Note 1 - General |
3 Months Ended | ||||||
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Mar. 31, 2021 | |||||||
| Notes to Financial Statements | 听 | ||||||
| Nature of Operations [Text Block] |
1. GENERAL 鈥� Certain Definitions 鈥� For convenience in this report, the terms 鈥淐ompany,鈥� 鈥溊痔焯胒un88(中国区)官方网站,鈥� 鈥渙ur,鈥� 鈥渦s鈥� or 鈥渨e鈥� may be used to refer to 乐天堂fun88(中国区)官方网站 Corporation and, unless the context otherwise requires, its subsidiaries and predecessors. In this report, 鈥溊痔焯胒un88(中国区)官方网站 International鈥� refers to 乐天堂fun88(中国区)官方网站 International听LLC (our wholly-owned subsidiary). 鈥� In this report, we may use, without definition, the common names of competitors or other industry participants. We may also use the common names or abbreviations for certain chemicals or products. 鈥� Interim Financial Statements 鈥� Our unaudited interim condensed consolidated financial statements and 乐天堂fun88(中国区)官方网站 International鈥檚 unaudited interim condensed consolidated financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (鈥淕AAP鈥� or 鈥淯.S.听GAAP鈥�) and in management鈥檚 opinion reflect all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of results of operations, comprehensive income (loss), financial position and cash flows for the periods presented. Results for interim periods are not necessarily indicative of those to be expected for the full year. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes to consolidated financial statements included in the Annual Report on Form听10-K for the year ended December 31, 2020 for our Company and 乐天堂fun88(中国区)官方网站 International. 鈥� Description of Businesses 鈥� We are a global manufacturer of differentiated organic chemical products. We operate in segments: Polyurethanes, Performance Products, Advanced Materials and Textile Effects. Our products comprise a broad range of chemicals and formulations, which we market globally to a diversified group of consumer and industrial customers. Our products are used in a wide range of applications, including those in the adhesives, aerospace, automotive, construction products, durable and non-durable consumer products, electronics, insulation, medical, packaging, coatings and construction, power generation, refining, synthetic fiber, textile chemicals and dyes industries. We are a leading global producer in many of our key product lines, including MDI, amines, maleic anhydride, epoxy-based polymer formulations, textile chemicals and dyes. 鈥� We operate听our businesses through 乐天堂fun88(中国区)官方网站 International, our wholly-owned subsidiary. 乐天堂fun88(中国区)官方网站 International is a Delaware limited liability company and was formed in 1999. 听 Huntsman Corporation and Huntsman International Financial Statements 鈥� Except where otherwise indicated, these notes relate to the condensed consolidated financial statements for both our Company and 乐天堂fun88(中国区)官方网站 International. The differences between our financial statements and 乐天堂fun88(中国区)官方网站 International鈥檚 financial statements relate primarily to the following: 鈥�
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鈥� 鈥� Principles of Consolidation 鈥� Our condensed consolidated financial statements include the accounts of our wholly-owned and majority-owned subsidiaries and any variable interest entities for which we are the primary beneficiary. Intercompany accounts and transactions have been eliminated. 鈥�
Reclassifications 听 Certain amounts in the condensed consolidated financial statements for the prior period have been reclassified to conform with the current presentation. 听 Recent Developments 听 Dividend Increase 听 On April 28, 2021, our Board of Directors declared a $0.1875 per share cash dividend on our common stock.听This represents a 15% increase from the previous dividend. 听 Acquisition of Gabriel Performance Products 听 On January 15, 2021, we completed the听acquisition of听Gabriel Performance Products, a North American specialty chemical manufacturer of specialty additives and epoxy curing agents for the coatings, adhesives, sealants and composite end-markets (鈥淕abriel Acquisition鈥�), from funds affiliated with Audax Private Equity in an all-cash transaction of approximately $249听million, subject to customary closing adjustments, funded from available liquidity. The acquired business is being integrated into our Advanced Materials segment. See 鈥淣ote 3. Business Combinations and Acquisitions鈥擜cquisition听of Gabriel Performance Products.鈥� 听 Redemption of the 2021 Senior Notes听 听 On January 15, 2021, we redeemed in full 鈧� million (approximately $541听million) in aggregate principal amount of our 5.125% senior notes due 2021 (鈥�2021 Senior Notes鈥�) at the redemption price equal to 100% of the principal amount of the notes, plus accrued and unpaid interest to, but not including, the redemption date. In connection with this redemption, we incurred听an incremental听cash tax liability of approximately $15 million in the first quarter of 2021 related to foreign currency exchange gains. See 鈥淣ote 8. Debt鈥擲enior Notes.鈥� 听
Use of Estimates 鈥� The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. 听 |