Note 1 - General |
6 Months Ended | ||||||
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Jun. 30, 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� 听 Recent Developments 听 Senior Notes Refinancing 听 On May 26, 2021, 乐天堂fun88(中国区)官方网站 International completed a $400 million offering of its 2.95% senior notes due 2031 (鈥�2031 Senior Notes鈥�). On June 23, 2021, 乐天堂fun88(中国区)官方网站 International applied the net proceeds from听the offering, along with cash on hand, to redeem in full $400 million in aggregate principal amount of its 5.125% senior notes due 2022 (鈥�2022 Senior Notes鈥�) and to pay accrued but unpaid interest of approximately $2听million. In addition, we paid听redemption premiums and related fees and expenses of approximately $25 million and听recognized a corresponding loss on early extinguishment of debt of $26听million in the second quarter of 2021.听For additional information, see 鈥淣ote 8. Debt鈥擠irect and Subsidiary Debt鈥擲enior Notes.鈥� 听 Amendments to Accounts Receivable Securitization Programs 听 On July 1, 2021, we entered into amendments to our U.S. accounts receivable securitization program (鈥淯.S. A/R Program鈥�) and our European accounts receivable securitization program (鈥淓U A/R Program鈥� and collectively with the U.S. A/R Program, 鈥淎/R Programs鈥�) that, among other things, extended the scheduled termination dates of our A/R Programs to July 2024. For additional information, see 鈥淣ote 8. Debt鈥擠irect and Subsidiary Debt鈥擜/R Programs.鈥� 听 Sale of India-Based Do-It-Yourself Consumer Adhesives Business 听 On November 3, 2020, we completed the sale of the India-based DIY听business to Pidilite Industries Ltd. and received cash of approximately $257 million.听Under the terms of the agreement, we may receive up to approximately $28 million of additional cash under an earnout provision if the business achieves within 18 months certain sales revenue targets in line with the DIY business' 2019 performance.听The performance criteria of the earnout provision were satisfied in the second quarter of 2021, and we received the full payment of $28 million. As a result, we recognized an additional pretax gain of $28 million in the second quarter, which was recorded in gain on sale of India-based DIY business in our condensed consolidated statements of operations.
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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 |