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Note 7 - Debt | 9 Months Ended
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Sep. 30, 2023
Notes to Financial Statements |
Debt Disclosure [Text Block] | 7. DEBT ​ Our outstanding debt, net of debt issuance costs, consisted of the following (dollars in millions): ​
|  | September 30, |  |  | December 31, |
|  | 2023 |  |  | 2022 |
Senior Credit Facilities: |  |  |  |  |  |  |  |
Revolving facility |  | $ | — |  |  | $ | 55 |
Amounts outstanding under A/R programs |  |  | 101 |  |  |  | 166 |
Senior notes |  |  | 1,454 |  |  |  | 1,455 |
Variable interest entities |  |  | 28 |  |  |  | 35 |
Other |  |  | 23 |  |  |  | 26 |
Total debt |  | $ | 1,606 |  |  | $ | 1,737 |
Current portion of debt |  | $ | 113 |  |  | $ | 66 |
Long-term portion of debt |  |  | 1,493 |  |  |  | 1,671 |
Total debt |  | $ | 1,606 |  |  | $ | 1,737 |
​ Direct and Subsidiary Debt ​ Substantially all of our debt, including the facilities described below, has been incurred by our subsidiaries (primarily Huntsman International). Huntsman Corporation is not a guarantor of such subsidiary debt. ​ Certain of our subsidiaries have third-party debt agreements that contain certain restrictions with regard to dividends, distributions, loans or advances. In certain circumstances, the consent of a third party would be required prior to the transfer of any cash or assets from these subsidiaries to us. ​ Debt Issuance Costs ​ We record debt issuance costs related to a debt liability on the balance sheets as a reduction to the face amount of that debt liability. As of September 30, 2023 and December 31, 2022, the amount of debt issuance costs directly reducing the debt liability was $7 million and $8 million, respectively. We amortize debt issuance costs using either a straight line or effective interest method, depending on the debt agreement, and record them as interest expense. ​ Revolving Credit Facility On May 20, 2022, Huntsman International entered into a new $1.2 billion senior unsecured revolving credit facility (the “2022 Revolving Credit Facility”). 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 Huntsman International’s debt ratings. Under the credit agreement, the interest rate margin and the commitment fee rates are also subject to adjustments based on the Company’s 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. Huntsman International may increase the 2022 Revolving Credit Facility commitments up to an additional $500 million, subject to the satisfaction of certain conditions. ​ The following table presents certain amounts under our 2022 Revolving Credit Facility as of September 30, 2023 (monetary amounts in millions): ​
|  |  |  |  |  |  |  |  |  |  | Unamortized |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  | discounts and |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Committed |  |  | Principal |  |  |  | debt issuance |  |  |  | Carrying |  |  |  |  |  |  |  |
Facility |  | amount |  |  | outstanding |  |  |  | costs |  |  |  | value |  |  |  | Interest rate(2) |  | Maturity |
2022 Revolving Credit Facility |  | $ | 1,200 |  |  | $ | — |  | (1) |  | $ | — |  | (1) |  | $ | — |  | (1) |  | Term Secured Overnight Financing Rate (“SOFR”) plus 1.525% |  |  | May 2027 |
(1) | On September 30, 2023, we had an additional $12 million (U.S. dollar equivalents) of letters of credit and bank guarantees issued and outstanding under our 2022 Revolving Credit Facility.
​
(2) | Interest rates on borrowings under the 2022 Revolving Credit Facility vary based on the type of loan and Huntsman International’s debt ratings. The representative interest rate for U.S. dollar borrowings as of September 30, 2023 was 1.525% above Term SOFR.
A/R Programs ​ Our U.S. accounts receivable securitization program (“U.S. A/R Program”) and our European accounts receivable securitization program (“EU A/R Program” and collectively with the U.S. A/R Program, “A/R Programs”) are structured so that we transfer certain of our trade receivables to the U.S. special purpose entity (“U.S. SPE”) and the European special purpose entity (“EU SPE”) in transactions intended to be true sales or true contributions. The receivables collateralize debt incurred by the U.S. SPE and the EU SPE. Information regarding our A/R Programs as of September 30, 2023 was as follows (monetary amounts in millions): ​
|  |  |  | Maximum funding |  |  | Amount |  |  |
Facility |  | Maturity |  | availability(1) |  |  | outstanding |  |  | Interest rate(2)
U.S. A/R Program |  | July 2024 |  | $ | 150 |  |  | $ | 38 |  | (3) | Applicable rate plus 0.90%
EU A/R Program |  | July 2024 |  | € | 100 |  |  | € | 60 |  |  | Applicable rate plus 1.30%
|  |  |  | (or approximately $105) |  |  | (or approximately $63) |  |  |
(1) | The amount of actual availability under our A/R Programs may be lower based on the level of eligible receivables sold, changes in the credit ratings of our customers, customer concentration levels and certain characteristics of the accounts receivable being transferred, as defined in the applicable agreements.
​
(2) | The applicable rate for our U.S. A/R Program is defined by the lender as Term SOFR. The applicable rate for our EU A/R Program is either Term SOFR, EURIBOR or SONIA (Sterling Overnight Interbank Average Rate).
​
(3) | As of September 30, 2023, we had approximately $6 million (U.S. dollar equivalents) of letters of credit issued and outstanding under our U.S. A/R Program.
​ As of September 30, 2023 and December 31, 2022, $282 million and $272 million, respectively, of accounts receivable were pledged as collateral under our A/R Programs. Senior Notes Our senior notes consisted of the following (monetary amounts in millions):
|  |  |  |  |  |  |  |  |  | Unamortized |
|  |  |  |  |  |  |  |  |  | premiums, |
|  |  |  |  |  |  |  |  |  | discounts |
|  |  |  |  |  |  |  |  |  | and debt |
Notes |  | Maturity |  | Interest rate |  |  | Amount outstanding |  | issuance costs |
2025 Senior Notes |  | April 2025 |  |  | 4.25 | % |  | €300 (€300 carrying value ($316)) |  | $ | — |
2029 Senior Notes |  | February 2029 |  |  | 4.50 | % |  | $750 ($741 carrying value) |  |  | 9 |
2031 Senior Notes |  | June 2031 |  |  | 2.95 | % |  | $400 ($397 carrying value) |  |  | 3 |
Variable Interest Entity Debt As of September 30, 2023, AAC, our consolidated 50%-owned joint venture, had $28 million outstanding under its loan commitments and debt financing arrangements. As of September 30, 2023, we have $9 million classified as current debt and $19 million as long-term debt on our condensed consolidated balance sheets. We do not guarantee these loan commitments, and AAC is not a guarantor of any of our other debt obligations. Compliance with Covenants ​ We believe that we are in compliance with the covenants contained in the agreements governing our material debt instruments, including our 2022 Revolving Credit Facility, our A/R Programs and our senior notes.​

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(c)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 470 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//470/tableOfContent Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (i) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1C -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1C -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1C -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1E -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1I -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1I -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1I -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I + Details
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