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Preliminary proxy statement not related to a contested matter or merger/acquisition

Pay vs Performance Disclosure

v3.22.4
Pay vs Performance Disclosure
pure in Millions
 12 Months Ended
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Dec. 31, 2020
USD ($)
Pay vs Performance Disclosure [Table] Ìý Ìý Ìý
Pay vs Performance [Table Text Block]
PAY VERSUS PERFORMANCE
PAY VERSUS PERFORMANCE TABLE
�
Year
� �
Summary
Compensation
Total for CEO
� �
CEO
Compensation
Actually Paid(1)
� �
Average
Summary
Compensation
Total for
other NEOs(2)
� �
Average
Compensation
Actually
Paid to other
NEOs(2)(3)
� �
Value of initial fixed $100
investment based on:
� �
Net
income
(in millions)
� �
Adjusted
EBITDA
(in millions)
�
�
TSR
� �
Peer group
TSR(4)
�
�
(a)
� �
(b)
� �
(c)
� �
(d)
� �
(e)
� �
(f)
� �
(g)
� �
(h)
� �
(i)
�
� 2022 � � � $ 13,380,023 � � � � $ 9,930,303 � � � � $ 3,226,669 � � � � $ 2,587,195 � � � � $ 123.98 � � � � $ 95.56 � � � � $ 523 � � � � $ 1,155 � �
�
� 2021 � � � $ 14,066,141 � � � � $ 27,231,888 � � � � $ 3,332,561 � � � � $ 5,722,056 � � � � $ 153.01 � � � � $ 118.16 � � � � $ 1,104 � � � � $ 1,246 � �
�
� 2020 � � � $ 13,529,958 � � � � $ 11,564,462 � � � � $ 3,015,150 � � � � $ 3,598,382 � � � � $ 107.53 � � � � $ 108.11 � � � � $ 1,066 � � � � $ 605 � �
�
�
�
(1)
The 2022 Summary Compensation Table (“SCTâ€�) totals reported for the CEO for each year were subject to the following adjustments per ItemÌý402(v)(2)(iii) of RegulationÌýS-K to calculate compensation actually paid (“CAPâ€�):
�
� CEO
Year 		� �
Summary
Compensation
Total for CEO
� �
Reported Grant
Date Fair Value of
Equity Awards(a)
� �
Equity Award
Adjustments(b)
� �
Reported
Change in the
Actuarial
Present Value
of Pension
Benefits(c)
� �
Pension
Benefit
Adjustments(d)
� �
CEO Compensation
Actually Paid
�
� 2022 � � � $ 13,380,023 � � � � $ (8,300,053) � � � � $ 4,112,786 � � � � � � � � � � $ 737,547 � � � � $ 9,930,303 � �
�
� 2021 � � � $ 14,066,141 � � � � $ (8,000,000) � � � � $ 20,750,310 � � � � � � � � � � $ 415,437 � � � � $ 27,231,888 � �
�
� 2020 � � � $ 13,529,958 � � � � $ (7,600,011) � � � � $ 7,509,173 � � � � $ (2,623,213) � � � � $ 748,555 � � � � $ 11,564,462 � �
�
�
�
(a)
Represents a deduction for the amounts reported in the “Stock Awards� and “Option Awards� columns of the SCT.
�
(b)
Represents the increases or deductions as applicable for the inclusion of ItemÌý402(v) adjusted equity award values as follows:
�
� Equity
Type 		� �
Fair Value of Current
Year Equity Awards
at Year End
� �
Change in Value of
Prior Equity Awards
Unvested at
Year End
� �
Change in Value of
Prior Awards Vested
Current Year
� �
Dividend
Adjustments
� �
Equity Value Included
in Compensation
Actually Paid
�
� � � �
(a)
� �
(b)
� �
(c)
� �
(d)
� �
(e) = (a)Ìý+ (b)Ìý+ (c)Ìý+ (d)
�
� 2022 � � � $ 6,031,897 � � � � $ (3,124,078) � � � � $ 682,907 � � � � $ 522,059 � � � � $ 4,112,786 � �
�
� 2021 � � � $ 12,039,187 � � � � $ 7,536,039 � � � � $ 938,820 � � � � $ 236,265 � � � � $ 20,750,310 � �
�
� 2020 � � � $ 8,901,061 � � � � $ (99,868) � � � � $ (1,797,596) � � � � $ 505,576 � � � � $ 7,509,173 � �
�
�
(c)
Represents a deduction for the amounts reported in the “Change in Pension Value & Nonqualified Deferred Compensation Earnings� column of the SCT.
�
(d)
Represents the increase for actuarially determined service cost for services rendered in the applicable year. Prior service cost is not included as the Company’s did not have a prior service cost base for the applicable periods.
�
(2)
The SCT average of the other NEOs for each year were subject to the following adjustments per ItemÌý402(v)(2)(iii) of RegulationÌýS-K to calculate CAP:
�
� Other NEOs
Year 		� �
Summary
Compensation
Total for
other NEOs
� �
Reported Grant
Date Fair
Value of Equity
Awards(a)
� �
Equity Award
Adjustments(b)
� �
Reported Change
in the Actuarial
Present Value of
Pension Benefits(c)
� �
Pension
Benefit
Adjustments(d)
� �
Other NEOs
Compensation
Actually Paid
� �
� 2022 � � � $ 3,226,669 � � � � $ (1,438,267) � � � � $ 712,459 � � � � � � � � � � $ 86,335 � � � � $ 2,587,195 � � � � �
�
� 2021 � � � $ 3,332,561 � � � � $ (1,401,403) � � � � $ 3,312,308 � � � � $ 427,847 � � � � $ 50,743 � � � � $ 5,722,056 � � � � �
�
� 2020 � � � $ 3,015,150 � � � � $ (1,412,500) � � � � $ 1,488,707 � � � � $ 452,331 � � � � $ 54,694 � � � � $ 3,598,382 � � � � �
�
�
(a)
Represents a deduction for the amounts reported in the “Stock Awards� and “Option Awards� columns of the SCT.
�
(b)
Represents the increases or deductions as applicable for the inclusion of ItemÌý402(v) adjusted equity award values as follows:
�
� Equity
Type 		� �
Fair Value of Current
Year Equity Awards
at Year End
� �
Change in Value of
Prior Equity Awards
Unvested at Year End
� �
Change in Value of
Prior Awards Vested
Current Year
� �
Dividend
Adjustments
� �
Equity Value Included
in Compensation
Actually Paid
�
� � � �
(a)
� �
(b)
� �
(c)
� �
(d)
� �
(e) = (a)Ìý+ (b)Ìý+ (c)Ìý+ (d)
�
� 2022 � � � $ 1,045,233 � � � � $ (487,466) � � � � $ 93,752 � � � � $ 60,939 � � � � $ 712,459 � �
�
� 2021 � � � $ 2,100,801 � � � � $ 1,061,532 � � � � $ 122,926 � � � � $ 27,049 � � � � $ 3,312,308 � �
�
� 2020 � � � $ 1,654,307 � � � � $ (13,009) � � � � $ (209,516) � � � � $ 56,926 � � � � $ 1,488,707 � �
�
�
(c)
Represents a deduction for the amounts reported in the “Change in Pension Value & Nonqualified Deferred Compensation Earnings� column of the SCT.
�
(d)
Represents the increase for actuarially determined service cost for services rendered in the applicable year. Prior service cost is not included as the Company’s did not have a prior service cost base for the applicable periods.
�
(3)
The other NEOs reflected in columns (d)Ìýand (e)Ìýrepresent the following individuals for each of theÌýyears shown:
�
a.
2021—Messrs. Lister, Hankins, Stryker, Rogers and Sean Douglas
�
b.
2020—Messrs. Douglas, Hankins, Stryker and Rogers
�
(4)
The 2022 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. For information on how we use the 2022 Performance Peers, see “Compensation Discussion and Analysis�2022 Executive Compensation Decisions—Long-Term Equity Compensation�.
Ìý Ìý
Company Selected Measure Name Adjusted EBITDA Ìý Ìý
Named Executive Officers, Footnote [Text Block]
(3)
The other NEOs reflected in columns (d)Ìýand (e)Ìýrepresent the following individuals for each of theÌýyears shown:
�
a.
2021—Messrs. Lister, Hankins, Stryker, Rogers and Sean Douglas
�
b.
2020—Messrs. Douglas, Hankins, Stryker and Rogers
Ìý Ìý
Peer Group Issuers, Footnote [Text Block]
(4)
The 2022 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. For information on how we use the 2022 Performance Peers, see “Compensation Discussion and Analysis�2022 Executive Compensation Decisions—Long-Term Equity Compensation�.
Ìý Ìý
PEO Total Compensation Amount $ 13,380,023 $ 14,066,141 $ 13,529,958
PEO Actually Paid Compensation Amount $ 9,930,303 27,231,888 11,564,462
Adjustment To PEO Compensation, Footnote [Text Block]
(1)
The 2022 Summary Compensation Table (“SCTâ€�) totals reported for the CEO for each year were subject to the following adjustments per ItemÌý402(v)(2)(iii) of RegulationÌýS-K to calculate compensation actually paid (“CAPâ€�):
�
� CEO
Year 		� �
Summary
Compensation
Total for CEO
� �
Reported Grant
Date Fair Value of
Equity Awards(a)
� �
Equity Award
Adjustments(b)
� �
Reported
Change in the
Actuarial
Present Value
of Pension
Benefits(c)
� �
Pension
Benefit
Adjustments(d)
� �
CEO Compensation
Actually Paid
�
� 2022 � � � $ 13,380,023 � � � � $ (8,300,053) � � � � $ 4,112,786 � � � � � � � � � � $ 737,547 � � � � $ 9,930,303 � �
�
� 2021 � � � $ 14,066,141 � � � � $ (8,000,000) � � � � $ 20,750,310 � � � � � � � � � � $ 415,437 � � � � $ 27,231,888 � �
�
� 2020 � � � $ 13,529,958 � � � � $ (7,600,011) � � � � $ 7,509,173 � � � � $ (2,623,213) � � � � $ 748,555 � � � � $ 11,564,462 � �
�
�
�
(a)
Represents a deduction for the amounts reported in the “Stock Awards� and “Option Awards� columns of the SCT.
�
(b)
Represents the increases or deductions as applicable for the inclusion of ItemÌý402(v) adjusted equity award values as follows:
�
� Equity
Type 		� �
Fair Value of Current
Year Equity Awards
at Year End
� �
Change in Value of
Prior Equity Awards
Unvested at
Year End
� �
Change in Value of
Prior Awards Vested
Current Year
� �
Dividend
Adjustments
� �
Equity Value Included
in Compensation
Actually Paid
�
� � � �
(a)
� �
(b)
� �
(c)
� �
(d)
� �
(e) = (a)Ìý+ (b)Ìý+ (c)Ìý+ (d)
�
� 2022 � � � $ 6,031,897 � � � � $ (3,124,078) � � � � $ 682,907 � � � � $ 522,059 � � � � $ 4,112,786 � �
�
� 2021 � � � $ 12,039,187 � � � � $ 7,536,039 � � � � $ 938,820 � � � � $ 236,265 � � � � $ 20,750,310 � �
�
� 2020 � � � $ 8,901,061 � � � � $ (99,868) � � � � $ (1,797,596) � � � � $ 505,576 � � � � $ 7,509,173 � �
�
�
(c)
Represents a deduction for the amounts reported in the “Change in Pension Value & Nonqualified Deferred Compensation Earnings� column of the SCT.
�
(d)
Represents the increase for actuarially determined service cost for services rendered in the applicable year. Prior service cost is not included as the Company’s did not have a prior service cost base for the applicable periods.
Ìý Ìý
Non-PEO NEO Average Total Compensation Amount $ 3,226,669 3,332,561 3,015,150
Non-PEO NEO Average Compensation Actually Paid Amount $ 2,587,195 5,722,056 3,598,382
Adjustment to Non-PEO NEO Compensation Footnote [Text Block]
(2)
The SCT average of the other NEOs for each year were subject to the following adjustments per ItemÌý402(v)(2)(iii) of RegulationÌýS-K to calculate CAP:
�
� Other NEOs
Year 		� �
Summary
Compensation
Total for
other NEOs
� �
Reported Grant
Date Fair
Value of Equity
Awards(a)
� �
Equity Award
Adjustments(b)
� �
Reported Change
in the Actuarial
Present Value of
Pension Benefits(c)
� �
Pension
Benefit
Adjustments(d)
� �
Other NEOs
Compensation
Actually Paid
� �
� 2022 � � � $ 3,226,669 � � � � $ (1,438,267) � � � � $ 712,459 � � � � � � � � � � $ 86,335 � � � � $ 2,587,195 � � � � �
�
� 2021 � � � $ 3,332,561 � � � � $ (1,401,403) � � � � $ 3,312,308 � � � � $ 427,847 � � � � $ 50,743 � � � � $ 5,722,056 � � � � �
�
� 2020 � � � $ 3,015,150 � � � � $ (1,412,500) � � � � $ 1,488,707 � � � � $ 452,331 � � � � $ 54,694 � � � � $ 3,598,382 � � � � �
�
�
(a)
Represents a deduction for the amounts reported in the “Stock Awards� and “Option Awards� columns of the SCT.
�
(b)
Represents the increases or deductions as applicable for the inclusion of ItemÌý402(v) adjusted equity award values as follows:
�
� Equity
Type 		� �
Fair Value of Current
Year Equity Awards
at Year End
� �
Change in Value of
Prior Equity Awards
Unvested at Year End
� �
Change in Value of
Prior Awards Vested
Current Year
� �
Dividend
Adjustments
� �
Equity Value Included
in Compensation
Actually Paid
�
� � � �
(a)
� �
(b)
� �
(c)
� �
(d)
� �
(e) = (a)Ìý+ (b)Ìý+ (c)Ìý+ (d)
�
� 2022 � � � $ 1,045,233 � � � � $ (487,466) � � � � $ 93,752 � � � � $ 60,939 � � � � $ 712,459 � �
�
� 2021 � � � $ 2,100,801 � � � � $ 1,061,532 � � � � $ 122,926 � � � � $ 27,049 � � � � $ 3,312,308 � �
�
� 2020 � � � $ 1,654,307 � � � � $ (13,009) � � � � $ (209,516) � � � � $ 56,926 � � � � $ 1,488,707 � �
�
�
(c)
Represents a deduction for the amounts reported in the “Change in Pension Value & Nonqualified Deferred Compensation Earnings� column of the SCT.
�
(d)
Represents the increase for actuarially determined service cost for services rendered in the applicable year. Prior service cost is not included as the Company’s did not have a prior service cost base for the applicable periods 		Ìý Ìý
Compensation Actually Paid vs. Total Shareholder Return [Text Block]
CAP versus TSR.ÌýÌýÌýAs shown in the chart below, the CEO and other NEOsâ€� CAP values are aligned with the Company’s TSR. This is due primarily to the Company’s use of long-term equity incentive awards, which are tied directly to our stock price in addition to our financial performance. The chart also compares the Company’s cumulative TSR and the 2022 Performance Peer’s TSR.
[MISSING IMAGE: /investors/financials/sec-filings/xbrl_doc_only/5039/bc_capvstsr-pn.jpg]
Ìý Ìý
Compensation Actually Paid vs. Net Income [Text Block]
CAP versus Net Income.ÌýÌýÌýAs shown in the chart below, the Company’s net income decreased significantly in 2022 and the CEO and other NEOsâ€� CAP values decreased as well. This is due in large part to the significant emphasis the Company places on long-term equity incentive awards, which are sensitive to changes in stock price. These measures do not align as closely as TSR because the Company does not use net income to determine compensation levels or annual cash performance award payouts.
[MISSING IMAGE: /investors/financials/sec-filings/xbrl_doc_only/5039/bc_netincome-pn.jpg]
Ìý Ìý
Compensation Actually Paid vs. Company Selected Measure [Text Block]
CAP versus adjusted EBITDA.ÌýÌýÌýThe chart below compares the CEO and other NEOsâ€� CAP values to our adjusted EBITDA, which indicates there is a very strong relationship between adjusted EBITDA and CAP.
Historically, adjusted EBITDA determined the largest portion of our annual cash performance awards. Because the Company used adjusted EBITDA margin in 2022, this portion of the annual cash performance award was not earned, thus showing a lower correlation in 2022.
[MISSING IMAGE: /investors/financials/sec-filings/xbrl_doc_only/5039/bc_adjustebitda-pn.jpg]
Ìý Ìý
Tabular List [Table Text Block]
PERFORMANCE MEASURES
The following tabular list provides information on the most important financial performance measures used by the registrant to link compensation actually paid to the Company’s named executive officers, for the most recently completed fiscal year, to the Company’s performance:
�
Performance Measure
�
� Relative TSR �
� Adjusted EBITDA �
� Free cash flow �
� Optimization Program �
� EH&S compliance �
Ìý Ìý
Total Shareholder Return Amount $ 123.98 153.01 107.53
Peer Group Total Shareholder Return Amount $ 95.56 $ 118.16 $ 108.11
Company Selected Measure Amount 1,155 1,246 605
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest $ 523 $ 1,104 $ 1,066
Measure [Axis]: 1 Ìý Ìý Ìý
Pay vs Performance Disclosure [Table] Ìý Ìý Ìý
Measure Name Relative TSR Ìý Ìý
Measure [Axis]: 2 Ìý Ìý Ìý
Pay vs Performance Disclosure [Table] Ìý Ìý Ìý
Measure Name Adjusted EBITDA Ìý Ìý
Measure [Axis]: 3 Ìý Ìý Ìý
Pay vs Performance Disclosure [Table] Ìý Ìý Ìý
Measure Name Free cash flow Ìý Ìý
Measure [Axis]: 4 Ìý Ìý Ìý
Pay vs Performance Disclosure [Table] Ìý Ìý Ìý
Measure Name Optimization Program Ìý Ìý
Measure [Axis]: 5 Ìý Ìý Ìý
Pay vs Performance Disclosure [Table] Ìý Ìý Ìý
Measure Name EH&S compliance Ìý Ìý
PETER R. HUNTSMAN [Member] | Reported Grant Date Fair Value of Equity Awards [Member] Ìý Ìý Ìý
Pay vs Performance Disclosure [Table] Ìý Ìý Ìý
Adjustment to Compensation Amount $ (8,300,053) (8,000,000) (7,600,011)
PETER R. HUNTSMAN [Member] | Total Net Adjustments For Equity Awards [Member] Ìý Ìý Ìý
Pay vs Performance Disclosure [Table] Ìý Ìý Ìý
Adjustment to Compensation Amount 4,112,786 20,750,310 7,509,173
PETER R. HUNTSMAN [Member] | Pension Benefit Adjustments [Member] Ìý Ìý Ìý
Pay vs Performance Disclosure [Table] Ìý Ìý Ìý
Adjustment to Compensation Amount 737,547 415,437 748,555
PETER R. HUNTSMAN [Member] | Reported Change in the Actuarial Present Value of Pension Benefits [Member] Ìý Ìý Ìý
Pay vs Performance Disclosure [Table] Ìý Ìý Ìý
Adjustment to Compensation Amount 9,930,303 Ìý (2,623,213)
PETER R. HUNTSMAN [Member] | Fair Value of Equity Awards [Member] Ìý Ìý Ìý
Pay vs Performance Disclosure [Table] Ìý Ìý Ìý
Adjustment to Compensation Amount 6,031,897 12,039,187 8,901,061
PETER R. HUNTSMAN [Member] | Change In Fair Value Of Outstanding And Unvested Awards Granted In Prior Fiscal Years [Member] Ìý Ìý Ìý
Pay vs Performance Disclosure [Table] Ìý Ìý Ìý
Adjustment to Compensation Amount (3,124,078) 7,536,039 (99,868)
PETER R. HUNTSMAN [Member] | Change in Value of Prior Awards Vested [Member] Ìý Ìý Ìý
Pay vs Performance Disclosure [Table] Ìý Ìý Ìý
Adjustment to Compensation Amount 682,907 938,820 (1,797,596)
PETER R. HUNTSMAN [Member] | Dividend Adjustments [Member] Ìý Ìý Ìý
Pay vs Performance Disclosure [Table] Ìý Ìý Ìý
Adjustment to Compensation Amount 522,059 236,265 505,576
Non-PEO NEO [Member] | Reported Grant Date Fair Value of Equity Awards [Member] Ìý Ìý Ìý
Pay vs Performance Disclosure [Table] Ìý Ìý Ìý
Adjustment to Compensation Amount (1,438,267) (1,401,403) (1,412,500)
Non-PEO NEO [Member] | Total Net Adjustments For Equity Awards [Member] Ìý Ìý Ìý
Pay vs Performance Disclosure [Table] Ìý Ìý Ìý
Adjustment to Compensation Amount 712,459 3,312,308 1,488,707
Non-PEO NEO [Member] | Pension Benefit Adjustments [Member] Ìý Ìý Ìý
Pay vs Performance Disclosure [Table] Ìý Ìý Ìý
Adjustment to Compensation Amount 86,335 50,743 54,694
Non-PEO NEO [Member] | Reported Change in the Actuarial Present Value of Pension Benefits [Member] Ìý Ìý Ìý
Pay vs Performance Disclosure [Table] Ìý Ìý Ìý
Adjustment to Compensation Amount 2,587,195 427,847 452,331
Non-PEO NEO [Member] | Fair Value of Equity Awards [Member] Ìý Ìý Ìý
Pay vs Performance Disclosure [Table] Ìý Ìý Ìý
Adjustment to Compensation Amount 1,045,233 2,100,801 1,654,307
Non-PEO NEO [Member] | Change In Fair Value Of Outstanding And Unvested Awards Granted In Prior Fiscal Years [Member] Ìý Ìý Ìý
Pay vs Performance Disclosure [Table] Ìý Ìý Ìý
Adjustment to Compensation Amount (487,466) 1,061,532 (13,009)
Non-PEO NEO [Member] | Change in Value of Prior Awards Vested [Member] Ìý Ìý Ìý
Pay vs Performance Disclosure [Table] Ìý Ìý Ìý
Adjustment to Compensation Amount 93,752 122,926 (209,516)
Non-PEO NEO [Member] | Dividend Adjustments [Member] Ìý Ìý Ìý
Pay vs Performance Disclosure [Table] Ìý Ìý Ìý
Adjustment to Compensation Amount $ 60,939 $ 27,049 $ 56,926