Note 1 - General |
12 Months Ended | |||||||||||||||
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Dec. 31, 2022 | ||||||||||||||||
| Notes to Financial Statements | 听 | |||||||||||||||
| Nature of Operations [Text Block] |
听 Definitions 听 For convenience in this report, the terms 鈥淐ompany,鈥� 鈥渙ur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 LLC (our wholly-owned subsidiary) and, unless the context otherwise requires, its subsidiaries; 鈥淎AC鈥� refers to Arabian Amines Company, our consolidated manufacturing joint venture with the Zamil Group; 鈥淗PS鈥� refers to 乐天堂fun88(中国区)官方网站 Polyurethanes Shanghai Ltd. (our consolidated splitting joint venture with Shanghai Chlor-Alkali Chemical Company, Ltd); and 鈥淪LIC鈥� refers to Shanghai Liengheng Isocyanate Company (our unconsolidated manufacturing joint venture with BASF and Chinese chemical companies). 听 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. 听 Description of Business 听 We are a global manufacturer of diversified organic chemical products. We operate in three segments: Polyurethanes, Performance Products and Advanced Materials. Our products comprise many different chemicals and formulations, which we market globally to a wide range of consumers that consist primarily of industrial and building product manufacturers. Our products are used in a broad range of applications, including those in the adhesives, aerospace, automotive, coatings and construction, construction products, durable and non-durable consumer products, electronics, insulation, packaging, power generation and听refining. Many of our products offer effects such as premium insulation in homes and buildings and the light weighting of airplanes and automobiles that help conserve energy. We are a leading global producer in many of our key product lines, including MDI, amines, maleic anhydride and听epoxy-based polymer formulations.听 听 Our company, a Delaware corporation, was formed in 2004 to hold the 乐天堂fun88(中国区)官方网站 businesses, which were founded by Jon M. 乐天堂fun88(中国区)官方网站. Mr. 乐天堂fun88(中国区)官方网站 founded the predecessor to our Company in 1970 as a small polystyrene plastics packaging company. Since then, we have transformed through a series of acquisitions and divestitures and now own a global portfolio of businesses with a primary focus on improving energy efficiency. On August 9, 2022, we entered into a definitive agreement to sell our Textile Effects Business to Archroma. We expect the transaction to close on February 28, 2023. Beginning in the third quarter of 2022, the results of our Textile Effects Business are reported as discontinued operations for all periods presented. For more information, see听鈥淣ote 4. Discontinued Operations and Business Dispositions鈥� Discontinued Operations鈥擲ale of Textile Effects Business.鈥� On January 3, 2020, we completed the sale of our Chemical Intermediates Businesses to Indorama. For more information, see 鈥淣ote 4. Discontinued Operations and Business Dispositions鈥擠iscontinued Operations鈥擲ale of Chemical Intermediates Businesses.鈥� We operate all of 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
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Except where otherwise indicated, these notes relate to the consolidated financial statements for both our Company and 乐天堂fun88(中国区)官方网站 International. The differences between our consolidated financial statements and 乐天堂fun88(中国区)官方网站 International鈥檚 consolidated financial statements relate primarily to different capital structures and purchase accounting recorded at our Company for the
2003 step-acquisition of 乐天堂fun88(中国区)官方网站 International Holdings LLC, the former parent company of 乐天堂fun88(中国区)官方网站 International that was merged into 乐天堂fun88(中国区)官方网站 International in
2005.
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乐天堂fun88(中国区)官方网站 International declared and paid to us a distribution in the form of certain affiliate accounts receivable in the
fourth quarter of听
2022.
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Recent Developments 听 Dividend Increase 听 On February 17, 2023, our Board of Directors declared a $0.2375听per share cash dividend on our common stock. This represents an approximate 12% increase from the previous dividend. 听 European Restructuring Program 听 In early November 2022, we announced our commitment and specific plans to further realign our cost structure beyond the current in-progress cost optimization programs with additional restructuring in Europe. The new program includes exiting and consolidating certain facilities, workforce relocation to lower cost locations and further personnel rationalization. For more information, see听鈥淣ote 12. Restructuring, Impairment and Plant Closing Costs.鈥� 听 Other Significant Developments During 2022 听 Other significant听developments that occurred during 2022听were as follows: 听
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