Huntsman Corporation 8-K Summary
Business Context and Reporting Period
This Form 8-K, dated June 7, 2010, serves as a current report to update Items 6, 7, and 8 of the company's Annual Report on Form 10-K for the year ended December 31, 2009. The filing provides recast financial information to ensure comparability with future periods following specific operational and accounting changes.
Key Financial Metrics
The filing text does not provide specific numerical values for revenue, profit, cash flow, margins, debt, or liquidity. Instead, it focuses on the structural recasting of previously reported financial statements.
Material Changes Versus Prior Period
- Discontinued Operations: The company ceased operations of its Australian styrenics business during the first quarter of 2010. Consequently, the results of this business are now reported as discontinued operations in the recast 2009 financial statements.
- Inventory Valuation Reclassification: Beginning in the first quarter of 2010, last-in, first-out (LIFO) inventory valuation reserve adjustments are reported within "Corporate and other." Previously, these charges were reported within the Performance Products segment.
Guidance, Outlook, and Management Commentary
Management states that this report does not reflect events or developments occurring after February 19, 2010. Investors are directed to the Quarterly Report on Form 10-Q for the period ended March 31, 2010, for more current information. The primary purpose of this filing is to assist investors in comparing current and future financial data with the updated 2009 baseline.
Investor Verification Checklist
- Verify the impact of the Australian styrenics business cessation on the classification of discontinued operations in the 2009 10-K.
- Confirm the reclassification of LIFO inventory adjustments from the Performance Products segment to Corporate and other.
- Review the attached Exhibit 99.1 for the full recast consolidated financial statements.
- Consult the Form 10-Q for the period ended March 31, 2010, for financial data subsequent to the 2009 fiscal year.