Annual report pursuant to Section 13 and 15(d)

EMPLOYEE BENEFIT PLANS

v2.4.0.8
EMPLOYEE BENEFIT PLANS
12 Months Ended
Dec. 31, 2013
EMPLOYEE BENEFIT PLANS  
EMPLOYEE BENEFIT PLANS

16. EMPLOYEE BENEFIT PLANS

DEFINED BENEFIT AND OTHER POSTRETIREMENT BENEFIT PLANS

        Our employees participate in a trusteed, non-contributory defined benefit pension plan (the "Plan") that covers substantially all of our full-time U.S. employees. Effective July 1, 2004, the Plan formula for employees not covered by a collective bargaining agreement was converted to a cash balance design. For represented employees, participation in the cash balance design is subject to the terms of negotiated contracts. For participating employees, benefits accrued under the prior formula were converted to opening cash balance accounts. The new cash balance benefit formula provides annual pay credits from 4% to 12% of eligible pay, depending on age and service, plus accrued interest. Participants in the plan on July 1, 2004 may be eligible for additional annual pay credits from 1% to 8%, depending on their age and service as of that date, for up to five years. The conversion to the cash balance plan did not have a significant impact on the accrued benefit liability, the funded status or ongoing pension expense.

        During 2013, we amended the Plan which enabled us to transfer some benefit amounts out of the Huntsman Supplemental Executive Retirement Plan (the "SERP") to the Plan as permitted by the IRS rules. There was no impact to the overall projected benefit obligation to the Company as a result of this amendment.

        We sponsor defined benefit plans in a number of countries outside of the U.S. The availability of these plans, and their specific design provisions, are consistent with local competitive practices and regulations.

        We also sponsor unfunded postretirement benefit plans other than pensions, which provide medical and life insurance benefits.

        Our postretirement benefit plans provide a fully insured Medicare Part D plan including prescription drug benefits affected by the Medicare Prescription Drug, Improvement and Modernization Act of 2003 (the "Act"). We cannot determine whether the medical benefits provided by our postretirement benefit plans are actuarially equivalent to those provided by the Act. We do not collect a subsidy and our net periodic postretirement benefits cost, and related benefit obligation, do not reflect an amount associated with the subsidy.

        During 2013, we amended certain of our postretirement benefit plans to discontinue subsidizing the cost of health care coverage for retirees who are eligible for Medicare. As a result of this amendment, our projected benefit obligation decreased by $22 million with an offset to other comprehensive income (loss) during the year ended December 31, 2013.

        On March 23, 2010, President Obama signed into law the Patient Protection and Affordable Care Act. On March 30, 2010, President Obama signed into law a reconciliation measure, the Health Care and Education Reconciliation Act of 2010. The passage of this legislation has resulted in comprehensive reform of health care in the U.S. We do not believe that this will have a significant impact on our financial position.

        The following table sets forth the funded status of the plans for us and Huntsman International and the amounts recognized in our consolidated balance sheets at December 31, 2013 and 2012 (dollars in millions):

 
  Defined Benefit Plans   Other Postretirement Benefit Plans  
 
  2013   2012   2013   2012  
 
  U.S.
Plans
  Non-U.S.
Plans
  U.S.
Plans
  Non-U.S.
Plans
  U.S.
Plans
  Non-U.S.
Plans
  U.S.
Plans
  Non-U.S.
Plans
 

Change in benefit obligation

                                                 

Benefit obligation at beginning of year

  $ 958   $ 2,755   $ 834   $ 2,331   $ 136   $ 7   $ 128   $ 7  

Service cost

    31     38     26     32     4         4      

Interest cost

    40     90     42     102     5         7     1  

Participant contributions

        9         9     5         5      

Plan amendments

        1     (26 )       (22 )           (1 )

Foreign currency exchange rate changes

        92         80         (1 )        

Settlements/transfers

                (2 )                

Curtailments

        (5 )                        

Special termination benefits

        9                          

Actuarial (gain) loss

    (100 )   39     127     360     (9 )       8      

Benefits paid

    (52 )   (169 )   (45 )   (157 )   (14 )   (1 )   (16 )    
                                   

Benefit obligation at end of year

  $ 877   $ 2,859   $ 958   $ 2,755   $ 105   $ 5   $ 136   $ 7  
                                   
                                   

Change in plan assets

                                                 

Fair value of plan assets at beginning of year

  $ 636   $ 2,237   $ 538   $ 2,026   $   $   $   $  

Actual return on plan assets

    99     198     71     221                  

Foreign currency exchange rate changes

        79         65                  

Participant contributions

        9         9     5         5      

Company contributions

    72     89     72     75     9     1     11      

Settlements/transfers

                (2 )                

Benefits paid

    (52 )   (169 )   (45 )   (157 )   (14 )   (1 )   (16 )    
                                   

Fair value of plan assets at end of year

  $ 755   $ 2,443   $ 636   $ 2,237   $   $   $   $  
                                   
                                   

Funded status

                                                 

Fair value of plan assets

  $ 755   $ 2,443   $ 636   $ 2,237   $   $   $   $  

Benefit obligation

    877     2,859     958     2,755     105     5     136     7  
                                   

Accrued benefit cost

  $ (122 ) $ (416 ) $ (322 ) $ (518 ) $ (105 ) $ (5 ) $ (136 ) $ (7 )
                                   
                                   

Amounts recognized in balance sheet:

                                                 

Noncurrent asset

  $   $ 20   $   $ 1   $   $   $   $  

Current liability

    (6 )   (6 )   (6 )   (5 )   (9 )       (11 )   (1 )

Noncurrent liability

    (116 )   (430 )   (316 )   (514 )   (96 )   (5 )   (125 )   (6 )
                                   

 

  $ (122 ) $ (416 ) $ (322 ) $ (518 ) $ (105 ) $ (5 ) $ (136 ) $ (7 )
                                   
                                   

Huntsman Corporation

 
  Defined Benefit Plans   Other Postretirement Benefit Plans  
 
  2013   2012   2013   2012  
 
  U.S.
Plans
  Non-U.S.
Plans
  U.S.
Plans
  Non-U.S.
Plans
  U.S.
Plans
  Non-U.S.
Plans
  U.S.
Plans
  Non-U.S.
Plans
 

Amounts recognized in accumulated other comprehensive loss:

                                                 

Net actuarial loss

  $ 264   $ 705   $ 448   $ 797   $ 21   $   $ 32   $ 1  

Prior service cost

    (35 )   5     (42 )   4     (27 )       (8 )    

Transition obligation

            1                      
                                   

 

  $ 229   $ 710   $ 407   $ 801   $ (6 ) $   $ 24   $ 1  
                                   
                                   

Huntsman International

 
  Defined Benefit Plans   Other Postretirement Benefit Plans  
 
  2013   2012   2013   2012  
 
  U.S.
Plans
  Non-U.S.
Plans
  U.S.
Plans
  Non-U.S.
Plans
  U.S.
Plans
  Non-U.S.
Plans
  U.S.
Plans
  Non-U.S.
Plans
 

Amounts recognized in accumulated other comprehensive loss:

                                                 

Net actuarial loss

  $ 266   $ 765   $ 449   $ 867   $ 21   $   $ 32   $ 1  

Prior service cost

    (35 )   5     (42 )   4     (27 )       (8 )    

Transition obligation

            1                      
                                   

 

  $ 231   $ 770   $ 408   $ 871   $ (6 ) $   $ 24   $ 1  
                                   
                                   

        The amounts in accumulated other comprehensive loss that are expected to be recognized as components of net periodic benefit cost during the next fiscal year are as follows (dollars in millions):

Huntsman Corporation

 
  Defined Benefit Plans   Other Postretirement
Benefit Plans
 
 
  U.S. Plans   Non-U.S.
Plans
  U.S. Plans   Non-U.S.
Plans
 

Actuarial loss

  $ 19   $ 33   $ 2   $  

Prior service cost

    (6 )   1     (4 )    
                   

Total

  $ 13   $ 34   $ (2 ) $  
                   
                   

Huntsman International

 
  Defined Benefit Plans   Other Postretirement
Benefit Plans
 
 
  U.S. Plans   Non-U.S.
Plans
  U.S. Plans   Non-U.S.
Plans
 

Actuarial loss

  $ 19   $ 41   $ 2   $  

Prior service cost

    (6 )       (4 )    
                   

Total

  $ 13   $ 41   $ (2 ) $  
                   
                   

        Components of net periodic benefit costs for the years ended December 31, 2013, 2012 and 2011 were as follows (dollars in millions):

Huntsman Corporation

 
  Defined Benefit Plans  
 
  U.S. plans   Non-U.S. plans  
 
  2013   2012   2011   2013   2012   2011  

Service cost

  $ 31   $ 26   $ 23   $ 38   $ 32   $ 44  

Interest cost

    40     42     44     90     102     110  

Expected return on plan assets

    (50 )   (48 )   (47 )   (124 )   (133 )   (140 )

Amortization of prior service cost

    (7 )   (6 )   (4 )   1     (1 )   (2 )

Amortization of actuarial loss

    35     21     16     43     23     16  

Settlement loss

                12     13      

Special termination benefits

                9         8  
                           

Net periodic benefit cost

  $ 49   $ 35   $ 32   $ 69   $ 36   $ 36  
                           
                           


 

 
  Other Postretirement Benefit Plans  
 
  U.S. plans   Non-U.S. plans  
 
  2013   2012   2011   2013   2012   2011  

Service cost

  $ 4   $ 4   $ 3   $   $   $  

Interest cost

    5     7     7         1     1  

Amortization of prior service cost

    (2 )   (3 )   (3 )            

Amortization of actuarial loss

    2     2     2              
                           

Net periodic benefit cost

  $ 9   $ 10   $ 9   $   $ 1   $ 1  
                           
                           

Huntsman International

 
  Defined Benefit Plans  
 
  U.S. plans   Non-U.S. plans  
 
  2013   2012   2011   2013   2012   2011  

Service cost

  $ 31   $ 26   $ 23   $ 38   $ 32   $ 44  

Interest cost

    40     42     44     90     102     110  

Expected return on plan assets

    (50 )   (48 )   (47 )   (124 )   (133 )   (140 )

Amortization of prior service cost

    (7 )   (6 )   (4 )   1     (1 )   (2 )

Amortization of actuarial loss

    35     21     16     49     28     21  

Settlement loss

                12     13      

Special termination benefits

                9         8  
                           

Net periodic benefit cost

  $ 49   $ 35   $ 32   $ 75   $ 41   $ 41  
                           
                           


 

 
  Other Postretirement Benefit Plans  
 
  U.S. plans   Non-U.S. plans  
 
  2013   2012   2011   2013   2012   2011  

Service cost

  $ 4   $ 4   $ 3   $   $   $  

Interest cost

    5     7     7         1     1  

Amortization of prior service cost

    (2 )   (3 )   (3 )            

Amortization of actuarial loss

    2     2     2              
                           

Net periodic benefit cost

  $ 9   $ 10   $ 9   $   $ 1   $ 1  
                           
                           

        The amounts recognized in net periodic benefit cost and other comprehensive income (loss) as of December 31, 2013, 2012 and 2011 were as follows (dollars in millions):

Huntsman Corporation

 
  Defined Benefit Plans  
 
  U.S. plans   Non-U.S. plans  
 
  2013   2012   2011   2013   2012   2011  

Current year actuarial (gain) loss

  $ (149 ) $ 103   $ 101   $ (40 ) $ 272   $ 182  

Amortization of actuarial loss

    (35 )   (21 )   (16 )   (43 )   (23 )   (16 )

Current year prior service (credits) cost

        (26 )       1         (2 )

Amortization of prior service cost (credits)

    7     6     4     (1 )   1     2  

Curtailment effects

                        (38 )

Settlements

                (12 )   (13 )    
                           

Total recognized in other comprehensive (income) loss

    (177 )   62     89     (95 )   237     128  

Net periodic benefit cost

    49     35     32     69     36     36  
                           

Total recognized in net periodic benefit cost and other comprehensive income (loss)

  $ (128 ) $ 97   $ 121   $ (26 ) $ 273   $ 164  
                           
                           
 
 

 
  Other Postretirement Benefit Plans  
 
  U.S. plans   Non-U.S. plans  
 
  2013   2012   2011   2013   2012   2011  

Current year actuarial (gain) loss

  $ (8 ) $ 9   $ 1   $ (1 ) $   $  

Amortization of actuarial loss

    (2 )   (2 )   (2 )            

Current year prior service credit

    (22 )                    

Amortization of prior service cost

    2     3     3              
                           

Total recognized in other

                                     

comprehensive (income) loss

    (30 )   10     2     (1 )        

Net periodic benefit cost

    9     10     9         1     1  
                           

Total recognized in net periodic benefit cost and other comprehensive income (loss)

  $ (21 ) $ 20   $ 11   $ (1 ) $ 1   $ 1  
                           
                           

Huntsman International

 
  Defined Benefit Plans  
 
  U.S. plans   Non-U.S. plans  
 
  2013   2012   2011   2013   2012   2011  

Current year actuarial (gain) loss

  $ (149 ) $ 103   $ 101   $ (39 ) $ 272   $ 182  

Amortization of actuarial loss

    (35 )   (21 )   (16 )   (49 )   (28 )   (21 )

Current year prior service (credits) cost

        (26 )       1         (2 )

Amortization of prior service cost (credits)

    7     6     4     (1 )   1     2  

Curtailment effects

                        (38 )

Settlements

                (12 )   (13 )    
                           

Total recognized in other

                                     

comprehensive (income) loss

    (177 )   62     89     (100 )   232     123  

Net periodic benefit cost

    49     35     32     75     41     41  
                           

Total recognized in net periodic benefit cost and other comprehensive income (loss)

  $ (128 ) $ 97   $ 121   $ (25 ) $ 273   $ 164  
                           
                           


 

 
  Other Postretirement Benefit Plans  
 
  U.S. plans   Non-U.S. plans  
 
  2013   2012   2011   2013   2012   2011  

Current year actuarial (gain) loss

  $ (8 ) $ 9   $ 1   $ (1 ) $   $  

Amortization of actuarial loss

    (2 )   (2 )   (2 )            

Current year prior service credit

    (22 )                    

Amortization of prior service cost

    2     3     3              
                           

Total recognized in other comprehensive (income) loss

    (30 )   10     2     (1 )        

Net periodic benefit cost

    9     10     9         1     1  
                           

Total recognized in net periodic benefit cost and other comprehensive income (loss)

  $ (21 ) $ 20   $ 11   $ (1 ) $ 1   $ 1  
                           
                           

        The following weighted-average assumptions were used to determine the projected benefit obligation at the measurement date and the net periodic pension cost for the year:

 
  Defined Benefit Plans  
 
  U.S. plans   Non U.S. plans  
 
  2013   2012   2011   2013   2012   2011  

Projected benefit obligation

                                     

Discount rate

    5.13 %   4.18 %   5.30 %   3.62 %   3.38 %   4.39 %

Rate of compensation increase

    4.17 %   4.19 %   3.88 %   3.37 %   3.34 %   3.44 %

Net periodic pension cost

                                     

Discount rate

    4.18 %   5.30 %   5.70 %   3.38 %   4.39 %   4.69 %

Rate of compensation increase

    4.19 %   3.88 %   3.88 %   3.34 %   3.44 %   3.38 %

Expected return on plan assets

    7.75 %   8.00 %   8.19 %   5.75 %   6.52 %   6.62 %


 

 
  Other Postretirement Benefit Plans  
 
  U.S. plans   Non U.S. plans  
 
  2013   2012   2011   2013   2012   2011  

Projected benefit obligation

                                     

Discount rate

    4.79 %   3.89 %   5.09 %   6.49 %   5.79 %   6.09 %

Net periodic pension cost

                                     

Discount rate

    3.89 %   5.09 %   5.46 %   5.79 %   6.09 %   6.69 %

        At December 31, 2013 and 2012, the health care trend rate used to measure the expected increase in the cost of benefits was assumed to be 7.0% and 7.5%, respectively, decreasing to 5% after 2018. Assumed health care cost trend rates can have a significant effect on the amounts reported for the postretirement benefit plans. A one-percent point change in assumed health care cost trend rates would have the following effects (dollars in millions):

 
  Increase   Decrease  

Asset category

             

Effect on total of service and interest cost

  $ 1   $ (1 )

Effect on postretirement benefit obligation

         

        The projected benefit obligation and fair value of plan assets for the defined benefit plans with projected benefit obligations in excess of plan assets as of December 31, 2013 and 2012 were as follows (dollars in millions):

 
  U.S. plans   Non-U.S. plans  
 
  2013   2012   2013   2012  

Projected benefit obligation in excess of plan assets

                         

Projected benefit obligation

  $ 871   $ 958   $ 2,234   $ 2,742  

Fair value of plan assets

    749     636     1,797     2,223  

        The projected benefit obligation, accumulated benefit obligation and fair value of plan assets for the defined benefit plans with an accumulated benefit obligation in excess of plan assets as of December 31, 2013 and 2012 were as follows (dollars in millions):

 
  U.S. plans   Non-U.S. plans  
 
  2013   2012   2013   2012  

Accumulated benefit obligation in excess of plan assets

                         

Projected benefit obligation

  $ 871   $ 958   $ 1,868   $ 1,751  

Accumulated benefit obligation

    853     925     1,732     1,603  

Fair value of plan assets

    749     636     1,451     1,266  

        Expected future contributions and benefit payments are as follows (dollars in millions):

 
  U.S. Plans   Non-U.S. Plans  
 
  Defined
Benefit
Plans
  Other
Postretirement
Benefit
Plans
  Defined
Benefit
Plans
  Other
Postretirement
Benefit
Plans
 

2014 expected employer contributions

                         

To plan trusts

  $ 46   $ 9   $ 79   $ 1  

Expected benefit payments

                         

2014

    63     10     149     1  

2015

    63     9     83     1  

2016

    56     9     81     1  

2017

    59     9     83     1  

2018

    61     9     86     1  

2019 - 2023

    340     41     456     2  

        Our investment strategy with respect to pension assets is to pursue an investment plan that, over the long term, is expected to protect the funded status of the plan, enhance the real purchasing power of plan assets, and not threaten the plan's ability to meet currently committed obligations. Additionally, our investment strategy is to achieve returns on plan assets, subject to a prudent level of portfolio risk. Plan assets are invested in a broad range of investments. These investments are diversified in terms of domestic and international equities, both growth and value funds, including small, mid and large capitalization equities; short-term and long-term debt securities; real estate; and cash and cash equivalents. The investments are further diversified within each asset category. The portfolio diversification provides protection against a single investment or asset category having a disproportionate impact on the aggregate performance of the plan assets.

        Our pension plan assets are managed by outside investment managers. The investment managers value our plan assets using quoted market prices, other observable inputs or unobservable inputs. For certain assets, the investment managers obtain third-party appraisals at least annually, which use valuation techniques and inputs specific to the applicable property, market, or geographic location. During 2013, there were no transfers in or out of Level 3 assets.

        We have established target allocations for each asset category. Our pension plan assets are periodically rebalanced based upon our target allocations.

        The fair value of plan assets for the pension plans was $3.2 billion and $2.9 billion at December 31, 2013 and 2012, respectively. The following plan assets are measured at fair value on a recurring basis (dollars in millions):

 
   
  Fair Value Amounts Using  
Asset category
  December 31,
2013
  Quoted prices in
active markets
for identical
assets (Level 1)
  Significant other
observable
inputs
(Level 2)
  Significant
unobservable
inputs
(Level 3)
 

U.S. pension plans:

                         

Equities

  $ 428   $ 245   $ 183   $  

Fixed income

    208     88     120      

Real estate/other

    92     45         47  

Cash

    27     27          
                   

Total U.S. pension plan assets

  $ 755   $ 405   $ 303   $ 47  
                   
                   

Non-U.S. pension plans:

                         

Equities

  $ 1,053   $ 580   $ 473   $  

Fixed income

    908     668     240      

Real estate/other

    400     30     341     29  

Cash

    82     80     2      
                   

Total Non-U.S. pension plan assets

  $ 2,443   $ 1,358   $ 1,056   $ 29  
                   
                   


 

 
   
  Fair Value Amounts Using  
Asset category
  December 31,
2012
  Quoted prices in
active markets
for identical
assets (Level 1)
  Significant other
observable
inputs
(Level 2)
  Significant
unobservable
inputs
(Level 3)
 

U.S. pension plans:

                         

Equities

  $ 340   $ 195   $ 145   $  

Fixed income

    196     116     80      

Real estate/other

    89     48         41  

Cash

    11     11          
                   

Total U.S. pension plan assets

  $ 636   $ 370   $ 225   $ 41  
                   
                   

Non-U.S. pension plans:

                         

Equities

  $ 862   $ 649   $ 213   $  

Fixed income

    905     632     273      

Real estate/other

    357     27     303     27  

Cash

    113     112     1      
                   

Total Non-U.S. pension plan assets

  $ 2,237   $ 1,420   $ 790   $ 27  
                   
                   

        The following table reconciles the beginning and ending balances of plan assets measured at fair value using unobservable inputs (Level 3) (dollars in millions):

 
  Real Estate/Other  
Fair Value Measurements of Plan Assets Using Significant Unobservable Inputs (Level 3)
  Year ended
December 31,
2013
  Year ended
December 31,
2012
 

Balance at beginning of period

  $ 68   $ 61  

Return on pension plan assets

    6     4  

Purchases, sales and settlements

    2     10  

Transfers (out of) into Level 3

        (7 )
           

Balance at end of period

  $ 76   $ 68  
           
           

        Based upon historical returns, the expectations of our investment committee and outside advisors, the expected long-term rate of return on the pension assets is estimated to be between 5.75% and 8.19%. The asset allocation for our pension plans at December 31, 2013 and 2012 and the target allocation for 2014, by asset category are as follows:

Asset category
  Target
Allocation
2014
  Allocation at
December 31,
2013
  Allocation at
December 31,
2012
 

U.S. pension plans:

                   

Equities

    54 %   57 %   53 %

Fixed income

    33 %   27 %   31 %

Real estate/other

    13 %   12 %   14 %

Cash

        4 %   2 %
               

Total U.S. pension plans

    100 %   100 %   100 %
               
               

Non-U.S. pension plans:

                   

Equities

    38 %   38 %   38 %

Fixed income

    40 %   40 %   41 %

Real estate/other

    11 %   11 %   20 %

Cash

    11 %   11 %   1 %
               

Total non-U.S. pension plans

    100 %   100 %   100 %
               
               

        Equity securities in our pension plans did not include any equity securities of our Company or our affiliates at the end of 2013.

DEFINED CONTRIBUTION PLANS

        We have a money purchase pension plan covering substantially all of our domestic employees who were hired prior to January 1, 2004. Employer contributions are made based on a percentage of employees' earnings (ranging up to 8%).

        We also have a salary deferral plan covering substantially all U.S. employees. Plan participants may elect to make voluntary contributions to this plan up to a specified amount of their compensation. We contribute an amount equal to one-half of the participant's contribution, not to exceed 2% of the participant's compensation.

        Along with the introduction of the cash balance formula within our defined benefit pension plan, the money purchase pension plan was closed to new hires. At the same time, our match in the salary deferral plan was increased, for new hires, to a 100% match, not to exceed 4% of the participant's compensation, once the participant has achieved six years of service with our Company.

        Our total combined expense for the above defined contribution plans for each of the years ended December 31, 2013, 2012 and 2011 was $14 million.

SUPPLEMENTAL SALARY DEFERRAL PLAN AND SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN

        The Huntsman Supplemental Savings Plan ("Huntsman SSP") is a non-qualified plan covering key management employees and allows participants to defer amounts that would otherwise be paid as compensation. The participant can defer up to 75% of their salary and bonus each year. This plan also provides benefits that would be provided under the Huntsman Salary Deferral Plan if that plan were not subject to legal limits on the amount of contributions that can be allocated to an individual in a single year. The Huntsman SSP was amended and restated effective as of January 1, 2005 to allow eligible executive employees to comply with Section 409A of the Internal Revenue Code of 1986.

        The SERP is an unfunded non-qualified pension plan established to provide certain executive employees with benefits that could not be provided, due to legal limitations, under the Huntsman Defined Benefit Pension Plan, a qualified defined benefit pension plan, and the Huntsman Money Purchase Pension Plan, a qualified money purchase pension plan.

        Assets of these plans are included in other noncurrent assets and as of December 31, 2013 and 2012 were $21 million and $14 million, respectively. During each of the years ended December 31, 2013, 2012 and 2011, we expensed a total of $1 million as contributions to the Huntsman SSP and the SERP.

STOCK-BASED INCENTIVE PLAN

        In connection with the initial public offering of common and preferred stock on February 16, 2005, we adopted the Huntsman Stock Incentive Plan (the "Stock Incentive Plan"). The Stock Incentive Plan permits the grant of non-qualified stock options, incentive stock options, stock appreciation rights, nonvested stock, phantom stock, performance awards and other stock-based awards to our employees, directors and consultants and to employees and consultants of our subsidiaries, provided that incentive stock options may be granted solely to employees. As of December 31, 2013 we are authorized to grant up to 32.6 million shares under the Stock Incentive Plan. See "Note 21. Stock-Based Compensation Plan."

INTERNATIONAL PLANS

        International employees are covered by various post-employment arrangements consistent with local practices and regulations. Such obligations are included in other long-term liabilities in our consolidated balance sheets.