乐天堂fun88(中国区)官方网站

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, 2021 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 four segments: Polyurethanes, Performance Products,听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�

鈥�

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.

听

听

Recent Developments听

听

听

New Revolving Credit Facility听听听听听听听听听听听听

听

On May 20, 2022, 乐天堂fun88(中国区)官方网站 International entered into a new $1.2 billion senior unsecured revolving credit facility (the 鈥�2022 Revolving Credit Facility鈥�). 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 乐天堂fun88(中国区)官方网站 International鈥檚 debt ratings. Under the credit agreement, the interest rate margin and the commitment fee rates are also subject to adjustments based on the Company鈥檚 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. Unless previously terminated in accordance with its terms, the credit agreement will mature in May 2027. 乐天堂fun88(中国区)官方网站 International may increase the 2022 Credit Revolving Facility commitments up to an additional $500 million, subject to the satisfaction of certain conditions. See 鈥淣ote 8. Debt鈥擠irect and Subsidiary Debt鈥擱evolving Credit Facility.鈥�

听

Praxair/Linde Litigation Award

听

On April 29,听2022, a New Orleans jury awarded us approximately $94 million听in our long-running court battle against Praxair/Linde, one of the industrial gas suppliers to our Geismar, Louisiana MDI manufacturing site. 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. After the court applies the appropriate amount of interest, we expect that total damages awarded to us will exceed $125 million. The award is subject to appeal, and as such, we have not yet recognized the award in our condensed consolidated statements of operations.

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