 % (1) Excludes revenues from tolling arrangements, byproducts and raw materials.
Net cash provided by (used in) investing activities from continuing operations for 2023 and 2022 was $309 million and $(260) million, respectively. During 2023 and 2022, we paid $230 million and $272 million, respectively, for capital expenditures.
Net cash (used in) provided by investing activities from continuing operations for 2024 and 2023 was $(126) million and $309 million, respectively. During 2024 and 2023, we paid $184 million and $230 million, respectively, for capital expenditures.
Year Ended December 31, 2023 Compared with Year Ended December 31, 2022 For the year ended December 31, 2023, loss from continuing operations attributable to Huntsman Corporation was $17 million as compared with income of $448 million in the 2022 period.
Year Ended December 31, 2024 Compared with Year Ended December 31, 2023 For the year ended December 31, 2024, loss from continuing operations attributable to Huntsman Corporation was $162 million as compared with $17 million in the 2023 period.
As of December 31, 2023, we had $12 million classified as current portion of debt, including debt at our variable interest entities of $9 million and certain other short-term facilities and scheduled amortization payments totaling $3 million. We intend to renew, repay or extend the majority of these short-term facilities in the next twelve months.
As of December 31, 2024, we had $325 million classified as current portion of debt, including $313 million outstanding under our 2025 Senior Notes, debt at our variable interest entities of $9 million and certain other short-term facilities and scheduled amortization payments totaling $3 million. We intend to renew, repay or extend these short-term facilities in the next twelve months.
The following matters are expected to have a significant impact on our liquidity: ● During 2024, we expect to spend approximately $200 million on capital expenditures.
The following matters are expected to have a significant impact on our liquidity: ● During 2025, we expect to spend between approximately $180 million to $190 million on capital expenditures.
As of December 31, 2023, we had $1,738 million of combined cash and unused borrowing capacity, consisting of $540 million in cash, $1,196 million in availability under our 2022 Revolving Credit Facility and $2 million in availability under our A/R Programs. Our liquidity can be significantly impacted by various factors.
As of December 31, 2024, we had $1,719 million of combined cash and unused borrowing capacity, consisting of $340 million in cash, $1,197 million in availability under our 2022 Revolving Credit Facility and $182 million in availability under our A/R Programs. Our liquidity can be significantly impacted by various factors.
(3) Includes costs associated with transition activities relating primarily to our Corporate program to optimize our global approach to leverage shared services capabilities and managed services in various information technology functions. (4) The income tax impacts, if any, are computed on the pre-tax adjustments using a with and without approach.
(5) Includes costs associated with transition activities relating primarily to our Corporate program to optimize our global approach to managed services in various information technology functions and our program to realign our cost structure in Europe. (6) The income tax impacts, if any, are computed on the pre-tax adjustments using a with and without approach.
The decrease in free cash flow from continuing operations was primarily attributable to a decrease in cash provided by operating activities from continuing operations, partially offset by a decrease in cash used for capital expenditures during 2023 as compared with 2022.
The increase in free cash flow from continuing operations was attributable to an increase in cash provided by operating activities from continuing operations and a decrease in cash used for capital expenditures during 2024 as compared with 2023.
The increase in adjusted EBITDA from Corporate and other resulted primarily from an increase in LIFO valuation gains and a decrease in corporate overhead costs and minority interest expense, partially offset by a decrease in unallocated foreign currency exchange gains. 31 Year Ended December 31, 2022 Compared with Year Ended December 31, 2021 For a comparison of both our results of operations and segment analysis for the fiscal years ended December 31, 2022 and 2021, see “Part II.
The impact on adjusted EBITDA from Corporate and other resulted primarily from decreases in corporate overhead costs and unallocated foreign currency exchange losses, offset by an increase in LIFO valuation losses. 31 Table of Contents Year Ended December 31, 2023 Compared with Year Ended December 31, 2022 For a comparison of both our results of operations and segment analysis for the fiscal years ended December 31, 2023 and 2022, see “Part II.
The effect of a 1% change in three key assumptions is summarized as follows (dollars in millions): Statement of Balance sheet Assumptions operations (1) impact (2) Discount rate —1% increase $ (16 ) $ (256 ) —1% decrease 18 302 Expected long-term rates of return on plan assets —1% increase (22 ) — —1% decrease 22 — Rate of compensation increase —1% increase 2 25 —1% decrease (5 ) (23 ) (1) Estimated (decrease) increase on 2023 net periodic benefit cost (2) Estimated (decrease) increase on December 31, 2023 pension and postretirement liabilities and accumulated other comprehensive loss 34 Table of Contents
The effects of a 1% change in three key assumptions are summarized as follows (dollars in millions): Statement of Balance sheet Assumptions operations (1) impact (2) Discount rate —1% increase $ (13 ) $ (226 ) —1% decrease 18 263 Expected long-term rates of return on plan assets —1% increase (23 ) — —1% decrease 23 — Rate of compensation increase —1% increase 3 28 —1% decrease (3 ) (17 ) (1) Estimated (decrease) increase on 2024 net periodic benefit cost (2) Estimated (decrease) increase on December 31, 2024 pension and postretirement liabilities and accumulated other comprehensive loss 34 Table of Contents
Of the remaining cash costs, the majority will be payments related to our restructuring in Europe, primarily for personnel who have exited as of the end of 2023 as well as capital expenditures related to our research and development footprint, which is included in our overall future capital expenditures projections.
Of the remaining cash costs, the majority will be payments related to our restructuring in Europe, primarily for personnel who have exited as of the end of 2023 as well as capital expenditures related to our research and development footprint, which is included in our overall future capital expenditures projections. ● As of December 31, 2024, we have approximately $547 million remaining under the authorization of our existing share repurchase program.
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.
Tax Reform Act; and (n) 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.
A/R Program”) and European accounts receivable securitization program (“EU A/R Program” and collectively with the U.S. A/R Program, “A/R Programs”). During 2022, we had net borrowings of $219 million under our 2022 Revolving Credit Facility. Free cash flow from continuing operations for 2023 and 2022 were proceeds of cash of $21 million and $620 million, respectively.
A/R Program”) and European accounts receivable securitization program (“EU A/R Program” and collectively with the U.S. A/R Program, “A/R Programs”). During 2023, we paid $349 million for repurchases of our common stock. Free cash flow from continuing operations for 2024 and 2023 were proceeds of cash of $101 million and $21 million, respectively.
Income Taxes” to our consolidated financial statements. 30 Table of Contents Segment Analysis Year Ended December 31, 2023 Compared with Year Ended December 31, 2022 Percent change Year ended December 31, favorable (Dollars in millions) 2023 2022 (unfavorable) Revenues Polyurethanes $ 3,865 $ 5,067 (24 )% Performance Products 1,178 1,713 (31 )% Advanced Materials 1,092 1,277 (14 )% Total reportable segments’ revenues 6,135 8,057 (24 )% Intersegment eliminations (24 ) (34 ) NM Total $ 6,111 $ 8,023 (24 )% Huntsman Corporation Adjusted EBITDA (1) Polyurethanes $ 248 $ 628 (61 )% Performance Products 201 469 (57 )% Advanced Materials 186 233 (20 )% Total reportable segments’ adjusted EBITDA 635 1,330 (52 )% Corporate and other (163 ) (175 ) 7 % Total $ 472 $ 1,155 (59 )% Huntsman International Adjusted EBITDA (1) Polyurethanes $ 248 $ 628 (61 )% Performance Products 201 469 (57 )% Advanced Materials 186 233 (20 )% Total reportable segments’ adjusted EBITDA 635 1,330 (52 )% Corporate and other (160 ) (172 ) 7 % Total $ 475 $ 1,158 (59 )% NM—Not meaningful (1) For more information, including reconciliation of total reportable segments’ adjusted EBITDA to income from continuing operations before income taxes of Huntsman Corporation or Huntsman International, as appropriate, see “Note 26.
Income Taxes” to our consolidated financial statements. 30 Table of Contents Segment Analysis Percent favorable Year ended December 31, (unfavorable) (Dollars in millions) 2024 2023 change Revenues Polyurethanes $ 3,900 $ 3,865 1 % Performance Products 1,109 1,178 (6 )% Advanced Materials 1,055 1,092 (3 )% Total reportable segments’ revenues 6,064 6,135 (1 )% Intersegment eliminations (28 ) (24 ) NM Total $ 6,036 $ 6,111 (1 )% Huntsman Corporation Adjusted EBITDA (1) Polyurethanes $ 245 $ 248 (1 )% Performance Products 153 201 (24 )% Advanced Materials 179 186 (4 )% Total reportable segments’ adjusted EBITDA 577 635 (9 )% Corporate and other (163 ) (163 ) — Total $ 414 $ 472 (12 )% Huntsman International Adjusted EBITDA (1) Polyurethanes $ 245 $ 248 (1 )% Performance Products 153 201 (24 )% Advanced Materials 179 186 (4 )% Total reportable segments’ adjusted EBITDA 577 635 (9 )% Corporate and other (160 ) (160 ) — Total $ 417 $ 475 (12 )% NM—Not meaningful (1) For more information, including reconciliation of total reportable segments’ adjusted EBITDA to (loss) income from continuing operations before income taxes of Huntsman Corporation or Huntsman International, as appropriate, see “Note 26.
For 2023, adjusted EBITDA from Corporate and other for Huntsman Corporation increased by $12 million to a loss of $163 million from a loss of $175 million for 2022. For 2023, adjusted EBITDA from Corporate and other for Huntsman International increased by $12 million to a loss of $160 million from a loss of $172 million for 2022.
Adjusted EBITDA from Corporate and other for Huntsman Corporation remained the same, a loss of $163 million, for 2024 as compared to 2023. Adjusted EBITDA from Corporate and other for Huntsman International remained the same, a loss of $160 million, for 2024 as compared to 2023.
See “—Segment Analysis” below. ● Gross profit for the year ended December 31, 2023 decreased by $640 million, or 41%, as compared with the 2022 period. The decrease resulted primarily from lower gross profits in all our segments.
The decrease was primarily due to lower average selling prices in all our segments, partially offset by higher sales volumes in all our segments. See “—Segment Analysis” below. ● Gross profit for the year ended December 31, 2024 decreased by $40 million, or 4%, as compared with the 2023 period.
For the year ended December 31, 2023, loss from continuing operations attributable to Huntsman International was $15 million, as compared with income of $449 million in the 2022 period.
For the year ended December 31, 2024, loss from continuing operations attributable to Huntsman International was $160 million as compared with $15 million in the 2023 period. The decreases noted above were the result of the following items: ● Revenues for the year ended December 31, 2024 decreased by $75 million, or 1%, as compared with the 2023 period.
Aside from the extended maturity dates, these amendments to our A/R Programs secured substantially similar terms as those in the prior agreements. ` ● On April 29, 2022, a New Orleans jury awarded us approximately $94 million in our long-running court battle against Praxair/Linde, one of the industrial gas suppliers to our Geismar, Louisiana MDI manufacturing site.
Aside from the extended maturity dates, these amendments to our A/R Programs secured substantially similar terms as those in the prior agreements. ` ● On February 6, 2025, the Louisiana Supreme Court affirmed the jury verdict and district court judgment in our favor in our long-running court battle against Praxair/Linde, one of the industrial gas suppliers to our Geismar, Louisiana MDI manufacturing site, and entered a damages award consistent with Huntsman’s expert witness testimony at trial.
The decrease in segment adjusted EBITDA was primarily due to decreased sales volumes and lower average selling prices, partially offset by reduced fixed costs. Advanced Materials The decrease in revenues in our Advanced Materials segment for 2023 compared to 2022 was primarily due to lower sales volumes while average selling prices remained stable.
Performance Products The decrease in revenues in our Performance Products segment for 2024 compared to 2023 was primarily due to lower average selling prices, partially offset by higher sales volumes. Average selling prices decreased primarily due to competitive pressure.
Our income tax expense is significantly affected by the mix of income and losses in the tax jurisdictions in which we operate along with the impact of valuation allowances in certain tax jurisdictions. For more information concerning income taxes, see “Note 19.
The income tax expense of Huntsman International for the year ended December 31, 2024 was $62 million as compared with $65 million in the 2023 period. Our income tax expense is significantly affected by the mix of income and losses in the tax jurisdictions in which we operate along with the impact of valuation allowances in certain tax jurisdictions.
See also “—Cash Flows Year Ended December 31, 2023 Compared with Year Ended December 31, 2022.” ● Accounts and notes receivable, net decreased by $81 million primarily due to lower revenues in the fourth quarter of 2023 compared to the fourth quarter of 2022. ● Inventories decreased by $128 million primarily due to lower inventory costs and volumes. ● Other current assets decreased by $36 million primarily due to amortization of deferred charges related to insurance premiums and a decrease in current income taxes receivable. ● Accounts payable decreased by $242 million primarily due to lower inventory purchases. ● Accrued liabilities decreased by $34 million primarily due to a decrease in accrued compensation costs and accrued restructuring costs. ● Current portion of debt decreased by $54 million primarily due to the repayment in full of the outstanding balance under our 2022 Revolving Credit Facility. 32 Table of Contents Short-Term Liquidity We depend upon our cash, our 2022 Revolving Credit Facility, our A/R Programs and other debt instruments to provide liquidity for our operations and working capital needs.
See also “—Cash Flows Year Ended December 31, 2024 Compared with Year Ended December 31, 2023.” ● Inventories increased by $50 million primarily due to higher sales volumes. ● Prepaid expenses increased by $22 million primarily due to higher prepaid information technology costs. ● Other current assets decreased by $33 million primarily due to lower bank accepted drafts and lower current income tax receivable. ● Accounts payable increased by $51 million primarily due to higher inventory purchases and improved terms. ● Accrued liabilities increased by $21 million primarily due to increases in accrued income taxes, accrued interest, accrued rebates and accrued environmental liabilities, partially offset by a decrease in accrued payroll and taxes other than income. ● Current portion of debt increased by $313 million primarily due to the outstanding balance on our 4.25% senior notes due April 2025 (“2025 Senior Notes”) that are now classified as current debt. 32 Table of Contents Liquidity Short-Term Liquidity We depend upon our cash, our 2022 Revolving Credit Facility, our A/R Programs and other debt instruments to provide liquidity for our operations and working capital needs.
In connection with these plans, we have achieved combined annualized cost savings and synergy benefits in excess of $280 million. Associated with these plans, we expect total cash costs of approximately $285 million (including approximately $56 million of capital expenditures) through 2025, of which we have spent approximately $230 million through 2023 (including approximately $34 million of capital expenditures).
In connection with these plans, we have achieved combined annualized cost savings and synergy benefits in excess of $280 million.
We anticipate that the liquidation will occur by mid-2025. ● On February 28, 2023, we completed the sale of our Textile Effects Business to Archroma for a purchase price of $593 million, which included estimated adjustments to the purchase price for working capital plus the assumption of underfunded pension liabilities.
We currently anticipate that approximately RMB 300 million (approximately $40 million as of December 31, 2024) will be distributed as a liquidating distribution and return of investment upon full liquidation, which we anticipate will be completed in 2025. ● On February 28, 2023, we completed the sale of our Textile Effects Business to Archroma, and during the first quarter of 2024, we finalized the purchase price valued at $597 million, which includes adjustments to the purchase price for working capital, plus the assumption of underfunded pension liabilities.
The decrease in net cash provided by operating activities from continuing operations during 2023 compared with 2022 was primarily attributable to decreased operating income as described in “—Results of Operations” above as well as a net cash outflow of $95 million related to changes in operating assets and liabilities for 2023 as compared with 2022.
The increase in net cash provided by operating activities from continuing operations during 2024 compared with 2023 was primarily attributable to an increase of $42 million in dividends received from unconsolidated subsidiaries and a net cash inflow of $29 million related to changes in operating assets and liabilities for 2024 as compared with 2023, partially offset by a decrease of $37 million in operating (loss) income from continuing operations adjusted for noncash activities as noted in our consolidated statements of cash flows.
(5) In addition to income tax impacts, this adjusting item is also impacted by depreciation and amortization expense and interest expense. (6) During the years ended December 31, 2023 and 2022, we established a $14 million and a $49 million significant deferred tax asset valuation allowance in the U.K. and the Netherlands, respectively.
(7) During the years ended December 31, 2024, 2023 and 2022, we established significant deferred tax asset valuation allowances of $23 million, $14 million and $49 million, respectively, in Germany, Luxembourg, the U.K. and the Netherlands.
During 2023 and 2022, we paid $349 million and $1,005 million for repurchases of our common stock, respectively. During 2023, we repaid $51 million against the outstanding balances under our 2022 $1.2 billion senior unsecured revolving credit facility (“2022 Revolving Credit Facility”) and our U.S. accounts receivable securitization program (“U.S.
Business Combinations and Acquisitions—Separation and Acquisition of Assets of SLIC Joint Venture” to our consolidated financial statements. During 2024 and 2023, we repaid $169 million and $51 million, respectively, against the outstanding balances under our 2022 Revolving Credit Facility and our U.S. accounts receivable securitization program (“U.S.
Repurchases may be commenced or suspended from time to time without prior notice. ● On January 31, 2024, we completed the planned separation and acquisition of assets of SLIC, our manufacturing joint venture with BASF and three Chinese chemical companies.
Accordingly, an approximate €306 million (approximately $320 million as of December 31, 2024) payment for the principal and the unpaid, accrued interest will be made from our available liquidity. ● On January 31, 2024, we completed the planned separation and acquisition of assets of SLIC, our manufacturing joint venture with BASF and three Chinese chemical companies.
We expect to fund capital expenditures with cash provided by operations. ● During 2024, we expect to make contributions to our pension and postretirement benefit plans of approximately $34 million. ● As of December 31, 2023, we have approximately $547 million remaining under the authorization of our existing share repurchase program.
We expect to fund capital expenditures with cash provided by operations. ● During 2025, we expect to make contributions to our pension and postretirement benefit plans of approximately $35 million. ● Our €300 million 2025 Senior Notes are scheduled to mature on April 1, 2025.
(2) Excludes sales volumes of byproducts and raw materials. Polyurethanes The decrease in revenues in our Polyurethanes segment for 2023 compared to 2022 was primarily due to lower sales volumes, lower MDI average selling prices and the net negative impact of major foreign currency exchange rate movements against the U.S. dollar.
(2) Excludes sales volumes of byproducts and raw materials. Polyurethanes The increase in revenues in our Polyurethanes segment for 2024 compared to 2023 was primarily due to higher sales volumes, partially offset by lower MDI average selling prices. Sales volumes increased primarily due to improved demand and share gains in certain markets, including insulation and composite wood panels.
Restructuring, Impairment and Plant Closing Costs” to our consolidated financial statements. ● Equity in income of investment in unconsolidated affiliates for the year ended December 31, 2023 increased to $83 million from $67 million in the 2022 period, primarily related to an increase in income at our PO/MTBE joint venture with China, in which we hold a 49% interest. ● We recorded a loss of $5 million in fair value adjustments to our investment in Venator for the year ended December 31, 2023 compared to a loss of $12 million in the 2022 period.
The increase resulted primarily from higher borrowings under our 2022 $1.2 billion senior unsecured revolving credit facility (“2022 Revolving Credit Facility”). ● Equity in income of investment in unconsolidated affiliates for the year ended December 31, 2024 decreased to $44 million from $83 million in the 2023 period, primarily related to a decrease in income at our PO/MTBE joint venture with China, in which we hold a 49% interest. ● Other income (expense), net for the year ended December 31, 2024 was income of $21 million as compared with expense of $3 million in the 2023 period, primarily due to a decrease in losses related to the fair value adjustments to our investment in Venator, as well as income recognized during the year ended December 31, 2024 for the resolution of certain matters related to the 2017 separation of our titanium dioxide and performance additives business. ● Our income tax expense for the year ended December 31, 2024 was $61 million as compared with $64 million in the 2023 period.
Changes in Financial Condition The following information summarizes our working capital (dollars in millions): December 31, December 31, (Decrease) Percent 2023 2022 increase change Cash and cash equivalents $ 540 $ 654 $ (114 ) (17 )% Accounts and notes receivable, net 753 834 (81 ) (10 )% Inventories 867 995 (128 ) (13 )% Other current assets 154 190 (36 ) (19 )% Current assets held for sale (1) — 472 (472 ) (100 )% Total current assets 2,314 3,145 (831 ) (26 )% Accounts payable 719 961 (242 ) (25 )% Accrued liabilities 395 429 (34 ) (8 )% Current portion of debt 12 66 (54 ) (82 )% Current operating lease liabilities 46 51 (5 ) (10 )% Current liabilities held for sale (1) — 194 (194 ) (100 )% Total current liabilities 1,172 1,701 (529 ) (31 )% Working capital $ 1,142 $ 1,444 $ (302 ) (21 )% (1) Total assets and liabilities held for sale as of December 31, 2022 are classified as current because we completed the sale of our Textile Effects Business on February 28, 2023.
Changes in Financial Condition The following information summarizes our working capital (dollars in millions): December 31, December 31, (Decrease) Percent 2024 2023 increase change Cash and cash equivalents $ 340 $ 540 $ (200 ) (37 )% Accounts and notes receivable, net 725 753 (28 ) (4 )% Inventories 917 867 50 6 % Prepaid expenses 114 92 22 24 % Other current assets 29 62 (33 ) (53 )% Total current assets 2,125 2,314 (189 ) (8 )% Accounts payable 770 719 51 7 % Accrued liabilities 416 395 21 5 % Current portion of debt 325 12 313 NM Current operating lease liabilities 54 46 8 17 % Total current liabilities 1,565 1,172 393 34 % Working capital $ 560 $ 1,142 $ (582 ) (51 )% Our working capital decreased by $582 million as a result of the net impact of the following significant changes: ● The decrease in cash and cash equivalents of $200 million resulted from the matters identified on our consolidated statements of cash flows.
The decrease in segment adjusted EBITDA was primarily due to lower sales volumes, lower MDI margins, the net negative impact of major foreign currency exchange rate movements against the U.S. dollar and a gain from an insurance settlement received in the second quarter of 2022, partially offset by higher equity earnings from our minority-owned joint venture in China and cost savings from our cost optimization programs.
MDI average selling prices decreased primarily due to competitive pressures. The minimal decrease in segment adjusted EBITDA was primarily due to lower MDI average selling prices and lower equity earnings from our minority-owned joint venture in China, partially offset by lower raw materials costs, lower fixed costs and higher sales volumes.
Performance Products The decrease in revenues in our Performance Products segment for 2023 compared to 2022 was primarily due to lower sales volumes and lower average selling prices. Sales volumes decreased in all regions primarily due to slowing construction activity and reduced demand in coatings and adhesives, agriculture, lubes and other industrial markets.
Advanced Materials The decrease in revenues in our Advanced Materials segment for 2024 compared to 2023 was primarily due to lower average selling prices, partially offset by higher sales volumes. Average selling prices decreased primarily due to unfavorable sales mix. Sales volumes increased in our infrastructure, general industry and aerospace markets driven by market recovery.
Sales volumes decreased primarily due to reduced customer demand in our infrastructure markets and the deselection of lower margin business. The decrease in segment adjusted EBITDA was primarily due to lower sales volumes.
The decrease in segment adjusted EBITDA was primarily due to lower average selling prices.
The final purchase price of the acquired assets will be determined based on an asset valuation, which we currently expect to be completed in the first quarter of 2024. The acquisition of the assets were funded in part with HPS issuing a note payable at closing of approximately $230 million, which is subject to change pending the final valuation.
The final purchase price of the acquired assets has been determined based on an asset valuation, which was completed in the second quarter of 2024.
The final purchase price is subject to customary post-closing adjustments, which are anticipated to be complete in the first quarter of 2024. During 2023, we have paid cash taxes of approximately $23 million, and we expect to pay additional cash taxes of approximately $15 million. See “Note 4.
During the year ended December 31, 2024, we paid cash taxes of approximately $11 million, and we expect to pay additional cash taxes of approximately $2 million and expect to pay cash for contingencies and post-closing indemnifications in future periods related to the sale of our Textile Effects Business. See “Note 4.
As of January 31, 2024, we made a cash payment of approximately $26 million against the note payable. The remainder of the note payable will be paid off in cash in future quarters. The future proceeds of the acquisition received by SLIC will be distributed back to the respective joint venture partners upon liquidation of the joint venture.
During the third quarter of 2024, we received approximately $64 million of cash from SLIC, of which $34 million was a dividend and $30 million was an interim liquidating distribution. Upon the full liquidation of the joint venture, all remaining cash of SLIC, primarily resulting from the proceeds received by SLIC, will be distributed back to the joint venture partners.
After adding mandatory pre-judgment and post-judgment interest to the award, we expect damages to exceed $125 million before deducting for taxes and legal fees. The award is subject to a pending appeal, and if affirmed, we expect to receive net proceeds of approximately $50 million to $60 million.
We are evaluating our options with respect to this latest ruling which would result in a final award of approximately $42.5 million or, after adding mandatory pre-judgment and post-judgment interest approximately $65 million. Taking into account taxes and legal fees, we would expect to receive net proceeds of approximately $25 million to $30 million.
Removed
Starting in 2021, we began to include income and costs associated with the arbitration award we won in October 2021 in excess of $600 million against Albemarle Corporation (“Albemarle”) for fraud and breach of contract (the “Albemarle Settlement”), net in our adjustments since such income and costs represents a one-time legal settlement and does not reflect our ongoing financial performance.
Added
Tax Reform Act — 5 5 — — — — — — Restructuring, impairment and plant closing and transition costs (5) 46 (6 ) 40 25 (3 ) 22 96 (23 ) 73 Adjusted net (loss) income (1) $ (13 ) $ 67 $ 636 Weighted average shares-basic 172.1 177.4 201.0 Weighted average shares-diluted 172.1 177.4 203.0 Basic net (loss) income attributable to Huntsman Corporation per share: (Loss) income from continuing operations $ (0.94 ) $ (0.10 ) $ 2.23 (Loss) income from discontinued operations (0.16 ) 0.67 0.06 Net (loss) income $ (1.10 ) $ 0.57 $ 2.29 Diluted net (loss) income attributable to Huntsman Corporation per share: (Loss) income from continuing operations $ (0.94 ) $ (0.10 ) $ 2.21 (Loss) income from discontinued operations (0.16 ) 0.67 0.06 Net (loss) income $ (1.10 ) $ 0.57 $ 2.27 Other non-GAAP measures: Diluted adjusted net (loss) income per share (1) $ (0.08 ) $ 0.37 $ 3.13 Net cash provided by operating activities from continuing operations $ 285 $ 251 $ 892 Capital expenditures from continuing operations (184 ) (230 ) (272 ) Free cash flow from continuing operations (1) $ 101 $ 21 $ 620 Effective tax rate (156 )% 65 % 27 % Impact of non-GAAP adjustments (8) 211 % (31 )% (7 )% Adjusted effective tax rate (1) 55 % 34 % 20 % NM—Not meaningful (1) See “—Non-GAAP Financial Measures.” (2) Includes the net (loss) gain on the sale of our Textile Effects Business.
Removed
The decreases noted above were the result of the following items: ● Revenues for the year ended December 31, 2023 decreased by $1,912 million, or 24%, as compared with the 2022 period. The decrease was primarily due to lower sales volumes in all our segments and lower average selling prices in all our segments, except for our Advanced Materials segment.
Added
In addition to income tax impacts, this adjusting item is also impacted by depreciation and amortization expense and interest expense. (3) Certain legal and other settlements and related expenses for the year ended December 31, 2024 includes approximately $10 million related to the settlement of a claim in connection with a commercial dispute.
Removed
See “—Segment Analysis” below. ● Our operating expenses, net and the operating expenses, net of Huntsman International for the year ended December 31, 2023 increased by $16 million and $17 million, respectively, or 2% for both, as compared with the 2022 period, primarily related to the negative impact of translating foreign currency amounts to the U.S. dollar and an increase in other operating expenses, partially offset by decreases in selling, general and administrative expenses and research and development expenses. ● Restructuring, impairment and plant closing costs for the year ended December 31, 2023 decreased by $68 million, or 79%, as compared with the 2022 period.
Added
(4) Loss on dissolution of subsidiaries for the year ended December 31, 2024 relates to the elimination and non-cash recognition of cumulative translation adjustments from accumulated other comprehensive loss due to the liquidation of certain subsidiaries.
Removed
For more information on restructuring activities, see “Note 12.
Added
The decrease resulted primarily from lower gross profits in our Performance Products segment. See “—Segment Analysis” below. ● Restructuring, impairment and plant closing costs for the year ended December 31, 2024 increased by $21 million, or 117%, as compared with the 2023 period. For more information on restructuring activities, see “Note 12.
Removed
Discontinued Operations and Business Dispositions—Separation and Deconsolidation of Venator” to our consolidated financial statements. ● Our other income, net for the year ended December 31, 2023 was $2 million as compared with $35 million in the 2022 period, and the other income, net of Huntsman International for the year ended December 31, 2023 was $2 million as compared with $34 million in the 2022 period, primarily related to an increase in certain periodic pension costs, partially offset by a decrease in certain legal related expenses. ● Our income tax expense for the year ended December 31, 2023 decreased to $64 million from $186 million in the 2022 period.
Added
Restructuring, Impairment and Plant Closing Costs” to our consolidated financial statements. ● Gain on acquisition of assets, net was approximately $51 million for the year ended December 31, 2024 representing a net bargain purchase gain related to the separation and acquisition of assets of SLIC. For further information, see “Note 3.
Removed
The income tax expense of Huntsman International for the year ended December 31, 2023 decreased to $65 million from $188 million in the 2022 period. The decrease in income tax expense was primarily due to the decrease in income from continuing operations before income taxes.
Added
Business Combinations and Acquisitions—Separation and Acquisition of Assets of SLIC Joint Venture” to our consolidated financial statements. ● Prepaid asset write-off was approximately $71 million for the year ended December 31, 2024. Concurrent with the acquisition of assets of SLIC, we wrote off certain prepaid assets related to operating agreements with SLIC and other joint venture partners.
Removed
Sales volumes decreased primarily due to lower demand, primarily in the Americas. MDI average selling prices decreased primarily due to less favorable supply and demand dynamics.
Added
Business Combinations and Acquisitions—Separation and Acquisition of Assets of SLIC Joint Venture” to our consolidated financial statements. ● Loss on dissolution of subsidiaries was approximately $39 million for the year ended December 31, 2024 related to the elimination and non-cash recognition of cumulative translation adjustments from accumulated other comprehensive loss due to the liquidation of certain subsidiaries in the fourth quarter of 2024. ● Interest expense, net for the year ended December 31, 2024 increased by $14 million, or 22%, as compared with the 2023 period.
Removed
For more information, see “Note 4. Discontinued Operations and Business Dispositions—Discontinued Operations—Sale of Textile Effects Business” to our consolidated financial statements.
Added
In particular, we recognize tax expense in jurisdictions with pre-tax income, but do not recognize a tax benefit of pre-tax losses in jurisdictions with valuation allowances.
Removed
Our working capital decreased by $302 million as a result of the net impact of the following significant changes: ● The decrease in cash and cash equivalents of $114 million resulted from the matters identified on our consolidated statements of cash flows.
Added
In addition, in 2024 we recognized discrete tax expenses for settlement of U.S. tax reform items of approximately $5 million and discrete establishments of valuation allowances of approximately $29 million, which were greater than the valuation allowance net establishments of approximately $16 million in 2023. For more information concerning income taxes, see “Note 19.
Removed
Long-Term Liquidity ● On January 22, 2024, we entered into an amendment to our U.S. A/R Program that extended the scheduled maturity date of our U.S. A/R Program from July 2024 to January 2027.
Added
Sales volumes increased primarily due to improved demand and volume improvement initiatives across certain markets, including fuel and lubricant additives and coatings and adhesives. The decrease in segment adjusted EBITDA was primarily due to lower average selling prices, partially offset by higher sales volumes and lower raw materials costs.
Removed
We have not yet recognized the award in our consolidated statements of operations. ● On May 20, 2022, Huntsman International entered into the 2022 Revolving Credit Facility. Borrowings will bear interest at the rates specified in the credit agreement governing the 2022 Revolving Credit Facility, which will vary based on the type of loan and Huntsman International’s debt ratings.
Added
During 2024, we received approximately $30 million as an interim liquidating distribution from SLIC, we received $16 million for the sale of businesses, net, primarily related to the resolution of net working capital of $12 million from the sale of our Textile Effects Business, and we received $11 million related to the sale of assets.
Removed
Under the credit agreement, the interest rate margin and the commitment fee rates are also subject to adjustments based on the Company’s performance on specified sustainability target thresholds with respect to annual percentage reduction in operational greenhouse gas emissions intensity and annual percentage reduction in water consumption intensity.
Added
During 2024, we received proceeds of approximately $350 million related to the issuance of our 5.70% senior notes due 2034 (“2034 Senior Notes”). See “Note 8. Debt—Direct and Subsidiary Debt—Senior Notes” to our consolidated financial statements. During 2024, HPS paid approximately $218 million against the note payable with SLIC for the acquisition of assets. “See “Note 3.

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