Huntsman Corporation Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

FAIR VALUE (Tables)

FAIR VALUE (Tables)

9 Months Ended

Sep. 30, 2011

	September 30, 2011						December 31, 2010

	Carrying Amount			Estimated Fair Value			Carrying Amount			Estimated Fair Value
Non-qualified employee benefit plan investments	$	10		$	10		$	11		$	11
Cross-currency interest rate contracts		19			19			19			19
Interest rate contracts		(15	)		(15	)		(9	)		(9	)
Long-term debt (including current portion)		(4,077	)		(4,095	)		(4,146	)		(4,371	)

Assets and liabilities are measured at fair value on a recurring basis

						Fair Value Amounts Using

Description			September 30, 2011			Quoted prices in active markets for identical assets (Level 1)		Significant other observable inputs (Level 2)			Significant unobservable inputs (Level 3)
Assets:
	Available-for-sale equity securities:
		Equity mutual funds	$	10		$	10	$			$
	Derivatives:
		Cross-currency interest rate contracts(1)		19								19

Total assets			$	29		$	10	$			$	19

Liabilities:
	Derivatives:
		Interest rate contracts(2)	$	(15	)	$		$	(15	)	$

						Fair Value Amounts Using

Description			December 31, 2010			Quoted prices in active markets for identical assets (Level 1)		Significant other observable inputs (Level 2)			Significant unobservable inputs (Level 3)
Assets:
	Available-for-sale equity securities:
		Equity mutual funds	$	11		$	11	$			$
	Derivatives:
		Cross-currency interest rate contracts(1)		19								19

Total assets			$	30		$	11	$			$	19

Liabilities:
	Derivatives:
		Interest rate contracts(2)	$	(9	)	$		$	(9	)	$

(1): The income approach is used to calculate the fair value of these instruments. Fair value represents the present value of estimated future cash flows, calculated using relevant interest rates, exchange rates, and yield curves at stated intervals.
(2): The income approach is used to calculate the fair value of these instruments. Fair value represents the present value of estimated future cash flows, calculated using relevant interest rates and yield curves at stated intervals.

Reconciliation of beginning and ending balances for assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3)

		Three months ended September 30, 2011			Nine months ended September 30, 2011

Fair Value Measurements Using Significant Unobservable Inputs (Level 3)		Cross-Currency Interest Rate Contracts			Cross-Currency Interest Rate Contracts
Beginning balance		$	(5	)	$	19
Total gains or losses
	Included in earnings
	Included in other comprehensive income (loss)		24
Purchases, issuances, sales and settlements

Ending balance September 30, 2011		$	19		$	19

The amount of total gains (losses) for the period included in earnings attributable attributable to the change in unrealized gains (losses) relating to assets still held at September 30, 2011		$			$

		Three months ended September 30, 2010			Nine months ended September 30, 2010

Fair Value Measurements Using Significant Unobservable Inputs (Level 3)		Cross-Currency Interest Rate Contract			Retained Interest in Securitized Receivables			Cross-Currency Interest Rate Contract		Total
Beginning balance		$	51		$	262		$		$	262
Total gains or losses
	Included in earnings		(2	)					12		12
	Included in other comprehensive income (loss)		(34	)					3		3
Purchases, issuances, sales and settlements(1)						(262	)				(262	)

Ending balance September 30, 2010		$	15		$			$	15	$	15

The amount of total gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) relating to assets still held at September 30, 2010		$	(2	)	$			$	12	$	12

(1): Upon adoption of ASU 2009-16, sales of our accounts receivable under our A/R Programs no longer met the criteria for derecognition. Accordingly, beginning January 1, 2010, the amounts outstanding under the A/R Programs were accounted for as secured borrowings and the retained interest in securitized receivables was no longer relevant.

Schedule of gains and losses (realized and unrealized) included in earnings reported in interest expense and other comprehensive loss

	Three months ended September 30, 2011			Nine months ended September 30, 2011

	Interest expense	Other comprehensive loss		Interest expense	Other comprehensive loss
Total net gains included in earnings	$	$		$	$
Changes in unrealized losses relating to assets still held at September 30, 2011			24

	Three months ended September 30, 2010						Nine months ended September 30, 2010

	Interest expense			Other comprehensive loss			Interest expense		Other comprehensive loss
Total net gains included in earnings	$	(2	)	$			$	12	$
Changes in unrealized gains (losses) relating to assets still held at September 30, 2010		(2	)		(34	)		12		3

- Definition

Tabular disclosure of the total amount of gains or losses for the period which are included in earnings or resulted in a change to net assets which gains or losses have arisen from the use of significant unobservable inputs (Level 3) to measure the fair value of assets and liabilities. Such gains or losses are attributable to the change in unrealized gains or losses relating to those assets and liabilities so valued which are still held at the reporting date and which change are also considered for disclosure; it may be expected that a description of where those unrealized gains or losses are reported in the statement of income or the statement of financial position would also be disclosed.

+ References + Details

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income, and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issuances, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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- Definition

Tabular disclosure of the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments, assets, and liabilities. Such certain disclosures about the financial instruments, assets, and liabilities include: (1) the fair value of the required items together with their carrying amounts (as appropriate) and (2) the methodology and assumptions used in developing such estimates of fair value.

+ References

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